Evening star., 1924-12-16
MONTHS FINANCING
NEARS COMPLETION
U. S. Bond Exchanges Lone
Exception-NeW Land Bank
Bond Sale.
By CRAs. p. sHAEFFEn.

ChAS' II. SHAEFEER.
Inc Governments, December fnanc-
ing was practically completed last
nlght with an intake for the day OF
ana profits taxes, $s2, ,0Oo, 900 in
lnstallmeHts on the Federal debts of
Great Britain. Finland, Lithuania and
hungary, offset by a. payment Of
$4oO,O00,OO0 on maturing certificates
OF Indebtedness. The present fund
ing program through the medium of
exchanges of outstanding obligations
10 the new lonS-term bond issue, ex-
tended until December 90 constitutes
the uncompleted details.
Tax receipts represented q falling
on OF about $4,000, 900 from the same
period last year. If the actual re-
ceipts bear out the Treasury's esti-
Inate. II VIII make the total S1,524.-
ouo'ouo IN income and profits revenue
for the current calendar year. as
compared with $1,50s, 600 900 for tn
calendar year 1923. The apparent in
crease Of sic, 100000 was more than
ohset' 1t was explained, by the re-
payment of about $4,000, 900 in re.
funds under the 25 per cent reduc-
tion made In taxes by Congress, Ieav-
ing the net cash receipts about
sz.ooo,0O0 below last year.
NO further financing is in order
oetore next March Is, although there
are $lls,oo0, 900 in consols Of 1895
Whlcn have been called for redemp-
tlon February ?. Treasury officials
nope the recent offering will be guf7
clent without another issue in March
Great Britain's indebtedness Va
paid In certificates of Indebtedness.
ana tnese, under the law, were re-
ireo and the public debt reduced to
that extent. Payments of other ma
tions were made in cash.
me days cash turnover, amount
ing 10 more than a billion dollars
was accomplished without any
inotlceaoie effect on the money mar
kets OF the country. In addition 10
Government financing II was estimates
thst approximately S335.O0o0 600 was
Witndrawn from the markets for the
payment or corporation dividends.
New Land Bank Offering.
The Potomac Joint Stock Land Bank
Is today Offering, through Brooke.
stokes & Co, new issue Of $500 oO0
or per cent. 1870 year Of far,,
loan bonds at 1922 to yield 40 per
cent TO optional date and 5 per cent
a4- ne IeaIt Ter coupons are payable at
Higgs National Bank
The bonds are direct obligations OF
the Issuing bank, member Of the
! TfInG-
tioning under Government charter
and examined twice yearly by Fed
erai examiner, and are exempt from
teoeral, State, Municipal and locsT
taxation. Under act of Congress the
ponds are declared instrum entalitiea
of the United States Government.
organized here in May. 1928, with
capital of s250,000, the bank has en-
joyed steady growth until now its
resources total s2,7sl.SS7, as of the
close of business November so Iazt
1t has bonds outstanding 10 t,a
amount of $23T2,o00, and a surplus
fund of S22,671. Its functions are to
provide aid to agricultural interests
in Maryland and Virginia through
the issuance of Iong-term loans Sc
cured by mortgages of not more
than 50 per cent of the Federal-ap,
praised value of the property and %
per cent of the insurable improve
ments thereon. These loans total 4o4
covering an acreage of S9.S50, and
are only 80 per cent Of the appraised
value OF the properties 1t is sig
niflcant that there have been no fore
closures
George A. Harris, a former oficia}
of the Federal Land Bank of Balti-
more, Is president and active manager
of the institution, and is assisted by
directorate of 81 bankers, business
and professional men of this city
and the community the bank serves.
A. Mitchell Palmer, former Attorney
General, is general counsel.
Former issues of the institution
have found responsive market.
Freight Records Pile Up.
Revenue freight loading for this
season of the year continues at an
unprecedented rate, figures for the
week ended December 6 showing
96S,256 cars loaded with revenue
freight. This was an increase of So,
625 cars over the preceding week,
the American Railway Association
announced, when Thanksgiving kept
| loadings down, and a gain of S4,-
335 over the corresponding week last
year.
Increases in total loadings of al!
commodities except ore were report
ed by all districts. Coal loadings
amounted to f93256. an increase Of
1928, compared with the week ended
November %.
Trading on Local Exchange.
Selling of Lanston Monotype, which
began in yesterdays market, gained
impetus on the local board this morn
ing and when the session had ended
316 shares had changed hands. The
stock was uncnanSe0 at the opening,
but moved forward an eighth to 76 =
on a sale of l32 shares, which lever
it retained to the close.
Ten shares of Union Trust Com
many sold at 172, a net gain of
points on the day, and a like amount
of Liberty National Bank sold for
10. Gas stock was strong at 5Sss. as
was Railway preferred at 1871. Ten
shares of Traction brought s1E.
Railway General and Refunding 6s
created most of the bond activity,
total of $12, 1000 changing ownership a.
99H.