The Washington times., 1925-01-05
BANKERS OFFER
LAND BANK
BONDS
Nationwide Group Handles
$50. ooo, 900 Issue Yielding
Over 4.3Q Per Cent

81
NEW YORK, Jan. 1.-THE larg,
est issue today, that Of $50, 900, geo
ten to thirty year Federal Land
Bank bonds, 10 being offered by
more than 1000 dealers, the twelve
Federal Land banks and many in.
veStment houses. Figures made
public in connection with the new
offering show that in six and one
half years of active operation the
twelve Federal Land banks have
built up until on November 80,
1924, their capital was $40 ,O80.1SOi
reserve $6,734,400; surplus and un.
divided profits $4,774.406 and total
assets $685., O82, 1876. Every bank, II
was said, shows surplus earned
from operations. The bonds which
range in denomination from 40
to $4,000 each, are redeemahle az
any time ten years after date OF
isslIe. January 1, 1926, and are
exernpt from Federal. State, munich
pal and local taxation.
Among the other large ofreringl
TODAY are 81, 800 zoo serial gold
notes of the Central Illinois Public
Service Company, and q $1,5bO.OOO
city Of Raleigh, N. c., issue. The
Bureau of Insular Affairs an.
nounces that 1t win open bids next
wednesday for an issue OF $3,VVV,'
900 per cent public Improvement
bonds OF Porto Rico.
Federal Land BAnk-A public Of
fering il being made today OF new
lssue OF $50, 900 ten-thirty-yeaI
Federal Land Bank AZ per cent
bonds at q price Of 1O1M and in.
teresf to yield over 4.30 per cent to
the redeemable date. 1885, and n
per cent thereafter to redemption OF
maturity.
The bonds are being offered to
the public by countrywide group.
composed Of the twelve Federal
land banks. investment houses, IN.
situations and upwards OF 1,O0O
dealers. The banking group q
headed by Alex Brown & Sons, OF
Baltimore; Harris. Forbes g CO.
Brown Brothers 3 Co.; Lee, Higgin-
son & CO.: the National City Com
pany, and the Guaranty Company
Of New York.
The holdings Of the United States
Government In the capital stock Of
the Federal land BANKS have bean
,.aducad from SO .0OO, 900, at the
time Of the inauguration OF the
system, to about $1,000 a. OF
November 30, 1924. During the
same period the farm loan associa'
taons acquired approximately $47,'
OOO, 900 capital stock, part OF the
proceeds of which was used to re-
tire stock owned by the Govern
ment as required by the farm loan
act. The United States Treasury
has purchased and now holds over
81 90 .DOO. 900 Federal land bank
bonds. While these bonds are not
Government obligations, and are
not guaranteed by the Government
thew are the secured obligations Oh
banks operating under Federal cnar'
ter with governmental supervision
on whose board or direction the
Government Is represented.
Commissioner Cooper or the Farm
Loan Board, commenting on the OF
ferins Of $30,0O0,O00 IA per cent
bonds by the twelve Federal land
banks in association with a nation
wide banking group, said:
''The Federal Land banks enter
the new year in q very command
ing position, with their capital re
serve and undivided profits grown
to $50 600, 900 and their total assets
lust Under the billion mark, which
they will pass during January.
'"This is the smallest public offer
ing made in the last five years
which is due to two causes--inn
proved agricultural conditions have
resulted in a slightly lessened de
mand for new loans and a substan
tial increase in proponents, while
steady and substantial purchases o.
Farm Loan bonds by the Veterans
Bureau for the United states gov
eminent insurance fund is provjd
| ing a considerable portion OF the
| funds needed for loaning purposes
Central Illinois Public Service
Halsey, Stuart. & Co, Inc, are Of
fering today $4,000, 900 Of serial goit
notes maturing in three months t.
three years, bearing an to b pei
cent interest Of the Central Illinois
Public Service Company, one OF the
larger insult properties. The notes
which natures serially in the
amount Of $4OO. 900 each quarter be
ginning April 1, 1925, and endinf
January 1. 1928, are being Offered
at a price to yield from Az pc,
cent to 5A per cent, according L
maturity.
chica0o Grain Market