Evening star., 1925-11-03
PASSING OF BANKER
TOUCH|NGLY NOTED
F. J. Hogan Pays Rare Trib-
ute to Mr.. AiIes-Quiet Day
in Financial District.
BY CHAS. II. SHAEFFER.

Struggling NdllalllIN 10 regain It's COM
posure 50 sadly and abruptly inter
rupted last Friday when Milton +.
Allies, its best loved leader. passed on
to the great beyond lie almost died
in harness. as he had wished, and as
so many of the Nations stalwart sons
had before him. 1t seems 10 be a ira
dltion with men of his sta nding.
Certainly one Of the greatest tributes
ever paid to any man was rendered his
mortal remains at his bier yesterday
Just prior to the last journey to Rock
Creek Cemetery. by Frank J. Hogan.
lifelong friend of Mr.. Allies. In
trembling voice. all too clearly por
1raying the speakers sorrowful mien.
Mr.. Hogan paid a eulogy. concluding
with, at the dead's request. reading
of Tennyson's Crossing of the Bar
Traces Brilliant Career.
Mr.. Hogan traced Mr. Allies splen-
did career from its beginning in Ohio
more than half century ago up TO
last Friday when a heart attack so
merCilesSIy cut ii short. He declared
he deceased was ever the IDEAL and
loving son. always having care and
reverence for his mother, and respect
and adulation for his father. Mr..
Allies pet hobby of personally taking
the market basket on SdtuTldN after
noon. when the week s arduouS tasks
had been completed. and personally
selecting and carrying deliCacies from
q nearby market to his aged mother
Tor her Sunday dinner. was dwelled
rpon in bringing out one of his many
admirable traits.
Gentle" is the word that best de-
Scribed the great man, Mr.. Hogan
observed. Abraham Lincoln was al
his ideal NJ q hnnnGf effort n
emulate the great emancipator was
ever foremost in his mind. Gentle
though he was. he was nevertheless
firm, and when once his mind was
made up all the pressure in the world
could not make him swerve one iota
from the course he believed true.
Private interment was in Rock
Creek Cemetery.
New Type of Security.
A new type Of security which in
turn makes Il new phase of hydro
electric development will he intro
duced to the American investment
market tomorrow in the Offering OF
S6 900 900 Nevada Irrigation District
california; L per cent serial gold
sonds. The Offering will be made by
Dillon, Read & Co. kissel. kinnicutt
& Co., and the Union Trust Go. of
Cleveland. The bonds are priced to |
yield $50 per cent, are tax exempt !
and are due serially July l, 1866.
Proceeds win be used to complete
another important irrigation project, |
and, helping materially 10 defray the |
cost of this work. the district will |!
sell the use of part of its water service !
10 the Pacific Gas and Electric Co. /!
under 50-year contract. AS a re- !
suit, the financing represents a two |
fold development. one irrigation and |,
the other power. The bonds. as re !
suit, are quasi-muniCipal in character |
and, by reason Of the Pacific Gas con- |
tract, take on the added feature of |
public utility interest. Because of the |
municipal flavor of the loan, the t
money made available for the project |
* tax exempt and therefore cheaper,
and because of the power contract |
still another saving is made to the !
farmers who viii use the water for
irrigation purposes.
Future of Liberty Bonds.
The Liberty bond situation is ana
lived in detail in the current issue Of |
the Magazine of Wall Street, as fol |
lows:
Every one used to own Liberty |
bonds Not every one does today. |
Changing hands rapidly, they are fit /!
ting themselves into their permanent !
niche in the structure OF American |
investments. Whoever is not aC |
quainted with the market situation in |
Liberty bonds is not familiar with the |
basic position of the greatest of Amer |
lean Investments.
Their market turnover is pro- |
digious. Not only the Treasury De- |
partment and the Federal Reserve |
banks. but great corporations and in !
'stitutionS have together sometimes !
a ilv he
entire outstanding issue of Liberty !
bonds O6 billions approximately IS |
turned over perhaps more than twice |
IN the course of u year. New York |
Stock Exchange sales are but mi /
mute fraction of the total. This mar |
ket no longer is factor in the situa- |
tion. and it is only a question of time
when the Liberty bond department OF !
the New York Stock Exchange will |
cease to he important. with the mar |
ket subsequently made completely in |
over-the-counter trading.
Many Bonds Changing Hands.
I'm this weller Of buying and sell |
ing. Liberty bonds are largely passing |
from investors hands into the hands !
of those who need them for specific /
purposes. Patriotic reasons induced |
millions To buy. but business advan |
tage has induced many Of them TO sell /
Billions of the new issues of corporate !
bonds have been paid for by Liberty !
bonds Higher yields in corporate |
bonds have been sought. and will in |
Creasngly he sought as taX-eXemption !
becomes less and less attractive owing |
TO consistent cuts in tax rates.
Banks are heavy buyers. for Lib |
critics are an excellent cash equivalent |
Welding ( per cent. Great institu |
tions, such az life insurance com |
panies. restricted by law TO low-yield |
eligible investments, keep their liquid |
reserve in Liberty bonds.
Yields Still Attractive.
Investors reason that high interest |
rates may prevail for few years, but |
that eventually the cycle Of money !
rates may bring money again below !
per cent. Consequently those who buy |
prime Libertys now are making the |
investment for lonG-range purposes. |
In this they are very tar-seeing, for |
Liberties would sell much higher on a |
per cent money market
For the investor there Is one inn
mediate question, Are Liberty bonds /
still valuable as a commitment? The |
answer may be put in two ways Prac- |
fiCally every investor should still own |
Liberty bonds. They arc the nearest |
interest bearing equivalent Of cash |
known. They are necessary TO a bal |
anced investment list. wherever need |
for cash is likely to be factor. Con
sidering their amazing convenience |
their yields are very attractive"
Local Exchange Closed
The Washington Stock Exchange |
remained suspended today out of sym
pathy to the New York markets, |
which are closed on account of cleo