Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-17
MANY EXCHANGING
SECOND L|BERTyS
Total of $1,146,000, 900
Transferred for Treasury
Certificates to Date.
BY EDWARD C. STONE.


BY EDWARD C. STONE.
Exchanges of second Liberty bonds
at Az per cent for the new five-year
Treasury notes at 3h per cent up to
the close of business last night
throughout the country totaled ST.
146 900 900. 1t was announced today
by Secretary Mellon.
A continued response from holders
of second Liberties, which are call
able November Is, has been gratifying
to Treasury officials, who expect a
still further increase in exchanges be-
fore books are closed Tuesday.
A large number of holders may not
exchange at this time, it Is believed
as they may wish to place their money
In other investments rather than new
Treasury issues. but the generous re.
Spouse to the exchange offered was
interpreted today as proving the
astuteness of the Treasury Depart.
ment's refinancing program.
Silent on Tax Figures.
The income taxes due March Is con.
tinued to pile up an increasing figure
at the department, which declined.
however to make public as yet any
figures. 1t was said, however, that
the returns were substantiating the
Treasury Departments estimate of
between $3.50, 900 900 and 5000. 900 900,
The surplus for the end of this
fiscal year, June 80, is now expected
to pass the f-billion-dollar mark
by substantial figure, according to
Secretary Mellon. Earlier estimates
by experts had placed the figure at
$3S3.000.000 for surplus, but failure Of
the second deficiency bill in Congress
and an increase in income taxes en-
larged the surplus expected.
Secretary Mellon declined again to
go on record concerning the prospects
for a tax reduction at the next ses-
sion of Congress in view of the heavy
income tax returns, but the big sur
plus for this year, which Is to be
used for retirement Of the public debt,
was interpreted as a good indication
of the way Federal revenues are run.
ming, favorably instead of unfavor-
ably.
New Director Is Elected.
Charles p. Stone, jr., vice president
and treasurer of Stone & Fairfax, has
been elected a director in the Federal
Storage Co., President E. K. Morris
announced today.
The directors have also declared
the regular quarterly dividend on the
company's preferred stock of 2 per
cent, payable April Is to stockholders
of record on March 81.
Stock Offering Made Today.
The 100000 offerings of Columbia
Sand Gravel Co. 7 per cent cumu.
lative preferred stock was made today
by Crane, Paris & Co., investment
bankers. The stock Is priced at 500
per share, to yield per cent, and
other firms associated in the sale in.
clude w. B. Hibbs & CO., Eastman
Dillon & Co.. G. M. P. Murphy & Co.,
Irving & Johnson, Glover & Father
Stein Bros. & Boyce, Robert Garrett
Sons and the Southern Securities
Corporation.
The company Is a local concern, of
which Clyde b. Asher is the head,
1t Is interesting to note that on the
board of directors are three of Wash.
ington's most prominent bank direc.
tors. The company has valuable
wharf properties in Georgetown and
IN Southeast Washington, sand and
gravel properties in Virginia and
Maryland. and extensive stone quar-.
ries on the Virginia shore of the
Potomac, extending from Georgetown
to Chain Bridge.
Local Stock Market Strong.
Both stocks and bonds held strong
on the Washington Stock Exchange
today. Railway & Electric preferred
closed at 91&, Barber & Ross com
mon at 81. Lanston at 94k, Mergen-
72as. a.
Union Trust stock made another
new high on the sale Of one share at
267. There were several other stock
transactions, while dealing in the bond
department covered broad list.
DOherty Writes About Illness.
Local stockholders in the Cities
Service Co. will be much interested
In word received today by A. S.
Gouldman & Co.. fiscal agents. from
Henry L. Doherty. head Of the COM
pany, in which he said his present
ailment Is an attack of rheumatism
and Is not serious. He says he has
had rheumatism ever since he was
~ years old. but that 1t Is now called
arthritfs. He admits he has been
IN johns Hopkins Hospital and that
his illness has kept him from doing
full work. But he adds that the COM
pany Is in fine shape. He wishes that
people would deal with the office in
stead of trying to see him in the
hospital.
Heard In Financial District.
j. p McGill, member of the firm
of Eastman. Dillon & Co., is paying
his first visit to the firms new local
offices today, Manager Arthur Foraker
announces.
The Federal Security & Mortgage
GO. today announced an issue of $780,.
600 collateral gold trust bonds. bear.
ing maturities from to 10 years.
There will be no classes at the in.
stitute this evening. owing to the fact
that number of st. Patrick's day
and other parties will call many stu.
dents elsewhere.
The Kresge department stores have
declared the regular quarterly divi.
dend Of 81 per share on the preferred
stock.
At the annual meeting of the stock.
holders of the Western Maryland Rail.
way yesterday the retiring directors
were reelected. and J. w. Dennis of
Baltimore and Lee Crouch of Elkins.
w. Va, We're added to the board.