Evening star., 1927-03-09
2D LIBERTY EXCHANGE OFFER ::
LIKELY TO BE WIDELY TAKEN
Prospect of Easy Money Conditions for
Long Time Reflected in Melons
March Financing Plan.

Association will probably be attended
by more than 1000 delegates.
The invitation was extended by
Howard Moran. president of the Dis
trict Bankers Association and chair
man of the eastern regional savings
conference, and Robert v. Fleming,
vice president Of tho District Bankers
Association. Tho President was told
that tho object of these conferences
IL to stimulate interest In thrift and
economy and TO Increase an interest
on the part of the public In savings
accounts. Tho sessions Will DO held
at the Willard Hotel.
Banks. Report Extensive Assets.
The Federal Farm Loan Bureau re,
ports the condition of the IL Federal
land banks at the close of business
January 81. 1927. giving total assets
of the banks as $l,l7l 067 .02G and
total liabilities $l.l00. .59s. $50.
Principal Items OF assets include
net mortgage loans In the aggregate
of 81 JOSS. .l70,1I7 and holdings OF
United States Government bonds and,
securities in the amount Of $780, $780,
906. Farm loan bonds outstanding
January 81 were 1904 1856 ,035 and In
terest accrued on the bonds aggre-
of the banks to date were 44,485.9l2.
Dividends paid to date are stated at
$19,056,397 and net earnings available
for distribution amounted to S32.-
$3.50.
Total assets Of the" several joint
stock land banks are stated in the re-
port at $6S8,060,845, against total
liabilities of $631 ,335,029.
Local Stock Offerings Planned.
The North American Title Guaran-
ty Co.. OF which Senator Edwards ia
chairman of the board, Is planning an
early local Offering OF stock accord
ing to Murray Gidlin, OF the Standard
Co, 1910 Vermont avenue, fiscal
agent. Mr.. Gidlin has just returned
from a conference with Mr.. Edwards
at Jersey City, and with other com.
pany officials. William e. Walter is
president of the company; George G.
Van Tuyl, vice president; John F.
McCabe, treasurer, and Russell r.
whitman, secretary. The firm, which
was organized last year intends to
add two or more Washington bankers
to the board of directors.
New Real Estate Bond Ruling.
At the close of a meeting of the
board of governors of the Mortgase
Bankers Association of America,
held in Chicago. it was announced
that a resolution had been adopted
providing that the board in the flu.
ture will refuse membership in the
association to real estate bond houses
that do not place with separate trus.
tees the funds realized from sales of
bonds issued against buildings in the
course of construction.
Local Securities Strong Today.
Thirty shares of Riggs National
Bank stock sold today on the Wash.
lngton Stock Exchange at 46s, two
points above yesterdays close. One
snare OF American Security and Trust
GO. sold at the high mark Of 3S1
while In the unlisted department six
shares OF Departmental Bank sold
at 6.
Washington Gas Light was firm at
71R, Peoples Drug Stores preferred
again sold at 109, Washington Rail.
way and Electric came out at 91A and
~ shares of Merchants Transfer and
Storage preferred changed hands at
lo112. Trading was light in Capital
FRACTION, five shares going at 1O7M.
In the bond division Washington
Gas Us, series A. stood at 1041h and
the series b bonds at 104M. George.
town Gas 5s in a small sale register.
ed 100A.
Southern Diaries Sales Gain.
The sales Of the Southern Diaries.
inc., for the first two months of this
year rose to S1,408,514 from SI,287.88
in the same period Of 1925. Gross
sales In February were $733,O32, com.
pared with s666,766 last year.
The Stanley Co. of America, which
is negotiating with First National
PICTURES and West Coast Theaters Co.
for a three-sided consolidation. has
purchased the Bradder Pollock chain
OF seven theaters in northern New
Jersey, through the Stanley Fabian
Corporation, subsidiary.
The Fox Film Corporation has en-.
tered commercial production of talk.
ing motion picture" films through it's
subsidiary. the Fox Case Corporation.
Personal and Other Notes.
Frank Stetson, trust officer at the
National Savings & Trust Co, has
returned to his desk after q short trip
to Pinehurst, n. c., where ae went
to enjoy little Winter golf He was
Just getting his stride when along
came a 15-inch snowstorm, the
heaviest downfall of the kind that the
resort has experienced in years.
George B. Chapman. resident partner
OF Hartman & Co.. is on a brief visit
to New York on business connected
with the Washington office.
Edward 0. Mcdonnell, one of the
partners in G. NJ. P. Murphy & Co.,
visited the local office yesterday.
Herbert l.. Davis, auditor of the
Supreme Court of the District of
Columbia, contributes very interest
ing article to this months Trust Com.
panies Magazine on legal account.
ing in the Administration and Invest.
ment Of Fiduciary Funds"
The annual meeting Of stockholders
Of the Pennsylvania Railroad Co. will
be held April IL in Philadelphia. Elec-
tion OF three directors to fill terms
expiring this year will be held April 26.