Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-23
Few Liberty Bonds for Sale.

Undersecretary Mills reports that
| the Treasury Is seeking to put into
operation it's plan for applying the
| 1853, 100000 available for the sinking
fund for the fiscal year 1928 to the
purchase Of second Libertys. He said
that so far the Treasury had been
unable to find any second Libertys in
the market in any quantity. He feels
that the Treasurys inability to pur.
chase the second Libertys in the open
market demonstrates the truth in the
Governments contention that the diff
| ficulty experienced in obtaining these
bonds in exchange for new Treasury
| issues resulted from the extremely
| wide distribution of them. Mr.. Mills
believes that the second Libertys will
be turned in for redemption very slow
ly. over long period Of years.
Corporation Earnings Slowing Up.
Corporation earnings generally are
now expanding at the rate of only
about 1.25 per cent per annum, as
compared with the 1926 gain of 1885
per cent and the 1925 gain Of $3.50
per cent, says Moody's Review.
simultaneously aggregate dividend
and interest payments are running
about 9,5 per cent ahead Of last year,
so that corporations are paying out in
dividends and interest a larger pro-
portion of their available earnings
than they were a year ago.
yet, owing to the ample supply Of
money and capital in New York, there
seems to be no probability of inn
portant movements in the security
markets during the next few weeks"
Discusses National Bank Notes.
Il re 1T
manager of the American Bankers
Association, discusses the future of
national bank notes in an article ap.
pearing in the American Bankers
Association Journal.
Complete retirement can not be
effected prior to 1880. However, the
near approach Of that year has given
rise to much discussion and to many
petitions by national banks for reten.
ton of their issue privilege.
Should national bank notes be elm
mated, necessarily their place would
be taken by Federal Reserve notes.
When this possibility Is considered the
mind Immediately turns to comparison
of the two kinds of notes. Admittedly
says the writer. the latter embodies
some very desirable features. In
weighing their relative merits, as in
mentalities, adaptability to the pur.
pose for which they are intended de.
termines their worth.
Though the very great elasticity
Of the Federal Reserve notes is recog-
nized, the conclusion that they should
supersede all other currency not
similarly endowed is not warranted.
The test Of the desirability of national
bank notes is not whether they meet
the demands made upon them;
whether they serve satisfactorily in
the position they occupy, supplement-
ed as they are, by Federal Reserve
notes."
Figures Reveal Farmers Plight.
The farmer does not receive any
where near as adequate return for his
labor and effort as do others engaged
in gainful occupations. Figures COM
piled by the Department Of Agricul-
ture show that in 1920 33,064,7 1877
males over 10 years Of age were occu.
pied in business in the United States.
OF this number 90 per cent, or $780,
030 were employed in agriculture, yet
they received only 1873 per cent of the
national income. 1t required the labor
of 2.5 male workers in agriculture to
secure the same proportion Of the
national income as one male worker
in other lines of industry.
Company Keeps Same Officers.
The Stanley Co. Of America, with
which the Crandall theatrical interests
of this city are affiliated, held it's an.
nual meeting in Philadelphia yester-
day. The directors reelected these
officers: John j. McGuirk, president;
Abe SabloSky and A. r. Boyd, vice
presidents; Irving D. Rossheim, treas.
urer, and Morris Wolf. secretary.
b. & o. Had Favorable June.
Baltimore & Ohio's June net rail-
way operating income is estimated at
$5,265 900. or approximately the same
as the big showing made in June a
year ago. when net railway operating
income was $5,271.153. This would
compare with $3.33S, 604 in June, 1925;
$3.142,66 in 1924, and $4,000 400 in
June, 1923. so that the showing this
year was exceptionally favorable.