Evening star., 1934-06-15
LAND BANK BONDS
WILL Be RETIRED.
Outstanding Issues Bearing
Az Per Cent Interest
Called for July |.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
william I. Myers, governor OF the
Farm Credit Administration, an
nounces that the 12 Federal Land
Banks will provide funds to retire
approximately $131, 1871 900 of the out
standing Federal Land Bank bonds.
All outstanding issues bearing AZ
per cent interest have been called for
payment on July /. A group headed
by Alexander Brown g. Sons Of Bal
timore win offer soon new issue OF
consolidated Federal Land Bank bonds
bearing 4 per cent interest on behalf
of the Federal Land Bank.
The group to handle the issue in
cludes the Chase National Bank OF
New York, Brown Bros, Hartman &
Co., Inc: Guaranty Trust Co. Of New
York, National City Bank Of New
York, Edward B. Smith g. Co.. First
Boston Corporation and Lee Higgin-
son Corporation.
The new bonds will be offered at
q premium and will mature in II
years. They are callable within 10
years and will carry the same tax
exemptions as the called bonds.
Issues called for redemption on July
I include the following: SAB 1850,
dated July /, 1928, due July l, 1858;
$55,789, 200, dated January l, 1924, due
January /, 1854, and $32, 1903, $50.
dated July l, 1924. due July l. 1854.
Governor Myers said the called bonds
may be presented for redemption at
any Federal Reserve bank or branch
and added that the Government will
save S985,000 a year in interest.
ID. C. Man on Program.
The future trends and problems of
advertising and merchandising under
the new deal will be discussed from
many angles by leading publicity ex-
ecutives and store presidents from all
parts of the country at the Summer
conference of the sales promotion di-
vision of the National Retail Dry
Goods Association, to be held in con-
junction with the general convention
of the Advertising Federation OF Amer
lea at the Hotel Pennsylvania, New
York. June 1920. The retail con-
ference, at which more than 500 mer-
chants and store executives are ex-
pected to be present, will get under
way Tuesday morning, June IL, WIN
a forum in which 16 questions sub
nitted by program subcommittee IN
s8 cities will be up for discussion.
Frank w. Spaeth, manager OF the
sales promotion division, will talk on
sunday advertising. Discussion OF
conomunitv efforts, such as simulta-
neous launching of sales, will be con-
Quoted by Frank A. Black. puonclty
director of William Filene's Sons Co..
Boston, and James Rotto, director OF
publicity and sales OF the Hecht Co.
washington, who will put the question
as to who benefits most from man
ufacturing advertising allowances.
Reserve Board Policy Ruling.
Member banks of the Federal Re
serve system must obtain permits
from the Federal Reserve Board TO
act as correspondents for dealers In
securities and to participate in syn
dicate being formed to bid for issues
of specific bonds, according to runng
OF the board.
AFTER full consideration Of the
questions of policy involved, the
ruling states, "the board decided to
issue permits authorizing the mem
ber bank to act as correspondent
bank for the dealers in question, In
connection with dealing in and/or
underwriting the following types OF
securities: Obligations of the United
States, general obligations OF any
State or Of any political subdivision
thereof, obligations issued under the
authority of the Federal farm loan
act. obligations issued by the Federal
home loan banks. and /or obligations
issued by the Home Owners Loan
CORPORATION. These are the securities
specifically excepted. in section 5l36
Of the revised statutes from the re-
strictions upon dealing in or under
writing securities"
Elected Bank Official.
John 3. Cochran, chairman Of the
board of directors of the City Bank Of
Washington, was elected vice presi-
dent Of the Potomac Joint Stock
Land Bank at a meeting OF the di-
rectors held yesterday. Mr.. Cochran
fills a vacancy caused by the recent
death. George A. Harris is president
Of the Potomac Joint Stock Land
Bank, having held this office for many
&ears. Mr.. Cochran was president OF
Franklin National Bank before it was
consolidated with the City Bank Of
Washington.
F. P. H. Siddons, president of the
District of Columbia Bankers Asso-
citation and secretary Of the American
Security g. Trust Co., gave a short
talk before the Junior Board of Com
merce at the Lee House yesterday.
His subject was Activity of the
Younger Men in Civic Affairs"
Richard Hatton, financial editor Of
the Washington Herald. left the city
today to attend the reunion Of his
class at Princeton.
Henze Given High Praise.
A. E. Henze of w. B. Hibbs & Co.
and editor of Dollars and Sense has
received a great deal of commenda-
ton over the June issue of the in
stitute's publication. It was made a
special convention number and con-
tanned cordial greetings from Presi-
dent Roosevelt, Secretary of the
Treasury Morgenthau, President Law
of the American Bankers Association,
President Siddons of the District
Bankers Association, institute Off
cials and T. Hunton Leith, general
convention chairman.
The issue was crowded with insti-
tute news, notes about what the visit
ing delegates should see and many
pictures. j. George Dagenais, Riggs
National. and B. Bruce Franz, Amer
ican Security & Trust Co.. assisted in
preparing the special edition.
Today's Trading on Exchang..
Business on the washingtos lock
Exchange today was confined glolly
to bonds. Capital Traction IS figured
in q 81 900 turnover at 8314, while
Washington Railway & Electric As re-
corded $1,000 sale at 9512. Bid anc
asked prices on other stocks anc
bonds were unchanged.
Paid-for business of the Acacis
Mutual Life Insurance Company dur.
Sy,o fha fret five yY1nrfhS this veal