Evening star., 1936-11-14
PRESS BUILDING
>BONDSAT PEAKS
First IS of 1850 Score Re-
markabIe Gain, Now at
72T2 Bid.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Among real estate bonds now sell
ing at their highest prices in 1886
are National Press Building Corp.
first IS of 1850 currently quoted at
72H bid. They have scored notable
gain this year, the 1896 low being
60l2, made on January ID.
Earnings of the corporation dur
ing the first six months of 1886 were
at the rate of more than per cent
annually on the first mortgage bonds.
According to Amott, Baker & Co.,
gross income for the first six months
was $3.50, 1000, as compared with s677,-
+ 900 for the entire year 1885. At the
end of June the Press Building prop
erty was more than 98 per cent rent
ed and reported to be in good phySi-
cal condition.
The bonds are widely held in
| Washington. Issued in December of
last year in connection with the re-
organization plan for the building,
the first IS also contain a 2 per
cent cumulative feature. Last July
q payment of S25 bond, represent
ing fixed interest of SIS and income
interest for the second half of 1885.
/ The bonds are secured by the land
located at the corner of Fourteenth
and F streets and the History Office
building and theater standing on that
ground.
The theater portion of the build
ing is under lease to Loew's, Inc,
until 1862, at the present time the
rental being $166,5 a year. A to-
tai of $6,l56,000 of the bonds are
outstanding, S64,00O having been re-
tired through the sinking fund on
April Is last. The bonds, which are
not listed on the Washington Stock
Exchange, are sold "over the coun-
ter"
Officials Watching Market.
Mariner s. Eccles, chairman Of
the Federal Reserve Board governors,
declares that the recent advance in
the stock market has been due to in
dustrial progress and purchase of
stock by foreign and domestic buyers.
He reports that Reserve Board figures
reveal no marked advance in broker
age and bank credit for stock market
purposes.
In visit to the White House Chair
man EccleS is understood to have
made these comments to President
Roosevelt in reporting on present
financial conditions. James M. Lam
D. dis, chairman of the Securities and
Exchange Commission also visited
the White House this week and con-
Veyed much the same news to the
President. It is the business of the
Exchange Commission to watch the
market at all times, but Chairman
Lands is quoted as seeing nothing
N the present rise to call for any
move on the part of his organization.
Brokers in the financial district
sgree with the two chairmen, adding
that there is nothing about 100000
! share days to cause any worry. 1t
was 100000, 100000 and 49,
O00, 900 share sessions that caused the
trouble in 1929. The return of such
markets is too far off to merit any
thought now.
brdncn banking spreading.
The fact that "branch banking has
been repeatedly advocated by many
business groups and by many students
of banking" was cited yesterday by
the Federal Deposit Insurance Corp.
when it filed its annual report with
Congress.
The F. D. l. c. took no position on
enlargement of branch banking pow
srs, but the inclusion of section on
the subject in its annual report in
creased interest in the subject.
The report also contained a hint
shat because Of Federal regulations
nxing interest rates to be paid on
time deposits other types of credit
and savings institutions were receiv-
ing an advantage in competition for
deposits.
The corporation in addition de-
elared that it had adopted a policy
of not admitting banks to the insur-
ance fund unless their net sound
capital was equal to at least 10 per
cent of their deposits, but tabulation
showed that about !, 900 non-Federal
Reserve member banks, or Is per
cent, of those already in the fund did
mot have such a capital percentage
ut the end of 1885.
A total of 1873 new branches were
established during last year, accord
ing to the report, and several score
other branches resulted from the
absorption of going or closed banks
~ othar ioStiti1ti0nc
Bankers Plan Joint Session.
Homer Gebhardt, secretary of the
West Virginia Bankers Association,
announces that his association will
meet jointly with the Virginia Bank
prs' Association at White Sulphur
springs, w. Va, on June "a, Is and
R6 of next year. Mr.. Gebhardt, who
Is vice president and trust officer of
the First Huntington National Bank,
believes at least 800 bankers will at
tend.
For the first 10 months of this
wear trade was exactly 10 per cent
ahead of last year in the Richmond,
Boston, New York, Minneapolis and
Philadelphia Federal Reserve dis
best gain, 19 per cent, and Kansas
City reported the smallest gain, 8
per cent.
The Maryland Casualty Co. of Bal
&imore is considering a proposed
amendment to the company's char
ser looking toward a simplification of
he capital structure. The proposed
amendment would enable the COM
pany to retire its Junior convertible
preferred stock, series A and B, by
the payment of cash bonus of 50
o share or by conversion at the ratio
of one share of common for each
share of the Junior preferred. AT
present the company has five classes
of stock outstanding.
Avon M NeviuS, vice president OF
Che Riggs National Bank, appears to
be a good forecaster. Following his
annual Southern cruise he predicted
that Florida would have a record