Evening star., 1936-09-19

tives will be pres W = 49,.
ent.
DR.. Claude L. Benner, vice president
and economist of the Continental
American Life Insurance Co. will de-
liver an important message on Pres
ent Day Economics and Lewis F.
Gordon, nationally authority
on public relations" ;" will conduct
forum on that subject.
DR.. Luther Harr. secretary of bank
ing in Pennsylvania, and Frank M.
Totten. vice president of the Chase
National Bank of New York, are
among others scheduled to make i'm
portant addresses.
The delegates will also hear from
Arthur J. Morris, founder, and other
executives.
Power Bonds Being Called.
Holders of Potomac Electric Power
general and refunding mortgage gold
bonds. series B, paying 6 per cent ana
due April l, 1858, will do we'll to re-
member that these bonds have been
called for redemption on October l..
After that date they will cease to bear
interest.
The outstanding bonds of this issue
will be redeemed at los and accrued
interest, in fact, have been payable at
the redemption price for some time.
The Potomac Electric Power Co. an
nounced early in the Summer that the
price of los, together with interest to
October !, would be paid at any time
the bonds we're turned in. it not being
necessary to wait until october l to
turn them into cash.
Many holders have already pre-
sented their bonds with the remain
ing coupons, receiving payment in
full. The redemption date is now
very near. Failure to cash the bonds
and reinvest the funds will mean
the loss of interest on any new in
vestment that might be made at
once. Nothing will be gained by
holding the bonds until the actual
redemption date.
The bonds have been listed for years
on the Washington Stock Exchange
and have a fine investment record.
The Power company put out an is
sue carrying a lower interest in place
Of the old bonds.
Banks Enter Mortgage Field.
Commercial banks and insurance
companies, as we'll as individuals,
have re-entered the farm mortgage
financing field in substantial volume,
according to the Farm Credit Ad-
ministration.
Its survey shows that while Fed
eral Land Banks and Land Bank
Commissioner. with loans totaling
slo2 100000 still ranged first in vol
ume during the first five months of
the current calendar year, CONNER
cial banks financed s79,200,000 of
farm mortgages compared with SAT-
100000 in the corresponding 1884 pc
riod, and insurance companies jumped
s18O00,000 in the first five months
of 1884 to SAC, 100000 in the like 1886
period.
individuals now have resumed their
former front-rank position in the
farm mortgage field. the report shows.
Mortgages recorded by individuals
amounted to $115,O0O,0OO in the first
ave months of 1896.
Sees Assessments Unchanged.
Chairman Leo T. Crowley, of the
Federal Deposit Insurance Corp, as
serts that no early reduction in the
present assessment of liz of l per
cent on average bank deposits for
deposit insurance is likely.
In explaining his objection to the
Tightening of the deposit insurance
charges on banks, Chairman Crow
ley said he is not opposed to an ad-
justment eventually, but that the
time for such change has mt arrived
yet and will not have arrived until
1t has been demonstrated that the
banking system will be maintained
permanently on a sound basis.
1T seems only logical to me-" he
said, that we continue the present
rate for a reasonable period of time
before any change is made. That
period should be sufficiently long to
test fairly the effectiveness Of an
improved quality of bank supervision. ="
Farmers Out of Depression.
The farmers total cash income
amounted to $735.000,000 in July as
against s470,000, 900 year ago. To-
tai income, for the first seven months,
was S4,024 ,000, 900 this year as against
So, ,427, 100000 last year, a increase
Of ia per cent.
Despite a rise from June to July
IN the prices of goods bought by the
farmers, these prices were lower than
year ago. This was also the case
for the first seven months. As a
result, the farmers purchasing power
showed a greater increase over a
year ago than their income. The
farmers purchasing power in July
was 6o.3 per cent higher than year
ago and, for the first seven months,
22.3 per cent higher.
In July, according to the Alexander
Hamilton Institute the farmers were,
for the time being, fully out Of the
depression since their purchasing
power was AZ per cent above the pre-
depression level in 1929.
Heard In Financial District.
Washington will send large dele
cation of life insurance men to Bos-
ton next week for the annual con-
vention. The big insurance meeting
will be in session at the same time
the A. B. A. meets at San Francisco.
San Francisco bankers are greeting
the first arrivals for the A. B. A.
gathering. They report that q build
ing boom has developed on the West
Coast and that the bankers will have
to give q lot of consideration to real
estate matters even II the subject
Is not stressed on the program.
Frederick M. Babcock, chief OF the
underwriting section Of the Federal
Housing Administration, Is the an
nounceG chairman Of special COM
mittee on proposed revision Of the
rules of professional ethics Of the
American Institute Of Real Estate APP
praisers of the National Association
- D1nl Yrckofa nno rdc EIa Ia iy, active