Evening star., 1942-03-25
D. {. Brokers Report
Wide Interest Here
In Bond Upswing
low-Priced RoiIroud
Issues Bring Many
BUYERS Into Market
BY EDWARD C. STONE.

from the March bull market in
railroad bonds" which has caused
the heaviest trading In this division
Of the New York Stock Exchange
since the spring of 1887.
This outburst of speculative ac-
tivity in low-priced rail issues has
brought many Capital traders into
the market, brokers reported today
Brokerage firm partners said that
there had been considerable switch
ing from common stocks into rail
bonds, but not as much proportion
Ately as has been reported in New
York
In some brokage offices there has
been q good deal Of interest In
these speculative bonds for more
than q year. The present sudden
upswing Is mainly due to the fact
that bond interest is deductable out
of net income before such income
becomes subject to income and ex-
cess profits taxes. This Is not true
of common stocks. which are facing
still higher levies during the
present year.
Many Washington brokers con-
slider the uncertain tax situation as
the biggest factor in the present
market. even greater than the World
War. How much higher corpora
ton taxes are to be is something
every investor is watching closely,
to avoid placing money in profit
less securities" Yields on the senior
Issues are not affected in the same
way by taxes.
A good many brokers look for
eome advance in stocks as soon as
the provisions Of the next tax bill
ire definitely known. In the mean
time the stock market is likely to be
irregular, making the present ac-
tivity in bonds all the more gratify-
ing. More $20,O0O.000 par value
days would be most welcome. not
only to the exchange omces but to
oil the other investment houses.
Andrew Parker Store Trustee.
Andrew Parker was elected to the
Board of Trustees of Woodward &
Lothrop, Washington department
store, at the March meeting of the
trustees. it was announced today.
Mr.. Parker is a son of Mr.. and
Mrs. B. w. Parker and is grand
son of the late S. Walter Woodward
one of the founders of the store.
Mr.. Parker began work at the
store in October. 1886. He is at pres
ent in the merchandise division. He
was educated at St. Adams School in
Washington, Salisbury and Milford
Preparatory Schools in Connecticut
and at Lehigh University.
Longer Hours Recommended.
Members of the Executive Council
Of the District of Columbia Building
and Loan League, meeting yesterday
at the Raleigh Hotel, heard Edward
L. McAleer, chairman of the Special
Committee on Hours of Operation,
recommend a closing time Of pm.
on Government pay days.
This would require the associations
TO remain open an hour later than
customary. The matter will be pre-
sented to the full membership next
Tuesday for discussion, as some as
sociations feel that the present busi-
ness hours are satisfactory.
Clarence E. Kefauver. a director
Of the Southeastern Division, United
States Savings g. Loan League, re-
ported that large Washington del
egation will attend the Atlanta con-
ference on April II and 18. Stock
Bank Of Winston-Salem will meet
at the same time. About 600 are ex-
pected.
Insurance Men Honored.
Nine members of the staff of the
Washington ONCE of the Mutual
Benefit Life Insurance Co. OF New
ark were honored at a dinner last
night st the Carlton Hotel for their
national production record in 1941.
The dinner was rendered by Agency
Director H. Lawrence Choate.
H. G. Kenagy, superintendent Of
agencies, and Alfred J. Riley, un-
derwriting executive, Of Newark,
were special guests. Mr.. Kenagy
presented the company plaque show
ing the office record to Mr. Choate.
The award was shared by:
Harrison Brand III. George c.
Campbell, Joseph w. Gibson, George
T. Howard, Adolph Krechel, George
L. Naramore, Theodore Reid,
Charles M. Schwab and Dwight T..
Scott.
Your Business Goes To War.
Under the title, Your Business
Goes To War" Leo M. Cherne,
executive secretary of the Research
Institute of America. New York, and
. member of the school Of foreign
service of Georgetown University,
has written a most timely book on
what American businessmen face
In connection with the present war
program It is published by Hough-
ton Miff1in, Boston.
/ The writer explains how to secure
raw materials under rationing, pri-
critics and ALLEGATIONS, how to Sc
cure Government contracts and
subcontracts, and how to convert
plants to wartime production. The
author also takes up prices, capital
Ind credit, and devotes chapter to
what businesses are considered es-
Sential in these hectic times.
| Norris Lauds Rail Service.
] Ernest E. Norris, president Of the
Southern Railway system, declared
before the New York Bond Club
this noon that the railroads are
turning in a 100-per-cent-plu job
in meeting the full demands OF
commerce and the needs Of national
defense. Not a shipper has been
told he cannot have all the rail
service he asks for, when and where
Il may be needed. he added.
Keeping up this service depends
on the chances of getting new cars
Ind locomotives and materials fol
repairs, also by the extent to which
traffic is increased by the speeding
up of war production and the diver
sion of tonnage from water anc
highway carriers, Mr.. Norris said.
Lincoln Bank 81 Years Old.
The Lincoln National Bank is 81
years old today, having beer
founded on March rs, 1890. Thu