Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-03-27
HOLDERS Of LIBERTY As
LAST CHANCE 7OC0NVERT



Holders Of nrst and second liberty
lean u VIII be given the privilege Of
onverttng these issues into the ~
per cent bonds, the sale Of which will
commence April 6.
Moreover this Is the last opportunity
for conversion. and II not taken ad-
vantage Of the holders Of the As viii
not have a chance in the future for
further conversion. but viii have to
retain their As.
It is a case of convert or hold the As
Holders OF the 81 per cent bonds in
their original form win have the op-
portunity to convert into any hisher
issue that may be made during the
war with the German empire.
Therefore. the forthcoming issue ends
conversion, a fact that pleases bank
ers and will relieve the Treasury De-
partment of much trouble in the future
Many holders of the nrst and second
-, knowing that their bonds stun car
ried conversion privileges. had De
cided not to convert into the ~ per
cents, but to wait for a higher issue,
not being tempted by the 4 OF l per
cent additional interest
Here are the conversion regulations
Of the issues already made and sold:
Three and one-haH per cent first nd
erty loan, 1880 years. If not converted
before May Is, 1918, then privilege OF
conversion
Is lapses- If. however, subsequent
issue at higher rate than 80 per cent
be made tbefore the termination OF
the war; then the holder of the 33ss
shall be given SIX months rom oate %
issue to convert into such higher rate,
and so on in the cases Of other issues
at a higher rate than 31g per cent
Four per cent conversions As 1851
years These bonds are convertible into
bonds of higher rate if issued any
time before the close of the war tnot
including obligations maturing IN less
than five years., provided the CONVEX
sion is made within six months from
the date of issue of such higher rate of
bonds and II the privilege shall once
arise and not be exercised then such
privilege shall terminate and shall not
arise again although thereafter higher
than per cent bonds may be issued
Exactly the same language Is used IN
the second As The opportunity for con,
version is at hand 1t is also proVioeo
are converted into new series bonds
then the bonds take on the conversion
feature of the new bonds
The new bonds will not be convertible
and so the exchange which the holders
of the As must make, wipes out all
chance of higher than A per cent,
even though higher rate ISSUES are
made.
Munsey Trust Plans Improvements.
The Munsey Trust Company is COM
pleting plans for the enlargement OF its
banking room The chief feature OF the
change will be the removal of the vault,
now on the main fopr. to the basement.
and an extension OF vault capacity. A
rearrangement Of the banking room is
contemplated to handle the enlarged
business resulting from the doubling up
of the main office and the branch In the
Southern Building The architects have
the plans for the changes well under
way.
Establishes Savings Department.
The American Security and Trust
Company has long had under consid-
Grafton the opening of a savings de-
partment in connection with the regu-
lar banking business. All checking &C
counts draw Q per cent annual inter-
est but the savings accounts would
not be subject 70 check, except when
presented with the deposit book.
The new department will be installed
April l.
On the Local Exchange.
On today's session of the local stock
exchange Capital Traction shares dis.
played renewed strength, regaining
their dividend and additional advance
s21s the closing bid. MerEenthaler sold
Potomac Consolidated IS, the only
bonds sold. brought "a
How About Certificates?
OF the $4,000, 900 900 liberty bonds of
the third loan, 1900. 009. 900 have al
ready been sold via the Treasury GER
tificate plan. these certificates to the
extent of 81 200. 900. 900 bearing Az per
cent interest The Secretary of the
TreasurySwi1l seek authorization for
more liberty bonds, Treasury certif-
Gates. etc, and bankers are interested
in the question of the future rate of
certificates
In anticipation of income taxes,
SI,256, o0o, 900 certificates have been is
sued
The sinking fund feature of the new
loan is approved by banking interests,
as is also the feature making AIS ac-
ceptable for inheritance taxes.