Evening star., 1920-03-10
urges FIRST TWO
ISSUES OF LIBERTY
! BONDS Be CHANGED
Federal Reserve Would Have
Them Converted Into
. Permanent 4 las.

AL banks and trust companies IN 1he
ffth federal reserve district, which
iiirludes Washington. have been
n1tiaed by the Federal Reserve Bank
Of Richmond that holders of tempor-
ary per cent coupon bonds or the
second liberty loan are urged TO sur
render them to the Federal Reserve
Bank at Richmond SO as to reach 1t
on or before May IA, 1920, for eX-
change and conversion into 4A per
cent permanent bonds Coupon or
registered).
1T is pointed out that to delay such
which the holder will begin to enjoy
the higher interest rate, because con-
versions are effective as of the next
interest period date.
If the bonds are presented before
May IA. 1920. the AZ rate will become
effective May Is. 1920. but if the bonds
do not reach Richmond until May 10.
1920. or later the new rate will not
become effective before November Is.
1920
Similarly, all holders of temporary
4 per cent coupon bonds of the first
liberty loan converted are urged to
surrender. them to Richmond so as to
reach the Federal Reserve Bank there
on or before Jnpe IA. 1920. for ex-
change or conversion to Az per cent
permanent bonds Coupon or regis
tered).
Likewise with this issue. if present.
ed on or before June Is. 1920. the Az
par cent rate will become effective
June Is. 1920. but if not presented
uptil June Is. 1920. or later the new
r3te will not become effective until
December Is, 1920.
Benefits the Holder.
The statement emphasizes the fact
that If the temporary bonds of these
two issues are surrendered as re-
quested holders will enjoy the Az per
cent rate earlier and the handling of
tie bonds for exchange and CONVEX
sion will be greatly simplified.
For those unfamiliar with the meth
Cd of presenting bonds for exchange
attention is called to these two I'M
pertant points:
First-Detach all interest coupons
fiom the temporary bonds before pre-,
I, senting such bonds for exchange.
a Second-All temporary per cent
Hbonds received for exchange will be
deemed offered for exchange and con-
version into like Az per cent bonds
urless contrary specific instructions
IN writing are given the Federal Re-
ssrve Bank at Richmond at the time
such bonds are presented.
May he Done mt Treasury.
Individual holders of these convert
ih]e bonds should consult their re-
spective banks as to method of ex-
Change. However, a decision may be
rendered shortly whereby all such
transactions will be conducted at the
Treasury Department.
Owing to the immense amount of
detail attached to the business of ex-
changing these bonds, the member
banks of Washington at the meet
esS' Association Monday night ap-
pointed George W. White. president
Of the National Metropolitan Bank. as
a. committee of one to endeavor to
hSve the Treasury Department make
suitable arrangements for such con-
versions at the Treasury. and it is
hoped by all local bankers that they
wa be relieved of the work. If such
is the case holders of bonds to be
converted will deal directly with the
Treasury.
: Victor B. Deyber, president of the
local chapter. American Institute of
Banking. has extended an invitation
to all officials, directors and personnel
OF the Washington banks to hear
JQhn Moody. financial expert, of New
York. who is to address the chapter
at the New Willard Hotel Saturday
night.
On the Local Exchange.
srra,iing in Washington Gas and
Cepital Traction bonds featured the
activities on the local stock exchange
today Seven of the former company's
Sl.VUV 3S SOIO al pTICSS TduSluS IIoHI
See to S7H. while three $500 5s of
the latter company brought 93k.
There was also one $1,000 Potomac
Electric first mortgage 5s sold at
sax.
two Of twenty-five shares and one
Of ten shares. sold at 46. two shares
of Commercial National Bank brought
$50. and four lots of Lanston Mono
type. totaling ffty-three shares. nifty
Of which sold at So and three at 81A
After call twenty shares of Capital
Traction sold at S6h.