The Washington herald., 1922-02-09
TOTAL U.S.VICTORY
| 334ESUE TO Be
REDEEMED JUNE Is
conversion Privilege of
Notes Suspended Begin
ming Today.-Mellon.
s4Oo, 100000 AFFECTED
Notes May Be Redeemed
/ Prior to Date Set at Par
And Accrued Interest.
s4OO, 100000 AFFECTED


hnrounced last night that all the
tax exempt 3& per cent Victory
notes have been called for redemp-
ton at par on June Is. 1922. and
that the notes thus called for re-
Idenption may be redeemed prior to
June Is, l922. at the option of the
holder, at par and accrued interest
to- the date OF optional redemption.
lnlview OF the call for the redemp-
ton of the entire 3A per cent series
the Secretary has. at the same time,
suspended the conversion privilege
3of, Victory notes. and beginning to-
daF no further conversions of Vic
Itoyy'notes may be made.
interest on all Victory notes OF
the So per cent series will cease
or said redemption date, June Is,
Il9f2. Holders of the notes called
for redemption, upon presentation
and surrender thereof as herein
after provided, will be entitled to
Rave the notes redeemed and paid
at par, with an adjustment of sc-
crued interest, on said redemption
dSte. Accrued interest to said date
wpl be covered as to coupon notes
byi the coupons due June Is. 1922.
|Fhich should be detached and COL
khC9ted in ordinary course when due.
and as to registered notes will be
SCoSered by interest checks in the
Inslal manner.
Suspension of Privilege.
in view OF the call for the re-
dc fnption of all 3X per cent Victory
nutes on June Is. 1922. and pursuan:
10, the provisions of Treasury De-
'artment Circular No. l3S, the privi-
&c of conversion OF Victory notes
of, either series into Victory notes
Iof the other series Is suspended
from February .. 1922. to June Is,
1922. both inclusive, and on June
10 1922. will terminate. Victory
notes accordingly cease to be in
terconvertible. effective February 3.
1899, and on and after that date
no conversions of the notes may
be made
In order to meet the convenience
of Victory note holders and facilitate
the redemption of 3& per cent Vic
tory notes. the Federal Reserve
banks and the Treasurer OF the United
States have been authorized, effective
today. to redeem before June is.
1922. at the option OF the holder. at
par and accrued interest to the date
Of optional redemption, any of the
3& per cent Victory notes hereby
.called for redemption. Any holder
who desires to- effect redemption in
accordance herewith prior to June
{15, 1922, should make written re-
| quest therefor and should present
and surrender the notes in the man.
ner provided in paragraph hereof,
except that coupon notes must in
that event have all unmatured cou-
pons attached. including the coupons
due June Is. 1929.
s4ooyOoo 900 oststandinE.
The amount of 3S per cent Vic
tory notes outstanding is about $780,
100000. and the Treasury Is calling
sthem for redemption before maturity
lin pursuance Of the plans which it
has already announced for the re-
funding OF The Victory Liberty Loan.
Tho call for redemption Is thus a
part OF the refunding operations
which, as indicated in Secretary Mel
Ions letter OF January "a, 1922. to
the chairman Of the Committee en-
Ways and Means, will have to be
carried on during the next year and
IA half in order to refinance the So
| oo.ooo,0oo Of short-dated debt out
| standing.
\ continuance of recent strength
and a material increase in activity
proved the outstanding features on
the Washington Stock Exchange
yesterday. Bonds occupied prac-
kfiesIly all the interest manifested
with a good demand for stock OF
the Washington Railway and Elec-
trio Company.
Potomac Electric consol. 5s re-
mained firm throughout the day
blessing at 81, the opening quota
tion. Sales aggregating $4,000
face value, were made. e0% being
bid for the issue after the supply
at 81 was exhausted. Capital Trac.
tion 5s sold at 94%a. and $1,000 City
and Suburban 5s changed hands
at 70. Washington Railway and
Electric IS sold at s9E with the
general IS pegged at 971=.
In the stock list, Railway pre-
ferred held fin at 6S, with the COM
mon issue in active demand at 81
sales totaling 100 shares were made
at this figure. Twenty-Five share,
Of Washington Gas Light sold at
49,, and twenty shares of Lanston
was traded in at 745s, a new high
figure on the present upturn.
Beneheial Joan Society.
The general Board of the Bene-
hcial Loan Society has declared 5
per cent profit sharing for the year
1921. payable February 10 to hold
ers Of its S per cent gold debenture
bonds. Holders of these bonds
dated january 1, 1914. are entitled
kro. at least one-third of the net
in addition to the s per cent
| bond interest.
Profit sharing heretofore paid
was 1 per cent for 1914. 2 per cent
for 1915, and per cent for 1916
Iand each year since, total of IL per
HSeht annually.
~ River Line Formed.
Announcement was made yester-
day of the organization of the Ma
iestic steamship Line, a corporation
6ormed under the laws of Virginia
|3o. transport freight and passengers
the Potomac River between
wasbington and Kinsale. A group
~ washington men. headed by B.
Strohecker. comprise the COM
b.ny the capital stock of which Is
ga 400 four-fifths OF which has
her subscribed. according TO Of
Bcfalx of the corporation
The company will operate the
,.amer Majestic. a steel vessel
o,iit at EIizsbethtown. n. J., in
soS The steamer has a speed OF
bout fourteen miles an hour ano