Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-03-01
ASKS PROPOSAL
ONL|BERTY BONDS
Mellon Wants 100000, 900
OF q las Eat Lowest Prices"
for Sinking Fund.
BY CHAs. r. SHAFFFER.

Secretary Mellon TODAY advised
holders If the Third Liberty Loan ~
per cent bonds that the Treasury De-
! partment Is DESTROYS Of purcha sing
| about 800, 900 900 of this loa for the
/ cumulative sinking fund.
IN making the announcement the
Secretary pointed out that the pur.
chase would be made at the lowest
prices offered plus accrued tnter-sS
from March Is next. and then only
provided such prices are ecceptshls
TO him.
Proposals must he presented to ths
Federal Reserve Banks by March 10.
1926. and for all bonds delivered in
accordance with accepted proposals
payment will be made. in the case ~
coupon bonds. on March "a, 1926. and
IN the case Of registered bonds on
March IS. 1926. or as soon thereafter
as registration may be cleared.
All transactions in connection with
the proposals for sale. the delivery
OF bonds. and payment therefor
should he handled through banks.
trust companies. or recognized deal
ers. which will act as agents Of the
owners NJ the bonds. The banks.
trust companies and dealers will deal
with Federal reserve banks, which
are The only official agencies Of ths
United States I'm these transactions.
Proposals must he IN writing and
must reach Federal reserve bank
before the close If business or March
10 all others will he rejected.
Resigns Bank Position.
r. VILLA ms has resigned as sec
rotary and trea surer of the Wash
inston Mechanics Savings Bank. ef-
feFttNn n
time TO the duties of secretary treas
urer IF the National Capital Mort.
gage Co. which IS administered nv
the banks officers
Ezra Gould. president 81 both in
stttutions. announces there would no
no change In policy or personnel NJ
The finance agency. II having grown
10 such proportions that IL was nee
essarv 70 employ an officer On full
time basis
Land Bank Issue Offered.
=. p. Childs & Co. Inc, are ctfer-
ing today $500 ooo Of Virginia Caro-.
lima Joint Stock Land Bank per
cent farm loan bonds at 1903. to WELD
1925 per cent TO the optional date.
February l. 1885. and per cent there
after to maturity on February I.
1855. This bank operates IN Virginia
and North Carolina. which area con
tains the oldest farm land IN the
United States.
The new bonds are the direct obi
CATION of the nia-Carolina joint
Stock Land Bank. and are secured ny
deposit with the United States Treas
urY Department of an equal face
amount Of first MORTGAGES upon i'm
proved farms or by United States
Government obligations. In addition
the bonds are prot eCted by the pa1d-in
"a pital stock Of the bank which car
rtas double liability and upon accur1u-
lated surplus and reserves.
Personal Mention.
Pater a. Drury president NJ tho
Merchants Bank and Trust Co. re-
turned IN his desk this morning after
months vacation spent AT Ashe
Vile. y. c.: Florida, and Phoenix.
Ariz
William w Keck assistant treas
urer OF the American Security and
Trust Co. was the recipient Of fors
tributes and Fluctuations today. the
occasion being his thirty-third ami.
versarv Of service with the tnstitu
tion.
Southern TO EIpend $4,000 ,0o0.
Extensive i'm proverne ut will be made
by the Southern Railway System, or all
SIX " IL IlHeS, ESIlIlE apron
nnately 200 miles of road at g total
expenditure Of about 81 900 GOO, accord
ing to Official announcement this
morning. The work will be started
Immediately. II was said.
Roadway and structures viii Re
strengthened 10 permit the use ~
heavier and more powerful locorro.
tives and passing track facilities will
he increased 10 accommodate the
longer trains that will be handled
on the following lines: Chattanooga
to Macon. via Atlanta; Bristol to Chat
tanooga. Chattanooga to Memphis
Richmond to D7nville. Winston Salem,
TO Charlotte and Selma to SugTs
Vile Ala.
Trading on Local Board
Today's market on the local board
was letharslc, trading being confined
- minimum with prices unchanged
70 easier. Traction stock lost trsc-
ttonally 10 III on light selling, as dis
Gas stock. closing At 73t. RatlvaN
preferred was unchanged ~ 81, With
MerEenthaler Linotype of to z1n.
Lanston was unchanged at s21s. ss
was Potomac Electric Power prefer
red at 1n7.