Evening star., 1927-09-06
MELLON RETURNS
TO BUSY OFFICE
September Financing An.
nounced Before His Arrival.
Much Other Work to Do.

|
Much Other Work to Do.
! Secretary Of the Treasury Mellon
was expected to arrive in Washington
| this afternoon following an absence
| from the Capital since last June,
while on vacation, cruising the Medit-
| erranean Sea.
Mr. Mellon arrives shortly after the
announcement made last night by
| Acting Secretary Mills of the Sep
| tember financing of the Treasury, and
will find awaiting him at his desk
great mass of business. While Mr..
| Mills and the Assistant Secretaries
| in the meantime. have carried Tor
ward the regular business OF the
| Treasury Department, and saw lit TO
announce the September financing
| before the arrival of Mr.. Mellon in
| order to get it on the market in time,
| there are many problems, not only or
| finance, but of other nature, such as
the great public building program,
affecting Washington, on which Mr..
| Melons decisions are needed. He VIII
| come to his desk for the first time
| probably tomorrow morning.
The Treasury offerigs for the third
quarter took the form of two issues:
| First, siX-month 8 per cent Treasury
certificates of Indebtedness, and sec
ond. three-fve-year 312 per cent
| TREASURY notes, both dated Septem-
Der Is, and bearing interest from that
| date.
S25O,O0O,000 Offered.
The amount of the 3 per cent GER
| tificates of indebtedness offered Is SOU
| 600 900 or thereabouts. subscriptions,
| it was announced, are invited at par
and accrued interest. The certlflcates
| will mature on March 10, 1879.
The 31a per cent Treasury notes
are being offered both for cash and
| in exchange for Second Liberty Loan
converted Az per cent bonds. The a
| per cent Second Liberty Loan bonds
| will not be accepted in exchange for
! the new notes.
| The amount of the issue upon ex-
| change subscriptions will be limited
| only to the amount Of the second
44s rendered and accepted. Ex-
| change subscriptions are invited at
| 1O01s. Interest on any 4As sur
rendered and accepted upon allotted
exchange subscriptions will be paid
|
change Offering will probably be kept
open until September 20. The offer
| ing of certificates of Indebtedness and
| the cash offering of Treasury notes
will probably be available for only a
| few days.
Attention again was called by the
Treasury to the fact that all bonds
| of the Second Liberty Loan have been
called for redemption November 15
| next.
Part of Refunding Program.
The total amount of the Second Lib
| erty Loan, issued on November Is,
1917, was $3,S07 ,865 900, and it was
explained, when the refunding Of this
loan was begun in March last $3,104,-
520,050 remained outstanding.
On March Is 1880, ,456, ,45O of these
bonds were refunded into 31a per cent
Treasury notes OF 1930-1932, and on
June 10 further amount of $245,.
256,000 was refunded into 33s per
cent Treasury bonds of 1943-1947,
Further reductions were made
through purchases for sinking fund
account and from surplus money. AS
| a result of all these operations, the
amount of Second Liberty Loan bonds
outstanding at the present time is
something less than 81 200 900 900. of
which S1,180, 1924, 400 are second AIS.
The issue of the new Treasury notes
IN exchange for these bonds is in
iurtherance OF the Treasury's refund
ing program. Except for the pre-
mum the present exchange Offering
IS substantially the same as that of
March Is, last.
Seek Part i'm Merger.
Seven short lines appealed to the
interstate Commerce Commission to-
Gay TO withhold approval of the pro-
posed acquisition by the Chesaneake
Ohio of the Pere Marquette and Erie
railroads until adequate provision had
been made for inclusion of these
smaller roads in the unification.
The short lines are the Arcade &
Attlca Railroads of New York: the
Arcadia q Betsey River Railway of
Michigan, the Chicago, Attica and
southern of Indiana, the Morehead &
Nortn Fork of Kentucky. the Mount
Jewett. klnzua & Riterville of Penn
sylvania, the New York and PennsvI-
vanla, operating in both of these
States, and the Plattsburg Railway of
New York.
IN a DElef, the seven intervenors de-
! clared they did not wish to be under
stood as antagonistic to the proposed
! unlfcat1on, but objected simply on the
ground that the Chesapeake e Ohio
application falls short of being iusti.
ned when the short lines are left ont
of the picture
Financial News Optimistic.
With Labor day past, many bankers
returned to their posts this MORNING
from vacations. and several more are
expected within the next few davs
and weeks. '
"A spirit of optimism seemed to ner.
Vade the financial center of VVasbing.
ton today as to prospects for picking IN
OF general business for the Fall. Some
however, were not so enthusiastic in
their hopes for any immediate i'm.
proVement in the situation here. or
generally. pointing to the adverse re.
ports, almost universal among the rail.
roads of the country.
raymond w. Hinson, manager of
me washington Office of the National
city Co, returned to his desk this
morning following a vacation as the
guest OF Rev. Dr. z. Barney r. Phil.
llps, at his Summer home at Daven.
port, Mass.
Wilson B. Van Devanter, manager
OF the Washington office of the Guar.
anty Co. of New York, returned TODAY
Irom a months vacation at Oconom.
| oWoc, Wis.
w. ID. Hoover Expected Back.
William d. Hoover, president of the
NalioLal Savings and Trust Co, is
GApecteo til 10 return next Monday from
f1ARn