Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-07

has come out with
a new certificate, dated September Is
and bearing interest at "a per cen
higher than the old thirds. It is un'
derstood another question under con
sideration was whether the Treasury
might consider checks mailed out BY
the Government in payment for the
thirds as exchanges.
These questions become of interest t
investors principally, as the amount o.
the new offering was considered sc
small, $525,000,000, in comparison tt
the amount of thirds still outstanding
1910, 100000. If there is substantial
exchange Offering there is possibility
that cash purchases of the new 41s'
may be small Secretary Mellon, II
his announcement offering the new
AIS, stated that subscriptions on ex'
changes would be allotted in full up te
the amount of the offering.
Some investors fear that unless the!
get their Liberties already submitted
redemption entered as exchanges in
stead of for cash they may not be abl'
to get in on the cash purchases, as i
is already predicted in financial circles
that the cash oversubscription will b.
large It was though likely that thu
Treasury might decide to take the Step
under consideration as it would reduce
the amount of cash outlay necessary b.
the refunding process.
The Government has falling due OF
September Is about $70,000,000 in in
terest payments on the public debt II
addition to the maturity of the thirds
but will have coming in the third In
stallment of income taxes.
Mellon Statement.
The final redemption of the thirt
Liberty loan, Secretary Mellon said ir
his statement brings to a close the
vast operations begun by the Treasury
in 1927, which, in the course of IL
months, have resulted in the refundine
or retirement of oyer five billions Of
Liberty loan bonds, accompanied BY
important reduction in interest charges
OF $5,264, 100000 of second and thirt
Liberty loan bonds outstanding in Feb
ruary, 1927, all but S20,000,000 of which
bore 4M per cent rate of interest
about $1,000, 100000 will have been re.
tired from sinking fund and surplus
The balance have been replaced by
bonds bearing 3ss per cent interest
by three-five year notes bearing 31a PEE
cent interest, all with maturity or cal
dates convenient for sinking fund pur'
poses, and by short-term certificates
including the issue now offered, all ma.
turing on quarterly tax payment dates.
The interest on the new issue is Y
per cent higher than that of the las
issue of Government securities. The Is
year Treasury notes issued last JUNE
bore an interest rate of 33s per cent
ID. C. Stock Exchange.
Interest on the local stock exchange
today seemed to center largely in small
investment buying, odd lots having the
call with prices being we'll maintained
without exception. Yesterdays great
activity in bonds had subsidized entirely
only about $4,000 changing ownership
The bid and asked prices also indicated
f1rmness for the stocks and bonds that
did not show on the sales sheet.
Among the most interesting transac-
tons was small lot of Washington
Gas at 81, a considerable advance over
the last previous transaction. Mer-
genthaler moved up fractionally to 99B
displaying the first signs of strength
for some days. Chestnut Farms Dairy
preferred sold at los and the preferred
shares of the Potomac Electric Co. were
in good demand.
Two bank stocks showed on the sales
sheet, Riggs National $50, slightly
higher; Liberty National at 253 and the
preferred shares of the Commercial
Securities Co. at los. Railway 4.
brought 1924, Washington Arcade IS
100, while Washington Gas IS were
very firm at 1882.
Dividend Declared.
The board of directors of the Wash
Incl 4
declared the regular quarterly dividen,
of 4 per cent, payable october /, Il
stockholders of record September 20.
The Acacia Mutual Life Association
has introduced new feature in it
building, First street and Indian;
avenue, in the form Of the "Acaci
Club" housed in a series of clubroom
on the first floor. Inaugurated b
President William Montgomery as
part of Acacia'S service program, mem
bership is limited to members of tn
association, but facilities and privilege
of the club have been extended to other
in many special cases. Although tn
club has been organized but a fey
months, more than $4,000 of Acacia
100000 members have joined. Since tn
clubs doors were thrown open NOR
| than 5000 persons have used it. tn
club is equipped with writing rooms
i rest rooms, lounges, showers and man
/ other features.
Dickey Again Heads Faculty.
Raymond B. Dickey, attorney of thi
city, who for years has headed the fac
ulty of the Washington Chapter, Amer
lean Institute of Banking, will be tn
dean again this coming season, accord
ing to announcement Of the faculty b
A. E. Henze, vice president of tn
chapter and chairman of the educa
tional committee. Mr. Dickey will con
duct the course in commercial law.
Other faculty members and the
courses for the first semester will
as follows: Banking fundamental
Eliot H. Thomson: negotiable instru
mentS, Bolitha j. Laws; standard ecC
Monies, F. j. Donohue; credits, E.
McQuade; investments, Y. E. Booker
trust functions, B. Ashby Leavell.
Miss Mabel v. Royce Of the Wash
ington Loan g. Trust Co., chairman
the women's committee of the Wash
ington Chapter, has appointed men
bers of her committee as follows: il
dith M Fishburn, vice chairman, Con
mercial National Bank; Hilda n
Shomo, secretary, the Washingto
Loan &, Trust Co.; Laila M. Sloat, M
tional Metropolitan; Alice H. Whittol
First National Bank Alexandria: Eles
nor Dankmeyer, Security Savings ar
Commercial; Esther Lau, Riggs Natior
al Bank, and Mildred Woodcock, Amel
lean Security g. Trust.