Evening star., 1928-05-11
FEDERAL RESERVE
TO BUY L|DERTYS
Mellon Authorizes Banks to
Take Up Sd 4 LAS at
100 o.32 and Interest.
By EDWARD c. STONE.


Federal Reserve Bank to purchase a
the option of holders third Libert,
Loan a.. per cent bonds up TO $4,000,
| 900 at 100 S-S2 and interest. The offe
will remain open until May Ia and
continuation of the retirement pro
gram for these bonds, which matur,
on September Is next.
While the Treasury has been buying
up these third Liberty Loan bonds righ
along in the market, this is the FIRST
time that public announcement ha'
been made of the fact. The action wa!
taken To give the public an opportunit,
to offer the bonds II desired. befor,
the date of redemption.
It is not believed that there will bt
any other offers in the coming week
but as time approaches for maturity o.
the bonds the price will of course
diminish to par. Approximately ST.
405 100000 of these third Liberties are
now outstanding of the original issue o
around $4,000, 100000
Young TO Confer With Bankers.
Gov. Young of the Federal Reserve
Board left here today to attend serie:
of meetings with bankers In the Soutf
and Southwest
His first stop will be Nashville, where
he will meet with the directors of the
Tennessee Federal Reserve member
banks, From there he will 60 to Tulsa
Okla. to deliver an address before the
American Bankers Association. He will
then go to ST. Louis to attend meet
ingS Of directors of the Federal Reserve
Bank and member banks In tAe St
Louis district
Institute Officers Elected.
At the annual election of Washington
Chapter, American Institute of Bank
ing, last night, James A. Soper. cashier
Of the Lincoln National Bank. was
elected president: A. E. Henze OF W. B
Hibbs IL Co., first vice president: Frank
NJ. Perley, American Security a. Tsust
Co, second vice president Miss Lois
A. White, Federal-American National
secretary; Robert H. Lacey. Columbia
National. treasurer: Miss Rose l.. Royce
Washington Loan a. Trust Co. assistant
secretary. and Richard A. Norris
Lincoln National. chief counsel.
There was sharp rivalry for member
ship on the board Of governors, and OF
the III candidates the following 4
we're successful in capturing the hon
ors: Harold w Burnside. Farmers. a
Mechanics National; Stuart s. OR,lyie
Second National: Miss Mabel v. Royce
Washington Loan e. Trust, and JOSEPH,
D. Yerkes, Federal-American.
The election aroused keen interest
from start to finish in the cases where
there were contests The attendance
was surprisingly large, several bank
presidents being present. The new
president, James A. Soper. succeeds I. j.
Roberts. During the past year he has
been chairman OF the educational COM
n'ittee and has done splendid work for
the chapter. He is graduate of the
institute and has taken several extra
courses. Mr.. Soper. since he took mis-
certificate In 1921. has been chief coun-
sci one year. vice president another and
has also served year on the national
membership committee
The new president Is graduate oi
Business High School. class OF 1912
after which he Immediately entered the
employ OF the Lincoln National Bank
as a junior clerk. His advance wal
rapid. and In 1924 he was elected as.
present position. Mr.. S0per Is q direc.
tor on the board Of the Washingtoy
Savings Bank
Peoples Drug Is Market Leader.
The Washington stock market com.
manded broad interest again toda,
when the weeks final trading took plac,
and new high marks we're reached.
LanSton scored fractional new high
five shares selling at ii7at. The day
heaviest trading was In Peoples Drul
Stores preferred. which opened with q
i00-share sale at 1872 and climbed Il
"a
shares and 1l4i2 for so shares.
Mergenthaler Linotype was busy
opening at i0i u and closing at 10l t4
six transactions involving so shares
Capital Traction came out at 1892, ant
Potomac Electric Power 5i2 per cen
preferred at the same figure. Bank o
Bethesda held its i5-point advance
selling at rs,
Federal-American National sold o
333, and Federal-American Co common
at 30 and 4O The preferred In thi
! issue moved at i06. There was a trans,
fer Of 1900 shares Of National MortRag
a. investment preferred at 5ss Th
closing stock sale was In District Ma
| tional Bank at 24S,
There vas considerable activity II
| bonds. the largest sale being $500
turnover In City e. Suburban 5s a
| i00h. Other bonds were firm.
| The exchange will be closed tomorrow
and every Saturday until October g. Il
accordance with action taken yesterda.
by the governors.
Brokers Leans Increase.
Loan on stocks and bonds 10 bro
| kers and dealers by reporting Fedora
! Reserve member banks In New Yorl
| City on May increased 7e.45l ,O0l
| during the week 10 sl.36i .l0s. 900,
new nigh record. compared With 14,28i.
G57.0 900. the previous high. on May 4
and $2,sl4e4S, 900 on May IL. 1927.
AnAeostia Bank Prosperins.
The annual meeting of the stock
| holders OF the Anacostia Bank was hei,
yesterday and the report Of the presi
dent showed that during the year ende.
| May every department Of the institu
1 ton had made substantial progress.
Directors elected for the ensuing yea
are: J. r. Campbell, A. r. GUIDE
| George g. King. n. A. Manuel. C. w
| Warden. Joseph j. Mundell, Mauric
! Otterbaek. L. w. Thompson. James z
1 Toner and Robert Thompson.
/ The organization meeting OF the di
FectOFate. which followed that 0f tn
stockholders. resulted In the recollection