The Washington times., 1917-07-15
LIBERTY LOAN
CERTIFICATES.
NOW READY
FOR BUYERS
Paper to Be Sent Out Only on
Request, However, and
Bankers Advise Against
Them-NeW Issue Probable.
By BILL PRICE.

Washington people numbering
57,419 who subscribed for $19,261,- :
400 of Liberty bonds, a larger per-
centage in proportion to population
than any other city in the United
States, are daily inquiring when
they will receive the documents
representing both investment and
patriotic duty.
Washington bankers and. invest
ment houses are looking for receipt
Of the interim certificates of the
Treasury almost any day. The GER
tifcates, temporarily representing
the actual bond, which will not be
ready before August Is, are in the
hands of the Federal Reserve Bank
at Richmond and are to be. forward
ed at an early date. They will not
go to the subscribers at once, how
ever, and there may never be any
actual delivery, except in case of
urgent demand, until the permanent
ponds nave been printed.
Certificates Transferable.
The reasons for withholding de-
livery Of the interim papers are
numerous. The certificates are pay
able to bearer" and if lost or dis
placed by the owner might pass into
other hands, just as ordinary cur
rency.
II delivered to subscribers, now the
banks might be overrun in a COM
paratively short time by holders re-
turning to direct that they be given
either registered or coupon bonds
for the temporary securities. This
would entail an enormous amount OF
work and also risk considerable
losses to those thoughtless or care
less in handling of their investments.
The idea OF the banks is to hold
the temporary certificates until the
Treasury is ready to print the regu-
lar bonds and then have each sub
scrIber indicate whether registered
or coupon bonds are preferred, to-
gether with the denominations de-
sired. The registered bond stands In
the name of the owner, who will re-
ceive a check from Uncle Sam every
interest-bearing date. The coupon
hond is practically the same as the
temporary certificate.
OF the two classes Of bonds the
large percentage Of Uncle Sans
obligations stand in the names of
their owners. Bankers and business
houses usually want the coupon bond,
which changes hands without red
tape Of any kind. A registered bond,
when sold to another person, must
he sent TO the Treasury for trans
fer.
Hint of New $1,000. 900 900 Issue.
Washington bankers have received
a hint that another big issue OF Lib
erty bonds, this time for $4,000, 900 900.
will be put on the market within a
few months, and that II is just as well
for the local Liberty Loan Committee
to continue in existence. Acting upon
these hints, the local committee will
keep intact
The chairman Of the committee,
John Poole. president Of the Federal
National Bank. has in his possession
an unusually strong letter OF congrat-
ulatiOn from Secretary McAdoo, due
to the pennant-winning achievements
OF himself and his committee in put
ting Washington at the head OF the
4lSA VI Gil NlAlFe anu lDHhb ia tue
country in the amount OF bonds sub
scribed for, considering population.
May Call Bond Conference.
Suggestion has come from high
official close to Secretary McAdoo
that there may shortly be called to-
gether representative from each
Liberty loan committee OF organiza-
tion throughout the country to confer
on the best means OF obtaining the
full support Of the country in making
the next bond issue an even greater
success than the last. Local bankers
believe this is likely TO be done and
that it will draw to Washington hun
dreds Of the most active business and
banking men In the country.
The conference would take up the
methods employed in all parts Of the
country in the recent loan. and pick
those most likely to succeed next
time. 4