El Paso herald. (El Paso, Tex.) 1901-1931, 1917-12-21
KEEP YOUR BOND: HEAVY SELLING
ASHVALUEFOR OTHERS

EEP your Liberty bonds unless necessity cOmpe you
to sell them and be sure it is real necessity What
does with his Liberty bonds is personal business
TO be sure, bit dumping them the market drives down
the valuation and makes the bend less valuable to the great
body OF bondholders throughout the country You are help
ing the nation you keep them cut Of circulation and you
are saving the interest for yourself.
There has been heavy unloading IN the past few weeks
In fact it began before the second Liberty bond issue Both
issues have hammered below par the Hew York
market the more haDty O. the pHce dropping IuTtheI
You may get full value for your bond paying
count, but you hurting ese Hold your bonds
Long before maturity they VIII be worth more than P
and you VIII need the money worse then than now No
how much you may want It the chances are
that you VIII be PincEed many times in the future worse
than you now and that you VIII thank your stars that
you saved It.
This Is matter Of concern to every bondholder but
is so slender that they may be obliged sell at almost
any time to meet an emergency Having generally made
sacrifices Of sort other to buy bond they ought
net to be punished for their patriotism by having to sell for
81 and fraction in the case Of the second bonds OF $3.50
Ihs does not mean that the bonds have deprecated
value for hold them and who expect to hold
deem every bond at par Every $50 bond viii be cashed IN
for $50 IN gold desired and every 500 bond at SC0
and every $1,000 bond at $1,000 Nc matter how the STOCK
exchange value uctuaes the governments oohgalon re-
mains unchanged and viii be met to the cent Furthermore
every cents worth Of interest viii be paid the date
Is due presentation at banks Of the appropriate coupons
The present market value has been depressed because
of excessive unloading Of these bonds. There belief ap
pare1y well founded, that many purchasers Of the first
isse considered their OBLIGATION DISCHARGED when hev made
their purchase and Immediately sought get their money
back again by unloading the bonds somebody else Some
banks subscribing hundreds Of thousands said to have
converted their bond holdings almost Immediately after the
close of the first Issue They subscribed heavily for tie
second Issue and supposed TO have unlOaded IN the
first instance. Some other subscribers did the thing,
possibly with al good intention They thought the pTn
cpal thing 10 take the bonds off the governments
hands ard give the government the money Then they
might sell to Whenever else willing to buy.
BIT that is only superficial reasoning developments
have shown bend isn't truly sold It won't stay sold
To be sue The government has the money from is first
sale and 60 ahead financing the war but injury
done the great body Of bondholdeTs by the price batter
ing which inevitably accompanies selling movement OF
large proportions It Injuries the government too, for while
the treasury receiving inStalmens Of money from
the sac Of tie first and second Liberty loan there
Othe- Issues still TO and people viii be slower about
buying bends pcr when they previous selling
below pzr II VIII be harder to float loans IN the future
If TIE cash value Of the past leans remains impaired
Secretary Of the treasury ". G. McAdoo seems to
the German hand Of the agent behind this
price hameng. He is convinced that hostile aliens
CURED blocks Of bonds and then dumped them into the
market with malice aforethought. There may be something
to Il Probably Of those middle western and rJt-
western German farmers and townspeople who did every
to intidate banks only fell line bought bonds
for themselves when they, IN intimdated may
have FASTENED to unload their holdings possible
in order to get nd Of the uHdeed paper and they may
have derived satisfaction from the thought that the
market value Of the bonds might be impaired for the whole
country. Or It may have been that some wealthy Germans
here and there bought heavily and then sold
break public confidence the loan But hardly possible
However that may be, Americans who were patriotic
enough to want TO help the United States finance the
vii not want to cash their bonds when they have thought