Evening star., 1918-08-18
FINANCIAL-LocAL AND OTHERWISE

the fighters. while there viii be the
, usual stickef1, o handsome button
| in the. colors OF the allies and much
miscellaneous advertising In the
three-week intensive campaign
fhe Local Selling Plan
Tho committee appointed 10 investi-
the installment sales Of fourth liberty
bonds visited Baltimore on Friday.
The installment plan in connection
with q liberty bond sale In Baltimore
is on weekly payments.
For the reason that the initial pay
ment is too small for the safety of
the bond seller against possible loss.
the proposed stamp plan would not
do for that city. but the director of
sales expressed the opinion that with
the monthly payments as made In
the best possible method.
The first stamp In . folder or b,ok
would be recorded. as wel1 a. the
name and address OF the purchaser.
Thereafter the purchaser might make
ceive the stamp. which would pre-
sumably be perforated or cut with
the name of the selling bank. and
when all necessary stamps had been
accumulated the bond could be OBJ
tanned at the committee headquarters
IL Ing WOOuWdIu pQiioih6s
Bond Houses interested.
Bond houses. investment bankers
not like the proposition Of the ways
and means committee Of the House to
make subject to surtaxes state and
municipal bonds hereafter issued.
They believe that such action would
be Unconstitutional and even Sec
af,n NJ A = hat aprnh q
would Involve a very difficult and
troublesome constitutional question"
Bankers and financial interests are
especially opposed to all retroactive
measures and are inclined to believe
is dangerous in the extreme. The
question of states rights has always
been a. ticklish point in this nation
and some sections still hold that
states have decided rights that should
not be- infringed upon.
\. Looking for Good Bonds.
The. demand for good short-term
bonds. notes, etc, is such that bond
that will meet this demand.
Money is worth about per cent
to investors and the securities Of
fered must yield close to that point.
unless exceptionally and temptingiy
on a per cent basis. but not less.
French cities issues sold at their
highest price last week-Paris. Lyon.
etc Allied victories have given them
new strength. Tho present income
yield on popular home Issues Is fndi-
Gated from the market for American
Cotton Oil Z per cent notes. yielding
7.55 per cent; Armour Co. IS yield
7.60 per cent. Bethlehem Steel 5s
yield Z per cent, while Cudahy Pack
ing Company Ts are selling ON 7.6c
Banking Resources Of the Nation.
In the United States there were on
May 10. 1855 national banks with
state banks with resources OF $zz,-
275,184,13o, making total resources at
that time of s40.525, 10000 in round
numbers.
That the resources are greater At
this time is practically certain, in
deed a preliminary report OF the con-
troller Of the currency showed big
gain for the national banks.
More state banks are coming INTO
week, and the resources Of these In
stitutions tend to Increase the inn
portance Of the federal reserve sys-
Par collections. practically free
transfer of money between reserve
banks by wire and the great redts-
counting privilege make the national
system great aid to banks.
Not a failure in the national bank
fold In the nrst seven months OF 1913
was o tribute to the system.