Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-03-26
LII Dl TERMS
and AMOUNT WELCOMED
X /. a. xrEM1Na.


WasAfnsfon bankers express the be-
lief that the $4,000. 100000 An per cent
beads. announced by Secretary McAdoo
- the rate and amount of the third
s loan, win be disposed of readily. In
deed. Treasury certificates for large
percentage Of the amount named have
been sold to the banks of the country
and to corporations in anticipation of
the loan. The greatest satisfaction
over the announcement of the amount
and the rate prevails among invest
ment bankers and savings banks. as 1t
Is felt that there will be less disturb
ance of investments and of savings de-
posits than there would have been had
the loan been for a larger amount and
doated at higher rate and with the
conversion privilege following the
issue.
There still remains more than $1,000
ooo.ooo of the first authorization of lib
erty bonds unsold, SO that no action of
Congress is necessary.
That the loon is comparatively small.
considering the expectations up, to eight
billions and the minimum at five bill
lions. is taken as an evidence that the
income tax returns are exceeding in
volume ALL expectations and that large
advance payments are being made.
At the trust companies and banks in
Washington, where experts have given
liberal assistance in aiding in prepara-
ton Of income tax returns, the state
ment Is made that they have not found
any disposition on the part of men or
women to avoid the slightest RESPONSE
bility, but that all are glad to be able
to pay. many avoiding legitimate de-
auctions.
The amount Of liberty bonds issued and
sold in the first and second campaigns
totaled $5,S0S, T66, $50. 1t will be impos-
sible to convert all of these bonds into
~ per cents. and many holders of 3 rs
and Is will decline to make the CONVEX
sion. for the reason that the conversion
privileges do not follow to the AZ per cent
issue.
The Secretary of the Treasury reserves
the right to take any or all the oversub-
scriptions.
The market for liberty bonds was much
stronger today, especially the second As,
which advanced Il point to 9719, on the
announcement Of the third loan.
The announcement that the conversion
privilege does not pertain to the new A
per cents would seem to give distinct
advantage to the outstanding liberty loan
bonds.
Joins American Bankers Association
The Liberty Savings Bank has Joined
the America Bankers Association The
Liberty Savings is the youngest bank
in Washington, and in the big organi-
sation Is well
Duties Of Receiving Teller.
TAis y the subject that Louis Eckloff.
assistant cashier of the National Metro
peAftAA Bank, has chosen as a topic for
discussion tonight before the elemen-
American Institute Of Banking.
Azins Up the Situation. =.
John Shelton Williams. director of
railroad finances, and controller of the
currency. has sized up railroad con-
ditlons In an extended report on the
aituatfor. In which he details many
truths that have been potent to nearly
sovery one for years
He states plainly that during the last
tan years railroads were not permitted
to. make rates that would meet the
aaaed cost Of operations, increased
s1.sss.ss 1.eee in the value Of the pres
ent capitalization Of the common stock
e twetve Of the leading railroads Of
TIE country.
His comment on the future IL decid-
ely Interesting:
The construction Of new railroad
nnes has now practically ceased, and
SsWa farEsiy on their impSov s n
and bettefpent work Unless . way
ean - feund nov to reduce the prices
- MAeexfals ana the cost Of labor to !
. 10fmAl basis. and this for the present |
N Aepsiess. 1t seems clear. on the facts |
- they now appear. that q revision |
~ modification OF the fabric Of rates ]
= meat these new conditions has BE- |
come Imperative. /
m this u not done. fear wc may
loek forward to defaults in disfdends |
and b interest and to another era of |
railroad receivershfps, with all the |
evils. distraction Of credit and demon |
a1txAtfon which that implies. If the re-
lfef required IL granted, confidence IN
our railroad securities win be revived
aAd basis established for new imam
ciering and for proceeding with new de-
vo3opment and construction work which
10 now 30 greatly needed.