Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-11-17
By L A. EIEMlN6.

OncfalS Of the Treasury have about
given up hope Of maintaining prices
on liberty bonds close to par SO long
~ tho subscribers continue selling as
freely as they have been. A campaign
Of education to induce holders to
maintain their investments is said to
be part Of q plan to be put In opera
ton after tho notation Of the fifth
liberty loan.
Congress provided 4 sinking fund
for the purchase Of liberty bonds in a
|stabilizing movement, but no state
ment has been made as to the amount
of bonds purchased for the fund, If
any.
The chances are that the fund has
not been used as yet, or If it has only
to a very limited extent
The New York Stock Exchange Is
the principal market for liberty BONDS
and transactions total millions OF dol
lars of aggregate value daily. Bro
kers and bankers all over the country
are buying bonds at a concession basis
and selling them en- bloc on the New
York market, where there is always
q good demand at a price. The 3 II
do not sell with any especial freedom,
for the reason that they are held
much closer by investors and corpora
tions for their tax exemption features.
Most of. the transactions are in the
second AIS and the ans of the third
and fourth issues. -Four per cent bonds
that were not converted into A S
before or on November are now sell
ing $40 on the $1,000 bond below the
ANS. and as conversion is Impossible
this discount will probably continue.
The daily sales of bonds by invest
ors, installment buyers chiefly. but
also by cash buyers. are very heavy.
Having completed their installment
payments and contributed to the loan,
many subscribers feel that they have
a right to shift the bond or bonds to
others desiring to carry them, and to
use their savings for other purposes
some part perhaps for the war aid
work.
Bankers report that with each loan
q larger percentage of subscribers
have completed payments in advance
of the date arranged for final pay
ment. obtained their bond or bonds
and to their knowledge frequently
sold them for cash.
So many warnings have been issued
against trading or selling liberty
bonds for other than cash. and 1t is
very easy to cash in on them. that
few are being disposed of otherwise
than for cash Many liberty bonds
are lost. If one hasn't q safe place
ter them at the Treasury Department,
this assuring non-negotiability and
the receipt OF semi-annua1 interest
checks from the department, with
probable recovery of the bond.
There is no subject before the busi-
ness interests of the country causing
more consideration, study and thought
than the problem of peace adjust
ments. England and some European
nations now have commissions study
ing conditions. The great problem is
to adjust war labor conditions to
peace labor conditions.
In this country we have tho war
Industries board, and probable later
a commission control in an effort to
stabilize conditions.
One Of the long time barometers OF
business of the country has been the
iron and steel markets. They show
the first improvements and the first
symptoms Of restricted activity.
1t is encouraging, then, to find that
the demand for these staple products
in their various forms and shapes is
such as to take very large tonnage,
probably for years to come. just as
soon as business men are convinced
that peace has been agreed to and
that law and order are dominant.
Railroad maintenance, extension and
building operations will call for much
metal. The initial order for 100000
tons Of steel for rehabi1itating wars
destruction is but an indication of
more and larger orders. Shipbuldfng
il to continue calling for much metal,
and when iron and steel are active
other industries are going near to
high production-save munitions.
The WaShinoton Chanrter.