Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-06-29

mission. The bond buyer does a lot
more than simply put his money to
work for himself at a certain per cent
and it is the public-spirited. the pa
triotic character of their cooperation
which the business men of Washing
ton have come to appreciate
Broadening Investment Field.
"Washington's investment horizon
has broadened greatly in the last five
years We all know that formerly
our investments were largely made
in local utility bonds and stocks and
local real estate mortgages; prac-
tice. sometimes called putting all of
ones eggs in the same basket. To-
day local funds are invested in Sc
curities representing all sections of
the United States, Canada and many
parts of South America. A consider
able business in other foreign securi-
ties is also done, and this Is bound to
be largely increased. for Washington
will want to have its part in furnish
ing some of the printing to start the
wheels Of industry in Europe. That
this must be done, out of self-preser-
walton if for no other reason, is being
best able to judge. There will be a
large flow Of foreign securities into this
country. The rapid absorption of the
recent issue of s25.000.000 of twenty
year per cent bonds of Sweden evil
dences the desire of American bank
ers and investors to help, and to help
quickly. Investments in such securi-
ties can be made without fear, be-
cause they are being very carefully
brought out by investigating and
buying departments and under the
same high standards as our own
American financings
The great war has had broaden
ing influence on every one. That it
has had much to do with wiping out
provincialism in the investment bust
course with Washington bankers and
investors. Naturally we cannot think
in world terms and take part in a
great piece of national teamwork
without becoming able to see beyond
our own streets and to look beyond
the mortgage on our neighbours prop
erty for our investments. We have
learned that 1t was just as patriotic
to finance the essentials during the
war as it was to buy liberty bonds
and now with the purchase of each
bond We will continue to have the
thrill which comes with the realiza-
tion that We are still doing our part
in either the development or the pro-
lection of America.
The great investment distributing
organizations of-the United States
were tremendously potential in win
ming the war. This refers, of course,
to the organizations which did not
run to cover and practically go out of
business. They are nearly all back on
the job now, but the government and
the general public will not soon for
get the great public-spirited organi-
cations which We're courageous enough
to continue in business. There were
number Of them, and their value
to the country can never be fully
measured. In the liberty loan cam
paigns an army of bond men served
without cost to the government, but
their greatest service to the govern
ment and to the public was in the
financing OF the essential industries
The necessary production was kept
up and the opportunity to average a
higher return than the government
rate was given to the public on per-
fectly patriotic financing. If the
been able to secure the funds essen
tial to handling their greatly ex-
banded production through public
financing the government would have
been compelled to furnish the money
and there would have been additional
billions of liberty bonds, of which
every one would have had to take his
share.
The war is over-powerful. re-
sourceful. youthful America delivered
the Knockout blow-and now, almost
unscathed, but speeded up to an I'M
believabie degree, must steady the
world and lead il back to health.
We all must do our part, must con-
tinue the splendid teamwork. One
of the vital works of the team will
>be the financing, and the bond man
HAS a wonderfully important mission
in the work. Five years ago the
bond man was frequently misunder-
stood. Today he is recognized as the
trained agent of those organizations
which are weaving and safeguarding
the credit fabric of the nation and
of the world. and he is receiving his
reward in the cordially of the re-
ception accorded him and the atten-
| tion and confidence reposed in the in
formation he brings"
The former liberty loan committee
headquarters have been given up after
two years occupancy by the commit
| tee.
, During this period the five men who