Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-02-07

enormously. the per capita circula-
tion increasing in the last clever
months from s4s.76 to s5S.23. In 1915
States increased s1.524. 1886. and
the investing strength of the people
of the country is now greater than
it has ever before been in the history
of any nation. So sudden was the
United States found itself with a
number of outstanding contracts and
other liabilities.
Victory Loan Discussed.
The terms under which the victory
loan will be fioated is a current topic
in the banks and brokerage offices in
Washington. Nothing is known as TO
the rate of interest the new bonds
will bear, and nothing as to their
date of maturity. A comparatively
short maturity is generally looked for
Many persons are interested in the
terms of the forthcoming loan not
only on account of that loan itself.
but on account of it's effect on the
outstanding issues and particularly on
loan, which will be convertible into
the new bonds. AS the victory loan is
no doubt the last loan which the
United States will float in come elton
with the world war, the holders of
the 81 per cent bonds will exercise
their right of conversion. The CONVEX
SION rights Were set forth by the
Treasury in circular at the time of
the first loan and in that circular the
rights OF bond buyers were set forth
as follows:
eff anY srhsaouep+ Sar;ee of band,
mot including Treasury certificates of
Indebtedness and other short-term
obllgations) shall be issued by the
United States at higher rate Of in
terest than 3k per cent per annum
before the termination of the war be-
tween the United States of America
and the imperial German government
tthe date of such termination to be
liked by proclamation of the Presi-
dent OF the United States) the hold
ers OF any Of the bonds of the pres
ent issue shall have the privilege of
converting the same. within such pc
Rod and upon such further terms and
conditions covering matters of detail
as the Secretary of the Treasury may
prescribe, into an equal par amount Of
ponds, bearing such higher rate of in
terest and substantially identical with
the bonds of the present series as To
maturity OF principal and interest and
terms of redemption"
Big Surplus Stock Of Copper.
1t is said that the end of the war
leaves the world with the largest
surplus stock of copper it has ever
rad IT Is estimated that the United
states has on hand 225, 600, 900 pounds
and that the British government holds
$4,000 600 pounds, while there is no
estimate available of the stocks held
by France, Italy and other govern
ments- 1t is also reported that at
Tenneries. at mines and in transit
from mines to refineries there are
about Loco. 900 pounds of the metal.
Washington bankers and other men
OF Dig business are somewhat cheered
by facts presented by the Federal Re-
serve Board, which indicate financial
recuperation. The reserve board
shows that there is an increase Of
bank balances at financial centers,
that the amount of war paper held by
reserve and member banks is de-
creasing, that there is a tendency to-
ward lower money rates. and that
there is an inflow of gold coin and
gold certificates at banks
The turn in the tide is expected after
the successful hotation of the victory
loan Two things are essential before
business activity can return" says the
Magazine of Wall Street One is the
turning of the current of accumulated
stead OF into government war loans,
and this will not take place in any
large degree until the victory loan is
out of the way. The other essential
thing is confidence on the part OF
business men that commodity prices
have for the time being substantially
completed their decline. New con-
struction of various kinds can then
be resumed on a safe basis and mer-
chants will not fear to accumulate
stocks of goods for future needs. The
up-swing Of Industrial activity, says
the editor Of the Magazine OF Wall
Street, win be anticipated by some
months by the stock market. That
has been universal rule. On this
theory he predicts that no severe fall
in the general level Of stock prices is
TO be expected
Frank W. Stone. vice president OF
the National Savings and Trust Com
pany. who spent two or three days at
home because of Illness, Is again at
his desk
John B. Larner. president of the
Washington Loan and Trust Com
pany. has been absent from his Office
on account of illness Harry G. Meem
vice president, and Boyd Taylor.treas
urer of the Loan and Trust. are serv-
Ing on juries-
Washington Chapter Meeting.