Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-02
PRESSURE To Sell
L|bERTYSLESSENS
Bio Decrease in Volume Of
Daily Sales May Indicate
Turning Point.
ny A. FLEMING.

Opinion seems to favor the theory
that liberty bond issues have finally
turned the corner and are on the road
to better prices.
This theory is partly confirmed in
the fact that the daily sales OF the
various issues have fallen of mate
rally. This refers to the sales on
the big market. the New York Stock
Exchange, but it is also fact that
the daily liquidation by small hold
ers has decreased to a point where
the volume Is more or less negligible
This means that most Of the present
day holders are prepared to hold 70
trading ON Wall street is an evidence
Of the near-end of the heavy selling
for the account Of great corporations
in financing their own needs during
as 2ssod and Of taking their esses
with a view Of offsetting their gains
in making out income tax returns.
In January OF this year the sales OF
liberty issues furnished 17.2 per cent
OF the total bond transactions on the
New York Stock Exchange. This per-
centage Increased to the high point
in April. when the transactions in
liberty issues reached ST. per cent.
and from this high record there was
OfOp IN July 10 t3-s per CENT anu
in August to Sc per cent.
This showing might have resulted
from big increases in trading in other
issues, but the actual transactions in
the liberty bonds were $2Ss.7hs.000
in May: s24s.so7.ooo in June; slss.-
August.
whether there will be further
liquidation sufficient to reverse the
steady reduction in sales since May
Ia yy hA to
which the banks will meet the strain
riod.
The low prices of the bonds have
brought them into line with the best
dividend payers of the day. and they
are being bought freely by small in
vestors and some larger buyers.
They have been competing. with the
s per cent Treasury certificates in the
Investment market for the favoritism
drawn from banks for safe Investments
Moreover values have shown some
fair gains.
Loeal Prices Easier.
roday's sales on the local stock ex-
change indicated further softness in
Capital Traction, Lanston and Wash
ington Gas, without any evident rea-
son for the weakening trend. The
only theory that can be adv2ncedls
that local investors are seeking their
securities elsewhere and can be in
duced to take occasionally of few
local shares when concessions are Of
fered.
Sales were made Of Lanston at 6sh
to 50, . y to q point decline. Of WASH
ington Gas at Al and of Capital Trac-
tion Company, at So " to ssh.
The rest of the local list was
neglected with quotations showing
very little change OF note.
Personal Mention.
George o. Watson, president of the
Liberty National Bank. returned yes
terday from q month in the Adiron-
dacks, and e. J. McQuade, cashier Of
the same institution, left today for q
vacation in Pennsylvania.
Important Meeting Tonight.
Chairmen and vice chairmen Of the
various committees Of the District
Banker1 Association named for the
A. b. c. convention In October will
meet with the executive committee
this evening for formal statement
of progress to date, and the authori-
ration Of the various committees to
80 ahead with their plans on allot-
ment OF expense money or agreement
thereon. sf.@