The citizen., 1920-09-02
PERMANENT ONES SHOULD BE
OBTAINED FOR reMPoRARlEs
WITHOUT DELAY.
FORMER HAVE ALL COUPONS
Any Bank Member OF Federal Reserve
System viii DO the Business with.
out charse-Treasury Urges the
Registered Form.
BY JAMES p. HoRNAoAY.

''"f'" bi''itN uoiuS WIN 1OtlCt thnt
they should exchange these temporary
bonds for permanent bonds with inter.
est coupons attached. There T. no
way for the holders Of the temporary
bonds To collect interest due after the
date Of the last coupon on the teri
poraries unless the holders Of these
bonds exchange them. The treasury
therefore urges that exchanges should
be mnde without delay. The new per
manent bonds have all coupons to
maturity and will not have to be ex-
changed again.
These exchanges have been taki.s
place for several months. and the
large investors in Liberty bonds have
promptly effected the exchange and
obtained the new bonds. but the
small investors. composing the mass
OF Liberty bond holders, not accus-
toned TO cashing bond coupons and
not very well acquainted with any OF
the details of the bond business. have
very largely neglected to make the
exchange. The treasury is trying to
help these bond holders by getting
TO them the information that they
should take their temporary bonds to
any bank that is member of the
federal reserve system (and nearly all
the banks are members of this sys-
tem) and ask to have their bonds ex-
changed. These banks are under in
structions from the government.
through the federal reserve banks. to
make these exchanges without any
expense to the bond holders.
Hold Your Bonds, Says Government
There has been a good deal OF con-
fusion, among the masses OF the peo-
pie who purchased war bonds, over
this exchange business. This confu-
sion has undoubtedly resulted In a
great many holders of bonds who did
not care to be bothered about making
exchanges selling their bonds at a
sacrifice. The government has been
trying to do the purchasers Of bonds
a good service. but the masses Of pur-
chasers have not been greatly inter
ested I'm what the treasury department
is trying to do.
On the whole the purchasers OF war
bonds have not been disposed to let
go of these bonds at the prevailing
price. The people, rich and poor. who
put their money into these war bonds
believed when they made the invest.
ment that IL was a good one. and the
treasury officials are certain that time
will demonstrate the truthfulness of
this view. The government has from
the first advised the bond purchasers
to hold on to their bonds, and II Is
still giving this advice. II is only
question Of time. II is confidently be-
lieved, until these bonds will all go
to par or above par.
From the beginning Of the war loan
operations the treasury has been par
ticularly anxious TO afford every pos
sible inducement TO investors In gov
ernment securities to hold them In
registered form. II has pointed out
that this is particularly desirable in
case OF the small denominations
which are In the hands Of people who
have no facilities for safekeeping. and
the department has repeatedly urged
on the public the great advantage Of
registration. The result of its efforts
in this direction may be seen from the
fact that the registered bonds Of the
first four loans have increased nearly
a million dollars from the time of
original deliveries. IL Is still possi-
bic 10 have the securities registered.
Public Asked to Save Forests.
In the face OF some staggering
figures on the pulp wood and lum-
Der price situation, the American
Forestry association points out the
way nature does her best 10 renew
the resources so vital TO mans ex-
istence. Lumber prices are up 300 per
cent over those OF 1914. Ten years
ago the United States produced Its en-
tire supply Of pulp wood but now
two-thirds Of II Is imported. This
means freight rates 10 be added 10 the
purchase price. We bought nearly
!. 100000 tons OF pulp wood from Can
ada In 1918 and prices advanced from
$40 a cord TO as high as S25. In these
two statements, says the American
Forestry association. Is cause for gen
eral alarm all along the line In the
paper business. and that means, the
association says, every business. The
association calls on every business
man TO join with II In its campaign
for a national forest policy and for
better fire protection.
Now comes the dry season and we
find small paragraphs I'm the newspa-
pers telling OF forest fires sweeping
the western country. but tie facts get
scant attention In the rush of a po-
litical campaign and the news from
Europe on the international situation.
when a forest fire gets into a town
and wipes out scores Of lives II be-
comes big news. but even that Is soon
forgotten.
Great Loss by Forest Fires.
The annual loss by forest hres In
this country reaches the staggering