Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-03-04

SeIllng foreign DOnd 1BsueS claim to be
doing a nice business In these securi.
ties. Recently, there has been a re-
vival of interest In German cities bonds,
especially Hamburg bonds.
A banker, when discussing this
phase Of the bond business, said that
perhaps many of those buying Ger
man bonds would be surprised at a
paragraph which appeared quite re-
Gently in the Magazine Of Wall Street,
stating that a bill has been passed by
the German legislative body whereby in
terest receivable from securities held by
foreigners residing outside of the Ger
man republic is subject to tax of 10
per cent.
Some Of the bond houses handling
municipal issues report an increase IN
the number Of inquiries recently for this
class of security, especially those that
are tax free in this state, but as one
bond broker remarked, inquiries are
not sales, though they often result in
such.
The local representative Of a large
financial concern said he did not look
for much improvement in the bond busi-
ness till money is easier and said he
looked for revival shortly after the
middle Of the present month, when the
government will turn the enormous re.
ceipts from taxes into new channels.
There are few pond brokers who
say that in their opinion Liberty Bonds
will seek still lower level than they
have now reached. They give as
reason for these conclusions that some
corporations holding large quantities
of these bonds will convert them into
cash to pay taxes, aud to do so Will be
willing to take the loss which they can
include in their tax statements.
A banker said he does not anticipate
any heavy selling Of Liberty Bond hold
iugs by corporations. Many Of these
of the opportunity to buy certificates Of
Indebtedness, which gave them higher
interest return, and which can now be
turned over as so much cash to liquidate
There is decided diiterencc OF opin
ION On tse s;oi suG1e. I;str;ct St m,nu % boI5;nS
~ the the an;n;or tbat they arc ,,nnonular
bere and The nubIic cannot be made to
take an interest in them, the others
saving that the failure to popularize
them Is the result of lack Of co -ordina-
tion on the part of the various con-
Germs having them for sale and the lack
of a strong campaign of education.
=
-r ,
The senior member or Well known
firm OF bankers ana brokers' was giVlng
recent experience he had win Liberty
Bonds.
In transaction IN Whlch ne toos
over $55,OOO in Liberty bonds' nc sa,u
when he paid two small prohts 10 miu
dlemen, which amounted 10 very snal.
sum, his firm had the responsibility OF
carrying the bonds IN transit, whicb
occupied three days, sending them uhder
guard TO the pank, paying tn' aI,n
profit of $3.50.
He said II ne had oeen ~ rn Iho oon inca. a.
business and had invested Soo'ouv ~
beef his proht, judging nXyo az present.
prices, would nave peen S-''VVV.
Need Of Calling Bank Loans
ruorrono 10 blaming tight money for
v.a.snt oond;t;ons in the stock and
socnr;tv pcS market.
;s l.. ;s 4, do,ht 90 to
A proker saiu he 10 ~ tIa conntrv
whetner tue pahhS ,,,, am o oe .ha snecuia.
are puttlns s the sIe"S ~ thn .bp,Id to
tors In Sommoalties as .uey icy, su tho nuorO "
compel them 70 pay ep VI SCI Wv, I'll 81
nous quantitles wnLen & ~ - -, az, he
stored up "nereVeI s'olaso nom oorn;ps
found. he showed u Lepvi. =: ,,h;nS
the banks IN SeW ~ 80 ' ~ ,as, raeL
1t was assertea tnai ioI u" IA ," rod"coJ
more than seventy oanE enn onn. nc h,t tSo
their loans py sohie %ToSSVSi ToS ",ior ' h, nLs
report sa,a tnaa aVGm. t;"o IN incrcasod os thn;r
nau III 'ne SUI ,,nh 10 rcor nmount il
is fair. he said. to conclude that this re-
port gives general ldsa OF cohui.ionS L
all over the country ana enlphasITSes c one
need for vigorous Gazing III Vi 'hoF'
OF these loans
,,...
A banker said there is, IN aadltion "
these outstanding loans on connloIlties,
another source which is responsipie ios
the shortage IN money. ne saia he J haJ
asked largo manu1acturer u ne nau
stocked up on raw materas any
heavier than usuai and .le nnne,n ~
turer said ne ceI'ainy hau' DO M az"
uclpatea III ii laoi ,,non W Ne ,iont brSv
hand when woula keep nis pian' oueS
lot months 70 cons' ,... .h,.
ms Ganker saia ne nao no uoubt Hbo ND had
practicaiiy every manutacturer Who nau
orders on hand mas done tnc same thlns
and has borrowed from MS pans to paS
TOR TINS materiai: ne saia n' ,H Hun
positive inlorma,on lnas @ sne Iii n,El
prices had seriously anecteT an,o SOM nro "I, rn
known INDUSTRIES us peGp,e Snd MA and
Iuslns W pay w ~ 'nr'mnd;tios
were aolng witnout thc co'i,iyIiL,uo, oIi Lnorr
lie mentioneu ohe lutsG mvln WI. MI, MI
nanuiac'urinS a p;an' ~ nrnsont oros ny om naii
nc eaid' ID rupnins a' p''sen' v" ""-
time'
Deyelopiny the Port OF Philadelphia
Cu-,- g C,,u,ou nro.;dort of the
Onarles .. oasH, Na.;c,,pi RanI ia an.
Corn ENCnHnRe NdtlOudl Damn 10 w