The spectator., 1920-09-14
EXCHANGE YOUR
 LIBERTY BONDS
PERMANENT ONES SHOULD BE OBTAINED FOR TEMPoRARiES
 WITHOUT DELAY.
FORMER HAVE ALL COUPONS
Any Bank Member of Federal Reserve System Will Do the Business With. out Charge-Treasury Urges the Registered Form.
By JAMES p. HoRNADAY.

!
 Washington.-The treasury depart ment is trying to reach all owne"s of temporary per cent and 414 per cent | coupon Liberty bonds with notice that ] they should exchange these temporary bonds for permanent bonds with inter- est coupons attached. There k no way for the holders of the temporary bonds to collect interest due after the date of the last coupon on the tern i porarieS unless the holders of these i bonds exchange them The treasury therefore urges that exchanges should be made 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 taking 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- i toned to cashfng 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 (aud nearly all the banks are members nf 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 good deal of con fusion, among the masses of the peo- ple who purchased war bonds. over this exchange business. This confu- sion has undoubtedly resulted in great many holders of bonds who did not care to be bothered about making exchanges selling their bonds at sacrifice. The government has been trying 10 do the purchasers of bonds a good service but the masses of pur- chasers have not been greatly inter- ested in 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 it was 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 ho'i on 10 their bonds. and it Is still giving this advice. II Is only question of time. it 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 ticuarly anxious to afford every pos sihlc inducement to investors in gov ernmcnt securities to hold them in registered form. It 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 safckeeping, and the department has repeatedly urged on the public the great advantage of registration. The result of it's 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. It k still poSSi- bic to havr the securities regiStered.
 Public Asked to Save Forests.
 In the face of some staggering figures on the pulp wood and Ium- Der price situation. the American Forestry association points out the way nature does her best to renew the resources SD vital to mans eX- istencr. Lumhe. prices are up 300 per cent over those of 19l4. Ten years ago the United States produced its en- tire supply of pSp wood but now two-thirdS of it Is imported. This means freight rates to be added 10 the purchase price. We bought nearly l,40Q0Oo tons of pulp wood from Can qua iA i'Ap anu lt iSfN huNdHtcu lAplh $l0 cord to as high as $25. 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 it in its campaign for national forest policy and for better fire protection
 Now comes the dry season and we find small paragraphs in the newspa- pers telling of forest fires sweeping the western country, hut tie facts get scant attention in the rush of po- litical campaign an1 the news from Europe on the international situation. When a forest fire gets Into town and wipes out scores of lives 1t be-