Evening star., 1921-06-06
FAIR TRADING IN
LOCAL SECURITIES
Metropolitan Life Lends Mil
Iions-Liberty 3 LIS High
er-ConventiOn Notes.
ny 1. A. FLEMING.

Business on the local stock exchange
was more active than for some time.
"A number of issues. both of stock ana
bonds. being traded in. while prices
showed comparatively little change,
at least so far as the public utilities
were concerned.
Railway preferred was firm. AT e2%a
early to SO at the close. Washington
Gas brought 4HB.
There were no sales of Capital T'rac-
ton shares. but the bid price lndi-
Gated maintained strength.
Nergcnthaler showed an easter feei-
ing and declined 10 1l9. A httie
xAmerican Security and Trust Coin.'ah:
st oC. brought 22J.
Capital Traction 5s were active ana
firm -; IS: Gas 5s sold at IS.
Cal money WAS quoted at 6'2 bid
and .a1'i asked.
Making HousinE LOnnH.
The Metropolitan Life Insurance
Company has loosened its purse
e1rines and arnounc.s thai ! '''S
mortgage loans of $1,000
900 chiefly on dwellings. s2,ooo"oo on
farms and the balance on business prop
erty.
This is an unmistakable sign OF re-
turning proSDeTltN-dl i'""' '' ''"
crate degree.
II was stated that the District of
Columbia might receive the attention
of the Metropolitan Life In the matter
of loans, but if the big lender comes
this way. better basis than 30 per
cent of valuation VIII nave 10 ne
given to take the loans from local
lenders.
Foreign Securities for Goods.
nil ut
American manufacturers taking advan-
,age of foreign securities offered in
payment for product the record of the
Baldwin Locomotive Company Is inter-
estine.
On May / the corporation referred
to held s14.4OO,000 in securities il had
accepted from Belgium, Poland. Ru-
mania and Argentina in trade. For the
s6,OO0.000 Poland bonds the War
Finance Corporation advanced the COM
pany s5.O00.00
Said the president of the Baldwin Lo-
comotive Company: Il haven't the
least concern about the goodness and
ment is being made on them right
along. With some Chinese bonds. we
now hold some s15,500,000 of foreign
government securities.
Convention Committees Session.
The general committee for the Dis
trict Bankers Association convention.
George o. Watson chairman Will meet
at o'clock this afternoon at the
stock exchange.
Chairmen Of the various subcommit-
tees will make their reports al that
time. and the full committee Will give
approval to the program for the con-
vention. which Victor B. Deyber.
chairman of the program committee.
will have ready to present at that
time.
The success of the convention from
sured. and there is every evidence
that il will be one of the most pleas
urable of gatherings.
The family dinner. the chief func-
ton of the social side of the con-
vention. will be held Monday evening.
the 18th instant. while the various
athletic contests will be called Mon
day and, Tuesday. The golf contest is
attracting much attention. Accept
ances have been received from l10
persons. with practical assurance Of
200 attendance.
Higher Prices for 3hs.
The sharp upturn in Sla per cent
liberty bonds and for the various is
sues into which they have been con-
verted. represents in way changed
a few weeks ago sentiment was al
most unanimously in favor of the
sales tax as relief from the excess
profits taxation.
In preparation for the change. which
was plainly indicated. the 31@s. tax
free. dropped to their low at Sc: the
first As. converted. to SO. and the first
Az s. converted 3Ias. to 81.
The strong opposition that has re-
Gently developed against the sales
tax. especially from the wage earners
of the country. has changed the trend
in its favor and seems to suggest
some other action in tax legislation.
The result has been an advance OF
$1.90 on the 3ls liberty bonds. s3.1S
on the first As and $3.50 on the first
4 a IS. converted 3L2S.
AT the low prices these bonds would
yield better than 5 per cent. and this
fact may also have had much to do
with the rally. Banking and insur-
ance companies are said to have ac-
cumulated quite large amounts from
the low on the way up. The 3ls issue
is legal investment for savings
banks. security for the deposits of
public moneys and for investments
for life insurance companies.
There is no assurance that a sales