Evening star., 1921-12-08
@,43Q,9)1,0D0GAlN
!. |Nu|bERTYV VALUES
Sharp Recoveries in All Is
sues-LocaI Securities
Slow, But Held Firmly.
BY i. A. FLEMING.

n.
Rehabilitation of the various issues
of liberty loan bonds has been one
of the most noticeable factors in the
generally improved conditions of the
last few months.
Under the severe liquidation of cor
porations of their holdings of iiber-
ties in order to secure working CAP
ital and to meet the eNigencies of the
great slump in prices of 1920. liber-
ties dropped to points at which wise
men started accumulations. while
those who had paid par for their Sc
curities naturally resented the heavy
losses they were carrying, the result
being much talk of stabilization and
action by the government to. bring
back the depreciation in values.
However, time worked out its own
cure. Money. not needed as largely
as usual in business. millions of il
withdrawn from Wall street invest
ments much of il, the residue after
the 1920 losses. gradually became so
plentiful that the loaning rates
dropped lower and lower. until liberty
bonds and victory notes looked better
and better from an investment stand
point and they advanced. gradually
nearing par.
The great fourth liberty loan issue
advanced to s9S.14 on Tuesday of this
week, thereby adding $l.024, 900 to
the value of the bonds-that is. for
the entire outstanding fourth AIS.
$3.50, ,232. 600. The advance was equal
to $l60.14 on the $1,000 bond.
Added value at tie recent high
prices from the low records of the
issues was s206, $1,000 on the first
loan. s553, $4,000 on the second loan
and s453. $4,000 on the third loan, an
aggregate increase in value, includ-
ing the gain in the fourth loan. of
81. 900. to which add s192O45,-
600 appreciation in victory notes. Civ
ing grand increase in the value of
these issues Of s2.430 901 900 gain on
the s19.534.946,000 outstanding.
Bankers expect still cheaper money
and higher rates on liberties unless
the higher prices should lead TO heavy
selling by holders.
Federal Reserve Bulletin.
The Federal Reserve Bulletin for
the month of December has just been
issued.
Commenting on foreign conditions.
the bulletin has this to say:
Current developments make il in
creasingly clear that economic recovery
must wait on restoration of foreign
trade. and that improvement in foreign
trade will involve two factors. a recti-
fication of currency and exchange con-
ditions as between countries and a de-
cided improvement in burgetary con-
ditions abroad"
From January ], 1921, to November
10 the War Finance Corporation has
advanced s69.964.1O7 for export trade
aid and s5O.l1S,076 for agricultural
and live stock aid, a total of s1l9,-
0s3,7S3
The bulletin contains detailed state
ments of the budget in several impor-
tant European countries.
Retail trade, shown by responses
OF 365 representative department
stores shows a substantial improve
ment for the fall, as compared with
the earlier months of the year
The progress toward normal condi-
t1ons achieved in November has been
continuous. Cotton and wooden tes-
tiles are. in some of the principal dis
tricts. almost normal: steel and iron,
while working at about SO per cent
capacity. are in much better condition
than few months ago. Unemploy-
ment has Slightly decreased. Export
trade has continued in substantial
volume. Banking conditions are re
ported slightly improved throughout
the United States"
Look for Early Announcement.
Bankers are looking for an early
announcement from the office of the
Secretary of the Treasury regarding
the character of financing to be un-
dertaken on the 18th instant.
1t has been the custom of the pres
nounce intent as to certificate. and
note issues nearly a week in advance
therefore an announcement may said
to be due.
On the Local Market.
Once more the local market rested
on its record. SO far as any activity
was concerned. The Potomac refund
ing Is were nominal, 104 bid and 104l2
asked.
CaSital Traction was nominal but
very firm. with 80 bid, none offered:
Railway common. SO bid and 40 ask
ed, with the preferred held at 81 and
81 bid.
Washington Gas IS were strong at
81.
A few shares of Commercial Ma
tional Bank stock changed hands at
1863, of District National Bank at
1SS and of Mergenthaler at 129A.
Dividend Declared.
The directors of the John H. Will
kins Company at their regular month
ly meeting declared the regular semi
annual dividend of per cent on the
outstanding common stock and 4 per
cent on preferred shares. payable
Monday. January ., to shareholders
of record December 20, books being
closed between the dates named.
Richmond Bank Appointments.
F. A. Delano was reappointed
director of the Federal Reserve Bank
of Richmond for three-year term
yesterday.
Caldwell Hardy was appointed
chairman and federal reserve agent
and James A. Moncure deputy chair
man.
Placing Rail Orders.
The New York Central is said to
be ready to place orders for 125,0e0
tons of steel rails. and the Pennsyl-
e. II.
are signs of the times.
SAYS PRICE CHANGES DUE