Evening star., 1921-05-15
MONEY SUPPLY SEEMS AMPLE
FOR ALL DOMESTIC NEEDS
Cuts Comparatively Little Figure in Pre-
vailing Conditions Printing Presses
Busy on Home and Foreign Securities
sidered as partially responsible f
the showing.
Notice to Liberty BOndholders.

sidered as partially responsible for
the showing.
Notice to Liberty Bondholders.
All per cent temporary coupon
| bonds of the second loan present ed
! after May II and all per cent con
pom bonds of the first loan presented
after June II. 1921. for exchange into
permanent bonds. with all subse-
| duent coupons attached. will. unless
| otherwise expressed in writing. be
! considered to he presented for con-
! version into ~. per cent bonds. and
/ should not he accompanied by in
! terCst adjustment With the delivery
( of said A., per cent perma nent bonds
/ the per cent accrued interest to
/ date of the "a rate becoming ef-
! tectivc Will be adjusted by separate
/ coupons.
BY presenting bonds for conversion
before November u. 1921. and De-
! cember 15. 1921. the holders of the
! first and second 4s will receive the
~ per cent rate six months earlier
| than II they wait until after the
dates named
Bache on Freight Rates.
| J. 5. Rache & Co. of New York
! has this to say on the freight rate
| question:
The movement or propaganda to
! get freight rates reduced has much
| of the odor which was attached to
| the long fight of shippers against the
! railroads. during which. for years the
interstate Commerce Commission re-
duced rates steadily. with the result
or bankruptcy to many roads and of
putting transportation in this country
years behind in upkeep, equipment
and extension.
But the public got very little bene-
ht from the reductions of that period
they were absorbed apparently
somewhere along the line. and never
reached the consumer
NO one can consider the wage
situation calmly and not believe that
expenses here must be reduced, and
unless such reduction is quite dras-
tic, cutting down freight rates will
be out of the question, except here
and there. for special reasons.
The rise of labor costs on Ameri-
can railroads was, until 1916.
natural rise along with that of other
labor. due to the increased cost of
living. Then the Adamson law took
effect. and from around $1.64S. 900. 900
per annum. year later the compen-
sation stood around s1.739, 600. 900.
This was increased by the Railroad
administration. in 1915, to S2.6l3, 3,0nN.-
GOO, and in 1919 to $2.S43 O0G. 600. The
Railroad Labor Board, in 1920 in
creased labor cost on the railroads
to S3.S9S.G00, 900.
This means that the labor costs
to the carriers of class ! were
actually greater in 1920 than in 1917
by more than l15 per cent.
March was the first month since
December last that the roads did not
suffer deficit. and for March only
"A rate of 2.29 per cent for the year
was shown-short by over s5O.0GO. 900
of the amount contemplated by the
transportation act.
That amount must be arrived at
and exceeded before rates can be
justly reduced, and when demand re-
wives the rate will not be felt. 1t
may be positively stated that the
freight rates have only negligihly
affected the demand. The falling off
in buyers is world movement.
which. however, is already beginning
to correct itself, as shown in the
transportation business by increased
carloadingS.
Local Securities.
The week has witnessed one of the
slowest markets for local securities
of the year to date. However there
is cause for congratulation in the
fact that prices hold their own with
more or less steadinesS-if under the
high level of 1921. then not far away
The traction shares have acted well
and are at the high point of the year.
Local interests believe there is small
chance for any merger of street rail-
way interests in this city. and that
tne present attempt VIII Iall, as nave
previous efforts in the same line
The typesetters have been very
steady, but slow. Bank stocks gem
orally neglected. with the exception
of restricted trading in Contine ntal
Trust shares.
The week in the money mar
ket has developed the fact that there
was money to be had on call in
Washington. but rates were not close
enough to bring borrower and lender
together.
Strength i'm Bonds.
The rapid rise in the value of the
pound sterling. in francs. lire and
other foreign money has caused sat
isfac:ion and. if kept up, will even
tualiy help our foreign trade. now
languishing because of the relative
difference in favor of the dollar and
the poverty of Europe.