The Washington times., 1922-06-09
LIBERTY BONDS
AGAIN START ON
UPWARD CLIMB
New Movement in Price of
Liberty Bonds Follows Offer
ing Of Treasury Certificates.
BY MUNROE ROBERTS


Copyright. 1929. by Cosmopolitan Nsw'
Service.)
NEW YORK. June s.-It now
appears that yesterdays cables re-
porting the probable discontinuance
OF the efforts Of the bankers loan
committee were premature. to say
the least. 1t was never expected
that a problem Of this magnitude,
would be solved at the first sitting
or without encountering handlcaps
Of all kinds and just as President
Wilson was compelled to WELD the
big stick" in the Versailles confer.
ence, 80 1t may now be necessary
for International bankers to take
strenuous methods in order to con.
vince our European neighbors OF
the necessity of certain courses OF
action.
We can well appreciate, of course.
the position Of France in the repara,
ton matter. She is entitled to So
per cent Of the total amount Of the
German reparations payments and.
therefore. her attitude toward
either reduction or postponement OF
reparations payments should carry
the most weight with the bankers
committee. However, 1t is i'm
portant that every one should con.
slider not their momentary advan.
tage but also their ultimate gain
or loss, and in that matter the
bankers loan committee should lie
qualified to render valuable serv.
ice. The committee will meet again
today and doubtless will hold sub.
sequent sessions and II is the hope
Of business men on both sides OF
the Atlantic that their efforts will
be timed with success
Two important results have fol
lowed the offering Of new Treas
ury certificates by the Government
An overwhelming subscription for
the new notes and q new upward
movement in the market prices OF
Liberty bond issues. Aside from
the war period. 1t is a good many
years since American investors
have been able to secure the bonds
Of their own Government at as high
yield as per cent or more. and
at present they are taking full ad
vantage Of an opportunity which
may not come again very often
The market supply of Liberty
bonds Is becoming quite light. In
vesting institutions. savings banks
and insurance companies which
have their Liberty bonds securely
locked up their vaults. will proba
bly, never relinquish them unit
their maturity dates. Prices for the
remaining market supply will prob
ably mount higher.
Negotiations are now under way
- @RN l1Na Il. 10 hA nern
Milwaukee and St. Paul Railway
ing for the sale Of a new. issue ol
one to fifteen.year equipment trus
certificates. While the amount II
stated as not yet having been de
termined, It Is understood to range
at from $4,000, 900 to $1,000, 900
The company. II will be recalled
has purchased a large amount Of
new rolling stock. provisions FOL
the financing of which have not YET
been arranged. and 1t is understood
that 1t is for the purpose OF meet
ing this obligation, that the pro
posed new financing Is now being
discussed. Another conference re
garding the matter will be helc
this week, and in some quarters
the opinion is entertained, that 6
formal announcement will be nadt
in the near future. In March the
St. Paul was reported as having
placed orders for 1000 box cars
800 coal cars and rs locomotives
The cost Of this new rolling stoci
Is estimated at from $6,00O,00O Il
$40. 100000.
There has been considerable nc
tivity in the listed market for for
eign government bonds during th'
past two months. though only IN ex
ceptional cases have prices mad
any particular demand Oil the up
ward side. The new Danish. Dutci
East Indies. Argentine, Christiants
and Brazilian bonds have shown
tendency to decline, while Cana
dian and United Kingdom bondl
have shown a rising tendency. Their
has been a good demand for thu
5h per cent bonds of the lTnitec
Kingdom, some Of which are nov
selling at the highest prices on rec
ord. Since the first Of Inc year tn'
United Kingdom 515's Of 1872; hav'
moved up from 100k to 1O91a; th'