Evening star., 1922-09-20
LIBERTY BONDS
AIDED BY THE VETO
Sharp Advances Scored.
Reginald McKenna to Ad-
dress A. B. A. Convention.
BY /. A. FLEMING.

The indefinite sidetracking OF The
bonus" measure through the medium
Of the presidential veto. which. In all
probability, will be sustained in the
Senate, should have helpful effect Oh
the market for liberty bond issues. In
deed, there has been a hardening Of
values since the positive announcement
that the measure would meet the veto,
all issues being materially higher yes
terday than they were on Monday, with
a further rise today.
The 31a s were advanced "a points and
other issues 6 to Is points.
1t has been held from the inception OF
the bonus" proposition that any effort
to raise the money by a bond sale, or 10
make it incumbent on the Treasury I"
meet the needed payments. would have
a distressing effect on libcrtys. and the
passing of this threat should be an in
fuence favorable TO a rise.
Net changes yesterday were is
cents advance on the tax free 3l,s.
unchanged on the first As; slightly off
on the second As. with gains OF 10
cents on the firsts "A, .W cents on
the second Il s: .02 cents on the third
44s and .O6 cents on the fourth 4As.
Victories were slightly easier.
Treasury Certificates.
The latest offering of Treasury
tember IS, 1928 are quoted at 100
bid and 1905 asked. the asking price
yield being on $50 yield basis.
The highest rate of certificates out
standing. the 5a4 per cent tax certifi-
Gates maturing in June, 1924, are sell
ing on 3.9s per cent basis with 5Iy
tax issue maturing in September 1924,
Deferred maturties are selling on
higher basis, Az being the highest
rate for any issue. this for 1926
March maturity 4s4 per cent.
A Prominent Speaker.
! The American Bankers Association
| certainly secured a great drawing
card on its program when it OBJ
| to address the convention in New
/ York city next month.
! Connected with various important
| cabinet positions. he became chan
| ceilor of the British exchequer in
1915. and held that important post
| through the war. He attracted the
! attention of Sir Edward Holden,
/ chairman of the board of directors
of the great London Joint City and
| Midland, Ltd, the largest bank ing
| institution in the world, and he, Nc
| Kenna. was made director of the
! institution. and AT the death of Sir
! Edward, chairman of the board Of
| directors.
| Ih1S great bank has a capital and
! surplus of s1OO.oO0.OoO, and deposits
! Of S1,500 100000
| Mr.. McKenna is one of the great
| cards of the convention.
What In the German Debit
Discussing the German debt the
| Bankers Trust study says:
| At par of exchange Germany owed
on March 81, 1922, over cighty-six bill
! lion dollars. hut at actual exchanG @
| rates she owed less than one and one
third billion dollars, or not much more
! than she owed just before the war.
| At the average buying power of her
| currency for the year 1921 in terms
of 1913 prices the debt would figure
out at, say. 4.6 billion dollars, but if
! We take the greatly deprecated buy
ing power of the mark at the end OF
March, 1922. the debt shrinks to IL
billion dollars. What is the national
debt of Germany? Who can say what
it ISL
Local Securities.
! Interest on the local stock exchange
| today was confined almost entirely tc
bonds. nor was there any activity in
| these, just a few scattering trans
actions at steady prices-96 for Gas
5s, TAX for Railway As. 81 for Potomac
Consolidated 5s. 95 for Washington
Market Cold Storage IS and 107le for
Washington Gas 112 per cent notes.
The only transactions in stocks
lwere in Railway common, 20 shares
at 56 and 10 of the preferred at q.
| Lanston which was offered heavily y
yesterday and broke to 19 x. was held
at so today, with - bid.
| Capital Traction. 103ii bid and 1882
asked, eX dividend d.