Evening star., 1923-09-06
PRICES OF LIBERTY
BONDS HOLD FIRM
Much Speculation as to Trend
in Near Future-Tradinu
on Exchange-NoteS.

Liberty bond prices have been
fairly steady for the last month with
no pronounced trend in quotations
for the active issues. Some dealers
expect higher quotations for all is
sues. but this view. particularly for
the immediate future, is by no means
unanimous.
Those who expect prices to de-
velop a sagging tendency call atten-
tion to the fact that leading banks
are no longer accommodating govern
ment obligations. On the contrary.
there is some liquidation in progress
Banks have been the backbone of
the liberty bond market for many
months and this change from buyer
to seller is expected to be reflected
in quotations.
Moreover. since May 16 the combined
federal reserve system has disposed of
about $S5,000,000 of libertys, and dur
ing the year ended August 2s the sys-
tenn sold s404,431, 900 of it's govern
ment obligations.
In connection with the reduction of
holdings by leading member banks, it
Is an interesting fact that selling has
not been accompanied by an increase
in loans held by these same banks. Ir
has been frequently stated that as
loans mount banks Sell their secu-
rifles in an effort to get additional
FUNDS to lend to their clients. Since
May 10; last, leading banks have re
duced their loans and discounts $26I-
10000. and their holdings of govern
ment obligations S167,662,000.
Local Exchange Trading.
Washington Railway and Electric
preferred stock dropped back to II on
the Washington Stock Exchange this
morning, when fifteen shares changed
was firm and unchangedsat 101. while
Riggs Bank rights remained at 95.
On the investment side Traction IS
were strong at So: Railway 4s un-
changed at 72, and Washington Gas
5s slightly stronger, at SO y and 81
Pepco first IS sold at 961a, and Ward
man Park Hotel Us brought 100.
Argentine Bonds Offered Here.
Crane, Paris and Company is to-
day offering locally $55, 10000 OF
notes for the account of the govern
ment of the Argentine nation.
The issue is composed of six-montf
s per cent treasury gold notes dated
September 1, last. and due, March /
next. The purchasing syndicate is
making the Offering at 9912, at which
price the bonds will yield about
per cent.
Vigorous Buying Reported.
The Credit Clearing House report
for August shows vigorous purchasing
throughout the country as whole
In purchasing percentage the Pacific
coast section stands first, though II
has not quite reached the high marks
of June and July. The south agri-
cultural section is second in purchas-
| ing percentage, having reached III
August the highest point in a long
series of months The east section
| has also purchased actively, standing
somewhat higher in percentage than
the last high point. in March
Collections have been good through
| out August, with the Pacific coast firsg
| and the north agricultural last.
Personal Mention.
Coleman Jennings of the, National
| City Company has returned from
vacation at Long Island.
Fernand Petit, cashier of the
Citizens Savings Bank, is spending
a vacation touring the Blue Ridge
mountains.
George NJ. Ferris. resident manager
| of the $. w. Straus & Co., Inc, has re-
| turned from his vacation, spent in New
York city. Atlantic City and at his
| home in Connecticut.
Eictcr B. Deyber. president Of the
| Second National Bank, lectures to-
| morrow at 2:3O pm. before officers
/ of the Supply Corps, United States
Navy, on state Banks" Mr.. Deyber
also lectured before this same body
yesterday on National Banks"