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Show RISE IN MARKET PRICE OF LIBERTY BONDS MHINENT Some Liquidation Inevitable, Says Annalist, but It la Healthy Condition Tho (act that tho market price ot Liberty Ponds Is still below par has brought forth ondloss discussion among persons who olthor sack or try (o give tho reasons tor tho prices. Tho present prtcos ot Liberty Bonds havo also boon a factor In contributing contribut-ing to pessimistic storlos as to tho difficulty dif-ficulty which tho nation will have In floating a Fifth Loan. The situation Is well sot forth In The Annalist, Now York financial we.okly, aa follows: Evory loan floated, whothor It bo corporato or governmental, requires re-quires a certain amount 'of tlmo to bocomo uoasonod. This will be particularly true ot our national loans, which havo all boon sold during periods ot tremendous prossura where every appeal was madu to the buyor to tako tho maximum, whether or no tho security se-curity was sultod to his needs or within his ability to pay. Healthy Gravitation. Gradual liquidation from small boldors la as Inevitable, therefore, as thd law of survival. He shall tako who hath the power and he small 'keep who can, and It Is In kooplng that more strength ot character Is required than In the resolution necessary to bring ono to tho point of signing tho application. appli-cation. Tho gravitation that In going on, thorotoro, Is a healthy function, except, of course, whero selling Is Induced by unscrupulous swlndlors. Tho liquidation frvm this Bourco represents so many footprints of tho bonds In passago from tho hands of tho weak to tho strong, and overy sale that takes place on tho board emanating from this , sourco Is ono stop nearer to a solid market for Llborty Loans, slnco It Is a well-known characteristic character-istic of tliooo who buy In a declining de-clining market to hold cither tor pormancnt Investment or for so substantial a rlso that they are amply compensated for tholr carry. Wilt 8tetdy Market. Much ot tho money realised from bonds sold to, produce wrltooffs' In tho lncomo tax will either llo In banks or go Into short-time securities for Investment Invest-ment and tho switching by savings sav-ings banks may bo safely counted -vupon to do nearly as much good Wo tho market price of tho Uborty LoaiiB as It can harm to rails and municipals. As a mutter of fact the taking of tax oxempta from an Institution unaffected by taxei lilid tho resale of tho same tq private Individuals Is only the natural nat-ural losult of gruvltatlon of securjt ties Into thu final niche In which thoy aro most efficient, It Is confidently bclloved, therefore there-fore that a turn In the tangent of bond 'prices Is at hand with an especially cheerful prospoct for our national loaus. , i i i |