Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-04-10
MINNESOTA LEADS
IN BONUS LOANS
Capital Is Seventh in List,
Burlington. VT, at Bottom,
Figures Disclose.

Figures DISCLOSE.
BY a margin OF more than 81 600,
600 Minnesota leads all other States in
the amount of bank loans to veterans
on their bonus, while on the other
hand, the city of Dallas. Tex, has re.
quested more money from the Vet
Grams Bureau than any other in the
country for advancing loans direct
from the Government TO the soldier
Burlington st. in the home state
of President Coolidge, has the dtstinc'
tion of requesting the smallest sum
OF sll-S4 500 having been allocated to
the disbursing officers of the local Of
fee of the Veterans Bureau there.
In disclosing these figures, Harold
w. Breining, assistant director of the
Veterans Bureau Yesterday said the
Government had already soId $4,000
600 in Liberty bonds belonging to tile
United States Government life inSur-
ance fund In order to increase funds
available for loans. 4 total of $3.50
600 has been aIlocated to the disbIrS-
ing officers throughout the United
States and its possessions to be ad-
yanced on adjusted service certificates.
1851 Veterans Aided.
The total amount of loans made by
banks Of the country to veterans, up
TO the close Of business April A. &C
cording to reports to the bureau here,
was $36, 641, 1872. advanced to 3S9,
veterans.
The Capital stands seventh in the
list FOR the country in the amount of
money allocated for Government loan
ing direct to the veteran, but is far
down the line in the amount advanced
by banks to veterans.
Three Southern cities, Dallas, with
3393 600, Atlanta with $3.50 900 and
New Orleans with $50, 200, led the list
OF ALLEGATIONS, or advances of funds to
disbursing officers in the field. St.
Louis was fourth with see 600 and
others in order included Boston. S223.
o0o; Chicago, S221 600: Washington,
$4,000; New York City, $4,000:
Richmond, Va, SlS5,000
S119,574 Advanced Here.
Advances were made TO the Wash
ington regional office of which Col NJ.
3. Macmillan Is in charge. in three
lots. The first advance was $4,000,
beginning April /, with $4,000 more
on April 5, and 500. 000 more on April
s. Up to the close of business Friday
night, there had been loaned out of
these advances a total of Sl19.574.
An interesting reflection on the com.
parative situations in Baltimore and
Washington is furnished by figures
which disclose a demand for loans
from the bureau more than nine times
as great n this city as in Baltimore.
Whereas $220,000 has been allocated
to Washington, Baltimore has re-
ceived only $4,000 for disbursement
by the Veterans Bureau. Some of
the Washington demand has come in
mail from outside the city, it was said,
but the larger part by far is local
demand Banks in Baltimore ad-
vertised for loans. and advanced their
facilities in far greater measure than
did the banks Of Washington.
Although figures on the city OF
Baltimore bank advances are not
available, the State of Maryland, &C
cording to the record, made bank adj
yances to 1850 veterans in the amount
OF 1886, S37.04 during the first three
months of this year, while banks IN
the District Of Columbia advanced 10
4,16S men g. total of $377.40S.2l
Virginia Aids 1858.
Bank loans in other nearby States
during the first three months OF the
wear were as follows: Virginia, Z.0oS
veterans, $780, 1857: Delaware. 949
veterans, S92 ,059.
Banks holding adjusted service
certificates and the veterans noAas
after six months from the date OF
loan may present their paper at the
Veterans Bureau and, in the dlscre.
tom of the director of the Veterans
Bureau, may get their claims satisfied
in full.
Consequently, beginning next July
Assistant Director Breining esti-
mated yesterday many of the banks
OF the country viii begin presenting
their claims to the bureau. About 70
per cent will try to liquidate their
claims against the Government, II IS
believed, although there have come
indications that some banks intend TO
hold onto the veterans paper, claim
ing the 9 per cent interest over and
above the rediscount rate in their
territory. In most instances, this
means a rate of per cent. Adequate
funds will be available to meet the
requests Of the banks
Bank Conducted Campaign.
The outstanding lead which Mime
sofa holds over all other states OF
the country in advance OF loans by
banks was said at the bureau 70 ne
due largely to the campaign waged
by one institution, the Merchants
National Bank, at st. Paul, for the
bonus business. Agents were sent
not only through the state, II was
said. but to various parts of the coun-
try TO increase the business OF bonus
loans of this bank. The state OF
Minnesota has a record of s7,507,s2e
In hank loans to veterans, while the
nearest competitor in this list, can
fornia, has only $2,720,71l. PennSyi-
rania, was third. with S2,43S.116; L
linoix fourth. with s2.196,715, and
New York fifth, with S1.946,555. Fol-
lowing the big advances by banks IN
Minnesota, the. Minneapolis ofllce q
the Veterans Bureau has been ad-
vanced only $4,000.
The City of Pittsburgh showed an
unusually low figure in its request
for advances from the Veterans bi~
reau. due. 1t was said. largely TO the
bonus business OF the Mellon Ma
tional Bank, of which Secretary q
the Treasury Andrew w. Mellon is
one OF the principal owners. Puts
burgh has been allocated only Soo,uOp
nv the Veterans Bureau for loans
suf1cient funds will be available in
tha bureau, under the plan now IN
@ffect. to meet all future demands
Cor loans. when the bank loans are
taken into consideration.
Total Exceeds SAG 100000.
The total amount advanced both
~ The Government and the banks
now stands at considerably In excess