Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-01
EARLY BONUS GOOD
FOR LOAN TUESDAY
ONLY 3-Year-OId Certificates
EIigibIe-5 IL Per Cent
Probable Rate.

Probable Kate.
When the privilege to apply for adj
justed service certificates expires at
midnight tonight under law, the first
bonus certificates, issued three years
ago to World War Veterans. assume
new loan value. They will he nego-
table for fresh loans when business
reopcns Tuesday.
Arrangements have been made by
the Veterans Bureau to extend the
additional loans at all branches. and n
force of clerks will be available to
handle the business.
Unless there is change in the
Federal Reserve Bank rediscount rate
for this district, the loans will be
made TO veterans here at 5ia per cent
which is . per cent more than the re-
discount rate of the reserve hank Of
Richmond. Va, covering the District
Of Columbia.
Over Half Million Decline.
More than half n million vcteran ms
so far have failed even To apply for
the adjusted service certificate, ac-
cording to reports gathered by The
star late yesterday from the Army,
Navy and Marine Corps.
While late applications were pour
ing in by the thousands, and it was
expected thousands more would be re.
ceived today. officials believed there
would be hundreds Of thousands OF
cligibles tonight who will have for.
feited the right to the bonus.
At the War Department office
Building f. Sixth and b streets
where applications will be received up
to midnight tonight, it was estimated
that about 10000 applications had
been received Friday. and more than
10000 yesterday. A veritable food
was expected today.
Applications for the Navy and Ma
rines will he received at the Navy
to midnight.
Open Since 1924.
Out Of the grand total OF about 4 ;.
a19,H 200 men in the armed services Of
the country during the World War. ii
was estimated yesterday by officials
that 4.37S.143 were eligible to receive
the bonus. Latest figures, most OF
which were for Friday inclusive
showed that only 3.7l5,662 vetera ms
had filed applications. leaving the
huge total OF more than 6e2, 900 vet
Grams who had failed to take advan.
tage OF the Government offer. which
has been open since late in 1924 The
first certificates were dated January
/, 1925.
The Army shows the largest figures
| throughout. having a total strength
under arms of more than 1000. 900
men, of whom II was estimated abou;
$3.50. 600 were eligible for bonus. Only
3.20Sl 21 had applied.
The Navy was second in size. with
a total of 599.05l men in uniform,
including the U. S. Coast Guard. Pub.
lie Health Service and Light House
Service. or these 54a.7Sl were eligible
for the bonus. and only 442,734 had
applied for IL up TO Friday.
The Marines had more than 10000
men in uniform. OF which 1t was esti.
| mated 1852 We're eligible for the
bonus. and up 10 Friday night only
64,s07 applications had been received.
Worth Over Three Billions.
Not all applications received have
as yet been certified to the Veterans
Bureau. According to the latest fig.
ures available. the bureau had received
from the War. Navy and Marines a
total OF 3.4s0.5s5 different cases. of
which 3.440.si6 had been handled. and
from which 3,24s.23i different ad.
justed service certificates had been
issued. Some cases are pending. some
have been paid in death claims. and
some smaller ones in cash.
The total face value OF the cases
tt.an from thu fhyan hf.J nphaG "a
1886. 1924. while the total value OF
the certificates issued was $3,3@3 ,55S-.
$50. as OF about December 20. This
makes the average value Of each
certificate about .023.
When loan opportunities on the GER
tificates opened a year ago today
veterans found difficulty In getting
money through the banks. Congress
tt,ereupon enacted new legislation en-
aiding the Veterans Bureau to loan
direct This was begun April !. 1927.
Veterans Bureau figures show the
total loans advanced by banks up to
November 80 Of this year were on
53S,0l certificates. and the loans
were OF a total value of $5o.21i .li6.i2,
Out of these the Veterans Bureau
had redeemed up 10 and including
about December 20. 1928 different
certificates presented by the banks
along with notes from the veterans.
on loans OF value OF StS.4li.S 61. The
law provided the banks could turn the
paper over To the Veterans Bureau 10
redeem the paper. in case the veteran
fell In arrears OF his payments.
The Veterans Bureau itself has
loaned since April ] n total OF $33..
ESQ 900 to $50. $40 men, who applied
directly 10 the Veterans Bureau.
The local Office, at 1910 | street. has
been making many loans to veterans,
according 10 figures obtained yester.
day from Col. NJ. II. Macmillan
regional officer In charge
The loans BY months follow: April,
s6lsS35: MAY. $io9 .+47: June. $e6s.46T:
July. $lSS. t3S: August. $l4S.5aS: Sep.
TENDER. $ll3.2+.: October. $t0a. 500, and
November. $S4.l30.
Only Three.Year Paper Good.
The new loan value. which becomes
effective today. IN based on provisions
of the law and the regulations printed
on the face OF each certificate, The
first loan value To certificates became
effective last January l on certificates
which were two wears old The only
certificates which will he negotiable
beginning Tuesday morning. Il Is EN-.
phasized BY officials. will he those
which are three years odd As ether
certificates become three years old
they also will become negotiable for
the loan value OF the third year. which
il considerably more than that OF tho
second