Evening star., 1932-03-07
WASH|NGTONBANKS|
AIDING BOND SALE|
Local Institutions Receive
Applications for New U. S.
Treasury Certificates.
BY EDWARD C. STONE.


applications today for the baby bonds
which are to be issued by the Treasury
Department, dated March Is, to bring
money out of hiding back into active
trade channels. President c. H. Pope
of the District Bankers Association
states that every bank in the city has
offered full cooperation in obtaining
the new bonds for all who want them.
1t is not expected that they will be
bought with money already in the
banks, but with funds which timid
people have been afraid to leave in
the banks or have invested in some
The u Federal Reserve banks are
to handle the bonds and banks all over
the u S. are to obtain them through
these sources. Some of the local banks
plan to have blocks of the bonds. or
rather, Treasury certificates on hand
while others will order them as fast
as the applications are received.
Local bankers are anxious for the
success of the Nationwide prosperity
move and believe the campaign is sure
to bring a great deal of money back
into circulation The latest report that
already S150000 900 idle money has
been returned to work has caused much
satisfaction. The radio addresses open
ing the national drive aroused marked
enthusiasm. preparatory to receipt OF
the first applications this morning.
Press dispatches today indicated that
the anti-hoarding campaign is proceed
ing in other countries as well as here.
In Switzerland, particularly, great
deal of hidden wealth Is being dug up
for investment purposes.
Utilities Make Best Showing.
Recent additions to the list of COM
panieS which have reported earnings 1or
the full year 1881 bring the total OF
industrials utilities and railroads to 1898,
says the Standard Statistics Co. Ag-
gregate net income for the three groups
amounted to $965 1856 Zoo. decline OF
400 per cent from the results obtained
by the identical companies in the pre-
ceding year. The 739 industrials thus
far having reported showed total net
of 1923, 1872 900, which was 52.3 per cent
below that of 1881: 81 utilities earned
S349, ,320, 200, a recession OF only 6!4 per
cent: while the S92 2,9l4, 900 total net re-
ported for IS railroads showed drop
of 1870 per cent.
Confidence Reported Gaining.
One of the most interesting reports
from the National Credit Corporation
received from Detroit, states that con-
firmation of the tangible results OF IN
creased confidence was revealed at the
meeting CT the Michigan division OF the
National Credit Corporation, when it
was reported that many of the Mich
igan banks which had applied for loans
had. within the past two weeks, can
celled their applications and that the
banks which had obtained loans were
Iouidating them at what was described
to be "a remarkable pace, strongly lnol-
cative of their improved positions,
brought about by restored confidence
and the ability of their customers to
meet their obligations"
Lanston MonOtype Sells Higher.
In light trading on the Washington
Stock Exchange today, Lanston Mono
type sold at IS. The last previous sale
in this issue was 6012, showing gain
of 4l5 points. The market closed today
with So bid and IS asked.
The remainder of today's trading was
confined to Washington Gas bonds,
series A The opening transfer was
baby bond at 997s, after which two
$1,000 bonds were sold at par. The gas
bonds mature in 1888 and for that rea-
son quite q good many holders are
now switching into longer term issue.
Members of the exchange commented
today on the opening of the national
campaign for the sale of United States
2 per cent certificates for the purpose
of freeing money which has been
boarded The members predict COM
plete success for the drive, at the same
time calling attention to issues on the
local board which they declare are safe
and offer a much higher yield than do
the anti-hoarding bonds.
Credit Situation Reviewed.
The National Association of Credit
Men reported to the Washington Office
today that definite formation of the
Reconstruction Finance Corporation and
the passage of the Glass-Steagall bill
for the release of additional currency
on the revised credit base are expected
to have a definitely favorable effect on
the general situation in the next few
months. This is the general consensus
of comments received from correspond
ents in 109 of the leading trade CEN
ters of the United States, which were
surveyed by the magazine.
For the second consecutive month the
larger percentage Of the cities reporting
found sales and collections to be in
the slow column. AS in the previous
survey, two cities in the country re-
ported collections as good, while one
noted sales to be in that category
Worcester, Mass, was the only city to
hold its favorable position as recorded
the month before, being present in the
good collection column again this month
along with Fort Worth, Tex Texas
also was honored with the lone city in
the country to report good sales during
the past month, Wichita Falls achieving
that distinction.
Bank Stocks Again Advance.
The New York City bank stock mar
ket registered further recovery during
the past week as evidenced by records
compiled by Holt, Rose & Troster The
aggregate market value of the l6 lead
ing issues was Sl.831 $4,000 as of
March 4, against 81, 1877 438 900 on Feb
ruary 81. an advance of per cent for
the week
The average yield of the 16 leading
stocks as Of March 4, was 693 per cent,
compared with a yield of 706 per cent
on February 81, and ga recorded on
December IT, the highest average yield
reported last year.
Based upon the March figures the
16 issues now are selling at 1874 times
their known current earnings. against
1872 times earnings on February 81,
and at 90 times known earnings on De-
cember II, the low for 1881.
Heard in Financial District.
Members of the Washington Ticker
Club Will hold their annual meeting
and election OF officers in the Office of
G. M P. Murphy & Co, on H street
this afternoon after the close of the
New York Stock Exchange. A. Chester
F1ather is the retiring president. Ches-
ter Lockwood is in line to succeed him.
Secretary of Treasury Mills an
nounced that the Treasury will offer
5000 600 900 of seven and r. months
certificates for quarterly financing on
March Is. The seven months issue will
total $500 900 900 and yield 3ls per cent
and the - months issue totaling $780,
600 600 will yield 3a4 per cent. Both
will be dated March Is.