Evening star., 1932-03-11
RELEASED MONEY
BRINGING RELIEF
Results of Anti-Hoardinq
Drive Gratifies Secretary
Mills and Others.
Continued From First PsRe.)

national bank failures since February
II, the first time that the number has
been so small in nearly two years.
Federal Reserve Board reports also
showed a decrease in bank failures for
the month Of February, but ofiicials de-
clined to make them public pending
their formal announcement in the Fed
eral Reserve bulletin which will be is
sued in about week.
While money in circulation showed
decrease, the countrys monetary gold
stock increased $12000,0 900 in the week.
bringing the amount held by the Nation
to $4.362 900 900.
Pointing to the strength of Wash
ington banking institutions as deserving
the utmost confidence of people of this
city, A. j. Driscoll, president of the
Mid-City Citizens Association. and
vice president Of the Monday Evening
Club, in statement today predicted
that the membership of citizens organi-
zations in the city would actively sup
port the anti-hoarding drive
Need of Hidden Money.
The campaign, as Mr.. Driscoll ex-
planned it, is ito bring Lack into circu-
lation, where it properly belongs money
that may be hidden away in old socks.
or other musty resting places"
1T is certainly not my intention to
indicate to any person where they
should make their deposit. Our splendid
banking houses, and building associa-
tions eford the depositor ample pro-
tectiop as well as payment Of interest" "
he SD. I'm this need only call at
tentido to a recent run on one of our
building associations, where every de-
mand was not only met, but the insti-
tuition remained open after regular
closing hours, in order that all demand =
ing their deposits should receive same.
This institution is still going strong. 4"
Mr.. Driscoll also recommended the
attractive investment the Treasury
Department is placing at the disposal
of our Reconstruction Committee in the
shape Of short-term certificates paving
interest aimed to release dollars that
cannot be gotten into banking business
or other normal business channels, to
accommodate the small investor.
My 18 years experience with citizens
associations Of Washington, being presi-
dent for that span of one of the largest
and most active" said Mr.. Driscoll.
leads me to the statement, that the
entire membership of all organizations
here is going to support President
Hoover and the Treasury Department
in the present call We did It during
the sale of Liberty Loan bonds, and we
are going to do it now.
Once again we are afforded a splen-
did opportunity for service. am
therefore appealing to every member of
each and all associations to support Mr..
Noyes and his Citizens Reconstruction
Organization in the work before them.
In stimulating public confidence in the
soundness Of our country we will do
much to overcome the present economic
situation"
Improvement Is Seen.
Expressing new confidence in the
economic situation, Mr.. Wood of the
Washington Gas Light Co., in a radio
address last night over WRC, declared
that personally, I believe that things
have already begun to clear up"
"A great many constructive moves
nave been made by governmental and
private agencies to relieve abnormal
conditions" he said. Through the
National Credit Corporation, the Re
construction Finance Corporation, the
Railroad Credit Corporation and, more
recently. the Glass-Steagall bill, every
reasonable assistance is being given
toward building up confidence and lib
eralizing credit.
During the last two years a great
many soft spots in business have been
eliminated, and the ma ajority of COM
panies are now on a sound basis"
Declaring that fortunately there is
little boarding in Washington" Mr.
Wood suggested to his hearers, how
ever, that money which has been kept
out of circulation and boarded can
go back into circulation through any
Of the following channels:
by its expenditure for needed mer-
chandise or home improvements at
current low prices; by its investment
in sound securities; by its deposit in a
sound bank; by the purchase of baby
bonds"
Calling attention, however, to the
fact that these baby bonds are an
emergency measure-the speaker said
"for this reason there is no advantage
of taking money out of sound banks
and putting it into baby bonds"
Discussing the economic situation,
Mr.. Wood said that the primary prob
lens of production has to great ex-
tent been solved, but there now faces
society another task quite as important
to our welfare-that of distribution and
consumption"
1T is quite apparent that business
depends very largely upon our facilities
for exchange of goods. And any one
who does anything to retard this ex-
change of goods by failure to make
normal necessary purchases or by keep
ing money out of circulation by hoard
ing it, is obviously helping to bring
about the downfall of our economic
structure"
The great mass Of people, which