Evening star., 1933-04-10
| DEBT COLLECTIONS
''REPORTED LOWER
WN7 TRANSACTIONS ON THE NEW YUKK STUCK EXCHANGE
Effects of Bank Holiday
Noted by Credit
{ Mems Survey.
BY EDWARD C. STONE.


The best revelation of the hamper
ing effect that lack of circulating
medium and exchange freedom has or
business comes in comparison with the
survey released by the same organiza-
ton in February, the last survey be-
fore the bank holiday. In that month
six cities reported good collections
whereas in the current findings only
two. Cedar Rapids, Iowa, and Fort
Worth, Tex, are listed in the good
column.
In the current study rs of the 96
cities report SLOW collections and 62
of the reports list "slow" sales, per-
centages being respectively 70 and 81
per cent. Comparing these figures with
the February totals reveals the extent
to which business was hampered in
March. OF ITO reports in that month
53 or 48 per cent noted SLOW" COL
lections, and SO, or SO per cent felt
SLOW" sales. February's reports were
about on an average with the months
previous.
Cedar Rapids and Ft. Worth, be-
sides listing good collections are also
the sole cities in the good" sales
column for the month. The Texas
city finds that despite the banking
holidays, collections have been excep-
provement. Department stores report
unusual buying. With confidence re-
stored, recovery is on the way"
, Treasury Bank Move Lauded.
Appointment of Walter J.. Cummings
of Chicago as assistant to Secretary
Woodin, to take charge of the closed
sank situation, was highly praised in
the local financial district today.
The announcement that Assistant
Secretary Cummings will devote special
Washington aroused the most interest
and comment. Both depositorS and
bank officials expressed the hope that
things will move forward more rapidly
in the future.
Washington bank depositors feel that
they should be given more information
about the banks in which their money
Is tied up. In some cases they have
obtained practically no satisfaction
whatever as to plans for reopening, re-
organization or liquidation. In such
instances the conservators stated that
they could give no information.
Under the new plan it is hoped that
the Treasury viii soon decide the future
of each one of the closed banks and
make an official announcement. If a
anxious for LIQUIDATION to start, SO that
they may get the first payment and
other payments, as rapidly as the assets
are disposed of.
Bank officials who are working toward
the reopening of their institutions, re-
sumed such efforts again today after
week end rest. I'VE hope for definite
announcement shortly" was all that
could be said.
March Dividend Reductions Up.
Dividend reductions were again large
In March, the weighted average rate
ON 600 stocks declining from $1.16 in
February to Sill in March, according
to the monthly compilation prepared
by Moody's Investors Service. This
decrease of cents compares With f.
cent decrease in February and an aver
age monthly decrease of cent for the
five preceding months.
In a separate compilation, Moody'S
shows that the general average OF COM
mon stock yields changed little during
March, but there were sharp increases
in the yields on utility, bank and in
surance stocks, while the yields on rail-
road and industrial stocks were lower.
The New York City bank stock
market registered substantial re-
covery during the closing days OF last
week, the aggregate market value OF the
16 leading issues ending the week with
an advance of 5.8 per cent from the
new low for 1888 established on April
S. The aggregate value OF the 10
issues, as compiled by Holt, Rose &
Troster. ended the week at $1,127, ,450,-
600. an increase of S61 ,704,000 COM
pared with the new 1888 low of ST.
O65, $4,000 established on April 5. The
aggregate value at the close OF the
previous week was $l,l00, 1852, 900. The
1888 high was $1,853, $4,000 on Janu-
ary 10, and the low point for the de-
preston was 1928, ,895, 900, recorded on
May 81, 1882.
Little t'Hoarded Gold" Held Here.
According to local bankers, there is
little so-called "hoarded gold" being
held by Washington bank depositors.
Announcement by President Roosevelt
that all such gold must be deposited
with the banks, the Treasury, or the
Federal Reserve System, by May l has
turned attention to the situation which
had already been brought to the front
twice by letters from Gov. George j:
Seay of the Federal Reserve Bank OF
Richmond. The letters asked for the
names of those still holding large
amounts of gold.
More than S30,000,000 in gold and
gold certificates has been turned over
to the Treasury from the fifth Federal
reserve district since the anti-hoarding
campaign started.
Since the drive was revived few
DAYS ago by the President, there has
been no notable influx Of gold in the
local banks and only limited amount
more is expected, bankers said To-Day.
Today's Trading on Exchange.
The weeks trading on the Washing
ton Stock Exchange started today With
a small sale in Potomac Electric Power
; per cent preferred stock at 1o8, same
as the last previous sale. A small lot
OF the same corporation 5t2 per Cent
stock moved at lot.
washington Railway g. Electric pre-
ferred figured in two smaii-iot sales az
49, After call 10 more shares of the
same stock sold at the same price.
In the bond division. 81 200 Capital
Traction SIS came out at 40 and $1,000
Washington Gas Light 5s, 1860, moved
at l04.
The days market closed with 10
shares of Potomac Electric Power 512
per cent preferred changing hands at
loo.
Broader interest was manifested in
the New York Stock Exchange again
today, local broker offices being well
filled when trading opened for the
week. The increased strength in stocks,
and especially the advances in the COM
modify markets, have aroused consider
ably more public interest.
Baden Addresses Insurance Club.
William H. Baden, vice president and
trust officer of the Washington Loan
& Trust Co. addressed the New York
Life Agents Club at its regular monthly
luncheon.
He pointed out the value of life in
surance to individuals and especially to
business concerns during these days of
depression and predicted an increase
in popularity in this form of investment
In years to come. Insurance COM