Evening star., 1933-02-06
COLLECTIONS SHOW
IMPROVED STATUS
Six Cities Listed as ''Good''
lin Credit Associat on
Survey.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Despite seasonal tendencies which
would tend to bring a downturn in con-
ditions, the monthly survey of credit
and collections conditions throughout
the country, the National Association OF
Credit Men reveals a heartening up
swing in the current analysis released
by the Washington office today. The
survey is based On reports from ITO
marketing centers throughout the Ma
ticn
Collections are listed as good" in
SIX cities in the current survsy as con-
tr stei to tw3 in December. Last month
New Haven, Conn, and Fcrt Wttn'
Tex, were on this honor roll, but this
month both have gone back to fan.
listings. The six cities in the good
list this time are Bridgeport, Conn;
Boise, Idaho; South Bend, Ind; Baltl-
more, Md; Wichita Falls, Tex, and
Quincy, II.
In the sales reports Wichita Falls was
the, sole city noting good" sales. 1t
replaces Boise, which was alone in this
Classification last month. The extent
CT the upturn is indicated even more
in the fact that more cities report fair
collections. in contra-t to SLOW" than
was true in January. Sales, however,
slew a slight drop in general through
cut the country, but this is in line With
eypectatic ms because CT the usual pest
holiday trade conditions.
y. New Title Office Manager.
The New York Title & Mortgage Co.,
with Offices in the Shoreham Building,
announces that c. H. Bonnin assistant
vice president, of the New York office,
will assume charge of the company's
branch Office.
Mfr, Bonnin succeeds A. w. Hoover,
assistant vice president, who came to
the Washington branch from Miami.
Fla. Mr.. Hoover is returning to the
Miami office Of his company.
Mr.. Bonnin is native OF Wisconsin.
After several years in the title field in
his home State he became associated
New York Title & Mortgage Co. in
1926. He hiss had wide experience with
the title company.
Paul j. Murphy and Martin j. Quig-
ley, already vel known to Washing
tcnians, will continue in their official
capacities as title officer and settlement
clerk.
The outstanding change in the f1nan-
cial situation in January, says the
Guaranty Trust Co.'S review, was the
reduction in the Federal Reserve banks
holdings of Government securities,
which had remained virtually un-
changed since last August. During the
three weeks ended January rs, hold
ings of these securities were reduced
by $88, 8,000,O 600. This action is not re-
garded as marking a change in the
easy-money policy of the Reserve banks
aGc ta
sion of member banks reserves due to
gold imports and to the retirement of
Federal Reserve notes. During the last
six months several hundred million
dollars in gold has been received from
abroad and deposited in the Federal
Reserve banks for credit of member
banks. At the same time, money has
been gradually coming out of boarding
and has been redeposited in banks,
which, in turn, have deposited it with
the Reserve banks in order to build
up their reserve balances. Thus the
reserve balances of member banks have
increased rapidly and are now far
above the legal requirements The
natural procedure is for the Federal
Reserve banks to dispose of Govern
needed to support member bank re-
serves. @ --.,-.,..
Member banks continue to report an
increase in deposits, together with a
decrease in loans. To some extent this
gain in deposits is due to gold receipts
and to some extent it reflects a gradual
revival of confidence in the banks that
has resulted IN a return flow of money
formerly withdrawn and boarded, the
Review adds.
aTeday's ID. C. Exchange Trading.
The new Washington Gas Light IS,
1858, recorded two $1,000 sales on the
Washington Stock Exchange today, at
"a. This is the first time the new
bonds have sold under 9414, the price
at which they were originally offered
Washington Gas 5s, 1860, figured in a
$1,000 sale at 1864, an unusually
strong price for per cent issue
Potomac Electric Power 512 per cent
preferred stock moved at 1912, while
the corporations 6 per cent preferred
changed hands at 11012.
lSecretary of the Treasury Mills an
nbunceS final subscription and allot-
ment figures with respect to the Feb
ruary l offering of 25s per cent Treas
ury notes of series A-1938, maturing
February /, 1888, as follows:
Total cash subscriptions received
N1bObbOO OlA ~ AoOQdCCI OCdlGJ, o.
678, 1922, 700; total exchange subscrip-
tions received (allotted 81 per cent? :,
$t23, 3,920,900; total subscriptions re-
ceived S7,802, ,843, 600; and total SUBJ
scriptions allotted, S277,516 900. The
latter figure includes S76852, 900 allotted
On S123, ,920, 800 exchange subscriptions
The subscriptions were much larger
than the bidders wanted, in the opinion
o1Secretary Mills, who states that ac-
tim may have to be taken to prevent
these immense oversubscriptions for
new issues. The subscriptions are pad6-
ed so that, after the requests have been
greatly scaled down, the bidders will
still get as many Of the new notes as
they want.
Heard in Financial District.
E. L. Geasey of House & Hermann,
local furniture dealer. has been elected
a director in Century Furniture Asso
ciates. Incorporated, New York, accord
ing to Paul w. Hake, manager. The
organization Is made up Of 33 member
store executives and buyers The aim
orthe organization is an exchange of
ideas on policy, merchandising, adver-
tising and salesmanShip.
Lewis E. Waring, partner of Clarke,
Childs & Keech. has been elected to
the directorate of First Commonstocks
Corporation. Mr.. Waring is connected
with the brokerage firms New York
office.
w w Spaid, partner in w B. Hibbs
&, Co, who has been turning in some
brilliant golf scores at st. Augustine.
Fla, for the past two weeks, is ex-
pected back in Washington this week.
B. L. Cotton, trust officer of the Dis
tict National Bank, is planning to at
tend the National Trust Conference in
New York next week, the meeting being
sponsored by the American Bankers
Association.
American Stores Co. has notified the
New York Stock Exchange Of pro-
posed reduction in authorized common
stock to $500, 900 shares from 100000
shares.