Evening star., 1934-04-10
: D. c. BANKS AID
TREASURY PLANS
Pledge Help in Reaching
Individual Holders of
Liberty Bonds.
BY EDWARD C. STONE.

States Treasury in reaching individ-
ual holders of the called fourth Lib
erty loan bonds. The action was
taken by individual banks, as well as
by the District Bankers Association,
in response to a telegram received
this morning from Secretary Nor
genthau.
Secretary Morgenthau said he would
greatly appreciate the banks Coop
Grafton in reaching those individuals
who have not yet taken advantage of
the conversion offer. He asked that
bank customers be notified OF the
Treasury plan and that the banks
offer to assist in the exchange OF
bonds. His telegram concluded:
Great many holders of bonds in
small denominations doubtless un-
aware advantages of exchange into
new issue now selling at substantial
premium Stop They are difficult for
us to reach Stop Bonds should be in
the mail not later than midnight
Thursday twelfth Stop Would appre-
ciate if you telegraph me collect
whether can count on your COOP
Grafton"
Interest Stops April Is.
The called fourth Liberty bonds are
those having serial numbers ending
with the digit 9. or l. The Star
has frequently called attention of
holders to the fact that these bonds
will cease paying interest after April
IS. That is why it is so important
that action be taken at once.
Holders of 81 100000 in these fourth
Liberty bonds which have been called
may exchange them for the new 1912
year issue of 3A per cent Treasury
bonds.
Secretary Morgenthau feels that
applications to make the change have
been coming in with gratifying
promptness, but he still fears that
some holders may not realize the full
advantages of making the exchange,
or have not even noticed their bonds
are among those which have been
called. The bonds are now selling at
q premium.
Robert V. Fleming, president of the
Riggs National Bank, was cne Of the
first local bank officials to wire COM
plete cooperation to Secretary Nor
genthau. At the same time, George
o. VaSS, president Of the District
Bankers Association, arranged for CO.
operative efforts from all the member
banks in the association.
Capital Buys 7,4O0 Radios.
The Summer of 1884 will have the
largest radio audience in history, ac-
cording to survey made by the CO.
lumbia Broadcasting System, in con-
junction with the McGraw-Hill Pub
fishing Co. More than million
homes were added to the radio public
during 1888, and a total of $500, 900
new sets were sold during that period.
Eighteen million homes, or 60 per
cent Of the entire United States, are
now radio-equipped. In addition,
some 100000 automobile radios were
sold during 1888, and the total now
in use is estimated at more than a
million. These and the millions of
portable sets in vogue assure radio re-
ception to vacationists even while
travelling.
OF the approximately four million
sets bought in 1888, 100000 repre-
sented requirements of old radios.
The S65 100000 spent for these sets,
plus another $5G,000,0O0 for new
tubes means an expenditure of Sll5,-
100000 by the public in one year to
improve its listening facilities.
The report says that 7,400 new
radios were placed in Washington
homes during the year, making 6.6
percentage increase, and bringing the
total homes having radios up to
118,740 and making the percentage
owning radios 94.6.
Insurance Up A Per Cent.
The Acacia Mutual Life Insurance
Co. has just completed its best first
quarter since 1880, it was announced
today by William Montgomery, presi-
dent of the company.
Net production for the first quarter
Of this year was A per cent greater
than for the corresponding months of
1888, President Montgomery pointed
out. The net production figure for
the first quarter of 1884 is $40, 700, 900.
Mr.. Montgomery expressed especial
satisfaction with the conservation rec
ord established by the company dur
ing the first quarter, and pointed out
that the accomplishment in this di-
rection is highly important index
OF improving conditions throughout
the country.
Southern Would Extend Dates.
The Southern Railway has applied
to the Interstate Commerce Commis-
sion for permission to continue for six
months after May 81 reduced fares OF
IL cents a mile despite the attempt
of N. r. A. officials and the Federal
co-ordinator of transportation to
stabilize rail and bus passenger fares
through the South on minimum
basis of 2 cents a mile.
The action reflects the refusal OF
the Southern to accept the bus op-
orators proposal that if the railroads
agreed not to reduce fares under
cents a mile, the highway carriers
would do likewise.
The bus operators complained to
the N. r. A. that railway fare reduc-
tions were detrimental to their busi-
ness, especially since they are bound
by an N. R. A. code.
Weather Aids Retail Trade.
Reports from the Federal Reserve
Bank of Richmond indicate that retail
trade in the fifth Federal Reserve cis-
trict so far in April has been salts
factory. The warm weather has kept
sales active since Easter. Results OF
suspending c. w. A. activities have
not yet become evident.
Member bank deposits since the
first of the year have made big gains,
% having increases totaling $l4,-
100000.
Residential building continues slow
but heavy construction contracts In
March were the largest in six months
Hotel reservations for the next few
weeks are heavy, with the tourist busi-
ness fast becoming a major industry
in the district.
Coast vegetable crops were hurt by
the early March weather, but orchard
lists are confident of a good season.