Evening star., 1936-06-16

amounts n e +
$50. All the bonds are in $50 denomi-
nations, but none of the checks for
$50 or more have yet appeared.
Bankers today were asked to assist
in the certiflcation of many of the
bonds, as well as to pass out cash for
the checks. After completion of iden-
tification, the bonds are taken by the
banks and sent to the Treasury for
collection, these checks to be sent di-
rect to the veterans.
1t was expected today that clearings
during the rest of the month will show
a heavy increase. Checks cashed in
department stores, used in payments
on automobiles and put through
countless other channels will event.
lIally get to the Washington Clearing
House How high bank clearingS go
will be of unusual interest and at the
same time vividly picture the busi-
ness pickup so long predicted.
The total amount of the Capital
bonus distribution is between $4,000
900 and $15,000,000 Not nearly all
the bonds will be cashed but enough
will be spent at once to give business
a vigorous boost. For weeks veterans
have been buying real estate on the
promise that the bonus, "as, if and
when paid" would be applied to the
notes. Similar reports come from the
automobile industry and a general
wave of debt-paying is assured. The
banks are expecting many new ac-
countS-how many remains TO be SEEN
Bonus business moved along in most
orderly fashion in the banks. Special
officers were assigned TO assist in
identification of the veterans. There
were no long lines waiting at the
windows.
Yeatman Long in Banking.
Millard S. Yeatman, newly elected
chairman of the auditors section of
The District Bankers Association, has
been in the banking business since
1912, when he became competed with
the old American National Bank.
He was auditor of the Federal
American Bank 81 Trust Co. and be-
came auditor of the Hamilton Ma
tional when that institution was
agreed upon consolidation. That Is
the job he now holds.
Born in Washington, Mr.. Yeatman
is a graduate of Business High School
and of the Y. M. C. A. Business
School, also taking special courses in
the American Institute of Banking.
He was in the World War, being
member of quite group of Washing
Ton bankers who are receiving bonus
bonds and checks.
The other auditors section officers
are Henry L. Downey, vice chairman;
Gerald E. Keene, secretary-treaSurer
James D. Barrett and H. Norman
Glascoe, Executive Council members.
C. & o. Would Refund Bonds.
To take further advantage of pre-
Vailing low money rates, the CheSa-
peake & Ohio Railway has asked the
Interstate Commerce Commission for
authority to refinance $4,000, 900 out
standing per cent equipment trust
certificates Of 1884 through the is
suance and sale of 10-year notes, to
effect estimated savings in interest of
S1,893,00
The application asks the right to
put out SIS, 800, 900 of notes with in
terest rates ranging from 5s to as.
Preliminary negotiations have been
entered into with several investment
banking houses for the sale of the
notes, the application says. The notes
would be dated July IS, the last ma
turing in July, 1916.
The I. C. c. yesterday approved an
other application from the C. & o.,
railing for the sale of over $4,000, 900
pa per cent equipment trust notes, by
a banking group headed by Field,
Glore g. Co.
Branches Given Bonus Power.
All banks in this territory received
the following notice today from the
Federal Reserve Bank of Richmond
h relayed telegram from the Secre-
tary of the Treasury:
The Treasurer of the United States
will accept certiflcation requests for
payment of adjusted service bonds
by officers of established branches of
banks and trust companies incorpo-
rated in the United States without
corporate seal, where authority is on
file with division of loans and cur
rency"
Washington bankers said today
that there are plenty of indications
that the ex-Service men are going to
make their bonus money go as far as
possible. The idea that much of it
may be wasted seems unfounded,
judging by conversation heard in the
bank lobbies. A great many Vete-
rams who may have been very careless
with money when they came out of
the war are now thrifty. 1t was
clearly indicated today that a host
of the veterans are planning to cash
only part of their bonds at this
time.
The banks look for some boost in
old accounts and also some new ac-
counts. AS the interest on the bonds
is larger than the present saving bank
interest rate, the number of new saw
angs accounts will naturally be linn
tied, ofhcla1S explained.
Peoples Drug Common Active.
Peoples Drug Stores common stock
became more active on the Washing
ton Stock Exchange today when six
consecutive 10-share sales took place
at 40.
Riggs National Bank common came
out on a small sale at 263. In the
bond division Capital Traction SIS
again sold at 90 and $1,000 Washing
ton Railway g. Electric As moved at
1861.
1t is estimated in the financial dis
trict that about half of the $1,100, 600,
now being paid in the redemption OF
Peoples Drug Stores preferred stock,
will come to Washington. First
checks were received from the Chase
National Bank today.
Nashville, Chattanooga g. st. Louis