Evening star., 1940-08-02

March 698,348 68O,3S1
April 7O5,744 664,231
Nav 694,092 633, ,168
lime 623,599 608,202
.Julv 622.OO9 575,905
Total S4,642,887 $4,391, ,737
The gain in postal receipts was in
line with the big increase in bank
clearings during July, which had
Jumped from SOL, ,104,93l in July,
1899, to s123,533, ,492 in July, 1910,
to exceed every July back to the
year 1929.
Notes Oversubscribed.
The Richmond Federal Reserve
district, including this city, heavily
oversubscribed its allotment in the
current offering of "a per cent
notes of Series F of the Commodity
Credit Corp, it was learned today
Total subscriptions received from
the Richmond district were $685.
10000, according to the Treasury
DEPARTMENT, which allotted only
So.2O4,000 of this.
The total subscriptions for this
issue amounted to S3,185, ,206, 900,
while $3.50 ,45S,oOO was allotted for
the entire country.
The total debt in the United
States, including both public and
private debt, was reduced from
S172 800 100000 in 1929 to $l48, ,9O0,-
100000 in 1884. according to the
Alexander Hamilton Institute. But
since 1884, the study points out,
there has been a steady upward
trend. In 1899, it amounted to $751;
100000 900, or only $4,000 100000 less
than in the pre-depression year OF
1929
The reduction of this overall
debt from 1929 to 1884 was due en-
tirely to decline in the private
debt from $143, 100000 to SILL
100000 900. While the private debt
declined from 1929 to 1884, the pub
lie deb. increased. Part OF this
increase in the public debt was
due to a rise in State and local
debts. Most of the rise in the pub
lie debt, however. was due to an
3llCIGdSS LII tllC ICoCI a. ASbc'
Debt Jumps in 1880.
In 1929 the total debt in the
United States was equal to 42.1 per
cent of the national wealth. Due
to a slight increase in the debt In
1880 and a sharp drop in the ma
tional wealth, the debt in 1880
Jumped to 50.7 per cent of the
national wealth.
While the debt was reduced dur
ing 1881 and 1882 the reduction
did not keep pace with the defla-
ton in the national wealth. Con-
sequently the debt in 1882 was
equal to 1877 per cent of the ma
tional wealth. In 1888 the debt
was equal to sos per cent of the
wealth, while in 1899 it was equal to
474 per cent of the wealth.
The relatively heavy debt in the
United States at the present time" !"
concludes the survey, sis one of the
primary reasons why credit ex-
pansion does not develop. Although
the banks have sufficient funds to
permit an enormous credit expan-
sion, so much of the wealth of this
nation is encountered by debt that
there is scarcity of collateral.
Consequently, it is difficult for the
available bank funds to find en-
ployment. The experience during
the past decade suggests that any
extensive period of credit imitation
may continue to be postponed until
some readjustment is made which
will tighten the present burden of
debt"
Washington Gas preferred sold at
los on the Washington Stock Ex-
change today in session in which
only five shares of this stock
changed hands. There were no
other transactions.
Cole Bill Is Watched.
The financial district is watch
ing closely progress OF the So
called Cole bill for Government
regulation of investment trusts
which yesterday passed the House
and was sent to the Senate. Senator
Wagner will be prepared to call up
the same bill, which is pending in
the Senate under an agreement
which will allow him to take such
action almost at will.
Consideration of the investment
trust measure had been delayed
while leaders discussed feasibility OF
adding to it a rider relaxing the
20-day waiting period of the Sc
curities Act between registration
and sale of new securities. Repre-
sentative Lea, sponsor of the rider
agreed to introduce the Securities
Act amendment as separate meas
ure instead of as rider.
Loans to brokers and dealers in
the week ended July 81 totaled
1902, 100000, which was up $14 ,000, ,00C
from the previous week and a de-
crease of $4,000, 900 from the same
week year ago. Other loans fol
the purpose of purchase and carry
ing securities amounted to $751;
100000, which was 100000 less
than the previous week.
Personal Mention.
Francis E. Robey, assistant cashier
of the Bank of Commerce & Savings
has returned after five-week alb.
sence during which he attended
the graduate school of banking al
Rutgers University and, enjoyed 6
vacation at Ocean City, Md.
G.. Crawford Turnbull, cashier o.
the Morris Plan Bank, has left or
an airplane trip to Seattle, Wash.
ington, stopping off at sightseeing
points en- route.