Evening Star Newspaper, March 9, 1932, Page 4

A—4 * 25 STATESLISTED INPATRIOT GROUP Chairmen in Others Expected to Enter Citizenship Drive Soon. Twenty-five acceptances of State chairmanships have been received at the national headquarters of the United States Society here, officials revealed today. Other States are expected to join soon in the movement for non- partisan training in citizenship. Upon completion of organization work citizens will be enrolled. This will be followed by free distribution to schools and other groups of current information and study data on government in gen- eral The organization's purpose is to combat ignorance and indiffer ward government and to build up an informed electorate. Inciuded on Board. The Board of Advisers includes for- mer President Calvin_Coolidge, Root and Newton D. Baker, for- nier cabinet members John Grier Hib- | ben, president of Princeton University, and Owen D. Young, financier. The society’s aid to schools will sup- lement the present methods in- €truction. Every means of instruction available will be Comment and news of current e vided., round-table di promoted, radio programs broadcast and general information will be distributed to schools, colleges. libraries, industries, farms and hemes. Material for debates on current gov- ernment will be prepared for use by high school students. Illustratci post- ers will be provided for thc school bulletin boards. They will portray various functions of government, the Constitution. natural resources and their development. Outline charts will show the relationship of each depart- ment of the Federal Government. Bulletin to Be Printed. College students will be kept in- formed on current government activi- ties by a weekly bulletin showing the relationship of present problems with elementary principles of government. Stenographic reports of round-table conferences conducted by the society will be made available for study and discussion. CHANCELLOR SPEAKS Syracuse Alumni Hear Address at Cosmos Club Luncheon. Chancellor Charles W. Flint of Syra- cuse University addressed a group of Syracuse alumni yesterday at a lunch- eon given in his honor at the Cosmos Club. Chancellor Flint is here for the con- ference of Jews, Catholics and Prot- estants. W. A. Erskine, president of the local slumni, presided and short talks were made by Mrs. H. E. Woolener and Frank W. Noxon. THE WEATHER District of Columbia—Mostly cloudy, possibly snow flurries tonight: tomor- Tow fair; continued cold, lowest tem- perature tonight about 14 degrees; moderate to fresh northwest winds. Maryland—Mostly cloudy and con- tinued cold, probably snow on the coast and snow flurries in the interior to- night; tomorrow generally fair and continued cold exeept snow flurries in extreme Wwest portion. Virginia—Mostly. cloudy and slightly colder, prabably smow flurries in east and north i and continued cold. West ~ Virginia—Snow flurries and continued co'd tonight' and tomorrow. Report for Last 24 Hours. Temperature. Barometer. Degrees. . 33 ight; tomorrow Yesterday— 4 pm. . 8 pm. . Midnight Today— 4 am. 8 am. ago, 42 Lowest, 18, ago, 32 7:30 am. today. Year Tide Tables. y United States Coast and Geodetic Survey.) ‘Today. 9:29am. 2 a.m. 9:53 p.m. 4:20 p.m. The Sun and Moen. Rises. Sun, today 6:30 Sun, tomorrow 6:28 Moon, today.. T7:24a.m. shed ‘Tomorrow. 10:06 a.m. 4:28am. 10:30 p.m. 5:00 pm. Sets 5:09 6:10 8:36 pm. Automobile lamps to be lighted one- half hour after sunset. Rainfall. Montk rainfall Capital inches in the to date) age. Record 709 '82 6.84 884 9.13 10.69 10.94 . 10,63 Mo 14.41 September 3. 1081 October ... 857 Novembe 869 December e 7.56 Weather in Various Cities. § 1a9am0aty Btations. &wpiaisas 3 ‘ampu, Fia WASH . D. FOREIGN. 7 e m. Greenwich time. St Bweds Gibraltar. Spain_ .. (Noon. Greenwich time. Horta (Payal). Azores (Cu rto Ri E‘flm‘ rrent ob B ol rmuda. - ce to- | Elihu | 9 | | 1 NE person had half his hoard- ings stolen and was surprised to find the saving by low prices when he spent the rest, another is going in for home repairs, still another bought a radio, some put their money in savings accounts, and one woman was able to build a home on_the basis of a good loan. ese and many other interesting in- | | sights on the personal experience of iWasmng(nn people are disclosed is the revealing letters coming to The Star in | its anti-hoarding contest | Today more letters continued to pour | in from the malls, with prospect that competition will be keen for the $100 | in gold first prize, $50 second prize, and | 825 third prize. | “Competitors are asked to write the | best 100-word account of the reasons | why hoarding was stopped. | Half of “Hoard” Stolen. Among the new letters rteceived in centest are the following: “It was when half of my hoard- ings were stolen that I first decided to spend what remained. “Greatly to my surprise, I found that everything was at tremendously low prices, so I bought to fill my nesds. Then seeing the suffering of the unemployed, I realized that titeir lack was due to my hoarding. I was one of many, and altogether, we were keeping back what meant life to people and industries. So to the limit of my means, I gave and bought, and I trust that this praiseworthy act of your paper will convince others to do their share ! the Urges Pianting Dollars. “The planting season is at hand. not only for the seed that will bring forth a bountiful harvest but also for the dollers that will increase finances, increase employment and Teduce poverty. Never was the in- vestment field more fertile than it is right now. The foolish man stores his seed and allows it to mold and decay, but the wise man plants his seed and watches it increase a hundred-fold. Labor cannot live without money and money cannot grow without labor. Give them to each other and the dollars will mul- tiply, the honest man will have work, and the hungry child will have food. Hoarded money only serves as an incentive to thieves and worry to its owner.” 1dle Money Scored. “Economic theory tells me that the greater the quantity of money in cir- culation the higher prices will rise. Rising prices mean higher incomes, greater purchasing power and ex- nding business. pl"E\'eg:" hoarded dollar is a dollar out of circulation, and means a con- traction of from $5 to $6 in terms of business done. Idle money is worth- Jess, even to the individual who pos- sesses such. Those of us who hoard money out of fear that our banks may fall are only aiding the cause toward such failure. for if these in- stitutions should collapse, because of depreciated trade, my hoarded dol- 1ars could be used for souvenirs only. “Credit is the backbone of the trade of the United States. and to hide money is to retard that credit and thereby endanger the very exist- ence of our banking resources and * paturally our whole industrial sys- tem. “By spending my money conserva- mz%‘( Sepositing it in & bank or in- vesting it in sound securities, I am being loyal to the general welfare of my impoverished neighbor, my dol- lars are working for me and I am aiding a return to prosperity.” Uses Savings Account. «All those dollars folks are hid- ing in mattresses, old socks and dark corners are tying up credit, holding back business recovery and keep- ing millions_out of work. “Luckily I have a job and I put some of my salary in a savings ac- count. That keeps money in cir- culation, and savings in a bank is NOT hoarding. But I believe in doing more than that to keep things moving. So I'm arranging to have the roof repaired, walls papered, windows weather - stripped and porches painted, and I'm urging my friends to do the same. “When all of us here in Wash- ington buy what we need, keep our funds—such as we have—busy, either in bank or by buying, all of us will be better off.” Dislikes Being “Miser.” “For many months I have wanted to own a radio, but, owing to pres- ent conditions, I felt I could not afford one. “Being, or rather having been, one of these persons who ‘cashes his salary check and takes the money home and buries it’ I began to wonder, and to wonder more after reading numerous erticles in the pa- pers on the anti-hoarding cam- paign, if T was helping myself and the community by playing ‘miser.’ “Knowing that the dollar in cir- culation has many more times the value of my dollar buried at home, I decided to purchase the much- desired radio. T have not only add- ed joy in my home, but have put money into circulation which will manufacture another set, thereby giving work to some one who may need it “If we can only understand that for every dollar we spend it must g0 to the employment of the public at large or the manufacture of an- other part of a radio, we will try to ‘afford’ more than we think we can in the way of luxuries during these so-called ‘hard times.’" Finds Way to Help. “I do not believe in hcarding as a principle, for the re can accomplish. I met an intelligent lady who was trying (o keep her family together and thrcugh no fault of her cwn was living in a very house. loaned 1o her by wrch to which she belonged owned a lot, and with the money I loaned & as able to build a home with an extra apartment, the rent of which pa; the interest on the money loaned, and she now has « suitable home. ™ Clings to Patriotism. di the tempta- on losing, to AT AUDITORIUM Afternoons, 2:30 to 5; UNITED EXPOSITION Prizes Tonight for Winners in Heaviest and Tallest Holders of Tiekets Nos. 020083 and 002282, Please Communicate With Show THE EVENING STAR. WASHINGTON, D. C. “Hoarders” Learn Better Money Easily Stolen at Home While Citizens Find Idle Dollars Go Far When Spent for Needed Articles, Letters Indicate. band gets but little work: thoughts of loss through banks were ever present. “Then came the appeal of our President asking the people to stop hoarding, put money back into cir- culation, relieve the distress which is in our land. “The opening words of the pre- amble of the constitution of the American Legion, a patriotic soclety, of which I am a member, came to mind, ‘For God and couniry.’ So patriotism and a desire to help were the deciding factors in placing this money in circulation.” Idle Dollars Buy Car. “The patriotic duty of every American citizen is to expend his surplus cash for things which will give added pleasure, comfort, health and happiness to his family. there- by directly contributing toward the prompt revival of business and aid- ing in the relief of unemployment. “With this in mind, I recently purchased an_automdbile with my idle dollars. This act will not only afford my family and friends many happy Fours, but will indirectly benefit hundreds of different branches of industry. “I might have put off buying a new car, but such thoughts and actions have retarded progress and prosperity long enough.” “I belleve that our United States of America is as reliable as the Rock of Gibralter; that our Govern- ment officials are doing all that human intelligence and honest appli- cations of the best methods known to bring back better business condi- tions, and knowing that true values are now selling for far below normal prices and that this condition will not last much longer: I believe to- day is one of the few chances of a lifetime 1ntelligently to invest your hoardings and daily savings. I belleve this is the greatest opportu- nity for 50 years to get profitable returns for your money invested.” | | 1 Way to End Distress. “If all the world practiced Jesus' advice to Nicodemus, ‘Love thy neighbor as thyself, then there would be no distress and hunger anywhere in the world. “It is the duty of all loyal citizens of the United States to stop hoard- ing, as this would prove disastrous to all in the end. Let the hoarded dollar work and it will enormously relieve depression, starvation and unemployment. Capable, honestly unemployed would enjoy the God- given right to work and not depend on charity. “I put my money into circulation. Out of my monthly salary of $115 I have bought since July 1, 1931: ‘Tre Evening Star, a ‘used’ car. new clothes, attended college every night, pledged the biblical 10 per cent to charity organizations and hope to buy a baby bond soon.” Buying Power Increased. “I wish to tell why my money is not idle, and give reasons why no other money should be idle. Here are my reasons. “1. Approved, tested, Government supervised banks and financial in- stitutions are paying from 2': to 5 per cent on saving accounts. “2. The buying power of money has been increased with the rapid drop in prices of staples “3. Unprotected money ages crime. “4, It is a patriotic duty. “The quickest way to lift the depression Is to restore the Ameri- can dollar to circulation and to free all frozen assets. Everyone should and can have a part in this if they will put their own money back in normal business channels. They have only to gain.” VRS, PRATT JOINS DRIVE ON HOARDING New York Representative Urges Purchase of “Baby Bonds” in Radio Talk. encour- Urging the purchase of Treasury De- partment “baby Donds” as a means of | | restoring to circulation more than $1,- 000,000,000 that has been withdrawn through hoarding, Representaive Ruth Pratt of New York yesterday spoke over ; & National Broadcasting Co. network in furtherance of President Hoover’s anti- hoarding campaign. Second in importance to withdrawing | cash from its hiding places is the maintenance of a noimal standard of living, Representative Pratt said. She pointed out that many persons are actu- | ally better off than they were during the expansion period after the war, since their salaries or incomes have re- | mained fixed while the price of nearly | everything the dollar will purchase has | fallen. | Pointing out that the great working | organization that has been built up by | the anti-hoarding campaign is not sell- |ing “bonds, Representative Pratt de- clared that “its prime purpose is to | stimulate public ~confidence in the | soundness of the country and to urge every one to put idle dollars to work by keeping them in banks, using them in | the purchase of sound securities, of | spending them wisely in making neces- sary improvements and in carrying on the established standard of living. | “=The 2 per cent interest paid on the | baby bonds, which are absclutely safe | and worth 100 cents on the dollar every day of their life, certainly should prove attractive to those who are running the hazard of hiding cash where any prowler may find it. Money paid for | the certificates will be kept in the local banks which sell them, and will begin at once to benefit the credit and general business situation of the community.” & | the statement. King George's collection of British and British colonial stamps is the finest | m the world and worth nearly a million | dollars ! VALUABLE PRIZES Exhibits—Samples—Souvenirs THE FOOD STORES 19th and N. Y. Ave. N.W. ALL THIS WEEK Evenings, 7:30 to 10.30 ontest . REVIVAL NEARING, FINANCIERS FEEL Upward Swing in Market Due Next, Exchange Firm States. In a statement issued today, G. M. P. Murphy & Co. members of the New York Stock Exchange today predicted “recovery' for the country, financially | and industrially. “If our judgment is correct, the next | major move will be upward,” declared | “We have troubles still | to conquer, but that is true even in| battles when the tide of victory already is running strong.” “Two years and a half have passed since the last mad inflation of security land money values reached its peak,” sald the “forecast of recovery.” Credit Flow Hampered, “In that time this country has suf- fered from the pains of readjustment with various false starts toward better | conditions, each failing, and each leav- ing in its wake more discouragement and less hope. The record of bank fail- ures has been alarming to the whole community and it is estimated today | that over $1.300.000.000 of our gold and currency is being hoarded in strong boxes or other places of concealment, ‘The solvent banks in turn, fearing runs by depositors, have insisted on main- taining excessively liquid conditions. Normal credt and investment policles have ceased to operate and the business of the country, deprived of the life blood of capital, has dipped to the low- est point in many years. “It is granted that many financial readjustments by market values must be accepted be- fore a period of sound prosperity can of the be witnessed. Swollen real estate valua- | tions, as represented by inflated bond issues and mortgages, must be reduced substantially and may be reduced in many cases to figures which are ab- | normally low Great losses in these properties must be conclusively real- ized before the real estate market can again resume a definite upward trend. ‘The Government budget must be bal- anced—which means heavy taxation and reduced expendstures for public en- terprises; the State and municipal se- curity situation must undergo drastic blood-letting and entail new policies of economy on the part of our States, counties, cities and towns. “The foreign situation is generally | bad. Radical readjustment of many in- ternational debts is inevitable, but will be eased, it is hoped, by negotiations between debtors and creditors. World trade is choked by senseless tariff bar- riers, for which the United States is originally and primarily responsible, and for which we are now bound to, pay a full price through adverse effect on our foreign trade. Fortunes to Be Made. “In such circumstances, it is easy for men to throw up their hands in de- spair and abandon themselves to hope- lessness. But it Is in just such circum- stances that men of courage and calm judgment lay the foundations of great fortunes. This firm does not believe that the long-term growth of our coun- try has stopped. We believe in its re- sources and its financial strength, but even more we believe in the courage and resourcefulness of our people, and in their sound common sense, once their heads clear after their debauch speculation. It is absurd to attribute to the security markets aloue, or even principally, the inflation of the great boom. The Florida land speculation, the hectic ballooning of real estate prices, the vast extravagances of pri- vate life, the loose waste of public funds, and the careless credits granted by banks, small and large, throughout the country. all contributed to the pa- thetic climax. “We believe that the worst of the| storm has passed. The extent to which deflation has taken place is not gen- erally realized. Stock Exchange loans have nearly disappeared and recognized stock price averages have declined more than 75 per cent. Many commodities are selling at_prices not generation and others are at levels Jower than ever previously recorded. The market values of State, municipal, real estate and other domestic bonds in general also indicate a large meuasure|of the United States; A. W. Mellon, | of defiation. The same thing is true of the market values of foreign bonds. To all intents the individual has adjusted his ideas of capital values to conform to_current market levels. other words, the American people acmit their losses, an essential prerequi- site to rebuilding. Common Sense Seen. “If our judgment is correct, the next| 1928 series, check letter “C." face plate | major move will be upward. We have troubles still to conquer, but that is true even in battles where the tide of victory already is running strong. The following fundamental elements we es- timate as of great strategic importance to the fight for recovery “(1) In all of this distress, the con- stant drift of our people has toward sound common sense and away from selfish or socialistic nostrums or communistic destruction. The vote of the American Legion against the bonus was one of the most heartening events in the past three years. “(2) Labor unions have demon- strated a realization that strength car- ries with it responsibility and that business is a partoership in which labor is one of the partners, “(3) have shown a spirit of fine and united patriotism unequaled in this genera- tion, except under the stress of war. “(4) The Congress proposes to bal- | ance the budget and. hard as the bur- dent on the taxpayer may be, it is a burden we should all assume cheerfully because of the obvious ultimate ad- vantages to us all *“(5) Recent constructive efforts and now indicated | of | seen for a| been | Both parties in_the Congress | ' WEDNESDAY. legislation resulting in the National Credit Corporation, the Reconstruction Pinance Corporation and the Giass- Steagall act have relieved our strained credit structure to such an extent that We may reasonably anticipate an end to the banking distress of the country and at least a gradual r‘e‘tulm of confidence ancial institutions. m"‘:‘al: fl(‘)‘ut of the welter of foreign dis» tress come the courage and strength of England's offer to anticipate the pay- ment of three-quarters of her $200,000,~ 000 gold obligation to the American banking group which came to her as- sistance in the black days of last Au- gust. With this is coupled the report that, after sufferings and difficulties such as this country never has lmowlz Britain is fighting her way through and sees a definite upward road ahead. Witl | Gonfidence she has just removed re- strictions on the export of xurnn‘g. Moreover, the flow of gold from India to England may conceivably be a major ; for the better. factor infiuencing @ tush, 1oL % 500 dia_and, while esti- the future flow are o e %‘cssmle figures of over $1.000. 000,000 have been mentioned. Th! gold is all hoarded metal and its retun $o monetary use is comparable to the discovery of & new mining area. Praise Labor’s Stand. ; : “(7) Thanks to the co-operation of labor in voluntarily accepting wage 1;:- ductions, and to the energetic Sngin;x v of our operating staffs, radical and :; reaching economies have been oflecln— in our production costs. and many oy dustries in the United States{ now‘ o show profits on & volume @f bus! nrl and at selling prices whick, formerly would have entailed heavy 10Ss. = “(8) Corporation managers are a¢- cepting conditions as they are anc FOC justing balance sheet values, dividends @nd policies to conform with them. “Specifically, we believe that the l'efi storation of confidence in our banks WI( result in the return to circulation Of hoarded money. Once the flow of cur- rency is definitely reversed. the banks should lose their fear of runs and l‘?laf straining to keep unduly liquid. Grant- ed this, bankers should look with dis- favor on surplus idle funds producing no earnings and seek soun productive loans and investments yielding a good return. As a result, the bond market should rise and, in due course, the stock market should follow. As secur- ity prices rise, the holders of securilies will see the cash value of their assets increase and long-delayed buying of necessary merchandise and other prop- erty should commence. This buying should start again the wheels of in- dustry. As ® necessary corollary, car- loadings should increase and. as the raflroads commence to Prosper. in- | creased outlays for maintenance and replacement of equipment should fol- low. The recovery will be cumulative |in its effects. During its early stages those whose vision extends beyond pres- ent problems will be buying securities Others, in time, will look back on tnese dark days and wonder why they hadl Ino conception 6f what our ixgenlous, | ambitious people, alded by great na- | tional resources, would accomplish. Cautious Investors, “We recognize & distinct difference speculative swings and securities bought for investment. Perhaps there will be | no general upward trend in equity se- | curities until the investment market improves and there are definite indi- cations of recovery in business volumes. | speculative trading, accordingly, should | be based, for the present, purely on current information, and we do not | attempt to deal with it in this letter. “We do advise the outright purchase for investment at current prices of | sound bonds and stocks of companies which face no debt problem for which | reasonable solution is not obvious and which have shown that even in this | depression they can earn profits.” | COUNTERFEIT BILLS FOUND IN CIRCULATION Five-Dollar U. 8. Note and Ten and Hundred Dollar Gold Certifi- cates Are Detected. The public today was warned by W. H. Moran, chief of the United| States Secret Service, to beware of | three new coun‘erfeit bills which have just been detected. | Five-dollar United States note—1928 | series, check letter “K,” face plate No. 242, back plate number indistinct, probably 67, W. O. Woods, Treasurer | Secretary of the Treasury: portrait of | Lincoln, “serial number B50510519A. | Ten-dollar gold certificate—1928 se- | ries, check letter “L." face and back N | plate numbers indistinct: W. O. Woods, | | Treasurer of the United States: A. W. Mellon, Secretary of the portrait of Hamilton, serial A35010519A. One-hundred-dollar gold certificate— number | No. 2, back plate No. 4: W. O. Woods, | Treasurer of the United States; | Mellon, | portrait _of | A01553577A. | U DRYL Franklin, serial AW SCORED Paris Wine Congress Told of “De- | plorable Condition” Created. | PARIS, March 9 (#)—Two delegates {told the International Wine Congress vesterday that prohibition in the Uni:- ed States had created a “deplorable situation.” | Dr. E. Malachowski of Poland pre- sented statistics intended to show that deaths from alcoholism had doubled and cases of heart disease had tripled | In America since that country enacted its dry laws, | Edouard Barthe of France reported there had been an “increase in im- | morality” during the same period. School attendence in the Irish Free State greatly increased last year. TAXES MARCH IS TAX PAYING MONTH Come in and have an interview with one of our loan officers and we may be able to make you a bank loan which may be repaid by MORRIS PLAN BANK Under Supervision U. S. Treasury 1408 H Street N. W, monthly deposits. Washington, D. C. N § between securities dealt in for short| They are described briefly as follows: | Treasury: | aot MARUH 9. DRIVE ON HOARDING 1932. BRINGING RESULTS Campaign to Put Idle Dollars to Work Everywhere Is Gaining Support. (Continued From First Page) banks and into the Government's new “baby bonds.” Recent Feceral recon- struction legislation, he said, had great- ly strengthened the banking system of the country. Dangers of hoarded money were called to the attention of the radio audience by Samuel H. Kauffmann from Station WOL. “The tendency toward hoarding has already been greatly re- duced,” he sald, “and idle money is again returning to useful circulation, but the efforts to accomplish this must continue until every last dollar has left the ranks of the unemployed and is back on the job as a useful citizen.” Indorsed by Business Men. ‘The Pederation of Business Men's As- sociations came forward with hearty indorsement of the campaign. At its last meeting the federation, according to Arthur Clarendon Smith, president, formally passed a resolution of approval. “This association is composed of 1,400 business men of Washington,” said Mr. Smith, “and we are glod to give what- ever service we can in this matter.” ‘Three citizens' associations last night took favorable action. The Sixteenth Street Heights Citizens' Association meeting in the Northminster Presby- terian Church, adopted a resolution in- troduced by H. M. Phillips, following the reading of a letter n Chairman Noyes of the Campaign Committee. The Takoma Park Ci ' Associa- tion at a meeting in tie oma Park branch of the Washington Public Li- brary unanimously a d a resolu- tion~ presented by Dr urging the community to support the proposition and act accordingly in the purchase of bonds and investment of idie funds President S. E. Blassing- ham accepted appointment on the com- mittee at the invitation of Chairman Noyes. ‘The campaign also was approved by the Burleith Citizens' Association meet- ing last night at Gordon Junior High | School. The matter was explained and recommended by J. S. Gorrell, presi- dent of the association, and a member of the anti-Hoarding Committee. Meantime further response came to The Star's anti-hoarding campaign, for letter writers, which is offering prizes for the best letter. second best and third best letter on the subject of returning 1dle funds to use. Appeals to Hoarders. Explaining the serious effects hoard- ing already had brought upon the Na- tion,” Mr. Noyes in his radio ad- dress appealed to the average hoarder in the National Capital to return to circulation the idle money, esti- mated to have been stored in this city to the total of from $2,000,000 to $5,000,000. “Nobody is being urged to withdraw funds from savings or checking accounts issue,” Mr. Noyes declared. “The sole appeal of the compaign is to those who to work again. explained. “Go to the soundest busi- ness man you know. Talk the malter over with him. He will suggest one of four courses for the re-employment of your dollars—wise and sound expendi- ture fox necessary merchandise or home mprovement; their deposit in a sound bank; their investment in sound securi- ties, and, if none of these appea!, the purchase of one or more of the new United States ‘baby bonds,' which are Washington. The speaker explained how “Bill | Smith,” the average hoarder, had prob- ably hidden his money, and with what result. “The billion and a half dollars was withdrawn from circulation. Now, ' a dollar of currency is estimated to be the basis of about $10 worth of credit,” said Mr. Noses. “Fifteen billions of dollars’ worth of credit was conse- quently frozen. Credit is the life blood of American industry. With fftecn millions made unavatlable,_the wheels Decide Nothing until you SEE The NEW EASY WASHER with Electric RUDOLPH & WEST Hardware Merchants Since 1885. 1332 New York Ave. Nat. 4870. to invest them in a special Government | | are hoarding dollars to put them back} “The way to do this is simple,” he | in very truth interest-bcaring dollars | and are available at every bank in) of industry slowed down. Industrial | establishments throughout the Nation— factories, stores, builders, every type of legitimate and sound enterprise—found | (it increesingly difficult to carry on. | | Hundreds of thousands of men and | | women were laid off to join the grow- ing and. distressful army of the unem- | i ployed. The bread lines grew longer.” Based on Patriotism. The appeal to return idle dollars to work, Mr Noyes said, was based on both | patriotism and enlightened self-in- terest. 1 Praising the soundness of Washing- ton’s financial imstitutions, Mr. Colla- | day explained how recent legislation, | including the Reconstruction Finance Corporation act and the Glass-Steagall banking act, “afford facilities for keep- ing both the Government revenues and the funds of the individual citizens in the most efficient circulation. “The member banks of the Pederal Reserve System are todsy in a ater state of Nquidity than ever before in our history,” he declared. “All good paper held by them as security for loans mace by them and all investment se- curities held have now an immediate cash efiuivllem. and an immediate con- vertibility into cash without the neces- | sity of throwing them upon the open ‘ market at a sacrifice. There is no need for any depositor to have any anxiety over the safety of his deposit in the banks of the District of Columbia.” ‘While calling attention to the attrac- tiveness of “baby bonds,” Mr. Colladay frankly told his hearers “that it would not pay any one who has money on deposit in a savings bank drawing 3 per | cent interest to withdraw that money and put it into baby bonds, which | draw only 2 per cent interest. and it would not pay any one to withdraw money from an ordinary checking ac- count in bank, which docs not draw any interest, and with that money buy baby bonds drawing 2 per cent inter- est, because he would not be able to use the money from day to day by writing his checks to pay his bills. Meet Special Need. “The baby bonds meet the special needs of those, people who ara hclding small amounts of money, varying from 50 to $500, not on deposit in a bank and wich to invest the sare in the | highest possible kind of security and at the same time receive a very moder- ate rate of interest, 2 per cent, there- [ on.” “You may ask how the purchase of a baby bond will place money in cir- | culation,” sald Mr. Colladay. “I an- swer that the money with which you purchase the bond from your bank will remain in your bank if it is a Govern- | ment depositary, or if it takes the necessary steps to qualify as a Govern- | ment depositary. Thus your money would be available in ths Washington | banks to be loaned to Washington busi- | ness men, who would thus be enabled | to go forward with treir business and | would give employment to people who otherwise might remain idle.” | Mr. Kaufimann warnhed that “the ! owner of hoarded savings Is inviting | danger through fire. loss or theft He is cepriving himself of the fair interest which his money is entitled to earn.” | said the speaker, “and by depriving his community of its right to use these | funds he is aggravating local business and credit conditions on which his own | financial well being or even the security of his qwn employment is dependent.” “Fortunately.” said Mr. Kauffmann, “the relatively healthy condition of business and banking in Washington | has resulted in a minimum of hoarding | |in this locality. Yet it is estimated | that several million dollars have gone into hiding In this citv, and these must | be removed from the army of unem- | ployed money. | | | | WIill Strengthen Resources. “The return to circulation of hoarded funds will further tend to strengthen | the resources of banking institutions, | and by so doing will enable them to | | extend greater crecit to legitimate busi- ness needs and to encourage a desir- able expansion of business activity and increased employment. “To those who have thoughtlessly | contributed to the vast sum of hoarded | | funds and who are desirous of returning ' this money to its useful purpose there | GROSNER'S Kuppen Regardless 1 of CROS are opp.. .)itles at hand which offer both value and security. “It matters little to what imatq use this mone{l may be put. im- portant thing is to get it out of hiding and back again into useful trade. It | may be used for the purchase of needed commodities, either personal or house- hold. The present time is particularly opportune for the use of funds in -:-mng necessary improvements to the ome. “You may purchase seasoned securi- ties or deposit your funds in & savings account with some sound bas insti- tution. And, finally, if a lack of confi- dence makes you hesitate to employ this money in" any of these methods, there is the issue of reconstruction bonds recently announced by the United States Treasury." TWO CAUGHT IN ALLEY ON LIQUOR CHARGES Automobiles Also Are Seized, One Declared to Have Been “Convoy" Car. Two men, one of them colored, were arrested, 108 half gallons of liquor and two automobiles seized last night by officers of the headquarters special in- vestigation squad in an alley near Nine- teenth street and New York avenue. Is2iah Edmunds. 24, colored, of the 900 block of Twenty-fifth street, was charged with illegal possession, trans- portation, fallurz to show registration card and reckless driving. Charles R. Warring, 24, of the 2500 block of L street, accused by police of driving a “convoy" car, was charged with transportation and illegal posses- sion. The convecy car was blocking the alley, police say. Edmunds, they say, was_arrested as he tried to drive out of t' ~ alley. Daniel Kelly, 24, of the 1100 block of Eighteenth street, was arrested at a Ninth street address by police of No. 2 precinct yesterday on charges of illegal possession of liquor, attempting to de- stroy evidence and maintaining a nul- sance. Kelly, according to police. threw a_bottle of alleged liquor to the floor after grabbing it from one of the ar- resting officers, who had seized it for evidence. BILL SIGNED REQUIRING ARMY PURCHASES IN U. S. Home Markets for Military and Civil Supplies Favored Unless Prices Unreasonable. Under a bill which became law yes- terday with President Hoover's signa- ture, the Secretary of War is directed to make both his military and non- military purchases from domestic pro- ducers. instead of abroad, “unless the interests of the Government will not permit.” Capitol Hill buzzed a short while ago with a charge that the War Depart- ment was purchasing its matches from Soviet Russia, as against the bids of producers in this country. It was said also that other supplies such as meats were bought from abroad rather than at_home. The bill signed today directs domes- tic purchasing “notwithstanding that such articles of growth. production or manufacture of the United States may cost more, if such excess of cost be not unreasonable.” MAKE YOUR HOME MORE LIVABLE BY INSTALLING All Modern Improvements. 12 Months to Pay. Weatherproef Contracting Bond Bidg. Company pis. o014 1325 FISTREET The Last Good bye! ENTIRE Remaining Fall STOCK of heimer and Grosner SUITS and Overcoats Former Price 95 Alterations at Cost CHARGE ACCOUNTS INVITED NERS 1325 F STREET