Evening Star Newspaper, March 13, 1932, Page 4

" A4 = CTIZENSTOPUSH | FIGHT ON HOARDING Spokesmen for Organizations Believe Campaign Should Extend Indefinitely. Although a week of intense activity in the local campaign against hoarding came to an end last night, assurances have reached Newbold Noyes, chairman | of the local committee of President | Hoover's OCitizens' Reconstruction Or-| ganization, that the spirit of anti-! hoarding will “carry on” &t sever oceasions in the future. Not only do leaders in Washington's civic life feel that the campaign has been a good thing so far, but they think that people should keep on talk- ing and thinkipg in terms of anti- hoarding indefinitely. Beyeral presidents of local organiza- tions communicated to Mr. Noyes their ‘intention of bringing up the matter again at future meetings, and some special addresses on the subject are scheduled. Lawrence Will Speak. Among the speeches during the com- ing week will be one by David Lawrence, of the United States Daily, before the March meeting of the Washington Board of Trade next Tuesday night at the Willard Hotel. Mr. Lawrence will discuss “Hoarding.” Mark Lansburgh, president of the Merchants' and Manufacturers’ Asso- ciation, announced that the board of governors of the chamber had formally adopted a resolution indorsing the anti- hoarding movement. He felt, too, that the campaign should continue infor- mally into the future. Harry King, president of the Chamber of Commerce, said general activity for bringing out idle dollars should cer- tainly continue, and he will bring the matter to the attention of his organi- zation for the purpose in mind of con- tinuing the anti-hoarding actions. Dr. George C. Havenner, president of the Federation of Cltizens' Associations, will bring the matter before the feder: tion again at its next meeting, March 19, with the idea of obtaining continu- ing interest among the neighborhood associations of the purposes of the movement. Among the presidents of other local tions who have informed Mr. Noyes of their intention to continue the anti-hoarding drive among their or- ganizations to stimulate the business of “keeping dollars at work” are S. Percy Thompson, president of the Rotary Club; Eugene R. Woodson, president of the Kiwanis Club: Edgar Brawner, pres- ident of Lions Club; Dr. M. L. Town- send, president of the Civitan Club, and Page McK Etchison, president of the Round Table. Other Groups fo Aid. It is hoped that other organizations in the Natll)::ll Capital will join in the movement. C. H. Pope, president of the District of Columbia Bankers' Assoclation, said the council of administration of the association would take up the matter of “carrying on” the anti-hoarding movement mlorTnlly at its regular meet] this week. "Itmglku time to convince people that they ought to take thelr money out of hiding,” said Mr. Pope. “They won't be in & hurry to decide to take their méney out of hoarding, and after they have decided they won't be in a hurry to put it in a place where it will get _into circulation. “The campaign has done much good. | Hoarders are just beginning to_realize what harm they have done. But we hope that there will be much talk of anti-hoarding, and much discussion of it, in order that those who have been impressed, but who still have their money In hiding, will be moved to take it out and put it to work.” Many persons in this city placed their money in baby bonds according to reports to the Anti-hoarding Commit- tee, bug much money was stimulated into channels of trade, into loans and banks i addition. Bonds Due Tuesday. The Federal Reserve Bank of Rich-| mond, in which district this city lies, has received applications for more than £1,000,000 of the new baby bonds, ac- cording to announcement made in Richmond yesterday. The bonds will be available next| ‘Tuesday. Application blanks have been fl:ced in all the banks in Virginia, ryland and the other States in the Fifth Federal Reserve District, West Virginia, North Carolina and South Carolina, The presidents of all the Chambers of Commerce in Virginia also have been supplied with the blanks. Washington banks will obtain their bonds from the Federal Reserve Bank of Richmond. All these bonds are be- ing handled through the 12 Federal Reserve banks instead of applications being sent direct to the Treasury. Part of the applications already re- ceived at Richmond are to fill orders taken by the banks during the last week from people who have been anxious to place idle funds back at work in order to obtain a definite in- come and at the same time help to speed up business recovery. Other blocks are being taken by banks in enticipation of a further demand from customers. The radio program, which has brought a series of speakers to the microphone during the week, was brought to a close last night by Frank J. Hogan at Station WRC and Joseph D. Kaufman at WOL. Mr, Kaufman, in an informal man- ner, called on his radio public “knock those dollars out of the hole.” He likened the situation to a game of “faith versus fear,” and asked his lis- teners to which team they belonged. Quoting the old sentence used for trying out typewriters, the speaker de- clared “Now is the time for all good men to come to the aid of their party.” | Men, women and children, he said, | were needed in this drive to put idle| dollars to work H Film to Be Shown in Church. | “The Sacred Love Story of the Mass" an all-coior picture drama, will be pre- sented at St. Aloysius Church, North Capitol and 1 streets, tonight at 8 o'clock. The film will be shown under the sponsorship of Father George A Keith, 8. J. Man, Late at Bank With £3,200, Loses It On Downtown Street Two $1,000 bills and other bills, aggregating in all $3,200, were lost in the downtown section yes- terday by William E. Swaln, 400 block of G street northeast, he reported to police last night. Swain said he lost an envelope containing the money either on Pifth street between G and H streets or on H street between Pifth and Seventh streets. In addition to the $1,000 bills there were several $100 bills and other money in various denominations, according to the report. Police said Swain told them he THE SUNDAY STAR, WASHINGTON, D. C, MARCH 13, 1932—PART ONE. Prize Letters Will Be Selected Anti-Hoarding Writers to Learn Star Contest Results This Week—Uncovered Dollars Build Homes and Businesses, Stop W orries and Help Others. Additional letters in the Anti- hoarding Contest received by The Star before 6 o'clock last night will be published tomorrow. The winners will be announced this week. RIZES in The Star's anti-hoard- ing letter contest will be awarded some time this week. Judges have taken over the pile of letters and will carefully give their attention to the award of $100 in gold for first prize, $50 in gold for second prize and $25 in gold fér third prize. Owing to the large number of let- ters received during the week, it will take the judges some time to come to their decision, and no definite time has been fixed for them to render their decision. More letters continued to pour into the Anti-Hoarding Editor late yester- day up to the closing time of 6 o'clock. As a matter of fact. so many arrived vesterday that it is impossible to print them all. These last letters, however, continue to disclose furtber financial adven- tures of Washington people in a man- ner which has attracted wide atten- tion. Publication of the letters them- selves from day to day has attracted many readers, ested and entertained and—no doubt —many have been convinced to put idle dollars to work. The contest letters are considered a valuable part of the campaign here in Washington and have brought out some of the most interesting and hu- man sidelights of the week. They have been good readin; Among these lefters today are many more financial adventures from people with widely differing ideas, but with one general idea—to put idle dollars to work. The letters speak eloquently for themselves, Here they are: “I was a hoarder—' penny wise and a pound foolish’—wise enough to save but foolish enough to be a miser. “Anti-hoarding headlines in =a newspaper opened my eyes. I studied the sitgation earnestly and found that through hoarding I was actually depriving other people of jobs and life's necessities, that I was adding to the general economic jliness of the country, that I was being disloyal, unpatriotic and near- sighted and that I was even depriv- ing myself of interest on my own savings. “I changed my tactics. Through the mediums of buying and investing I returned my money to circulation. I have recovered from the attack of miserliness brought on by wild Finds Joy in Helping. “I have been very interested in this an g movement start- ed by the President. I am a Wash- ingtonian, but have friends in the country places where I often visit, 80 can get a close perspective of the needs caused by this depression. I think the greater number of the people living in our blessed city do not realize the actual need of some country places and how even a few dollars will help. I had no money myself, living, as you might say, from ‘hand to mouth,’ but The Star got under my skin. I went to the stocking where I generally kept & hundred dollars for hard times, put it in my pocket and went out among the sticks. Blood is thicker than water. I went to own folks first. I got to No. 1. e interest was due on the m: on his home, He had plenty of produce to sell, but nobody had the money to buy. After a while I located a farmer with horses, cows and hogs to feed, but no money to buy corn for them. Well, to make a long story short, I lent my money to No. 2 on condi- tions that he buy his corn from No. 1; the stock have been fed, the interest has been paid and I have a warm feeling around my heart and my stocking is as empty as a last year's bird nest.” Every Tiny Bit Counts. “My ‘hoarding’ may be too small to offer interest, but since. as we all know, every little bit heips, I shall enter my protest against “frozen assets,’ because, in a crisis, it is the duty of every citizen to aid his country and fellow man. “With relatives to help and calls for charity daily from a shrunken purse. the little to be laid aside has mounted slowly, but even my ‘emer- gency' hundred, safely tucked away, can do more good out of its hiding place and ‘Baby Bond' will serve me better while helping the Gov- ernment to help others.” “I am in favor of seeing ever idle dollar in the form of a banl account. Every dollar so deposited is transformed into $10 in bank credit which is loaned out to the business man for the purpose of helping him to get back on his feet, thereby increasing employment and lessening poverty and strife. “I am putting my dollars to work in response to President Hoover's anti-hoarding campaign for that very reason, as 1 could not stand aside and be a party in retarding business recovery by keeping a dol- lar in my pocket, when it would do more good in the hands of & banker.” Cashed Souvenir Check. “After the armistice, Uncle Sam gave me & check to cover transpor- tation from an Army camp to my home. “I kept this as a souvenir. “When the present anti-hoarding campaign began, 1 cashed this an- clent check. With it, I gave work to three unemployed. All had fami- lies. Upon tnquiry, I found that I had directly benefited 12 persons. The money, back in circulation, will keep on doing good “Instead of having a souvenir of the World War, I have a souvenir of the war against want—the satis- faction of helping others in time of need.” Changed Friend's Ideas. “During the earlier stages of the present depression, drought and gen- eral money shortage, I occupled a desk in an office in one of our South~ ern States and during this employ- ment it was my extreme pleasure to become acquainted with a fellow worker, who later became one of my very close friends. His working days had commenced when I was hardly out of the kindergarten and when our friendship had reached a point of semi-confidential stages, it be- came his pleasure to inform me of the evils, presumably, connected with legitimate money deposits and that it was his policy, as a safe in- surance, to place dollars out of cir- culation, which is more commonly brought to our attention at this time through the medium of the news- papers, radio, etc., as hoarding “I very often stated that hoard- ing was not considered by me & pol- icy that would promote good judg- ment, for as it appeared to my way of thinking, it was a procedure that if_consistently followed would tempt misership and instead of helping to alleviate conditions would only pro- }mg the recovery of a nation’s wel- preparing day. He arrived at the bank too late to make the deposit, it was sald, and some time afterward are. “Through influential friendship, and to his knowledge of my personal expenditures for necessities and some luxuries, I was able to place before him a new outlook relative to money pig B oy e © | who have been inter- | removed his money from an asylum of the dead to a position of fast cir- culation—through the procurement of a home, family necessities, auto- mobile, etc. Therefore, I feel I am fully justified in referring to him as a ‘herder of money’ instead of think- ing of him in his past existence as a ‘hoarder' of same. “My suggestion to those who un- doubtedly have friends, who to their knowledge, do a certain amount of hoarding is to urge them to give the dollars a chance to circle the globe as they lose contact with the move- ments of the world when by compul- sion they are compelled to remain under lock and key." Improves Beauty Parlor. “Presh paint, flufly new curtains, an additional operator and a busi- Dess manager nOwW represent my few reposed dollars. “Two years ago, when a well known beautician called it ‘the worst time in a hundred years to go into business,’ I started a small beauty shop. Recently I had acceded to his declaration and decided to close shop. Then came word to put idle dollars to work! I gathered togeth- er the few saved from my office po- sition, in spite of the shop, and made my ‘last fiing’ This, to improve business conditions—and especially my own." Hoarded Money Is Lost. “There is a great deal can be said on the subject of hoarding. And yet a few plain facts can state it all. After a person budgets for the necessaries, charity, insurance and pleasure, he would be & foolish p son indeed just to store away money. Put it out, enjoy the days ven to us and heip the other fel- ow to enjoy his. The knowledge we are helping others to help them- selves can only rebound in joy. “Money hoarded is money lost to the working world, so out any hidden dollars, make them busy— start trade and confidence and once again let us have a busy, happy world to live in.” Stresses Patriotic Alm. “Toward the downfall of hoard- ing, I have persuaded my club to shop with gusto, knowing that we are creating jobs. Americans that we are, we have gotten the natural tone back into our molded dollars not because we are rebuilding a country. We are molding a cit- izenry. Nothing could be better. ‘Why patriotically chant the anthem while & million children starve? ‘Take our dollars! Is it prosperity and welfare you seek? Our senses have awakened! We aren't hoard- ers. We are Americans stopping the destruction of our land. Now, that we know the inevitable, we can't dare think hesitating to spend!” Makes Money Work. “My policy during this period of depression has been to spend more lavishly than ever before. When I learned that the Government in- tended to take my property for con- struction purposes, I went to see my banker, raised a loan and together with the money withdrawn from my savings account, I purchased an- other home. “Although this house was in good condition 1 decided to make im- provements upon it while men needed work. Accordingly, I built a new addition of two beautiful sun rooms, put in three lovely tiled baths and did other work to a total amount of $6,000. To Ty for this reconstruction program I mortgag m spend money in such a wa benefit myself and give employment to others. As for hoarding—it is a practice unknown to me. My motto is ‘Money Makes Money,' but this is true only when the money is draw- ing interest in a sound bank or in- vested in sound securities, not when it is lying idle in a safety deposit box or hidden in obscure places.” Brings $100 to Light. “Well, here’s the story of the hoarded dollars_coming to light. I listened to President Hoover's radio plea the other night. “Said to myself, ‘That doesn't apply to me. I'M not hoarding.' “Stay, but am I? What about that tin box into which I have been dropping small amountg—one dollar, two dollars,—over a period of year: Bridge winnings, per- haps, prizes, surplus pennies. How much is there? I haven't looked in ears. “A hundred dollars! Another hundred put to that will buy the diamond wrist watch have ‘wanted. “The box is empty now and I have the watch. Co-operates to Limit. “I am putting my money back into banks and bonds because the President tells us to do so, because the newspapers tell us to do so. “And promise us a certain degree of security if we do. “It is upon this promise we are buying baby bonds of our govern- ment with money which we have been hoarding in our safety de- posit box.’ “I have subscribed to my favor- ite newspaper, had my automobile entirely reconditioned, restocked our pantry shelves with groceries and provisions, employed a man to clean and spade up the front lawn, we have bought some new clothes, and ‘| gotten & set of new tubes for our radio. “There is hardly a store in our neighborhood from which some member of my fa:.ily has not pur- cha:-d something this week. “What more should I do to be an anti-hoarder?” Challenges City Folk. “The ‘depression’ we hear 50 much about is due to fear and hoarding, consequently something must be done to remedy this evil. I belleve this campaign will do much to break it up. Keep at them until every galoot with a hidden dollar will be ashamed to be seen among right thinking folks. “What am I doing in the cause? Say listen, while I have no hoarded cash to turn loose, nevertheless I feel I'm called upon to get into this movement, 50 I'm using my credit planting crops that will in a few months employ dozens of workers. There are many of us market gar- deners who have been hit heavy by the depression, but we are more or less used to these setbacks—seldom ever having gotten our just dues. Knowing these things, by the most painful economy we manage to so keep on the good side of the seed and fertilizer dealers that we are enabled to fight on from year to year afeeding you city-hoarders with about the only compensation, hopes 'twill be no worse. “Now if the city folks will make as free use of their hoarded dollars as we tillers of the soil make of our credit I feel confident times will be better for all of us. “Come on you hoarders and pull together!” Sees Dltym:mcnh—. “Hoarding 1s ¢ more than a ear which has mlfl:d the hearts ’gmu fellow citizens caused by bank res, small wages and unem- ourselves. If we ana it really amounts to - nt. %E why is this? It is because we not_wise—not cvej good to ment of burglary, manslaughter and lower standards of living. “It is my duty as a citizen to set a good example to stop this hcard- ing by helping to keep money in circulatfon, investing in sound se- curities, keeping a savings account, buying and giving a neighbor a job. “Let us co-operate together!" Points to Bible Lines. “In the world's best seller, the Book on whose principles the dear old U. 8. A. is founded, we read: ‘Sell that which ye have, and give alms, make for yourselves purses which wax not old, a treasure in the heavens that falleth nct, where no thief draweth near, neither moth destroyeth.” “From the world's best President, whose first interest is his country, comes a request to put our hoarded money to work. “I haven't any hoarded money but if by chance I should win $100 I would invest it in Baby Bonds for the sake of God and country.” “Hoarder” Wakes Up. “I truly didn't realize I was a hoarder. I had been foolish enough to belleve the little I could do wasn't enough to matter. Now I realize that while my money was in a cedar chest it could be out earning for me and helping business at the same time. When I did wake up and find I had been like the man who kept a watermelon seed in a box instead of planting it and letting it double and redouble itself, I promptly de- posited my money in a good bank. 1 hope 1 have helped Tax Money Hidden. “I always connected ‘hoarding’ in my mind with misers; only misers would have the mental twist, to think that their woney was safer hid away in a china teapot or the toe of a sock than in some reliable lace where it could be used and gelp the world along. “For myself I never leave money in the house: if my house is broken into by thieves, it comforts me to think that they would make a ‘water-haul' as I have nothing valuable. “I went into a neighbor's house a few months ago, and we talked money and hard times. She said that the first money she put away was for taxes and asked me if I did the same. I told her the first place I put mine was in my church enve- lope. Her look of astonishment made me believe that I could not make her understand my though that is I remembered the Lord first He might remember me when I was in need. “She afterwards showed me where her money was in a tin can in the bottom of a wardrobe, with the clothes hanging over the top, it was near tax time and she said she had $81.00. “I did not say anything—but I did a lot of thinking." Like Men Idle in Prison. “The Star's antl-hoarding cam- paign has convinced me that hoarded dollars are idle dollars, and, like men confined in prison cells, of no benefit to mankind, but a burden to all; that to secret money away nul- lifies its mighty power; and that a dollar is only a symbol of value, not value itself, and worthless unless working. “Therefore, my dollars must henceforth become active dollars. I am buying now, paying bills promptly to help merchants ‘keep the bail rolling,’ and placing surplus funds in a savings account, available to those who may need the bank's helping hand to tide them over. “Let us all follow some similar formula, deal the slump a death blow, and quicken recovery.” Blames Idle Dollars. “In our Nation, people are stary- ing, yet there is plenty of food in the world. Miilions are unemployed, yet big business is paying dividends. Banks have closed while we have the largest gold reserve in history. Why? Fear-filled people have lost confidence and taken their money from circulation. We are reaping the results. “I experfenced a loss through a bank closing and afterward tried to hide my hard-earned salary in the cedar chest, but there was nothing satisfactory in that. So I have adopted the plan for relief, which is simple. There are many ways that we can return our money to cir- culation. Why not use it as & pur- chasing power? By doing this we raise the standards of living, give a source of enjoyment to ourselves, as well as furnish more business for others. “Although my dollars are few, T consider it a privilege to help in this way. I feel that the support of every one is needed to put business on a sound basis, and quicken the wheels of industry, thereby creating a means of livelihood for the many millions to whom this has been denied. “The parable of the talents is just as true today as it was nearly two thousand years ago. When we hoard we are no better than the servant who hid his talent in the earth, then how can we hope to escape the reproach, ‘Thou wicked and slothful servant” No man has been truly great who has not felt in some degree that his life belongs to his race, that what God gives him He gives him for mankind. It may be a fortune, the gift of lead- ership, or perhaps a great talent. But whatever it is, we are best ful- filling our purpose in life when we use this gift so that the greatest good may be had from it. “There is now a challenge to use our dollars. How shall we respond?” Buys Summer Retreat. “The virtue of thrift may well be- come the vice of hoarding! The years of saving for a ‘rainy day’ had been carefully stored in a snfe{y deposit box. Awakened by the President's appeal to a startling realization that we were hoarders, a quick decision was made. ' “We purchased a bargain-priced country plot—aiding a discouraged salesman. Blue prints ordered, re- vived the hopes of a struggling young architect. At bottom-price, a builder has taken our house con- tract. The quaint little bungalow will give employment to many kinds of construction labor. Materials used will stimulate sales. A sound investment. A Summer retreat.” Spending Is Contagious. “When mass psychology becomes animated by fear, the hoarding in- stinct is & natural and contagious reaction. Dispel fear and the normal instinct to spend revives, and is equally contagious. Every one should spread this contagion and spend profitably to himself and society. “I chose to release my savings by having living room furniture re- palred and re-upholstered. The up- olsterer thereby managed to make payment to save his home. I saved my money, too, really, because its full value is in my home, I have even earned future interest on the prin- cipal as further neglect would have l"l::tfl"llhlmd greater repair, at greater Says “Hoarder Is Slacker.” “Sinte I have heard of sa_much misery among human be I have ceased to do for myself can have done by some one else. Il; money being idle, I lent to a friend, having had unexpected expenses, the necessary amount to meet his mueu. T bought which I have needed later in life and ob in doing so, beside con- filmun’:ct to different charitable ac- tivities is that providing work to the needy is to give them seif re- spect, happiness, comfort. ‘The hoarder and the slacker are both cowards. The country despises Commerce Stimulated. “Money released in any one chan- nel stimulates commerce in 50 many others that simple intelligence for- bade my hoarding money which was urgently ne i on ood security, at legal inter- est, I lent $1,000 to & young bullder, whose pay roll on contract work ex- ceeded his immediate capital. Loan companies’ payments on stages of construction were often too late for actual necessary outlay. With my loan he was enabled to handle his home bullding orders, employ vari- ous kinds of labor in numbers, buy materials which helped many indus- tries and himself support a family, who in turn spent money Which benefited still other industries. Pleads for Unselfishness. “To hoard money these times is unpatriotic; idle dollars make idle men. There is other hoarding— the hoarding of jobs. Any family wherein both the husband and wife are working—yes, even the childen— while in other families none work. “If we could only invent some sys- tem that would curb the selfishness of individuals it would be wonderful. “As long as we cannot reason with the hoarders, why not the big stick? What we cannot do as yet by education, try legislation. “I find in my travels looking for work that I must compete Wwith Government workers who have al- ready earned a day's pay and natu- rally can afford to work cheaper than I, who have no work. I find them working after their regular day's work as waiters, barbers, taxi driv- ers and other occupations in compe- tition with an already overcrowded labor market. “I have noticed by The Star paper that the Committee on Appropria- tions has asked the District depart- ment heads to supply a list of Dis- trict employes that are engaged in outside work. If the committee goes a step further and asks the heads of Government, departments to supply such a list, it might answer the rea- son of some of the depression now existing in Washington. . “Or maybe, due to the greediness of landlords (who refuse to reduce rents), it might be necessary for people to hoard jebs. Rents in Washington are too high. A gov- ernmental inquiry into this question might uncover some interesting fig- ures. But we do not vote. What do the powers care about us? A citizen in Squenduskiville with a vote is listened to. Are we?" Helped Self by Spending. “In the year 1931 I actually made money due to other people hoarding theirs, Early in 1931 I hecded the call to spend more and bring back prosperity. “I withdrew all my savings. bor- rowed the limit on my World War bonus, borrowed a small amount from a friend and did the following things: Bought a lot, hired a laborer, tore down old house on the lot, salvaged a part of the old lumber, bought additional building material, plumbing, electric fixtures, hired plumber, electrician, bricklayers and laborers, all of which I got at very substantial savings owing to the depression. “I erected a small bungalow on this lot and moved into it on October 1, 1931. The lot being in the suburbs, I needed a car and bought a small car. “I spent all I earned last year, and intend to do the same this year. If you want to get the most out of your money, spend it wisely.” Despises Modern “Shirkers.” “During the Big War there was & despised group we called ‘shirkers, and when the armistice was signed the war was over for all except the ‘shirkers.’ but for them even their grandchildren were despised because ]m:&» did not bear their share of the load. “My neighbor Julia said, ‘It was my money, I had the right to put it in my strong box; I have the right to do what I want to with my very own.' “You have no right to do with or about anything if it prevents any one else from doing as they please. “How did we win the war? We made a game of it, we found a new thing to do every day. But we took care of ourselves, and fed the world besides. Wants were put in the strong box and hoarded, and only needs were allowed to function. Every day we found something that we could do toward victory. We drove whip hand and top speed on the level, but it was uphill most of the way. We won; nothing else mattered. “If we generate the war spirit, get rid of the shirkers and hoarders; we shall win and conquer depression, thumbs down.” Stores Up Commaodities. “This period of "depression and hardship has hovered over us, and has been the current topic for the last two years. “After much study of economic principles, I have been convinced, that hoarding money is a step toward the undermining of the strongest Government that has ever existed. “I am now purchasing various commodities which will meet m; needs for several years to come, &s feel that at the present standard of prices any necessity is a in- vestment. “I realize that if we continue to hoard, the hoarded money will be of little use to us unless action is taken to stabilize the condition of our country. “This move as sponsored by The Btar to discourage hoarders is one of patriotism and this being the year that marks the 200th anniversary of the birth of the Great Patriot, “The Father of Our Country,” it behooves us to strive to acquire some of the Kamouc fervor that characterized s noble aspirations.” Investment Brings Profit. proximately $2,000 ‘salted away' was brought to life to finance a new home. This 'acorn’ grew a tree of $6,500, stimulating banking, furnishing employment to 40 build- ing mechanics and a market for building materials from 15 jobbers. The project also meant increased business for gas, electric and tele- phone utilities, for furniture, home fl:mishlnn and appliance stores, ete. “The decision to expend this money was based on common sense: it was a good investment, both from the utilitarian viewpoint of home owner and calculating eye of in- vestor. “If the $2,000 were still in hoard- ing's shroud its only dividend would be green mould.” Realizes His Mistake. “I am holding & temporary posi- tion which will terminate in a few months. I had been hoarding my money thinking that I was increas- my security. Since the anti- hoarding campaign has been launched I realize that in seeking to promote my security I was really undermining it, and so it is with other thousands in my position. When this hidden money is returned to business there will be plenty of Jobs, therefore I face the future with confidence. America will win the war against hoarding as it has won its other wars.” Praises Historic Step. “I should like to project 1t into that hoped-for Du::eec o:l’:ebe other side of “This fre-t depression’ and see this anti-hoarding week standing cut as the last dramatic h&ln the series of courageous ef- s forts made by country to under- lmmh%tfih‘?ufin:{] IHOGAN APPLAUDS | except at a great loss. This being true,| fand it is true, then entirely apart from | D.C. BANK RECORD Well Known Attorney Cites Past in Radio Appeal Against Hoarding. Praising the record of District of Co- lumbia banking institutions, which he said had weathered the storm of the ! entire depression without a single fail ure, Prank J. Hogan, well known attor- ney, in a radio address on anti-hoarding | last night over Station WRC turned his encomiums toward the national situa- tion with the declaration that “never in our country has sounder statesman- ship been in evidence than right now and never has it shone more brightly than in this Congress.” “Honor is due to the members of both parties in both Houses,” declared Hogan. “It is a pleasure to pay that tribute and to pay it ungrudgingly. “History will record,” he predicted, “that the session of the Congress of the United States which began the first Monday of December, 1931, set an un- | exampled peace-time record for unity of action, lack of partisanship, disregard of obstructive tactics and promptness in enacting vitally important and alto- gether constructive legislation.” Unused to Praising. Hogan prefaced his fulsome praise of the national legislative bodies with a hint that he was not used to “the role of pinner of medals on Congressmen, be they Senators or Representatives.” “I have been outspoken in condemning freak legislation,” he recalled, “Med- dlesome Mattie activities, browbeating inquisitors and the intolerable invasion of individual constitution safeguards under the thinly veiled guise of inves- tigations for legislative purposes—a pre- tense that seldom fools anybody ex- cept judges. Demagoguery has never escaped my flaying. And I have not re- formed. Time has not mellowed me. Living in a voteless community, I am not voiceless.” Referring to the record of recent re- construction legislation, Hogan said, “with unprecedented speed the Con- gress has given to the executive branch of our Government, to our banking sys- tem, to crippled transportation, to de- pressed industry, to paralyzed agricul- ture, all the aid reasonably to be ex- pected of the national Legislature. If reconstruction of American business does not go forward now, the American Congress cannot be blamed. “With equal truth can that state- ment be applied to the President of the United States and to those departments of our Government charged with the performance of functions relating to commerce, finance, agriculture and transportation.” Various Steps Reviewed. Steps toward recovery through recon=- structive measures were traced by the speaker. “With the establishment, before Con- gress convened, by the voluntary action of American bankers, of the $500,000,~ 000 National Credit Corporation, the bank situation everywhere perceptibly improved,” said Mr. Hogan. “With the launching of the Reconstruction Fi- nance Corporation, recommended by the President, authorized by the Con- gress, and headed by Mr. Eugene Meyer, | there was removed | and Gen. Dawes, any ground whatever for fear, respec ing the safety of any sound bank as a depositary for our money. It is unthink- able that from now on, In view of the instrumentalities provided by Congress, to which I have referred, any really sound bank in this country of ours will | be allowed to fail simply beeause a large | part of its assets cannot be liquidated ny consideration respecting the patri- otic duty of all of us, the appeal to put our money back into circulation by de- positing it in sound banks in our own | fully selected securities, or by buying | this city. any real reason with it the new issue of Government bonds which can be obtained from the United States directly, or through any than an appeal to your plain common sense.” Mr. Hogan appealed to his listeners to consider the fine record of banks in “Throughout the country,” he said, “since the establishment, first of the National Credit Corporation, and second of the Federal Reconstruction Finance Corporation, thete has marked drop in bank faillires. Points to D. C. Record. “Here in the District of Columbia we have had a remarkable record in this respect, one which eliminates entirely been a Have you thought of the fact that _ hopeless tangle of wrong conditions. “p';‘he cessation of hoarding has a two-fold power: Its practical effect is, of course, to bring the essential dollars back into use all along the line—into small business, into large business, into the banks which stand behind business. Its emotional ef- fect should be to substitute agtion and hopefulness for the sense of powerlessness and fear, in the minds of some hundreds of thousands of individuals who put their money away, narrowed their lives, and waited. in the spirit of one who says. ‘Hold Everything.’ “Just as the sum total of money withdrawn tended to hold all busi- ness at a standstill, just so the re- turn of these many small amounts, mak a huge total, can start the ball rolling again, This reaches in- dividuals who say to themselves, ‘These baby bonds—of course they are safe. These banks—we can trust them now with the Reconstruction Corporation behind them.' Rather a comforting thought, to enlarge our lives a bit, spend more, and at the same time help to end this night- mare. Let's do our share! “Will power and the drama are here. May they work out to the re- sult we hope for. Puts Savings to Work. “Wife and I have no children. Both have steady work and save consistently. “Last year we withdrew our sav- ings and joined the hoarders pro- cession. “Then came the depression. “We saw worthy people jobless, hungry, discouraged, “We considered our duty as cit- izens. Took bright but hungry, anaemic boy to feed, clothe and edu- cate. Further: Selected three in- telligent unemployed men and sub- mitted proposition: “Using savings we will establish, maintain and manage business. You pledge honest, efficient labor. “Proposition accepted—business established. “Result: Eight thousand dollars in circulation; a citizen in making; three families happy; business suc- ceeding.” Builds Needed Home. “L stopped hoarding because I needed a house. I built it and gave work to bricklayers, carpenters, plumbers—the whole army of me- chanics required to make a house grow. “The house finished, there were other opportunities for spending money Wisely. For instance, I bought cement filller and pain® for the cellar floor; built swinging shelves, book shelves and cabinets and planted trees. For this work I needed help, so applied to the D. C. Committee on Employment. That organization is efficient and depend- able, unselfishly interested in the unemployed. Try them! They will help you spend that hoarded money, for fearing for the| safety of your money in our banks. [ | | 1551 16" haa Teen dehnitely devermins £ R = 2 n ely determ: g soumtice o6 1L 10 C2%e" | that the stock was valueless & 1oss of | $50 would be deductible. | . A loss is deductible only in the year lin ;vhif: it is l“tnlm;d't even though, e as in the case of a theft or casualty, | bank, is nothing more and nothing less| £ b the cise of & theft of cas i Losses compensated for by in- surance or otherwise, of course, are not | go to some sequent _years, granted by the commissioner of internal Tevenue to change to the other method. Application to change must be made at throughout the entire depression there not a single bank failure in the District of Columbia? Let me em- phasize that statement. Since 1929 America, in common with all the rest dep: And yet here in our Nation's Capital not one bank, big or little, has failed, sus- pended its operations, closed its doors for one minute, or been unable even for an instant to respond to the calls of its depositors. Why, in the light of . there should be any money hoarding in Washington, one is at a loss to understand. And in the light of this record I appeal to you to deposit next week in the sound banks of this city whatever money you now have that is not so deposited, or, at very least. to ank of your selection and arrange to use your idle money for the purchase of the new Government bends of which I have spoken. “We have heard much times of the unemployment problem said the speaker. “Unemployed money means unempioyed men and women and, conversely, employed money means employed men and women. Business depends on credit. Employment de- pends on business Stresses Patriotic Duty. “Both depend on money; not money in the abstract. but money in circula- tion. Whenever this Nation has called upon its citizenry in time of war the response has been ready and sufficient. Men and money have always promptiy mobilized to bring victory to our arms and glory to our colors. “It is no less a patriotic duty in times like these to mobilize our idle money, to put our hoarded dollars to work for the return of prosperity. SLED AND AUTO COLLIDE 12, Slightly Hurt While Coasting; Crash Injures 7-year-old. John Melvin Delawter, 12, of the 3600 block of Eleventh street, was bruised and cut about the head yes- terday when his sled crashed into an automobfle while he was coasting on Quebec place between Twelth and Thir- teenth streets. He was treated at Garfield Hospital and later returned home. Buddy Jones, T-year-old son of Maj. in recent Boy, Albert M. Jones, 600 block of Dela- field place, was injured slightly yester- day when the automobile operated by his father collided with another ma- chine st Seventh and Mann streets. | CAUeS: Your Income Tax No. 14 Losses From Casualties and Theft. To be deducted a loss arising from “fires, storms, shipwrecks or other casualty” need not be connected with the taxpayer's trade or business. his home or his automobile is destroyed by fire, or his Summer bungalow dam- aged by flood or storm, he may claim a deduction for the loss sustained. Loss of property by theft or burglary is an allowable deduction and need not | be incurred in trade or business. Hence theft of used for the loss occasioned by the jewelry or an automobile pleasure and convenience is deductible. It must be established, however, that the property actually was stolen. Should circumstances attending the loss leave the owner in doubt as to whether |it was stolen or lost, the claim would | not be allowed. | Only definitely determinable losses are deductible. Prospective losses are not allowed as a deduction. If a pur- chaser, other than a dealer in securi- ties, purchased stock of a corporation duri the year 1931 at $50 a share. and if at the end of the year its value dropped to $30 a share, he is not per- mitted to deduct the loss because of the shrinkage in value. If he had sold it in 1931 at $30 a share the loss of If during year. deductible. Bad debts constitute a considerable item in the returns of many taxpayers andemay be treated in one of two ways—either by deduction from gross income in respect to debts ascertained to be worthless either in whole or in| part or by a deduction from a rea- | sonable reserve for bad debts. Tax-| players were given an option for 1921 to select either of the two methods. The method used in the return for 1921 must be used in returns for sub- unless permission is least 30 days prior to the close of the taxable year for which the change is 'fio be effective. However, a ta: rer ling a first return in 1931 mlyx:lict either of the two methods, subject to approval by the commissioner upon examination of the return. P to adopt the reserve method is limited to taxpayers having a large number of accounts where credit is extended over a considerable period of time. It is not granted for the purpose of han- dling one specific debt. ‘What constitutes a “reasonable addi- tion” to a reserve for bad debts must be determined in light of the facts and will vary as between classes of business and with conditions of business pros- perity. A taxpayer using the reserve method should show in his return the volume of charge sales (or other busi- ness transactions) for the year, and the percentage of the reserve to such amount, the total amount of notes and | accounts receivable at the beginning and end of the taxable year, and the total amount of debts ascertained to be worthless and charged against the re- serve during the taxable vear. | Nation. | actively engaged in hunting down idle dollars, he said. | urge the banking State to apply, the Iowa attorney gen- eral having ruled the pledging of as- sets by him is legal. muted death sentences in Engli ANTHHOARDING VAR SUECESS CLANED |Frank Knox, Reconstruction Head, Details Drive’s Progress on Radio. BY the Associated Press. CHICAGO, March 12.—Twenty-three million dollars’ worth of free advertis- ing, the work of 250,000 persons, and the co-operation of hundreds of clergy= men, were among the reasons given to- night for success thus far in Presi- dent Hoover's anti-hoarding campaign, Significant developments in the drive were recounted in a radio address by Frank Knox. chairman of the Citizens’ Reconstruction Organization. which calls itself an “Employment Office for Idle Money. " From under carpets, between mat- tresses, from cans, trunks, coffee pots, pockets and safety deposit boxes, Knox reported, dollars are rolling back into employmient. Deposits $380,000. The New York State organization re- ported a business man took $380,000 in gold and gold certificates from a safety deposit box and placed it in his chek- ing account, The gold went to the Federal Reserve Bank, it was pointed out, where it will form a basis of credit many times its value. ble credit from the bank, and also help to turn the wheels of industry and in- crease employment. ‘The securities will make possi- In Atlanta, Ga, Knox said a bank has had $200,000 increase in depos since Pebruary 1; a chain store opera- tor discovered numerous gold pieces were used for grocery purchases: in New Mexico, & man opened his safety deposit box, took out $5,000 in currency and deposited in a savings account. Likewise in New Mexico, the recon- struction organization chairman said a woman brought $5000 in cash to & bank and purchased Treasury certifi- The certificates are a special feature of the campalgn. They are so.d in amounts of $50 and up, pay 2 per cent interest, are redeemable on 60 days’ notice, and are backed by the Government, Units in 3,124 Towns, Describing the personnel of the un- employment drive, Knox said the re- construction organization has developed units in 3,124 towns and cities of the About 250,000 persons are sai Newspapers have volunteered thou- sands of pages of advertising, which | be valued at about $23.000,000, Knox said, and clergymen over the country If | have made appeals from their pulpits. Schools, motion pictures and street car advertisement cards, Knox said, have aided in the drive. LOANS AVAILABLE TO CLOSED BANKS Liquidating Agent Must Have Power to Pledge Assets, Says Dawe: By the Associated Press The Reconstruction Finance Corpora- tion yesterday announced itself “ready and willing” to make loans for distri- bution among depozitors of closed State banks wherever the liquidating agent |has the legal authority to pledge as- sets as security Charles G. Dawes, president of the | corporation, made the statement in re- | plying to a letter from Senator Brook- hart prospects for loans to such institutions in his State. (Republican), Iowa, asking the Under the Reconstruction TFinance | Corporation act, $200,000,000 was set aside for loans to closed banks. | Dawes letter indicated that the corpo- ration is not only prepared to reccive applications, but is eager to provide this form of relief as promptly as pos- sible. The Senator Brookhart was advised to commissioner of his ‘The Dawes letter said: “This office has been notified by the State banking commissioner of your good State that according to the opinion of the attor- ney general he can, in his capacity, borrow from this corporation by the pledge of assets for the purpose of dis- tributing dividends to depositors of closed banks. This authority, however, is subject to the approval of the court haying jurisdiction. ‘This corporation is ready and will- ing to recognize applications from liqui- dating egents of all closed State hz‘nx. where the liquidating agent has the legal authority to pledge assets in order to borrow money. visable that since the attorney general of the State of Jowa is of the opinion that your State banking commissioner can legally qualify, that every effort should be made to encourage him to make application to this corporation for loans, the proceeds of which would benefit the depositors of the closed State banks.” It would seem ad- Sixty-five prisoners are serving com- pris- ons. G s e P R0 B a5 TAXES Have You Paid Your Federal In- come Tax and Your District of Columbia Property Tax Yet? Come in and talk with one of our Loan Officers and we may be able to make you a Bank Loan which may be repaid by monthly Deposits. MORRIS PLAN BANK Under Supervision U. S. Treasury \ 1408 H Street N. W. Washington, D. €.