Every defeat of American forces in the war causes a marked rise in the sales of war bonds, and each victory is followed by a corresponding decrease, a survey of the banks around the Square revealed.

Pearl Harbor caused a phenomenal rise in sales during December and January, but since then there has been a decrease of almost 50 per cent in bond sales, although stamps are selling better, and it is expected that the fall of Bataan will cause a new spurt.

At the beginning of the war, many people invested their savings in war bonds, but since the banks use these savings to buy government bonds, each withdrawal from a savings account means that the banks must sell some of their bonds, and thus the government does not make any money at all. The trend away from large bonds towards stamps, in addition to indicating a more systematic buying plan, also shows that current income is being used, which is the government's object of issuing the bonds.

Income Tax Slows Sales

The Income Tax, it was also suggested, might be responsible for the sharp fall in purchases, and might have discouraged many would-be investors. A brighter prospect was revealed by one bank which handles undergraduate accounts extensively and which said that some students have a fixed amount of bonds purchased every month out of their checking account, and some of these purchases, it was said, have almost reached the limit on yearly sales to one person.

The College's own drive to buy stamps and bonds which opened before spring vacation under the Defense Service Committee has progressed fairly well, Richard L. Hall '43, chairman of the campaign, said, and during the first week a total of $1,200 was collected, composed more of organizational than individual purchases.

At present stamps are sold in the College only by the post office at the Business School, which daily disposes of over $100 worth, but plans are being made to have stamp tables in all the dining halls at least once a week, and to sell them at the news stands.