Evening Star Newspaper, April 5, 1929, Page 3

Hot water Sure Relief . FOR INDIGESTIOSN 25¢ and 75¢ Pkgs.Sold Everywhere A ATA A A EDUCE ;- WITHOUT EFFORT, | OR DIET CREEK HEALTH BUILDER EEENTI IS SR TR TR FIVE DAYS FREE TRIAL IH YOUR HOME CARROLL ELECTRIC CO. 714 12th St Main 7320 BEEEEEA (Useat Soret CARS 1923 Ford Coupe. . 1928 Essex 4-Door Sedan uick Sedan. . 1927 Chevrolet Coach 1936 Ford 1-Ton Truck— Dump body....... 195 HIiLL & TIBBITTS Open_Sundass and Evenings 301 Fourteenth St. <, 0572’/5/("/;’ ‘[f'rsffl( With 275 Gallan: Basement-Tan) 1722 Hst NW PHONE “MAIN 1045 SPECIAL NOTICES. THE ANNUAL MEETING OF THE STOCK- holcers of the Citizens’ Equitable Building ‘Association wil be held at 7:30 p.m., April 1929, at 1237 Wisconsin avenue northwest. dor the election of directors for the comini year and the transaction of such other bi iness as may rightly come before said meet- ing. H_W. BURNSIDE. Secretary, 6* 1 WILL NOT BE RESPONSIBLE FOR ANY debts contracted by any other than myself. C. Louis Milholland, 1320 Fairmont st. n.w. n. IWILL NOTEE RESPONSIBLE FOR DEBTS | y_any oue other : AMOS J. PAY)!FLZ"!I)JXHLM_._&.JH i PAPERHANGING—ROOM, 12 UP. TF YOU er: new Phone Lin. 6017 cfigli@msju R I AM NOT RESPONSIBLE FOR ANY DEBTS made by any one else but myself, other SAMUE! an above my written signature. GOLD. Hotel Annapolis. i WILL THOSE WHO WITNESSED_AUTOM: bile sccident at 13th & Pa. ave., Wednesd April 3, at 3:45 p.m.. pléase communic with_George Horning. Munsey Bldg.? ST o ol BL Y y_any other than mysell. SE°G. BAILEY. 2135 15th st re. oo AT WILL YOU CHARGE TO MOVE ONE 20-ft. van of furniture to Syracuse, N. Address Box 329-J. Star office. THE FOLLOWING CARS ARE TO BE SOLD for charges. at Weschler's Public Auction, on Saturday, April 6th, 1929, Maxwell coupe, S-8088; left by Mr. J. B. zme. Ford truck, C-7004; left by Mr. George anos Westeott Touring, P-6306; left by Mr. G. C. Broswell Overiand Sedan, J-1675: left by Miss S. M. RV sedan, 8-9911; 1928 tags: lett b mnca' ‘2&“‘“’" ..w 1ula M; J"(; ;m 4 n. ; lef r. J.C. ith., RLL, CARL, THC, AUL FULL_OR PAR Tom0r from ‘New. York. Richmond. Bosion: Pittsburgh +nd all way points: special rates, NATIONAL DELIVERY ASSN. 1317 N > . LINEBERG! of 1509 5th out his business. fumiture 'with “him for” repairs sre re all for same ; C. SHEAFE. Lo ARE YOU MOVING ELSEWHERE? OUR transporiation system will serve you better. rge fleet of vans constantly operating be- ali Eastern_cities. Call 'ON SPER JAMES H. Tepairer, thif tween in AV, . & STORAGE CO._ | WANTED —To haul van loads of furniture to or from New York, Phila. Boston, Richmond ano points South. Smith’s Transfer & Storage Co., Nortn 3343. DI Fow g L e e scraped, cleaned, finished! FLOORS RePet: o fetine work. 3o & NASH. FLOOR SERVICE. COLUMBIA 21i. -WE STOP ROOF LEAKS our specialty. i roof_ in ANt (o Get Ready For Flies Order Your Screens Now Ve make: them to order. Al work fully guarsnteed. Factory prices save you money, 1th & H Sts. N. Phon skill. That's N. C. P. Print- The National Capital Press { increased in February and up to the L | New York banks and other banks, de- RE | part of 1928 and the early months of * | nine ‘years, declined sharply and since 9230. , ume of bills outstanding, as this decline ned! | influence inducing member banks to accommodation by ! Federal Reserve Board Asks for Continuation of Credit Adjustment. i (Continued From First i’lp.) one of its most important to protect this country’s it said, “in existing circ reserves need protection against wasteful absorbtion base of an unduly expanded domestic credit structure rather than' against demands' from abroad. Loans to brokers and dealers by New York Federal Resorve member banks dec’ined $87,000,000 in the week ending April 3, on top of a decline of $144,- 000,000 in the preceding week, b the total down to $5,562,000,000. In the two weeks that followed the Febru- ary ' statement, the total declined $192,000,000 from a peak of $5,669,000,- 000, but then turned upward again and established a new peak of $5,793,000,000 in the week cnding March 20. n recent weeks,” the board obser¢ed in the statement published today, “there has been a considerable growth in the volume of bank credit outstanding. chiefly in response to s*asonal demands from trade and industry. Security loans by banks have shown a small increase and bank investments have declined slightiy. “In New York City the growth in bank credit hes been practically cen- fined to so-called other loans,’ that is, loans not secured by stocks and bonds. This class of loans by New York City banks increased by nearly $200,- 000,000 between early February and the end of March. “Notwithstanding the inclusion of various kinds of borrowing in this item. it would appear that the increase in loans in recent weeks has been chieflv in response to the seasonal demands of active trade and industry. ‘The board made no announcement of the subjects discussed at its joint meet- ing yesterday with the governors ®f | the 12 Federal Reserve banks, who conciuded their semi-annual conference last night, after betn% in session a day Jonger than usual. The preceding three days were spent by the governors dis- cussing administrative affairs of their banks, and Secretary Mellon, ex-officio chairman of the board, said that ge: eral business of the system was con- sidered at the joint meeting yesterday. The text of the Federal Reserve Board statement issued last night fol- lows: Left to right: Allen Pope, jr., holidays. 722 Fifteenth street,’and Harry Putnam, son of Mr. and Mrs. Clarence S. Putnam, 3038 O street, who, because they were ill when the other six Sixth National Oratorical Contest finalists of McKinley High School were photographed, were not in the group printed in last Sunday’s Star. They will compete, along with the rest of the Tech finalists, soon after the Easter Ay WASHINGTON, D. C, FRIDAY, APRIL 5, 1929 . discounting eligible paper rather than by selling acceptances. Increasing in- debtedness of the member banks has been a factor in stiffening money rates, and there has been during the period an advance in rates on all classes of loans both on time and on demand. Reserve Credit, Currency and Gold. “At the end of March the volums of Reserve bank credit stood at about $1,400,000,000, about $300,000,000 above the average level of the five-year period 1922-1927. The increase in Reserve bank credit since 1927 has been due to gold exports, which began in the Autumn of that year. During the neriod 1922-1927 gold had come to the United States in large volumes and ha? heen added in large part to the reserve balances of member banks. where it formed the basis of a rapid expansion of bank credit. This expan- sion was more rapid than would other- wise have been possible, owing to the fact that on the Hability side the mem- ber banks increased chiefly their time deposits, which require only a 3 per cent reserve with the Reserve banks, while their demand deposits showed a smaller relative growth. Thus, owing to a gradually declining ratie of mem- ber bank reserves to their deposits, and therefore to their loans and invest- ments, the gold which came to this country during the five-year period 1922-1927 gave rise to an expansion at the unusually high rate of $15 of mem- ber bank credit to $1 of member bank Credit Trends by Districts. “In recent weeks there has been a! considerable growth in the volume of | bank credit outstanding, chiefly in re-| sponse to seasonal demands from trade | and industry. Security loans by banks | have shown a small increase and bank investments have inclined slightly. In New York City the growth in bank credit has been practically confined to so-called ‘all other loans,’ that is, loans not secured by stocks and bonds. This class of loans by New York City banks | increased by nearly $200,000,000 be- tween early February and the end of March. These loans include certain in- terbank loans and loans on real estate, as well as commercial paper, bills of exchange and regular line-of-credit ad- vances to customers. Notwithstanding the inclusion of various kinds of borrow- ing in this item, it would appear that the increase in loans in recent weeks has been chiefly in response to the seasonal | demands of active trade and industry. “In Chicago, bank loans on securities last week in March. This growth was accompanied by a loss of funds through intersectional clearings and by increas- | ed borrowing from the Reserve Bank,| indicating a withdrawal from the dis- | trict of funds to be used elsewhere. | Notwithstanding a_sharp reduction in that week, accompanied by a decline in borrowings, the total of security loans | in the Chicago district at the end of | the month was considerably larger than at the beginning of February. Security | loans increased also in several other | districts, including Boston, Phllldel-’ phia, Cleveland and San Francisco, while in St. Louis, Kansas City and Dallas they declined. Investment hold- ings of reporting banks declined in all | the districts, except Boston, Richmond | and Dallas, while commercial loans in- | creased in all districts, except Boston. “A survey of credit developments dur- ing the 7-week period, therefore, in- idcates a general growth ef commercial loans and a general decline in invest- ments throughout a large part of the country. Security loans, which include broke: oans in New York City and elsewhere, showed a small aggregate increase, but declined in several Fed- eral Rescrve districts. Decline of Bank Loans to Brokers. “Demand for funds to finance the Lrng{ng in securities in the New York market has continued large, but the only increase in brokers’ loans has been in loans by lenders other than banks. This class of loans showed an increase of about $275,000,000 for the period of seven weeks ending March 27, while Street loans by banks, including both clined by nearly $300,000,000. The li- quidation of brokers' loans by banks since the board’s statement of February 7 indicates an effort by banks to comply with the desire of the board to restrain the diversion of bank credit into spec- ulative channels. This liquidation has been accompanied by a further rise in money rates, which has attracted funds from corporations and individuals in this country and abroad. Reduction of Reserve Bank Credit. “The volume of reserve bank credit outstanding showed a decline of about $60,000,000 during the seven-week perfod ending March 27, due, in part, to .gold imports. The decline in reserve bank credit has been in holdings oa acceptances, as Government security holdings have shown little change, and discounts for member banks increased by -$175,000,000, Acceptance - holdings of the reserve banks, which in the last this year were at -the highest level in the end of Pebruary have been smaller than a year ago. The reduction in ac- ceptances held has been due in small part only to a decline, in the total vol- 1o tne Tack that che Nigher prevaling e er pre rates om bills' have made flxgm attractive to investors. The buying rat at the reserve banks, which is now ahove the discount rate, has been an | ket, reserves. “The gold received during the period, having been depcsited with the Reserve | banks to the credit of the member banks, became available as reserves and enabled the member banks to expand their own operations. The Reserve banks, howeve vhich are not operated on a profit-making basis, did not ex- pand the volume of their credit on the basis of the additional gold received, but maintained it in accordance with the system's policy with reference to general credit conditions. Taking the period as a whole, Reserve bank credit showed little change and the imports of gold alone were the basis of the growth in currency and in member bank reserves. The rapid growth of credit, predicated upon gold imports, was a factor in keeping money rates relatively low throughout the period and the relative ease in the money mar- in turn, was a factor in the continued active state of trade and industry. Reversal of Gold Movements in 1927. “In 1927, after the world had largely returned to the gold basis, easy money conditions in this country were a factor in reversing the direction of gold move- ments. The Pederal Reserve system en: couraged the outward movement of gold, as it had always considered a bet: ter distribution of existing gold reserves to be in the interests of better monetary and trade conditions throughout the world. “Foreign demand for gold was met by member banks out of their reserves, and after November, 1927, this loss of | § reserves was mot offset by the reserve banks through the purchase of securi . 'To bring their reserves up to the legal requirements the banks were, therefore, obliged either to borrow from the reserve banks, or ot contract their own outstanding volume of credit. Rather than cause a contraction of bank credit in sufficient volume to reduce re- serve requirements by the full amount of gold exports, member banks bor- rowed the amount necessary to replenish their reserve from the Reserve banks. ‘The increase in borrowings, which amounted to about $600,000,000 in the | course of six months in 1928, was larger than would have been. necessitated by ?xe exports of gold alone, owing to the act that the Federal Reserv banks during the period sold United States securities, thus withdrawing funds from | § the market. “Not only did the Federal Reserve system during that period do nothing to FLAT TIRE ?4 FRANKLIN 764 ; Formerly Main 500 LEETH BROS. Open Daily 8 AM.-11 PM. TOWN HOUSE Detached stone resi- dence north of 24th and Massachusetts Avenue. Eleven rooms, five baths, first floor lavatory, back stairway, oil burner, elec- tric refrigeration. Garage for two cars. Price con- siderably under homes of similar character in this exclusive location. Anx- ious to sell within ' thirty days. . . Call : Potomac 1372 obtain reserve bank # 2" the Churches The churches of Washington have many varied week- day activities, in addition to the regular Sabbath day services. - These activities may be religious, social or athletic: There is no better way to learn of them than to read the church pages in Saturday’s Star. There you will find most of W’aéhing‘tou’sfchurches listed, with pastor name, ‘sermon subjects, special music, - ‘ete,, and in addition an abundance of information relative - to activities in_ religious circles-in" W : {credit, and there was an increase in | for American products. offset the tightening effect of gold ex- garu on the domestic credit situation, t, on the contrary, it increased their effect by the sale of securities. This policy of the Federal Reserve banks, at a time when the demand for credit was increasing, was reflected in a rapid ad- vance in money rates. The system'’s pol- icy was not dictated by the desire to prevent gold exports. As its gold in excess of the amount required- against Federal Reserve notes and deposits was between $1,400,000,000 and $1,500,000,000 early in 1928, and as the system has been consistently in favor of a redistri- bution of a part of its stock of gold, the firm money policy of the system was due to the fact that bank credit was rapidly expanding in this country, and particu- larly in the form of security loans, while the current requirements of trade and industry made relatively little demand | for additional bank credit. “The reserve system’s policy in regard to the redistribution of gold was thus subordinated during this period to the exigencies of the domestic situation, which required the restraining influ- ence of higher money rates. The ad- vance in rates, which was most pro- nounced in rates on security loans, gradually spread to all kinds of bank the cost of credit to all classes of bor- rowers. High money rates, in turn, caused a flow of funds to this country | from abroad, As a consequence, ex- change rates declined, and beginning with last June there' was some inflow of gold. Central banks abroad felt the pull upon their markets caused by our high money rates, and were obliged to dispose of some of their holdings of dollar exchange, as well as to ship gold, more recently, after a year of rising money rates, which has carried the rates in the United States above those prevailing in most other countries. Sev- eral foreign central banks have had to advance their discount rates in order to protect their gold reserves from further losses. In the domestic situation, high rates have caused a flow of non. banking funds into the security market, but have not had the effect of slowing down business activity, except in the building industry, which appears to have been unf: ably affected by the difficulty of floating bonds. The un- | favorable condition of the bond market, | due to high money rates caused by the rapid growth in the demand for credit by the security market. has also greatly reduced foreign borrowing in this coun- try, and. consequently, has made it more difficult for foreign countries to | cblain the exchange necessary to pa: Recent Credit Policy. “The Federal Reserve system has been aware of the consequences, pru-' ent and prospective, of high money rates to the country’s business and ha: pursued a policy formulated with view to correcting the situation that | was causing these high rates.. The | Today CATHEDRAL MANSIONS 3000 Connecticut Ave, Unexcelled service, cafe, all # night elevator and switchboard, entrance to Rock Creek Park across street., 2 rooms, kit.,, bath, $60.00 Also Larger Units THE BOULEVARD 2121 New York Ave. Washington's largest and finest downtown apartment building. Large rooms, pancled walled, Murphy beds, Frigidaire. $60.50 for two rooms, kit., bath 2601 CALVERT ST. Large 3.room apartments fae- ing south and overlooking Rock Creek Valley, Manager at 2401 Calvert St, Managed by Wardman © Main 3830 ation. . “The system’s desire to rates at a lower general leve?e e effects of continued high money rates on domestic business, and in part to its unwillingness to draw gold from aboard, with consequent advances in =money rates in other countries, some of which are suffering from industrial depres- sion. While the system recognizes that gne of its most important functions is to protect this country's gold reserves, in existing circumstances these reserves need protection &rumrfly against wasteful al tion into the base of an unduly expanded domestic credit struc- ture rather than against demands >m abroad. The objective of Federal Res - vve policy, therefore, both fi=m the poir of view of domestic business and of world trade conditions, is a readjustment in the credit situation with a view to as- suring trade and industry of a continu- ous supply of bank credit at reasonable rates.” . ARTHUR W. MUELLER, 57, DIES AFTER LONG ILLNESS Former Washingtoen Photographer for New York Herald Survived by Widow, Son, Brother and Sister. Arthur W. Mueller, *57 gears old, formerly Washington photographer for the New York Herald and widely known ameng local newspaper photographers, died in the Takoma Park Sanitarium today after a long iliness. Mr. Mueller served as photographer for the New York Herald until about eight years ago. He is survived by his widow, Mrs. Mary Mueller; a son, Albest Mueller; a | brother, Amuel Mueller, and a sister, Miss Flora Mueller, Funeral arrangements are being com- pleted. DIES OF PNEUMONIA. Mrs. Rose J. Coleman Had Resided Here for 15 Years. Mrs. Rose Jones Coleman, widow of Thomas C. Coleman and a resident of this city for the past 15 years, died at her home, 2026 R street, yesterday. Death was due to pneumonia. Funeral services will be conducted in the chapel at Greenmount Cemetery, Baltimore, tomorrow afternoon at 2 o'clock. Interment will be in Green- mount Cemetery. Get UP Early for this VALUE---ME [\ A Speéial Lot of Plain Colored PAJAMAS Seldom Such Quality at This LOW PRICE Full Cut— Very Well Made— . With Silk Frogs. In Blue, Tan, Gray, Laven- der, White. All Sizes A to D. i 910 7th St. N.W. I You Can Buy This Home for the Rent You Are Now Paying. Why Not Come Out? $100 CASH Balance $65 Monthly, Including Interest 5308 Illinois Ave. N.W. JUST EAST GEORGIA AVE. N.W. 6 Rooms and Bath—Hot-Water Heat Electric Lights—Big Porches - Call Us for Auto to Inspect .. Inspect Tonight Open and Lighted Until 9 O’Cleck P.M. R. INCORPORATED ' T8 H.STREET. NORTHWEST Demonstrate Ability to Nego- * GIVENTO % BOYS tiate 50 Feet in Water Without Aid. ~ * Ninety-eight ~delighted youngsters, demonstrating thalru.:uuty to swim 50 feet withou istance of any kind, to- Cross A ‘The group of nearly 100 is the first contiggent of the 525 boys taking the free swimming lessons offeyed. at the Y. M. C. A. 10 accomplish the 50-foot swim required to wi the buttons. Other groups in the 13 dafly classes were taking the tests this afternoon, and from progress made during the week, James C. Ingram, director of th> the boys’ department, and James Car- berry, swimming coach. the corps of special swimming instruc- tions provided by Commodore Wilbur T. Longfellow of the American Red | Cross, are giving the swimming tests under the general supervision of Mr. | Ingram. | The boys are 1equired to dive into the pool, recover a swimming position and then swim 50 feet. It is pointed out that many acquatic accidents oc- cur, and sometimes drownings, because non-swimmers, or poorly trained swim- mers, after falling into water over their depths, are unable to gain a swimming position, become frightened and thus become unable to assist themselves. For this reason,.the boys in the spe- cial free swimming classes were taught to regain swimming position in water | after diving in, rather than to push off | | for the 50-foot swim from the side of | the pool. | The intensive course of smimming in- struction for non-swimmers between the | ages of 10 and 18 will coms to a close | tomorrow evening. | Loud Speakers Held Nuisance BUDAPEST, April § (#).—Radio loud speakers were declared a nuisance yes- terday by the Hungarian government. Any radio dealer who operates a loud speaker on the principal thoron the capital will be fined hereafter. o= QUPERIOR =" GARAGES PORCHES REMODELED :: REPAIRED BUILT :: ENCLOSED Y 20 MONTHS T¢ REASONABLE PRICES 100% Honor Awards for Scientifically Perfect Dairy Plant 2012 . A% ELEVENTH CD § ST. ‘NW. . Lives of great men remind us we can sell our names for a testimonial ad. The testimonials for Wilkins are never published — but ask anybody who drinks Wilkins. They'll tell you what a delicious blend it is. SONOHOWINOPNONINONOROWONS REDUCED All our high-grade Anthracite reduced Lowest price level of the season Advances will follow monthly Buy now—get the full reduction! Our seventy-one years selling good coal is your guarantee of quality and service MARLOW COAL CO. 811 E St. N.W. Main 311 100% Honor Awards for Purity, W holesomeness and Keeping Quality The Higher the Butter-Fat Content the Richer Your Milk— and the Richer Your Milk the Greater Its Food Value. Again and Again and Again the District of Columbia Health Department Has Awarded Thompson’s Dairy Its Honor Rating for. Having the Highest Average Butter-fat Content of Any Pasteurized Milk in the District ECATUR, 1400 B Dis ck of €olumbia Health Dept