Evening Star Newspaper, March 5, 1933, Page 53

FINANCIAL. FINANCIAL. - 3 ANADIAN BANKING SYSTEM FUNGTIONS ¢ THE SUNDAY STAR, WASHINGTON, D. C., MARCH 5, 1933—PART SIX. TREASURY. BALANCE Dfiggmggcfiwgcmg%fim . NEW YORK CURB SUMMARY SHARPI-Y RED”EED Economist Points Out Problems to Be ;,‘Eu';;o. :::‘l"“;':i m:: 2% Acetol Prod (A). 3% % 2% Acme Wire vtc. Exchange Head PRESIDENT ANNOUNCES CLOS- ING IN NEW YORK. Stock and dividend. Mapes Consol Mfg (3) Margay Oil (1) Mass Util Asso Working Capital of Govern- ment Is Now About $220,000,000. Bpacial Dispatch to The Star. NEW YORK, March 4.—The drop in the cash baiance of the United States “Treasury from $565.000.000 at the open- ing of this year tc approximately $220. 000.000 at present brings the available working capital of the Government to the lowest point in many months and ;‘!!lls for an early building up of this em. As the situation is today, the drain on the Treasury, not only from the normal routine demands of the Govern- ment, but from those of an abnormal character, represented in the constantly expanding drafts on the Reconstruction Finance Corporation, compel rather im- mediate large issues of Government loans. At the same time the Treasury is faced with an unfriendly money market. For the first time in nearly a year it is being compelled to increase the Tate of interest on successive issues of discount bills. It is, therefore, doubtful whether it could now sell a good sized short-term loan on anything like the basis obtaining 12 months ago. Rate Increases. ‘The progressive increase in the rate n discount bills is significant. At the end of December the Government sold $100,000,000 of 91-day bills at an aver- age annual rate of 0.09 per cent. Last week the rate had jumped to 0.55 per cent, and this week to nearly 1 per cent. ‘There is now being offered a new Treas- ury issue of $75,000,000 to run 93 days. Since the last bills were offered the time money market, which was one- half of 1 per cent on one to four months’ paper, has advanced, first, to 1 per cent and is now at a nominal rate of 2': per cent, with very little money offered at that figure. Call loans ‘this week have risen from 1 to 2 points. This implies 8 rate higher than 1 per cent as likely to be bid for the pending issue of Treas- ury paper. Along with the rise in time money gates and the liquidation by banks of Both short and long term Government ®ecurities, an entire change in the com- lexion of the Government bond market as taken place. All of the Treasury motes for longer maturities than two years, which were at premiums ranging from one-half to 2, points early last ‘week, are now selling at discounts of a amall fraction to over 2 points. This has affected their yield by an average af one-half of 1 per cent. At the same time the long-term Treasury issues have had a sharp decline In price. Their yield has increased by about one-fourth of 1 per cent. and today on the 4!, and 4 per cent loans it is nearly 3% per cent This obviously prohibits the proposed | fong-term financing which had been discussed by the Treasury officials and which was to be attempted in connec- Mon with the maturing March 15 obliga- tlons. These are about $661.000,000 of 33, per cent certificates and around $34,000.000 of 2 per cent notes placed last year for the purpose of checking hoarding of deposits. Less than a month ago it was anticipated that the Treas- ury would be able to sell a long-term bond with a 3! per cent coupon, and, certainly, one at 3!5 per cent. As con- ditions now stand it would be impossible to float a loan of any size and of a Jmaturity of 10 or 15 years at an interest rate as high as 4 per cent. Refunding Postponed. Consequently, the anticipated refund- ing of the first Liberty loan, amounting #o slightly less than $2,000,000,000 and ‘ncluding the 3%, 4 and 47, per cent ssues, is for the present sidetracked. “There would be no advantage in calling fn these bonds unless a substantial sav- *dng in the interest rate could be effect- ed. In a larger measure the same per- exing conditions surround the fourth berty 4, per cent loan of $6,268.000.- 000, which may be retired next October, mnd if it is to be called notice of this ntention must be given by April 15. The net of it is that, owing to un- Poreseen conditions in the banking world which have unsettled the market for Government securities of both short and long term and have changed the money market from a nominal and pas- w@ve state to one that begins to corre- spond with normal times, the Govern- ment is compelled to struggle along on a licy of mouth-to-mouth financing at E:reuing rates of interest and with the problem of its short-term debt of over 162.000,000,000 maturing in 1933 con- etantly becoming more serious. (Copyright, 19: e = COTTON IRREGULAR DURING PAST WEEK Wrading Sentiment Is Unsettled by Banking Holidays and Ac- tion of Stocks. By the Associated Press. NEW YORK. March 4.—The cotton market has been nervous and irregular during the past week with sentiment unsettled by the spread of the banking holidays and the action of the stock market. Slight advances during the middle of the week were attributed to the passage of the Smith-Cotton relief bill by the Senate, but there was con- siderable uncertainty as to whether it would be signed by the President, and after selling up to 6.08 for May, mces broke sharply with that position de- clining to 5.93 on Thursday under heavy liquidation stimulated by weakness in the stock market and the unfavorable financial news. This evidently left the market in an mproved technical position and rallies followed on covering and trade buying. Prices reached the highest levels of the week during Friday's trading, when May sold at 6.30 or 37 points up from| the low price of Thursday and back to the best price touched on the sdvance during the first half of February. Con- siderable foreign buyin¥ was reported on the uptum, while there was covering on the rallies in the stock market which seemed to promote rather a better feel- ing over general conditions. Very little Southern selling was in evidence at any time during the week, and the absence of pressure from that source was reflected by & comparative scarcity of contracts whenever liquida- tion slackened, and the market has been sensitive to moderate orders either way. RAILWAYMEN WATCHING EFFECT OF FARE CUTS By the Associated Press. NEW YORK, March 4.—Railroads in the Eastern and Western regions will watch with interest the experiment of the Louisville & Nashville in reverting to a 2-cent-a-mile base passenger rate in an effort to wlxhhl.ck some of the business lost to the busses. By its action in asking the Interstate Commerce Commission to approve adoption of this rate in day coaches, and a 3-cent-a-mile rate in Pullmans, the L. & N. seems politely to be dis- agreeing with the verdict of the Joint Committee of Passenger Executiyes, Solved Before Business Recovery Can Be Definitely Startcd. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, March 4.—Debts—Na- tional and intergovernmental—the bud- get and the status of the dollar are the three principal problems which face the Unitea States at this time; and un- less they are disposed of at an early date it is hard to adopt an’ unquali- fledly optimistic attitude as regards the immediate outlook. ‘The new administration will begin business with a debt of more than $21,000,000,000, equivalent to $165 for every man, woman and child living in the United States. Consider- ing the vastness of the country’s re- sources, the debt of the country is not only not heavy, but even an increase in the total could not be viewed with alarm. Leading European nations, with resources much more restricted than those of the United States, have a much higher debt and carry a much heavier burden. Debt Is Internal. There is an additional advantage which America enjoys. Her debt 1s entirely internal. Her bonds are held chiefly by her own nationals. She has no exchange problems to solve. Europe, the Far East and whatever few Latin America nations are still paying on their debts owe large sums abroad, and, even if their internal econcmy pro- ments, they are often unable to secure enough foreign exchange to meet ex- ternal commitments. ‘The balancing of the budget of the United States has been receiving en- tirely too much attention. Economists and bankers, especially the bankers, are alarmed at the steadily mounting defi- cit, that is an excess of expenditure over revenue. Why the concern? The United States has for years operated at what one might term a substantial profit. She has built up a material sur- plus, and it is not unreasonable to draw . upon such reserves in times of “falling profits,” especially when the surplus, visible and invisible, which has been ac- | cumulated in years of rising profits, is sufficient to enable the country to weaiher exteided periods of adversity. Once more, fear is entertained in most circles lest the Government enact legislation designed to cheapen the dollar. A year ago, it was Europe which feared such a move by the United States. The old continent, remember- about | {5 duced enough to mesct home require- | ing vividly the experiences with de-/ preciated currencies, began to call home | all foreign balances. For a time, it seemed that America would not be able to stand the constant stock of gold. standard was in danger. disposed' of their good American dol- lars and purchased francs and guilders, | Before many weeks elapsed. Europe had | withdrawn all or nearly all the yellow | metal she had kept in New York. The American dollar triumphed. Danger at Home. Today, the danger does not come! from Europe. Europe knows better. It! Americans who fear lest the dollar | should collapse. 'They are raiding their own currency. They withdraw fran-, tically balances in banks, where they repose in safety. | What becomes of these withdrawn funds? De they go into the channels of industry and commerce, or are they hoarded in places from where they may easily disappear? In some cases, funds are converted into gold. This seems in- defensible, because if the United States were, for some reason as yet unknown, to leave the gold standard, there is no doubt that a law would be passed pro- hibiting the trading in gold. Gold would occupy the same anmon as do alcoholic beverages, which can be and are bought and sold, even though the law does not permit it. It is apparent that confidence cannot | casily be restored, especially when cvery day brings news of more States joining the “bank holiday” procession. | | Would it not be desirable if the Gov-| ernment were to announce that, dur- ing the period of uncertainty, bank de- | posits would be protected? Arguments Against Measure, There are two arguments against | such measure. One is the contention that the Government cannot undertake to assume responsibility for $50,000,- 000,000 of deposits. The writer main- tains that the mere announcement that deposited funds are safe would not only |stop forthwith all withdrawals, but would bring considerable sums back to the banks. The other argument is the fear that | guarantceing deposits places a premium ! on “bad” banking. This argument is| | completely annihilated by the recent experience in connection with testimony | given by the country’s mighty monarchs of finance before the Senate Commit- | ;en :& rB;‘nklbnegkang Cug‘ency, of which | orbeck, Republican, | Dakota, 15 chaisman® o> °f Bouth) (Copyright, 1933, by North American News- paper Alliance, Inc.) {WINTER WHEAT CROP WILL SWAY MARKET Size of Yield to Be Dominating In- fluence Due to Shrinkage in Supplies. By the Associated Press. CHICAGO, March 4.—United States wheat supplies this season promise now to be closer to an exclusively domestic basis of use than has been the case for i years. ¥ ‘Trade estimates current today indi- cate that the country possesses at pres- ent far less wheat to come from grow- ers’ hands than generally was expected, and that there has been surprising do- mestic disappearance of the grain. In addition, comprehensive unofficial ad- vices covering Kansas, Nebraska, Okla- homa- and Texas suggest that around 6.000,000 acres of wheat seeded last Fall are to be abandoned as practically unfit to harvest. Compared with a week ago, Wheat this morning was !3-7s cents higher, corn a shade to !, down, oats 1»-% off, and provisions 2 cents to 32 cents p. More and more the United States Winter wheat crop situation is looming up as a_dominating market influence. Some wheat specialists contend that unless coplous widespread rains come shortly where needed the Government 'STEEL PRODUCTION | DECLINES FURTHER! Ingot Output Estimated at Less Than 17 Per Cent of Capacity During Week. By the Associated Press. | NEW YORK, March 4.—Reflecting | decreased demand from automobile plants as well as miscellaneous orders as a result of business uncertainties, | steel ingot production tapered off to less than an estimated 17 per cent of capacity in the past week. The out- standing development was the an- nouncement f new sheet prices. elim- inating concessions recently available. | Pig iron was quiet and unchanged. The domestic copper market remaine¢ quiet. with demand restricted to im- mediate needs. Prices were unchanged at the basis of 5 per cent from electro- Istic de'ivered in the Connecticut Val |lev. An easier tone developed in the | European markets as a result of in- | creased selling pressure from Americs | and other producing sources, and whi | buying by English interests was report- | ed. uncertainties in the German politi- | cal situation checked buving there. A reduction of !> cent in base prices for | | domestic copper and brass products re- | flected a readjustment to prevailing | metal prices. | April returns will show the poorest | growth condition for Winter wheat ever | known. Meanwhile an official report on farmers’ intentions to plant Spring | Afnsworth Mfg. Afr Inv Inc vte.. Alr Inv conv pf. Allted Mills Inc..... Aluminum Co of Am. Alumn Co of Am pf (3).. Aluminum Co Ltd. Aluminum Ltd cum p! Am Austin Car.. Am Bakeries (A) Am Beverage Corp Am Book Co (4). Am Capital (A) Am Capital (B) Am Capital pf. 4 Am Capital pr pf. AmCItP& LA (ad). Am City P&L (B) (15¢). Am Com Pow A Am Cyanamid ( Am Dept Stores Am For Pwr war. % Am Founders. ... Am Gas & Elec (1), Am Investors Inc Am Investors. Ine, war. Am Laundry Mch (40¢). Am Lt & Traction (2). Am Mfg Co. Am Maracatbo. Am Salamandra Corp. % Am Superpower... Am Super 1st pf (6). Arcturus Radio Tube Ark Nat Gas. ... Ark NatGas A. Armstrong Cork. . 4 Asso El Ind Ltd(k10c Asso Gas & Electric. 3 Asso Gas & Elec (A) a, v Atlas Utilities Corp. Atlas Utilities war Atlas Util pf (3) Auto Voting Machine Axton Fish Tob A 3.20. Renefleial TT. (113) Rlue Ridge Corp. Blue Ridge cv pf (a3). Brazilian Trac & Lt. RBrillo Mfz (60¢) . - British-Am Oil C (80c).. Buffalo N&EP pf(1.60) Buffalo N&EP 1st pf(5). Bunker Hill & Sullivan Burma Ltd rets (p3c). : Butler Bros Cable & Wire Brets. ... “able& Wire pf (k6 1-5¢). nadian Marconi...... ib Syndicate Carman & Co (A) Carnation Co. . Celanese Corp pf Celanese Corp 15t pf. . Cent Hud G&E ctfs 80c Central States Electric Cent States El v pf Cent SLE 6% pf ww Chesebrough (+613). Chicago Corp (The). Childs Co pf Cities § Cities Serv pf B Cities Sve P & L 36 pf. cit cP&L$7pt. Claude Neon Inc........ Claude Neon Elec pr (1). Cleve El Tlum (1.60)... Cleveland Tractor Colum G&E cv pf (5 olumbia Oil & Gas vte. Comwlth & Sou war Consolidated Aircraft. Consol Gas Balto(3.60).. > Con Gas Utility (A). Consol Retail Stores. Cooper Bessemer pf (A). Copeland Prod Inc.. Cord Corp (10¢). Corroon & Rey pf (4 Cosden Oil cod.. . Courtaulds (k13 1-10¢) Creole Petroieum. . Cresson Consol (4¢). Crocker Wheeler. . Crown Cent Petrol. . Crown Cork Intl (A) Cuban Tobaceo vtc. . Darby Petroleum Deere & Co..... De Forest Radio. Derby Oil & Refining Detroit Afrcraft. Dow Chemical ( Driver Harris Ci Duke Power (1). st G&F Assoc (60c)... F Asso pf (6) tates Power. stern Util Asso (2). Eastern Util Asso cv ler Electric Corp. c Bd & Share(b6 %) Bond & Share pf (5) Elec Pwr Assoc (40¢). c Pwr Assoc A(40¢).. crops will be issued on March 15, and is regarded in various quarters as likely to indicate a probable reduction of Spring wheat acreage. Bank of France Statement. PARIS, March 4 (#.—The weekly statement of the Bank of France shows the following changes in francs: Gold decreased 303.000.000. sight balances abroad decreased 166.000.000. bills dis- counted at home increased 564.000.000. bills bought abroad increased 164.000.- 000, advances decreased 29.000.000, circulation increased 613.000.000. cur- rent accounts decreased 370.000,000. Rate of discount, 212 per cent. Banks to Repay Credit. 'BASEL. Switzerland. March 4 (P).— The German Reichsbank will repay $16,000,000 of a credit amounting to $86,000,000 due tomorrow, the Bank for International Settlements an- nounced this afternoon. ‘The Bank of France, the Bank of England and the Federal Reserve Bank, which participated in the credit. have agreed to renew in equal share the re- maining $70,000,000 for three months at 4 per cent. : What Things Cost { (Compiled by Standard Statistics Co., | New York.) NEW YORK. March 4 (#).—Of the 25 important commodities in the follow- | ing table, 10 are higher in price than last week. 3 are lower and 12 remain unchanged. One is at its high for 1932- 1933 and three are at their lows. This Week Rutter. creamery. ext., lb.$0.1675 Coffee. Rio, No. 7. 1b ‘0813 Cor 05 Corn v . 4063 Cotton. mid-upland, Ib. . 0635 Cottonseed oil. bleachable. b. ... 035 s. doz. i1 18 patent. bbi. 3.60 « steer, 1b 045 . 140-1bs, 1b Lead. pig. Ib.. Linseed oil, carlots, Petroleum. ' Okla., | aree, 2 | Rosin." B. bbi. Rubber. plantation. Rye, No. 2. Western, | Silk erack. double, ext., I5. 1. Iver, o0z. : Pittsbus ) Last Week $0. | Steel ‘bar: | Sugar,_ 7 | Tin. straits, 1o | Turpentine. 'carlots. Wheat. hard Winter, [k et D o | Wool, Te .. Zine, 1 HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week & Year Ago. [ Tan Tava Tu Toume buni] Aus Jserrfocr [ Nov Toec] York City. Shaded areas show weeks of the previous year . Check Transactions compared GENERAL BUSINESS ACTIVITY for the country Indicated by Bank Deblt activity above the corresponding weeks of Black areas indicate decliney from same weeks 12 months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. with the same week a vear ago. [ Bosten —11.3% New York /| Philadeionia Cleyeland T t] e B icago Bt. Louis | Minneapolis | | o b v s X 1 KansasCiiy | Dallas | 8an Francisco | —214% | 1627 | 647 Business in dollars (checks cashed) . Employment (Department of Labor). which recently reported to the com- mission that 1{ usa:m likelihood of & gain in revenues from a lowered rate. As a matter of fact the passenger rate structure is not so firmly anchored to the base rate as the official tariffs indicate. Western roads are offering milage books at 2.7 cents a mile, a 25 per cent reduction from the existing schedule, and carriers in all regions are running low rate excursions. Some also bave shaved fares on round trips, Wages (Department of Labor)...... Cost of living (Industrial Conference Wholesale pi:u( Faer':‘ [ndixl Agricultu: (Department o Movement of goods (carloadings).. Retail trade (Federal Reserve Board) Building contracts (F. W. Dodge) . Failures (Dun’s) . Bond prices (N. Y. Times) Stock prices (N. Y. Times) . Stock market volume (shares traded) 2 LEADING BAROMETERS. Showing Trend of important factors. % Change from year ago. Board)... (ALl rights reserved, Cambridge Associates, Boston.) Py El P & L opt war. . c Pwr & Lt 24 pf ¢ Shareholding . Empire Dist Elec p! impire Gas & Fuel 1% pire Gas & Fuel 8% pire Power part Eureka Pipe Line (4) Furop EI Ltd A (30¢). Europ El Ltd deb rts Ex-cello Air & Tool. . I Fajardo Sugar .. Federated Capital cod. .. Federated Corp (sta) | Fiat rets (p30c) . a2 Fisk Rubber (new | Florida P & L pf | Ford Motor Can A. | Ford Motor Can B. Ford Motor France Fo-d Motor Ltd. ... n Alloys. .. General Aviation Gen Pub Service pf Gen Theat Equip cv pt Glen Alden Coal. .. Globe Underwrit (k33c). Gold Seal Elec new..... “oldman Sach T C.. Great A&P Tea n-v(17). 5 Great A& P T 1st pf(7). 9 Greif Bros Coop A. oc Strs Prod vtc Gulf Oil of Penna Hamilton Gas vtc. Hartford EI L ( i Hecla Mining Helena Rubinstein. Hollinger Gold (t80c). Hudson Bay Min & § Humble Oil (2).. Hygrade Food Prod. Hygrade Svivania (2). 11l Pwr & Lt pf (6) Imp Oil Ltd coup(50¢) Imp Oil of Can reg (50c) Imp Tob GB&I (ki410). Indiana Pipe Line(20c). Insur Co of Nr Am (2) Intercontl Petroleum Intl Hydro cv pf (3%). Intl Petroleum (1). Intl Products. . 3 Intl Utilities (B).. Interstate Equities 2 Interstate Hoslery (65¢) Interstate Pwr 7% pf. .. i Irving Air Chute (40¢) Italian Superpowr A. by Petroleum...... Kleinert (1 B) Rubber Kolster-Br (Am =hs). ... Kopper Gas&Coke pf(6). 4 Lake Shore Mines (2). » Lefcourt Realty Lehigh Coal & N Lerner Strs pf w 4 Libby McNeill & L. Lion Oil & Refining. Lone Star Gas (b64c). .. Long Island Ltng pfA(7) Ludlow Mfg Co (6)..... L+ 11LLGs ++) (B3 Mavis Bottling (A). Mayflower Asso (2). 4 Mead Johnson (3). Memphis Natural Gas Mercantile Stores (1)... Mexico-Ohio Oil. . < a Midl West Utilities. . Mid West cv pf new xw. Midland Royalty cv pf Midland Steel Product; Montgomery Ward (A). Mont Lt H& T (113).... Mort Bank of Col Am sh, Mountain & Gulf...... Mountain Prod (80c). Nat Aviation Nat Pellas He Nat Bond & Si RO S + 4+t t Pwr & Lt pf (6) t Rubber Mac . Nat Transit (80c Neisner Bros pf (p1% 4 Newberry (J.J) (60¢) i New Eng Pub Sve(6)p.l. w Jersey Zinc (2) wmont Mining. Y Auction. . Y & Hon Ros (1). Y Steam (2.60) . Y Tel pf (61z) agara Hud Poxw agara Hud (A) war agara Hud (B) war rara Hud (C) war. .. Shrs (Md) B(20c). les-Bement-Pond. . North States Pwr A (5). North § Pow pf (7)..... Ohto Copper. . Oklahoma Nat Gas pf... Pac Gas&Fl Ist pf(1%). Pactfic Lighting pf (6).. Pan Am Airways Parke Davis (1). : Parker Rust P (2%) Penros Penna Ga 2 1 n Water & F Tepperell Mfz Co. Phila Co (1.40) Phil Morris Inc Phil Morris A (1%) Phoenix Secur Corp. = Phoenix Sec Pilot Radio T Pioneer Gold (24c) . Pitney Bowes P (b4%). ., Pittshurgh & L E (213). Pittsburgh Plate G (1).. Powdrell & Alexand 3 Premier Gold (12c). Prudential Inv. . Public Util Hold war. Public Util Hold xw Puget Sd P&L §5 pf. Puget S4 P&L $6 pf. Quaker Oats (715 Raflway & e Rainhow Lum Prod B. Raytheon Mf. 2 Reliance In Republic Gas Reybarn Co. 3 Rhode Isl Pub Sie pf (2 Roan Antelope Mines. .. Root Refining ev pr pf Rubberoid Co (1). Ryan Consolidated. fety Car Heat & Lt Antony Gold. R I s t+11 aboard Utilities Security Allied Corp. Segal L & Hdwr. . Selected Industries. Select Ind all ctfs(5 lect Ind pr fety Control Den Min indoah Corp. . doah Corp pf. sel ct Singer Mfg Co (8) South Am G South Penn Oi So Cal Edis pf B (1 s S0 Cal EdpfC (1%).... Southland Royalty (20¢c) west Penn P&L (4) Meyer Inc Z Stand Cap & Seal (2.40)., Stand Oil of Ind (1) nd Oil of Ky (1) and Oil of Ohio (113) and Oil of Ohio pf (5). Kt eet i+ ein(A)&Co cu pf(6* utz Motor Car. Sun Investing. . n Investing pf Swiss Amer Elpf....... Sylvanite G M Ltd (4¢).. Tampa Elec (2.24) ‘Technicolor Inc. Tech Hughes (60c). Texon Oil & Land (1)... Tobacco&Allied Stks. Tob Prodof Del wi.. Tob Sec Ltd (k46 4- Tob Sec Ltd def ké Todd ipyard (1) Toledo Edison pf (6). Trans Air Trans Trans Lux DL P S. Tri-Contl Corp war. 3 Tubize Chatillon Corp Tubize Chatillon (A). TUnion Am Invest....... Un Gas of Canada. Unit Corp war. Unit Dry Dock Unit Founders Unit Gas Corpos Unit Gas Corp war Unit Gas pf (1). i Unit Lt & Pwr (A) Unit Lt & Pwr (B) Unit Lt & PWrpf...... Unit Shoe Mach (213) U S Elec Power ww..... & US&Internatl Sec..... U S Inter Sec 1st pf. U S Play Card (1). Unit Stores v.t.c. Unit Verde Exte: Utah Pwr&Lt pf (7). Util Power & Light. i Util Pwr & Lt Betfs Utility Equities. ... Utility Equities pf (5% Utility & Ind pf.... + Van Camp Packing pt Walgreen Co (1)..... Walker (Hiram) Walker (H) pf (1) Wayne Pump. ... Wayne Pump pf. West Cartridge pf (6) Western Air Express. Willow Cafeterias Wil-Low Cafeteria p Woodley Petrol......... Wool'th Ltd (p24 2-5¢).. Wrizht Hargreav(t20c). + 4 ttr+ (R XN 1 UL+ +10+ 3 3 2 2 4 +1 1401 1 e+ 1 1 444 11+ 1 I++%++11 (RE. L+l ++1 (5 4 | Dividend rates in dollars based on last quarterly or semi-annual payment. tPartly extrs. iPlus 4% in stock. & Payable in cash or !h | vertible gold-note holders March 1. 2 | writer keys. Instead of turning the dial | I hPlus 1% Tegular rate. last year—no regular NEW 'YORK, Mfchn"_wm“gg: bu; o goods in primary mar! luzmlillmdgl sharply in the last few days. Some wash goods, domestics and work clothing make up the bulk of re- cent sales. Price uncertainty and Iu.nbkl; $1 feature special retail Included in this merchan- dise are clipper ship barometers, per- fume sets, powder jars and mirror trays. The gray goods market has come to a virtual standstill. Prices continue easy and mills are said to be willing to shade quotations whenever sizable orders appear. tock. b Payablt, in stock, f Plu tock. stock. ~ d Flus % 5 $hos m Plis 3% Plus 6% in stock. 2 |3 1 3% b shoct” Sl ull':'g A months, the Jowest in the history of the trade. Wholesale showrooms are carrying initial samples of Summer lamps, which will be featured in May and June retail promotions. Prices range from $2.95 to $10. Employes to Resume Work. ALBANY, N. Y., March 4 (#).—About l.1oom of the New York Cen- tral will be called back to work in the West Albany locomotive shops, it was announced. 4 D STOUER RICHARD WHITNEY, | | Who announced the board of governors’ 3 | action yesterday in Wall Street follow- 5 | ing the bank holiday declaration in | Gotham. Earlier in the week he testi- | % | fled before a congressional committee | 1 |at the Capltol relative to Stock Ex-| change practices. % LIVE STOCK PRIGES : INHIGHER RANGE | . . .. Smaller Supplies Result in Gains for Most Classes. | glaring at his opponent. By the Associated Press. ‘The supply of well finished light cat- tle continued small at Chicago this week, prices for better grade yearlings and light steers advancing 25 to 40 cents above the level of the previous week. Quality fed steers were also reported to be scarce at Kansas City, where the market closed steady to strong. Medium weight and heavy bullocks were steadv to 25 cents higher at Chi- cago. the strictly good and choice kind in the 1,250 to 1.400 pound class show- ing the most upturn. Heifers were firm to 25 cents higher and cows were steady, but vealers were 50 cents to $1 lower. Chicago Top Is Higher. The Chicago top on long vearlings was $7.80, an advance of 30 cents over the top of the previous week. The top on best heavy steers was $6.15, while that on medium weights was $6.25. The | bulk of the steers and yearlings of all weights sold for $4.25 to $ 3 Cattle values at Omaha changed lit- tle, the best grades of light steers be- ing strong. while other kinds were fairly steady. At St. Louis the market was mostly steady, while some of the low- price stuff sold a little lower. Government livestock specialists said hog shipments at Chicago showed im- proved quality over the previous week, With prices 5 to 15 cents higher. Ship- per demand was comparatively narrow. The late top was $3.75, the highest price in two weeks. The bulk of the | heavyweights sold from $3.60 to $3.70. Government observers detected a stronger undertone in the hog market | } | at Kansas City, with prices slightly | higher than last week. Omaha hog prices were 10 to 20 cents higher. The lamb and sheep market was gen- erally steady. fat ewes being strong to | 15 cents higher at Chicago. Heavy { lambs which were getting more plenti- ful closed under pressure. The extreme | top for lambs was $5.70, the bulk of | better grade stuff being from $5.50. . B Dressed Meat Market. Some improvement was noted in the | New York dressed meat market, sup- | & plies being reduced and most classes showing price gains over the previous ek when the market showed extreme weakness. Beef was about stea g and mutton e higher and pork loins gained stead ‘The Chicago dressed market reported liberal supplies with the opening of the lenten season. There were further price declines, although pork loins were | higher. — Receivership Asked. WILMINGTON. Del., March 4 (P — | No Financial Institution Has * Closed—Premier Bennett Defends Record. BY CHARLES LYNCH. Specie! Dispatch to The Star. - OTTAWA, Canada, March 4.—No | Canadian bank has shut its doors and 1o financial institution of any impor- tance has ceased business since the federal government in 1931 asked Parliament for authority to maintain the integr of Canadian institutions. Such hus been. Canada’s financial standing as given by Premier Richard B. Bennett, who defended the record of his administration last night in the House of Commons during a debate on the government's unemployment relief extension bill, which asks for $20,000,- 000 for direct relief this year. Bennett's speech did not close the debate, which lasted until nearly mide« night. It will be resumed next week. “We took care to ask this Parlia- ment that we might be able to deal with every matter that might arise in connection with the government of the country to maintain the integrity of our institutions,” said Bennett. “By reason of this fact, no Canadian bank has shut its doors and no financial institution of any importance in this country has ceased to carry on busi- ness.” Bennett castigated the opposition leader, W. L. MacKenzie King, and his followers for their criticism of the got- ernment’s policies in the economic crisis. Pandemonium broke loose for a few minutes. Members Tose to their fect, pounding their desks. Bennett and MacKenzie King were standing {and even to veteran solons it looked for a time as if the latter, waving a clenched fist, intended abandoning parliamentary decorum and setthing the matter then and there by other methods. Bennett, his face deep flushed with anger, was in an equally animated pose, But feeling subsided. (Copyright FEDERAL RESERVE RATIO, By the Associated P he ratio of total reserves of the 12 central banks to deposit and note lia- bilities combined showed a further shrinkage during the week ended March 1. In the table that follows the ratio is given for comparable periods, as an- nounced by the Reserve Board: Week ended March 1 .58.5 per cent Previous week. .61.2 per cent. Same week last year. .68.1 per cent INVESTIGATE BEFORE INVESTING Tax free: mon-attachable; safe; Dun and Bradstree: rating. =~ Established Washington Corporation. Continuous and steady rise in valu vears of operation. u investing any mones. Attractive to large and small investors. Over 9. thiy literature without obligation by savings mailed T oF THE CORDIION OF THE Life & Casualty Insurance Company ssee. on the 31st day of December, 1952, as required under Section 37,01 tre Code of Law for tne District of olumbta. INCOME. Total income... $6,826.132.03 DISBURSEMENTS. paid 1 ns $1,817,317.66 Bo 2 381,57 Al i 3.413.570.15 ‘Total disbur . $8.104,25838 $2.147.558.34 4.08R1142 78 306.308.35 and " stocks. . g in office and district : 57.154.45 260061.75 255.502.78 banks * Z rents due Gross mssets . ... .. s Deduct assets not admitte Total admitted Appointment of receivers for the Deep | o Rock Oil Corporation, owner of a chain of gasoline service stations in the ™| South and Middle West. was asked in 12 bill of complaint filed in Chancery | Court by Harry Barron of Chicago. | The bill alleged liabilities of the con- | cern exceeded assels by more than | $5.000.000. Barron, who claimed to be | % | & holder of several 6 per cent convert- % | ible gold notes of the concern, charged | it was unable to meet a payment of 14 $2,181.500 due on demand of the con- 3 S s e s s New Telephone Dial Shown. 4| A new dial for automatic telephones % | has been shown in London. Tt does not % | rotate, but the letters and numerals are arranged around it like 10 small type- | % | the keys are depressed. Ingenious gear ix| wheels in the base of the instrument 13| do the rest. Capital paid up Usassigned funds (surplus) . Amount_of ordir Sustanding De Amouni of ordinary. business in the District of Columpia, outstanding December 41 772.800.00 Amount of 1 ftanding D 98.302.806.00 in the District of Columbia i outstanding December A1+ 1.378.857.00 OTIS P GRANT. Vice Bresident. scribe swor 24th day of Feb. 1ngn. o Derore me thle (Seal) MRS. ELIZABETH GENTRY. ~ Notary Pubiic. H. A. HOLLINS, Dist. Mgr. 224 Evening Star Bldg. Phone Metropolitan 1340 Washington, D. C. CONSULT US —and let us explain to you the ap- pealing advantages of investment in our ver Forty Years of Experience First Mortgage Investments “May be PROPERTY M 6% FIRST MORTGAGES When you have had opportunity to consider the character of the se- curity which your principal will have and that the interest is a fixed rate, you will, we are sure, feel that these 6% First Mortgages offer one of the best employments for your surplus funds. in amounts CO. 925 15th St. N.W. purchased from $250 up. B. F. SAUL ANAGEMENT