Evening Star Newspaper, March 7, 1933, Page 5

BOLLAR EXCHANGE STILL SUSPENDED Only Quotation Abroad Made at Berlin—Confidence Ex- pressed in England. Br (he Associated Press. LONDON, March 7.—Confidence in the dollar and the successful outcome of the American banking crisis was anphasized this forenoon by one of the highest banking authorities in Great Britain. “There is some worry in certain con- tinental quarters, but we do not share it,” he said. “The talk of depreciation of the dollar we consider nonsense. The crisis is one of internal banking and had nothing 1o do with exchange matters. “We do not consider America off the gold standard and we believe the ex- ternal phases of the difficulty will be straightened out by the end of the week. “President Roosevelt's vigorous man- ner of approach to the problem likely will have the most beneficial effects.” Dealers in the foreign exchange market decided again today not to quote the American dollar. Quotations Suspended. PARIS, March 7 (#).—Dollar quota- tions will remain suspended on the bourse until American banks reopen. | Officials of the Treasury Department and the Bank of France said they were willing to do anything to co-operate, | but they had not been asked to do any- | thing and there was nothing to be done. | They consider the crisis purely internal and purely banking and that it has nothing to do with the soundness of the dollar. Officials of the Bank of France said they were “waiting to see what Con- | gress does.” Offered in Berlin. | BERLIN, March 7 (#).—The dollar | was quoted today at 4.16, and the Canadian dollar at 3.53. | The Reichsbank is not participating in speculative maneuvers in some Eu- ropean financial centers, but as long as America remains on the gold standard will quote the fixed dollar rate here ac- cordingly. No Dollar Exchange. ROME, March 7 (#).—Foreign ex- change in refercnce to the dollar con- tinued closed today but traders wel- comed news of a partial reopening of | American banks. The American banking branches were paying 1850 lire per dollar on checks of limited amounts. The lire was still weak in relation to the British pound and French franc. Government bonds | were slightly lower. MONTREAL, Quebec, March 7 () — United States currency was being re- ceived by banks and hotels at par here | with the promise of adjustment when | exchange quotations are again available. As banks, express companies, and post | offices were declining to issue money or- | ders or drafts to any countries (with the single exception of Newfoundland, where Canadian money is legal tender), | no funds could be sent out of the coun- try, Speculators were reported to be ask- ing hotels and other business places for United States funds in the hope that the exchange rate would again place the money in a favorable position within a few days, Dollar Dealings Stopped. TOKIO, March 7 (#).—Tokio banks today decided to resume operations to- morrow in foreign exchanges with the exception of American dollars. HOPEFUL OF SITUATION MEXICO CITY, March 7 (#.—The 2 that the present banking prob- in the United States will pass and will be followed by “a earing of the skies” was expressed Jast night by Primo Villa Michel, min- | ister of national economy. I “We should regard the situation with serenity and confidence inspired by the rapidity and firmness with which the United States Government | has acted,” he said | Confidence should be maintained, he | s here and | a sequel. | j,;)ehdin FOOD DOLLARS WISELY health UP USE A QUART of MILK DAILY for EACH MEMBER of the FAMILY SILVER GROUP SEES | dent BANK HOLIDAY AND PRICE RISE SEEN AS START OF RECOVERY Grain and Live Stock Advance on Chicago Markets and Eastern Commodity Marts Receive Stimulus. By the Associated Press. NEW YORK, March 7.—The experts, like jig-saw flends working on a puzzle from which many pieces are missing, tried today to figure out whether the bank holiday doesn't mark the be- ginning of economic recovery. Some saw, in advancing commodity and foodstuffs prices, indications of possible mild inflation, with a boost in the price level along the line. This might, they felt, begin by putting money intS the jeans of farmers and thence stimulate industry toward the return of happier days. Many markets were closed, however, and other unsettled factors prevented the experts from putting the picture together. All they could do was re- ceive the news from market centers and try to-relate it to the general sit- uation. Among the news yesterday were the folowing items: At Chicago cash wheat advanced 2| tn 215 cents; cash corn was steady at + to 3, advances; cattle sold from 25 to 50 cents hight hogs surged 10 to 25. reaching a $4.05 top, and sheep sold for 25 to 50 cents more per hundred- weight. Provisions were sharply higher. At New York, raw sugar rose to 3 cents a_pound, trading in other pro- | visions being quiet. Raw cotton prices | rose sharply in the outside market. '| Chicago observers said higher prices | were due to orders to close some live stock exchanges and the Chicago cash wheat market. York in wholesale prices on some food- stuffs, which had as yet slight if any effect in retail prices, was attributed to several factors. ‘They were described as the reluctance of farmers to ship under unsettled con- ditions, their belief that they might re- ceive higher prices later and the de- mands of dealers seeking to insure adequate supplies for customers. Butter receipts at New York dropped, and the price of butter extras, taken as an index of the trend of butter prices, rose a cent & pound to 17 Sges also sold higher at wholesale. Handy & Harman, leading dealers, quoted silver prices for the benefit of arts and industries, and their figures represented 2';-cent gain to 293, cents an ounce, a new high for the year. In spot coffee transactions were reported at from 9.25 to 9.75 cents a pound. The range last Friday was from 8.75 to 9. Wholesalers in new York and Chicago declared there need be no fear of a food shortage. In Chicago there was said to be enough food on hand to last four months. Unlike New York, where retail prices were described as showing little effects of the bank holiday, Massachusetts be- 8an an investigatiom of increased prices of meats, vegetables and fruits. Ralph W. Robart, director of the division of necessaries of life, said the situation was due to the declaration of producers that they would not deliver goods unless paid in cash. The condition was de- scribed as “‘semi. fous.” ROOSEVELT FAVOR Advocates Find Indication of | Remonetization Approval in Inaugural Speech. By the Associated Press. Silver advocates seized today upon | one word in President Roosevelt's in- augural address—"adequate”—and held | it supplied the leverage necessary to | put their plan through the special ses- | sion of Congress. | That word the new President used in this fashion: “There must be provision for an ade- quate but sound currency.” | As a part of their program, the sil- verites began putting pressure on Speaker-designate Rainey to assure im- mediate organization of the House Coinage Committee. They hoped the vacancies in that committee might be filled and its organization approved by | the House £o it could go to work shortly | after the speclal session begins. Somers Chairman Again. Among the men seeking this action were Representative Somers, Democrat, of New York, who will be chairman of that committee again, and Representa- tive Fiesinger, Democrat, of Ohio. one | of their chief sources of support, ' Rainey, told newspaper men he still | thought silver legislation advisable. “The President’s policy on that question has not been decided.” Rainey made clear. “But for myself I still feel the same way.” Somers said that “had not the Presi- n thinking at least favorably of silvel§ he would have left ‘adequate’ out of his speech.” “Adequate currency could be ob- tained by other kinds of legislation, but silver is the only means of provid- ing both adequate and sound new cur- rency,” he continued. | “Not Based on Paper.” | “The currency we propose would not be based on paper. It would not be based on just bonds. If you got & dollar bill of the kind we propose to g issue, you could go to the Treasury at any time and get as much silver for that dollar as you could buy with a gold dollar. “That would relieve the strain on gold, which is our present difficulty. It would raise the price of silver and give us more business. And although the expansion would take several vears it would prevent a repetition of our pres- ent difficulties and give us ‘an adequate but sound currency.’” Complete Listing of 18,869 GOVERNMENT POSITIONS Not Under Civil Service 2y Get Your Copy Now Limited Supply GARRISON’S The House of Novelties 1215 E St. N.W. & IF you can look back at a pe- riod of reduced income "Thnnl( goodnesa. we a. and be able to say: 1l kept well,” you will know that you have done a real job of feed- ing your family. How can you cut your food cost and F improve family health? 0od experts have proved that it can be done by increasing the amount of milk used in your home. One quart a day for each member o hol, will Balarven the family at a saving. This is bec food value for the money. SR e e other foods to make a large makes do a good job of feeding ause milk gives so much In its natural form it Or you can use it with variety of appetizing, low- cost combinations, as suggested by the Chevy Chase Dairy calendars and any standard cook book. TO SPEND FOOD DOLLARS WISELY CHEVY CHASE'S Spe cial Pasteurized Milk, raichelS booitlCriar ot Batdelis more than ever the fnest possible Food Value at today's low price. Simply telephone—WEST 0183—mail a postal, or hail the Chevy Chase man who serves your neighborhood, for this economical service, commensurate with the size of your family. Wise Buothen, CHEVY CHase DAIRY A Division of National Daing 3206 N STREET,N.W. Victional ( el Jor 48 Mears ‘e ) DEBT MORATORIUM FORESEEN IN CUBA Merchants Cite Inability to Get Funds for Payment in Petition. By the Assoclated Press. HAVANA, March 7.—The probability that President Machado will broaden the sense of this republic's three-day banking holiday to include a mora- torfum on all commercial obligations was foreseen as the second day of the holiday dawned today. Citing the fact that they are unable to withdraw funds on deposit to meet | payments falling due, merchants, through the Lonja del Commercio, last night asked the executive to declare a commercial moratorium. Machado re- ferred the matter to Secretary of the | Treasuhy Octavio Averhoff. Exchanges Suspended. Because banks in Cuba are closely linked to United States houses, by direct affiliation or otherwise, President Ma- chado Sunday evening heeded the ad- vice of representatives of the Havana Clearing House and decreed a holiday until Thursday morning. Exchange operations also were suspended, but the decree set forth that funds might be withdrawn to make payments to the government. The overnight closing of banks in the United States, particularly in New York State, caused fairly heavy with- drawals here Saturday. Receive Currency. Since Sunday and yesterday branch banks here have received by plane heavy shipments of currency from their head offices. Informed circles placed total funds received at around $7,- 000.000. Financial circles today discussed the possibility of the Cuban Congress legal- izing United States Clearing House scrip for circulation here in the event the local holiday is extended. in, More than 9,500,000 employed people in Great Britain are now carrying un- employment insurance. ARTHRITIS! Mountain Valley Mineral ‘Water from Hot Springs, Ark., is a reliable aid in treatment of Arthritis. A New York hospital's clinical test on a number of chronic cases brought splendid results. 1If you want relief you owe it to yourself to learn more about this famous water. Phone or write for information and booklets. Sold in Washington 15 Years Mountain Valley Water for 75 Years the Prescribed | Water | at HOT SPRINGS, ARK. 1405 K N.W. Met. 1062 In every corner of the world, both here and overseas, wherever you find joy in life, "tis always “Luckies Please” Assemblyman Luke O'Reilly of New York, Democrat, has the distinction of | expressed his confidence that the vig- being the only legislator this year who has not introduced a single bill. ts the State $300 for every bill put STAR, WAPHINCTON, "D 00 wug DAY, M ARCH Y, 7. DEALING IN DOLLARS RESUMED IN ROME | Mussolini Decides Against Placing Advertisers Urge Loyalty in Crisis To Publications By the Associated Press. NEW YORK, March 7.— The Association of National Adver- tisers, Inc., in a letter to mem- bers, says its board of directors mlevel advertisers in their own interest “should take full cog- nizance of the responsibility which falls upon them as buyers of space.” As buyers of advertising, the letter states, members “have a community of interest with the substantial publishers of the country in maintaining their publications as useful means which we can continue to employ in our sales activities.” Restricticns on Exchange. Expresses Confidence. By the Associated Prers. ROME, March 7.—Premier Mussolini rushed to Rome late lact night from his home town, Forli, where he had been resting several days, and called a mid- night session with Guido Jung, minister of finance; Alberto Beneduce, president of the Institute of Industrial Recon- struction, and several others to discuss the situation created by the American banking holiday and the gold embargo. ‘The meeting decided that Italy would not place any restrictions on the dollar exchange. Accordingly, the exchange began dealing in dollars at noon fol- lowing receipt of quotations from Lon- | don and Paris. | After lengthy discussion, the premier Saves State's Money. orous measures taken by the American “It | administration would solve the problem L MOTION PICTURE STUDIOS | DEPOSIT TIME EXTENDED [MAY BE SHUT DOWN TODAY |court of customs and Patent Ap- peals Allows More Time. I The United States Court of Customs ‘,snd Patent Appeals yesterday orcered | that the time for the deposit of fees for By the Associated Press: printing transcript. not due prior to HOLLYWOOD, Calif., March 7.— | March 1, 1933, b~ extended for 30 days Definite action on the propos:d shut- | Without application. It was also ordered down of Hollywood moticn picturc | that the time for filing briefs be ex- |'studios was expected today. Film tended on special application during | executives, meeting last night, ad-|lhe present cmergency. or until other- Journed to await word from a meeting | wise ordered by the court, in all cases of motion picture company officials | where briefs were not due prior to in New York. The local studios have 'March 1. The extensions were ane an estimated weekly pay roll of ap-|nounced hy Arthur B. Shelton, clerk. proximately $1,500,000. PRGN o “We cannot meet the pay rolls at this time and we cannot go anead ROAD REPAIR URGED with production without money,” said i | & representative cf the executives. 2 x : Highlands Meet at School. Repair of the road from the end of the street car line to the fork at - Artist Steals City Forest. | Nichols avenue, in the Washington Highlands area, was urged at a mee! ‘Treves. Germany, has imprisoned the man who stole 80,000 pine trees from 3 ting of the Washington Highlands Citizens’ Association in the Congress Heights Hollywood Producers Declare They Are Unable to Meet $1,- 500,000 Weekly Pay Rolls. ‘Washington Citizens at hard labor and city officials are try- and that conditions whre fundamentally sound. he said. the municipal forest. He is an artist, and replanted the trees in his own grounds. He will serve a long sentence School last night. W. Earl Nair, presie dent of the association, presided. - ing to decide what to do with the policeman who let 80,000 trees get aw DOES YOUR RAZOR Look to the blade for cause when your razor pulls and scrapes. Why blame your face or beard! Other men with tender skin and tough bristles enjoy real shaving com- fort. They've discovered the double-edge Probak blade ~—especially made to shave difficult beards smoothly. From steel to finish,Probak is manufactured to meet the particular requirements of men hard to shave. Its edges are unlike those on any other blade. They are differently honed by an exclusive process. This can be proved under the microscope or on your face when you shave. We urge you to try Probak on our money-back guarantee of satisfaction. You don't risk a cent. Buy a package to- night. Put a Probak in your razor tomorrow morning, Leam how remarkably clean and easy a shave can be. 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