Evening Star Newspaper, March 9, 1933, Page 14

LOAN ASSOCIATIONS HERE GET $2.500000 Féderal Home Bank System IWMakes Advances After Conference. Building and loan associations of the Diftrict have been fortified by direct lodns amounting to $2,500,000 from the PFederal Home L(oan Bank system, it wa$ anaounced today. %he loans were approved here this following a&_conference betweenl !%llk of the Building Assoclfltmnl nei! of the District of Columbia and o ers of the system's fourth regional bamk at Winston-Salem, N. C., accord- ing to the announcement. + even of the 18 home financing in- stitutions in the District are members of the system. I Hope for Home Banks. Meantime, & ray of hope today sifted theough the clouds of regrouping rufpors in favor of the Federal Home Loan Bank system. It was authorita- tively reported yesterday that the ad-| mihistration had slated this infant u([ the Federal Reserve system for com-{ pl e abolition. This brought about a| es of conferences late yesterday and '.c v between ranking administration | ials, resulting in a statement by w liam F. Stevenson, chairman of the rd, that the system would be op- ing for some time to come. 'Whfle there is wide talk of con- solldation of institutions,” Mr. Steven- soff said, “nothing has taken shape as yeh and the very nature of the busi- ness of the Home Loan Banks would mke it very hard to combize them with other institutions. The system ha} just begun to operate and develop. and its future, if properly handled, will | o> of great benefit to the American pe.pl Confirmed March 4. $tevenson is the only member of the board of five members yet named by President Roosevelt. Senate confirma- tigh on his nomination was obtained March 4, and he immediately assumed office, succeeding Franklin W. Fort. Ste- vefison is a former member of the House fram South Carolina. X was pointed out in official qunmrs today that if the 12 regional banks of the system are allowed to operate until June 30, they will automatically be- come self-sustaining under the provi- sions of the Home Loan Bank act. In order to set the machinery into mfllon Congress last July appropriated ,000 for salaries and maintenance e aystem up to June 50 this year, | For the 1934 fiscal year the sum of ‘3 ,000, according to the budget esti- | e, will pe assessed from the 12 re-| gimn institutions and payable to lhe‘ Tr@asury for the operation of headquar- tess here, which has 81 employes, in- | ing members of the board. No di- g Federal funds are requested for its | upkeep during the coming fiscal year. Ndhe of the employes in the 12 regional | basdks is now on Government pay rolls. nder the present set-up, according toStevenson, it would be an exceedingly | hard matter to turn the system’s af- falys over to another Government in- stidution because of the funds already into the system by eligible mem- of the 12 regional banks for capital stock, the $20,000,000 in loans already spproved, and the $100,000,000 in lines of xcredit established. he stock sales campaign last Fall nelted $14,000,000 from home financing tutions eligible for membership in system. The remainder of the $134,- ,000 set by Congress as the minimum csmm stock of the system has been | advanced by the Treasury, to,be paid | k by the self-operating regxoml in- stiutions at 2 per cent interest. DR. HAVENNER BACKED| :FOR COMMISSIONER' Benning Citizens Point Out Long | Experience in Civic Matters. School Needs Pushed. - | 10 per cent alcohol which, lt is thlmzd, {32 Give Personal Bond Not i Rose, | the case of Mrs. Beatrice Ferguson. Autos Go Farther On Fuel Utilizing U.'S. Corn Surplus Ten Per Cent Alcohol Fluid Being Used in Illinois Area. By the Assoclated Press. yesfierdl bas the double advantage of | outlet for surplus corn and giving me miles to the gallon. From a pump at the Terewell Farm Pureau headquarters here, F. F. Mc- | Naughtcn, Pekin lisher, drew out the first tankful of ‘the fuel. Alcohol used in the fluid is manu- factured here by the American Com- mericial Alcohol Corporation which yes- terday received permission from the Federal supervisor of permits to proceed with the process. Some time ago Paul Beshers, an El Paso, Ill, chemist, advanced the for- mula for fuel in the hope it would re- lieve some of the corn surplus. He claimed the mixture would be of in-~ creased efficiency, depending on .the type of motor in which it is bume«L Subsequently several farm organiza- tions became interested in the plan and appealed to Federal authority for per- mission to give it a trial. Beshers explained the plan before the Illinois Brotherhood of Threshers at Peoria last night. PARADERS, FOUND UILTY, RELEASED to Repeat Offense After Conviction. The bulk of the demonstrators, whose parade from 1609 Eleventh street to the District Bullding was stopped by police Monday after it had traveled two blocks, were found guilty by Judge Gus Schuldt in Police Court late yesterday after two days' trial. However, on recommendation of Assist- | ant Corporation Counsel Edward M. Welliver, the court took the personal bond Df the group “not to repeat the offense.” The court dismissed- the charges as to four of the defendants, when a parade of policemen who testified in the two days of the trial failed to con- nect them with the parade. Those | acquitted were Joseph MacDonald, colored; Charles Edmonds; Largrow colored; and William J. Cos- colored. Nolle Pros is Entered. Mr. Welliver entered a nolle pros in den, Her husband, Leslie &rruwn one of the 32 persons convicted, ing one of the Ferguson babiu 'hen he was arrested. Samuel Levine, who conducted the case for the defense with Joseph L. Goldman, put five of the defendants, mclud.lng & woman, Mrs. Clara speer, on the stand. All testified that spector Albert J. Headley Xu.".ed I‘.he parade outside the hall’ from which it started and asked for & permit. When he was told there was none, it was testified, Headley and several other uniformed officers accompanied _the group along the street without making any effort to halt it untjl a large group of policemen without warning fell upon the column at Twelfth and P streets and started clubbing the paraders as they marched in column of twos along | the” north sidewalk, Charges “Entrapment.” Levine claimed that the fact that | the officers nccomynnud the group for more than two blocks constituted an “entrapment,” and moved to dismiss the entire case. Even assuming that there was a parade, he said, tm de- fendants were exercising their consti- MARKET REOPENING| [washings IS EXPECTED SOON Wall Street Favorably Im- pressed With Currency Expansion Plan. BY CHARLES W. STORM, Editor, The News Service of Wall Street, Special Dispatch 1o The Star. NEW YORK, March 9.—Confidence continues to grow in the financial dis- trict that something definite soon will develop to bring about resumption of business in securities. ‘The more encouraging view undoubt- edly is due to the character and in- creased definiteness of ms nepu being taken at Washington in the banking situation. “Bootleg” Market Wanes, 4 ‘The Street is favorably imprezsed with the decision at Washington to issue the same kind of currency now in circulation in connection with the plans for currency expansion. The use of one kind of money among individuals, with possibly the use of scrip | by clearing house associations, if neces- sary, is viewed as being superior to a general use of scrip. The “bootleg” market for stocks, which started in a few places Tuesday, failed to show any expansion today. fact, very little was heard about such transactions. Alarm expressed by shorts over the possibility of a sharp advance at the resumpllon of business in stocks seems to have been dissipated overnight. The failure of the “bootleg” market to show any increase undoubtedly *is due to the fact that dealers in securi- ties who are not members of the Stock Exchange or the Curb market are re- fraining from making sny private trades. United States Stocks Firm Abroad. Private transactions also are being restricted by the conflicting ideas people have as to whether prices should be higher or lower than the closing prices of last Friday. Cables received from abroad stated that American stocks continued to show firmness in the unofficial quotations. American shares also were said to have shown a steadier undertone in Canadian markets, with the gold issues exhibiting early strength. (Copyrisht, 1 by North American News- Alliance, Inc.) DOLLAR PRICE GAINS IN PARIS DEALINGS American Money Goes to Premium Among Merchants of Metropolis. Quoted Privately at 27 Francs. By the Associated Press. PARIS, March 9.—The banking emergency in the United States seems, on the basis of small sporadic trans- actions, to have increased rather than diminished the value of the dollar, An American restaurant is offering s table d’hote dinner for 25 francs, with three francs change for every dollar. In private purchase the dollar was bringing 27 francs. A fashionable spe- cialty shop advertised that it belleved in the dollar and would accept it at 25 francs. Some bankers expressed the opinion that when official quotations are re- sumed the dollar is likely to go above par. (!n the in small direct transac- tions the dollar usually has brought 35 francs in Paris.) — Business Failures Fewer. NEW YORK, March 9 (#).—The number of business failures in the United States last month was 2,378, the smallest for a February since 1930, says Dun & Bradstreet, Inc. The total in February, 1932, was 2,262. Liabili- ties last month aggregated $65,576,068, 8 decrease of 22.8 per cent from & year ashington Produce WHOLESALE PRICES. Butter—One-pound vflnh (93 score), Scare). 31 b, 307" omacpound.pribta , ; -pOUn 91 score), 20; tub 19; one-pound prints (90 score), 19; tub, 18, [Eggs—Hennery -mu, 14a14%; cur- rent reccipts, 12%al3%; graded, extras, oty e Poultry, alive—Turkeys, hens, young, 16a20; old, fltl( toms, lll“. 10; chickens, 10al1; !:ll%orl: stags, roosters, 6a7; Rocks, broflers, 20832; roasters, 17a19; mixed ;’l;l. 14a16; k:tt';nunx znnlo. olsd ul’h capons, 9 pounds, 18; Ppounds, Poultry, ~dressed — Turkeys, hens, young, 19a23; old, 16a17; toms, young, 16al17; old, 11a13; r-hlcm hens, 16 Leghorn hens, 1fal2; Winter chick ens, 15a17; stags, 11a13; roosters, 9a10; Plymouth Rocks, brollers, 21a23; fryers, 20a21; roasters, 20a22; mixed coiored :ll':’icklean.aa.sl'llu kutl yaun( nus capons, 7 to 9 pounds, 31; 5 to 6 pounds, 18. Meats—Beef, 11; vul 13; lamb, 16; 12; smoked l'.l’lp hteon. 14; lll’d. T: 00; 20;’ heavy, 3.25a4.00; roughs, 2.00a3.00; calves, .7! 3.0085.50; lambs, 8.0026,00. fancy box stock, Prulu—Applu 1.75a2.25; bushel baskets, 1.00a1.25; peaches, 3.25; pears, 1.50a2.75; plums, 3.50; apricots, 3.25; nec- tarines, 3.50; mandarines, dozen, 40a 50; oranges, 2.50a3.50; lemons, 3.50a In | 4.50; tangerines, 2.00a2.25; grapefruit, 2.25a2.50; nmu‘fir 100, 2.00; bananas, 1.0082.50; pears, '3.5084.50; honeydews, 250-3 50; pineapples, 3.00a 4.00; Spanish melons, 6.00a7.00; kum- Berics, 3.5, grapes, Almeiras, Argen es, grapes, Almeira’s, Argen- tina, 3.50; Emperors, kegs, 5.5026.00; strawberries, 6.00a7.00. Vegetables—Potatoes, Maine, 125; New York, 1.00al.15; Florida, new, 1.75; Idaho bakers, 1.75; sweets, 65a75; tomatoes, repacks, 3-pan crates, 1.50a 1.75; lugs, ZWIZ 25; broccoli, 3.00; turnips, 40a50; parsnips, 150; string beans, 1.50a2.25; peas, 2.7583,00; lima beans, 3.50; rs, 1.50a2.25; ; spinach, 50a1.25; mushrooms, 65a75; salsify, per dozen, 60; iceberg, 3.00a3.25: eggplant, 2.50a3. 4.50; celery, 1.75; cabbage, new, h.mp— ers, 125a1.50; old, sacks, 90al. asparagus, ZSMW. cal y 1.7 2.00; corn, Florida, 3.00. GENERAL MOTORS sA'L}:s NEW YORK, March 9 (#).—Sales of General Motors Corporation cars to consumers in the United States last month totaled 42,280 units, against 50,- gggzln January, and 46,855 in February, Sales to American dealers 50,212 cars and trucks, in January, and 52539 & year Mnmwdeuenmmvnued States and Canada, plus overseas ship- ments, amount to 59,614 cars, com- pared with 82,117 in the previous month. and 62,850 in February, 1932. PARIS BOURSE PRICES. PARIS, March 9 (#).—Three per cent rentes, 76 francs 95 oentimes; 415 per cent rentes, $0.02. Exchange on London, 88.10. The dol- lar was unquoted. aggregated against '12 274 | Dod, CHARITIES ASSIST 1,366 IN FEBRUARY =2 Totaling $20,967, Board of Managers Reports. The Associated Oharities last month gave care and service to 1,366 persons, of whom 1,039 received direct financial assistance to the amount of $20,966.77, it was reported to the board of :nan- 5 beets, 1,039 Given Financial Aid arzoa,buater stago 3 bushel, 35a strawberries, quart, 17822; mpo- fhlll. box, 1.7582.50; oranges, box, 1.75a : tange: , half box, 1.0081.50. l'lulry .lm“- Live Poultry—Turke; 20; gobblers, 16al17; ofi hens, agers of the organization at its montk- | toms, ly meeting yesterday. ‘The report showed the mlflmn still is spending beyond tionate ap of the com munity Chflt for. relh( work, and to clear up this situation efforts _have been made to have the Board of Public Welfare take over a_ portion of the work, including unemployed single men yed persons with families n residents of the city for a year and have therefore established kf?‘ residence and become eligible for relief under the division of emergency relief of the Board of Public Welfare. W. F. Persons Resigns, ‘The resignation of W. Prank Persons, a member of the board, was lccepud because of his long absence from the city. The board confirmed the follo) representative director of the Welfare Association of America. nominations as submitted by the Executive Committee were as follows: Executive Committee—Dr. Frederic W. Perkins, chairman, _ex-officio; Dwight Clark, Clarence Phelps Dodge, Pranklin H. Ellis, Charles C. Glover, jr.; Arthur Hellm. Coleman Jennings, Mrs. John tor. luflm nd Finance Group. Budget and ce Committee—Wil- liam J. Flather, jr., chairman; Arthur Deerin Call, Richard W. Hynson, John Jay O'Connor, Dr. Anson Phelps Stokes. District Organization Committee— Mrs, Frederick W. McReynolds, chair- man; Miss Helen Nicolay, secretary; Maj. H. O. Atwood, John and chairmen of the District confer- ences ex-officio, as follows: Rev. Frank Niles, William Stevenson, Dr. Arthur D. Call, Mrs. E. B. Ufford, John Mel- polder, Mrs. Mary V. Lewis, Mrs. C. F. Roberts, Rev. Willlam H. King. Legal Aid Committee —John 8. Meaney, chairman; Arthur Hellen and Judge J. Wilmer Latimer, consultants. Provident Savings Committee — George S. Wilsoh, chairman; Herbert A. Poole, Walter S. Pratt, jr. Intake Committee—Clarence Dodge, chairman; Arthur McReynolds, Hilary P, Winn, Delegates Appointed. Tb‘:d foliowing delegates were ap- poin Trustees Community _Chest—Miss Helen Nicolay, Walter 8. Uffard, Delegates to the Council of Agencies—] H. Ellis, Miss Louise O. Beall nepruentltlve member Family Wel- = u Assoclation of Americs, Arthur ellen. 8. Meaney . Social l‘l% ;l;lzdu“lt.lhlomlk" 10a11; 1I)ld Toosters, & ; geese, 10a15; fowls, each, 25a45; ylleom pair, m receipts, ISXIMV dlu:ku“; uno' Bumn—oood o e‘n’e'mmery 17a20; ladles, 14a15; store pu‘hed. 10a11; process, butter, 16. Live Stock Market. to | would accept it. *|way. When offici FLAG IS SOUVENIR Richard ' G. Milbourne of 1520 D street northeast has a unique souvenir of last Saturday’s inauguration festivi- It was he who pushed his way nuvulh the crowd on the ellipse watch- ing the fireworks that nldlt '-o Te- p;":mm Decrin Cal, | damaged NEW YORK EGG PRICES NEW YORK, March 9 Q HJM firm. Mixed colors, lections from m Teceipts, mdudl wnmads\md~ ards, 151a16; nm 15a15%; seconds, 14a14%4; mediums, 39 pounds, 148141;; dirties, No. 1, 42 pounds, 14a141%; aver- storage packed, age checks, 12%al3; firsts unquoted. OPTIIS SHOW BYCHOINDUSTRES Companies Resort to Private Issue of Serip—Firm Re- calls 50 Workers. By the Assotlaled Press. | March 9.—A note of | optimism for the future mingled with a | desire to ease the difficalties of workers | has marked the reaction to the bank uatrhyl o oy wxwe euh for pay rolls was lacking, mue of scrip—a sort of Tesorted -to. A few employm have concluded the entire economic situation soon would | clarify to such an extent that an ex- nmnon of prodlmtkm is justified. example was the action of the Nmm‘l Ame Co. of Cleveland in call- ‘l.n‘ 50 employes back to work today. 'We feel,” sald President F. D. Chlpln | “that there is a decided tion of | the whole atmosphere coming within 48 to 72 hours.” Companies Issue Serip. | At_Youngstown, the General Fire- | proofing Co. and the “rruscon Steel Co. | issued their own scrip and obtained the promise of most business men that they | of cach Smpiores ags Siatns whe ment 's | wi non- interest-bearing notes, redeemable in six montha. ' Truscon backed an issue of scrip, redeemable March 26, with its | frozen bank deposits. Government bonds laced behind the $80,000 issue of Ih'?:l:!by Shoe Co. ‘Willing to Wait for Pay. Employes of the United States Glass . 8t Tiffin, met their employer half ials announced the plant would be closed for the duration | of the bank holiday, union workers said, 1n effect: “If you'll let us work, we'll wait for our pay until you get the money.” ‘The reverse situation prevailed with the C. E. Ward Co. of New London. Officials of that concern voted them- ulmlul-lwreentu.luyredmim and s 30-dsy less vacation in the rmc they thereby would be able to keep 25 men and women' employed. U. 8. TREASURY BALANCE. By the Associated Pnu.' ‘neuurx receipts for March 7 were $27,651,774.33; expenditures, $19,376,- 005.14; balance, $! Cus- Teo- Holders Of Corporate Trust Shares’ COLONY COMPANY Met. 3721 613 Wash. Blds. TELEPHONE COMPANY - - RE-ELECTS OFFICERS Lioyd B. Wilson was re-euckd presi- dent and Charles A. Robinson,. gene eral manager of the Chesapeake & Potomac Telephone Co. of ‘West Vir- ginia, by the board of directors as its regular monthly meeting held in Charleston. Other officers elected were Coffin o Ralph A v counsel. Administrative officers Ueson, auditor; A. B. Haneke, genersi commercial manager; chief enginee:; W. traffic manag Reichsbank sutement BERLIN, March 9 (#).—The Relchs- bank statement as of March 7 shows the following changes in reichsmarks: Gold and bullion decreased 19,269,000, Teserve in foreign currencies decreared 51,319,000, bills of exchange and cheques increased 142, 7280“) silver and other coins increased 11 ,052,000, notes on other banks increased 3,888,- 000, advances decreased 193, ¢z:ooo in- vestments increased 64,000, other assets decreased 187,371,000, notes m circula- tion decreased 62,594, ,000, other matur- ing obligations decreased 66,151,000 and other liabilities decreased 164.905,000. Total gold holdings, 749,657,000, Note coverage, 25.8 per cent. Rate of discount, 4 per cent. — Facial surgeons in Paris will “re. model” your face for $1,000. or make & new nose or mouth for $200. The convenience of in- e]ud.lnn(m nine risks of home ownership under s single insuran ice accounts for the popularity.of Com= bination Residence Insur- ance. This comprel of a home against personal injury damage mltl. bur- glary, water damage, wind- storm, glass system damage, automobile and aircraft rty damage. We will B flad to furnish full par- ticulars of this modern form of coverage. INSURANCE DEPARTMENT . L. Rust Appointment of Dr. George C. Ha- vebner to the Board of District Com- missioners was urged last night at the | mfnthly meeting of the Benning Citi- i tutional rights peaceably to assemble j to petition for the redress of grievances. ‘ INVESTMENT SUGGES'HONS This was & right with which the Di- ||| UPON REQUEST | rector of Traffic could not interfere, ||| zems’ Association. | r. Havenner is qualified for such a t, it was pointed out, by his long | ‘empcrience in civic matters, both as an | z;bandmg resident of the District and awa former president of the Federation of=Citizens’ Associations. irs. E. M. Railey, secretary of the anization, was instructed to call fiic Director William A. Van Duzer's ntion to the need for white lines of Benning Viaduct. e association also decided to re- quest installation of a drinking foun- t{dn on the playground of Benning 00l. Means of obtaining screens for t windows of the school's domestic scdence room were discussed. | #rank James, president of the or-| gdhization, presxdcd at the meeting, | h SJVIET T REJECTION HELD AIMED AT U. S.| ‘ithdmwnl From League Commis- Elion Planned to Force Recog- { % nition, Dr. Walsh Declares. ; Boviet Russia’s dramatic withdrawal frem the League of Nations' Consulta- | tife Commission on the Sino-Japanese | cenflict, coupled with her orders this | k to the Third Internationale to ew its campaign of domestic discord in* non-Communist states, in the opin- igh of Dr. Edmund A. Walsh, S. J, vice. president of Georgetown Univer- sity, was a daring move “shrewdly tihed" to take advantage of the na-| tional anxiety in the United States | csused by the bank crisis. | “Recognition by the United States | is clearly the objective,” the George- | tewn educator and observer of Rus-| s@n affairs stated today in analyzing the situation. “Foreign Commissar Idtvinov's note to the League declar- i it is impossible to co-operate With tions which do not recognize the Seviets is merely the opportune play- ifgg of an obvious trump by an experi- eaced poker player. *Since all the major European powers resented on the League commission Save diplomatic relations with Moscow, is _apaprent to informed observers that Litvinov’s note was aimed at the United States, he declared. “With the failure of the economic drive to force recognition from this Government, Dr. Walsh said that the startegy of the Political bureau now becomes apparent.” SWILSON PICTURE HUNG places Coolidge Photograph in Post Office. The Post Office Department is really Democratic. rge phown:ph of Woodrow Wil- which was taken when he was his acceptance speech at Lawn, N. J, in 1912, today in a prominent place in the Joseph C. O'Mahoney, First aster General, “replac- Coolidge. The lat- ‘persanal property of Arch who took “ ult.h him when "~ cffie> of first assistant. | the number of cases for the month each and whether he had issued a or not made no difference, the contended Mr. Welliver said thaé if the court found that these persons had paraded, and had no permit to do so, there was no alternative for it but to find them guilty. He conceded that there was an entrapment, but said that whether heads were cracked or not had nothing to do with the case. LIQUOR FINES DROP Violators Inclined to Serve Time Rather Than Pay. Violators of the prohibition law are serving jail sentences rather than pay fines this year, according to Assistant United States Attorney Dlv‘ld Hart. He said today that fines collected last month showed a decrease of almost 50 per cent below payments in February, 1931 and 1932. In February, 1931, llquor law vio- latDrs paid $5.885.55 in fines. In the same month last year they paid the Government $2,616.62, but this Febru- ary they paid only $1445. Mr. Hart said there was only a slight variance in year. M ORTG A G | Ferris, Woodroof & Lewis, Inc. ANNUITIES Profitable—Safe All Forms—All Ages WYNDHAM R. WlLLS lnlif’:lle'.&‘l‘:“ zA:“'}C B l ey & 954 Washington Bidg. — NA. 84 Guaranteeing Satisfaction For Better Blank BOOKS See STOCKETT- = PRODUCING STATIONERS 19 = T-.'_-Ju - WA/ WASHING N-D-C The Trade Mark E FIXED INTEREST It is a ve vestment— ry important factor in in- to know definitely just what the earning will be. You have that knowledge in our 6% FIRST MORTGAGES It is very explicitly understood Over Forty Years of Experience which cons First Mortgage Investments May be from $250 that the interest does not change throughout the life of the loan—and our best judgment enters into the conservative appraisal of the im- proved Washington real estate titutes the security back of the loan. purchased in amounts up. B. F. SAUL CO. National 2100 PROPERTY M 925 15th St. N.W. ANAGEME MT Luckies have character ... . Luckies are mild. And there’s a reason for both —zthe Cream of the Crop made pure and delicious. /66'0”."@ “It's toasted” Biarritg In_every corner of the world, both here and overseas, wherever you find joy in life, ‘tis always “Luckies Please”