Evening Star Newspaper, March 10, 1933, Page 10

13 STATES EXTEND BANKING HOLIDAYS BGovernors or Commission- | ers Issue Proclamations Against Openings. Proclamations were issued by Gov- ornors or banking commissioners in 13 States last night or early this momlng‘ extending the State banking holidays, | according to Associated Press dispatches | peceived here. Some of the proclamations preceded | and some followed President Roosevelt's | proclamation continuing indefinitely the | Federal holiday. | Those issued before the presidential onouncement proposed to deal with e situation arising from the expiration of the national holiday which under President Roosevelt’s proclamation Sun- day night would have occurred last | midnight. | To Prevent Evasion. | Banking officials here explained that the State orders following the Presi- | Washington Produce WHOLESALE PRICES. Butter—One-pound prints (93 score), 23; tub, 22; one-pound prints (92 score), 22; tub, 20; one-pound prints (91 score), 21; tub, 20; one-pound prints (90 score), 20; tub, 19. Eggs—Hennery white, 14a14%; cur- rent receipts, 12%al3;; Government graded, extras, 19%;; standards, 18; mediums, 17%5. Poultry, alive—Turkeys, hens, young, 16a20; old, 12al4; toms, 13al4; old, 8a 10; chickens, 13; hens, 13; Leghorn hens, 9all; Winter chickens, stags, 8al0; roosters, broilers, 20a22; 17a19; k- ; keats, young, 25a40; old, 15a pounds, 18; 5 to 6 pounds, 15. Poultry, dressed — Turkeys, hens, young, 19a23; old, 15a17; toms, young. 16a17; old, 11a13; chickens, hens, 16; Leghorn hens, 12a13; Winter chick- ens, 18a19; stags, 11a13; roosters, 9a10; Plymouth Rocks, broilers, 23a25; fryers, 20a21; roasters, 20a22; mixed colored chickens, 17a19; keats, young, 28a43; old, 18a23; capons, 7 to 9 pounds, 21; 5 to 6 pounds, 18. Meats—Beef, 11; veal, 13; lamb, 16; pork loins, 16; fresh hams, 12; smoked hams, 14; strip bacon, 14; lard, 7%; compound, 7. Live stock—Hogs, light, 3.75a4.00; medium, 3.7584.00; heavy, 3.25a3.75; pigs, 2.75a3.50; roughs, 1.75a2.75; calves, lambs, 3.00a6.00. ens, 1 20; capons, 7 to 9 dent’s proclamation last night were | 3.0085.50; merely for the purpose of closing the| Fruits—Apples, door to any possible evasion of the|1.7522.25; bushel order. Belief was expressed that no peaches, 3. pears, 1.50a2.75 conflict would develop between Federal | plums, 3.50 pricots, 3.25; nec. and State authority. | tarines, 3.50; mandarines, dozen, 40a The 13 States were Virginia, New |50; oranges, 2.5083.50; lemons, 3.50a York, New Jersey, Connecticut, Illinois, [4.50; tangerines, 2.00a2.25; grapefruit, fancy box stock, baskets, 1.00a1.25 Pennsylvania, Georgia, Vermont, Mis- souri, Texas, Oregon, Utah and Louisiana. In_ Virginia, Gov. Pollard extended the State holiday for one day only. Following receipt of news of the | President’s proclamation. Gov. Lehman | of New York, extended that State's holiday indefinitely to conform with the Federal order. Gov. Cross of Connecticut indicated he would extend the Connecticut bank- ing holiday indefinitely to conform with the national holiday. Notifies State Banks. Col. William H. Kelly, banking com- missioner of New Jersey, telegraphed sll State banks that the banking holi- day proclaimed by Gov. Moore will con- tinue in effect until further notice. Col. Kelly sald the Governor shortly would issue extensive regulations gov-| erning the State banks when they are | suthorized to reopen. g | Gov. Horner extended the Illinois | banking hcliday until tomorrow after word was received from Washington that reopening of banks had been de- | ferred. Before official word of President Roosevelt's proclamation reached him Gov. Pinchot cf Pennsylvania ordered | the State holiday contdnued for one | more day. A In none of the States where executive proclamations set a limit on the holiday was it provided that the holiday wculd eontinue longer than Monday. FEDERAL RESERVE FLEXIBILITY SHOWN Money in Circulation Was Sharply | Increased Last Week to Meet Demands for Cash. By the Associated Press. NEW YORK, March 10.—The ex- | traordinary flexibility of the Federal Reserve System In issuing currency to provide for emergency needs was shown in the weekly statement, issued last night, according to banking authorities. Money circulation in the week ended ‘Wednesday took the unprecedented almp of $818,000,000, boosting the total the record figure of $7,538,000,000. The Federal Reserve System provided most of this need by increasing its note circulation by $636,000,000, but despite | this extraordinary demand, iis reserve | ratio was reduced only to 45.6 per cent from 535 week previously and was still well above the normal minimum of 40 per cent. Most of this steep jump in money eirculation took place last week Thursday and Friday, although the statement cluded Wednesday of this week, when the Reserve banks again started fro- viding members with currency after a ¢cmplete cessation for most of the 12 Reserve Institutions Saturday and for 8ll of them on Monday and Tuesday. MORATORIUM APPROVED SACRAMENTO, Calif., March 10 (®). | beans, 2.2522.50; limes, per 100, 2.00; bananas, 1.00a2.50; alligator pears, 3.5084.50; honeydews, 2.50a3.50; pin 3. quats, quarts, 20; rhubarb, 40z berries, 3,25, grapes, Almeira’s, Argen. tina, 3.50; Empero; kegs, 5.50a6.00; strawberries, 6.0027.00. Vegetables—Pctatoes, Maine, 1.25; 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, 2.00a2.25; broccoli, 3.00; turnips, 40a50; parsnips, 1.50; string beans, 1.50a2.25; peas, 2.7583.00; lima 3.5 kale, 30a40; spinach, 65a75; salsify, per doze iceberg, 3.00a3.25; 1.7582.25; eggplant, 2.50a3.00; beets, crates, 1.25; carrots, crates, 1.25; cucumbers, 4.00a 4.50; celery, 1.75; cabbage, new, hamp- ers, 125a1.50; old, sacks, 90a1.00. asparagus, 2.5086.00; caulifiower, 1.758 2.00; corn. Florida, 3.00. NATION'S BUSINESS WELL SUSTAINED Mercantile Review Finds Strong Spirit to Carry on During Crisis. By the Associated Press, NEW YORK, March 10.—The weekly mercantile review of Dun & Bradstreet, Inc, said today that busihess and trade met the week’s bank situation “with- out leaving the disastrous consequences in its trail which at first seemed in- evitable.” “Regardless of the lack of a circu- lating medium,” the agency asserted, “a strong spirit to carry on dominated all ramification of business endeavor, as tkl:e rea}‘iznuon hecumenx:gre mlen:ed at the prwxnf pe: monetary perturbation would result in no devalu- ation of the American dollar. “The fact that the affairs of daily life were carried on with but minor re- strictions for almost an entire week, in more than the theoretical sense, proved that confidence and credit alone can keep the mechanism of commerce fun tioning with almost clocklike efficienc: Trade preparations for Spring activi. ties were deferred, the review said, but with the exception of a few districts where comercial life was brought almost to a standstill, a favorable credit stand- ing brought all the benefits of ready currency and business was enabled to flow through its usual channels without other than minor deflections. While retail distribution was reduced, it said, the restricted volume was car- ried through on a calm and orderly basis, and retailers improvised methods for dispatching business as usual, with the result that essentials were sold in | nearly a normal volume. Purchases of groceries by charge ac- count customers was particularly heavy, —The State Legislature passed an | the agency reported, and Spring apparel urgency bill yesterday providing for & |in both men's and women's divisions 60-day moratorium on foreclosures of | gave signs of moving in larger volume. s and trust deeds on homes | and farms. It becomes eflective as | soon as signed by Gov. James Roiph, ir. Trade Trends By the Associated Press. Cotton cloths — Several constructions are quoted well above the levels pre- | vailing last Friday. Narrow sheetings | are up 1 cent to 1!, cents a pound. Some print cloths and broadcloths have | risen 1, cent a yard. | S | Pig iron—Some business is moving | despite the banking suspension. TWwo or three carloads are said to have been | bought since Monday and inquiries are in the market for small amounts. ‘Textile prices— Owing to uncertain- ties in the banking and currency situa- tion some mills have withdrawn price lists recently announced to the trade. Wholesale markets reflected the unset- tled condjtions throughout the country. Relics Found in Thames. LONDON (#).—A bronze Roman vase dating from the third century was among relics recovered from the bed of the Thames by building excavations. An Anglo-Saxon spearhead of the sixth century also was found. Absolute Dependability THROUGHOUT ITS MORE THAN 42 YEARS OF SERVICE, THE NA- TIONAL PERMANENT HAS FIRMLY ESTAB- LIS HED IS STRENGTH AND DE- Such action has been taken by some eotton ribbed underwear manufacturers with respect to their Fall, 1933, lists, | and by & large knitting mill on informal | prices previously quoted on sweaters. | e | Rice—The market is steadier, with sentiment reflecting prospects of re- duced acreage and a smaller crop. EX-| port demand is said to have picked up slightly in recent weeks, Copper—Sellers continue unwilling to sell far ahead on the basis of 5 cents & | pound, and are doing little business for | nearby delivery. Foreign buying, in- | active for a long time, fell to still lower | levels in the last few days, according to | trade interests. | Hungary's silver coinage is now al- t up to the maximum permitted by | Golaphone Decatur 3600 PENDABILITY. WE INVITE YOUR PAT- RONAGE. Members D. C. Building Assn. Council PTONg, 'PERMANENT BUILDING ASSOCIATION iz = T. N 0, 949-0 ST N, UPEryision uS-Y Gulablishod 1004 RANDALL H. HAGNER & COMPANY INCORPORATED REAL ESTATE ‘/h 132/ %mmo&w/ Mw/m ./’f /4 Washenglon, DE. Competent Management of Rental Properties in All Sections of the City ORTOAGE T.OAN CORRESPONDENTY. ' THE EVENING STAR, WASHINGTON, D. C, FRIDAY, MARCH 10, 1933. EXCHANGE OPENING 15 SEEN NEXT WEEK Brokers Expect Restrictions Will Be Put Upon Stock Trading. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 10.—Opinion among members of the Stock Exchange is that the resumption of trading might be deferred until the early part of next week and that then it would be subject to various restrictions. The point is that until a test has been made of the operations of the banks under the proposed new arrangements it would be inadvisable to subject the stock exchanges to any strain. There is the further limiting factor of the prob- able difficulty of borrowing from the banks the customary manner in order to clear transactions. It is the determination of the gover- nors of the Stock Exchange to resume as quickly as possible and as near to the time when the banks reopen as is prac- | ticable. It was stated today that very | shortly the banks will require the as- sistance of the exchanges in providing a market for securities, without which progress in the general situation will be interrupted. American Stocks Gain. ‘The strength of stocks in London since last Friday has given a new aspect to the Stock Exchange reopening. At first it was thought that when trading | was resumed it might be necessary to| protect the market against liquidating | sales by establishing some form of | | minimum_ prices. However, American | | stocks in London have shown positive | | evidence that they are more disposed to |80 up than to go down. The popular | American shares have been remarkably strong. In the case of American Tele- phone & Telegraph the advance since the closing on Friday amounts to nearly 7 points. Stock Exchange houses have been in receipt of buying orderes at limited prices since the holiday began. In the aggregate these are believed to represent a substantial amount of pur- chasing power. The outlook with respect to bonds is not so clear as with stocks. The trend of the investment market last week was definitely downward, while that of the speculative market was as positively upward. The embargo on gold and the prospect that this may be extended | | has a different reaction in the mind of the holder of fixed interest bearing securities than that taken toward {common stocks. The problem of the market for Government bonds is one of the most delicate with which the officials of the exchanges have to deal It goes deeply into the question of | maintaining the Government’s credit. | The same general condition surrounds | those high grade corporation bonds | which latterly have been under much | pressure. Not only are they influenced | of the gold situation, but they are one of the most available mediums pos- | sessed by banks for obtaining a large | amount of cash with which to meet the demands of their depositors. It is | from this portion of a bank’s port- | follo that the collateral required to obtain clearing house certificates or other advances must be taken. Conse- | cuently, the governors of the Stock | Exchange are compelled to deal with the effect of a reopening on bonds as well as on stocks, their larger problem with the former. Another factor entering into the. general policy toward reopening is the money market. On Priday the official | rate of call money was 315 Y%, per cent, | with outside loans quoted at 4 per cent. | Time money was 3!, per cent, the| same as the Federal erve redis- count rate. Practically all of the op- | erations on the exchange have been | based for the last two years on call | money. Just how much freedom there would be in providing day-to-day loans, with a general banking system that obviously must be operated for a | time on a restricted scale, is a consid- ertion to which the exchange officials | have had to give attention in their | deliberations this week. (Copyright, 1933.) 0il Production to Increase. AUSTIN, Tex., March 10 (#).—The Texas Railroad Commission yesterday issued an order fixing the top produc: tion allowable for the East Texas oil field at 400,000 barrels daily, effective at 7 am. today. The field at present is operating under a maximum production of 290,000 bar- rels daily. ‘The new production regulation was based on bottom-hole pressure, sand permeability and porosity, reflecting the capacity of a well to produce, until a per weil allowable schedule can be worked out. The per well allowable wili be 36 barrels daily, the commission ordered. - Denmark’s night airmail carried 34,- 489 pounds in 1932, or nearly double that of 1931. STATEMENT OF THE CONDITION OF THE London & Lancashire Indemnity Company of America of New York, N. Y. On the 31st day of December, 1932, as Tequired ‘under Bection 647 of the Code of Law for the District of Columbia. INCOME. Net premiums Total interest and rents Other income .. Total income DISBURSEMENTS. Net amount paid policyhold- ers for losses ... $1 All other disbursements Total disbursements 570 501,783.04 883,419.18 Gross assets .. Deduct assets not Total admitted assets ABILITIES. LL Total unpaid claims. Capital paid up Surplus over all Total . District of T mbia. $66.066.41 5.528.78 1,153.031:49 271,553.22\ 333,210.37 54,026.40 93816.36 89,851.86 113,364.26 337.407.72 32180:38 9,840.46 207.15 3,014.31 19559 Auto property damage - Auto_collisi Property damage and collision other than auto 11.429.74 13.19 Totals .$2.562,474.95_$19,124.73 F.'J’ GOBBIE. Vice President. J. URMSON, Secretary. Bubscribed and sworn to before me this 27th day of February. 1933 (Beal.) HERBERT SPEN( Notary Publie. My commission explres Pebruary 1, 1934, 3,988.15 30.00 F. D. VEALE, President 1219 Wisconsin Avenue Baltimore Markets Special Dispatch to The Star. ushel, 1.40a1.f sweet potatoes, bushel, 40a85; barrel, 1.00a1.50; beans, bushel, 1.25a2.00; beets, per half crate, 1.10a 125; per ton, 14.00a15.00; carrots, bushel, 50a60; caulifiower, 1.50a1.65; celery, crate, 2.40s .75; eggplants, crate, 1.50a3.00; let- tuce, crate, 2.50a3.00; onions, per 100 pounds, 1.00a1.25; lima beans, bushel, 3.00a3.50; 2.002.75; peppers, ?l;lshelk 50!1.00;’ .%I l,;\;llhzl. 158 bushel, 75a1.00; turnips, basket, 20a30; apples, bushel, 35al. strawberries, quart, 17a22; grapefruit, box, 1.7582.50; oranges, box, 1.75a3.50; tangerines, half, box, 1.00a1.50. Dairy Markets. Live poultry—Turkeys, hens, pound, 20; gobgl.;n. 16a17; old hens, 18; old toms, 15a19; capons, 15a19; young chickens, 14a16; all kinds, poor and thin, 8al0; broilers, 16a20; old hens, 11a12; Leghorns, 10a11; old roosters, 7a9; ducks, 12a13; geese, 10a15; guinea fowls, each, 25a45; pigeons, pair, 15a20. Eggs—Receipts, ¢92 cases; current re- ceipts, 12%a13%; duck eggs, 16a20. Butter- to fancy, creamery, pound, 17a20; ladles, 14a15;" store packed, 10all; process butter, 16. ARMY MAY RAISE FOOD Moscow Newspaper Proposes Plan to “Red” Newspapers. MOSCOW (#).—Red Army regiments have been asked to form their own col- lective farms by the newspaper Red Star, The official military ‘journal, calling attention to an edict requiring each fac- tory to sponsor or take over a collective farm, tells how one regiment started with a farm for which it paid $1,750. Now, the paper says, the property is worth $100,000, with 30 cows, 102 pigs, 120 rabbits, 50 sheep and a flocf of | chickens. It is worked by the soldiers and yields enough to feed the regiment. L0 AUTO MINUS CHASSIS Australian Four-Cylinder Car Soon to Be on Market. SYDNEY, () —An all-Australian | four cylinder motor car will shortly be | placed on the market. ‘The cylinders are horizontally op- posed, which, it is claimed, gives the motor even torque and centralizes the weight of the car. There is no chasis, the engine and driving being fitted to the body on | special brackets. Bank of England Statement. LONDON, March 10 (#)—The week- ly statement of the Bank of England shows the following changes in pounds Total reserve increased 5,691,000; cir- culation increased 4,043,000; bullion increased 9,734,000; other securities decreased 1,264,000; public deposits de- creased 11,457,000; other deposits in- creased 8,087,001 creased 5,683,000, government securi- ties decreased, 7,795,000. The proportion of the bank’s reserve | to liability is 44.65 per cent, compared with 40.30 last week. Rate of discount, 2 per cent. _ Airmen Chosen Diplomats. MADRID (#).—Picking countries of marked aviation development, Spanish government has authorized appointment of air attaches on the | diplomatic. missions to the United States, Great Britain, Germany, France | BOSS & PHELPS | and Italy. B T Organized 1879 JOHN JOY EDSON, President Subscriptions for the 104th Issue of Stock Being Received JOIN THE EQUITABLE AND SAVE SYSTEMATICALLY Always Remember— 1t is not what you earn, but what you Save That Counts. 915 F St. N.W. - H i IIIIIIIIIIIII[IIIII|I!I|||IIIII|IlIIIIIII||||IillflIIlIlIIIIIIIHfllIlIlllllllIlI!I!IIIIIIIIIHIIIIIIHIIIIIIIII||IlI|IHNNHflHH"WIIIIM§ STATEMENT OF THE CONDITION OF THE Law Union & Rock Insurance Co., Ltd., of London, England On the 31st day of December, 1932 required under on 647 of the ] e of Law for the District of Columbis. Net premiums Total interest i Other income Total income DISBURSEMENTS. Net amount paid policyhold- ers for losses .... E All other disbursements Total disbursements . 08.858.86 30055026 . $939,414.11 ASSETS. Bonds and stocks Cash in company’s Deposits in banks . Agents’ balances Interest and rents crued 5% Al other assets . Gross assets Deduct assets not sdmitted Total admitted assets....$2,541.507.86 $2,208.925.04 3.521.16 213,654 94 248.206.06 24,633.80 19,268.77 LIABILITIES. Contingency reserve . Net unpaid claims “Total unearn Other litles Capital deposit Surplus over all ‘liabtiities . Total . 07,236.88 b 26 541.507.80 NET PREMIUMS THE Total. $682.874.4: . 48,9011 6188 r Perthquake - 4 Inland navigation and transportation 235.07 Tornado, windstorm a1 42,250.54 1288 71891 2,445.86 27.50 $778,502.70 $972.06 GILBERT KINGAN, United States Manager. Subscribed and sworn to before me this 24th day of February, 1933. (Sesl) GEORGE W. MASTAGLIO, Notary Publie. Hail ... Sprinkler ‘leai E Riot, civil E tion and explosion All other—Aircraft . INCORPORATED REAL ESTATE AND INSURANCE Equitable Co-Operative Bldg. Ass’'n SIS L0ST I BY GLASS 1 ROADS Carriers Showed Net Income During Only Three Months of 1932. By the Assoclated Press. The class 1 railroads of the country lost $153,308,487 in 1932, as against a profit of $116,362,079 in 1931. Final figures for the year made public by the Interstate Commerce Commission today showed that in December the class 1 raillways had a net income of $1,731,672. The roads showed net in- come during only three months out of the 12. Dividend declarations from income and surplus on common stock during the year were $76,560,281 and on pre- ferred stock, $19,031,610. In 1931 dividend declarations were $277,583,603 on common stock and $54,133,406 on preferred. The commission reported that only two sections of the country showed net income during the year. The Poca- hontas Carriers—a group of railroads hauling coal from the Pocahontas coal fields in Virginia, West Virginia and Kentucky—showed a net income of $42975,871 in 1932 as compared with $52,217,045 In 1931. ‘The Central Western region rallroads showed a net income of $9,599,669 as compared with $71,215,785. Union Pacific Leads. ‘The largest net income was the" $26,177,262 reported by the Union Pacific Railroad. The emtire Union Pacific system, however, had a net in- come of only $20,859,569, losses of £1,059.449 being reparted by the Los Angeles & Salt Lake and of $4.775.856 by the Oregon-Washington Railroad & Navigation Co. The Oregon Short Line. another Union Pacific line. reported net income of $224,073 and the St. Joseph & Grand Island, $293,539. Of coal carrying roads the Chesa- e & Ohio Railway showed a net profit of $23,527,755; the Norfolk & Western Railway, $16,984,376, and the Virginian, $2.074,399. H The Pennsylvania Lines net reported income of $16,573,184, including $13,- - 573.536 by the Pennsylvania Railroad and $2,999,648 by the Long Island. ‘The Southern Pacific System had a deficit of $10,880,284, including $5,779,- 631 by the Southern Pacific Transporta- tion System, $3,471,325 by the St. Louis Southwestern and the by the Northwestern Pacific. Other Deficits Shown. The Southern Railway System deficit was reported as $14.347,295, of which $10,955.562 was credited to the South- ern Railway itself, the New York Cen- A HIGH RETU! N—;V!‘I'I! | SAFETY | 6% FIRST MORTGAGE NOTES Secured on Conservatively Appraised Homes in the District of Columbia DENOMINATIONS $250 UPWARD | 1417 K BT. A. 9300 N \ Realtors 83rd YEAR COMPLETED WALTER S. PRATT, Jr., Secretary o T ——— e R R e T L e e The Equitable’s Plan of systematic saving has taught Thousands how to save and accomplish gut Results. Join To- ay. T e = STATEMENT OF THE CONDITION OF THE Sussex Fire Insurance Company of Newark, N. J. On tne 31st day of December. 1932, required ‘under Section 647 of the of Law for the District of Columbia. INCOME. Net premiums Total interest and rents . Other income . et supiens puik pelcatoid- ers for losses ,793 AL other disbursements. B 75.080.95 Total disbursements . ..$1,965,780.16 ASSETS. Mortgage Bendsind Gross assets Deduct assets not admitted Total admitted assets. LIABILITIES. Net unpaid claims . $3.336,362.76 NET PREMIUMS WRITTEN DI 3 URING District of ‘Total. Columbia. lnb'l..’ms.;l; ll.m 73 2,069.31 44,021’.u 140090 ‘motion and plosion ...... 185.79 $1,062.484.38 $2,144.25 ARTHUR H. P. SCHUMM. Vice President. WILLIAM WERNER, Secretary. Subscribed and sworn to before me this 23a_dsy of Pebruary. 1933. GEORGETOWN REALTY & INSURANCE CO. F. H. ROWE, Viée Pres. Phones West 2437, 2438 tral Lines, $15,309,742, with the York al 1f losing_$18,256,400, but iver & Indiana and & Lake Erie parts the system showing ; the Frisco Lines, $9,997.467; Erle Rallroad System, $3,694,601; the Chicago, Mil- waukee, St. $23,269, :he ystem, ‘Texas & Pacific net income of $92,710 and the St. Louls, Brownsville & Mexico, $313,183. The Baltimore & Ohio System had a deficit of $7,593,683, of which $6,334,978 was listed for parent raflroad and $1,259,705 to the Al LIGHTS REPLACE POLICE " LONDON (#)—Trafalgar Square, whence a dozen streets feed heavy traf- fic in and out, is to go modern. ‘Twenty-two stop-and-go ts _are being erected to regulate a tr: ‘which is estimated at 7,000 vehicles an hour. The lights are to replace the present police system by which six “bobbles” are on constant duty. The change is due by April 7. —_— Clock Without Hands. A recent advance in the construction of electric clocks is one which dispenses with the use of the usual hands and in- dicates the time by means of figures ton. displayed through small windows or | openings in the front plate of the time- £ (LEARING HOUSES HAVE SCRIP READY Many Associations Prepare to Use Certificates to Resume Business. By the Associated Press. PHILADELPHIA, March 10.—Rushed | from the printers, clearing house certifi- cates in three denominations are ready for circulation today by the Philadelphia Clearing House Association. | Local banks probably will use the scrip today to meet pay rolls. About $10,000,000 worth of the scrip was delivered early today to member banks of the association. Scrip is Authorised. TRENTON, N. J., March 10 (#).—The Ney Jersey Legislature approved lu” night & measure -to set up a central | form State scrip. banks had been supplied with the cur: rency substitute. Detrolt to Use Sorip. DETROIT, March 10 (#)—Robert O. Lord, president of the Detroit Clearing House Association, last night announced that the association will proceed with plans to issue scrip, with the definite intention of releasing $26,000,000 worth on Monday of next week. make available 5 per cent of addition to the 5 per cent already permitted in cash. Abandons Serip Plan. KANSAS CITY, March 10 (#)—The Kansas City Clearing House Association last night abandoned plans to resume limited payments of checks today with clearing hous> certificates. Issuance of scrip, of which $5,250,000 has been printed, was postponed after word was received from Wash! that the bankinz holiday had been ex- tended indefinitely. Won't Use Paper. LOS ANGELES, March 10 (4).—Offi- cials of the Los Angeles Clearing House Association late last night issued s statement saying a decision had been Teached against the issuance of scrip by Los Angeles banks. ‘:z“:mm in wals clearing house for the issuance of uni- | ANNUUTY | plece. and minutes, and the second hand Is replaced by cates accurately the time in seconds. The numerals are {lluminated by a small lamp, which provides sufficient National and State banks may become | members of the association by pledging | their assets. They will have power to | receive certificates on deposit and to accept them in payment of any debt. Time is read directly in hours PROVIDES UPREME NCREASED with S | INCOME ECURITY MAILED ON REQUEST BOOKLET ROY GOFF rotating dial which indi- Minnesota Takes Action. lght to read the clgek figures in the dark. The clock is operated by a small ST. PAUL, Minn, March 10 (®.— The State yesterday authorized banks synchronous motor connected by a gear | and trust companies to ferm clearing arrangement to three revolving wheels house associations which will issue cer: having ‘numerals indicating the true tificates for use as money. time. The device is very simple, in that there are no complicated moving parts. No oil or attention is required. It is easier to read, there being only four figures maximum, for example, ‘They may do so beginning today. The certificates will be secured by collateral furnished by banks. They may, in the discretion of the associa- tion, be made non-transferrable 30 12:29, whereas the ordinery clock has | days after issuance. 60 graduations and two hands to ob- serve. When located at a distance, such as in a railroad station or power house, a dial type clock must have a large diameter in order to be easily read. Even then, when the hands are at certain points on the dial, such as 5 min- Seattle Issue Ready. | SEATTLE, March 10 (#)—Unless ex- | pressly forbidden by Federal Treasury officials, $15,000,000. in - ¢learing - house | certificates will start circulating in Seattle today, George H. Greenwood, | ___NAt. 0340 1036 Woodward Bidg. First Mortgages FOR SALE 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. utes past 2, it is possible to confuse | president of the Clearing House As-| the time as being 10 minutes past 1. ERE'S the refrigerator sen- sation of the year . .. the new 10% General Electric! sociation, said when announcing all ONE outstanding feature refrigeration. No other mecha- nism has matched its record for 1 out of Every 3 Electric Refrigerators in Homes Today is a G-E Monitor Top . There's & G-E model, sizeand price forevery home and purse, in- cluding the Standard Monitor Top models, and the new G-E Junior . . today’s out- standing value among conventional flat-top refrigerators. Prices low as dependable, trouble-free service. Before you invest a penny in It alone among leading makes, is refrigeration, inspect this great new super-value. smooth steel walls. The new 10% G-E freezes more ice faster, consumes less current, operates so quietly you can scarcely hear it. New all-steel cabinets are gleaming porcelain inside and out ... beautifully modern in appearance. Even the famous Monitor Top is newly designed, with glistening The G-E Monitor Top is the mow guaranteed 4 Years against mechanical failure. MYERS & FLOURNOY, 910 H Street N.E. NATIONAL ELECTRICAL SUP Come in . . let us show you the marvelous new 10* G-E with its ten star features! See the com- plete G-E line! As little as $7 down and $7 a month puts & G-E in your kitchen tomorrow. Savings on food costs alone will morethan meet the easymonthly payments. Why delay, when waiting is actually wn':in‘! 50 U500 S O At AN A1 TGN 4 A T om0 4 PLY (0. E. C. GRAHAM, President . 1328-1330 New York Ave. N.W.— Phone N Ational 6800 “A Washington-Owned Firm Workisg for the Best Interests of Washington” WASHINGTON Myers & Flournoy, 910 H St. N. Potomac Electric Applin‘ncg Co., 10th & E Sts. NW. C. Schneider's Sons, 1220 G St. N.W. Schultze Motor Company, 1496 H St. NE. Chna. N. Woodward # Lothrop, 11¢h & F Ste... MARYLAND Brosius Bros. 8 Gormley, Rockville, Md Collins Service Station, Forestville, Md. DeW. H. Donaldson, Laurel, Md. Dudrow's Drug Store, Hyattsville, Md. Eastern Shore Public Service Co.. Leonardtown, Md. House Herrmann, Silver Spring, )fl Mitchell Motor Co., La Plata, Md. Schwartz & Son, 708 7th .St. Md. . Md. VIRGINIA Indian Head Electric Co., Indian Head, George J. Klein, Chesapeake Beach, & WEST VIRGINIA Frank P. Jenkins, Culpeper, Va. John S. Miller & Co., Winchester, Va. burg, Va. Va. stock, Va. Clarendon Warren Furniture Co., Front Royal, Va. P. O. Dunaway, Charles Tow_n. W.Vn. Page Power Co., Luray, Va. George B. Thomas, Berryville, Va. Virginia Public Service Co., Harrison- Virginia Public Service Co., Leesburg, Virginia Public Service Co., Wood- Wamer & Gray, 905 King Street, Alexandria, Va. _Wamer & Gray, 37 Wilson Boulevard, Va.