Evening Star Newspaper, March 13, 1933, Page 10

'A—-10 ° FEFONDING PLANS SHAY BE PUSTPONED ;ovemment Would Probably Be Unable to Obtain Fa- ¥ ; vorable Interest Rates. BY CHARLES F. SPEARE. 1al Dispatch to The Star. YORK, March 13.—With the situation in its present comn- Sused state, it is impossible to forecast Zhe attitude of holders of about $700,- 00,000 of Treasury 3% per cent and per cent notes maturing on March 5. The only concrete opinion so far ced by institutions that hold the $ulk of this paper is that it will ewed for a short period at an in- g:‘esl rate of 412 or 5 per cent. %, The difficulty is that this brings in a0 new money to the Treasury, whose nce is dropping at the rate of $25,- 00,000 to $30,000,000 a day and is now d $150,000,000, compared with 600,000,000 at the end of last year. this basis the Government by next ‘ednesday will have a working bal- ce less than $100,000,000, which would riously embarrass it in carrying out 3s routine functioning. . s Revenues Decline. + The situation is complicated by the Fact that receipts from the first in- llment of the income tax on March , recently estimated at about $175,- 000,000, may be in part held up owing to the restriction on the release of de- Posits by banks throughout the Cfluntry.’ At the same time revenues of other| kinds are being reduced in consequence | of the slowing down in domestic trade and by orders affecting the arrival of goods from foreign countries. ‘The estimated revenues from income taxes for the fiscal year ending June 30 were $860,000,000. The Treasury statement at the end of last week ghowed that in the first eight months ©f this period the amount actually paid Into the Government was $388,000,000, ompared with $661,000,000 for the cor- gelpoudxng period of the last fiscal year. Z Prior to the start of the banking isis last month, when money was #till easy and all Treasury short-term Issues were heavily oversubscribed, there a plan under way for refunding ::‘tsh the First Liberty 4!; per cent nds and the Fourth Liberty 4ljs. is would have made necessary a paign in which to interest the gen- 1 public in a new long-term Govern- ment issue. It was then felt that sub- ®criptions might be obtained with a ZToupon rate of 3Y; per cent. At that me the rediscount rate of the Federal eserve banks of New York and Chi- &ago was 2} per cent, and in the ®ther 10 districts 31 per cent. All re nOW quoting the latter figure. The §hen Secretary of the Treasury felt at a large refunding operation could successfully carried through al- Fhough some of his associates belived at the interest rate could not be less at the interest rate could not be less Sor 4 per cent. Recent Sale of Bills. ‘The latest index of the credit of the Government is provided in the sale last ek of $75,000,000 Treasury discount ills on about a 414 per cent basis. Two hings are, therefore, obvious: First, Zhat_the refunding operation must be definitely postponed; second, that, if e Government is to obtain any large Smount of money to project its relief rogram or to ease the banking situa- on, it mus’ develop a public interest In its securities and issue a new loan t an attractive rate of interest. This ompels it to place its credit on a und basis through economy and the lancing of the budget as a prelim- Shary to any anticipated popular loan. = The time seems to be opportune for Buch a loan. The advantages of it both Jo the Government and to the banks are worth considering. Long before the Panking crisis became acute bank de- msltors were withdrawing funds and ying Government bonds. They did &ls for two reasons—to add, as they ought, to the safety of their princi- and to increase the income on it, they were everywhere faced with a Feduction in the interest on their time | K savings deposits to 3 per cent and e almost total elimination of any re- rn on demand deposits. With the| blic assured that the credit of the overnment ~ will remain foremost :zmughout the world, it is believed it ould welcome an opportunity to sub- Feribe to a new loan at a rate of inter- est, possibly as low as 31, per cent and gertainly at 4 per cent, and that a great deal 6f money now in hoarding would e into sight when given such an #nducement. < Government’s Opportunity. « There is a plan to issue emergen purrency of $2,000,000,000. A Gl(;gleel'gZ Efllt loan of this amount could be vered by funds that now have no El:ployment and are secretly located. e time is ripe for the administration to make a patriotic appeal to the pub- lic to support the Government in its financial requirements and, at the same e, offer it an interest rate induce- ment that it could not afford to ignore. (Copyright. 1933.) = e T. 8. TREASURY BALANCE. Pv the Associated Press. = Treasury receipts for March 10 were $7.591,174.73; expenditures, $9,470, PB50.48; balance, $128,250,845.89. $oms duties for 10 days of March we) ’3,260,299.6& e COAL PRODUCTION. 7 the Associated Press. $ Production of bituminous coal de- #reased 811,000 tons, or 133 per cent, sluring the week ended March 4, com- g:ed with the preceding week, as re- orted by the Buerau of Mines. ‘eek ended March 4. . 5,270,000 ceding week. .. 6,081,000 ‘Sl.me week last year. 5,771,000 : . Improves Cash Position. PITTSBURGH, March 13 (Special) — fin spite of the continued business de- ession, Westinghouse closed the year ith its cash position somewhat better 2n at the end of the previous year— e cash and marketable securities ing $32,851.763 at December 31, 1932, Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md., March 13.—Due to the curtailment of prices owing to the inability of commission men to SPECULATORS TURN oz ) () COMMODITY LIST an advance all along the line. wnie|Wholesalers Wary of Would- demand also is limited, due to lack of g cash in the hands of consumers, heavy be Buyers as Prices ipts of 1 ltry from the South oot peikce sl ViR Show Uptrend. Many of the poultry raisers in the South are sending truck loads of poul- try to the local market in the hope of BY JOHN A. CRONE. raising ready cash, but most of the|special Dispatch to The Star. shi ts are of poor, thin, common Stock and are not ‘only, hard to move,| NEW YORK, March 13—Speculators but have & tendency to lower the values | have turned their attention from securi- of the better grades from nearby points. | ties to commodities in the last few days, Receipts Well Maintained. with the result that many manufactur- Receipts of young chickens from near- |ers, jobbers, wholesalers and dealers e D. C, Washington Produce 'WHOLESALE PRICES. Butter—One-pound prints (93 score), 23; tub, 22; one-] prints (92 MONDAY alive—Tur] s keys, hens, young, ; old, 12al4; toms, 1314; old, hick 15; Leghorn pounds, 15. try, _dressed — Turkeys, young, 19a23; old, 15a17; toms, young, 16a17; old, 11a13; chickens, hens, 16a18; Leghorn hens, 12a13; Winter chickens, hens, MARCH 13, | return to his home, at to 6 | head the Elmira Savings Bank. be | ers, 1% to 2% poun &ompared with $32,148,727 at December 31, 1931. by points are light and values readily maintained under good demand for smooth, fat stock, es) , which are scarce and wanted at 20 to 22 cents a pound for mixed colored and 18 to 20 for white will not sell goods to would-be buyers ially small broil- | unless they are known. Thus Worth Street, the cotton goods district, finds many who speculated in Leghorns, while young chickens, 31 |Cotton or securities in Wall Street now pounds and over, are bringing 16 to 18 and smaller 15 and 16, but poor, thin fowl not so desirable at 10 to 12. Ol hens in fair receipt, but under an im- proved demand stock. weighing 32 pounds and over meet with ready sale at 11 to 14, but shipment of lighter fowl not advisable owing to heavy receipts from the South and consequently hard to move out at 8 to 9, while old roosters, also slow sale at 7 to 9. Demand good for medium sized hen turkeys, nine pounds and over, at 20 and 21 and old hens 18 and 19, but young gobblers, 12 pounds and over, not so desirable at 16 and 17, with old toms slow sale at 13 and 14 and all poor, thin, crooked breasts not wanted at any price. Mar- ket for capons holds firm under light receipts and a good demand at 17 to 20 for birds weighing six pounds and over and 15 and 16 for smaller and slips. Ducks and geese show no change in values from last week, but in better de- mand at 12 and 13 for the former and 13 to 15 for the latter. Guinea fowl and pigeons also unchanged at 25 to 45 each for the former and 15 to 20 a pair for both young and old of the latter. ‘The egg market, however, shows little change in condition or price from last week, with receipts of nearby stock ample for the demand. The market has gone back on a current receipt basis at 13 cents a dozen, with hen- nery whites bringing a premium of & cent or two a dozen. Duck eggs increasing in receipt and only choice, fresh-laid large stock will bring top prices of 16 to 20. ‘The gnarket for old potatoes dull and values remain unchanged at 85 to 1.00 per 100 pounds. Sweet potatoes in light receipt and under an improved demand the market shows an advance at 75 to 1.00 per bushel for Eastern Shore stock and 75 to 90 for nearby sweets, but it takes well-graded stock to bring these rices, as all over-large, mixed stock as to be sold at a discount. Native and nearby vegetables in light Teceipts, but ample for the demand, which is limited, but prices are well maintained at the following quotations: Onions, 1.09 to 1.25 per 100 pounds; spinach, 85 bushel, and washed turnips, 25 to 35 basket. Live Stock Prices. The live stock market on the wharves holds steady to firmer in tone but showing no ‘change in price. General Teceipts fair with only few choice, fat stock arriving on the wharves, most of the arrivals being of common, in- b‘e;uee‘x_-; stockqwhich is slow sale at in- side prices. uotations today at Light Street Wharf: 4 . Beef cattle, firs quality, pound, 5; common to medium, pound, 2 to 4. Bulls, as to quality, pound, 1% to 214. Cows, choice to fancy, pound, 3 to 4: common to fair, pound, 1!, to 2. Oxen, as to quality, pound, 115 to 3%%. Calves, veal, choice, pound, up to 6; large, fat, pound, 5 to 515; large, rough, pound, 4 to 4':; common, thin, pound, 3 to 315. Sheep, pound, 115 to 2. Spring lambs, choice, pound, 6 to 6123 fair to good, pound, 5 to 5!: small, thin, pound, 3 to 4. Hogs, straight, pound, 3! to 4. Sows, 2lsto 3. Stags, 1% to 2. Live pigs, pound, 5 to 7. Shoats, pound. 4 to 6. FOR SALE $5,000 First Trust Notes appraised by leading reputable firm. Principals Only — No Brokers Address Box 500-K, Star Office ———— REAL _ESTATE _N INTEREST “AND HOTRERPOND: INC. ~First trust notes well secured on detached. modern residences. Par and_accrued fnterest L0 Sue at o e AV NA. 0475, | MAIN OFFICE, 610 13th N.W. | 735 N. Capitol St. 31st & M. Georgetown Not a Dollar of Our Depositors’ Money —is spent for expenses ... All salaries, rents, improvegents and other expenses, under the law, || must be paid out of earnings or | surplus. ® We do not lesai on speculative 5 e H , conserva- | tively appraised, at present-day values . . . therefore we elim- | | inate all possibility of loss, and | | can pay— 5% Interest Compounded Semi-Annually | _We have a convenient Branch || Office in your neighborhood, come || in and let us give you full details .“ of our plans and methods. [ First Mortgage Notes 6% H. L. Rust 1001 Fifteenth Street Secured on resi- dences and producing properties in the District of Co- lumbia and adjacent Maryland suburbs. income- Company National 8100 buying gray goods. This has caused many merchants to withdraw their lines —except to regular customers—since they do not know at what price raw cotton will open when the exchanges resume business. Print Cloth and Silk Higher. ‘The print cloth trade has been ex- ceptionally busy since last Friday, turn- over being variously estimated at from 50,000,000 to 60,000,000 pieces. The popular 64x60 print cloth has been marked up a half cent a yard during that time. In the uptown silk market, business, except for a few immediate requirement sales, is virtually at a standstill. * Un- officially prices of raw silk are up 10 cents a pound since Friday, which fact has caused many merchants to with- draw quotations on finished fabrics. ‘Three weeks ago buyers, retail and wholesale, were enjoying the merry price war being waged among the im- porters of Sarouk rugs. On one day dur- ing this war many rugs retailing under $300 were slashed 15 per cent. Within the last two days, however, Sarouks have gone up an average of 25 per cent. Many importers are strictly limiting sales and promise a& new price list as soon as they get an official quotation on the value of dollars abroad. The price advance is due directly to the |fact that importers are uncertain about the Government restrictions to be placed on the export of funds. Last week the underwear trade g— ted to withdraw all prices on the new Fall lines on March 15 because of the rising trend of cotton and wool. Today several of the more important heavyweight underwear mills withdrew quotations, but did not so publicly an- nounce because they were afraid their costomers would place orders with com- petitors. Grocery Sales Increase. Grocery sales in the last few days have jumped more than 10 per cent, most of the gain being confined to staple foodstuffs. Although jobbers and wholesalers have continued liberal in credit allowances to well rated cus- tomers, they are more watchful than usual on doubtful accounts. Manufacturers were the principal buyers of cocoa today, taking amounts PLEASANT WASHDAYS AHEAD TRYING TO SEE. IF ANYTHINGS WRONG WITH THE WASHER. YOU SAID YOU WERENT SATISFIED WITH THE LOOKS WHY, FRANK— WHAT IN THE WORLD ARE YOU DOING? 18a19; stags, 11al3; roasters, 9al0; 1933. 1.50a2.35; peas, 2.7583.00; Mma beans, A .00; beets, crates, 1.25; carrots, crates, 1.25; cucumbers, 4.00a ; celery, 1.75; cabbage, new, ers, sacks, 1 ‘hamp- asparagus, 2.50a8.00; caulifiower, 1,758 2.00; corn, Florida, 3.00. *\LOWMAN RESIGNS POST TO HEAD SAVINGS BANK 5 | By the Associated Press. .. Seymour Lowman, Assistant Secretary ;|of the Treasury since August 1, 1927, resigned today, effective March 15, to Elmira, Lowman for several years had charge of the enforcement of prohibition. He also had charge of the customs service, Coast Guard and Narcotic Bureaus. A former Lieutenant Governor and State Senator of New York, he was appointed to | farmer. Eleven persons, mainly_rela- GIRL REPORTED KIDNAPED IN DECEMBER RETURNS .| Prosecution Declared Unlikely in Case of Four-Year-Old Indiana Orphan. By the Associated Press. RENSSELAER, Ind, March 13— PFour-year-old Patricia Pearl Tripp, re- ported kidnaped last December, is back at her home near here and Prosecutor Robert G. Estill of Lake County said no prosecution was expec the case. ‘The girl was returned Satirday night by her grandfincle, August Johnson, a tives of the missing girl, had been ac-| cused. Estill said questioning of the girl brought little information as to who te lmm Ll R rnal parents. an orphan. Check-Up Advised. ‘The average user of raw materials would do well to check up on immediate needs and act accordingly, but before buying huge quantities for the long term the prudent policy dictates a careful survey of the statistical position of the 5] commodity. Some commodities mentioned above were in such strong statistical position even a few weeks ago that a slight rise in demand would cause them to soar, at least temporarily. The ultimate consumer, the public, must expect for a brief period and for certain items to pay slightly higher prices than a week ago, because of the tmury halt of the regular flow of g e brought about by the banking oliday. Authorities locally are watching Wholesale and retail prices and any at- tempt to profiteer as a result of the &rhe;entt‘mumnn will bring prompt pun- en! (Copyright, 1933.) Trade Trends By the Associated Press. Alcohol.—Some distributors report a slight gain in_ the past week's sales. ‘There i3 a fair movement to the plastic, solvent and other consuming trades. Floor covering—Trade reports say that manufacturers are considering the question of increasing prices on future business, On finished goods the atti- tude of many sellers is for continuance of current quotations until stocks are liquidated, it is reported. Heavy chemicals.—Demand for many items fell off last week, but producers are said to be holding to current price lists, anticipating an improved demand with removal of banking restrictions. Paint materials —Lead pigments have only partiaily followed the recent ad- vances in the metal. Oxides are being firmly quoted at the new levels. Salt.—No price changes occurred in tinued routine. Rubber.—Far Eastern dealers’ stocks ‘were 28,622 tons at the end of February, dry basis, compared with 51,495 at the end of February, 1932. the market last week, and demand con- | Plymouth Rocks, broilers, 23a25; fryers, m’fl; roasters, 20a22; mixed colored chickens, 17a19; keats, young, 28a43; old, 18a23; ::Pf;\l, 7 to 9 pounds, 21; 6 pounds, 18. ? gfl?:o—Bee(. 11; veal, 13; lamb, 16; pork loins, 16; fresh hams, 12; smoked hams, 14; strip bacon, 14; lard, 7%; und, mmu—Applel, fancy box stock, 1.75a 2.25; bushel baskets, 1.00a1.25; peaches, 3.25; pears, 1.50a2.75; plums, 3.50; apri- cots, 3. ectarines, 3.50; mandarines, 40a50; oranges, 2.50a3.50; lemons, 4.00a 4.50; tangerines, 2.00a2.25; grapefruit, a2.50; limes, per 100, 2. .00a2.50; alligator s, 3.5024.5 honeydews, 2.00; pineapples, 4.00a5.00 Spanish melons, 6.00a7.00; kumgquats, quarts, 20; rhubarb, 40a50; cran- berries, 3.25; grapes, Almeira’s, Argen- tina, 3.50; Emperors, kegs, 5.50a6.00; strawberries, 7.00a7.50. Vegetables—Potatoes, Maine, 1.135; New York, 1.00al.15; Florida, new, 1.75; Idaho bakers, 1.75; sweets, 65a75; tomatoes, repacks, 3-pan crates, 1.25; lugs, 1.00a2.00; broccoli, 3.00; turnips, 40a50; parsnips, 85a1.00. string beans, STABILITY For over 42 years this institution has served Washington families in aiding them to accumu- late savings . . . and ac- quire their own homes. We invite your inquiries. Semi-Annual Dividends rTIONg, PERMANENT BUILDING ASSOCIATION p OB9-9% ST NW. ¢! 23 ¥ UPtrvigion us- 1 SILLY! IT ISNT THE WASHER. THE SALESMAN JUST TOLD ME [T'S THE SOAP IVE BEEN USING. HE SAID TO USE RINSO IF § WANTED REAL SNOWY CLOTHES THIS FIRST BATCH WAS DONE IN HALF THE TIME IT USED TO TAl 1'LL BE WALKING THE STREETS LOOK- ING FOR ANOTHER JOB SOON IF THIS MY, WHAT SWEET, CLEAN CLOTHES — AND SO WHITE ! 1MUST TRY RINSO— D FOR DISHES, TOO KE KEEPS UP. CAN'T MAKE A SALE. CAN'T EVEN GET PEOPLE TO SEE 8.0 COULD HE MEAN ME ? HERE'S WHERE | GET LIFEBUOY AND PLAY SAFE! EASY TO SEE LIFEBUOY IS DIFFERENT FROM ORDINARY TOILET SOAPS. MAKES YOU FEEL EXTRA-CLEAN. AND, BOY, WHAT LATHER] NO “B.0." to stop “Makes oad Mrs. Pauline GUESS I'D BETTER HAVE A FRANK TALK WITH THE SALES MANAGER. MAYBE HE him NOW! = 70 SELL IN THIS TERRITORY HE'S JUST SOLD A BIG ORDER TO OLD S, oy, THE TOUGHEST BIRD by President Coolidge. No successor has S RS L b ) I e oo DOLLAR PRICE IN LONDOK. LONDON, March 13 (#).—The dollar FOODSTUFF IMPORTS. By the Associated Press. Imports of foodstuffs into the United States during 1932 were valued ot $406,- 839,000, compared with $537,075,000 in 1931, the Commerce Department an- noix‘nccd. e -Most of the incoming merchandise was said to be tropical or semi-tropical Pproductions. Only about one-fifth was competitive with domestically produced foodstuffs. L —_— ANNUITY | NCREASED . Q UPREME NCOME ™ YECURITY || BOOELET MAILED ON REQUEST opened in official quotations today at 3.43% to the pound sterling. A HIGH RETURN WITH SAFETY 6% FIRST MORTGAGE NOTES Secured on_Conservatively Appraised Homes in the District of Columbia DENOMINATIONS $250 UPWARD BOSS & PHELPS 1036 wmwua%. GOFFNM. o\ G i A Organized 1879 53rd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’n JOHN JOY EDSON, President WALTER 8. PRATT, Jr., Secretary Assels......cooceineinneinnes...$6,251,00624 Subscriptions for the 104th Issue of Stock Being Received JOIN THE EQUITABLE AND SAVE SYSTEMATICALLY The Equitable’s Plan of systematic saving has taught Thousands how to save and accomplish ‘best Results. Join To- day. 915 F St. N.W. L 4y NEXT WASHDAY SEE,MOTHER— (TS JUST AS THE SALESMAN SAID. RINSO GIVES MUCH RICHER SUDS THAN ORDINARY SOAP nglmmnmnmmmmwmlm Always Remember— It is not what you earn, but what you Save That Counts. P T D aLton VacenTive— YOU USED SO LITTLE s ?f rich, lively suds!” T, ippett, 1339 Irving S, MRS, PAULIN 1339 Trving S WNE O- TIPPETT Washington, D, 316leadi i Bl i Dg newspapers —recommend 'S much suds ag dirt—saves lous Cup for cup, it I COULDN'T TAKE ON THAT MAN YOU JUST SENT ME. SEEMED COMPETENT BUT- CARELESS ABOUT *B.0"] GOT ONE MAN ALREADY WITH THAT FAILING o00e MAY HAVE TO LET HIM GO ANY DAY. TOO BAD, FOR HE'S.. \ "B.0." has crippled many a promising career B MERESThintof °B.OF (bedydor)beaods the offender S e s © cse regulacly with Lil . Its clean, fresh, «quickly-vanishing tells Lifebuoy is no ordinary Soilet soup. 1 £ch, pencting, bypienc her pusibes M“fimmnfifl"lof S. A. R. TO MEET ?‘m ‘will be discussed Problems of recognition Russis, and the admission slackers” to cf by the District of ia Soclety of the Sons of the American Revolution at the Mayflower Hotel Wednesdsy eve- ning. 1In his call for the me , Maj. Gen. Amos A. Pries, president the organ- ization said: “My plans for the year czll for a vigorous campaign on Amer- icanization, and I would weicome from compatriots constructive ideas of how we can devote our meetings to resl constructive work along lines of patriot- ism and historical interest.” STATEMENT OF THE CONDITION OF THE New York Title and Mortgage Company, 135-141 Broadway, New Yorly N. Y., X ©of Law for the District l;‘ Col - $3.000.488.04 341800018 Total income. $8.925.454.53 DISBUI § Net amount holders for losses $167.068.7, All other disbursements. . 18,645.708.9° Total disbursements. ..$18,812,777.76 0.208.008.70 21,2 3‘%’&%3 8,815.999.61 89021141 6.5 !.Rfifl.;l 978.428.20 Gross assets. . $68.712,553.05 Total admitted assets..$68,712,653.65 LIA and Mortgage loans on estate Mortgage guarantee pre- miums receivable .. Premium prepaid . ...... Contingent * reserve Other “liabilities Capital paid up Surpius over all’i Title and sage tee Totals..... $5.1 1350 Wt 5. Mea Vice President. AN, Subscribed "and swar 5. bet and _sworn this thira day ot aareh 103 = (geal ) 3 Notary ‘Public, Kings Co.. Kings ks No. 170, Rer uo,qu 0% H R. A > e ¥ Clk.'s No. 33. Commission expires March 30, 1034. T is important to buy clean sugar because it is used uncooked more often than most other foods. Hcse that the sugar you and your family use is pure, clean, wholesome sugas. You can know this 1f you will For your protection and convenience, Jack Frost Sugar is put up in sealed boxes of a distinc- tive blue color. It is 100% pure cane sugar, absolutely clean, uniformly There ISa Difference In Sugar— Pure cane sugar, as refined in this country, has estab- lished a definite standard of quality by which America’s sugar values are measured and judged. Every pound of Jack Frost Sugar is ve- fined in the U. S. A. and guaranteed by The National Sugar Refining Ce. of .1