Evening Star Newspaper, March 19, 1933, Page 47

News of Markets Pages 1 to 4 Part 6—12 Pages WASHINGTON BANK WORKERS SWAMPED WITH EXTRA TASKS Checks Pile Up and New Ac- counts Increase as In- stitutions Open. TREASURY IS RECEIVING CONSERVATORS’ REPORTS Effort to Reopen Sound Institutions Is Pushed in All Parts of Country. BY EDWARD C. STONE. Washington banks, which resumed full functions last under Government licenses, wound up & period of amazing activity yesterday When the week’s business ended. Officers were kept on duty day and night and large clerical forces were Tequired to do a vast amount of over- time work in clearing up the mass of checks which had accumulated during the President’s bank holiday. As the week progressed, the piles of checks were reduced, after being re- corded and a great many of them put Tegular Clearing House In one large bank it was stated that the clerks had to work only to 12 o'clock on Friday night in- tead of to 4 o'clock in the morning.” Clearing House Busy. ‘The Washington Clearing House As- sociation completed a brilliant week's work yesterday. Many hours of over- time work were required to interchange checks between the local banks and at the same time handle thousands of checks on out-of-town banks. The bank tellers also faced the hardest proposition they have ever met. It was their duty not to accept checks on banks in other parts of the United 8tates which had not reopened. As complete lists as possible were prepared of the thousands of banks that had reopened. The tellers had to take down each out-of-town check and see if the bank on which it was drawn was open—an immense task in itself. In this emergency, however, the regu lar customers co-operated to a Te- markable degree. The first day of the reopening was the hardest. On that date people at- tempted to do nine days’ delayed banking at one time. A great many new accounts were established, new depositors coming in so rapidly that extra clerks had to be assigned to the work. In addition, so-called ghoarders returned a great deazl of gold to the banks, as well as gold certificates, after they read that ‘“hoarding re- ports” had been called for by the Fed- eral Reserve Bank of Richmond and the 11 other reserve banks. Other gold was re-deposited by cus- tomers who believed that this money should be returned to use and not kept Ionger in safe deposit boxes. In other words, they had undergone a complete change in sentiment toward the bank- ing and economic outlool Depositors in the banks which did not receive licenses to operate, when the others were granted theirs, are trying to find out about the future of these banks. These institutions are all in the | hands of conservators, who are studying their present status with a view to find- ing out what can be done. As Govern- ment officials, the conservators are mak- Ing no statements. Each conservator will make his report to the Treasury, in the meantime con- serving the assets of the bank for the benefit of depositors and other credi- tors. The conservators have all the powers granted to national bank receiv- ers. They report to the controller of the currency. When the controller has received full information concerning & bank’s condition he may terminate the censorship or order the bank to close up its affairs. With requests coming in from all over the country for permission to reopen banks, the Treasury officlals are swamped with work. The condition of each bank has to be considered sepa- rately. The greatest care is demanded as the Treasury officials have repeatedly sald they would not grant a license to &ny bank to reopen unless they were convinced that such bank was capable of remaining open as a “going institu- tion.” In cases where banks want the Recon- truction Finance Corporation to help furnish new capital by taking an issue of preferred stock, more time will be equired before Treasury officials can each final decision. The Reconstruc- on Finance Corporation must first make its own investigation and recom- mendations to the controller of the currency. INCREASE IN GLASS SALES IS EXPECTED Industry Is Looking for Business Gains With Passage of Beer and Wine Legislation. Epecial Dispatch to The Star. NEW YORK, March 18.—The glass industry, first industrial enterprise es- {ablished in America, looks hopefully to the return of light wines and beer. Placement this week of one order for 15,000,000 and the reported booking of another order for 10,800,000 beer bot- ties buoys up such hopes. One plant at Charleston, W, Va., is also set to resume beer bottlemaking. Scme glass container plants at Wash- ington, Pe., now operating at the high- est rate in the last six months, expect to step up output as a result of orders | ing sound securities. These funds have fer containers of the amber fluld. Down in Jackson, Miss., a bottlemaking plsmi is preparing to resume operations Avril 15. Big orders and inquiries, plant pro- duction increases or factory resumption naturally are cheering to an industry whose normal yearly outturn approxi- mates $300,000,000 and whose 250 es- tablishments employ 65,000 workers, who get $100,000,000 in wages. Any pick-up in the industry, which has been hard hit by the depression, naturally encourages many other lines, such as | the sellers of fuel gas, potash, lead | ovide, sand, silica, lime, flint, soda, alum- | inum, barium, borax, magnesia, zinc, | and arsenic, of which services and com- modities the industry buys about $100,- 000,000 worth a year. i Smallness of building operations has | slackened the demand for flat glass, though some “renovizing” of houses and plants is now bringing in orders for small amounts. (Copyright. 1933.) SILVER QUOTATIONS. K, March 18 (#).—Bar . i4'lower at 27% on con- by China. S siver a tinig sel Controller TREASURY OFFICIAL FACING DIFFICULT TASK. F. G. AWALT, Who has been controller of the cur- rency since the retirement of John W. Pole several months ago, is one of the busiest officials in the Government. He is being called upon to pass on the licensing of all banks in the United States. Along with Secretary Woodin, he is working night and day to im- prove the Nation’s banking situation. INVESTMENT BOND MARKET IMPROVES DURING PAST WEEK U. S. Government Issues Prove Feature—Junior List Sharply Higher. Special Dispatch to The Star. NEW YORK, March 18.—The reopen- ing of the investment market this week was attended by a burst of confidence, as evidenced by volume buying and sharply advancing prices, beyond the anticipations of any one in Wall Street. ‘The price averages showed that the market, on the first day of trading after the nine-day holiday, erased the losses of the three weeks immediately prior to its_closing. United States Government bonds, | this especially those of medium long term, reversed their previous trend in a striking manner. High-grade corpora- tion bonds, for which investors were re- luctant to bid at bargain prices two ‘weeks ago, were sought in vain as offer- ing Prlces were lifted higher and higher. Junior ‘bonds exceeded common stocks in the extent of their gains. Securities Repurchased. It was obvious to any one close to the trading that much of the buying rep- resented the repurchase of securities that had been sacrificed shortly before the national moratorium. In addition, surplus funds of trusts, liquid banks and individuals came into the market seek- been held out of the market—in some cases for months—because there has not been until now any indication that Congress would really do something to bridge the Federal deficit, get the bank- ing situation straightened out and meet other pressing problems. It was a resurgence of confidence reminiscent of the days of the 1928 bull market that followed the presidential election of that year. At the same time it is necessary to point out that many banks have not reopened and that a broad increase in business activity is not likely to event- uate until interstate and intercity com- merce can be carried on with full con- fidence that banking accommodation will be available everywhere. Undoubt- edly this will be done. Undoubtedly, also, the real estate situation will event- ually be cleared up, perhaps with Fed- eral help, but more likely beeause na- tural forces will operate to readjust the debtor’s burden. The markets seem to be in a mood for extended advance. Certainly even to- day’s prices do not reflect the intrinsic values of many high-grade and second- grade bonds. But the attitude of many conservative investors this week has been not to speculate by buying stocks of junior bonds, but to get out of high- grade short-term securities which are highly liquid and purchase long-term corporation bonds of the best quality. Short-Term Issues Sold. It is to be realized that every bank and other investing institution in the; country has been loading up with high: ly liquid short-term securities for two years, that most of these are priced to give only nominal yields and that once a major movement out of them com- mences, their prices will decline. This has already occurred once in short-term Governments. The movement out of short-term into long-term bonds represents. the tip of the entering wedge of confidence. (Copyright, 1933.) CLEARING HOl.JSE REPORT REFLECTS WITHDRI\WALSl New York Bank Deposits Show De- cline Due to Large Pay- outs of Funds. By the Associated Press. NEW YORK, March 18—The weekly | statement of the New York Clearing House, the first issued since March 4, today disclosed a considerable decline in net demand deposits of members, reflecting withdrawals prior to the lift- i ing of banking restrictions on Monday. | Because of the order against the re- | opening of the Harriman National Bank, this institution was eliminated from the statement. Net demand de- posits aggregated $4,912,485,000, against $5,463,124,000 on March 4. Time de- | posits totaled $717,081,000, against | $752,449,000 two weeks ago. Surplus and undivided profits were off slightly at $872,130,400. Changes in the statement follow: Total surplus and undivided profits, $941,000 (decrease); total net demmd[ deposits (average), $550,279,000 (de- crease); time deposits (average), $35,- | 268,000 (decrease);: clearings week end- | ng today, $3.203,831,129; clearings | week ending March 4 (x), $3,492,- 900,945, i (x) Five days. Store Executives More Cheerful. NEW YORK, March 18 (#).—Retail store executives are more cheerful on the outlook for Easter business. Local department stores have noted a gocd pick-up in trade late this week, in some cases to a volume virtually equal to that o a year ago. ) is 3} T 1 FINANCIAL AND CLASSIFIED he Sunday Star WASHIN SEGURITY MARKETS DISPLAY GROWTH IN PUBLIC GONFIDENCE Rebound This Week Held Due to Settlement of Financial Crisis. BANKS HAVE LESS NEED FOR NEW U. S. CURRENCY Return of Gold and Other Forms of Money by Hoarders Strengthens Government Credit. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 18—This has been an epoch-making week in the eco- nomic as well as in the political history of the country. It has witnessed the end of the acute phase of the banking crisis, which was followed by one of the most remarkable demonstrations of confidence in the security markets on record. Underlying this was change in the temper of the public toward the conditions it had feared and the expression of emotions that were the reverse of those that possessed. all communities a fortnight ago. The reopening of the banks in 12 Federal Reserve cities on Monday and the progressive increase in the a complete number of institutions obtaining their licenses to operate has re-established what may be regarded as nearly normal banking conditions ~throughout the country. Although hundreds of banks failed to meet the requirements of the examiners, it is apparent that not more than 10 per cent of the total banking resources of the United States have been involved in a necessary prohibition of the gperation of institutions with a weak capital structure. Less Fear of Deflation. ‘The return of gold and gold cert: cates, along with other forms of legal money, is strong evidence of respect for the banks now open. In the New York Federal Reserve district approximately $200,000,000 in gold and gold certificates has been redeposited. The total for the entire country is well above $300,- 000,000. Under the circumstances the need for the new emergency currency has diminished, and the fears of in- flation, growing out of the injection of mass of currency into the monetary system, have decreased. The rise in common stocks sufficient to erase all of the declines in February and the advance in commodities is not specifically an inflationary movement, It reflects two conditions. First, it is an expression of relief over the satis- factory termination of the bank “holi- day” and, coincident it, the emer- gency legislation by Which the credit of the Government will be re-established; second, it gave opportunity for bu: by those who had become convinc that both securities and commodities were fully deflated and on an invest- ment basis, but who were unwilling to | | 1good cheer, unlike anything felt in venture into either market until the banking position had been corrected. The more adventurous had begun to accumulate stocks and staple commod- ities even before the disintegration among the banks began to appear. Bonds’ Rise Significant. It is to be observed, also, that bonds as well as stocks became buoyant as soon as the trading limitations in them were lifted. This was a natural sequel to the new outlook for Government credit. The same could not be said of corporation bonds, whose position with respect to coverage of interest require- ments had been adversely affected by a month of the greatest stagnation in business that the country has experi- enced in half a century. If, therefore, inflation had begun, such bonds should have declined and moved in a direction opposite to that of common stocks. ‘They should, furthermore, have taken this trend if there had been any grave doubt of the ability of the United States to remain on the gold basis. Allowing for the relief which the in- vestment market gained by reason of & reconstructed banking situation, it is apparent that, in the opinion of in- vestors and _speculators, bonds were nearly as deflated in price as common stocks and that a certain percentage of the public that had been withholding funds was ready to place them in se- lected issues. Another condition which corporation bonds refused to consider was the rise in money and the fact that the most recent Government financing was at rates more favorable to the bor- rower than those obtaining on mary high-grade railroad and public utility mortgages. Last Major Operation. The main tendencies in the general situation are still more of a deflation- ary than of an inflationary character. They appear to reflect the current eco- nomic philosophy of the Roosevelt ad- ministration. Certainly the closing of a large number of banks throughout the country deflates the deposits of these institutions. The reduction in Government expenses has the same ef- fect upon those whose salaries are low- ered in order to permit it. In the field of private enterprise there have been other conspicuous manifestations of de- flation this week in numerous dividend cuts and in the prospect of lower in- terest rates and some loss of principal for a large body of holders of real es- tate mortgages. These, however, may all be regarded as the last of the major operations .required to place the credit of the Government and that of its in- stitutions and corporations on a sound is. basis. Having arrived at this inevitable stage in our national economy, it is possible to look ahead with greater confidence. The credit of the Government has been re-estatlished, the improved status of the banks has been accepted, and the deflated condition of the security mar- kets and of staple commodities has been recognized. There is an abun- dance of money with which to promote business. The latent and repressed buying power of the public is known to be of great size. This should be in- creased by the projects which the ad- ministration is sponsoring for the relief of the farmers and of the unemployed in industrial centers. The greatest ald to recovery, however, is the fact that, instead of being obsessed by fear, the great mass of the people are now eon- sclous of the change that has occurred and are recovering the spirit of initia- tive which they had nearly abandoned (Copyright, 1933.) Unfavorable Dividend Changes. . NEW YORK, March 18 (#).—Stand- ard Statistics Co. says unfavorable divi- dend actions this week numbered ‘90, |1 compared with the previous week’s record of 31. However, many of the actions listed as passed, the company explains, were announced by corporss tions as ‘“deferreq” hocause of exgwrdunry banking situation, GTON, D. C, AND NOW THE PUBLIC PROCLAIMS ONE SUNDAY MORNING, MARCH 19, 1933. 'HIGHER COMMODITY MARKETS ARE PREDICTED BY TRADERS Reopening of Grain Exchanges With Gains in Many Classes Is Considered Good Sign of Recovery. BY OWEN L. SCOTT. Special Dispatch to The Star. ! CHICAGO, March 18—A burst of | months, is radiating from farm com- modity markets here as the speculative reaction to economic developments since March 4. Things happened on the Cwo Board of Trade Thursday that ca veteran tonishment. Here was a market neg- lected, except by bears and representa- tives of Farm Board agencies, for the better part of three years. Prices had long been writing a tale of gloom that depicted the bankruptcy of agriculture. But gloom was dispelled by the rush of buying which marked the reopening of trading. On grain exchanges all over the coun- try much the same story was written. This was a rebound from the depths of depression and also a response to the widespread belief, however well founded, that some sort of an inflationary move is coming in commodities. The specu- lation affected staples that had been most thoroughly deflated, with prices far under the cost of production. Some Are Skeptical. In the midst of this wave of confi- dence there still was heard the voice of the skeptic. Some shrewd observers, writing daily comment, were pointing out that prices in this country today are about 10 cents above a world level. Rains in the Southwest recently are said to have improved greatly the Win- ter wheat crop outlook. Spring wheat acreage, according to farmers’ reported intentions to plant, are down only slightly. Export trade continues nil, and there is a huge carryover. Be- sides, Farm Board agencles still hold about 30,000,000 bushels of wheat fu- tures. traders to blink in as- | But on the other side was heard the comment: What of it? These bulls said | that the United States would have its own domestic price—that the Federa! Government is going to see to that Then they pictured beer coming back. utilizing grain not only in the manu- facture of the product, but in the free lunchés which are expected to step up | the human intake of wheat and rye. Furthermore, a world conferencé on wheat production control impends. And prices are said to be so low that they can move higher simply as a reaction to renewed hope. The situation is such that seats on the Chicago Board of Trade have risen | from $3,750 on March 3 to a last price of $7,500. . Less excitement is noted in the stock- yards. Live stock prices move with more deliberation than do those of grains. Yet hogs are about 30 per cent higher than they were at their low time in December, and cattle and sheep have improved in a measure. Believe Bottom Has Been Reached. Packers report, however, that the sharp upturn that occurred in pork loin prices after the bank holiday set in brought a curtailment in consumption. As a result there has been some re- action in the meat market, and this in turn is reflected in the prices paid for animals. ‘This is the Lenten season, when meat consumption normally is low. Et actual consumpticn is far below the usual level for this time of year. Even so0, there is evident at the stockyards some of the same optimism that has struck the grain markets. The feeling is general that bottom has been seen and that whatever the future price fluctuations the recent lows are un- likely to be broken. , (Copyright, 1933.) GRAIN TRADE KEEPS EYE ON LEGISLATION Opinion Is Divided as to Effect of Proposals for Stabilizing Market Prices. By the Associated Press. CHICAGO, March 18—As a major market influence, proposed agricultural legislation appeared today to over- shadow all other factors in the grain trade. Friends of higher prices urged that regardless of eventual effects, if the bill submitted by President Roosevelt to Congress was to be enacted, it might as well be now, and that, with other forces working for grain price recovery, the measure made at least a strong tempo- | rary basis for new bullish achievements. Opponents of the plan, however, said the measure was not only vague in the extreme as to its operation and ad- mittedly an absolute experiment, but that it would tend to demoralize mar- kets for agricultural products, and could not do of than react to the in- jury of the farmer. Largely because of vast changes in the banking situation and on account of :' of economy and br:r 3}!& rices morning = compa: Rarch 3 showed wheat 434-47% cents a bushel higher, corn 2%-3 cents up, oats 1‘,%‘-‘:% ldvn;ced, 5_7m1 ar:’vhlonl‘l at gains varying from 57 cen 4 Wheat trade authorities say private estimates of domestic farm Treserve mly of whg;:n 3.“3: show that thfi supply in the growers now comparatively small. Commercial vis- ble stocks, too, are decreasing much mmmn-yurd uo.ugmflhm turning more and more for ::arpuu. If the g.our trlde.hbwnmm 5 4 ere 25 “Gicelient ‘Gmand 0+ tne current offerings of wheat. terminals | 440 DROP IN COMMERCIAL FAILURES REPORTED Total for Week Was 494, Against 556 and 571 in Two Pre- ceding Periods. Special Dispatch to The Star. NEW YORK, March 18.—Even though there are some disturbing fac- tors present, which naturally would be expected to have an influence on the trend of business failures, they have not affected these to any marked degree. The insolyencies continue to maintain a seasonally lower trend, which usually is the case at this period of the year. A most encouraging decrease occurred this week, in comparison with the rec- ord of last year, one of 27.9 per cent, whereas a year ago an increase of 21.2 per cent was shown. ‘The number of commercial failures this week in the United States, as re- ported to Dun & Bradstreet, Inc., whs 494, sgainst 556 and 571, respectively, in the two preceding weeks. the number was 685. This general reduction is further borne out in eath geographical section, each territory showing fewer failures this week than for the two weeks pre- vious and for the same period last year. The most noteworthy decrease occurred in the South and the West, where the failures were 21 fewer in each case than last week’s totals for these sections. Of the past week's failures, 357 had liabilities of $5,000 or more in each in- stance, against 376 and 363, respec- tively, in the two weeks preceding, and similar defaults a year ago. In the Dominion of Canada failures numbered 65, against 71 in the week . Last vear for the z period, 49 defaults occurred. Ayetl'llodm RICHMOND RESERVE BANK SETS RECORD Gain in Resources Puts Total at High Mark of $337,232,000. By the Associated Press. RICHMOND, Vi March 18.—The | Richmond Federal Reserve Bank in its weekly statement reported total re- sources of $337,232,000. “It is the most notable statement of this bank ever issued,” Gov. George J. Seay said in releasing the statement. He did not except war-time statements. The bank’s total reserves were given at $179,165,000, of which $144,545,000 is gold with the Federal Reserve agent; 195,301,000 gold redemption fund with the United States Treasury; $15,900,000 gold settlement fund with the Federal Reserve Board, and $7,074,000 gold and gold certificates held by the bank. Non- reserve C: amounted to $4,409,000. The bank holds discounted bills se- cured by United States Government 00( ,000, also | has bills bought in the open market of $20,542,000 and owns Government se- curities of $48,149,000. | Other resources consist of $137,000 due from foreign banks; $28,800,000 uncollected items; $3,237, Wut: bank promises, and $3,145,000 all other . The bank has $214,449,000 in Pederal | Reserve notes in ‘tirculation and deposits of $74,092,000. 0. making a total of $47,012,000. It 'ADVANCE IN COTTON BRINGS OUT SELLING Prices React at End of Week After Sharp Gains at Reopen- ing of Market. By the Associated Press. NEW YORK, March 18.—The favor- able view of general business and com- modity market prospects stimulated by the reopening of the country’s banks on a sound basis was re-flected by great ac- tivity and a very sharp advance in prices at the reopening of the cotton futures market here on Thursday. For a time, the buying seemed to be coming from all directions. May con- tracts sold up to 6.97 and December, 7.66 or 70 to 94 points above the closing quotations of March 3, before the more urgent demand was su Thursday's early trading. this buy had been supplied by realizing combined with Southern and foreign selling, prices reacted and the market today was less active, with Southern selling more in evidence at times dur- ing the day. Prices lost 1; cent or more on ‘Thursday’s advance, with May contracts closing tonight at 6.45, com- pared with 6.26 at the close of March 3. The disposition to even-up commi nents at the end of the week was attrib- uted partly to uncertainty over the proper interpretation and the further progress of the new farm relief bill, which is now under consideration in Wi Iverpool was also said to include some selling for continental, Bombay and Japamese ac- count. In some quarters this was at- tributed to arbitraging on a narrowing of the differences between New York and Liverpool. The reports of a very large business in cotton goods here during the period of the bank holidays encouraged ex- pectations of a well maintained volume of domestic mill consumption during the Spring. to the Census th February amounted to 441,662 against 451,239 last year. figures were about in line with expectations and it effect on the imme- te mArke, 1 : o D Classified Ads Pages 5 to 12 DETAL TRADE GAIN STABLIZED DOLLAR IS ABOVE AVERAGE | DESIRED IN FRENCH INLAST FEW DAYS FINANCIAL CIRCLES Expansion of Charge Ac-|Bankers Believe Short Posi- counts Proves Factor in Business Pick-Up. MERCHANTS REINSTATE CANCELLED CONTRACTS Orders for Spring Sales Placed in Dry Goods, Furniture and Other Lines of Trade. BY JOHN A. CRONE. Special Dispatch to The Star. NEW, YORK, March 18—Retail trade in the last few days was above gl;!cmhl 1 lverlae, The expansion e accounts, especial Bew u‘.l.:"wm ; cause, in part at least, for this showing. The reopening of banks, improved weather and some price advances partially offset continued unemploy- ment, unwieldy stocks of some raw materials, and $he liquidation of banks Which cannot reopen. The latter factor is expected to check sensational rises mA?tu}melnlj-)h.nd securities. ough country has experi- enced a financial crmsr:'hlch ha:p}exld Do parallel here in 26 years, there is & note of confidence everywhere. This is as true of the average citizen as it is of the business executive, the banker, broker and merchant. The speed with which needed legislation has been put through in Washington has created and enlarged this new note of con- fidence. ‘Wholesale Buying Restricted. Locally sales this week of children’s wear, accessories, women's neckwear, hosie; piece goods, and were above expectations. China and glassware, men’s clothing and furnish- ings, silverwear and electrical goods turned unusually active. Some of this buying wes unlocsed after freer with- drawals from checking and savings ac- counts were permitted. This mns‘mly be accentuated as pay rolls are given out today and tomorrow. Diamonds, drugs and rugs—the three items, according to old-time traders, that always spurt in periods of bank- ing and currency changes—performed about as expected. Imports of these as well as other goods will of course depend upon the severity and length’ 1 foreign exchange restrictions, de- signed to prevent a flight of capital from this country rather than to hamper trade. Wholesale purchases of ready-to-wear goods were restricted, according to the weekly review of Dun & Bradstreet, Inc., but the volume of mail orders was fair, especially for children’s wear, neckwear, and dress acces- sories, Orders Reinstated. “Toward the close of the k,” this authority continues, “there were many requests for reinstatement of orders which had been canceled, as the sharp upturn in retail buying made addi- tional stocks indispensable. Tailored suits are being ordered most freely for the large cities, while the smaller com- munities are interested chiefly in the fur-trimmed and plain coats, with the swagger outfit with three-quarter and seventh-eighth length coats receiving considerable attention.” The banking holiday, of course, tend- ed to retard preparations for the Easter season all the way from one or two weeks. This delay may cause a scarc-; ity of some items because of the gen- erally low stocks. Commenting on this angle, the Dun & Bradstreet review says: “Current pro- motions of pure silk lingerie and Spring dresses are_encouraging to many dis- tributors, who believe that store stocks are running low and that retailers will be entering the dress market soon for replacements. It is reported that st,ockl houses in the dress trades are carrying few garments and are buying fabric supplies only as required. If retail trade should improve in the next few weeks, there is a possibility that & rush for goods will develop that wilt -clear out the remaining stocks in mill . The wholesale millinery houses -have been pressed with orders for the Easter trade, with the straw styles and fabric hats receiving equal attention. Glass Makers Active, Glass manufacturing, especially in the bottle and container fields, con-, tinues at a high rate, with a slight gain noted for window panes. Better grades of pressed and blown tableware are sought. Steel and textile outputs de- clined. Makers of medium and low priced furniture are booking some or- ders. Harness makers and shoe manu- factarers continue busy. Silk and rayon usually have slow outputs at this sea- son. Sales of print cloths, broadcloths, narrow sheetings and some convertible Weaves exceeded 100,000,000 yards a week ago, or substantially above cotton mill out-turn, which-at single-shift is now 95 per cent of capacity. (Copyright. 1933.) —_— GAIN IN MARYLAND EMPLOYMENT SHOWN Increase of 3.2 Per Cent Revealed in Figures for February—Earn- ings Also Higher. Special Dispatch to The Star. BALTIMORE, March 18.—February employment in manufacturing plants in Maryland increased 3.2 per cent over January and there was a gain Of 2.2 per cent in the combined weekly ings was 26.5 lacturing industries in the Baltimore industrial area employment m 169 per cenut‘ l&:vet in- hbr::;y year than e Correspon month last year. The cmmé lweekly earnings were 29.2 - per cent —_— General Baking. General Baking Co. has declared: the regular quarterly dividends of 50 cents|first on-the vu!err: o -the eommon and $2 on the stocks, both payable April 1 to stock recerd: March 25 tion Will Maintain Value of Y. S. Money. GERMAN MARKETS GAIN AFTER HITLER VICTORY British Report Increase in Steel Trade and Reduction in Un- employment. Special Dispatch to The Star. NEW YORK, March 18 —Cables and wireless dispatches to the Business Week give the following survey of busi- ness abroad for the week gnding today: Paris.—Following the recovery of dol- lar quotations in Paris when foreign exchange dealings were resumed, the rate tended to weaken and dropped as low as 25.20. This brought all sorts of rumors, but none is yet consicered a logical explanation for the trend. Most bankers are inclined to believe the short Position is sufficient under ordinary cir- cumstances to maintain the dollar be- tween the old gold points, but there is still the bear belief that the dollar is vulnerable. Meanwhile there is no evidence of any important covering. Weakness is reflected in the relapses on quotations of Swiss francs, Dutch florins and Polish loty (gold standard currencies). The lire has been maintained at & stable level only through the interven- tion of the Italian government. Until the dollar is stabilized there will con- tinue to be extreme nervousness here. Prance is the only remaining “strong- hold” of the gold standard. Other goid standard currencies are under pressure. Political Influences. International developments of a most disconcerting nature have come up dur- ing the week. The most alarming is the growing Germano-Italian rapproche- ment. The fact that neither Hitler nor Mussolini would agree to attend the Disarmament Conference this week was most significant. The United States is preoccupied with domestic problems. This left only Britain to come to the Tescue of the French in upholding the status quo on the continent, an alto- gether serious problem just now. One of the most inflammatory moves was the occupation of the Rhinelend Tegion by Nazis. A year ago this would have ‘caused a flurry in international circles. This week it stirred the French, but outwardly there was only a purely philosophical debate as to whether the troops should be viewed as soldiers or as supplementary police. France chose to accept them as police and closed the matter for the time being with no further comment. —At no time in German his- tory up to this week has the central government had unified and complete control of all the state governments. Hitler has brought this to pass by en- ferced local elections and taking over of the local police under the supervi- sion of prominent Nazi leaders. It is a complete victory for the Nazis. It remains now for them to carry out the promises of social relief voiced during the campaign. The stock markets are evidently of the opiri-2 that Hitler in the saddle is not goin_ .o be a danger to Germany's stability. Stock prices soared during the week - ue to general optimism and to & buying wave among Nazis, who be- lieve that prosperity will soon be & mat- ter of course. Nazi excesses have been partly curbed since. the Hitler forces are in control of the police and the leader requested that disorder cease. A rowdy boycott of department and chain stores, includ- ing the 82 Woolworth units, has been discouraged by the government. Plans to curb the activities of these big dis- tributing units are focusing on new and higher taxes on units in a chain. British More Optimistic. Germany, through the Rechsbank, has restored dollar quotations to par, indicating that the American banking holiday and gold embargo incident is closed as far as Germany is concerned. London.—The immediate business fa- ture looked brighter this week as the American banking holiday came to an end without the dollar being seriously ups::‘ ‘when foreign exthange was again quoted. Reports from the steel industry for the month of February were released during the week and showed increased activity. Unemployment is down en- couragingly. Capital writedowns were stimulated this week when the five leading British building societies re- duced mortgage interest rates !; per cent to a minimum of 5'; per cent. Sir Edward Crowe, said to be one of the ;:ilginntmhs otLdLh “Buy B'rltllsh" cam- ign reflect growing feeling when he declared this week: “I think prob- ably the ‘Buy British’ campaign has now gone far enough. We want to buy American goods and we want America to buy British. I feel it rests upon Americans and British to bring the world back to sanity and I trust that very soon we will see restoration to morc normal trade relations between these two countries.” FREIGHT CAFR. LOADINGS SHOW DROP DURING WEEK Decrease of 40,014 Is Reported by Railway Association for Period Ending March 11. By the Associated Press. The American Railway Association announced yesterday that loadifgs of Tevenue freight for the week ended March 11 were 437,813 cars, a decrease of 40,014 under the preceding week and 137,668 under the same week last year. Miscellaneous freight loaded during the wee of March 11 was 139,417 cars, a decrease of 20,839 under the preced- ing week and 37,069 under the same week in 1932; less than carlot mer- 154,423, decrease 17,629 and 30,699; grain and grain products, 18,- 127, decrease 9734 and 9,068; forest products, 13,262, decrease 1978 and 5705; ore, 1790, an increase of 426 cars over the previous week but 455 below the same week last year; coal, 95,321, an increase of 3,155 but 46,131 below last year; coke, 4,672, decr 191 and 2,544, and live stock, 10, decrease 3,224 and 5,997. RAILROAD EARNINGS. NEW YORK, March 18 (#).—Raijl- road re&nnx for February' started to make their a nce " today with publication of of the Kansas City :am.h;m iy::em. uusun)l'!yfl the g . m hsd net ntmgmw atter | taxes "of 870,772 compared with $101,547 in February last year. v