Evening Star Newspaper, April 1, 1933, Page 12

] i _large sum ALL BANK DEMANDS MET BY RESERVE Greatly Improved Sentiment & Noted in Fifth District ; ’ Review of Credit. "I' BY EDWARD C. STONE. Remarkable expansion of credit by the Federal Reserve Bank of Richmond to meet the extraordinary demands from commercial banks in the fifth dis- trict just before the recent bank holi- day, is revealed in the monthly review of credit, business and agricultural con- ditions, made public today. The Rich- mond bank also states that since the release of the banks from the gestric- | tions imposed during the moratorium there scems to have been “a remark- | able revival of confidence.” Deposits in 48 reporting member | ‘banks dropped nearly $38.000,000 in | three weeks preceding the holiday, caus- | ing the banks to draw upon their re- | serve accounts for $15,000,000, and to | increase their rediscounts at the re- serve bank by about $33,500.000 in the same period. To meet the demand for currenc: the Federal Reserve cf Richmond in- creased its circulation of Federal Re- serve notes by $114000.000 between February 15 and Marca 15, tripled re- discounts for member benis and in- creased investments in market paper, most of which was taken from | member banks somewhere in the Re- serve System, by nearly $19,000,000. | Sharp Gains in Deposits. Following the holidays, the bank said, | deposits everywhere were reported far in excess of withdrawals, and Federal Reserve notes in circulation and redis- counts at the reserve bank promtply be- + gan to decline immediately after banks Tesumed customary functions. Business in,the fifth district in Feb- ruary, the bank reported, was in sea- sonal volume during the first half of i the month, but in the second half there \'was a recession due principally to grow- ing uneasiness about the banking sit- 'uation. When banking wmoratoriums, which had started elsewhere, reached this district and Maryland banks closed, many people in other fifth district States began to question the ability of their banks to meet withdrawals. Heavy withdrawals of deposits began soon after the middle of February, the bank said, hoarding increased enormously, and people started conserving the cash they had, all of which adversely affected trade. Commercial failures compared fa- vorly with those of February last year, 4n number, but liabilities involved in failures in February, 1933, were the sec- ond highest for any month on record. Employment conditions registered no improvement, and became worse at the end of the month and early in March. Textile Activity at High Level. Coal production in February totaled 28 per cent less than production of February, 1932, but on a daily basis the 1933 month made the better record, February, 1932, having an extra day. Textile mills in the fifth district maintained operations at recent levels in February, but did not use quite as a percentage of total cotton con- r.lon for the month as they did in January, when they used slightly more than half the cotton used in the United States. Spot cotton prices rose between the middle of February and the middle of March. To‘f’tl:m nil,?rkefs all clfised in February after selling a small crop for moderately better prices than the 1931 crop brought. Farm work ad- vanced seasonally, and the weather was favorable for both growing and future crops. A very small number of building per- mits was issued and relatively few con- struction contracts awarded, although the contracts awarded exceeded those of February last year in total valuation. Investment Shares Increased. A. 8. Goulden & Co., Woodward uilding, announce that the trustees of ‘Massachusetts Investors’ Trust have in- creased the authorized shares from 1.- 000,000 to 2,000,000. There are now 980,000 shares outstanding. The trustees feel that the low prices since the first of the year may not recur and have increased their investments until cash funds have reached the lowest point since Septem- ber, 1931. The firm’s funds are in- vested in dividend paying common # During the t week the investment e past week the investment | trust paid a quarterly dividend of 20 cents per share. This is about the same | figure as paid in other dividends during the past year. Maryland Bank Gets License. A license to reopen as of April 1 has been granted to the First National | Bank of Aberdeen, statss the Richmond Federal Reserve Bank A total of 278 member banks are now operating under license in the fifth Federal Reserve district out of 388. All| but 12 State banks controlled by the Maryland State Banking Department | are exercising normal banking func- tions. Virginia Banks in Merger. ‘The Bank of Pocahontas, Pocahontas, Va., has been licensed by the Vu’gmial State Banking Division to resume | normal operaticns Callao State Bank at Callao has merged with Citizens’ Bank of Kin-| sdle, Inc., Kinsale, under the latter's| title. Callao Bank will be operated as | & branch. | NORFOLK & WESTERN REPORTS HIGH NETj The report of Norfolk & We:tern Rail- way Co. for two months ended February 28, 1933, shows net income of $2,688,304 after taxes and chargcs, equivalent after dividend requirements on 4 per cent| preferred stock to $1.80 a share cn 1.- 406,483 shares of common stock. This compared with $1,246,983, or 77 cents | a common share in first two months of | 1932. February net income was $1,376,376 | and charges, against net in- | 1922 after taxe come cf $790,440 in February, Statement for February months compares as follows: Net operating Total income.. : Surplus after charges 2 BALTIMORE RAILWAYS REPORT INCREASED LOSS Special Dispatch to The Star. | BALTIMORE, April 1.—A larger loss | was reported by receivers for the United Railways & Electric Co., which controls the®trolley system in Baltimore, in February than in January, according | to the report just made public. The | deficit in February amcunted to $28,- 092, as against $23,113 in January. No provision has been made for interest on the funded debt, applicable to the period following receivership, of Janu- ary 5, 1933. Total operating income for the month was $782,234, as com- FINANCIAL THE EVENING STAR, WASHINGTON, .D. C NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. 14% 10% ared with $879,272 in February of ear. Po)l'- the first two months of this year gross revenues totaled $1.661,- 506.83, a decline of $413,278.78, as compared with the corresponding period last year. Deficit amounted to $51- 20504, as compared with a deficit of two months | . fi'fl“l in the same . when fixed chevges were 55.53, as compared with only $76,- 24260 this year, Today's 1033~ . Stock and Sales Net. | —Prev.1933~ _ Stock and oW, Dividend Rate. Add 00. High. Low. Close. Chge. | High. Low. Dividend Rate. 3 Adams Expre . 21 8% 3% 3% + %! 64 2% IntHydro-Elec (A).. 41 Adams Expresspf... 30s 40 40 40 — 9% 6% Int Nickel of Can.... 10 AdamsMillis (2).... 6 9 8% 8% — %] 1% % IntPaper & Pwr (A). 6 Addressograph 6 6 % 7 Affiliated Prod 1 83 8% — % 4 Ailr Reduction (3). B55% Alaska Juneau (60c) . +% 13% Int Salt (1%) Alleghany Corp. . Alleg Cp pf $30 xw... Allied Chem & D (6)., Allied Chem pt (7)... Allis-Chalmers Mfg. % Alpha Port Cement 5 Amal Leather pf...., 4 Amerada Corp (2)... Am Ag Chem (Del) Am Beet Sugar. 4 Am Brake Sh&F 4 Am Can (4). Am Car & Foundry. Am Chain.. .. Am Chicle (13). Am Comc'l Alcohol Am European Secur Am & Foreizn Pwr., Am & For Pw pf (7) Am Hide & Leather Am Home Prod (3). Am Ice Co. Am Interna Am Locor Am Mach& Am Power. Am P&L $5 pf (1%) Am P&L §6 pf (1%3). x Am Radiator. Am Sm & Ref. . Am Steel Foundry. Am Stores (t 1 Am Sugar (2) 10 Am Sur Am Tel & Tel (9). Am Tobacco (5)... Am Tobacco (B) (5). Am Type Fdrg pf.... Am Water Works(1)s Am Wat Wks ctfs(1) Am Woolen pf. . Anaconda Copper. Anchor Cap (60c Armour of 111 (A) Armour of 111 (B) Armour of 111 pt. Alleg Corp pf $30ww, 10 50 1 1 59 50 i B 1 1 R 69 o o 1 1 e o 1ling Mill. ety Razo; SHUPSY J 315 Asso Dry Goods 347 Atchison e 16% Atlantic Coast Line., 12% Atlantic Refining(1). 9 Atlas Powder........ 3 61 Atlas Powder pf (6).. 408 31% Auburn Auto (2). 22 Aviation Corp’(Del).. 61 Baltimore & Ohio..., 43 Baltimore & Ohio pf. 4 Bang & Aroos pf (7). 10s Barnsdall Corp. 8 Bayuk Cigars. 1008 Bayuk Cig 1st pf(7). 10s % Beridix Aviation..... 6 Best & Co.... 3 4 Bethlehem Steel 12 Bethleliem Steel pf.. 4 Borden Co (1.60).... 11 4 Borg Warner. 4 2 7 75 T « « IS 4 2 Comwlth & Sou pf(6) Congol-; C Briggs Mfg Co...... Bklyn Manhat Tran. . Bklyn Man Tr pt (6). Bklyn Union Gas (5). Brown Shoe (3). Brunswick-Balke. 2 Bucyrus-E: Budd Wheel. Bulova Watch Burr Add Mach(40c). Bush Terminal...... Bush Term deb stk. . 813 Byers (A M).. 7% California Packing. . 2 Calumet & Hecla..... 4 Canada Dry G A (1). Canadian Pacific.... 4 Case (J ) Co... Caterpillar Tractor 4 Celanese Corp. . Cent Aguirre (1%2). § Cerro de Pasco. Checker Cab Mfg. Ches & Ohfo (214) Chesapeake Corp (2). Ghi & Eastern 111 pf., Chi Great Western. ., Chi Great Westn pf.. 4 Chi Mil StP & Pac pf. Chi & Northwestern., Chi Pneumatic Tool 4 Chi Rock I & Pac. Chi Yellbw Cab (1). . Chick: Chr: City Ice & Fuel (2).. 1 Clev Cin C&St L. Coca-Cola Co (7). Colgate-Palm-P ( Colo Fuel & Iron. Coiumbia Gas (b1).. Columb Carbon (2).. Commercial Credit. .. Comel Cred pf (1%). Comel Cred 1st(632) . % Comel Cred pf B (. Comel Inv Trust ( Comcl Solv (60c). Consol Gas N Y (4 Consol Oil Corp. . 4 Consol Oil pf (8). Contl Can (2). 4 Contl Insur (1.20) Contl Motors. .... % Contl Oil (Del), 5% Corn Products (3) 7% Corn Prod of (7). 4 Cuban-Am rie pf (2). “hi Mil St P & Pac... sha Cotton Ofl r Corp'n 3 10s 1008 = 8 40 1 2 “luett Peabody pf “ome'l Credit (A) 1 200s Nairn (60c).. 2 “onsol Film pf... 6 Consol Gas NY pf 1 514 Int Tele & Teleg. 2V Johns-Manville 11 2 5% 614 Kansas City Southn., " Kelly Spring Tire 314 Kelvinator Corp. nnecott Copper. berly-Clark 51 Kresge (S S). 141 Kroger Grocery (1).. Lee Rubber & Tire. Lehigh Valley R R. Lehman Corp (2.40)., i Libbey Owens Glass.. Ligg & Myers B (15). “ | Lima Locomotive 8 'Link Belt (40c). 10% Liquid Carbonic. 815 Loew's Inc (1). 37% Loews Inc pf (6 1% LoftIne..... 4 10% Lorillard (P) (1 21% Louisville & Nash McCall Corpn (2) 1, 3 4 McCrory Stores A McIntyre P M(11% McKeesport T P (4) McKesson & Robbin: McKesson & Rob pf. 4 Macy (RH) & Co (2). Magma Copper. Manhattan Elev gtd. Manhat Elev mod gtd Manhattan Shirt. Marine Midld (80c Marshall Field & Co 4 Martin Parry Mathieson ATk (1%). 4 May Dept Stores (1). Mengel Co. % Mid Continent Petm MStP &S S M1sd(4) Mo Kan & Texas Mo Kan & Texas Missouri Pacific Missourl Pacific pf. .- Mohawk Carpet Monsanto Chem 1% % Montgomery Ward. .1 19% P+ o B A H it r L+t o Motor Products. Motor Wheel. o Marray Corp Y - Nash Motors (1). 621, 61 61 — Nat Biscuit (2.80) 32% 314 31% —1 Nat Cash Reg (A) : 614 Nat Dairy Prod 1.20 9% 108 — B Nat Steel (50c) . b % Nat Surety as % Nat Tea (60¢) 50 Nevada Con Copper ™% N Y Central. . Y Chicago &St L.. CChi &StLpf.... N Y & Harlem (5) N Y N H & Hart pf. % N Y Ont & Western. Y Railways pf Y Shipb'ldg (10¢) N Y Shipbldg pf (7) Noranda Min (a1.10). North Am Aviatfon. . orth German Lloy 101 Northern Pacific 4 Chio Ol 1% Oliver Farm Equip. 10% Otis Elevator(60c) . 4 Otis Steel. Otis Steel pr pf. 3113 Owens Il Glass (2) Pacific Coast 3 0% Pacific Gas & El (2) « Packard Motor Car. 4 Penney (J C) (1.2 Penna RR (h50¢) . Peoples Gas Chi (5).; 7% Pere Marquette. Perg Marquette pf. Pere Marquette pr pf Petrol Corp of Am Phelps Dodge. Phila & Read C&I... Phillips Petroleum. . Pierce Oil. Pittston Co. Prairie Pipe Line. % Proctor & Gam(1%). Pub Sve N J (2.80). Public Sve pr(5). Public Sve NJ pt (6). Pullman Corp (3) 4 Pure QJ1. Radio Corp . Radio Corp pf (B) Radio-Keith-Orph Real Silk Hosfery. .. Reis (R) & Co 1st pf. 3 614 1% 5% 1% 4% 4% 4% 2% Remington-Rand. 16 16 16 —% Reo Motor Car 181 181 1815 Republic Steel 70 90, 710 Republic Steel pf. ... Reynolds Tob (3). 2614 Revnolds Tob B (3). feway Stores (3) Safeway Strs pf (6)., Safeway Strs pf (7). St Joseph Lead. & Seaboard Atr Lin 4 Sears Roebuck Sharp & Dohme. ... . Shattuck (FG) (24c). Shell Union Oil. Simmons Co Snider Packing. ... Socony Vacuum 40c. “ So Port Ric Sug 1.60 Southern Cal Ed(2) eam of Wht $2%.. 5 ug. e “uban-Am pf. 30s 4 Cartis Pub! Sl Curtiss-Wright. 12 Curtiss-Wright (4 1 7% Delaware & Hudson., 117 4 Del Lack & Westn... 39 6% Diamond Machpf1% 2 Dome Mines (11.30). 3 Drug Inc (3). : 62 214 Dupont de Nem (2 68 50% Eastman Kodak (3) 12 cc Auto-Lite. 17 lectric Boat. .. 183 10% Fidelit 91 161 4 % 2% 7 “y i 15 9% 8% 11% 10% 4 Fox Film (A). 5 Great Wn Sug pf(7). 190 lec & Musical Instr. lec Pwr&Lt $6 pf. lec Storage Bat (2), Phoen 1.20. . T&R(40¢) . Freeport-Texas Fuller Co 2d pf.. en Am Invesiors. . en Am Tank Car(1) W Baking (2) Gen Gas & Gen Mills otors pf ( Gen Public Service eat Northern Ore. . Great West Sugar. . Grigsby Grunow Guantanamo Sugar. . Hackensack W (1% ) Hahn Dept Stores pf. Houston Oil. Hudson & Man Illinois Central, 1Ind Motor Cycle pf Ingersoll-Rand (1%). Inland Steel G Insuranshrs Del 15c.. Insuranshares (Md) Interboro Rap Trans Int Agriculture. Int Bus Mach (6).... Int Carriers Ltd 20c., Southern Pacific Southern Railway Southern Railway pf 4 S Standard Brands (1). 114 1'% Stand Gas & Elec. Stand Gas&El pf (4). 19% Stand Oil Calif (2). 22% Stand OIINJ (1). 4 arrett (L ) ore & Webster. 4 Studebaker Corp. 9% Studebaker pf perior Ol Texas Corp (1). Tex Gulf Sulphur(1) Tex Pacific Coal&Oil. Tex Pacific Land Tr. Thatcher Mfg Co. Timken Roller Bg(1) Transamerica Corp Tri-Contl Corp. % Ulen & Co Und-Ell-Fisher(50c). Union Carb & C (1). Un 01l of Calif (1, Union Pacific (6) . 4 Un Tank Car (1.40) nit Aircraft. Unit Biscuit (2) 4 Unit Carbon. . Unit Corp (40c) Unit Corp pt (3). Unit Electric Coal. Unit Fruit (2) Unit Gas&Im (1.20) U S Gypsum (1) J S Gypsum pf (7). U S Ind Alcohol 2 U S Realty & Imp U S Rubber. ... U S Rubber 1st pf. U S Smtg & Ref (1) US Smtg&Ref pf 3 U S Steel. U S Steel pf (2) US Tobacco (4.40). Util Pwr & Lt (A). » Vadsco Sales Corp. % Vanadium Corp 4 Vulcan Detinnin, 2 Wabash R R . 1) Wabash pf (A).. ‘Walworth Co. Warn Bros Picture; 4 Warren Bros. ve Warren Bros cv pf... Wesson O & Sn (50c) West Pa Elec A (7) West Pa Elec pf (6). West Pa Elec pf (7). % Western Dairy pf A.. Western Dairy pt B Western Marylend. Western Unfon. ..... Westing’se Air B(1). Westinghouse Elec. White Rock M S (2, . 10% 15% 1% 3% 11% 19% 11% 2 Today's Sales Add 00. High. 2 2% 4% 108 5% 8 % 5 16% 22 1% 20 2 2 8% 2 29% 82 124% 12 2 1% 13% 35 8% 12% 26 34 ™% 16% 4% 1% 4% 1% 2% 2 3% 208 100% 42 12% 1 20 9 % 6 57% 11 18% 5 4% 31 17 1 34 1 6% 78 124 5% 2 2% 2 11% 2 1% 108 4% 11 41% 108 1 10 21 5 3 12 22% 30 17% 10 45 26 80s 6% 60s 8 7 % 1B 4 2% 3 % 1 % 100s % 2 8 1 % 8 24% 23 35 2 13 1 84 14 22% 5 3 46 3% 4 9y 2 1% 4 % 408 2 2 3 2 1% : A ) 1 10 80s 60% 29 30 2 32 10s 76% 90s 85 1 8% 2 % 35 16% 4 2% 1 Th 12 4% 8 5 10 % 33 6% 13 22% 6 18 57 14% 21 6% 5 T4 1 % 37 16% 14 5% 12 9 11 22% 69 1 1 4 12 40s 2 23 18 1 1 3% 1 6% 3 154 12 4% 14 3% 1 % 1 12 23 22% 1 10% 67 68 1 1% 54 20% 6 15 2 11 + % 851 g T ™% - % 2% 224 + K —1% L Wilcox Ol & Gas., .. Wilson & Co (A). ‘Woelworth (2.40) 8 Worthington Pump 34% Wrigley (Wm) (3. 3% Zonite Products.sess . 4 374 25% B bl l 'SATURDAY, APRIL . - T i 24 & + % % SEEFREEREERE 1+11 | 44+ ERRS __“L +114 +II‘LI.L__‘ FEEF FEEIF 1 14+ & 1+ S FEFER L+ ++1) SR EFFE ¥ +++ +11 +111 % % +++++ 1+ F I+ FEE ¥ & ER % % W + —2% & 4% 4% + % in 10 yeams, i ‘The line marked earner buys. to February, 1933. National Industrial Conference Board 5" = FINANCI \/ AL. L ! | | group, _Atchison, Unio cost of living” in this chart shows the decline since 1529 in the cost of things the average wage; The linednarked “money earnings” shows that actual dollars received by him have declined more, while the line marked “purchasing power” shows how much less he buys today than in 1929. The budget book gives reductions in various items of the budget, and the total decline in money earnings. Each line covers the period September, 1929, The budget book items are for the period December, 1929, to December, 1932, as calculated by the OPINION ON STOCK SALE LAW DIVIDED Wall Streeters Agree, How- ever, That Publicity Would Be Beneficial. Special Dispatch to The Star. NEW YORK, April 1—President Roosevelt’s proposed laws to supervise traffic in investment securities are the center of conversation in Wall Street, where opinion was mixed. Only a few of the investment banking underwrit- ing firms would permit quotation, and these were not members of the “Big Four.” The virtual stoppage of new security issues, due to the depression, gives the proposals less immediate value than they would have had in 1929. ment bankers predicted the issuance of fewer new securities, but it was pointed out that much financing done in recent years should have been through bank loans rather than secur- ity issues, because the proceeds were to be used for current operations rather than capital purposes. Publicity Approved. International investment bankers ob- served that it would be difficult to guar- antee statements made in connection with some foreign loans. Most of them agreed that full publicity would be beneficial. Nothing, however, was said abbut the couching of offerings in such legal verblage that even if full facts were given the average investor could not understand them. Furthermore, balance sheets probably will remain as mysterious as ever to most persons, as this form of short-hand makes no at- tempt to explain. Here are typical comments: o Co.—*“Announcement of the administration’s plan for super- vising the new investment business em- phasizes the question most responsible for the do-nothing attitude generally prevailing in financial circles that is reflected somewhat in other trade circles. The legislation in regard to se- curity offerings is fair and reasonable. Like other steps taken to date, it con- tains nothing to warrdnt the fears of radical control that are held in so many quarters. In fact, it is further reason why those who operate in an ethical and honest manner should co- operate with the administration and try to do business as usual.” Calls Plan Constructive. Mackay & Co.—“We strongly favor such a policy, because it is not only protective as regards the public, but it is likewise helpful and constructive from the standpoint of the New York Stock Exchange and other exchange memberships. To require by law ade- quate publicity is one thing; to permit firms and corporations to give out only such information as is favorable to them is another. Laws are necessary to require full publicity, and such laws should have teeth in them, but at the same time they must not propagate prejudice or unfairness.” ¥ E. F. Hutton & Co.—“The first phase of President Roosevelt’s fourfold securtty bill, dealing with the regula- tion of new security issues, was gen- erally hailed as constructive and a restorative of investment confidence in securities in brokerage circles. The in- dicated subsequent legislation regulat- ing exchanges has injected uncertain- ties into present trading activities.” (Copyright. 1933.) BANKERS OPPOSED TO UNIFIED SYSTEM y‘ Policy Commission of Association | Has Declared in Favor of Present Set-up. By the Associated Press. Creation of a unified banking system in this country is contrary to the views | of the Economic Policy Commission of the American Bankers' Association, voiced at the last annual convention of the association in Los Angeles last Oc- tober. 2 At that time the commission declared that while it was in sympathy with the | basic purposes envisioned in a unified plan, it felt that the purposes could be attained under the present dual system of State and national charters. It declared further that the present dual system has additional virtues in itself, particularly along the lines of maintaining local financial independence and eredit sympathies free from the domination of overcentralized Federal Government, and that the dual system should be strengthened rather than de- | stroyed. On the other hand, Eugene Meyer, ., governor of the Federal Reserve rd, believes we will' never have a “satisfactory banking system in the United States until banks of deposit, commercial banks, can be gathered un- der one chartering, supervising and reg- ulatory power.” Refunding Plan Operative. NEW YORK, April 1 (#)—The Den- ver Tramway Co.’s plan for exchanging new notes and cash for $1,250,000 of € per cent first mortgage collateral trust notes, due next October 1, has been de- clared operative. , Holders will receive | nurunhcfinmd 80 per cent in mew notes, dated April 1 and maturing Invest- | BY WALTER TRUMBULL. Special Dispatch to The Star. NEW YORK, April 1.—A gentleman and a banker of the old school, Who looks as the banker of an earlier pe- ricd was supposed to look, gray of hair, wise with years, reserved, with wing collar, white tie, stiff-bosomed ~shirt and gray spats, regards the banker of today and some banking practices with concerned surprise. “I remember the time when a bank failure was not only a financial mis- fortune, but a personal disgrace,” re- marked Henry Bernard Coombe, who started many years ago as a loan clerk in the New Ycrk office of the Nevada Bank of San Prancisco, and slowly and patiently won himself a career.. “In those days,” soliloquized Mr. Cocmbe, “a dishonest banker ran for the border and his life rather than for his lawyer and a bail bond. An honest banker whose bank went dcwn so blamed himself that, like a captain at sea, he {requently preferred not to survive his foundered ship.” Credit and Character, Pointing to recent unfortunate epi- | sodes, Mr. Coombe said proudly that in | his early days in banking directors were neither dumb nor duramies, and that the acvice of a bank president to his depcsitors was not influenced by his or his institution’s interest in certain is- sues, “Of course,” added Mr. Coombe, “the majority of our banks today are sound- ly and honestly administered. It was ‘1e unwisdom of the comparative few which threw a shadow over banking generally, but I think it would be well’ for all to study the care and caution of earlier days. The head of a bank then | took the time to know his depositors | and their affairs, often helped them | over rough going, guided them out of financial morasses and set their feet on Aflrm round again. In the matter of | extending credit character was regarded as a financial asset. The word of one man might rate higher than the bond of another.” In an address on banking, Mr. Coombe once said: “Remember that the risk of |a small honest man is safer than the | risk of a dishonest rich man.” This old-time financier believes that the sooner bankers return to banking only, do their own job and play their own game, the better off this country will be. He also holds with President Roosevelt that there must be a strict supervision of all banking, that there must be an end to speculation with | they have somewhat increased ROOSEVELT STAND ON BANKING PLEASES OLD-TIME FINANCIER Henry Bernard Coombe Believes Majority - of Institutions Are Sound, but Approves Strict Supervision. other people’s money, that confidence thrives only on honesty, on honor, on the sacredness of obligations, on faith- ful protection, on unselfish performance. “Originally,” says Mr. Cocmbe, “we had only national and State banks, and good bankers were the financial doctors to their communities. Their business was to lend money, discount paper and care for deposits—with the safety of their depositors always paramount.” The general law under which trust companies could be formed in New York without a special act was passed in 1832, although several such companies antedated this act. They were organized Mr. Coombe explains, for the reason as trustees or in various other financial capacities. The charters of trust com- panies gave them much broader powers; they could hold securities and do things forbidden to State and national banks. “The widening of these powers,” con- tinued Mr. Coombe, “went on until many banks,, to protect themselves, merged with “trust companies or or- ganized holding companies. and other auxiliary institutions. Many came investment corporations, with some- thing to sell aside from service and | safety. I do not consider that a healthy condition.” Praises Canadian System. nmm"lmt:l l‘uu-(aced;uc:!an shaven, im- culately and quietly dressed, Mr, Coombe has that look of solidity and reliability which is associated with the old style banker. Long years of asso- clation with this rather strenuous island of Manhattan have not decreased the courtesy of his manner, even if his w: line since his clerking days. = Mr. Coombe was telfzr in the Broad- | way Bank, Brooklyn, and cashier in the People's Bank of Brooklyn, his parents having brought him to that city from Quebec when he was two years old. Incidentally, he regards the "Canadian banking system as superior to anything found on our side of the border. Mr. Coombe served as chairman of a group of banks in the New York State Bankers’ Association. In 1900 he was a member of the firm of Malcolm & Coombe, and later the firm of Coombe, Kerr & Pratt, both members of the New York Stock Exchange. He was a member of the New York Stock' Exchange for a number of years. The latter firm merged in March, 1932, with Pearl & Co., members of the New York Stock Exchange since 1869. paper |SHARP CUT IN WHEAT ACREAGE PREDICTED | Decrease in Planting and Unfavor- able Weather Conditions Combine to Reduce Yields. | By the Associated Press. CHICAGO, April 1.—Many traders predict unofficial crop reports Monday by the majority of Chicago experts will prove the most bullish ever issued re- garding domestic Winter wheat, Abandonment of wheat acreage un- { likely to yield enough to pay the cost of harvest is looked upon in various quarters s promising to be the heavi- est on record. A general belief ex- pressed is the reports will indicate that through drought and other adverse factors 10,000,000 acres have been lost from the 39,900.000 acres officially an- nounced as seeded last Fall. Largely because of the crop outlook, wheat this morning ‘compared to a week ago was 153a2!; cents a bushel | higher, with corn 7allz up, oats at a7 advance, and provisions varying from 17 cents decline to a rise of 7 cents. Adding to the effect of probable staggering curtailment of wheat acre- age, word of an unusually low condi- tion of growth is looked for throughout an immense expanse of territory. There is a huge area in Kansas, Oklahoma, Texas, Nebraska and Colorado where | rain is badly needed. Advices at hand say that unless adequate downpours are received, damage reports inside of a few weeks will be coming from a much wider reach. In Kansas alone, even under exist- ing conditions, some wheat crop au- thorities assert the loss of acreage may /run as high as 5,000,000 acres, an amount more than 40 per cent of the | total seeded area. On the other hand, there does not appear so far to hfiv!‘ been any great impairment of crops in the soft wheat States. GAIN IN SHIPBUILDING OCCURS DURING MARCH By the Associated Press. On March 1 American ship yards were building, or under contract to build, for private shipowners, 46 vessels aggregating 34,174 gross tons, compared with 34 vessels aggregating 21,591 gross | tons the beginning of February. The largest job was a steel, sea- COTTON PRICES HOLD FIRM DURING WEEK Increased Trade Demand Proves Chief Factor in Maintenance of the Market. By the Associated Press. NEW YORK, April 1.—While fluctua- tions have been rather nervous and irregular, the cotton futures market here has shown a fairly steady under- tone during the week. Liquidation gt old long accounts, promoted by weak- ness the grain and stock markets and coupled with considerable forejgn selling, sent May off to 6.15 early in the week. An increased trade demand de- veloped at this figure, however, while there was a continued absence of South- ern selling in any appreciable volume, and rallies followed on covering, with May selling up to 644, or about 29 points from the lowest. 'Later fluctua- tions were irregular, with reactions un- der liquidation, leaving May at 6.24 at the end of the week, compared with 6.37 at the previous Friday. According to the New York Cotton Exchange Service, world consumption of American lint cotton during Febru- ary totaled 1,095,000 bales, against 1,093,000 last year, and for the first seven months of this season 7,790,000, against 7,219,000 a year ago. These figures showed an increase of 771,000 bales for the period over last year, but statistical features are attracting very little attention. Reports from Man- chester have indicated a slowing down of mill activity, but the baliot oy Lancashire spinners failed to carry the proposal to stop all mills for one week beginning April 12 in order to curtail production. NEW YORK BANK STOCKS NEW YORK, April 1 (#).—Over-thes that banks were not permitted to serve!: STOCKS ARE LOWER AT SHORT SESSION Pressure on Railway Issues Causes Losses Elsewhere ' . in List. BY GEORGE T. Evomes. Special Dispatch to The Star. NEW YORK, April 1.—The blight of the Missouri-Pacifice Railroad bank- ruptcy hung heavy over the stock mar- ket today and prices sagged on light transactions. Appointment of receivers for Bush Terminal Co. also served as a reminder of the diffculties faced by many other corporations. The market opened irregularly, but soon turned downward, with special pressure on the railway shares. Dela- ware & Hudson broke over 3 points on top of yesterday's decline of an equal amount. Smaller lcsses were reported by the other active members of th Pacific, New York Central, New Haven and Lack- awanna. Car loadings were up 26,138 cars on the week, but down 85268 cars from the same week a year ago. The de- crease on the week from the like 1932 period was 15.1 per cent. whereas last Saturday the corresponding drop was 23 per cent, which was a favorable showing. It did not help the market, however, nor did the news that the President was conferring this afternoon with congressional leaders on his pro- posed plan for railway relief. The market had the benefit strength in wheat and in corn. Ti agricultural stocks were well supportes and so were the chemical shares, by they could not make progress againg the heaviness in the rest of the lisy That was also true of the sugar stocks, Their losses were fractional, but specus lation for the rise in them was suse pended. The utilities moved with the rest of the market, American Telephone and Western Union approaching their old lows. At the same time volume was light and the declines were more the result of the withdrawal of bids than of any increased liquidation. Half way through the last hour prices hardened, presumably on covering. Spe- cial strength was observed in Good- year Tire & Rubber, which had been acting well earlier in the week. Besides the various receiverships al- ready mentioned, the market was in- fluenced by doubt as to the working of the securities bill néw under con- sideration and uncertainty as to what might come from the Senate inquiry, the scope of which has been greatly widened. Movements in sterling exchange were erratic. Marks were 6 points lower in mid-morning despite the sharp recovery in German dollar bonds. Guilders ad- vanced 1}> points and sterling was up Washington Produce WHOLESALE PRICES. Butter—One-pound prints (93 score), 22; tub, 21; one-pound prints (92 score), 21; tub, 20; one-pound prints (91 score), 20; tub, 19; one-pound prints (90 score), 19; tub, 18. Eggs—Hennery, white, 11% rent receipts, 10%zall; graded, extras, 20%%; mediums, 1515, Poultry. alive—Turkeys, hens, young, 16a20; old, 12al4; toms, 13al4; 8210; chickens, hens 13al4; hens, 10; rocsters, 6a7; Rocks, broilers, 20a22; Leghorn, 18; fryers ,17a19; roasters, 17a19; mixed colored chickens, 14216; keats, o hens, 25240; old, 15a20; capons, 25; slips, i Poultry, dressed — Turkeys, young, 19a23; old, 15al7; toms, 16al7; old, 11al3; chickens, hens, 16; Leghorn hens, 13; roasters, 9al0; horn, A 21; fryers, 20a2l; Toastérs, 20a22; mixed colored chickens, 17a19; keats, young, 28a43; old, 18a23; capons, 28; slips, 21. X Meats—Beef, 10; lamb, 12; veal, 12; onk loins, 12; fresh hams, 12; smoked ams, 133; strip b,con. 13 7% compound, 7. ¢ Fruits—Grapes, Argentina, Almeiras and Muscatels, 3.25a4.00; fancy, per pound, 50; strawberries, 7.00a9.00; oranges, 2.50a4.00; lemons, 4.50a5.00; grapefruit, 2.50a2.75; limes, 2.00; tangerines, 2.0022.75; 1.2523.25; apples, fancy box stock, 2.00a 2.50; nectarines, 1.75; honeydews, 2.00a 2.50; pineapples, 4.0024.50; rhubarb, ::nso alllgggor pears, 2.50a4.00; pears, X X ege Potatoes, Maine, 1.25; New York, 1.10; Florida, new, barrels, 5.5026.00; Idaho bakers, - 1.75a2.00; M- oo mbe ls an active general | sweets, 60a75; cabbage, new, 75al1.35: Roovriah, 1033, by Nori? American News. | S 85890; turnive, 75 Darguipe, S0e76: lance, Inc.) celery, 250a2.75; lettuce, Iceberg, 3.5024.50; string beans, 1.75a2.00; limas, 3.00a3.25; eggplant, 2.00a2.50; tomatoes, repacks, 3-pan, 1.00al1.7: lugs, 1.75a 2.00; caulifiower, 1.60a1.75; peas, crates, 6.50; baskets, 3.50a4.00; carrots, crates, 125; beets, crates, 1.25; corn, 3.00; okra, pan,’ 75; asparagus, 2.5086.00; cucumbers, Cuban, _3.00a4.00; peas, crates, 6.50; baskets, 3.50a4.00; spinach, Norfolk, 65a75; Texas, 80a90; kale, 35a 40; beet tops, hothouse, 1.50; turnip tops, 75; Spring onions, per 100 bunches, 1.00; radishes, bushel baskets, 1.00. U. 8. TREASURY BALANCE. By the Associated Press. Treasury receipts for March 30 were $4,517,709.48; expenditures, $8,020,122.47; balance, $503,445,916.61. Customs duties 17'!;1’ 0330 days of March were $16,641, FOR SALE Club House or Roadside Hotel On Balte. Pike, convenient to Wash- ingty tory, 19 rooms, ample surroundings; can be Do trades. Investi- BICKFORD, Owner, Exceptionally Desirable Space for First-Class Restaurant or Cafeteria Prominent Down- town Corner IN THE Tower Bldg. 14th & K Sts. counter market: (Quotations as of 10 o'clock.) BANKS. Chase (2) Commercial "(8)" " rst onl,l n (2 City (1 Public (2) . TRUST COMPANIES. Bankers' (3) ... Brooklyn Trust (18} Central Hanover (* Chemical (1.80) Continental (1 Corn Exchange Empire (2) . Guaranty ™ (2 Irving (1 Manufact going steam and motor vessel of 7,500 &ross & a5 7 T: New Yorl Tit: ar & eXlia, 46x80 fr.. southeast corner ground floor; 2-story ceiling; mezzanine, with good balcony space. En Namoe on: 1ah St NS¢ wd from lobby of building. Base- ment, 46x80 ft. ’ Reasonable rental. Will consider percentage, with minimum guar. ‘ antee. ' | For Full Information or Inspection, Call H. L. RUST COMPANY 1001 Fifteenth St. NA.