Evening star., 1933-04-03

ing the first weeks
.of the new admin
,,istration so that
1.-The long hoped-for
and over-long de-
,1ayed turn toward N
..better times is
now possible and Maurice otterback.
probable The
sJournal continues:
THE most important change in the
condition of business has been the
,coming into power of unified ma
tional Government that brought into
play a unity of practical political mo-
tive that was lacking when the execu-
-five branch was of one party and the
legislative branch of another and was
broken up into chaos of blocs SUBJ
fservient to powerfully organized minori-
ties with motives that were often in
conflict with the national welfare
i From the changed political situa-
ton have begun to flow into business
istrengthening elements, the lack of
(which previously was probably more to
blame for the continuance of financial
5and business depression than any con-
--tinued increase in the weaknesses OF
sactual business and financial structures
stf1emselves," the review says, adding:
zr ut is, therefore, safe to indulge in
business prophecy. 1t is to the effect
that, since business and finance have
s7een definitely relieved for the time be-
ldng from the shocks of partisan politi-
Peal controversy and action, definite
and substantial improvement in business
can now take place" The Journal
declares its comments are based on an
collective analysis of political facts as
business factors without any bias.
~ Results obtained by the new admin
&rf Jrr,if 1ad at1fI sux
numerous concrete examples of the fact
that effective political remedies have
long been really available, but unap-
piled, to the pressing needs Of the eco
'nomic situation" the Journal says,
citing the balancing of the budget,
which "the clash of partisan forces pre-
ASiously rendered impracticable of reali-
zation."
s. President Otterback Honored.
- Members of the staff of the Ana
costa Bank gathered about the presi-
dent, Maurice Otterback, today and paid
him high tribute in connection with
his list birthday anniversary. His desk
was banked with flowers and good
wishes were showered upon him most
enthusiastically.
% Mr.. Otterback has been at the head
abf the Anacostia Bank since 1916. dur
ing which time the bank has shown
Steady growth. During that. period the
-bank has been established In its own
ahome in a bank building that meets
all financial needs and is credit to
the business section of Anacostia.
- The banks president has always
taken the deepest interest in the prog
,fess of Anacostia In fact, he has
section of the city. He insists that
a"business is good" dispite the depres-
sion.
Details from the monthly review of
the Reserve Bank of Richmond, just
received here, show that building per-
mits issued in 80 cities of the fifth
district totaled only 1,207 in February,
1888, decrease of 43.1 per cent in
comparison with 2,123 permits issued in
ethe corresponding month last year.
Total valuation for all permits issued
last month amounted to ST ,623,809, a
decrease of 49.8 per cent in comparison
with valuation Of $3,234, ,996 in Feb
-ruary, 1882. Seyen of the 80 cities re-
ported higher valuation figures than for
1.-THE same month last year. The three
b3argest cities, Baltimore, Washington
and Richmond, showed relative low
totals. Charlotte made the best record
in valuation in February, due to new
spost office addition amounting to
1884, 900.
T. Contracts actually awarded for con-
struction work in the fifth Reserve dis
trict in February this year totaled
So, 1885, ,270, including both rural and
| urban projects, compared with $780,
638 in contracts awarded in February,
1882, according to figures collected by
the F. w. Dodge Corporation. OF the
February 1888, contracts, 81, ,339, ,250 or
16.1 per cent, was for residential struc-
| lures, compared with SO, ,495, ,283, or 47.6
per cent of the total, for residence work
in February, last year.
Notes Returned to Richmond.
The same monthly review gives some
striking comparisons of figures for
March IS with those of February Is
showing the rise in circulation of Federal
Reserve notes. Before the bank holi-
day began, notes of the Richmond
Bank outstanding totaled 500, ,421 COO,
but on March Is the amount outstand-
ing had risen to $214,449,000, an in
crease of $114,028,00o. Most of this
sum was advanced to member banks to
strengthen their cash positions just
prior to the Presidents moratorium on
all bank transactions or to provide
! funds for any unusual demand for
currency which might develop when
banks reopened 1t is interesting to
know that notes in actual circulation
reached the peak on March IA, when
the total was S216,7 ,125, but as soon
as the banks reopened and there was
no extensive demand for cash, the
outstanding notes began to flow back
very promptly to the reserve bank.
Circulation declined S2,257, $50 between
March IA and Is, and dropped $3,708,-
,.S80 further on the 18th
RediscountS for member banks rose
from Sl7,494,0 900 on February is to-
L $47,012 900 on March Is, by which date
rediscounts had begun to decrease when
1t was demonstrated that confidence in
Thanks had been restored. The portfolio
of open market paper rose by $18,900,-
|! 600 during the month under review,
!. and holdings of Government securities
rose by $1,250,000. These changes
4 raised the banks total earning assets
4 from S66, OBS, 900 at the middle of Feb
. ruary to $l55, 900 at the middle of
4 March.
/ Member bank reserve deposits at the
I Federal Reserve Bank, which totaled
! $62, ,966, 900 on February Is, declined
] materially Immediately preceding the
. holiday. but began to rise again as soon
as banks reopened, and on March Is
4 totaled $67,642,0 600, an increase of
81 900 during the month, the review
says.
Boom" on Washington Exchange.
The Washington Stock Exchange TO-
day staged a boom" which resulted in
the largest business in many weeks.
The market opened with $1,000 Po-
tomac Electric Power IS selling at 106
The next sale was 81 900 Capital Trac-
tion IS at AZ.
Washington Gas Light 6s, series B
appeared on the board in small sales
!: at 102As after which Washington Gas
Light SIS, 1858, came to the front. So, 600
$4,000, $1,000 and $500 sales being re-
corded at 1894, the lowest price al
4 UUhich this is&sre hoe cold since IL mas