Search America's historic newspaper pages from 1756-1963 or use the U.S. Newspaper Directory to find information about American newspapers published between 1690-present. Chronicling America is sponsored jointly by the National Endowment for the Humanities external link and the Library of Congress. Learn more
Image provided by: Library of Congress, Washington, DC
Newspaper Page Text
Foreign Owned Assets In U. S. Greater Than Before Pearl Harbor By th# Associated Press Despite the world shortage of dollars to pay for United States ex ports, foreign-owned assets in this country are greater than before Pearl Harbor. A new Government estimate today put them at $14,900,000,000 as of the end of June. Even allowing for shrinkage since then, officials said, the total still is greater than the $12,738,700,000 figure showr\ by a Treasury survey as of June, 1941. The new estimate, contained in a Commerce Department analysis, breaks down the total as $5,300,000, 000 in bank balances, $1,400,000,000 in short-term assets such as credit balances, and $8,200,000,000 in long term assets, including $3,700,000,000 in stocks and bonds. Mostly rnvateiy owned. But neither these assets nor for eign gold reserves, estimated at $11, 400,000,CK)0 at the end of June, are regarded by officials as the solution to the dollar shortage of nations buying more from the United States than they can pay for with their present production. Government analysts explain: 1. The stock and bond assets are mostly owned by private citizens and not available to help meet Government debts. 2. The other long-term assets in clude such things as real estate and interets in trusts and estates, which not only are privately owned but cannot readily be converted into cash except at sacrifice prices. 3. The total holdings are not evenly distributed. Some of the neediest countries have small hold ings while some less needy coun tries have greater shares of the total. Nine Billion Belongs to Europe. There were no estimates for spe cific countries, but the analysis said that about $9,000,000,000 of the com bined gold reserves and bank bal ances in the United States belong to Europe, about $4,100,000,000 to Canada and the Latin American countries, and $3,500,000,000 to Asia, Africa, Australia and other areas. Foreign capitals, meanwhile, are echoing with reports of schemes to Hat Worn by Alibi Witness j Speeds Conviction in Theft ; When Daniel Johnson, came to District Court as a witness in a housebreaking and larceny case yesterday, his ill-fitting fedora knocked his testimony into the pro verbial cocked hat. Johnson, colored, was called to furnish an alibi for Wilbert S. Nolan, 24, also colored, with whom he had roomed in the 17C0 block of Seventh street NW. Nolan had denied he had been near an apartment in the 1400 block R street N.W., when clothing and other items were stolen from William Lewis. Johnson testi fied Nolan was nowhere near the Lewis apartment the night of the theft. Johnson wore a light colored hat i to court. He said he got it from the room he had occupied with Nolan. The witness explained he thought it belonged to Nolan. Prosecutor John P. Burke became suspicious, after Mr. Lewis had ob served the hat and thought it looked like his own. The hat was too large for Nolan, and too small for John son. Mr. Lewis then looked at it raised eyebrows and said it was his hat. His initials were on the band. Mr. Burke said Johnson undoubt edly believed the hat really be longed to Nolan. In any event, the jury didn’t have j to deliberate very long. It found | Nolan guiity. Sentence is pending. cope with the mounting difficulty ; of paying for adverse trade bal ances with the United States. Canada’s Deputy Finance Minister Clifford Clark conferred here with i Treasury officials yesterday while | Ottawa buzzed again with talk of possible devaluation of Canadian currency, bonuses to gold producers, import restrictions and a request for a loan from the United States. United States officials said Mr. Clark made no request for a loan and there was “no discussion” about one, just “an exchange of views on the financial and economic situa tion.” In London, there were reports that South Africa might put all her $420,000,000-a-year gold production at Britain's disposal instead of re serving about half that sum to pay for imports from the United States. Nimitz to Be Honor Guest At Penthouse USO Fete Fleet Admiral Chester W. Nimitz | will be guest of honor tomorrow I when the Penthouse USO, Seven teenth and K streets N.W., fiist | USO opened in the District, cele ; brates its sixth birthday. The sixth birthday ball will In clude a dinner at 6 pun. and dancing starting at 8:30 p.m. to orchestras both in Barker .Hall and on the Penthouse roof. More than 300,000 servicemen and women have entered Pent house USO since it opened in 1941, an official disclosed and 1,845 dances have been given. Many married couples who first met at Penthouse are expected at the ball. Other special guests Include Ad miral Glenn B. Davis, Maj. Gen. Walter K. Wilson, WAC Maj. Beryle' Simpson, WAVE Lt. Comdr. Julia Wilson, Miss Mable Cook, first Pent house director; Miss Annie Kate Gilbert, USO regional supervisor, and James P. B. Duffy, national USO volunteer legal adviser. _ ■ In stock tor ■ Immediate delivery I SHELVING I BOARDS B Various widths s • • • • I BUILDING i MATERIALS <» Small orders delivered II promptly with our sud ■ den service. j| J. FRANK ELLy; Lumber A Millwork 2121 6a. Ava. NO. 1341 The Suit Value You’ve Been \ Looking for! Surretwill Suits in rugged Pacific all-wool ’45 The suit that really gives you your money's worth . . . Surretwill! Pacific all-wool fabric that's soft, smooth, firm and rugged, with a bright woven-in sheen! Tailored by Rose Brothers, it brings you per fection of detail and finish, and other distinguishing touches which lift it out of the ordinary! Wear it for business, sportswear, week-ending, evening. In rich, solid shades, all popular sizes. Surretwill Slacks in Pastel and Fall Shades_14.95 LANSBUROH’S—Men's Clothing—Street Floor Original List Price $210.00 MAJESTIC RADIO-PHONOGRAPH with Automatic Record Chanter 12995 Has standard and 2-band short-wave recep tion, 7 tubes plus rectifier. Plays twelve 1 fl inch or ten 12-inch records without interrup tion; long-life needle. Original List Price ' $134.95 OLYMPIC * RADIO-PHONOGRAPH I Automatic Record Changer with Regular and Short Wave Band J As advertised ir leading magazines. Has I "Tru-base" life-like console tone, standard and . short wave bands; double-post outomatic rec- 5 ord changer that plays up to 12 records on a single loading. I I Original List Price $26.95 OLYMPIC AC-DC RADIO 16" Grand for kitchen, guest room or rumpus room. Tone and volume are equal to many higher priced rodios. Built-in aerial, superhet circuit. These Sets Are Available at Both LACY’S Stores In Washington: • 8th and E Streets \.W. in Washington In Clarendon,, Fa.: • 3100 N, Wash. BlviL, Clarendon, Va. ORIGINAL LIST PRICES Famous Radios, Phonographs and Automatic Combinations I I Original List Price $149.95 CLARION 1 RADIO-PHONOGRAPH 1 * with Automatic Record Changer I ; 74-95 ; Consolette model for apartments ond small homes. Powerful receiver, greater station f separation ond sensitivity. Plays twelve 10 I inch or ten 12-inch records on a single loading. I I _' I Original List Price $199.95 LEAR RADIO-PHONOGRAPH with Automatic'Record Changer 12995 Beautiful mahogany console, Hepplewhite de signed, 3 world-wide wave bands, tone selec tion, automatic volume and tone controls; plays twelve 10-inch or ten 12-inch records; automatic stop control. LACY’S new second floor is a dream of a radio department . . . one of America’s smartest . . . for your comfort, convenience and listening pleasure. Original List Price $33.95 LEAR AC-DC TABLE RADIO I9.95 Reflexogroph dial, built-in loop ontenno, AC DC circuit, automatic volume control and per manent magnet, dynamic Alinco speaker. Blonde or natural mahogany cabinet. Original List Price $69.95 CASCADE Portable Phonograph with Automatic Record Changer 3995 Electric portable phonograph covered with durable two-tone fabricoid. Has automatic record changer that plays twelve 10-inch or ten 12-inch records. Tone control; separate switch for amplifier and record changer. I I ' Convenient Payment Plan I Pay only V3 down with balance in three { | months without any Service Charge. • ■ I (Downtown) ( I • 8th and E Streets N.W. Open 9:30 to t. ME. 3210 I (Clarendon, Va.) \ | • 3100IV. Washington Blvd. . - Open 9:30 to 9 P.M. OWens 1400 1 NO PHONE OR MAIL ORDERS PLEASE I Original List Price $18.50 BURK AW Child’s Electric PHONOGRAPH 9“ An electric phonograph for children. Simple to operate, plays 10 or 12-inch records. At tractively decorated with nursery scenes.