Evening Star Newspaper, January 8, 1930, Page 12

| fflX IN STRUGGLE ... TO GONTROL FIRM Motwn P|cture Magnate Now | which are at precent involyed in seriou in Midst of Fight Over Vast Mnterests. BY JOHN F. SINCLAIR. Bpecial Dispateh to The Star. NEW YORK, January 8.—Sherwood | has steadily drop] Bddy, ! world traveler, writing from India on|the crisis ‘vonditions there, says, “I belleve the tated. At the situation is far more serious than is realized in Great Britain or America.” ”%fi';w‘;';fl,;’fl'ffih,:},flh’.’:vfifg cents and is now below 45 cents, repre- 000 m irrigated 40,000 miles of railroads, igal ' 28,000,000 acres of lands and established a national system of education, finds India's two great leaders, Mahatma ~_Dl.lmhl and Jawahar Ial Nehru, opposed | this dg to further British extansion of POwer I | Chinese pool in silver on December 23 that vast continent of people. While Mr.Eddy was not permitted 10 | aiso belleved that e says ndia's milions will follow either Gan- | of “the Aecreasing dhi or Nehru to the end. Nehru—rich, universities—holds cpinions similar ¥ Thomas. Jefferson. | Teport was that certain ‘;:le kno\m quote these leaders direotly. young, daring, maian movement, complete independence, with or Without | january 19, when the annual meeting of the stockhold violence. Gandhi, lrmv upen:el .of $200,000,000 a year, ‘when the average per capita income is only $27.75 a year, or less than 8 cents Even today, 92 per cent of the peopie of India cannot read nor. write. But, above all, according to Mr, Eddy, Indians resent the so-called Angl sls"n Gan- | there is no real lmm‘who at 39 years o s two of | for India under the British connection | T e a day. Saxon superiority complex. dhi: “I believe BY CHARLES F. SPEARE. | Special Dispatch to The Star. PRy NEW YORK, January 8.—Three countries, China, India ‘and Mexico, litical difficulties, I::I‘ A‘t ltl:;dumm ime - ancial - l\oflll:m ich the rapidly falling vflu of silver mfl.ll plays an important Bllver is now quoted at the lowest level in more than 100 years, which means that it has & smaller value than at any time since it formed a base for the currency systems of nations. It been ping for 12 80 has exaggerated fil! ltl euller fall precipi- ing of 1929 it was Qflohd at l'fl? cents an ounce. Six t had dropped to 52V unu A! the end of 1929 it was “‘/3 a shrinkage of over 20 per cent tly more than 12 months. Collapse of Chinese Pool. The active factors in bringing about ecline are the collapse in the sent in sligl and the steady selling of the white metal by the Indian government. It is | roduction has been igh a rate in view of the decreasing demand for silver. nl!ionll politicians had e in- e Affaiti will reach thelr climax on lers is held. Strenuous efforts will be made before that, however, to overcome the present " | apparent stalimate. R. W. Woodruff, president of the White Motor Co. of Cleveland, and also of the Coca Cola Co. of Atlanta, in New York this week attending the automobile show. says that the problem of pros- | perity or depression rests largely with | the way the big corporations handle themselves in the next few months. The size-up of this business leader the ' largest ~ American businesses—one if Englishmen cannot give up the fetish | in the South and one in the Middiewest of their predestined superiority. We hl\e eo-openled long enough in our " Britain hls many ve. do with dia is pmbnly the most important. Enb]em to_sol ‘What to William Pox, veteran of many a bit- his secrets with f"—-‘ s aharing e Jocrcls WA LewL_l S | i 1 paok 2 per o struggle to maintain peruul control of “Or, corporat I e Western | Plus Back into circulation by continu- | ter business struggle—: WhenJIotmumo{ R c:,“‘mw:fl,’m spending money to buy equipment and with William Fox as e W com: mittee to examine tn'o lflllrl t WaS | rpore matter would iron qul! lhou::;u out ly. But not so. llr B voting stock, is mmmovereonuo)umwm eondmonl 80 far laid down. t is no small matter in these days o $145,000,000 to meet unse-| 1. C. hnmedh future com- the problem which report !‘g'wemor o’r“!ln York, and n’tr'l:fld;‘f illiam Fox, had become interes and was going 10 take charge. Another (Coprieht. 1030, by North American News- Columbia Building Association Pays 20 Years' Suceessful Business Without the Loss of a Dime $1 or More Will Start Your Thrift Aceount See Us When You Want a Real Estate Loan (Under Government Supervision) 716 11th St STOW & DAVIS desks are methodically ar- ranged to facilitate or- derly business desks—impressing your custom- ers with their stately elegance. Stow & Davis desks are richly finished, expressing character and inction in many materials— ade in attractive styles, sizes -- price ranges to -nn your im- needs. uluuu of Stow & D-vn desks awaits your inspection. IUSINESS FURNITURE AND BQUIPMENT Decorators of Commercial Interiors. 1506 L St. N.W. Over a Third of a Century Without a Loss National 2100 THERE Fox, owning s majerity inhren the no nt class understood to ,mortgages as an investment is IS NO SUBSTITUTE FOR SAFETY —is _thus stated: tions can put their monev‘ away in the corporate ‘sock-end,’ cur- tail production, reduce labor and can- cel and withhold' commitmenta, begin- | ning again the vicious circle—unem- | playmm - diminished demand, more traction, more unemployment, and 1930. tions can put their sur- | ing and extending their operations— Mr. Woodruff, himself, h optimistic: is no commodity price specula- tion, inventories are low, hlnd-w-mm continues and there is ample supply of credit at reasonable rates. brigade of business. Harbison, president of the Household Finance ve: Alliance.) ded nually 5% <= O oo N.W. methods. and working HE EVENING STAR, WASHIN THREE COUNTRIES AFFECTED BY DROP IN SILVER PRICE Last year the world production was 200,000,000 ounces, compared with 248.- 400,000 ounces in 1928 and 251,200,000 ounces in 1927 Althouh‘ mnnwhfle there has lon use of silver for the this l\u mt at all compensated the ‘effect of the stead: m-elnx of silver into the market c{m d India, to which may be tnflmnee on the m'lu of the denwnm-uon of silver European oounme- ‘The most serious consequences of the price decline of silver are those now taking place in China. 'l'h-a involve Chinese banks, whose reserves are on silver, With the shrinkage in the value of Teserves, Chinese banks have been forced to suspend and many mu in silver have been ruined. lltlllflon in China has been inten- sified pou disorders espe- clally mm have grown out of the recent troubles wm\ Russia, The ¢ol- lapse of the Chinese pool in silver last month was the result of an overextended position in the metal at a time when the price was rapidly receding. India is steadily transforming her credit base from silver to gold, which involves a constant sale by the govern- ment of silver as the market will ab- sorb it. It will be some years yet before this transition perlod has been com- pleted. The fact that India must eon- '.Inue to dispose of silver constitutes a metal, for which there is no counter balance. Effect on Mexico. As one of the world's hnct pro- ducers of silver, Mexico been mmhunbymflmpmmm ZTON. Sl Do one alarming political and economic prob- lems with which the government must deal. There is strong resistance to closing the mines and throwing thou- sands of Mexican miners out ol ‘work at a time when labor conditions of the country are far from satisfactory. The silver erisis is only one of many busi- ness troubles that Mexico has experi- enced since the good old days under President Diaz. Of these troubles, the contraction in the uction of oil from Mexican wells had the most seri- ous financial consequences. ‘There are comparatively few silver mining stocks today that have an active market on the erican _exchanges. Silver is chiefly a by-product of the companies mining copper, lead and llnc In 1928 the American Smelting & Refining Co. showed in its statement of metal production 81,434,214 ounces of :Iflvz; which was about the lverll; e preceding three years, but o sharply from that of 1923 and 1924. In 1928 the American Metals Co. prop- erties mined 51,602,000 ounces of silver. ‘The Cerro de Pasco Copper Co., whose mines are in Peru, in the same period produced 16,384,000 ounces. The total Mexican output in 1928 was in excess of 91,000,000 ounces. Stocks of silver in Shanghai on November 1 last were esti- mated at 191,000,000 ounces and in India at 386,000,000 ounces. SR Bank Management Plrley NEW YORK, January 8 (#).—A con- permanent weight on the market for the | Crence of bank mansgement problens in the Pacific Nor'.hwen will be held at Portland, , March 5 and 6, under the Joint Aupieel of the Commission s and Clearing Banking Practice: Houu Functions of the American Bank- | ers’ Association and the State banking | associations of Ore"on. 3 Idaho, Montana, Utah and Wi 3 Real Service—Reliably Rendered As you prob-bly have experuenced there are a "thous-nd and one” annoying details continuously arising in connection with the management of an apartment house. 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BALTIMORE, January 8.—A flat 10~ cent carefare will be in effect in Baiti- more within 30 days, according to offi- clals of the Public Service Commission. Steuart Purcell, a member of the commission, declared he believes that the new rate will go into effect within | a month, with only the briefest of :%rm-mlu before the commission. He ““We probably have sufficient data on hand now to figure out the new car rates without any elaborate hearings. “The Supreme Court settled on the issue 8o far as we are concerned, and mnhnnthhclotundnwemw with its ruling.” the commission, said mmfit . hearing would have to h- held J. Frank Harper, mmumtmmor ing For Simplicity OUK Real Estate Loan Plan is easy to understand and of value to you. Consult WEAZEES 809 15th St. N.W. Mortgage Loan Metropolitan Life Insurance Company Forward Our current Investment Circular lists a large number of bonds which may be purchased at prices yielding attrac- tive income returns, as well as several carefully selected Preferred and Common Stocks. We will be glad to send any investor a copy upon request. i Harris, Forbes & Company Pine Street, cormer Willlam, New York @round Floor, Woodward Bidg., Washingten, D. C. Bond Department Harris Trust & Saving Bank Chicage Harris, Forbes & Co., Ltd. London Harris, Forbes & Cie Parie Correspondent Offices of HARRIS, FORBES & CO., New York Harrisb lo, New York Celumbus, Ohie s, Penna. Hartford, Connecticut Lancaster, Penna. * Syracase, New York Trey,New Yeork Unientown, Pe: ‘Wilkes-Barre, Pe: Williamsport, Pun. Newark, New Jersey New Orleans, La. Philadelphia, Penna. Pittsburgh, Reading, Reochester, New Scranten, Pe Penna. Ceorrespondent Offices of HARRIS, FORBES & CO., INC., Boston Springfield, Massachusetts Representatives of lnl Dept., HARRIS TlU!T & SAVINGS BANK, Chicage Heusten, Texas Indi o Todi Pn Cuhl-nfi l.-b. Sa-c?nl-"nnuu Sun Diege, Califernia San Fr Seattle, Washingtes These Harris, Forbes & Ce., Leds Moentreal, Canads Wercester, Massachusetss 1930. !AILI.OAB TRAFFIC. By the Associated Press. Christmas week resulted in the usual sharp curtallment of railroad traffic, the Ameriean Railway Association noted today in making public its regular weekly compilation of total carloadings | handled. Figures for the week and follow: Week end- ing week, 842,483 cars; same week last year, 667,974 cars. 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