Evening Star Newspaper, February 7, 1930, Page 4

‘E;n 7T THE EVENING STAR, WASHINGTON, D. €. FRIDAY, FEBRUARY 7, 1930 TEXAN'’S DAILY GAME WITH “BOYS” FEDERAL RESERVE * CHIEVES OBIET [Reduction in Rediscount Rate t Seen as Factor Toward f Stability. BY DAVID LAWRENCE. | Stability in money rates—the objective } fof the Federal Reserve system for sev- | eral months—appears at last to have been achieved. ‘When the stock market collapse came last October, there were predictions of how low money rates would stimulate construction and business activity as against the long period of high rates which had throttled business in many fields. But low money did not come. ‘And while there were days of compara- tive ease in the money market, the fluctuations produced uncertainty. The movement of gold abroad caused some concern. And the real estate first mort- gage market of the country showed a little improvement. One of the first things Treasury jofficials said when the market collapsed ‘was that the biggest single item in 2 business revival would be lower money Tates or rather “cheap money.” Hesitate Over Lower Rate. ‘The Federal Reserve Banks did reduce their rediscount rate and this was a sign of the direction in which money Tates were moving, but when there was a hesitancy a week or two ago to bring the discount rate down further there ‘was some corroboration of the idea that fluctuations _had not ended and that mmoney rates might rise again, The action of the Federal Re- serve Bank in reducing the redis- wcount rate on Thursday to 4 per icent, which of course had the approval of the Federal Reserve Board here, was that the authorities decided money rates could go down still further. The fact that money in the call market was renewing around 4 per cent, with a tendency to go down below that, had its effect, but at the same time the drop in the rate of bankers’ acceptances ‘proved a decisive factor too, for at last the bill policy of the Federal Reserve ‘Board, begun last Summer, is having its imaximum influence. Control of money rates through the regulation of rates jon bills has long been agitated as one iof the functions of the reserve system. "The bill or banker’s acceptance, having the indorsement of two or more banks, is considered even better security at the Federal Reserve than prime com- mercial paper or collateral loans. Hence as the bill rate goes down because of the demand for such acceptances, the rediscount rate is supposed to come LETS THEM “EARN A NICKEL” VT LEAD U SATE REECTS | il Tariff Reduction From 2 1-2 M | cents a pound. REPRESENTATIVE JOSEPH JEFFERSON MANSFIELD, By the Assoclated Press. ‘There's a little game that daily goes on in the marble-floored lobby of the House of Representatives. Like a mounted captain -of the Texas volunteer guards that he used to com- mand, Joseph Jefferson Mansfleld, wheel chair member of Congress from the ninth Texas district, comes charging into the lobby. Sternly he speaks to whatever col- league happens to be handy: “Boy, boy, want to earn another nickel? Open the gate.” All the Representatives are glad to be boys again for Mansfield. They push aside the swinging doors, and Mansfleld swiftly wheels himself through to the floor of the House. All the vitality bespoken by his upstanding shock of gray hair, his bristling gray mustache, goes into the motion with which the Texas Representative propels his wheel chair. His is always the farthest front seat. He sits erectly and alertly listens to debate or animatedly chats with his colleagues on the front row—behind his wheel chair. ‘Whenever he appears he is greeted with a gay, “Hello, there, judge.” Then it's: “Boy, boy, want to earn another nickel? Open the gate.” down too, 5o that the two may keep a | ‘certain margin between m. It was when the bill rate was higher 'than the rediscount rate last year that the climax came and a rediscount irate was finally esm:us ed tl:z"?ed‘ |prolonged argument between - Lr‘?ul Reserve Bany directors of New York /and the board here. Absolute Agreement, Now there is absolute 'ment on [how money rates should be led, and the drop in the rediscount rate at New York may be expected to be the fore- rTunner of 4 per cent rates in other ! ral Reserve "districts. It is still «doubtful whether the rate will ever 80, back to 31, per cent, which was the |beginning of the so-called Coolidge boom, but it is much more likely to go down than up #gain. 4 per cent is considered a medium rate around other influences can ce. A 4 per cent Tediscount rate means a better market for bonds and financing of the con- struction uu‘;l. ot ‘x’tflu country through buildi loans. a sign of a decided improvement in industry and a favorable outlook in business. DAPPER BANDITS ROB JAMES FEED COMPANY ‘Youthful Pair Brandish Revolvers, Empty Cash Drawer and Make Escape. Two dlpg:r yourg men who are believed to have a long series of daring store hold-ups’ in Washington during the last two or three months entered the feed store of James & Son Co., 306 ‘Tenth street, last evening just before closing time and, brandishing revolvers, Jooted the cash register. William James, head of the company, ‘was preparing to close the doors when the two unmasked men walked in, drew revolvers, and cautioned him not to make an outery. The proprietor told Headquarters Detective Thomas Nalle and C. W. Mansfield that the pair forced him behind a counter and made him open the cash drawer. It contained only $3. They took this, ran through the open door and disappeared. —_— CAPITOL EMPLOYE DIES. Frank A. Byron, Colored, Held in High Esteem. Prank A. Byron, colored, 58 years old, one of the most highly esteemed and efficlent employes at the Capitol, died this morning in Freedmen’s Hospital after suffering a stroke of apoplexy. Byron, whose home was in Chicago, had been a clerk at the Capitol for 29 years and had for many years served as clerk to the House committee on naval affairs, having been appointed first by Representative Foss of Illinols and more recently under Chairman But- ler of Pennsylvania and Chairman Brit- ten of Illinois. He was married and is survived by a wife, daughter and brother. e Koelliker Asks Divorce. Absolute divorce is asked in a suit filed in the District Supreme Court by ‘William G. Koelliker, a member of the Army Band at the War College, against Margaret Koelliker, who resides at Cleveland, Ohio. A resident of the Ohio town is named as co-respondent. He says he was married March 29, 1926, and in the following May, he declared, his wife was ccnvicted in Juvenile Court at Cleveland of a statutory charge. The husband is represented by Attorneys ‘Toomey & Toomey. pilly - One of the attractions at Cannes, France, is a woman who lives on ground glass in a glass cage. GREATEST Useo car sa Chevrolet History SEE OURISMAN ADV. PAGE 10-A PORCHES BUILT wE sULLD, ‘m EMODEL fl 9 .R~ .. CONSTRUCTI: ¢ g ON Will Rogers Says: NEW YORK CITY —Arrived from your old-time county seat today, and for a country that has no tradition or background you are not bad. ave read all your papers today on the conference, and here is one thing they seem to overlook that really makes this thing harder than you think. You must remember that it's national pride that they are juggling with. There is far more pride involved at this conference than ships. The minute you rate a nation they naturally think you are establishing their importance In world. So, remember it's not ton- nage they are prorating; it's prestige. It they whly had to divide up ships they would be:home next week. (Copyright, 1930.) H NOMINATE OFFICERS. Officers for the ensuing year were nominated last night at a p* the Washington Hairdressers and metologists’ tion in Hamil- ton Hotel. The officers will be elected March 6. They are: President, Emile Beauvais; vice pres- Ident, Charles H. Powers; secretary, Carry Quian; financial secretary, Mrs. Julia Crandall; treasurer, Miss Catl erine Lee Ogilvie; chairman nominatis committee, Carry _Quinn; entertai ment committee, Samuel Lidoss, and education and standards committee, Arthur S. Dillon. HOUSE PLANS BIGGER CEREMONY FEBRUARY 22 Tilson Confers With G. 0. P. Steer- ing Committee on Washington Birthday Observance. House Leader Tilson held a confer- ence this morning with the Republican steering committee, at which plans were discussed for a more elaborate cere- mony in the House than usual on Washington's birthday, February 22. The reason for the more impressive ceremony is to call Nation-wide at- tention to plans being worked out by a commission appointed by former President Coolidge under an act of ;:w ‘rzlw a big “?br%bu'r‘. hgt th'e Dbirth in 1932, > o Following the conference House l{uda er Tilson sald that he expects that the ceremony in the House on Washing- most. l.’.\u':uu.l 2 eve :.m o hmllde ive events ever hel the chamber. It is probable that be broad: exercises will cast over & Nation-wide hook-up. | BANKRUPTCY IS ASKED. Towers Heating Company Files ‘ D. C. ourt Application. ‘The Towers Heating Co., 917 New York avenue, has filed an application in the District Supreme Court to be ad- judged bankrupt. The company will file later_its schedule of assets and lia- bilities. Ford Powers, is president and acting treasurer of the company, and William H. Towers is secretary. Attor- a:y Richard A. Harman filed the pe- ion. [HE BOYS SHOP QN THE_SECOND FLOOR OF THE P-B STORE _ Pre-Inventory Sale’ offers many things your young- sters need—the have been cut prices of which to the “quick.” 2-Knicker Suits 520 to $25 Grades $10-75 Mostly fancy patterns; a few plain blue serges. About 70 suits in the combined lots. 17 years. Sizes 6 to All Boys’ Fancy Suits and Owvercoats are under “clearance orders”—choose as you will. Boys’ Lumberjacks Wool, Suede $3.95 grade $6.00 grade . .. $7 and $8.50 grades. . and Corduroy . ceee...$325 ; ...$4.25 .$5.25 $12 and $13.50 grades..........$8.75 Boys’ Winter Union Suits........ .200/0 Off Popular makes—Duofold and Augusta Boys’ $1 Neckwear Boys’ $1.50 and $1.95 Wool Gol Secon d Floor. The Avenue at Ninth N | not propose to i | regardless of their merits, without the to 2 Cents a Pound Lost, 37-35. By the Associated Press. The Senate today disapproved a re- iduction in the present tariff on white |lead used in the manufacture of paints |from 2% to 2 cents a pound, | Senator Couzens, Republican, Michi- | gan, asserted after the vote on white lead that he was not a “sky th pro- | tectionist nor a free trader” but he did vote for reductions, producers having been heard. All the rates acted upon were left undisturbed in the pending bill and House measure and Couzens said they | were not even discussed in committee | hearings. | Ten Republicans and 27 Democrats | voted for the white lead duty reduction, while three Democrats, = Broussard, ! Louisiana; _Thomas, Oklahoma, and ‘Trammel, Florida, jolned 35 Republi- cans against it. Democrats started on another tariff- lashing drive today, winning by 37 to 5 a reduction in the present duty on ed lead, from 2% to 2% cents a pound. Senator Harrisom, Democrat, Missis- | sippl, proposed the reduction. Previous- {1y his forces, supported by the Repub- | liean independents, had accomplished {a cut in the rate on litharge, a lead i pigment used in the manufacture of | glass and pottery, from 2}; to 2% No record vote was taken on this amendment. Harrison contended the imports of red lead, used in the manufacture of preservative paints, were negligible, | Senator Bingham, Republican, Con- necticut, warned against lowering pres- ent rates on the ground it would be harmful to business. “I do not think we have any mandate to lower the 1922 rates and hurt Ameri- can business,” he asserted, Harrison started another argument between the Democrate and Republican independents on the one hand and ad- ministration Republicans on the other when he pi another cut in the . He that . exports in 1928 were 13,000,000 rcundl and said a true m&n-tnry levy would be less than 2 cenf Mechanio Is Killed in Crash, . Noble Kirkland, aviation terday, wdled e ard at a ‘soon ., February 7 ().— ‘The of the plane, Ches- Tenn. ATy 7 ().— | hospital. e pilot p xn}qmmmmhmfl"hhhyu-msonm.m. “_So We Started All Over Again” “Things didw't always look so bright. There was a. time when John and T were worried. We were hopelessly in debt and constantly annoyed by insistent creditors. Then John worked out his problem by cleaning up his debts with a Morris Plan loan. We started with a clean slate and have established our- selves by saving up a little each week.” Almost every day we receive com- ments such as this from thankful individuals who have availed them- selves of the services of this institu- tion. MORRIS PLAN BANR Under Supervision U: S. Treasury 1408 H Street N,Wo Washington, Di G &-___ BN INC 720 nINFIAW Pre-Inventory’s Offerings Are of pre-eminent importance —cutting . ruthlessly to achieve clearance—a rule of the P-B store P-B Overcoats In two groups— WY~ $35 and $40 grades. .. ... $45, $50, $60 and $65 grades. s37.-'=5_—q Third Floor. P-B Suits Most of them have two pairs of trousers. . .50 $35, $40'and $45 grades..cw.. s27= $45, $50, $55 and $60 grades. s37i Street Floor, It’s all P-B clothing — which means approved - styles, exclusive patterns and standard qualities. URNITURE is not only a necessary background in our scheme of home life, but is also an outstanding feature in the advertising columns of THE STAR. More so right now, possibly, because this is Feb- ruary, and February is synonymous with GREAT NEWSPAPER O F he furniture. We feel that the real reason THE STAR prints more furniture advertising than all the other Washington papers com- bined is because THE STAR is eagerly read by the women who preside over the more than 100,000 homes in wl'lich THE STAR is received every day in the year. Slar., Every Day and Every Sunday THE NATITLON'"S CAPITAL