Evening Star Newspaper, December 20, 1932, Page 10

A-10 e s SHORT-TERM DEBT REFUNDING IS SEEN Financial Operation to Cut Nation’s Interest Bill Is ‘ Backed by Mills. By the Associated Press. Refunding of billions of dollars in outstanding Treasury securities in the near future appears possible to financial experts following Secretary Mills’ state- ment before the House Ways and Means Committee that such an operation is desirable. At the same time the experts regard | it as almost mandatory that the Gov-| ernment fund some of its immense | short-term obligaticns into long-term | bonds. A refunding operation on the | outstanding $8,201,213,050 liberty bonds | would give the Government a vehicle | in which to carry along some of its short-term debt on the same terms. Largest Sum in History. ‘The situation at present is that the| Government's short-term obligations have reached the largest amount in its history—$5,031,000,000—exclusive of the | 90-day Treasury bills with which Sec- retary Mills has raised needed cash. In | addition there are $6,268.000,000 of fourth 415 per cent liberty loan bonds | which mature in 1938 and are callable xt vear and ‘$536,000,000 of first 4!, libertics now callable. Al\u there outstanding $1.392.- 227.850 of first liberties bearing 3! pir cent interest and aboul $5,002,450 of 4 per cent converted bonds. Experts term the amount of short- term paper too unwicldy to continue to be carried on the books even at the low interest rate now being paid on late issues, This was one of the reasons which caused him to call on Congress for a balanced budget. \ “The success of such an operation,” he said, “would be greatly Tacilitatea | by a balanced budget.” | Financial experts believe any large refunding issue would have to carry between 3 and 4 per cent interest, but they add much depends upon money market conditions at the time the issue is offered. Mills Favors Refunding. ‘That Secretary Mills, himself, regards the funding of the short-term securities as desirable was seen in his statement | before the committee last week. “The market believes the funding of short-term debt into long-term bonds | to be inevitable,” he said. “The un- certainty as to the time and terms of and the Government retire from the market as a borrower of additional; funds, are disturbing and unsettling factors.” | The Secretary expressed the belief | that the funding operation would have a favorable action upon the whole credit structure and create one of the, essentials of business recovery. Recent short-term bonds have sold for less than 3 per cent and, if the Government could refund the outstand- | ing Liberty bonds at present easy | money rates. say at a 1 per cent reduc- | tion in interest, it would save approxi- | mately $80,000,000 in interest. B e Rt ‘Washingtonians to Marry. Bpecial Dispatch to The Star. RICHMOND, Va.. December 20.— | ‘Hollis Young. proprietor of a novelty shop in Washington, took out a license vesterday to marry Miss Grace Heslep Hunter, also of that city. The wed- ding is scheduled to take place here December 26. He gave his age as 36. Miss Hunter is 32. Leo Snouffer. 36, of Norfolk. took out & license to Marry Miss Edna B. Riley, 34, of Washington. et Magruder Inc. Send Your Xmas Giit Message We have a wonderful assort- ment of novel and useful gifts for persons that do not care to spend & large sum yet desire to buy a present that will be ap- preciated. Whitman’s Famous_Chocolates -0z. Box Sampler. b. Box Sample Box Sample! Box Sampler Island Chocol Fruits Picture B: Picture Bo: Fair Hil Fair Hill . Box Honey Nougat. Tins Golden Bmtle Mint Sticks, 9%z Plaited Mints Apollo Chocolates (Chocolates That Are Different) 1,-b. Holly Box. 55 1-1b. Holly Box 1.-1b. Red Holi 1-1b. Red Holly . Nabob Mixture . Nuts and Fr\u s. . Assorted Nuts Basket . Jars E al . Jars Hard Candy Pure Hard Candy Mint Dainties. .....c.eeus Assorted Dainties Jackson Balls.. Humbug Mixture Filled Shapes Cupid Kisses BGurDice 1 S Fresh Fruits Hothouse Granes California Graj Exira Fancy Ap Pears—Persimmons Pineapples—Oranges Grapefruit—Bananas ‘Tangerines—Lemons Alligator Pears—Limes Fancy Gift Baskets of Fruit Louis Sherry’s (Lavender Tin Box) The sign of good candy—packed in 1-lb,, 2-1b, 3-lb. and 5-lb. tins— 2.00 the Pound 1-1b. Carton She:ry's Special.. 1.00 M Scotti to Quit Opera In Final Appearance ; In New York Jan. 20 Famed Yillain to Sing His Favorite Role From ¢“L’Oracolo.” By the Associated Press. NEW YORK, December 20.—Antonio Scotti, who knows what it is to be pelted with roses 12 whole minutes, also knows now what it is to be heart broken. ‘The best loved of operatic villalns, who is 66 and dean of the singers at the Metropolitan Opera Company, an- nounced last night that January 20 he will make his final appearance on the same stage where he made his local debut 33 years ago. THE BEVENING STAR. WASHINGTON. D. C. TUESDAY. DECEMBER 20, 1932, | in 1924 the city celebrated his 25th an- | niversary with the “Met.” The audi- cnce showered him with roses during a 2-minutes ovation, and the mayor gave hlm the flag of the city. For his farewell Scottl will sing his favorite role, the sinister Chim-Fen, the oplum den proprietor in Franco Leaoni’s “L'Oracolo.” Then he will go back to his native Naples, where the Ppeople have never heard him sing. On> night stands out above all oth- ers for him. That was in 1898 when he, Giulio Gatti-Casazza and Arturo Toscanini made joint debuts in La Scale at Milan. He sang the leading role in “Die Melstersingcr & I.utheran Official Dies. MINNEAPOLIS, December 20 (#).— Rev. F. W. Wyman, foreign mission field secretary of Augustana Synod of the Lutheran Church for 13 years, died here last night. He, who was 65 years old, had held pastorates at Malmo, Nebr.; Ishpeming, Mich, and Minne- apolis. | “I am an old man,” said Scotti, “It breaks my heart, but I want to retire in time; retire before I break up.’ He and Enrico Caruso had twin suites in the old Knickerbocker Hotel in Times Square. When Caruso was des- perately ill, Scotti would rush from a performance to the bedside without | taking his make-up off, and spend whole days there. In the gala performance of “Tosca” | If you can’t shop in person, you can read the ads and i Shop By Telephone TherelSa Difference In Sugar— Pure Cane Su this country, ar as refined in as established a definite standard of quality by which America’s sugar values are measured and judged. Others may be—" Just as good” Others may be—“a little cheaper” But the only way to be certain ou get this standard excellence is to demand an identified cane sugar. Then you know— What it is made from Where it is made And who made it. Zack E%A, JACK FROST SUGAR is Pure Cane Sugar — R 100% Pure Cane Sugar— Identified by the dis- tinctive blue box and familiar trade mark. Guaranteed by The National Sugar Refining Co. of N.J, There’s Granulated Powdered Magruder’s Candy for Christmas We Will Pack and Mail Your Selections Page & Shaw (Candy of Excellence) . White Whitz Sp . Red Sp: . Red Spe . Red and Silver 21,-0z. Miniature Spe: 21.-0z. Chocolate Almonds . Sior. ‘Scotchee.........2e-- Wallace & Co. 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Washington, D. C. Established 1875 TheYoungens Yogp 1319-1321 F Street IAN SHOES T STETSO QUALITY Gifts for THRIFTY buyers in these 9 Christmas Specials Y Wrapped for Christmas Event! Pre-Shrunk St. Albans Broadcloth SHIRTS $7 35 3 FOR 54 Neckband shirts in white only; collar-attached shirts in white and solid blue, gray, tan and bamboo; all sizes and sleeve lengths. Boxed for Christmas. Others up to $3.50 * * K ‘Our Entire Stock of Heavy Winter * St.Albans % overcoats Lounge Style Broadcloth PAJAMAS . Guarantecd pre-shrunk; all solid colors with contrasting piped edges; large attractive sash to match. Boxed for Christmas. Others up to $5 29" ¥ WORUMBOS ¥ BOUCLES ¥ Chinchillas ¥ Camel’s Hair ¥ LLAMAS ¥ Dark Shades Only! X x X Give “Him” a Silk-Lined St. Albans The greatest ““After Christmas Savings” in 20 years—NOW ! Annual Sale of St. Albans Suits Plenty of dark oxford grays, browns and other dark shades . . . Hand tailoring and luxurious celanese linings . . . 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