Evening Star Newspaper, June 16, 1933, Page 3

SPEC] NOTICES. n 4 of article V: in Trust Agreement dated arch 1, 19 between Federal Security 8d Morigage Company, as party of the t part and District National Bank o ashington, - as Trustee, party of nd_part. said District Washington does hereby regign as under said Collateral Trust Agreement, end_that this resignation shall take effect @ July 12. 1933, DISTRICT NATIONAL BANK OF WASHING By JOSHUA EVANS. WHOM IT MAY CONCERN:—NOTICE 18 hereby given that. in accordance with, the provisions of section 4 of article VII of the gertain Collateral Trust Agreement dated ember 1. 1926. between Federal Security and Mortgage Company, as party of th t part, and District Washington, as Trustbe, .as party o cond part. said District National Bank ‘of ashington’ does hereby resign as Trustee under said Collateral Trust Agreement. and ignation shall ‘take effect on By JOSHUA EVANS, ANY ONE HAVING BUSINESS _ " ME, address me at 402 Sth st ne. not at 3601 5 rd. se. C. W. EDWARDS. 18% LONG-DISTANCE MOVING BETWEEN Eastern poin “'Service since 1806. vidson's Ti & Storage Co.. 1117 st.nw. N 0 THE Wesch p T Da. H ‘OLLOWING CAR ler's Public Auction on 8a , for charges: Falcon 383-776, left by I CALL’ ¢ "Inc., 614 H st. | 5 BPECIAL RETURN-LOAD RATES ON FULL and part loads to all points within 1.000 miles; padded vans; guaranteed service: lo- cal moving also. Phone NA. 1460. NAT. DEL._ASS 1 AN, Y, ASH_COUPE__model 422, = No. 14302%, will be sold at auction mmaterial, storage charges, etc., 1933, at 10 am., &t Weschler's turday, July Knight Coupe, J. Alexander. I A CONVERTIBLE N. WHEN YOU NEED AN ELECTRICIAN She Electiic S10p on Wheele. 1n¢. A compie ghiop on wheels will be sent to your door h Wisc 4821, COlumbia_ 2400, LARGE VAN RETURNING TO FLO take load furniture any polnt South. Rea- sonable. Goods fully insured. SHepherd 1744, CHAMBER Complete funerals the world 65 up. 6 chapels. pariors, 17 ea. arses and ambulances, 25 undertakers and nts. BRENTELLE STUDIO 1317 P ST. N.W. Under New Management All coupons purchased before March 1st, is one of the la st undertak in = SECOND VICTORY BE SOLD AT | | FORU.S. FEARED I Former Senator Sees Dire Result if Cox Triumph Is Repeated. BY GEORGE H. MOSES. (Pormer Senator From New Hampshire, Authority on International Affairs). By Cable to The Star. LONDON, England, June 16.—The | election of former Gov. James M. Coxi ,of Ohio, a member of the American | | delegation here, as chairman of the| Monetary Commission of the World Economic Conference is a great tri-| |umph for the United States and was| !won by intensive application of those | practices tamiliar at home whenever political conventions are held and, when ! transplanted to London and directed by William C. Bullitt, could not fail. But it is a pyrrhic victory. Another {like it, and the Americans are undone, To be sure, Cox has the chairman-| ship and Italy and Austria have vice | chairmanships, and France gets the post of rapporteur, It is well nigh| impossible to translate this last word categorically into English. This func- tionary is not the committee’s reporter; | he is no mere scrivener. Nor is he| only the committee’s secretary. He Is “Boss-Chopper.” He is all of these—and much more He is what in the terms of the North | Woods might be called the boss-chopper | of the committee. He outlines its pro- gram, directs the course of its delibera- tions| handles all the draft motions, | and, most important of all, he makes | the ‘first draft of the committee's rec- ommendations to_the conference. A tapporteur is an officer not o be sneezed at. { 17 emember the Roof! Don't let rust destroy the tin! Save it with & _good coat of our Protec-Tin Roof 'aint. We have skilled workmen to apply it. wNS ROOFING 933 VSt N. COMPANY ____ North 443 ind HAULING. White s pervi: le. Treasury Department Office of the Comptroller of the Curreney ‘Washington, . May 29. 1933 Notice i3 hereby given to all persons who may have claims against “The Commercial National Bank of Washington,” District of Columbia, that the same must be presented Robert C. Baldwin, Receiver, with the gal proof thereof within three months from this date or they may_ be qgagofl'ed, Comptroller ‘of the Currency. INUTE ! YSTERY Dr. Fordney is professor of eriminology . His advice is often sought by the police of many citles when confronted with particularly baf- fing cases. This ‘problem Tas been taken from his case book covering hun- dreds of criminal investigations. Try your with on it! It takes but ONE MINUTE to read! Every fact and v clue necessary to its solution are e story itself—and there is only good & detective are An Unusual Murder. BY H. A. RIPLEY. you? & T was a clear, beautiful morning,” continued Rogers. “The cry was muffled by the high wind, but Winship, a carpenter on the estate of Sir John Masters, heard it. He was repairing the road- way at one end of the bridge that crossed the deep ravine. A moment before he had observed Sir John, as he was wont, lean on the bridge ev in_th one_answer. HOw and Detective In- spector Whipple of Scotland Yard were _investigating gJ/ the tragedy a few \\ hours later. \ o plece of ) had been recover from _the valley wnd Fordney was y inspecting it. ‘Hummm,’ he murmured to himself. He beckoned Whipple. ‘See that, inspector? This piece of railing has_been almost cut through in three different places—and with a very fie saw; and it had only recently been done.” ‘Whipple, a stolid sort of man, nodded eolemnly. ““You're right, professor,’ he replied. *That makes it murder.’ The detective inspector took an en- velope from his pocket, walked over to the dle of the gap in the'sdlling, | reached down and, with a grunt, picked | * [ nett, France's finance minister, who is It must be remembered also that the Monetary Committee is to all i tents and purposes the whole confe ence. Its decisions, successes or fail- ures will tell the story of London for this year of grace. And Georges Bon- the rapporteur, appears to have the whip hand. Not only his functions as rapporteur, but also the composition of the com- mittee itself indicate this. Its ling-up is distinctly Prancophile and the United States again finds itself in a community of blocs, where it is once more a ‘bloc of one. The contest between the Americans and the French for the chairmanship of the committee has been as amusing | as it has been amazing and it has fur- nished the initial clash between the two republics, which has become tra- ditional in international conferences in which both participate. The annals of the Versailles, Washington, Geneva and’ Londen Naval Comferences may be cited in proof. MacDonald’s Compromise. The part which British Prime Min- ister Ramsay MacDonald has played in | this instance can find two interpreta. tions. ©ne, on the part of the Amer- icans, is that he took the initiative and promised the chairmanship to them—a | prcposal which was eagerly accepted. | The other, on the part of the French, | is that MacDcnald, as soon as he sensed Gallic ambition, lald soothing unction on their spirits in such wise that they | thought they had a promise from him. | As the fact of his dilemma was borne | in upon MacDonald, clever man that he is, he was spurred to the task of extri- cating himself. Hence the chairman- ship-rapporteur arrangement. Accordingly, it is not without sig- nificance that MacDonald, addressing a | luncheon party for overseas writers, emphasized the spirit of “co-operation | and comprcmise,” which he hoped | would characterize the conference. He | has a mastery of compromise, which thus far has served him well. Maybe it will carry him through the “seige perilous,” which, iike King Arthur’s knights, must pass before the confer- ence comes to an end. Maybe he will prove himself, as in this case, “Mr. Fixit Supreme.’ As for the Monetary Committee, with Cox in the chair and Bonnet as rap- porteur, the scene of its endeavors ought to be the center of attraction. ‘There is an axiom in physics that when an firresistible force meets an immov- able body the by-preduct is apt to be interesting. (Copyright, 1933.) $40,000,000 SPENT HERE ANNUALLY BY VISITORS Manager of Phone Company Lauds Greater National Capital Committee. A total of $40,000,000 is spent in Washington each year by visitors, John A. Remon, general manager of the Chesapeake & Potomac Telephone Co., said last night over Station WJSV. Housing, entertainment and care, if it were one business, would be by far the largest single enterprise of Washing- ton, he said. The Greater National Capital Com- mittee was organized two years ago to conserve and seek to increase the vol- ume of this business. Mr. Remon said the work of the committee concerned all the business people of Washington and also the welfare of every resident up from the concrete floor of the bridge | some sawdust. He put it into the en- velope an ‘Al right, Pis of the city. Rogers,” interrupted Har- one of the house party, | here you read of that case, + your story is certainly wrong.'” WHAT WAS WRONG WITH IT? (See Solution on Page A-9.) Perhaps you have a story or problem you would like to submit to Prof. Ford- Tey. 1f so, send it to him in care of | this paper. He will be delighted to re- | ceive it. LAFFOON REINSTATES JAILER IN LYNCHING | &« E made about $150,000 that year,” Clipper Haley told them. “We had to spend a little money afterward for lawyers, but we came out with & nice profit. “How did we work it? Easy. We Was Ousted Under Law Requiring It After Prisoner Has Been Seized and Slain. June 16 P).—Gov. Ruby Laffoon yesterday reinstated Curt ailer of Caldwell County r expressed the opinion| that Jones did all in his power to| protect the life of Walter Merrick, & | white prisoner, who was taken from the jall at Princeton, in Western Ken- tucky, the night of May 31, 1932, by & mob and ly Jones was re gailer by Gov. Laffoon, un pro- Jisions of a Kentucky law calling for | the removal of a jailer alleged to have permitted a lynching Jones® wife, Mrs. Lily Jones, has been serving as jailer by appointment of the court judge. 3 | The American Civil Liberties Union had urged the Governor to invoke the ! Kentucky law requiring the removal of » jailer from whom a prisoner has been | taken and lynched PEPCO TO SELL BONDS Commission Approves Disposition of $179,000 in Securities. e Potomac Electric Power Co. was' .uThhcflmd yesterday by the Public, Utilitles Commission to sell $179,000 | worth_of consolidated mortgage 5 per! cent 30-year gold bonds to the Com-| mercial Trust Co. of New Jersey, trus-! The proceeds are to be applied to the power company's sinking fund. FRANFORT, ,‘d“;‘lfl W ww / made movie stars. We had a school that taught movie acting. We charged $500—or whatever they had—and guaranteed in writ- ing to get them a part in a movie that would be shown in a first-class house in the same city as the school These exposures of rackets ar (Copyrig —school for movie stars the public. THE EVENING STAR, WASHINGTON Bring About a Better BY ARTHUR CRAWFORD. As a means of insuring a proper functioning of the gold standard, the world economic conference must con- sider measures to utilize to the best ad- vantage gold stocks and to bring about | a better distribution among the nations. | These measures include a lowering of the gold reserve ratios, which now range between 30 and 40 per -cent, & perfecting of the gold exchange stand- ard, greater use of subsidiary coinage | and a system of co-operation by cen- tral banks in credit policies. ettlement of the question of inter- | goVernmental debts and a lowering of tariffls and other trade barriers will contribute toward a more free move- ment of goods which will facilitate & better distribution of gold by requiring less extensive payment of trade bal- ances in gold. ‘The best authorities are of the opin- fon that the world stocks of monetary gold are sufficient and that new pro- duction will be ample to sustain the normal increase in business. It has been estimated that gold stocks and the volume of business each increases at a rate of about 3 per cent a year, thus making possible a sustaining of prices at about the same level. Inadequate Gold Supply. When the gold delegation of the Financial Committee of the League of | Nations made its first interim report in 1930 the.conclusion was reached that if prices were to be maintained at about the level ruling at the end of 1928 there was some danger of the supply of new gold prowing inadequate unless meas. ures were taken to economize the use of gold for monetary purposes. This| conclusion was based on a belief that| production of gold was declining, that there was a slight increase in the de- mand for non-monetary and more rapid increase in the demand for monetary purposes. At that time the gold dele- gation’s conclusion was challenged by such experts as E. A. Goldenweiser of gold production has increased, one of the factors being the decline in com- modity prices while gold prices re- mained stationary, the effect being to m:]ke gold mining much more profit- able. In its final report issued in 1932 after there had been many changes in the situation, including the departure of Great Britain and numerous other nations from the gold standard, the gold delegation altered its view. In world’s total stock of monetary gold, apart from any considerations as to its distribution among different countries, | has at all times in recent years been adequate to support the credit struc- | ture legitimately required by world trade and that the rapid decline in| prices which began in 1929 cannot be attributed to any deficlency in the gold | supply when regarded in this sense. ‘The report pointed out that the world’s | central gold reserves increased from about $9,150,000,000 at the end of 1925 | to about $11,350,000,000 at the end of | 1931 or at an average rate of 32; per cent annually for the six-year period. More recent figures show that gold reserves of central banks and govern- | ments totaled in February, 1933, | $11,733,000,000. These totals do not include gold eoin in circulation, amounting to about three-fourths of a | billion dollars. Faulty Distribution. The difficulties of some nations in’ maintaining the gold standard have | been due to the faulty distribution of | gold rather than to any world short. | age. Nearly 80 per cent of the world’s monetary gold stocks have been con-| centrated in five countries. Of the gold | reserves of central banks and govern- | The Economic Conference Methods Proposed to Economize Use of Gold and to Nations Are Aired. 'gold during the post-war readjustment the Federal Reserve Board. Since then-mission. this report it was stated that the this burd | president of the Reichsbank, expects to | Distribution Among currency. There is no exact method to determine whether a reserve of 20, 25 of 40 per cent is necessary to ac- complish this result. Advocates of a greater use of silver in monetary sys- tems propose a silver reserve of 5 per cent in addition to a reduced gold re- serve. The gold exchange standard was | adopted by a number of countries as a means of economizing the use of period. Its use was recommended by the Genoa Conference of 1922. Under this system it is possible for a central bank to maintain its reserves in foreign | exchange of another country. The gold thus is held in the country where the foreign exchange is payable in gold. | It does double duty and has been held | to have contributed to inflation in the period just prior to the stock market | collapse of 1929. Some of the nations which thus held reserves in the form of foreign exchange in London suffered losses when Great Britain went off the gold standard. The gold exchange standard was| shown to have defects but is is likely to play a part in some of the mone- tary systems when there is a general return to gold. Other suggested methods of econo- mizing the use of gold are the with- drawal of gold or gold certificates from actual circulation, as the United States now is doing, the replacement of bank notes of small denominations with subsidiary coin and a greater use of bank checks, which are common in the United States and Great Britain | but_have not been used very exten. | sively in other important countries, in- | cluding France. | In the development of co-operation among central banks in credit poli- cies, the Bank for International Set-‘ tlements will play a part of increasing | prominence. It has been chiefly useful in work of this nature since the sus- pension of reparation payments, the transfer of which was its chief func- tion when the bank was set up in 1930 8t the instance of the Young Plan Com. | | | | Abandonment of the gold clause in public and private obligations as pro- vided in legislation sponsored by the Roosevelt administration will help to economize the use of gold. The obliga- tion to pay more than $21,000,000,000 of the public debt besides $75,000,000,- 000 or more of private contracts in gold when the world monetary gold stocks | amount to only $11,000,000,000 means | a tremendous burden on gold. To elim- inate the gold clause would remove rden. SCHACHT CONCLUDING| CREDIT NEGOTIATIONS| Official Communique Is Due Soon on Short-Term Prob- lem. By the Assoclated Press. LONDON, June 16.—Negotiations be- | tween Dr. Hjalmar Schacht, represent- | ports and gradual removel of prohibi- ing debtor Germany, and experts of | various creditor countries, including the | United States, regarding short-term | credits, are nearing conclusion, it was said in official quarters today. | It was understood that an agreement | had been virtually concluded and| an official communique was expected | shortly. ‘When the short-term problem has| been cleared up, Dr. Schacht, the| proceed with negotiations Tegarding | long-term credits. ments in February, 1933, totaling $11,733,000,000, about $3,808,000,000 was by France, $692,000,000 by England, 8,000,000 by Switzerland, ,000,- | 000 by Spain, $410,000,000 by the | Netherlands, $368,000,000 by Russia, $366,000,000 by Belgium, $325,000,000 000 | 848 Both the preparatory commission of experts for the World Conference and | the gold delegation of the League | Pinancial Committee have recom- | mended a reduction in reserve ratios | from present high levels. The purpose is not to encourage an increase in note | issues but to enlarge the free margin | of gold reserves which can be used fo'r; | international ~payments without _en- | dangering the legal minimum ratio. ‘The minimum gold requirements of the nations of the world at the end of 1930, when most of them were on gold, totaled $7,760,000,000, exclusive of Russia. This was about 35 per cent of | the total of the notes and other sight | liabilities amounting to $22,450,000,000. | With total gold reserves of these na- tions amounting to $10,780,000,000, it meant free gold above legal minimum requirements to an amount of more | than $3,000,000,000. If the minimum gold requirements | had been lowered from an average ratio | |of 35 per cent to 25 per cent, the | | amount of free gold available for in-| | ternational payments would have been | increased to about $5,170,000,000, and | if Towered to 20 per cent it would have | been increased to about $6,310,000,000. | The purpose of a gold reserve is to give confidence in the soundness of the s a racket-| E. Grant By James | “After making a stab at teach- | ing them not to fall over their own | feet, we made a picture—and what | @ picture—it was supposed to be | a tragedy and it would have ; brought tears to your eyes, but I mean tears of laughter. All our students played in it., “Crooked? Don't be silly. We lived up to our contract. We rented a movie theater one morn- ing and ran the picture. The pic- ture cost about a thousand to make and we paid two hundred for the theater rent. Smart, huh?” e printed to advise and protect ht, 1933.) | and England. by Italy and $249,000,000 by Argen. | tina. Germany had only $183,000,000. | bank, but the money will not be al- Creditors for both short and long term credits include the United States, Switzerland, Sweden, Holland, Belgium The Schacht negotiations are a se-| quel to the transfer moratorium which | becomes effective July 1, and under| which German debtors will pay their debts in Reichs marks into the Reichs- | | lowed to cross the frontier. G.B. Shaw; Approves| Museum of Fossils| As Conference Site | Irish Critic Sees Little Hope for Success at London. By the Assoclated Press. LONDON, June 16.—George Bewmard Shaw, who has been exceptionally quiet | —for Shaw—since he returned from the United States, gave voice yesterday through his whiskers to an opinion on the World Economic Conference. “This week there is the World Eco- nomic Conference consisting of an as- semblage of gentlemen not one of whom ppears to know anything whatever | about economics, even of the most ele- mentary kind,” Mr. Shaw said. “When you examine their qualifica- tions you will find that they are all gentlemen who have made a deplorable and hopeless mess of national affairs in their own countries and have come to the Geological Museum—a museum of fossils—in the hope that since they cannot get their own countries out of the mess, other countries may doso. | “In three or four days they have broken down almost hopelessly and the | more busy of them are going home. ! “Some day we must take things out | 0’1 their hands and try to save civiliza- | tion.” | ‘The Shavian barbs came just as the | conference reported progress with decks | cleared of war debt wrangling and suc- | cess of currency stabilization and other | monetary moves in sight. | A SERI U. S. Depository ]un;a Finds Many Who | Start a Brand-New Life | —not only a life of happiness in companionship but also one of accomplishment. Together young men and women join hands in seeking their place “under the sun.” The farsighted bride will sug- gest that her husband open a savings account and help him to accumulate wealth by putting aside a little each week in this The conscientious husband will see the wisdom of such a practice and insist upon its continua- tion. 'Bank of Commerce & Savings IN THE HEART OF THE SHOPPING DISTRICT | urging that there be no addresses on | to be careful not to “mix up” the differ- | mission has found a solution for cur- | assumption that the other has succeeded, OF FRIENDLY MESSAGES TO WASHINGTON CONFERENCE WAITS CURRENCY DECISION Impasse on Issue Feared.; Economic and Monetary Groups Begin Work. (Continued From First Page.) necessarily have to be without historic | precedent. He pleaded for patience and under- | standing of national difficulties, and ended his brief speech with the words, “Gentlemen, let us now go to work.” | Asks Monetary Plans. | The first act of business was to an- | nounce the Committee on Committees, to be composed of officers of the Mone- | tary Committee together with repre- | sentatives of Great Britain, Germany, Finland, and Czechoslovakia. This new committee will Monday. Cox thereupon announced that sev- eral governments desired to submit | monetary plans. “We suggest they be submitted to the secretary at the earliest hour, so they can be printed,” he went on. “Unless there is an objection, the committee will adjourn so the Commit- tee on Commltteeas anomy preg:;e for the meeting at 3:30 p.m. lay. nlfi"’I'hls cnnsmm,ee will divide the work on the agenda.” The Swedish delegates asked that the speech of Neville Chamberlain, British chancellor of the exchequer, before the the plenary session be taken as the basis for the discussion of the mone- tary commission. l(’?yux then called upon Pinance Min- | ister Guido Jung of Italy to make a| tatement to the commission. Signor Jang suggested that the mone- | tary and economic commissions work as independently of each other as pos- sible. “Otherwise we would go on talking | forever,” the Italian asserted. The committee then adjourned until | 11 am. Monday, when it will receive the report of the Committee on Com- mittees. report Action Becomes Slogan. Chamberlain, spokesman for Great| Britain Wednesday, sald economic and | monetary problems must be tackled together and immediately and advocated | a policy of cheap and plentiful money. | He urged also stabilization of curren- cies, settlement of war debts and repara- tions problems, reduction of tariff| schedules and the active employment of | credit. * | Mr. Cox’s call for action, which was echoed by Signor Jung, represented the‘ conference slogan as the work began | this morning. Yesterday brought an end to the four days of plenary sessions and leaders were hopeful the conference would get down to cases from now on. Premier Colijn said he planned to draft the commission’s program at once | and distribute it for study over the week | end, with the commission meeting again | Monday. He laid out the field of work as fol- lows: 1. Commercial policies, including the | provision of foreign exchange for im- ticns, quotas and the like. 2. Tariff and treaty policy, including measures other than duties and prohi- bitions having an effect on international commerce. 3. Co-ordination of production and markets, including wheat. 4. Public works. Colijn, & famcus, sandy-haired and stocky statesman, opened the proceed- ings of his commission promptly in a room adjacent to that by th monetary commission. ‘Warns Against Confusion. Speaking in English with a pro-| nounced accent, he followed the general olicy of speeding up the action by 1 general matters and that other speeches be limited to 10 minutes. | Colijn advised his committee members ent subjects. He remarked that tariff policy and currency policy were closely connected and added that they must start with the assumption that the monetary com- rency stabilization. Each will have to work on the he said. Colijn’s strong personality completely dominated the session. Maxim Litvinoff, Russian foreign com- missar, asked how the various subjects could be assigned to committees. Colijn replied it would be as well to leave this matter to the discretion of the chair. He made the same answer when Wal- ter Runciman, president of the British Board of Trade, suggested a special com- (rfiltlec to consider the question of subsi- es. The chairman asked that suggestions be submitted today to enable him to have an agenda drawn up, which he said he hoped would be completed tomorrow. Members of the economic commission met only 45 minutes and then adjourned until Monday. Guests of MacDonald. Secretary Hull, Senator Pittman and Mr. Cox will be the guests of Prime Minister MacDonald at a luncheon to- morrow at Chequers, after which al will proceed to Windsor Castle, where the King and Queen will be giving a garden party for the conference dele- gates. The entire American delgation and many American experts will at- tend the party. It was stated the prime minister’s REDUCED BRIEF PRICES BYRON S. ADAMS I Never Dioaggpoint”™ fund “for the future.” D. C. FRIDAY, JU NE 16, 1933. Parley Issues Conference Agrees on Five Points, Disagrees on Eight. By the Assoclated Press. LONDON, June 16.—The World Eco- nomic Conference began its serious labors today with unanimous agreement on five points and disagreement on | eight others. Apparent accord has been indicated by an analysis of speeches on: 1. That stabilization of currencies is | necessary. | 2. Trade barriers—tariffs, quotas, ex- change restrictions—must be lowered. | 3. Monetary and economic remedies | for the crisis are interwoven. | 4. The gold standard is the best. | 5. The world is at a crossroads. Points of apparent disagreement: 1. When stabilization should take place—some said immediately others at an indefinite time. 2. Raising wholesale price levels. 3. Public works programs. 4. Restriction of production, such as the wheat crop acreage. 5. Creation of an international credit institution. | 6. Remonetization of silver. | 7. The use of orthodox economic | methods for the uplift of the world, or | more audacious inflationary schemes. 8. Whether intergovernmental debts | —not on the conference agenda—must be settled before the conference can work effectively. ‘The conference set out today to find solutions for the differences. luncheon is to be mainly social, but this does not mean that conference subjects will be barred from discussion. ‘The only business at conference head- quarters this afternoon was a meeting | of the Committee on Sub-committees of the Monetary Commission. The com- mittee decided to set up immediately two sub-committees, one to deal with problems connected with temporary monetary measures and the other with measures of more permanent nature. | A third committee to deal with move- | ments of capital is contemplated, and it was said that it probably would be set_up later. ‘The committee on sub-committees ad- | journed without naming chairmen. Mr. Cox sat in the chair throughout the long session, which was prolonged by some argument over what subjects should have priority in the discussion. ‘This concluded all business scheduled | :’ior conference headquarters until Mon- ay. WOODIN DENIES AGREEMENT. Says Stabilization Talks Are Only Ex-| ploratory in Natare. By the Associated Press. Secretary Woodin in a formal state- ment last night said the American Government had not agreed to any stabilization of currency. ! The Treasury Secretary issued the fol- lowing statement: “Various reports from London pub- lished today concerning an agreement by American delegates to stabilization in some form have been brought to my attention. Such reports cannot be | founded in fact. | “Any proposal concerning stabiliza- tion would have to be submitted to the | President and to the Treasury and no | suggestion of such a proposal has been received here. “The discussions in London in re- gard to this subject must be explora- tory only and any agreement on this subject will be reached in Washington, not_elswhere.” The statement was understood to have the full approval of President Roosevelt. It was the first time this Govern- ment has taken any open part in the London parley. i FRENCH POLICY APPROVED. Cabinet Backs Daladier on Debts and | Stabilization. | PARIS, June 16 (#).—The French cabinet today voted approval for Pre- mier Edouard Daladier’s debt policy and | currency stabilization stand at the| World Economic Conference, | It indorsed also the premier’s efforts | to get the world to return to the gold | standard, and discussed different possi- bilities of the London parley. A semi-official denial was issued in| reference to a rumor that France might change its stand on the debts as the | World Economic Conference develops. | It was indicated the government intends to stick to the position that debt pay- ments have been postponed pending ne- gotiations. | Alaskan Quakes Continue. ANCHORAGE, Alaska, June 18 (#).— Earthquake shocks continued in this area yesterday, with a shock of moder- ate severity at 12:40 p.m.” Two were | felt Wednesday. No damage was re- | ported. ! | the world cartel determined to obtain | change,” said | bankers under foreign control to indepe; A3 For SILVERWORK; Works of Art, Household G for RUGS, Curtains, for rare ‘an ATTEMPT TO CONTROL | DYE MARKET CHARGED valuable articles of all kinds, s e |SAFE DEPOSITORY for 43 Head of Chemical Foundation Hits| years. Effort %o Remove Directors of Allied Corporation. at 1140 Fifteenth St. Removals, Packing, Shipping, Rug Cleansing. HCN Fumigation. By the Associated Press. NEW YORK, June 16—Francis P.| Garvan, president of the Chemical Foundation, said in a statement yester- day that a committee seeking to replace four directors of the Allied Chemical & Dye Corporation is “simply a tool of possession of our markets.” He also declared that Allied Chemical and Orlando Weber, its head, “in a large measure can take credit for the fact that the representatives of our country alone go to the London Confer- ence with no power of pressure in the hands of any foreigner for any ne- cessity.” Garvan's statement followed one by Weber Wednesday charging that the | movement to replace the directors was inspired by foreign interests and a de- nial by Rogers S. Lamont, secretary of the Stockholders’ Committee, sponsor- ing the change. “I do not enter into the dispute be- tween the company and the Stock Ex- | Garvan. “It is none of | my business. But it is my business and the business of every American citizen to see that this latest scheme of ‘tlhe‘ e- SAVE MONEY Make it at Home for less than 1c a glass Delicious - - Healthful @ Your Guarantee of Real Root Juices stroy our chemical crushed in no uncertain terms.” W i Zf'!f’%'?‘ i . y ; ; Rain Won't Hurt du Pont TONTINE N‘lethgoodreas'm:. For like ol’ Brer Rabbit, who was thrown into the bramble patch for punishment, it finds itself at home when rain and wind make the going tough for window shades. Its name is du Pont TONTINE, and because it is impregnated with pyroxylin, basically the same as du Pont DUCO, it is beautiful, long lasting, washable and waterproof. We Repair, Re-Cord and Re-Tape Venetian Blinds BAILEY'S BUDGET BASIS 1 Balance Over a Perind of * Months. No Delays. Immediate '* Mountings. 3' 7% to 36% More Miles With Tempered Rubber. 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