Evening Star Newspaper, June 18, 1933, Page 5

U.. MONEY STAND - SETS BACK PARLEY Roosevelt Rejection of Sta- bilization Destroys Hope for Quick Results. (Continued From First Page.) by nations representing 50 per cent of the world import trade.” Extension of the tariff truce beyond the end of the conference and liberali | given a substantial impetus to the zation of import restrictions also Were | movement. inserted in the memorandum. Secretary of State Hull went to Ox- ford for a rest over the week end and did not comment on the proposal. Roosevelt Stand Expectedy President Roosevelt's disapproval of the proposed currency stabilization fig- ures was seen in American quarters as emphasizing the conflict between the administration's domestic licy and international undertakings here. The news caused no surprise among the delegates, as it was felt that Mr. Roose- | velt would be unwilling to stabilize the dollar at the present level lest such ac- tion undo all that has been accom- plished in raising prices. While they believed the President is unwilling to stabilize until the dollar is appreciably lowered, the delegates said ey were not advised definitely as to what figures are acceptable to him. Delegates have several times summoned the American banking and Treasury representatives here to find out what is going on in the former’s stabilization negotiations. ‘The Monetary Commission is sched- uled to begin work Monday and the United States is invited with others to submit a program, but this, it was sald tonight, is not ready. PFinance Minister Bonnet of France end Chancellor of the Exchequer Cham- berlain of Great Britain were reported seeking a conference with James M. Cox, the American head of the Mone- tary Commission, on Monday to dis- cuss stabilization. Drive Will Go On. A gold bloc drive to force stabiliza- tion of the dollar and the pound will continue, M. Bonnet said. France will refuse to participate in the conference, the French delegation indicated, until the dollar and pound are stable. French treasury experts and Bank of France officials have reopened ne- gotiations with President George Har- Tison of the New York Federal Reserve Bank, James P. Warburg, financial ad- viser to the American delegation, and Oliver M. W. Sprague, executive as- sistant to Secretary of the Treasury ‘Woodin. Mr. Roosevelt's position caused a midnight flurry at French headquar- ters. M. Bonnet left the gay music of an elite supper club and called a half a dozen collaborators into an im- provised conference, all in full evening M. Bonret said after the conference that he had not received official notifi- cation of the American stand from Becretary of State Hull, but expected & call later. Other U. S. Proposals. Other proposals reported advanced b} the American dekg':t’ton were: 4 Continuation of the tariff truce. Bilateral trade agreements. Compensation and clearance agree- ments. The compensation and clearance agreements concern chiefly those coun- tries m:hlch hlvet u;xpoum g ;esmm.lou on movement of their foreign ex- changes. o A proposal for organization of pro- h-lflh!d'iu tion which mby o ch delegation W] will t it to the Economic Commission. ‘While agreeing that reduction of tar- iffs is desirable, the French maintain that in the present nized condi- tion of world production tariff measures ‘would be ient. The tariff truce now has been ad- hered to by 33 countries. Some work in preparation for Mon- day's session of the commission done at American headquarters today, but for the most part delegates gave their time to social recreation. Attended Luncheon. Before going to the royal garden y at Windsor, Mr. and Mrs. Hull, . "and Mrs. Cox and Senator Key Pittman went to Chequers as luncheon guests of Prime Minister MacDonald. A demand for quick solutions of prob- lems arising from the public and pri- vate indebtedness of Central European States will be presented to the Mon- etary Commission Monday. A memorandum embodying this re- quest was prepared by Virgil N. Madgearu, Rumanian finance minister, Wwho discussed the matter with M. Bonnet. FRANCIS P. GARVAN SAILS FOR PARLEY President of Chemical Foundation ‘Will Be Unofficial Observer at Conference. By the Assoclated Press. NEW YORK, June 17—Francis P. Garvan, president of on the liner Ile de France to attend the World Economic Conference as an un- official observer for the American chem- dcal industry. “All the world outside of America is combined in two cartels, the chemical | “And they | and nitrate,” Garvan said. are determined to destroy our chemical independence. It is to watch their she- Danigans in London that I am going.” He said the American chemical indus- try was prepared to resist any attempts to break down its independence and pre- | dicted that any such attempts would Bot be successful. JOKE PROVES FATAL Firing of Gun to Arouse Sleeper Sends Boy to Reformatory. FARMINGTON, N. Mex., June 17 (®). A practical joker's idea of arousing & sleeping man by firing a gun cost the life of Hugh Yazzi, educated Navajo Indian, and sent a 15-year-old Indian boy to the State Reform School Yazzi, who had been at an all-night Indian sing, stopped at the Hogan ) (Navajo dwelling place), where the boy ‘lved, and fell aseep. The boy thought be would fire a gun and startle the sleeping man, but it went off prema- furely and shot Yazzi through the fore- Bbead. The youth's name was withheld by court before which he pleaded | the gullty to a murder charge. DINE IN OUR OPEN GARDEN THE ALHAMBRA 7909 Georgia Ave., Silver Spring STEAK HICKEN DINNER ) SEAFOOD A LA CARTE SERVICE OLD TIME OUT-DOOR THE SUNDAY STAR, WASHINGTON, D. C, The Economic Conference Monetary Systems ‘BY ARTHUR CRAWFORD. Increased use of silver in the mone- tary systems of the world is highly probable as one of the results of the World Economic Conference. ! Espousal of the silver cause by Presi- dent Roosevelt, together with congres- sional sentiment as reflected in the in- flation sections of the farm act, have Silver has an ardent cham- pion in Senator Key Pittman of Neva- da, chairman of the Senate Foreign Relations Committee and one of the American delegates to the London Con- ference. Under the authority vested in the President by the so.called Thomas in- flation amendment to the farm act he | may establish a fixed ratio between gold and silver and provide for un- limited coinage at this ratio. This| would be bimetallism. The ratio would not necessarily be, but the theory is that it- probably would be 16 to 1 as favored in the Bryan campaign of 1896 and as provided in the Wheeler which met defeat in the Senate during the past Winter. ‘The authority to provide for bimet- allism was designed to_ bolster up_the President’s power in the World Eco- nomic Conference. The chief objection to bimetallism always has been that it is not feasible without an agreement | among all the leading nations to adopt it. Otherwise, as has been demonstrated many times in experiments by many European nations as well as in the| early history of the United States, the | baser metal drives out the other. Unless | the same ratio is maintained by other nations there would be a tendency for the nation adopting bimetallism to at- tract silver while gold would flow out of the country or out of monetary use. Bimetallism Bolstered. ‘The bimetallism provision of the in- flation law has been bolstered up by a resolution adopted by the Senate at the instance of Senator Burton K. ‘Wheeler of Montana, urging the dele. gates appointed by the President to | the World Economic Conference to | “work unceasingly for an international | agreement to remonetize silver on a basis of a definite fixed ratio of not to exceed 16 fine ounces of silver to | 1 fine ounce of gold.” ‘The resolution declares that the stabilization of exchanges of world cur- rencies can best be accomplished through bimetallism and that the re- monetization of silver at its historic | ratio with gold would raise world com- modity prices, increase the purchasing power of silver-using countries in the United States and increase production costs in silver-using countries so that erican farmer and manufacturer would not be so handicapped by their depreciated currencies. ‘The effect of the adoption of bimet- allism on a 16-to-1 ratio with gold, that the gold content of the dollar remains as at present, would be to increase the price of silver to about $1.25 an ounce. Not long ago the price of silver dropped as low as 25 cents an mn&e and recently has been above 35 cents. There is every probability, however, that the silver advocates will have to be content with a lesser gain for their the Chemical | Poundation, sailed for England today ! cause than adoption of bimetallism. ‘The preparatory commission of ex- perts for the World Conference, in dis- cussing the silver question, stated that & bimetallism standard “could be safely introduced only if the most important countries of the world agreed to such a measure.” “As the only international monetary standard which is at present likely to command universal acceptance is the gold standard,” said this commission in its report, “the idea of introducing bimetallism must be regarded as im- practicable.” ‘The inflation law also authorizes the President, during a period of six months, to accept up to $200,000,000 of silver at a price not in excess of 50 cents an ounce in payment of foreign debts. The silver thus accepted would be the basis for the issuance of silver certificates. Special Factors Cited. ‘The prej tory commission of ex- perts, in dm:sinz the silver question, said that the decline of more than one- half in the price of silver in less than three years was in the main due to the same causes as have acted on the | general level of prices. Special factors operating in the case of silver, it was | stated, have included the demonetiza- | tion of silver, the reduction of the sil- ver content of token coins and the dis. posal of surplus stocks. Among other suggestions besides bimetallism for increasing the price of silver is the holding of increased. quantities of silver in the legal re-| serves of central banks. There was, considerable discussion of a plan of | this character during the visit of Prime Minister Ramsay MacDonald of Great Britain to Washington. The suggestion was that instead of gold reserves of from 35 to 40 per cent as at present, there should be a gold reserve of 20 or 25 per cent and a silver reserve of 5 per_cent. ‘The Preparatory Commission stated that on the assumption that no form | of bimetallism would prove acceptable, silver was unsuitable for extensive in- clusion in the metallic reserves of a central bank, there being no fixed price at which it would be received by other | central banks in the settlement of bal- | ances on the international account. | The commission indicated that in connection with suggestions that gov- ernmental action be taken to improve the price of silver examination should be made of the extent to which silver might be used in subsidiary coinage as & substitute for notes of small denom- inations. It was suggested that the| World Conference should also consider | whether the marketing of the metal by producers and currency authorities might be improved and also whether new and enlarged industrial uses of | silver might be encouraged. | The commission was of the opinion | that from the point of view of com- | mercial relations with silver . using | countries, particularly China, trade in- | terests would best be served, not by a rise of silver as such but by a rise in the general level of commodity prices. The Committee on Coinage, Weights \and Measures of the House of Repre- | in 6 rooms. It won't fore you'll more. hot-water your part. BEER GARDEN No Cover Charge at Any Time Y% NAVE REMODELED OUR KITCHEN RE, TO SER! THE KINEST FOODS WITH NO DELAY Prospects for an Increased Use of Silver in International Sessions. bill | tary systems are challenged by many | Prices Are Advancing . . . You'll Save Money If You Buy Now OT-WATER HEAT American Radiator first > quality product — installed ! 1 1 i - W $2.50 Weekly Pays for This Wonder- ful Plant! American Heating Seen as Result of sentatives in concluding its silver in- vestigation last year urged the calling of an international conference, which, among other things, would seek the dis- continuance of the debasement of sil- ver coins and sales by governments of silver obtained from coins or monetary | reserves and the restoration of debased silver coinage to its former fineness. The British government debased its silver coins in 1920, selling the sur- plus upon the markets of the world. India shifted from a silver to a gold bullion basis in 1925, gold reserves be. ing created through the sale of silver rupees. Indo-China and Belgium de- monetized silver in 1928 and 1929, re- spectively. Parley Refused by Hoover. President Hoover refused to call an international silver conference as pro- vided in a Senate resolution on the ground that Great Britain and other nations were not in sympathy with the proposal. Basic promises of those who seek to promote & greater use of silver in mone- economists and financial experts. For example, William C. Potter, president of the Guaranty Trust Co. of New York, in replying to a memorandum distributed by the House Committee on Coinage, Weights and Measures at the beginning of its investigation in March, 1932, said that he could not agree that the monetary dislocation is largely due to the decline in the price of silver; that the price of silver is necessarily the determining factor in the buying chlclty of India and China; that the price of silver has been an important factor in the maldistribution of gold; that the covering operations of China and India have had a very importan influence upon the maldistribution of gold or upon the increase in the value of gold; that the reduction of the silver content of the subsidiary coinage can properly be called & fiat money opera- tion of the kind with which monetary sclence associates unsound practice; that the trend of the price of silver and the coinage regulations contribut. ing to it have had a very important relation to the tariff policies of the chief exporting and importing nations; t.hlntfi the a;lver problem &ls n: tru:elb:; relation of importance e capacil of the chief debtor nations to pay their debts; that the silver problem has had an important relation to the present budget problems, and that the silver question is the principal factor of the {oreunz world-wide unemployment prob- lem. . The contentions to which Mr. Pot- fer took exception show the compre- hensive nature of the case of silver as presented by its partisans. APPEALTO .M_OTORISTS IN BEHALF OF PETS Animal Rescue League Urges Drivers to Save Dogs and Cats From Death. ‘The Washington Animal Rescue League has appealed to motorists to save as many dogs and cats as possible from death under the wheels of vehicu- lar trafic, and to report all injuries as_promptly as possible to the league. Many pets are injured by hit-and- run motorists in the city each year, and crawl away to suffer and die with- out ice of any sort. ‘The case of & collie dog fatally hurt in this way recently was reported to the Animal Rescue League. The dog's leg had been mangled, and he was in- jured internally. The animal had suf- fered needlessly for hours before his plight was reported to the league. ‘Through the aid of a leading vet- out of his misery, and its owner, on r;nl located later, expressed his grati- ude. Mrs. Truman: Palmer, chairman of the league's Publicity Committee, has eppealed to the motoring public to slow down their cars and stop, if possible, when an animal crosses their path. Failing in that, she urged that all cases of injury be reported immediately. TIRE COMPANY OFFICIAL HERE FOR CONFERENCES | Manager of Truck and Tire Depart- ment Pleased by Business Upturn. W. C. Bray, r of the truck and bus tire de ent of the B, F. Goodrich Co,, n, Ohio, has just PARLEY EXCHANGE PLANTURNED DOWN Roosevelt Holds U. S. Isn’t Yet Ready to Stabilize Currency. By the Associated Press. The United States Government, while ready to listen to plans of other governments to stabilize currencies, was described yesterday as not ready to enter upon temporary stabilization arrangements such as have been pro- The plan for temporary stabilization pending the outcome of the London Economic Conference, submitted to the American delegates to the conference, was found by President Roosevelt to be not agreeable to the United States. The President, after discussing the proposal with Secretary Woodin Fri- day night, has sent his views to the American delegates, who are expected to shape their negotiations in accord- ance with them, The plan as submitted to the Pres- ident, while not agreeable to this Na- tion, was saild to be something that could form the basis for future dis- cussions. It was regarded as likely, however, that the American Govern- ment would act slowly until the whole picture of the problem before the Eco- nomic Conference was more fully de- veloped. Conferred With Woodin. ‘The plan submitted to the American delegates was received last night after fragmentary proposals had been for- warded to Mr. Roosevelt. On their re- ceipt he called in Secretary Woodin. The Government's position was out- ing Secretary of the Treasury, but he did not divulge what was contained in the proposals or the details of the President’s instructions to the Amer- ican delegates. It was said, however, that there was no suggestion in the El s setting a definite point at which to stabilize the dollar. The instructions sent the delegates, however, were said to indicate the limits within which the President was willing to permit the delegates to act. now would know what this Government was willing to do toward currency sta- bilization. ‘The communication from the delega- tion at London was described as 12 or 15 pages in length. Officials let this be known to emphasize their assertion that no mere fixation of a price at which stabilization was to be temporarily ef- fected was involved. Holds U. S. Not Ready. ‘They said it was concerned primarily with methods, or a method, of control- ing fluctuations on foreign exchange so that this variable factor could be elim- inated while negotiations looking to a permanent stabilization were in process. ‘They emphasized that the stabiliza- tion was still open to wide discussion. Also they said that pegging the price of the dollar at any one point in terms of foreign currencies was not considered desirable. Mr. Roosevelt was represented only a few days ago as holding that the time was not yet right for attempting such action. He believes that before values of currencies can be definitely fixed in terms of each other the relationship of the currency of each nation to its domestic price structure must be better known. Behind this lay Mr. Roosevelt’s de- sire for an increased commodity price l:;fll:hln the Unlul:i sutfi)‘n{\h ol;jective ran through muc e legisla- tion of his domestic rehabilitation pro- gram enacted by the special session of iministration officials explained that failure to agree upon a temporary basis of stabilization by no means meant that such an agreement on a edpermment basis would not be concluded. RAGON TA.KES OATH Former Representative Heartsill Ra- gon, Arkansas Democrat, was sworn in preme Court administered the oath. Ragon expects to leave for Arkansas this week to assume his new duties. He presented his resignation as Rep- Tesentative to Speaker Rainey on the night the extra session adjourned. FLYING ANTS (Termites) Annualy Terminix Co. of Washington 1102 National Press Bldg. Phone arrived here for a series of conferences with F. R. Campbell, District manager, and other Goodrich officials. Enthusiastic about the recent upturn in business, Bray declares the increase in tire business has come principally from consumer demand, owners of ve- hicles realizing that safe and economical operation largely depend on the tire equipment. “There has been a noticeable upturn | in demand for truck and bus tires, | caused by the perceptible quickening of business in every section of the coun- try,” Bray declared. ‘“Many operators of trucks and busses who have been hesitant about putting new tires upon their equipment have done so because | of the improved conditions.” GETS RENO DIVORCE RENO, Nev., June 17 (#).—Christian | Arthur Wellesley, fourth Earl of Cowley, | was divorced today from May Pickard, former British actress, and will be mar- ried here tomorrow to Miss Mary Elsie Himes, young Reno divorcee. Lord Cowley was granted his decree | on grounds of separation for five years. | He then obtained a license to wed Mrs. Himes. | Both gave their ages as legal and| their address as Reno. Mrs. Himes was divorced from Joseph Himes of San Francisco here a few weeks ago. | be long be- have to pay V Buy now at this price and on these lib- eral terms. Let us tell you more about this wonderful plant. There's no obligation on Engineering Company 907 N. Y. Ave.—NAt. 8421 K el nal 3703 X K ] : Specializing in % Perfect % DIAMONDS % ‘{ Also complete line of standardeg® .z.l.nd all-American made watches. o Shop at the friendly store— 9¢you're always greeted with a smiledg® —with no obligation to buy. b Charge Accounts Invited M. Wurtzburger Co. 901 G St. N.W. 20-o% %o % SO0 S 000000 L < & 3 > 3 % P < < 3 o o % o% o% oS0 edeefeateedesde —_—— EISEMAN’S SUMMER SUITS $ ‘l 3.50 NOTHING DOWN Just Pay $4.50 IN JULY $4.50 IN AUG. $4.50 IN SEPT. Fine tropical worsted suits of the better grade. Finely tailored. Every suit guar- anteed to fit. All colors and models. "JUNE 18, 1933—PART ONE. W. &J. SLOANE 709 Twelith Reductions that a re truly Extravagant We are facing our semi-annual inventory and the Sloane policy of complete turnover makes such an occa- sion as this imperative to us and filled with importance to you. Only Sloane’s can stage such a quality demonstration — and only under stress of the inventory can such radical reductions be justified, « Only a few the the hundreds of pieces included are listed —but they will show the opportunities— Living Room Furniture Bedroom Furniture Colonial Suite of beautiful figured crotch ma- hogany in the fine old red finish. Suite comprises twin poster beds, bureau, with hanging mirror; chest, dressing table, with hanging mirror; chair; bench and night table. Reduced from $550 to_ 32758 8heraton Group in genuine mahogany, each piece of practical size and graceful proportions; genuine mahogany construction, finished in the soft red brown. Suite comprises double bed, bureau, with hanging mirror; chest, dressing table, with hanging mirror; bedside table, chair and bench. Reduced from $198 to Louis XVI Suite, painted in delicate soft peach color, with antique gold decorations. Very smart and unusual suite. Group consists of twin beds ; commode, with hanging mirror; chest; dress- ing table, with standing triple mirror in gold; bed- side table; chair and bench. Reduced from $700 to__-____$2908 American Sheraton-Hepplewhite Group, a pleasing combination in genuine ‘mahogany, with drawer fronts of figured aspen. Suite comprises twin beds; bureau, with hanging mirror; chest, with standing mirror; dressing table, with attached mirror; bedside table; chair and bench. 450 Reduced from $915 to____ Four-Poster Beds Maple H‘ig&bz‘y An assortment includ- A very resting ing many types, both plece; h,‘“d"’mi{y dfi' twin and full size; gen- SAEREd:, exceptionally iiies malicganySic crs or construction struction. 15 ughout. Reduced from Reduced from 58 5 $35500 s . $170 to ........ Sofas and Love Seats English Roll Back Sofa, with luxuriously deep seat, down-filled cushions. Up- holstered in beautiful floral chintz. Reduced from $275 98 American Chippendale Sofa, lines of graceful de- sign; genuine mahogany base; down-filled cushions and upholstered in attractive chintz. A decorative as well as practical piece. Reduced from $225 98 Early English Sofa, gen- uine walnut base; down- filled cushions and uphol- stered in old red antique vel- vet. Reduced from $425 5200 Directoire Sofa, with an- tique maple frame effectively decorated in black; down- filled cushions. The uphol- stery Is frieze of soft blue tone. Reduced from $200 95 Tuxedo Love Seat; deep seat; down-filled cushions, upholstered in tapestry; wal- nut base. A piece adaptable for any size room. Reduced from $160 80 Mirrors Group of Colonial Mirrors, fine plate glass, framed in period designs. Were $25 to $150 15 * 5100 9x12. Kirmanshahs. A collection of Open Arm and Occasional Chairs in Queen Anne design; of gen- erous size, ideally propor- tioned, with tapestry, damask or brocatelle upholstery. Reduced from $27.50 319.75 Colonial Fireside Wing Chair, an effectively designed chair with the deep seat and low arm which spells - fect comfort; down-filled cushion. Upholstered in frieze. Reduced from $95 78 Charge Accounts will be made available we must ask that selections be considered 709 Twelfth W. &]J. The House with Domestic Rugs The stock of these rugs is limited to the quantities given which, in consideration of the extraordinary reductions, means that prompt response will be necessary. 14 Seamless Axminster Rugs, size 9x12; splendid assortment of patterns. Were $30 to $45, now_ _ _____315 12 American reproductions of fine Oriental rugs, in sheen type, and Worsted Wilton. Size Were $75 to $125, m)w_____s45 11 Finest quality Worsted Wilton rugs, mostly in patterns copied from famous Persian Size 6x9. Were $65, now _--_____-_..329 35 Scatter size rugs, size 27x54—American Oriental, Wilton, Axminster and Velvet. Were $7.50 to $13.50, now____ss Chairs Bed Room Furniture Dining Room Furniture Domestic Rugs Dining Room Furniture Distinctive Hepplewhite Group, of genuine mahogany with satinwood inlays. The finish is the fine old red color. Complete suite of ten pieces. Reduced from $585to_____.._$325§ Queen Anne Dining Suite, genuine walnut. The proportions of these pieces render it ideal for the moderate size room. Rich in color and finish. Suite comprises sideboard, server, china cabinet, one master chair and five side chairs. Reduced from $500 to_______ 245 18th Century English Group, effective combi- nation of walnut and maple. Each piece is especial- ly interesting in design having been copied or adapted from a distinguished original. The finish is the soft amber tone, slightly antiqued. Chairs are covered in antique velvet. Ten pieces. Reduced from $575t0_______%208 Handsome Breakfast Group, consisting of drop-leaf table and four chairs, finished in old red with ivory decoration. Reduced from $120 to________$§9 Butterfly Table Also = copy from old Corner Cabinet American Georgian uine - any . construction. A pleasing copy of an old plece. Reduced from $50Q) Reduced $ S0 $100 to ........ i 18 Tables, Desks, Lowboys Console _Card Table American Sheraton design genuine mahogany. Reduced from $40 Governor Winthrop B-e;ro- tary-Desk, uine m: = lflm color and finish, Reduced from $155 75 Colonial Desk, in curly maple, inlaid with bands of mmen'lh“{l large draw- ers, convenien! n.rnng:d interior. The {ece is fin- ished in old antiqued maple. Reduced from $140 50 Wm. and Mary Lowboy, genuine mahogany, wit authentic turnings and in the rich old English Reduced from $110 49 Drop-Leaf Table, Duncan Phyfe design, suitable for living room or dining room. Genuine mahogany con- s'.rur t'lztlt:m with brass claw eet Reduced from $29.75 24 Coffee Table, of the Dun- can Phyfe , in genuine mah A has remov- able y and brass claw {;et. Base of graceful turn- 8. of in . ueen Anne Wing Chair with handsomely carved cabriole legs; comfortable {apestry upholsters. A thair apestry u; Ty. of pleasing size. Reduced from $115 55 A reproduction of an old New and Wing Chalr, with deep broad seat, down- filled cushions; carved cabri- ole legs. The upholstery is q;:int, figured colonial tap- estry. Reduced from $95 75 il SLOANE .= the Green Shutters