Evening star. [volume], March 05, 1937, Page A-6, Image 6

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
RAILROAD AGAIN
IS PM BLOCK
Offered for Sale for Six
teenth Time, but No Buyer
Is Expected.
Ml the Aisoclattd Free*.
MINNEAPOLIS, March 5.—Howard
8. Abbott offered a railroad for sale
today but he'd be surprised If he found
• buyer.
As special master In chancery It ts
bis duty periodically to offer at auc
tion the Minneapolis Sc St. Louis Rail
road which has been in receivership
Since 1923.
Fifteen times since September, 1934,
Abbott has journeyed to the M. & St.
L. shops on the outskirts of the city
to proclaim the sale—usually to an
empty platform—and each time re
turned to his oflloe to spend an hour
and a half completing the legal for
malities by reading the conditions of
the sale.
Today the sixteenth renewal of his
performance saw no prospect of doing
business.
The one definite suggestion of a sale
Tan into adverse public sentiment and
•gainst the views of a man who took
over the job of building up “the poor
•Id M. Sc St. L.” because everybody
•aid it couldn't be done.
In September, 1935, eight months
after Lucian C. Sprague became presi
dent and co-receiver, eight larger rail
roads proposed to buy and dismember
the competing road.
Communities along its 1,600 miles
bombarded the Interstate Commerce
Commission with protests against the
dismemberment project. State rail
road boards in Minnesota,"Illinois,
Iowa and South Dakota, along with
the road's employes who feared loss of
their jobs, joined in the protest. Al
though the I. C. C. rendered no de
cision, the plan apparently has been
abandoned.
A year after Sprague took charge
•nd four months after the associated
railroads offered their proposal, the
road showed its first profit in years.
Keystone of his four-point program,
which has achieved a record of steady
Improvement in the position of the
railroad, is an industrial department
which locates, revives and expands in
dustries along the line. His other three
objectives are reduction of operating
expenses, vigorous solicitation of off
line traffic and improved morale of all
employes.
London
(Continued From First Page.)
line strength of 1.750 aircraft organ
ised in 124 squadrons.
Ten special units of an auxiliary
air force would be created, he de
clared, to operate a balloon barrage
for the defense of London from the
air.
Huge fleets of balloons, he explained,
would be sent into the air at the first
alarm of a hostile raid to drop a net
work of cables that would cage In the
city and ensnare any enemy plane
that tried to dash through.
The air estimates disclosed by Lord
Swinton pushed the cost of Britain’s
triple threat war machine beyond the
billion-dollar mark with its $412,500,
000 addition to the $525,325,000 asked
by the navy and the $410,870,000 for
the army.
The air force personnel as planned
for 1937, the minister said, means an
increase of 20,000 men By April 1,
he proudly told the House of Com
mons, the Royal Air Force will num
• * _
Brady Greets Wanderer
James T. Brady arrives at Palatka, Fla., to take home his son,
James T., 1r., who ran away from his home in Washington to
see the Nationals work out at Orlando camp.
—Copyright, A. P. Wirephoto.
ber 100 squadrons stationed at home,
20 squadrons serving with the air arm
of the fleet and 26 squadrons in the
dominions beyond the seas.
The work of organizing the metro
politan air force. Lord Swinton said,
was well advanced, with orders for
the balloons necessary to lay the cage
over London already placed and some
deliveries received.
Factories to Be Completed.
Six factories for the manufacture
of airplane engines will be completed
within a few months, he said.
Thirteen new airdromes are already
in use, five civil airdromes have been
converted to R. A. F. use, work is
under way for 26 additional sites, and
more will be acquired during the year,
the air minister explained, outlining
the bases from which Britain’s aug
mented army in the air will function.
Civil aviation was not slighted by
the air ministry in its expense esti
mates, with a total of $10,575.000—
more than doubling 1936—set aside for
that branch.
Franc
(Continued From Pirst Page.)
has, by monetary law, all means nec
essary to assure defense of the franc
with the duty to assure security of
commerce and stability of prices."
Improvement of economic conditions
and “reabscftption" of the unemployed
has lent a better tone to Prance’s in
ternal finances, Blum said, and "the
government is resolved not to hinder a
return to real equilibrium."
Government control of foreign ex
change is “excluded” and all financial
activity will be guided, he said, by pro
visions of the monetary stabilization
agreement of last September among
the Washington, Paris and London
governments.
The cabinet members voted approval
for three measures to bolster the na
tion's financial position:
1. A request to the Bank of France
to give general authorization for free
Importation and free trading in gold
In the interior (of the country) to
become effective Monday, March 8.
2. Formation of a commission of
experts to ‘‘assure defense of the franc,
the security of commerce and stability
of prices.”
3. Dispatch of ‘‘severe instructions”
to all government departments to cut
expenses with the “single reservation
of necessary Increases in small sal
aries,” and promise of punishment for
unjustified increases in price, of neces
sities of life.
The first of the projected measures,
the cabinet explained, would allow the
Bank of France to enter the gold mar
ket, buying and selling at current
prices and without identification of
dealers.
MAY CURB GOLD IMPORTS.
Treasury Officials Cite Pressure of
Outside Capital.
Administration monetary experts
expressed hope today that establish
ment of u free gold market In France
would retard heavy capital Inflows to
this country.
Since last November, Treasury Re
serve Board and Securities Commis
sion experts have been studying pos
sible methods of slowing the influx,
which tends to upset domestic econ
omy and unbalance international
monetary relationships.
Taxes on foreign Investments here
i have been considered, but the com
plexity of their administration has
delayed action.
Government spokesmen said that if
the Blum government was successful
in restoring French confidence, some
of the millions in gold shipped from
France to the United States might
be returned to its owners’ homeland.
This would whittle down top-heavy
foreign holdings here and ease the
BRADY BOY FAILS
TO MEET HEROES
Young Jimmy “Mining” Again.
Ball Playera Refuse to Wait
for Him.
B? » 8t»fl Correspondent of The Star.
ORLANDO, Fin., March 8.—For the
second time in less than a week Jimmy
Brady, Jr„ wandering son of a Wash
ington lawyer, was ‘‘missing.”
The curly-haired, 13-year-old young
ster who disappeared from his home
last Monday and started for the Spring
training camp of the Washington
Senators on $11, was supposed to meet
his base ball heroes on the field this
morning but he failed to show.
For more than two hours a battery
of long-suffering newspaper photog
raphers and nettled scribes waited for
young Brady to be driven from Palat
ka, where he was taken earlier In the
week after being picked up In Or
lando.
As to his whereabouts nobody could
definitely say, nor find out this morn
ing. He had parted with newspaper
men last night In Palatka by saying:
"Well, tell Grift I'll be seeing him in
the morning.” He was not located at
Palatka and probably still was en
route. The Senators, whose training
routine has been snubbed by "Brady
conscious” newspaper men. refused to
go out of their way to lengthen prac
tice for the benefit of the young hero
worshiper. Promptly at noon they
knocked off and dressed despite pleas
of photographers to "stick around for
a few more minutes and pose with the
kid.”
“He's probably getting tempera
mental by now," snorted one of the
players. “If he wants to see us he’ll
have to come during working houra.”
(Earlier story on Page 1>-1.)
necessity for Federal action against
foreign investors.
One official said the further studies
of capital inflows had progressed, the
more It became apparent the problem
could not be fully solved through tax
ation.
France's action today was viewed as
being fully in line with terms of the
tri-power monetary agreement by
Oreat Britain, France and Che United
States. Under the accord, participat
ing nations are pledged to attempt to
eliminate sharp fluctuations In inter
national exchange.
In general discussion of the latest
move. Treasury officials said today
establishment of a free gold market In
France represented a step toward re
lieving pressure on the franc and
lessening the drain on the French
stabilization fund.
For some time reports have cir
culated that the French stabilization
fund has made heavy outlays to keep
the franc in a stable relationship with
the pound and the dollar.
No Effect so 3-Power Pact.
Although saying they had no official
information. Treasury authorities as
serted the French move probably
would have no effect on operation of
the tri-power monetary agreement by
the United States, Great Britain and
France.
They explained that if persons were
able to buy and sell gold freely in
France, it would have the effect of
pegging the franc at whatever price
the Bank of France set for its acquisi
tions of gold. These same officials
here assumed the franc would remain
at about its current level
This would be Contrary to rumors
that have been passed around in
financial circles for some time that
the franc might be permitted to slide
to the lowest level possible under the
French devaluation law. The franc
now stands at about 4.64 cents in
relation to the dollar and. under the
law, could be reduced to 4.35 cents.
TOMORROW . . . every piece and suite
of. Lifetime Furniture in our vast stocks will be
marked at special SALE PRICES. If you have a
furnishing job to do and want to do it with really
fine furniture and SAVE MONEY when you do it, don't
let a thing keep you away from here TOMORROW.
The SPECIAL SAVINGS will be available to you from
8:30 a.m. to 6 p.m. tomorrow. For your own sake,
get here early and certainly.
«
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Seventh Street Between D and B
Reg. $6.50 "Silver Cup" Woods
Reg. $5 "Silver Cup" Irons
3.99
EACH
★ ★ ★
Reg. 7.50 "Moxfli" Irons
Reg. 8.50 "Gold Cup" Irons
| Reg. 10.00 "Gold Cup" Woods
5.99
EACH
All matched sets. Limited
quantities in each group. Al.
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will be here to help you select
your set. Irons in sets up to
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hold any set desired.
Regular 2 for $1 Dunlop
( golf bolls—$4.95 Dos.
A Saving* af $1.05
\ Mat** Sport Shop—Mojn Floor