The Washington times., 1934-04-14


Richard w. Hill, who occupies
the post of secretary for the
American Institute of Banking, is
in the city. He's visiting in
tntere t of the Institutes annual
convention which will be held
here in June.
Now that spring is here, brok-
erage offices look like deserted
villages within a few minutes
after the ticker ticks off. The
reason, the boys like their golf
and are trying to perfect it to
the nth degree before the real
golfing season begins.
We went into Westheimer &
Co.'S offices at 4 o'clock yesterday
afternoon, and the only person we
found about was Miss Bessie
Schoor. We asked where everyone,
including A. Harmer ("Dutch"O
Reside, manager, was. She re-
piled:
'T don't know"
Then we asked:
care they gOIfing?"
Then she came back with an
other:
Il don't know"
There's still no news as to when
Thomas w. Brahany, manager Of
e. A. Pierce & Co., is going to
fling that party for the Washing
ton Ticker Club. It seems the
chief function Of the president is
to entertain the members. All are
hoping.
# you are interested in the
Dies Silver bill, now before Con-
gress, read what John Caswell, jr.,
manager of Clark, Childs &
Keech, says in his latest COM
ment: It follows in part:
"The Dies Silver bill, which
was analyzed three weeks ago,
and which, briefly, permits pay
ment in silver at up to rs per
cent increased value for agri-
cultural surplus products ex-
ported, passed the House by q
vote Of 257 to liz. It Is now
before the Senate Agricultural
Committee. This committee is
holding hearings.
"It is felt that the committee
will report the Dies bill favor
ably, but with an added amend
ment Incorporating in some
form the Wheeler silver idea,
Senator Wheeler's idea is,
briefly, the purchase of 1000
million ounces Of silver in
world markets up until such
time as the world price of sill
yer is one to sixteen the value
Of gold.
"This amended Dies bill will,
In all probability, pass the Sem
ate.
''The House, after conference
with Senate cOnferees, win prob
ably agreo to the legislation
about as it passed the Senate.
"The President Of the United
States may veto the legislation.
"The House may override the
veto by the necessary two- thirds
majority.
"The Senate may sustain the
Presidential veto: the legislation
should then die.
"Such q program on silver will
be construed as inflationary
temporarily, which infIationary
thought will reach three peaks
~, when the bill passes the
Senate; (2), when the House
agrees with the Senate measure
IS a result Of conference; and
(3), when the House Oyerrides
the Presidential veto.
There will be two actions
that should have q depressing
effect on inflatiOnary thought
the Presidential veto; the
final sustaining Of the veto by |
the Senate.
"The time element will be as |
follows:
"The Dies Bill. with amend
mentS, will reach the floor Of !
the Senate in about two to three
weeks. The Senate should pass
1t within a week.
conference with the House
will take a week.
'The President will probably
veto the measure promptly
thereafter.
"The House will probably over
ride the veto promptly after that
and the Senate will probably
sustain the veto with similar
alacrity.
There appear to be many
persons who believe that the
final conclusion in this paper
ls err0neOuS-they believe the
Senate may override the veto.
The people who feel this way
think the President will not let
the legislation progress to its
conclusion without first taking
steps that would increase the
price which the Treasury will
pay for newly mined United
States produced silver, thereby
fOrostAlling . third Administra.
kAAla A0ANakO