Evening star., 1934-10-13
Sails Down Chesapeake Bay
Over Week End With
Fiscal Advisers.
TREASURY CALLS IN
$1,870,o00,00o BONDS
Huge Interest Saving Planned.
Roosevelt May Give Money Pol
icy Hint to Bankers Next Week.
BY the Associated Press.

BY the Associated Press.
President Roosevelt, whose hands
remain united by any definite commit
ments as to monetary moves of the
future, sailed out on Chesapeake Bay
today with two high fiscal officials.
When the President left Annapolis
late last night for a weekend outing
on the yacht Sequoia, Secretary Nor
genthau and George L. Harrison, gov
ernor Of the New York Federal Reserve
Bank, went with him. This was taken
as a new indication that the President
is paying close attention to the none
tary situation.
Apparently the administrator at
titude continues to be that only future
developments can make clear exactly
what steps are needed to raise prices
and values to the point Mr.. Roosevelt
desires.
This was the impression some OBJ
servers drew from the Chief Executives
press conference yesterday. When
be another cut in the gold content of
the dollar, he replied with laugh that
he was neither a 'prestidigitator nor
an aStrologer."
Bonds Called In.
Seeking to save millions of dollars in
interest payments, the Treasury issued
a call last night for $1,870 000, 900
worth of fourth Liberty loan bonds.
On next April Is the bonds will cease
to draw their interest of AZ per cent.
The investors will be offered the choice
OF receiving cash or new securities
yielding a smaller return, although
the terms of the exchange offer have
yet to be announced.
The Government already has saved
more than s30,000,000 in interest by
calling in other blocks of this Fourth
Liberty loan and substituting securi-
ties of lower yield.
UnderSecretary of State Phillips an
nounced today that the American Gov
ernment's note to China concerning
this Governments silver purchasing
program was delivered to DR.. Sak-ke
Alfred Sac, the Chinese Minister, late
Yesterday and was being forwarded by
him to Marking
Text Withheld.
Phillips gave no indication of the
nature Of the reply by this Government
to China's request for information
concerning the administration silver
purchasing program.
He said the note would be published
simultaneously in Marking and WASH
lngton after a date had been agreed
upon by the two governments.
Senator Bulkley, Democrat. of
Ohio. and Prof. George F. Warren.
who helped draw up the administra-
tion's gold policy, got together for a
conversation late yesterday. Bulklev
said it was merely little chat" with
no news" In it.
President Roosevelt told reporters
smilingly that many of the newspaper
men had received a bum steer" from
the Bulkley incident of Thursday.
when the Ohioan said further devalua-
tion Of the dollar was mot an inn
possibility"
When the Liberty bonds, called last
night have been redeemed or refunded
about $1,000, 100000 will remain out
standing Of the original fourth Liberty
issue of more than $4,000, ,O0O, 900. It
was the third call for a portion of the
issue within a year.
The additional call closely followed
the Presidents recent radio address to
the Nation in which he noted that
Enolo
entire public debt and refund it on
a lower interest basis.
Bonds Designated.
The bonds called are those fourth
Liberties whose serial numbers end
with the digits S, 6 and z, and in the
case Of coupon bonds, those with serial
numbers ending in these digits. but
preceded by the letters E, F and G
respectively. That is, coupon bond
with the letter E and serial number
ending In 4, for instance, would not
be included. But one with the letter
E and digit would be among those
called.
The terms of the exchange offer
are to be announced before interest
ceases on April Is. 1t was presumed
that the Treasury was waiting to
gauge prevailing conditions in the
money market.
For weeks organizations of business
men have sought some definite as
surances as to the future of the ad-
ministration's monetary policy. This
Mr.. Roosevelt has consistently de-
clined to give, although some have
predicted that his speech next week
before the American Bankers Asso-
citation will deal with such questions.
The Interpretation most widely
placed upon his remarks yesterday
concurred with the Presidents state
ment of Wednesday that monetary
stabilization could not be undertaken
until prices have reached a higher
level than that of the present.
An assertion that no further none
tary experimentation was in prospect,
it was pointed out, would be almost
the equivalent to immediate stabili-
zation.