Article Text
HOW TO RAISE SILVER'S VALUE, S BIG PROBLEM
ConferInternational ence Seen as Only Way Out is the third and story of a series on the silver gold problem.) BY JOSEPH H. BAIRD Press Staff Correspondent) WASHINGTON, May 21-An instudy has convinced governeconomists that the value of can be raised quickly by interaction. But the obstacles many and formidable. does the however, consider that it made a hurried report on its silver inurging the administration to The adminattitude 80 far has been conference is desirable, be called by some nain the silver problem is Rehabilitation Theories The outstanding theories of resilver are: or the establishment definite legal ratio between the silver and gold. On Bryan this Jennings the William presidential campaign of lost. The Hoover adminopposed to it. of silver prices by inagreement. A number of plans have been proposed, of them aim at an to buy governments for subsidiary by coinage and not the metal on the world marcertain price. Some aim too, for restricted produc-
Bridge League. of these theories, observers would be bitterly fought believe, was made to put it Mayor of Edgerton United States there is Orders Bank Holiday bias against bimetalheritage of the Bryan cam(By Associated Press) Many international bankbelieve that a double standard is proclamation declaring a two day for use in a combanking holiday so that officers of financial world. the First National Bank of Edgerton Form of Inflation, Charge might have time to get depositors to charge, too, that sign withdrawal waivers was issued would be a form of viotoday by Mayor Van Ness Green. inflation. Others contend that At a meeting Saturday night, the be virtual subsidy to sildirectors revealed that "slow run" and hoarders, who should on the bank during the last year has favored more than the prodepleted deposits from more than of any other commodity. $1,000.000 to between $500,000 and conference, the Unit$600,000. It was planned to get waivsounded out France and ers on at least per cent of the reBritain recently and found maining deposits, 60 These per cent of the deposit in three silver themselves-are said to years. the problem as one of cutting States, The Tobacco Exchange bank openThe United ed as usual today. interests control about 70 per of the world's silver production no way to reduce production its faith, rather in an inguaranteed price or in effect of open market operations. DO Selfish interests hamper agreeon methods of stabilization. producers are interested mainboosting prices enough to make mining pay. Silver users. such India and China, are interested in stabilizing their money and not desire such a radical inin price as do the producers. Seek International Conference Despite these obstacles, some obhere feel that sheer ecopressure. resulting from the inability of half the world to buy the half's goods in normal quantiwill compel an international the United States will be to co-operate to an interagreement to boost silver but will consider no plan involves the abandonment of gold standard. administration is taking sethe substance of recent by Reginald McKenna of powerful Midland Bank of Lon- said: "It is my belief that co-operation is only desirable, but imperative the present time. and that reastability can be given to the of silver only through internaaction." must not bid grand slam. In the hand above he violated his own rule, bid the grand slam, and then, with masterful play. proceeded to make it. The Bidding Mr. Sims and his teammates were using the one-over-one system of contract bidding. Mr. Sims sat in the North position. East and West continually passed. South opened with one heart and Mr. Sims put in a jump shift overcall of three diamonds. South bid four clubs and Mr. Sims bid four no trump. South then jumped to six no trump and Mr. Sims bid for a grand slam at no trump.
The Play The only suit not bid by North and South was spades, and as East held four to the jack this was his longest and strongest suit, he opened the three of spades. The trick was won in dummy with the king of spades. The queen and jack of diamonds in dummy were cashed and then small spade was won by Mr. Sims with the ace. He then cashed his ace and king of diamonds discarding the deuce and nine of clubs from dummy. West gave a positive echo in clubs by playing the eight and then the three, showing the king of clubs. Mr. Sims could see that the only possible chance he had of making h's contract was to find West with four hearts. Another diamond was played and Mr. Sims discarded the jack of clubs from dummy. West playing the ten of spades. This now gave Mr. Stas the tipoff that West hel the king and a small club and four hearts, so small club was played and won in dummy with the ace. The queen of spades was then played from dummy and West was squeezed. He could not discard the king of clubs or Mr. Sims' queen would be good, so he discarded heart which made it possible for Mr. Sims to win the last four heart tricks. A grand slam bid and madecontract's greatest thrill! (Copyright, 1932, NEA Service, Inc.)
TOMORROW: Waldemar Von Zedtwitz, president of the American