The Bismarck Tribune Newspaper, March 5, 1931, Page 2

See HN A IES THE BISMARCK TRIBUNE, THURSDAY, MARCH 5, 1931 U. §,, FRANCE NEED QUANTITY OF METAL Maladjustment of Precious Met- : al Holdings Slows Inter- national Trade U. S. HAS $4,500,000,000 Situation Where Two Countries Absorb Most of Gold Can- not Continue By FREDERIC J. HASKIN Washington, D. C., March 5.—Never before has the world been so eager | for a new gold strike; never before | has the business ead financial ma- chinery of the world been so badly in need of fresh supplies of the precious metal. discovery of gold in Sutter's Mill in California, in the Alaskan Klondike, on the Witwatersrand in South Africa or at Broken Hill in Australia would | electrify the nations from China to| Peru and from Tasmania to Spitz- bergen. The two greatest republics of the world—the United States and France —have as much gold, approximately, as all the other nations of the world combined. The United States has in the neighborhood of $4.500,000,000 while France holds about $2,000,000,- 000. The nation next richest in gold is Great Britain with about $650,000,- 000 with Germany following with $530,000,000. The difficulty in the situation is that the United States and France have continued to attract gold over a considerable period of time while other nations have steadily lost their holdings. This maladjustment of gold holdings slows down interna- tional trade, throws foreign exchange out of line, and acts as a brake on business revival. In such a situation, fresh gold supplies are imperatively needed to fill the gaps in the world’s financial structure. Gold is the standard medium of exchange throughout the world. In- ternational trade, in modern times, | cannot be very successfully or prof- itably carried on without employ- ment of gold. The rate at which gold is flowing to France and the United States is unprecedented for peace times. In the last year American supplies of monetary gold have been augmented by some $300,000,000 while France, in the same brief period, has added no Jess than $450,000,000 to her hoard. ! The two countries, in a single year, have absorbed an amount of gold from the rest of the world equal to new mine output for two years. ‘ituation Cannot Continue Obviously a situation in which only two nations of the world absorb two ‘cars’ gol! output in a single twelve- month cannot continue indefinitely. Already some countries have been | forced off the gold standard through the necessity of giving up their gold reserves and others are threatened. Falling prices of commodities all over the world, inability of debtor nations to borrow, and unwillingness of creditor nations to lend have stim- ' ulated the concentration of gold in| the United States and France. Both countrizs have far more gold than they need: to meet their currency and credit requirements. Although the Federal] Reserve Act requires a 40 per cent gold reserve, in addition to the eligible commercial paper security, behind the dollar, we now have so much gold that the gold cover is 1 creeping up toward 100. If the trend continues there will be $100 in actual | gold in Treasury and Federal Reserve bank vaults for every $100 in Federal | Reserve paper currency outstanding. | France, too. has more than sufficient gold cover for her paper currency. Gold is the regulator of foreign trade. When a nation buys more than it sells, that is, when the in- ternational exchange of commodities does not balance, the nation must | An event such as the | | | | | Now which of these party dresses do the other day. If you'll get out your | you think “Boots” should wear first? Here they are—two of the loveliest party dresses a girl ever wore and you can cut them out and fit them on the figure of “Boots” which was published colored crayons, or water colors, you can color these dresses to suit your fancy. There will be another costume for “Boots” in this newspaper tomorrow. lar or more a pound, the rubber pro- ducing countries built up substantial credit »alances. With these they were awle to purchase large supplies of manufactured goods. But with rubber down around 10 cents it is obvious that only one-tenth as much credit .s due the producing countries. The prices -of-raw materials have dropped farther and more swiftly than the prices of man”factured goods. | Therefore, 100 pounds of rubber will buy nowhere near as much goods as it would a few years ago and only half as many as 11 would only two; years sgo. Britain Willing Lender | The raw-maégerial-producing na- tions must have certain imported | goods, manufactures, and they must find some way to pay for tnem. The more ~ubber they ship the more will the market be giutted and the lower | will fall the price, aggravating a sit- | uation already bad. Where possible, | gold is shipped. i} The world borrowing situation is| |not favorable to these producing} | countries. France is lending almost no money at all outside her own bor- iders or those of her colonies. The | investment of American money 1n| foreign issues is below what it has | been for some years. Great Britain, | although impoverished from every | point of view and with only about one-seventh as much gold as the United States, has continued to lend; as freely as her resources have per- | mitted. Her lendings have not been large but the difference in attitude toward world borrowers is notable. The United States and France, with more gold than they know what to do with, have shut down on foreign loans, lending only fraction of their | capacity. Great Britain is lending abroad right up to the hilt. It is the traditional policy of Great | Britain to lend money abroad, to have | investments all over the world, not to | carry all her eggs in one basket. In January of this year Great Britain found $25,000,000 to lend abroad but | this was 40 per cent below January a year ago. With her diminishing; gold supply she cannot. continue even | at this rate. Prospecting for gold is going on feverishly all over the world in an effort to ca‘ch up with the demand. remit in gold. The unprecedented fall in commodity prices, especially | of such raw material as iarm prod- | ucts and the products of mines, has | meant that much less money has | been due the shipping countries, | When rubber was selling for a dol- | | | JGOCH IFABE BIBDESB Can you assign the numerical values to the letters so that the above works out as an addition sum? | s (Stickier Solution on Bditortas Page) AY I Ic KE Rp, AY | present Russian regime, largely with the aid o° American mining engi | rations. Many mining engineers see the great- est hope of a big strike in Russia. In| the czarist days preliminary geolog- ical surveys were made which showed | strong indications of gold deposits, especially ir the bleaker wastes of Siberia. They were never developed chiefly because of remotenes; and the tremendcu' cost of transportation ap- proach. It is understood that the neers, is undertaking renewed explo- The flour gold sifters are busy |again on the coast of California. {Flour gold is gold dust so finely | powdered as to resemble the con- sistency or flour. Gold dust, such as | | that patiently recovered from the | streams by placertmining or panning is much coarser. The flour gold is what has been washed down by the} streams, grinding itself into ever more FEED ME NORT CRAC A MEAT AND Proper feed to produce better ee “IT PAYS” New fs the time to start those. hogs off right by them the siving | University of Nebraska bulletin 226 says Jaletel vgs made larger gains. than: those fed tankage proved a very palatable supplement.” If your local dealer cannot supply y on quantities desired . “Northern” Horse Exchange HERN LINGS BONE FEED pork fer the least cost. 3-“Crack- write us for prices & Rendering ly © Bismarck, N. Dat. minute particles. It comes to rest on beaches. Especially after storms, de+ posits of i: will be found along the edges of waves and tide marks, A special type of beachcomber fol- lows the vocation of flour gold miner. He camps on the beach and usually works only after the sea has been up. Then he scoops up the sand and washes the go'd out of it. Congregationalists to Hold Special Services’ Representatives from all Congre- sational churches of the “larger Par- ish,” a- unit embracing churches in Beulah, Killdeer, Zap, Halliday. and Dunn Center, will attend special serv- icgs in Kiildeer next Sunday, accord- ing to C. C. Ellinger, pastor of the Parish. The services will be held at.11 a. m., 3 p, m.. and 7 p. m. Singers, musicians and choirs from the different congregations on the north Hne'circuit plan to be present to assist in special musical numbers nd the mass singing. Rev. Ellinger will preach at each service. This is the first of a series of such meetings, according to members of the paris council, and a large at- tendance is expected. Death of English Student ‘Accident’ Cambridge, England, March 5.—(?) —A coroner's jury of nine men and one woman Wednesday returned a verdict of “accidental death” after investigating the mysterious case of Cc F. J. Ellis, a cambridge under- Sraduate, whose body was found on a dormitory floor trussed and with his, limbs laced behind his back. Witnesses said that Ellis previously \had tied himself and his comrades vith peculiar magicians’ knots which tightened as the victim struggled. Don’t Go to Extremes To End Constipation When bad breath, or a coated tongue, biliousness or headaches warn of constipation, don’t take violent purgatives. There's no use when a candy Cascaret will stop the’ trouble in a jiffy; will cleanse your system pleasantly, and completely. The relief you get so promptly from Cascarets is lasting. Cascarets are made from cascara, a substance which medical authorities agree ac- tually strengthens the bowel muscles. So Cascarets are a blessing to old folks with weakened bowels; to chil- dren; to anyone in need of establish- ing regular bowel habits. Ten cents a box—all drug stores.—Advertise- ment. Bills Pass vote at meetings by delegates or mail. H, B. 127—Raisi tor | “Ht B 133—Permits, by majority vot teachers. ot stockholders, amendment to. by- H. B, 126—Eliminates teachers’ in- ‘of cooperative association, |stitute fund and creates county su- |perintendents’ contingent fund to pay expenses of district teachers’ meet- jings, and play days. | H. B, 299—Provides that on petition jot majority of electors in unorgan- | ized townships, county commissioners may levy additional tax not to exceed two mills, tax to constitute emergency fund to be used for road and bridge constructior in township. : H. B. 188—Amends compensation jact to include injury or death of po- jlce officials acting in line, of duty | outside of state. | HB, 208—Sets up manner of pay- ment of premiums to workmen's com- | pensation bureau. H. B. 209—Limits componsation field {to not:less than three or more than |four groups. | H. B, 149—Empowers state treas-| |urer to deposit state fire and tornado | jfund in approved state depositories |at usual rate of interest paid on other ifunds subject to check, and provides |amounts over $50,000 be deposited on jtime certificates. i. 50—Provides for refunds of premiums when state fire, and tornado jfund exceeds $2,000,000, | H. B, 186—Appropriates $29,815 from jstate hail insurance fund to reim- burse school and institutional funds for hail indemnity taxes paid on lands j acquired by state through foreclosure | Proceeding: H. B, 207—Reorganizes workmen's compensatidn bureau, eliminating sec- jretary of agriculture and labor and insurance commissioner as members. H. B. 28 2—Permits voluntary hail | ‘ovides for prompter pay- {ment of ‘claims, and separates hail taxes from general taxes, | H. B, 82 — Provides that county jtreasurer notify state land commis- | | i sioner of all moneys collected on state schoolglands within 15 days of such collectfons. H. B. §1—Provides for disposition of interest on all moneys in custody of commissioner of university and school lands, H. B. 114—Amends laws relating to redemption of state and school lands. \ . B, 227—Provides for licensing jand regulating of tourist camps. H. B, 194—Prohibits possession, yand w: f machine guns, sub-machine guns, or automatic rifles. H. 'B. 118—Provides and fixes bond- ing ‘of school district treasurers and city treasurers acting as custodians of school district funds. H. B, 184—Creates governmental survey commission. H. B, 113—Raises Itmit on construc- tion costs of schools organized by pe- tition from $1,200 to $2,500. H. B, 95—Requires teachers in pub- lic schools to take oath of allegiance to flag and constitution. H. B. 45—Appropriates $25,000 to- ward construction of bridge across Little Missouri river in Slope county, near Amidon. ‘H. B. 226—Extends limit of length of state highway system from 7,500 miles to 7,600. H. B, $3—Requires inspection of gasoline pumps and coin weighing machines. H. B, $3—Imposes 10 cents tax on each pound of oleomargarine, licenses and regulates dealers. H, B. 83—Authorizes state board of school lands to lease school land con- taining gas, sodium, chemical sub- stances, or allodial and other clays. H. B. 47—Permits use of grain or ethyl alcohol for non-beverage pur- poses in hospitals, laboratories, cli ics, and for manufacturing and indus- trial purposes. H. B, 71—Provides tor payment an- nuaily of grain storage charges to public warehouses and elevators. H. B, 185—Repeals provision for in- surance of grains stored under farm storage act. H. B, 113—Imposes tax of $1 on all dogs. H. B. 804—Requires weighing of lyestock at packing plants be done by, licensed weighmasters. H. B, 302—Prohibits purchase by packing plants of livestock by weight | until after livestock is graded and sorted in yard. H. B. 213—Amends law relating to redemption. of storage tickets on transfers of warehouses. H, B. 141—Makes minor changes in S. H. B. troliey line at Bismare H, B. 219-—Repeals laws establish- ing prison revolving fund. H. 2—Creates “capitol fire re- | placement fund” for purchase of equipment and furniture by state de- | partment H. B.1 —Prohibits ga: than anti-knock gasoline taining foreign coloring H. B. 164—Permits sto cooperative marketing asso. ations to} { ‘Colds go) Don‘ let it spread (30) through your system... Drive it out. Ne say ROMO QUININE THE ONLY BROMO QUININE , If you get rid of a cold first—with Grove's Bromo Quinine—it can't develop into somcthing more serious. Mr. Farmer- Nationally known fi inance Do You Need Any ‘Farm Equipment for Spring Work? WE HAVE IT! . Why let some one else profit by your investment? SAVE MONEY by dealing: direct, slightly used machinery Allis-Chalmers Tractors Oliver Implements and other equipment priced to meet the FARMERS’ DOLLAR See us before buying. It will be well worth your while. We will give convenient terms. WRITE, WIRE or PHONE HENRY KRIER . Minot, N. D. Representative Agricultural Bond and Credit Corp. -Read This! company has some choice LEGISLATIVE CALENDAR B. 203—Secretary of state re- Places governor in joining commis- sioner of university and school lands dn mortgage foreclosure actions. H. B. 230—Provides for reciprocity in taxation of estates and manner o! deductions from such estates, - H. B. 70—Provides board of county commissioners, after revocation of permit to herd stock in a district, shall not within one year declare it lawful to run stock at large within that district. Bilis Killed by Senate H. B. 239—Permits county commis- sioners to establish public libraries and provides for maintenance of such lbraries. | H. B, 211—Prohibits issuance of hail | [eral to file, | turned soldiers’ fund, applications re insurance policy until form thereof has been approved by state insurance commissioner. H. B. fund. H. B. 313—Establishes hours of la- bor of employes of state departments located at seat of government. Billa Passed by House Senate Concurrent Resolutton 145— Requires referendum petitions having 5,000 signers instead of 7,000, initia- 0 tive petitions 30,000 instead of 10,0 and referendum'on emergency meas. ures to have 35,000 instead of 30,000. Senate Concurrent Resolution 144—| Requires 40,000 signatures on peti- tions to amend constitution instead of 20,000. S. B. 10—Provides that applications for refund on gasoline taxes be made | to tax commissioner instead of state | auditor. | S. B. 102—Gives right of eminent | domain to gas or oil pipe line systems. | Proved su Ss. B. ‘Authorizes board of ad-j attacks. R. Lepso, Apt. 62, 123 E. ministration to transfer license of | radio station located at university at | Grand Forks, S. B, 79—Permits merchants con- ducting business more than five miles | from drug store to sell household | remedies, insecticides, and germicides. S. B. 157—Removes governor from state highway commission and au- thororizes him to appoint full-time commissioner as head and two part- time commissioners, |day, and in’ counties less than &,000 2—Creates “criminal bureau | tepere . Be 1 jtracts of land jointly assessed and taxed, and for redemption of @ part | of sam 0, | Small Toan business, |A Way to Check Business and Financial Machinery of World Is in Bad Need of Gold S. B, 33—Appropriates $113,035.75 for payment of deficit in general main- tenance fund of agricultural college at Fargo. S. B, 156—Requires firms writing burial insurance to comply with laws governing legal reserve life insuran\ companies, providing payment of pt icies or certificates in cash. 8. B. 120—Provides for supervision of administration of trust companies in district court. 8. B, 3—Makes|workable law against issuance of worthless checks, by ellm- inating emengency provision. 8. B, 202—Permits municipalities to issue bonds for purchase of sites for carbage and refuse disposal, and air- ports, 8, B. 19—Appropriates $61,200 for state health department. B. 184—Imposes tax on property of telephone companies according to their opgtating revenue. S. B. 78—Authorizes adjutant ge as claims against r ceived subsequent to July 1, 1927, S. B, 248— Provides that county commissioners in counties of popula- tion over 8,000 shall receive $6 per \—Provides for division of ne. Bi Killed by House Committees S. B. 216—Provided for establish- ment of state highway police syst: S. B, 141—Licensed and regulated Attacks of Fits Reports are received of an amazing treatment that epileptics state has |- iecessful in their Wright, Milwaukee, Wisc., has been | supplying sufferers with .this treat- ment. He now wishes to reach all) those who have not been helped and | to do so is making the startling offer | of a generous treatment free to all sufferers. Anyone afflicted should write for this free treatment at once, giving age—Advertisement. i is excited about his lawn ATAU 7a by pee weeks ago, his lawn looked thin and 4, ? scraggly. Then he fed it with Loma. { And now he’s all excited because the grass has sprung up like magic. It’s thick and it’s reen. And, in a day or 80, it will. have to m cut. 1 eke your lawn? Good or bad, scientifically balanced plant food. Just sift it on. Wet it down thoroughly. That's all. But the results will amaze you. Same way when you use Loma on your flower-beds and vegetable garden. You'll get bigger and earlier blooms and crops. 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