The Bismarck Tribune Newspaper, April 20, 1933, Page 1

Re eth am = ] ee Lj ‘ ' ” North Dakota’s . Oldest Newspaper . ESTABLISHED 1878 ( THE BISMARCK TRIBUNE BISMARCK, NORTH DAKOTA, THURSDAY, APRIL 20, 1938 ea Generally fair eter aly PRICE FIVE CENTS ° U. S. Abandons Gold Standard QUICK PASSAGE OF AGRICULTURE BILL OBJECT OF LEADERS Peanuts Eliminated From List of Items to Be Benefitted in New Plan INFLATION RIDER IS READY Sugar Attack and Voting on 18 or 20 Other Amendments Among Obstacles Washington, April 20.—(?)—Demo- cratic leaders hoped to remove sugar from the edministration’s farm relief bill and rush it to a final vote in the senate Thursday, but the expected of- fering of a controlied-inflation amendment was seen as upsetting their plans. 2 Senator Thomas (Dem., Okla.), in- flation advocate, had an amendment giving President Roosevelt broad powers to launch the nation on a controlled Policy which it was understood he would propose ‘Thursday as a rider to the. farm bill. Thomas’ legislation was approved in general form at a white house con- ference last night. ‘The fight of the administration forces to confine the price-lifting benefits of the farm measure to the Northwest Solons Against Peanuts Washington, April 20.—(?)—All northwest senators who voted on the question recorded themselves Wednesday for elimination of Peanuts from the farm relief bill. The elimination, by a 43 to 39 vote, was considered a victory for those seeking to limit the products to be dealt with under the meas- ure. Voting aye were Schall and Shipstead of Minnesota, Nye and Frazier of North Dakota, Bulow of South Dakota, Duffy and LaFol- Jette of Wisconsin and Erickson of Montana, Norbeck of South Dakota and Wheeler of Montana were not re- corded. (eemneencs) | senate agriculture committee prevent- ed a final vote Wednesday. Aided by a few independent Repub- licans, the Democratic leaders man- aged to eliminate peanuts which had been added the day before. Thursday they centered on sugar cane and su- gar beets written in earlier Wednes- day by a 44 to 37 vote, constituting a major setback for the administration forces. The attack of sugar and the voting wrist watch. RAIN, SNOW, SLEET Full of Ticks ‘Three-year-old Bill Jorgensen, above, swallowed his mother’s Then he called her, pointed to bis heart and said, “I'm ticking.” cated the watch, and doctors hope to avoid an operation. BXACT THEIR TOLL Routed Following Wash- out At Fryburg X-rays lo- |\Wheat and Stock ND, CREAMERY BODY TO AID STATE DAIRY OFFICE FINANCIALLY Action Follows Veto of Depart-| ment Appropriations By — Governor Langer They Say Aided ‘Cen- \ tralizer’ Companies dairy department sppropeistions was Northern Pacific Trains Are Re-| reviewed by t cult ADOPT ASSESSMENT PLAN Speakers Condemn Veto, Which McClusky, N. D., April 20.—(7)— The North Dakota Local Creamery association voted unanimously at its \ Prices Leap | | RUSSIAN LENIENCY Soviet Would Avoid Any Action Hinting At ‘Intimidation’ By British London, April 20.—()—The Russian ‘ambassador was reported Thursday to that its embargo proclamation has made it difficult for leniency to be shown the imprisoned British engi- neers in Moscow. The hope was strong here that sen- tences imposed on the two Britons for alleged sabotage and espionage ac- tivities will be commuted to deporta- tion. In that event, it was expected that the embargo on 80 per cent of Russian imports, effective next Wed- nesday, would be revoked. On the other hand there was @ sug- gestion that the Soviet republic would ‘hesitate to grant the petition now be- U. S. Abandons Gold to Launch Bold Program 4. P. Morgan Indorses Plan of the procession. Fighting Deflation By Em- bargo on Metal arily cut loose from gold. gold standard” frankly was taken. {mace by. dollars dard, although an embargo on during the World war. New York, April 20. — () — Uncle Sam was launched upon a bold pro- gram Thursday to replenish his pock- etbook with managed dollars, tempor- The fateful step of “going off the Before this announcement was Treasury Secretary Woodin, had declined some 10 per cent have informed the British government |in terms of principal European gold currencies, and prices of stocks and —— commodities surged up- Not since redemption of paper cur- rency in gold had been resumed in 1879 had the United States officially announced itself off the gold stan- While much confusion developed in high financial quarters as to the im- port of this momentous step, J. P. Morgan in one of his infrequent pub- lic statements, indorsed the new im- Position of a definite embargo on gold exports, saying: “It seems to me clear | Are on Their Annual Flight | CHICAGO, NEW YORK MARKETS SWAMPED a Bushel; Purchasing Is Enormous OTHER CEREALS FOLLOW Securities Go Up $1 to $9a Share, Adding Billions to Values New York, April 20.—(#)—Deluged with buying orders, commodity and sensational activity Thursday as the nation sought to adjust itself to the t of “controlled inflation” prospect after more than three punishing years of decline. Billions were added to the quoted values of stocks and staplés. trade, where wheat was bid up 3 cents and more a bushel. Cotton at New York soared $2.50 @ bale, silver futures 2 to 3 cents an ounce. Rubber, coffee, sugar, copper, lead, hides and other basic raw ma- terials of trade and commerce joined on the New York stock exchange was the wildest since the Palmy days of 1929, and the high- speed tickers, gearedto handle 6,000,- 000-share days, dropped nearly half an hour behind actual business on | the floor. The rush to buy at opening time ‘was so great that orders were lumped into huge blocks. Reacting now and then under profit-taking, the market zoomed along at a terrific clip. U. S. Steel common at one time was selling at $44.50, up $6.50. Corn Products Re- fining jumped $9.62 at the opening to. price of $74; while scores of is- regoy particularly metals, jumped $1 Customers’ rooms of brokerage houses were jammed, while the trad- ing pits of the commodity markets Presented scenes of high-pitched ex- citement as traders sought to execute orders. Meanwhile, the dollar, officially off gold - pee nad teen tn effect forse the gold standard at least for pur- Poses of international trade, was sub- ject to violent fluctuations in the foreign exchange market. Sterling jumped 20 cents to the pound while the gold currencies of Holland, Swit- zerland and Belgium advanced broadly. Speculative bonds joined the rise Wylie Disappointed by Lower Appropriations Grafton, N. D., April 20.—()—Dr. Elite 4 i i i 3 Hi i i : i a5 ge titi 5 E i | E it ark a ag; Ped Fete i rf ry id a if i i aif fl ig i i sf é ge é Teoaived DY Both peas ‘otras wil at- ‘IMPERIALISTS’ LASHED - Moscow, April! 20—(?)—As the clouds of economic war darkened the horizon, Izvestia, official Soviet organ, lashed out Thursday at “British Imperialists.” cused them of attempting to use the recent sabotage trial of British engineers, to promote an empire trade program laid down at the Imperial conference at Ottawa z to combat and overcome the defla- tionary forces.” The embarking upon a managed major coun! Great Britain, have abandoned the Position But the United States, with its huge supply of gold now under financial authorities, to keep its cur- ‘The suspension of the gold standard Bank Robbers ye & 88 Slay, J Abduct o Bank Holdup Report Result of Mistakes -_——. ry |that the way out of the depression is currency program by the United States was an unprecedented step for try. Others, notably government control, and its favorable balance of trade, was in @ position, according to rency close to its gold parity had it desired. of stocks and commodities, but gilt- edge loans again slumped. TENNESSEE VALLEY MEASURE FINISHED Scope Limited to Meet Republi- can Objections; to Urge Passage Saturday Washington, April 20.—()—Presi- {dent Roosevelt's program for devel- opment of the Tennessee river val- ley, its scope limited to meet Repub- day. The military committee gave its ley authority to operate the giant Muscle Shoals power and nitrate plant, and build the Cove Creek dam on the Clinch river in Tennessee. WITH BUYING DELUGE Wheat Bid Up 3 Cents and . | stock markets swirled upward with pward | 44 Years Old CHANCELLOR HITLER Berlin, April 20.—(#)—Chancellor Adolf Hitler's 44th birthday was cele- brated throughout Germany Thursday with @ popular fervor never exceeded even by similar celebrations in honor jof the former Kaiser and President von Hindenburg. Cities were liberally draped with flags, even to the buses and street cars. Berlin police, with Nazi storm troops and steel helmet detachments paraded along the fa- mous thoroughfare under Den Linden. Special services were held in the Prot- estant cathedral and a matinee con- cert was held in the state opera house. Hitler portraits and busts were plen- tiful in shop windows. EXPECT HELP FROM BRITON, FRENCHMAN IN GOLD SITUATION Arrival of Prime Minister Mac- Donald and Former Prem- ier Herriot Awaited Washington, April 20.—()—World attention centered more than ever on ‘Washington Thursday as two of the old world’s foremost statesmen ap- jProached America’s shores for history- making talks with President Roose- velt who only Wednesday changed the whole economic picture by withdraw- ing support of the dollar on foreign exchanges. New significance was attached to the coming of Prime Minister Ramsay MacDonald of Great Britain and for- | mer Premier Edouard Herriot of | France as a result of the American action which Secretary Woodin of the treasury described as taking the United States off the gold standard. The answer to the question of how soon and on what terms this country might again adhere to a revised inter- national gold standard was believed by many officials to be bound up in the outcome of the quiet talks to be held between the president and his visitors in the next few Roosevelt's sudden move, but among the effects was listed a definite step toward the reestablishment of a gold standard to which national currencies could be attached at new parities on present conditions and ‘values. From the white house came the word that the dollar would be allowed to find its own level internationally since this was seen in some quarters THREE-POINT PLAN FOR INFLATION SB FOR PRESENTATION Would Give President Roosevelt Authority to Start Under New System QUICK ACTION IN PROSPECT Foreign Nations Mark Time Following Abandonment of Gold Standard Hers Washington, April 20.—@)—A three-point measure giving President Roosevelt complete authority to start the United States, now off the gold standard, on @ policy of controlled inflation was whipped into shape Thursday with the chief executive's approval. The legislation was outlined in general form at a white house con- ference Wednesday night and Sensa- tor Thomas (Dem., Okla.), the spon- sor, probably will introduce it Thurs- day as an amendment to the admin- istration’s farm bill pending in the senate. Thus quick action was in prospect t. ‘The broad grant of authority pro- posed in the Thomas bill would give the president power to undertake in- flation by any one of these methods: Issuance of new currency; acceptance of silver in payment for war debts; decrease the gold content of the dal- U. S. Move Is Felt | Throughout World Pres) | The dollar value pound. i rejected || United States took the step to in more than seven years. Berlin—A high financial aue thority said that in the long run Present fluctuations 8 ‘Vienna—American travelers got 10 per cent less for their dollars than they did a few days ago. Madrid— Considerable nervous ness was reflected in money cene ters regarding the United tion's outgo and income columns, the deficit for the present fiscal year EE ‘The treasury statement for April 18 showed that on that date the govern- ment had spent $1,503,866,688 more ‘since last July 1 than it had collected. Its income from all sources amounted Eri tended.