Evening Star Newspaper, June 12, 1922, Page 3

INDUSTRIAL HONE SSUE UNGHANGED Agencies Interested in Main- taining School for Children’s Use Still Investigating. The Industrial Home School situa- tion remained the same today, while ®gencies interested in the mainte- Tance of the Institution as a receiv- dng home forgchildren had not con- cluded the investigations, inquiries &nd action expected. The investigating committee of the Congress of Mothers and Parent- Teachers' Association will issue no dormal statement until after its meet- ing tonight. under the chairmanship of Mrs. Edmupd Brennan, when a re- port of invest ion as to Charges support of school the b [4 g ssolution f hat children's of removing children from wn up. Awaits Return of Chairman. from Until the return to this city Hot Springs, Va., of Chairman Joy Edson of the 1 of Within the next few it €xpected that the report of L auiry by a s 1l committe Toard into the situatio: Public. Mrs. Whitman (¢ committee which b +Scnal investigation of several of the not in- the ' private homes to which children were v“farmed out” by the board of chi ldren’s guardia vhich took them “from the me School. In between the home and the pri- ‘ate homes will b ture. No Action by Commissioners. The District Commissi v *n no definite ac rd of the board of child rep's guardians i $hoarding homes ratfer than in the ,Industrial Home chich has theen desig ving home {for them hy {FRANCE AND VATICAN FACE DIPLOMATIC SPLIT Genoa Parley Differences Arouse Feeling—French Ambassador May Not Return to Rome. By the Associated Pross. ROME, Jun ,relations het Inohr soe appeat i« serious revers ty mildly p for closer and the ountered apers of th recull *io in Pari A do fgr. Cerretti ¢ that X ambassador extraordi the Vatican. who is at present from Rom @y not return bafore in that nomic ¢ This let on the part tion to ¢ - v La Tribuna that M. was sent here with d hoped to settle a tions berw holy see, met the great ac vexatious qr public and the [j Paris havins His efforts were 1 the at Genoa, and felt the rapproac hetwe d and the the powerful influe; ican anc ce of the Catholic party in Italy would leave France Jalone The Glornale d'Italia says there has heen frict tween and Franc he guestion involv ing the ra the papal nuncio & the wdors in Paris. It {amon: says the French Ithat only in ithe n and th i social fur ous nt oni 1 othe 1 realm and at nk in the politlc tions the ri dor shall be determined by sen- ficial organs of far refrained their view. lelier made of human bones adorns a church in the of Seid- |11tz Bonemia SPECIAL NOTICES. the | the home | Home Scho | investis . i d circum n 3 ng of the s ool on July gl The e on of the board of ! -_U stees was forwarded to the Dis trict Commissioners last week, ask- }ing that a full investigation be made 'of the whole matter, pecially re- igarding the placing of the wards of resulted in ! 11 Monde that | the Russians were invited to The ! Hague. The British government considers ! that the Cannes conditions should be the basis of the pre m and asserts | that private property in Russia| | should be restor=d to its owners or that they should compen- i sated, but that Russia’s sovereignt; | | tration i Abe Martin Says: othin’ makes me as sore as {buyin’ a swell weddin’ present fer somebuddy an’ then readin’ in a week or two that ther’ ask- in’ fer a divorce,” said-Tell Bink- ley, t'day. * (Copyright LONDON SAYSREDS MUSTJON PARLEY Agrees With Paris, However, That Hague Be Confer- ence of Experts. By the Associated Press, PARLS, June 12.—The British reply wspaper Service.) tional to Premier Poincare’s memorandum setting forth the French attitude agrees that the Hague conference | should be a consultation of experts and should avoid political and diplo- matic questions. Great Britain dis- agrees, however, regarding M. Poin- care’s demand that the soviet govern- ment withdraw its memorandum of May 11, holding that it is superseded the soviet's later declarations and Lat in any case request for with- drawal should have been made before “ted, and no program hould be imposel if her indispens s to be considers war debt ireat that Russia’s duced in part. The private inter sts that must be ted on to credits to the says the reply, will need guar- 1d the governments can aid secure these guarantees. apitulation” Furope, the note continues, for the statesmen taking part in the at- tempt to restore Russia are gnite capable of protecting thefr own in- terests. PEAROGRAD PORT OPEN. Five American Relief Ships Routed There With Supplies. TONDON, May 25—The port of regrad is now open and five ships .riying American Relief Adminis- cargoes have already been routed here. They are loaded with i plies for adult sufferers in Rus- The opening of Petrograd will the problem of the American Administration shipping repre- s in the Baltic, the 600,000 which the American Relief Adminis- tration is sending to Russia, 425,000 have already arrived at either Baltic or Black Sea ports. focd has reached tha Volga vallcy them There is no question of to by se Rel sen of to maintain free feeding of 8,000,000 { persons. Frogs and toads are gifted with a remarkably acute sense of hearing. SPECIAL NOTICES. | OFFICE OF THE MAYOR AND COT Takoma Park, Md., June 5, 1422 Notice | hereby given of the follawing contemplated i work " Coment sidewalks at $1.60 per linear foor nbutting property Fthan estimated cost of » be as: 1s herein Eim, vennes and 10, 11 and suldivision. Lots 1. rroll Manor sub- land on Maple present walk therean to Philadelphia avenue extended. Concrete roadways and curbe on Spruce ave- gue at an estimated cost of $9 per linear Toot. one-third of such c against, the following lot i, 14 apd 15, block . 28, 29, £1. 82, 33. 34, 8, ‘block 8 An Lipscomb and Earnest, trutees’, subdivision, Grading of Patk avenue from' fhe line of ahe Hill Crest subdivision northward to its gutersection with Maple avenue extended, at a wost of $2.80 per linear foot, the fotal cost 20 be amsessed to the abutting unsubdivided ‘groperty. The mayor and council. at a special meeting vening, June 26, 19 at 8 o'clock, ment of the Presbyterian Church, il _hear all persons interested in the con- ‘gemplated work herein described. 7 REN G. DAVIS, Town Clerk. JAMES L. WILMETH, or. i TELEPHONB COLUMBIA 23 2417 14th ST. N.W. ask about our reasonable prices for aundry and_drycleaning. BRING US your old gold, silver. platinum, DIAMONDS gnd discarded fewelry. We need them fa our anufacturiog department. WILL PAY HIGHEST PRICES. A. Kahn Inc, 935 F St. TALTO GIFT SHOP, 715 9th BST. for hand coloring, developing, printing, afioofs—-Slag Rooi: REPAIRED AND PAINTED. Call Main 760. That's our. Ity HIGH GRADE BUT NOT HIGH PRICED. HE SERVICE SHOP YRON S. ADAMS, FEurmans. The Kind of Printing You Need —XNo Job too large for efficient execution. National Capital Press 12101212 D st. B.év. Garage Doors —of approved type at de- cidedly interesting prices. Call and see 'em. Geo. M. Barker Co., Inc. 47651 N. Y. Ave. 1517 7th. Tel. 3. 1343 el mgainst | il n the | SPAIRED AND UPHOLSTER- Will go anywhere. Address "TION_OF NINB TR an Fire Insurance Company wil be held at the office of the com- 511 7th st. n.w.. on Thursday, June Polls open from 11 (Sigred) H. H. BERG: ~WATCH REPAIR experfs on rtepairing Gruen, ss watches WOLPE'S JEWELRY STORES, American ~ and CALIFORNTA CARS FOR HOUSEHOLD GOODS nd baggage at reduced rates, with greatest and an Francisco, July 8; SECURITY STOR- STON, JT 4 TRAN Nw._ M % TREASURY DEPARTMENT, OF- fice of Comptroller of the Currency, Wash- fogton, D. C., May 5, 1922.—Whereas, by sa tactory evidence presented to the undersl ed, it has been made to appear that Hamilton Natlonal Bank of \Washington, the City of Washington, in the District of Co- lumbia, has complied with all the provisio of the Statutes of the United States, required fo be complicd with before an assoclation shall be authorized to commence the business of banking. Now, therefore, I, D. R. Crissinger, do_hereby ceriify that “The Hamilton National Bank of Wi it in_the City of Washington, in the District of Columbia, is authorized to commence the business of bankihg as provided in seetion fifty-one hundred and sixty-nine of the Revised Btatutes of the United States. Converslon of the Hamilton Savings Bank, with a main office and three branches located within the limits of the city of Washington, District uf Colum- bia. In testimony whereof witness my hand and seal of office this FIFTH DAY OF MAY, 1922 (Seal.) D. R. CRISSINGER, Comp- trolicr of the’ Currency. GRAND AND UPRIGHT PIANOS FOR RENT anos taken In as part payment on victrola 0 WORCH. 1110 G n.w. Kranich & Bac and Bmerson pl PAINT YOUR ROOF —and_keep it fn good repair; you will add longer life to your property. Estimate free. R. K. FERGUSON, Inc. Roofing Dept. 1114 Oth st. Ph. M. 2490-2491. The Shade Shop Comptroller of ‘the Currenc: 830 T3th St. Py High Grade Window Shades—to Order at Factory Prices YOU REMEMBER ME! John Hodges, the Bookbinder 1011 E Sireet N\W. Ground Floor. Bookbinding has not advanced in prics, and now s the time to have it done. Bring in your old books and have them bound. OUR CUSTOMERS kal a 5 Let us end your roof uvublel'n:c.o la!r all. It is our buginess. We know how. IFONCLAD Roothg 1416 F et. n. Company. Phone Mals 14, PRO) OWNERS GARAGE ILL RETURN YO0 060% ANNOALLY. w » 2 We_will finance, build_and reat for you. National Garage Mfg.' Co., Inc., 2039 Ga. ave. one N. 8038. tons of supplies | Enough of this! DISTRICT BANKERS 10 ELECT EVANS Slated for Pre§ldency at An- nual Election at Convention. Bpecial Dispatch to The Star. HOT SPRINGS, Va., Monday, June 12. —The second session of the fourth an- nual convention of the District Bank- ers’ Assoclation was called to order here at 9 o'clock this morning, with a full attendance. Joshua Evans, jr., first vice presi- dent of the assoclation, and slated for election to the presidency at to- morrow’s annual election, presided. W. J. Waller Makes Address. W. J. Waller, cashier of the Amer- fcan National Bank, and past presi- dent of the Washington Chapter, A. I. B. spoke on “The Activities of the Chapter.” He said, in part: “The world war made it necesary for the banker of today and the future to be well versed in general banking prin- ciples, bank organizations and ad- ministration, of bankruptcy, con- tracts, negotiable instruments, and all business relations, political econ- omy, corporation finance and invest- ments, domestic and foreign ex- change, and the complicated income tax, all of which proves the truth of the’ slogan of George Allen, who for vears has been educationai director of the American Institute of Bank- ing, which is: “A successful banker is composed of about one-fifth ac- countant, two-fifths lawyer, three- fifths political economist” and four- fifths gentleman and student; total, ten-fifths, double size. Any smaller person may be a pawnbro promoter, but not a bhanker. Institute Thriving. “The institute striving, through its courses, to give the education that is necessary to fulfill the above-named requirements. “The yvear that has just passed has been the most successful one in the {history of the loeal chapter fn almost every respect. The educational com- mittee at the beginning of the vear made up a program and then decided to request several of the local bank- ers who are Interested in chapter work to agree to deliver two or three lectures during the year, naming the {subject and designating the time at which it should be delivered. “This plan gave the lecturer time, if necessary, to prepare on the sub- {ject miven iim and o gave him notice far enough ahead of time so that the engagement might not con- flict with other engagements that might be made, and the success of this year can be attributed to the splendid work done by the good ifriends of Washington Chapter. who yhave delivered the lectures and con- ducted the quizzes. In the elementary class there was average attendance of 117, which by far larger than any previous The lectures for the advanced lass were al] delivered by Mr. R. B. Dickey, who, by the way, been im:\d? an honorary member of Wash- ington Chapter on account of the splendld work done and his loyal sup- port. |7 “In the advanced class there was an average attendance of sixty. This also {s a record attendance for the class. A Real Record. “It has been a source of great satfs- Chapter to know that several of the banks offered prizes for the employes who will pass in their examination. This means that these banks realize the benefit that they are deriving ifrom attendance by their emploves in chapter work. “A record that we are all proud of, and one that we constantly bring to the attention of the younger institute men, so that they might have a further iIncentive to devote thelr | spare time to the educational courses and to take a greater interest {n in- | stitute activities, 15 that out of twen- ty past presidents of Washington chapter seven are presidents of banks, four are vice presidents, one is cashier and five are junior officers; the other three are not in the bank- ing business= A year or so ago the women mem- hers of Washington Chapter, who up to that time were only admitted as associate members, were granted full membership, carrying the right of suffrage, and this year a ladies’ com- mittee was formed, Mrs. H. D. Reed of the Commercial National Bank as chairman, with the idea In view that interest might be stimulated among l(he women employes.” “In this connection I might state | that out of the forty-three who took jthe final examination for the ad- vanced course ten were women, and “ {it will not be long before Washington Chapter will have women certificate holders.” Outlook Encournging. “The outlook for the futurs of i Washington Chapter is very bright. In the past the District of Columbia Bankers' Association and the Wash- ington, D. C. Clearing House Associa- tion have made annual contributions { for_support of the chapter work. “Iam sure that all the banks in the city feel a much closer relationship with the institution, owing to the face that both organizations are housed in the same quarters, and for further reason that the banks feel that they are contributing directly to the sup- port of the chapter under the the new plan of prorating the expenses.” A Popular Topfe. George T. Seay, governor of the Federal Reserve Bank of Richmond, was the next speaker. He addressed the conv®ntion on “Ad- vantages of Membership in the Fed- eral Reserve System for State Banks and Other Financial Institution: He said in part: “Considering what the banks have so recently passed through and the remarkable growth of the banking business within the last few years, 1 cannot think that there dwells in the minds of any of you a doubt that our new banking mechanism or sys- tem has been chlefly, it not entirely, responsible for that growth. “We cannot accurately characterize former banking methods as a system, because there was no system, al- though the national banking plan 18 often alluded to as a system. That plan congained within itself what Senator Glass has described as the ‘Slamese twins of disorder,’ one an inclastic currency, and the other & fictitlous bank reserve. One of these twins {8 pow deceased; the other, fictitious reserve, is being kept alive and breathing by state banking laws, although its power for evil is prac- tically nullified or greatly reduced by the reserve system. However, 80 quickly in this country do we be- come adjusted to new conditions that many of the people seem ucklng in knowledge or a full understanding of the tremendous changes Wwhich five been brought about by the operations of the federal reserve banking system.’” Due to Business Sentiment. “But it is significant that the most active move for the reform of the banking system originated with the business men of the couptry, and It is a fact that the enactment of the federal reserve law was finally brought about more by business sen- timent than by bankers. “In November, 5 o faction to the officers of Washington | 1896, the board of ol SF Trade took steps to bring about & meeting of the representatives of the boards of trade of sixteen western states. A meeting was held at In- dlanapolis in December, 1896, attend- ed by representatives of the boards of trade of eleven cities, and, as a result, a call for a non-partisan monetary convention of business men, to convene at Indlanapolis uary, 1897, was sent out. Delegates from’ twenty-six states and from the District of Columbia attended that ponvention. An executive commit- tee was appointed to procure at the following ‘session of Congress leg!s- lation for the appointment of a mone- tary commission by the President. “In case this falled, the committes was to select cleven men to make & thorough Investigation of the mone- Harris ~EWING JOSHUA EVANS, Jr. tary needs of the country. This com- mission of eleven men held its first meeting in Washington in Septembe 1897, and the preparation of its fina report was placed in the hands ol Prof. J. Lawrence Laughlin, and was completed in April, 1899." The speaker then detafled efforts to awaken the public mind and recalled that it was 1907 before anything definite was accomplished. the Quoted From Report. The governor quoted from the re- port of Secretary McAdoo for 1917, in which he said, “Without this system it would have been impossible to finance our enormous domestic and foreign governments making com- mon cause against Germany and to care for the extraordinary expenses entailed by our part In the war." {..“1 have no doubt 14 Gov. Seay, | “that bankers will have to be on the alert to maintain the integrity and sound principles underlying the struc- ture of the federal reserve act and to preserve the administration of the act free from encroachments of in- fluences which should have no place {1n its determination.” | He then delved into local conditions with the banks of Washington and the rapid growth under the working | of the rescrve system. Also to the great growth In banking generally, | “The system now embraces per cent of the commercial banking {power ot the country. The present tem of banking has been a pro- tection to all forms of banking &nd {has faciiltated the expansion of banking power. The commerce and ithe entire country has enjoyed a de- gree of protection under the new |banking laws that never before exist- ied. If the system Is on trial, judged by results, we may confidently expect a’ verdict from the bankers of the |country that the system has been of unparalfeled advantage to them and to the country. Gold Now Wide Basfs. Attention was called to the fact that under the system the concentra- tion of reserves in reserve banks, gold 18 now a basis for at least twice as much credit as before the estab- lishment of the system. The speaker expressed his bellef that “hundreds of state banks would not have been able to maintain their solvency but for the credit assistance extended them by the federal reserve system through member banks.” Member banks obtain currency from the system free of cost, and they also have the advantage of dealing direct- 1y, thus saving time. At this point Gov. Seay read a let- ter in which he answered objections of a state banker to the expense of the system, etc., etc. One strong point he made when he called attention to the fact “that no one has heard of clearing house certificates or the sus- pension of cash payment since the tablishment of the federal reserve system.” Cites Other Benefits. Enumerating other benefits of the system, the governor sald: “Member banks have the right to discount eligible paper. Members can obtain currency and coin free, the Federal Resorve Bank paying all cost of fur- nishing currency and insuring ship- ments both ways. It even pays the cost of telegraphing ordering such shipments in an emergency. “The ‘system recelves checks, drafts, ANTHLYNGHING BL SCORED BY BORAY Regards All Legislation by Congress on State Affairs as Unconstitutional. If anti-lynching, child labor and other similar lawg dealing with state affairs are to be enacted by Congress, then the people of the United States should first be given an opportunity to vote on a proposal to amend the Constitution enabling Congress to pass such laws constitutionally, Sen- ator Borah of Idaho, republican, de- clared fn a letter addressed to the editor of the ton Transcript, made public last night. Senator Borah 1is chairman of a subcommittee of the Senate judiciary committee, which has had before it the anti-lynching bill. “Yoar after year Congress is lashed | into passing laws which are mani- festly unconstitutional” said Senator Borabh, and it has come to be a set- tled principle apparently that Con- gress should disregard the Constitu- tion amf leave the Supreme Court alone to protect it. To my mind such a rule is so utterly shameless, so ut- terly intolerable, that it is startling that it should be even spasmodically urged.” . Deplores Mob Violence. Deploring mob violence, Senator jorah said that the anti-lynching bill, providing federal punishment for officers of the law who were accused of laxness in preventing lynchings was unconstitutional, while the Su- preme Court had heid two child la bor laws void. other subjects and propositions with which Congress Is urged to deal! said Senator Borah, “aré not within the competency of Congress as the Constitution now stands. If the peo- ple of this country have made up their minds to deal with all these matters through Congress, then why not give Congress the power to do =0 rather than urge a course which involves the lowest form of consti- tutional immorality? Regarded ns Grave Problem. “I urge therefore that there is un- derlying these questions the gravest constitutional problem which we as a people could have presented. But it the change is to be had it is bet- ter to change it openly and candidly and intelligently than to longer pur- Sue the Ineffective, fruitless, demor= alizing method which we are now pursuing.” —_— notes, ete., for collection, and makes o charge therefor. _ "0 Reserve banks give free privilege to telegraph transfers of funds in all districts where the system has a branch becoming a policy for banks to adver- {lee their membership in the system. The member banks have the benefit of supervision and examination by One of the federal reserve banks. greatest benefits is the improved credit statement from customers which banks now obtain through fed- eral reserve requirements. “It is a rare thing for a customer for any reason to refuse to make & statement. “There is one great service the re- serve system is daily rendering to banks and the business public; the transfer of funds and settlement of balances between different sections of the country in huge volume, the handling of billions of dollars with- out charge.” Highest Development of Banking. “It 1s admitted,” sald Gov. Seay, “that the federal reserve act and the federal reserve system, whatever de- fects they may have, either in the terms of the law or in the operation of the system, are the highest de- velopment of the banking and credit principle yet achleved by any bank- ing countr. E. J. McQuade, vice president of the Liberty Natlonal Bank, conducted the symposium, upon which he and the younger men associated with him have given much attention. The subjects covered were: Filing of Reglstered Mail Recelpts, by Keith I Small of the RIggs M tional. “Collateral and Safekeeping Rec- ords” by J. B. Yerkes of the Fed- eral National. Prize essay, “The Trust Depart- ment,” W. A. Cady of the American Security_and Trust Company "Safe Deposit Department,” by J. C. Dulin, jr., assistant secretary, Amer- ican Security and Trust Company. “The Personnel of a Bank,” by O. H. Heal, Commercial National Dan Prize essay, “Joint and Survivor- ship Account.”” by H. W. Burnside, Farmers and Mechanics' Bank. “An_Audit System for the Collec- tion Department of a Bank,” by F. H. Cox of the Commercial National Bank. —_— Between the ticks of a watch a ray of light could move eight times around the earth. 2 n other words, all these and many | Postal savings are deposited, | preferably with member banks. It is| THE EVENING STAR, WASHINGTON, D. C., MONDAY, JUNE 12, 1922. - ar governors of the Indiana s Board Tow” SERGEANT cuTs l FINE OF SPEEDER, BUT REFUSES HIM RECEIPT The liitle town of Falls Church, Va, had a day yesterday in “speeding” fines. The town ser- geant, Gibson by name, sits on the roadside under the shade of a tree, and fixes a fine, after the speed cop on a motor cycle, with a District of Columbia license tag, pinches ‘em. Town Sergt. Gibson is accommo- dating. He looks over the car and fixes the price. But, If you haven't that much money he takes less, in collateral, but gives no receipts. One motorist yesterday, jogging over the ruts in the road, saw a motor cycle coming up behind them. A wave of the hand from the rider indicated a stop. He did. The cop had neither badge nor gun to indicate his authority, and no uniform. He told them they were speeding, and rode beside them to a flivver on the roadside, where the town sergeant said: “Ten dollars.” “But we haven't got that much.” { “How much have you,” the town | sergeant asked. “Maybe I can fix it ! ven-fifty. i at the wheel. | _“Well, just give me that seven- | fifty. It will be five dollars fine { and two-fifty cost: The town sergeant even refused a receipt for this collateral. There wasn't any trial, so the motorists are trying to figure out where the costs come in, unless it was to pay for running the motor cycle and flivver for a day. LENIN'S CONDITION MORE FAVORABLE ! Reports in Moscow, Indicat- ing His Ailment Is Curable, Encourage Communists. By the Associated Press. MOSCOW, June 12.—Premier Lenin's condition continues to show improve- ment, it Is stated in offictal circles, and he is now able to walk In the gardens ang dictate letters. Contrary rumors still prevail, but the pessi- i mistic attitude of the communistic | circles ten days ago. when the pre- {mier was admittedly in a critical condition, has vanished since the spe- cialists have pronounced his ailment ! curable. | The Petrograd soviet in a letter ad- dressed to M. Lenin, asks him to follow the doctor’s orders strictly, and to spend some of his time in the fields and woods. Advisory Directorate. Meanwhile M. Rikoff and M. Tsuru- poff continue to care for the techni- cal duties of the premier's office, while War Minister Troteky and Leo Kameneff, president of the Moscow ! soviet, are reported to be acting as an | advisory directorate. Only the absolute conviction that Lenin is forever out of action would lead to the appointment of any one to succeed him permanently, and it is now the feeling in official circles that. unless unexpected developments oc- cur, the premier will be back in the thick of the nation’s affairs within a few months, at the most. —_— D. C. PASTOR GETS CALL. Rev. W. R. Flanagan Will Go to Richmond Church. Special Dispatch to The Star. RICHMOND, Va.. June 12-—Call to| the pastorate of the Northside Bap. tist Church, one of the pretty sub- urbs of Richmond, has been tendered to the Rev. W. R. Flanagan, now pas- tor of the West Washington Baptist Church. He is expected to come here about the first of October. He suc- ceeds Rev. A. O. Boda now state evan- gelist for the Baptists of Baltimore. —_— FISH FLAGS UNFURLED. | responded the man i Three Float Over U. S. Embassy in Japan During “Boys' Festival.” TOKIO, May 12 (by mall).—Three gorgeous fish flags flew from the flag- Staff in the American embassy grounds on May 5. the anniversary of the “boys’ festival,” the birthday of every male child 1 Japan being celebrated this | day. ‘The three fish flags over the embassy donated that the occupant, Charles Warren, was the father of three sons, who, according to the Jap- anese, are “sturdy scions of the race, who face the future and swim up- stream_ against all contending currents and who shall win owt to the quiet waters of well earned ease." The birthday of Mr. Warren's young. est_son fell on the eve of the ‘bovs’ festival,” so he, at least, had a double | birthday celebration, I American and | Japanese fashion. {ing trade agreements no merchants [sence of a_trade agreement, our ex- HODVERSEESFUND RUSSSHANNED Restored Production by For- eign Capital Only Means of Creating Trade. The really important problem now confronting American business men with respect to Russia is not that of trade, but of investment, Secretary Hoover declared last night, in a state- ment clearly summing up the entire Russian situation. “Without a large investment of foreign ecapital as a means of restoring production,” Nr. Hoover safd, “Russia will not be in a position to buy goods from outside countries for many years to come. “There seems to be some misunder- standing as to the practical character of trade agreements made with Rus- sia by foreign governments. There is nothing in the trade treaties between Russian and England, Germany, Italy or other countries, which permits or establishes trade with private indi- viduals in Russia. In substance, all that the treaties really provide is au- thority for the Russian government itself to establish buying agencies n the several countries. Total Imports Small. “In view of the fact that the total present imports of soviet Russia are small, the interest of foreign con- cerns’ in_ seiling goods there would necessarily lie chiefly in the hope of laying foundations for the future. No uch hope can be entertained so long as the soviet government monopolizes import trade. Under that practice there can pe no establishment of business connections, no building up de reputation. hin the past few months co- operative institutions, which had been converted into purely govern- ment organs, have been restored to some measure of independence and have been given limited rights to engage in foreign trade at the same offices as the soviet government Still more recently importation of some agricultural implements has been permitted to private Russian in- dividuals. The great bulk of for- cign trade, however, remains in the hands of government organs. “Uninformed persons often speak of the so-called blockade maintained against Russia. As a matter of fact. for two years now no such blockade has existed. The real blockade on| trade, not only with us, but with ali the world, is that maintained by the soviet government Itself. By its monopoly of commerce it has hamp- ered the export even of the small quantities of goods which were avail- able and has discouraged the produc- tion of more goods. Our govern-| ment puts no obstacles whatever | upon selling to Russia. One result| has been that even in countries hav- | have been able to establish them- selves in Russia or to undertake manufacturing enterprises Little Prospect for Exporting. There is little prospect that Rus sia_will have any more to export in 1922 than she had in 1921. Meantime, | the gold reserve is approaching ex- | haustion and with it is disappearing | i i what might have furnished a start toward re-establishing a workablc urrency. The paper money of Rus- | is hastening to the ultimate tastrophes of utter unacceptabil ~ithin the country itself. The recent attempt of the bolshevik leaders to restore something resembling indi- vidualistic methods in the conduct of industry, and particularly by pay- ment of wages in money instead of a communistic division of commod- ities In the form of rations to thel workers, has itself hastened the cur- | rency debacle. There being a fun- damental shortage of foodstuffs and other necessaries, wages paid in: money naturally cannot buy enough to_support life.- Prices soar, and though wages are muitiplied by constant emissions, they cannot catch up with allopin prices.” as a leading bolshevik jour nal calls them. Prices in Moscow now are doubling every month, which means multiplying 4.000 times in a year. A day ration of food cost, ini{ April, a million rubles. As a matter of fact, despite the ab- | - ports to Russia compare very fa- vorably with those of our two prin- cipal competitors—Great Britain and Germany. Really Important Problem. The really important problem con- | fronting American business men with respect to Russia is not that of trade, | but that of investment. Without a| large investment of foreign capital as | a means of restoring production, the prospects are that, at least for som: years to come, there will be even legs opportunity to sell goods to Russia than in 1921, for with the ex- haustion of ehe gold reserve, her means of payment will shrink to a minimum. The feasibility of investing capital in Russia depends essentially on the policy of the bolshevik govern- ment and on the general internal situa- tion, and not in any important degrec upon actlon of foreign goverrments. | | | | | e — The secret of goodness You know how good Heinz Pickles and Sauces and Relishes are. Heinz Vinegar is one of the quality ingredients that make them so good. Sold everywhere. = Four kinds—Malt, Cider, White and Tarragon. In Heinz sealed bottles. HEINZ PURE VINEGARS . 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