Evening Star Newspaper, July 14, 1931, Page 3

_ desperate f-eling on the part of CAPITAL EMBARGO HELD. REICH NEED] s st Do ad oty on e ot T0 REICH CAPITAL sing ot First Step in Financial Trou- ble Solution Seen Up to German Government. BY MARK SULLIVAN. The financial situation in Germany has been closely watched for several weeks by the administration at Wash- ington, by heads of the financial de- partments of the Government and by the important bankers of New York. It s easy to observe that, while they re- the financial crisis in Germany gravely, they have nothing like the concern of a few weeks ago until the success of the pl’opo%n{ for debt post- ent was assured. po’;":l’:y are confident that the adoption of the debt suspension cures for the present the fundamental and menacing part of Germany's difficulties. The present financial troubles lend them- selves to cure, and it will be forthcom- ing. So far as it requires financial help from the great banks of Great Britain, France and the United States, it can be confidently expected. Germans Step First. is clearly and strongly held, how- !Vgl':, that the first step, or certainly & simultaneous step, in solving Ger- many’s financial _troubles, must be taken by the German government. It will consist of actions to prevent Ger- man citizens and corporations ~from #hipping gold and mh'{'r&"fi‘x;do’o;:::- u e country. This - e xport of capital or gold. liar and simple. It was the French govern- to gold as "“nlnltly s five years ago. It has been put into :flett by the German government twice within the past 10 years. Unnecessary emphasis many's _present flnancl;} its nearness :?t’é‘;i’ al\?;un potponement of debts. B2~ cause of the recent tenseness about debt. postponnement, newspaper headlines, as well as the minds of readers, tend to deal with the present financial developments in an exaggerated way. The two, de:n postponement and the financial crisis, are, of course, associat>d. The associa- tion, however. is different from what is commonly supposed. In debt postpone- ment the primary intention was to avert political revolution in Germany. The cause of the danger of revolution was a widespr-ad feeling among the German masses that the entire Western world regarded Germany with hate. This fmpression was stirred up and advan- tage was taken of its radi bargo on the e: or both, is famil put into effect by ment with respect upon Ger- troubles 1s time to the the Ger- masses, however. has been abate: By the spectacle of the United Statcs taking the lead in the postponemsnt of reparations and by the willingness of other nations to unite in postponement. Germany today has a happier standing | in its international relations than at any time since the war. With the dan- ger of political revolution averted, the| financial difficulties of Germany, while grave, need not cause excessive alarm. French Stories Repeated. 1t is only five years since the same headlines now being used about Ger- many were being used about France.| In 1926 there was a flight of gold from France just as there is now a flight of capital from Germany. The French government acted to stop the export of | gold just as Germany must mow take steps to stop the export of capital. At that time there’ was the same alarm | about France that there is now about Germany. It was in August, 1926, that | American newspapers and _periodicals | epoke of “The most desperate situation for France since the battle of the Marne,” and said that “in the darkest | days of the World War the outlook for | Tance was never gloomier.” | Scores of such phrases and headlines | about France appeared in American | newspapers of July and August, 1926 The uneasiness about the financial fu- | ture of France and the franc were as great as the present uneasiness about | Germany and the mark. Because of | the strong steps taken by the French | government four French cabinets in succession_became unpopular and went out of office. No doubt the German | g.vernment in the present crisis will be obliged to show the same strength and | courage and run the same Tisk of po- litical unpopularity. Newspaper Man Dies. PHILADELPHIA, July 14 (P).— Charles Preston Clark, a member of the editorial staff of the Evening Bulletin for the last eight years, died at his home yesterday in Merion, Pa. He had held positions on newspapers in Boston, New York, Chicago, St. Louls and Denver and was active in relief ork in France during the war i SPECIAL_NOTICES. ‘WANT PROPOSITIONS TO SELL MY AC- tive membership in_Congressional Country Club. Address Box 300-X. Star_office. _20° WANTED—LOADS K CITY . N. N. T VANS anywhere. MITH'S TRANSFER & STORAGE CO.. 2313 You St N.W._ Phone North 3342-3343. “AUGUSTUS S. GOODYEAR. Attr.. 907 15th S th St The following ca: will be sold at Wesch- jer's public auct@n for charges on August 5. 931 Richard A “Lightfoot, Chrysler touring. 1034, BY Schaeffer Motor Co., 3700 Georgia enue. city SaE FEn s e Ntk e UR_REPUTATION COMES FROM CARE- ful handling. “on-time” arrival and low costs on meving household goods from points Within 1.000 miles. Just phone and we will gladly aquote our rates. NATIONAL DELIV- ERY ASSN. INC.. National 1460. INVALID ROLLING CHAIRS. FOR RENT OR sale. complete line of new and used chairs: all “sizes, styles and adjustments; reduced Prices Also folding chairs. wood or_metal, TTED STATES STORAGE CO.. 418_10th St. N.W. et_1863. NT _PERMIT YOUR LIVING —ROOM RNITURE AND RUGS io be destroyed y MOTH! Let us Mothproof them for you Zright in_your own home—by the Konate Drocess, which carries INSURED protection for3 vears.” Now is the time. = Reduced Tices. UNITED STATES BTORAGE CO.. 418 n{ St._N.W. MEtro, 1843, v or night to take care of your Plumb- | Geeds. Shop on wheels to save you | small_jobs | BUDGET PAYMENTS if desired. é‘ FLOOD g 1411 V Day. Dec. 2700 ——Eve WANTED- To BINGHAMTON. N. rom_ELM: . N. Y To CLEVELAND To BOSTON 5 And all points South and West ALLTED VAN LINES. We also pack and ship by STEEL LIPT VANS anywhere. SMITH'S TRANSFER & STORAGE CO.. 1313 You St. N.W. Phone North 3342-3343. CIVIL _SERVICE COMPETITIVE EXAMINATION SOON. In Filing and Statistics. New Classes Btarting Mount Pleasant School for Becretaries. Due to urgent demands of civil service applicants for Mount Pleasant Courses in Piling and Statistics, it has become nec- essary to form new classes, beginning ‘Wednesday Evening, July 15. These classes will be held Monday, Wed- ay and Priday evenings. from 7 to 9:20. op foor of 't the top ne' Tivoll Theater Building, with Jobn K. M. A. Herbert F. Keyser, A. B. instructors The complete courses. including indexing, fling systems. arithmetic. spelling, rounting of mail and intelligence tests. for file clerk plicants; and computation, t b Evenings. Clev. 0619 LOADS Wi +.July 12 at arry. ) jon, apning, ‘and mental tests, for statistical jerk._applicants will be completed in~ due ime for the examination. Early registration is advised. Mount Pleasant School for Secretaries, Tivoli Theater Building, 3313 14th st. n.w Columbia_3000. —of any nature promptly and capably looked after b ractical roofers. Call us up. KOORS %asifie O Company __ District 0933. Make Your Appeal to your prospects through a National Capital Press printed message. This million-dollar plant is at your service. e National Capital Press ‘Nat. 0850, 10 D 8. N.W, cal leaders. This | 119 3rd St. 8W | THE EVENING READY CASH IS MAIN CONCERN OF AVERAGE GERMAN CITIZEN unds Calls Off Vacations. By the Associated Press. BERLIN, July 14.—Germany's average citizen apparently was more concerned yesterday with how to get enough ready cash to carry on until the banks re- orned than about the ultimate fate of his bank account. ‘The shortage of cash was felt’acutely by everybody, especially small business men who were faced with the necessity of paying employes and meeting run- ning expenses. There was little buying in big Leip- ziger Strasse department. stores. Clerks were sitting around waiting for custo- mers. This subnormal buying, however, was regarded by department store offi- cials as a sign that folks were keeping cool and was taken to indicate the panicky feeling which led to bank runs yesterday had subsided. Many Shop on Credit, A usual accompaniment to bank runs is & run on department gtores, especial- ly food counters, to convert cash into commodities for a “rainy day,” mer- chants said. Rumors that banks may stay closed all week were causing most people to spend little. Those who happened to be unprepared were doing theit shop- g on credit or asking friends for a loan, An official of one of Berlin's largest department stores said it was still fiqn early to see the effects of® yesterday's bank is. “Most_people are still thinking things over at home,” he said. But he thought the present situation could be main- tained if the Reichsbank was eb'e to meet requirements for ti govern- En!nt'x semi-monthly pay dav Thurs- ay. Vacations Called Off. ‘Many who had planned Summer va- cations this week had to stay home be- cause they could not make last-minute withdrawals needed to buy vacation togs, pay hotel bills or get foreign cur- rency if they had planned foreign tours. Travel bureaus reported dozens of clnc!ll::idm;s. {b‘:t n‘ge:\‘:l:&eomh.d Tepla uture re k Nspne ?wo-dly yhnk closing was felt Kkeenly on the live stock market, where agents had instructions from country clients to sell cattle only for cash. To- day's selling time was postponed until a late hour to cope with the situation and application was made to the fed- eral food ministry to insert a special clause in the emergency decree for those affected. | | “Don’t Believe All YouHear,”” Norman Tells Interviewers By the Associated Press. LONDON, July 14.—Montagu Norman, governor of the Bank of England, broke a rule today when, on returning from the world bank meeting at Basel, he gave an interview. It was con- cise and cryptic. “I am _going home now just as soon as I can get there,” he said. “All I can tell you is don't be- lleve all you hear.” ‘Then he walked briskly down the railway platform toward his car, carrying his own black brief case and tilting his hat at a Jaunty angle. STINSON EN ROUTE T0 PARS BY TRA |Expresses His Gratification at Results of Mission on Leaving Rome. By the Associated Press. ROME, July 14.—Secretary of State Henry L. Stimson left for Paris today, expressing himself as gratified by the talks he has had in the past few days with Premier Mussolini and Foreign Minister Dino Grandi. “My visit.” he said, “fulfilled my highest expectation. With the premier and the foreign minister I was able to discuss fully and frankly matters which | concern both our countries. When I Germany's purchases abroa return to America I will have a far better understanding of the Italian ¢ | viewpoint than I could have acquired charges and reparations payments. in any other way.” Signor Grandi talked earnestly with the American Secretary at the railway | vestors, station just before the train pulled out. Mr. and Mrs. Stimson are traveling in Premier Mussolini's private car. Premier Mussolini sent a large photo- graph to Secretary Stimson at the train. It was inscribed, “In remem- rance of your Roman sojourn, wil expression of my sincerest friendship. Foreign Minister Grandi, as the train started, handed Mrs. Stimson a large bouquet of flowers and a collection of all the photographs taken in connec- tion with the Stimsons’ visit. WILL SPEND WEEK IN PARIS. PARIS, July 14 (#).—Henry L. Stim- son, the American Secretary of State, will spend a full week in Paris, begin- ning tomorrow afternoon when he ar- rives from Rome. The American em- bassy has laid out the high spots of his program. , On Wednesday he is to meet Arthur Henderson, the British foreign secre- tary, and members of the French gov- ernment at an informal dinner which Ambassador Edge will give. On the next day he will call formally upon Foreign Minister Aristide Briand, who will be the principal guest at a luncheon at the American embassy that afternoon. On Thursday night Mr. Stimson and Ambassador Edge will be guests at a dinner at the Colonial Exposition, and jon Friday night the Secretary will at- tend a banquet the Ambassador is gi |ing for President Doumer. Gen. Persh- |ing will take the Secretary for a tour | of the battlefields on Saturday. | On Monday he will confer again with leave for Berlin. GRAF TRIP DELAYED FRIEDRICHSHAFEN, Germany, July 14 (#)—Dr. Hugo Eckener, commander of the Graf Zeppelin, said today he ! had called off his plan for a flight to England on Thursday because of the grave economic situation in Germany. He was to have made the flight to Hanworth Airdrome, from which he in- tended to make a 24-hour sightseeing fiight over England. It would have been the first visit by a zeppelin to wglmd since the days of the World 'ar. 1. 0. 0. F. Will Install. CLARENDON. Va., July 14 (Special). —Walter B. Huffman, noble grand, and other newly elected officers of Arling- ton Lodge, No. 193, I. O. O. F., will be installed tonight at a meeting in Odd Fellows Hall, by Claude W. Crossman, district deputy grand master of Odd Fellows in Virginia. Other officers to be installed are R. P. Tucker, vice . W. Myers, treasurer, and C. financial secretary. Will Rogers grand: J. P. Heins, TULSA, Okla.—Breakfast in Santa Monica and- dinner in Claremore, rushing home to help welcome Post and Gatty, who are going to visit our metropolis tomorrow. I thought if they could fly clear around the hour in one of these fast, low-wing Lockheeds belonging to the Bowen Line. It's my first trip in one where they bundle the wheels up inside the wings. They say trey sometimes forget to put 'em down. Belleve me, Pilot Lee will be reminded of it when we start to land. The wheels are under the wings and the pas- sengers can't see if they are down. I am going to do a little wing walk- nd go out and see for myself M. Briand, and on Tuesday he will| GHADS N CERMANY SEEN WORLD NURY |Foreign Investments Total Six Billion Dollars—Half Is American. BY DR. MAX WINKLER, Authority on International Pinanc NEW YORK, July 14 (NANA).— | What economic chaos in Germany would mean to the rest of the world generally and to the United States in particular, may be readily imagined if we consider thet foreign investments in Germany amount to about $6.000,- 000,000, of which the United States ac- counts for about one-half. | The figure pertaining to Amevican investments _includes | i both German | bonds and shares sold to and neld by | American investors, as well as direct investments. | n this category belong investments | made in German enterprises by Gen- :al Electric, General Motors, Wool- worth and numerous otiier American corporations. Payments- Become Heavy. Germany's payments on account of | reparations and large private debts | | were rendered burdensame by the de- cline in commodity prices which | greatly reduced the purchasing power | |of the world. This resulted in| shrinkage of Germany's foreign com- | | merce, and although exports last year | appreciably exceeded imports, the | country’s “favorable” balance of trade was brought about at the expense of and was | | not sufficient to take care of the country’s invisible items, notably debt The German economic machinery | threatened to collapse, and foreign in- hastened to withdraw the greater part of their funds in German institutions. | It was realized however, that owing to the sze of such investments , America’s own _economic structure would materially suffer. It was felt further that a collapsed Germany might easily become a fertile field for Communism | and thus create a menace not alone to | Europe but to the whole world. Hence, President Hoover is last in coming forth with his message, suggesting deferment | for one year of ‘all so-called political | ebts. Plan to Halt Bankruptcy. | It 1s obvious now that if.the Hoover | | plan had not been announced Germany would have taken advantage of that clause in the Young plan permitting | | postponement of certain payments for | two "years. It is equally obvious that | the plan was evolved to a large degree |to save Germany from bankruptcy and | incidentally to protect the hundreds of | millions of American funds invested there. The unqualified acceptance of the Hoover plan would have meant that 3ermany would not have to pay to her various ~ creditors during the. current year the sum of about 1,750,000,000 Reichsmarks, Most nations affected hailed the plan {as a most constructive and far-reach- |ing measure. France hesitated, prob- | ably because her pride was hurt, Presi- | dent Hoover having sprung the plan suddenly without previously consuiting | the interested parties. Due to France's hesitancy, withdrawals from Germany not only continued, but greatly in- | creased. Within a relatively short pericd of time, two billion marks were withdrawn, or more than Germany would save this year with the Hoover plan in operaticn. Extension of new short-term credits and renewal of existing ones by one group were offset by raids on German institutions on the part cf other groups. The pressure became too great, and one great institution has succumbed. The Darmstaedter und National Bank, commonly known as “Danat” has closed its doors. It survived the war and had weathered the collapse cf the German currency, but the continuous drain during the past few weeks proved too much for the 78-year-old institu- tion, which at one time was headed by Hjalmar Schacht, former president of the Reichsbank. At the beginning of this year, the Danat had ap outstanding capital of about $15,000,000; its surplus amounted to the same and deposits totaled more than $545,000,000. Its affiliations abroad include the following prominent, Anstitutions; Bank for Commerce and Industry in Danzig, International Bank of Amsterdam, Mercurbank of Vienna, the German South American Bank and the German Bank for the Orient. Will the difficulties of the parent in- stitution spread to its affiliates and thereby create grave economic disturb- ances which may prove difficult to ad- just? The entire capitalistic system is involved and it is within reason to ex- pect that the Bank for International Settlements. formed for just such emer- gencies, will immediately evolve a plan to arrest further withdrawals of funds from Germany, and restore confidence in Germany's willingness to discharge her obligations provided her creditors gedwulln( to give her an opportunity o s0. (Copyright. 1931. by the North L jth | American iewspaper _Alliance, MADISON APTS. 1739 EYE ST. FURNISHED AND UNFURNISHED. 1 ROOM, LARGE DRESSING CLOSET, BATH. $33.50 TO $45.50. L. W. Groomes 1719 Eye St. | Bank as it paid out heavy deposits to STAR, W. HINDENBURG GOES President and Dr. Luther Plan Action in Financial Emergency. ___(Continued Prom Pirst Page.) upon, it is understood the government realizes it is playing a risky game:by closing the banks for two days. If by that measure time is gained to provide cash against all reasonable de- mands on Thursday, ths government feels its move will have been justified. If, on the other hand, the ple are unable to get cash on Thumr:}? serious trouble is possible. . Newspapers Suppressed. It is difficult to estimate what the National Socialists and the Communists are doing to confuse an already tangled situation, because the newspapers of both parties have been suppressed by the police. The government seems to fear Com- munist agitation more than National Socialist propaganda. Hitler's follow- ers have no clear program beyond an often-repeated threat to seize the gov- ernment, One of the ironies of the situation seems to be that one of the chief back- ers of the Rightist Radical movement was hard hit by the collapse of the Darmstaedter Und National Bank and 10 longer is in a position to help finance the Hitlerites. If things should get out of hand and the Bruening government should fall, political observers believe there would be only a brief period of national So- clalist * government before the Com- munists would take it over. _In accordance with a decree by Presi- dent von Hindenburg, all banks through- out the Reich, with the exception of the Reichsbank, were ciosed—nominally until_Thursday, but actually as long as officials deem advisable to restore confidence. ‘The Reichsbank is the central bank of Germany, corresponding to the Bank of England. There is no institution in the United States whose functions corre- spond exactly with those of the Reichs- bank. Both banks and post offices were prohibited from handling payments or transfers either in Germany or to for- eign countries. Stock exchanges were | ordered to suspend operations for the | femainder of the week. Any one insist- ing on buying foreign currencies had to pay cash over the counter. Checks were not accepted. The government promised that ar- rangements would be made to facilitate the continuance of ordinary business, including the meeting of mid-month | pay rolls of civil service employes. Savings Bank Guarded. The vital question remaining to be answered was how would millions of Germans—particularly the Left and Right Radical elements—react to the President’s drastic step to halt the threatened nation-wide run on the banks, started by the failure of the Darmstaedter und National Bank. President von Hindenburg did not take advantage of his dictatorial pow- ers until dispatches from the provinces, especially from the Rhineland, indi- cated that civic authorities already had been forced by heavy runs to close municipal savings banks temporarily. Berlin was quieter. but a hundred police guarded the Central Municipal Savings thousands. Riots of jobless in Essen and Duis- burg against the reduction in the un- employment dole. whicn unluckily went into effect on the day of the Danat Bank's suspension, were not reassuring. Nor was the news from Prankfort-au- Main that the latest attempt to show “All Quiet on the Western Front” had been marked by the hurling of & hand grenade in an empty tmeater lobb: Berlin today seemed outwardly to have accepted her financial situation hilosophically. PrMany bank depositors who do ot read newspapers until later in the day and therefore failed to see the govern- ment_decree closing the banks in this morning’s editions, gathered at bank doors, where they exchanged angry words with officers on duty, but went! home without further demonstration. The loquacious groups seen yesterday at street corners had vanished.\ Public Urged to Keep Nerve. Radio broadcasters worked overtime in urging the public to keep its nerve, not to surrender to panic and to re- member that Germany was basically sound. There was no inclination in government circles to exaggerate the peril of a panicky people, yet the cabi- net in a nightlong meeting was con- cerned as much with the internal situ- ation as with the possibility of help from abroad. Nevertheless, the news from Basel that the directors of the Bank for International Settlements had urged assistance for Germany brought a ray | of optimism which was not magnified in press comment, most of which re- flected a widespread feeling that it | was too late to get excited over the promise of future relief. Yet, several papers viewed what was generally regarded as the blackest financial situation in years, with almost philosophical detachment. The Democratic Vossiche Zeitung, for instance, predicted the result would be the export of Germany's surplus prod- ucts at almost any price and that if the government remained strong and acted vigorously the crisis would be overcome and in the long run would turn out to have been all in all far the best. ; The democratic Morgen Post sardoni- cally observed that Germany now was paying for the millions of votes cast for Adolf Hitler, Fascist leader, last September. “The German voter lost his head then,” the paper said. “Could we really expect in other countries that they should keep theirs—that means of course, first of all, France?” Blessing in Disguise Seen. The Nationalist Lokalanzeiger pointed out that sudden withdrawals from sav- ings banks might be a blessing in dis- guise, saying “for the mohey soon will find its way back to the banks via the shopkeepers, ~meanwhile enlivening trade.” Corroborating this view, shopkeepers near the banks directly affected said yesterday was the biggest day they had had in years. They attributed it to the fact that once the p-ople got their hands Parade” * WMAL SHINGTON EUROPEAN BUSINESS HOUSES pConfers With Finance Minister—Be- Ten Tonight * Packard Washington Motor Car Company D. €. TUESDAY JLY 14, 193 DECLINE TO ACCEPT MARKS Reich Banks 'lets Foreign Exchange—Tourists Are Stranded by A By the Associated Press. LONDON, July 14—German, marks were refused by England’s banks today in Fnyment of bills and in other trans- actions. One houce which carries a large number of German accounts said the refusal was not because of the pre- carious situation in Germany, but rather because German banks a closed by government order and ex- change operations are impossible. At another bank it was said although that house had not been confronted with the necessity for refusing marks, it would have had to do so if marks had been presented, and will have to do so tomorrow. ‘This, it was said, is in line with a policy which is understood to have been adopted throughout Great Britain and in most of Europe. Bank officials were unable to say how long this situ- ation would continue, but they were inclined to regard it as indefinite. Germans outside of their own coun- try were subjected to some embarrass- ction. ment because of the refusal to receive marks in , Basel and other capitals. VISITORS STRANDED. Exchange Shops Refuse to Buy Ger- mon Money. BASEL, Switzerland, July 14 (#).—A number of visitors from Germany were embarrassed today by the refusal of exchange shops to buy their marks. The mark dropped yesterday from a normal | rate of 123.50 in Swiss franes to 112 and railroad exchange offices closed their wickets. DANES REFUSE MARKS. 1 COPENHAGEN, Denmark, July 14 (/) —Severzl thousand German tourists were stranded in hotels today because, | chauffeurs and shopkeepers refused to| accept marks. It was recalled that| | Danes lost billions’ by the fall of the mark in 1923. $100,000,000 CREDIT RENEWAL RUMORED U. S. Participation Is Seen in Wall Street—Announce- ment Withheld. By the Associated Press. NEW YORK, July 14.—While ffll’le) announcement was withheld, it was ru- mored in Wall Street today that Ameri- can participation in the renewal of the $100,000,000 German credit which falls dus Thursday has been virtflally de- cided. It sald at the New York Federal Reserve Bank no formal meetings were scheduled for today. It was understood, however, that informal conversations were in’progress, and some announce- ment would probably be issued before the end of the day. | Wall Street has generally taken it for granted that renewal of the $100,000.000 Joan would have to b made. Last night's anouncement fram Basel that the World Bank had decided te ronew | its participation was expected to be fol- | lowed by a similar announcement here. MORET BACK FROM PARLEY. | lieved Favorable to Credit Extension. PARIS, July 14 (4).—Clement Moret. wavernor of the Bank of France, came htme from Basle today and spent the morning with Pierre Flandin, minister of finance, Teporting on yesterday's meeting of the World Bank directs There was no official announcement, but it is understood that M. Flandin is in accord with the bank head respect- ing French participation in the exten- sion of the $100,000,000 credit granted Germany last month and due on Thurs- day. The Bank of France took $25,000,~ 000 of that loan. The question of further credits, which the World Bank encourages individual governments to extend to Germany, is not. expected to come up for decision at the cabinet meeting on Friday, but it probably will be discussed by Premier Laval. Foreign Minister Aristide Briand and Arthur Henderson, the British for- eign secretary, who will reach Paris this evening on the way to Berlin. The opinion here is that Germany alone can work out her own salvation, that the World Bank has gone as far as it can go, and that it is now up to Germany to restore confidence at home by supporting legitimate financial and economic interests and abroad by mak- ing clear its devotion to peace. GERMAN PARTY FORMS Royalists-Socialists Unite to Re- store Monarchy—Wear Green. BERLIN, July 14 (#) —A new politi- cal party called the Royalist-Socialist party, and the members of which will wear green shirts for identification, has | launched a campaign for restoration of the German monaschy. The first issue of its newspaper to- day printed a program demanding restoration of the monarchy. repudia- tion of reparations and the “war guilt lie” re-establishment of conscription, construction of a big navy and recovery of the old German colonies and the Polish Corridor. — ALLEGED ATTACKER HELD Special Dispatch to The Btar. FAIRFAX, Va., July 14—Arvin Har- ris, who, Saturday night, pulled a gun in the face of Deputy Sheriff Henry Magarity at a dance hall at Bull Run, last night was held for action of the | September grand jury on a charge of assaulting an officer with intent to kill. Harris' gun was an old ‘“bulldog” weapon, and only the failure of the gun’s plunger to function saved Ma- garity's life, according to Sheriff E. P. Kirby. on marks they began to fear inflation and followed the principle of "a;_)end it| while it's still worth somethin; Carl Bergmann, formerly Ger- | many's representative in dealings with the Reparations Commission, has been appointed federal trustee or commis- sioner to take charge of the affairs of the suspended Darmstaedter und Na- tional Bank. ONE-CENT SALE! Highly Decorat One Doz., $1:00 Two Doz., $l-0! plants you ways a the kin C. & C. FLO 807 14th St. N.W. Metro. 7433 |over with his directors before commit- | 804 17th St. N.W. Metro. 945 DR, LUTHER TAKES BANKS PROPOSALS ‘Directors Vote to Encourage | | i Loans, and Favor Credit Rediscount. By the Associated Press. BASEL, Switzerland, July 14—Dr | Hans Luther, president of the Reichs- | bank, left by airplane for Berlin today with the proposals of the Bank for International Settlements for restoring the economic stability of his country. The directors of the bank unani- mously agreed io two measures of as- sistance last night after listening to Dr. Luther's stirring appeal. They were: Encouragement of other govern- ments and their markets to respond to Germany's search for long-term loans and willingness to renew for three months its share of the rediscount credit of $100.000,000 advanced June 25, by the American Federal Reserve sys- tem. the Bank of Prance the Bank of England and the World Bank. Two Believed Favorable. Tt is underswod that the Pederal Re- serve Bank and the Mank of Prance already are in accord with this renewal, while Montagu Norman. head of the Bank of England, must talk the matter :‘xnz himself. The credit expires Thurs- | ay. | Dr. Luther was believed not to be! entirely satisfied by the.central bank- | ers' relief measures, but he probably regarded them &s better than nothing and offering some hope for rebuilding | edit and confidence in the reichs- | ark. The form and extent of the assist- ance are viewed in informed circles as disappointing to Germany. But it was felt by & number of directors that Ger- | many expected entirely too much di-| rect aid ‘The attitude of the board was, described as being that Germany must be helped to help herself. The position | was taken that it is not the function ' of the central banks to carry the econ- | omy of a nation on their shoulders. | It was predicted in authoritative quarters that a bank holiday or mora- torium of two or three weeks would like- ly be declared in the Reich in order to permit the feeling of panic to pass and calm to be regained. | Makes Press Speech. | Dr. Luther made an impromptu speech to the press in the lobby of the bank at the end of the conference. The | | portly German began speaking jovially, | and warmed to his task as he discoursed | | on the dangers to the world in the Ger- | man situation. His eyes blazed and his | teeth bit off words as he said: | “The greatest mistake- of modern times is the faflure to understand that | | the German crisis is a world proble: and affects humanity as a whole. Gt many is getting poorer every day. On | of the most important economic factors | |in the world is getting more helpless | | daily. | “In the present crisis the world can- not afford to lose Germany as a buyer lof raw materials and manufactured goods. Germany's plight is humanity s plight. which happens to be centered in | Germany. Foreign countries alone can save Germany at the present juncture. ‘They must do so in their cwn well un- derstood interest and regardless of any irrelevant considerations.” Former Chief Clown Dies. MONTREAL, Quebec. July 14 ().— John_Siater, formerly chief clown with the Ringling Brothers and Barnum and Bailey Circus, died yesterday. He was | | taken ill, when the circus was here | July 6 and 7, and had to be left be- | hind. He was a resident of Delphos, Ohio, and was 50 years old. Shanghai, China, now has a popula- tion of 3.000.000. Store For Rent 915 G St. N.W., in the heart of Retail Shopping District. 20: ft., will remodel to suit. Rent, $250. Apply Mr. Gibson 917 G St. N.W. ive GLADIOLI FERNS O8c No matter how many potted , there’s al- lace for more ferns of we offer in this sale. WER STORES 609 12th St. N.W. Metro. 9368 THREE GIRLS REPORTED MISSING FROM HOME Mother’s Reprimand Believed to Have Been Incentive for ‘Wanderlust Call. A mother's reprimand when her daughter stayed -out late last Saturday night was belleved responsibl- today for the disappearance of the girl and two friends. The girls are Louise Chapman, 17, of 417 Second street; Mary Lee Carey, 15, of 729 Sixth stret, and Mary Whee- ler, 18, of 212 Third street. The girls left the Chapman home Sunday after- noon and have not been seen since, the mt?‘t‘herc:;ld. rs. Chapman told police her daugh- t°r brought the other two girls to %fl’! home early Sunday and said they had ! been delayed by an automobile accident. | After being ecolded, they went to bed. Mrs. Chapman said the three last wers seen about 5 o'clock Sunday afternoon. PIGEON WALKS HOME ‘Florence Nightingale,” Army Courier Returns Wounded. | FORT MONMOUTH, N. J, July 14 (/) —“Plorence Nightingale.” homing | pigeon feared lost since its release. | June 20. at Lookout Mountain, Tenn.. | was back in its loft at the Army Signai | Corp camp today, with three gunshot | wounds and most of its wing feathers | gone. | Thomas Ross, pigeon expert at the | camp, said he believed the bird had | walked at least half wey, home as its | condition prevented it from flying | higher than tree tops and only a short distance at a time. Silver Stored —and insured from time of leaving house until re- turned, $3 for 2 months for: a case valued at $300 or less, including cartage. INVALID CHAIRS For Rent & For Sale GIBSON’S 917 G St. NW. rich in every ‘ golden drop GULDENS s Sy S| Shops of Every description .. another convenience in Westchester's New Addition Right in the building are stores to accommodate the residents of Westchester. No need to go out .. . housckeeping is made a pieasure indeed Step- down living rooms Dining balconies and beautiful galleries, with wrought, iron rails. Pour nundred distinctive suites from one reom and bath to geven rooms and three baths. Westchester 18 park-breeze swept and mechanically air - cooled as well. Occupancy Oct., 193! reservations being made. and the Convenience of a Dining Room W STCHESTER, CATHEDR4L AVE §. 35 Smager afe_SiIent Refrigeration The new Apex is dependable— it Is roomy--It has mod- ern impr ) Cuble Foot Box ™ $169:50 * Installed and are made. heat 3inches of «Dry Zero” |mu|:-' tion. The top is flat and unham- pered by mechanism. 1234 14th St. N. W. 624 Pa. Ave. 8. E.