Evening Star Newspaper, September 3, 1931, Page 38

BERLIN EXCHANGE OPENS TOMORROW Banks Signify Willingness to Support Issues That Show Weakness. BY EDGAR ANSEL MOWRER. By Cable to The Star. BERLIN, Germany, September 3.09) Being unable long to keep the stock exchanges closed while proclaim- ing that the German position is fairly “normal,” government authorities, after long consultation with Reichsbank and treasury officlals and private banks, have somewhat reluctantly decided to begin business today. Limited busi- ness, time buying and selling and short selling are forbidden. The banks have readiness to “support” stocks that seem to sag too heavily. The Reichsbank has more or less uneconomically re- duced the discount rate to 8 per cent in order to keep 8 per cent bonds at something like par. Yet virtually every one dotbts If the present unofficial prices for general stocks can be held in even a limited open market. Private Selling. Since the stock exchange holiday wes proclaimed July 13, speculators have made each otfer private offers. Be- tween banks and brokers a certain num- | of shares have changed hands, prices serving as barometcrs. Whereas to the | Germans those prices seemed low | enough, foreign observers are inclined | to believe that they are able to be | held so high only because the Ger- | mans themselves have ignored the depth of the catastrophe in which they have been suddenly plunged. x i These prices show a reduction on! leading stocks amounting to between 20 and 25 per cent of prices before the stock exchanges were closed. An ex- ception is the Dresdener Bank, which was saved from bankruptcy by a gov- nnounced treir ernment_subsidy and has lost more than half of its former value. The Danat (Darmstaedter and National) Bank; notably supported by govern- ment guaranty, has lost only about 20 per cent. The situation seems to be as follows Every one here realizes that Ger- many is now sharing the world defla- tion on an almost unprecedented scale. Every one except the immediate vi tims of the process and perhaps go ernment authorities realizes that ec nomic restoration can best come through a hastening of this process. But since the process is not pleasant, the big industrialists have managed to secure governmental co-operation in their efforts to retard it. The banks themselves with the industries have an interest in putting a good face on a| EVENING CAPITAL MAN DUPED IN FRUIT JUICE SALE FOR PARIS LIQUOR Police Seek Confidence Game Operator in Re-establish- ment of Old Racket—Friend of R. B. H. Lycn Loses $73. Cenfidence men have revived here the old practice of selling cases of non- alcoholic beverages bought from corner grocery stores under the guise of choice foreign liquor and collecting fancy prices for their trouble, according to | complaints filed with police. The scheme is based upon a plan, tried and proved in earlier operations, of the “villain” posing as a friend of a friend of a man who happens to be touring Europe and who supposedly is d-livering a case or two of liquor “straight from Paris” at the order of the shington re $5.00 Allowance For Your Old Mattress Regardless of the example: Any $8.95 Cotton MATTRESS Less $5 for old "> 50c a Week! tyle and grade of mattress selected—we’ll make you a $5.00 allowance for the old one. ‘Washington friend or assoclate of the traveler is persuaded to pay for the shipment. An acquaintance of R. B. H. Lyon, now in Paris, yesterday told headquar- ters detectives of having given up $73 for two cases of alleged Martini, which | later proved to be a very non-intoxi- | cating brand of fruit extract bought |from a Washington grocery. The | money was paid on the representations of a confidence artist that he was de- | livering the “goods” for a steamship | captain, the purported friend of Mr. Lyon. ‘The Washington lawver, it develops, STAR, WABHINGTON, knew nothing at all cf the “bootleg” transaction, * Inspector F. S. W. Burke, chief of detectives, immediately set Headquar- ters Detective Dowd on the trail of the confidlence operator, hoping to catch him on a charge of forgery or at least of accepting money under false pre- tenses, Inspector Burke hoped to make a capture and effect conviction of the fake bootlegger, since the confidence msn, in gaining the belief and $73 of the Washington victim, flashed an al- leged passport identifying himself as a steamship radio operator and a native of Belgium. Indications that the new “liquor” racket is well organized, including em- ployment of some agents of steamship, cable or express companies, is seen by police in accurate information the con- fidence operator had of Mr. Lyon's trip to Paris, his present location and the | date of his return to Washington, This information regarding Mr. Lyon | was so accurate in detail it convinced | the lawyer's Washington friend that| the man actually was doing Mr. Lyon 1. |a favor. 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If the selling desire is great, as may be imagined, the tendency will be | downward despite artificial support. Sounder Level Desired. Forelgners should realize that a new | slump, if it comes, will not mean any worse situation in Germany—merely an | adjustment of a situation which be- came bad during the crisis, and there- by offers & real possibility for genuine Tecovery. It is possible, if German industrial- ists and bankers see that they are un- able to prevent a heavy price decline in stocks, that they will be the more willing to aid the deflationists policy which, after a short crisis, could pre- pare the way to recovery on a new and | sounder level. (Copyright, 1831.) $17.85 Golden Oak Cabinet, alu- minoid sliding top, tilting flour bin and many other features. A most unusual value. 50c a Week one would use by hand. The is so small as to $ .75 be almost neg- ligible. May we demonstrate? 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