Evening Star Newspaper, September 22, 1931, Page 5

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’ 1S ISPLEASED BY BRITISH MOVE ‘Administration Sees Relief From Financial Strain in Gold Suspension. BY MARK SULLIVAN. The struggle over the pound in Lon- don has, of course, been followed minutely by Washington. It was the true occasion for the meeting of Presi- dent Hoover with several members of his cabinet on Friday night, whici. meeting, incidentally, outside of Wash- ington, was variously and iather amus- ingly attributed to consideration of beer and the bonus. The present outcome in London was anuc!;:ated here and the judgment of offic!zY Washingten about the result can be seen clearly in the manner of reliet which officials had on Sunday after- noon. So long ‘5 the struggle in Lon- don was on, . > manner here was one of strain and suspense. With the ~suggle decided, and_in the judgment vr Washington decided in the right way, i the manner is one of relief and of con- fidence about the future both in Eng- land and in the world. The strong judgment of the most competent authorities in Washington all along has been that it was a mistake for Great Britain to try to support ithe pound, and that she made her initial mistake, which was one of worthy pride, when she undertook to force the pound back to par some seven years ago. . Franc Allowed to Fall. After the war Frcnce and Belgium allowed their unit of currency, the franc to fall to wherever conditions would c it. When the franc reached that l"nr‘rl.y which was about one-fifth of par, France and Belgium let it stay there and gave official sanction to the new and lowered valuation. Partly in con- ce of that course, France and um are today the two most pros- perous nations in Europe and with our- selves compose the three most finan- cially stable nations in the world. Great Britain, cn the other hand, at that time forced the pound back to par and for seven years has been under an unending and unnatural strain to keep it there. Great Britain, in short, ani- mated by a fine pride and sense of tradition and a unique standard of , acted about the pound in the of Chancellor_Snowden’s recent quotation from the British poet Swin- burne, “Come the world against her, land still will stand.” It was mag- n t, but it was not business, and it did not take account of the immense burden of debt which Britain had taken herself during the war. Keeping the pound artificially at put an intolerable )llndk'.la‘f on industry which has held Great tain back year after year. PBritain’s present from its seven years’ holding the pound at an artificial level is essen! a long step and a courageous step in the funda- f:mz:tl}:ly l:unetct eeogoml: course othleb the law of supply and demand have m&mm of W perhaps, the denly altered standard of value may take eccentric directions. Ultimately commodities Britain’s decision to abandon the effort to keep the pound on the gold should have several wholesome in the United States. Among things, it ends a strain on New banks which was hurtful to Amer- «consequences. Britain, as a means of su) the pound, was borrowing some_ hundreds of millions of dollars from New York banks as well as from France. Had £he kept up the fight she would have wanted to borrow more. The New York banks have lately become aware that they have serious and heavy re- sponsibilities toward the interior banks of their own country. Free to Help U. S. Banks. ‘There has already been eomphh‘z: that the New York reser- wvoir of money has been tapped to the extent of upward of a billion dollars * for the relief or prevention of banking _distress in Germany, England and other 1o late last week, so it is charged, con- tributed to aid of banking distress in the interior of our own country. As it has been put, “There is a na- tion of 40,000,000 people lying between the Appalachians and the Rockies which should be the first concern of the New York financial community.” The feeling that credit, like charity, should n at home, had already forced itself upon Great Britain. The government now in power in Great Brit- ain has had to meet the charge that the recent British crisis was caused in part by the Bank of England's ad- vances last Spring and Summer to Germany, Austria and other European countries, A similar political com- plaint was beginning to arise in Amer- ica about the New York banks. From now on, the New York banks will be nl\u‘:; free 0 help our own interior cities. In ways 100 numercus to recite here, | the position of the New York financial community will ultimately be greatly increased what has ppened. Among other things, they will be re- lieved of making further advances to Britain, and Britain, as part of her greu:m step, has undertaken to repay er obligations to New York and in other foreign countries in pounds at the old gold standard. DECISION ON GOLD SEEN AS TRADE AID Prof. Seligman, Noted Economist, Declares New British Law - Is Act of Wisdom. By the Assoclated Press. NEW _YORK, September 22 —Prof. Edwin R. A. Seligman, internationally known economist of Columbia Uni- versity, thinks the suspension of the gold standard by Great Britain will stimulate industry. “The new law is an act of wisdom and statesmanship,” said Dr. Seligman. “Par from being a declaration of bankruptcy, it is an evidence of the determination to grzpple with an actual situation. “England’s embarrassments are dif- ferent from those of many other coun- tries. In England the people are rich, the government is . The govern- ment is poor, not use the people are poor, but because of the inequali- . ties in the tapping of the national resources.” The forsaking of the gold standard, he added, implies a burden on the creditor class and a relief to the debtor class and will give productive industry & new chance. “It will work toward counteractiny the continual fall of prices,” he f “It will be a spur to the export in- dustries, which are the backbone to British economic life, and it may serve 1o reinspire the confidence which has l’efi!ml:uy been so lacking. If th> la- P | eral situation in England was quiet. THE EVENING | The Dole in England Index System Contains Data on 28 Million—Many Draw More Money Than They Would if Second of & series ot articles based upon first-hand, intimate stud 1 conditions in every section O British Isles, describing the his- tory. the current sit ny e 101 hha economic ehegs "of the dole” upon every class of popula- on. BY HENRY J. ALLEN, Former United States Senator and Governor of Kansas It and prophetic, spoy. i London. s {cant a rophetic_spol on ! the place &ey call the “Kew.” It is a glant one-story building sprawling near the banks of the Thames by the Kew Gardens. Covering eight acres of ground, it houses over 3,000 administra- tive officers and clerks who comprise the administration headquarters of the dole, It is the spot where the new Eng- land with the socialistic potentialities has set up its standards, behind which a growing army of many d who are otherwise unemployed chal- lenge a startled old England. Yet it an orderly place where bureaucratic life flows on as calmly as the great river running' by to the North Sea. Whatever may be said of the army of unemployed whom it serves, it is itself the busiest spot I've seen in London. Officially this overgrown thild of the | ministry of labor is a branch of the cleims and records office of the min- istry; unofficially it is known all over England as “Kew.” It does all the pa- per work for the dole. The first 58 civil service official who administers it and whose title is assistant accountant general calls it “the handmaiden of the labor exchanges.” There are| 1,200 of these exchanges, all of them | civil service branches under the min- istry of labor. Kew is their first lmtI last word. Has 28 Million Names. | Here they have builded the greatest alphabetical index system in the known world, with 28 million names in its card index boxes together with inti- mate facts attached to each .name. These have all passed through the pa- per work of 8 bureau whose duty it is to keep record of the name, address and circumstance of every man and woman in the kingdom who within the past twelve years has been unem- ployed and thus entitled to the atten- tion of the so-called unemployment in- surance system. Many are dead whose names fill this incredible register, some have moved to other lands, some have per of mammoth machine ‘within a dozen years. An effort to clear the register would entail great administration ex- pense of re-examination of the indi- vidual cases. so they carry it not know- ing when information may be sought upon some individual case, for the live re| of the dole is 2 fluctuating list, although it moves steadily upward. ‘When I left New York in July it was ter. contemplated the fact that ivil service machine controls a set-up in every village and a tion with branches in great city, I began to visualize the possibilities of a civil service like this if we should adopt the system at, . .1 am not sure we should do it as well as our British friends are doing it. We should doubtless require more than 8 acres 'of building and prob- evt Working. ably we would make it of marble in Oreyek style, with a goddess of Unem- ployment, guarding the portal. There is no such goddess now, but 1 am sure modern art could supply a suitable sym- bol which would inspire us all over the land to work for bigger and better | doles. I am not overly optimistic but am sure we would make & going busi- ness of it in no time. Frank About Abuses of Dole. At Kew they tell you very frankly about the abuses of the dole. - Most of these abuses have been made possible under the law. The increases have grown continually ‘with the fears. Orig- inally an unemployed man got 15 shillings & week for 15 weeks; now he gets 17 shillings per week the year round and his wife, as a dependent, gets 9 shil- lings per week, or, if he has no wife, he can under circumstances qualify his housekeeper as & dependent at 9 shil- lings. It was pointed out that there were many instances where a dole re- cipient had, by the application of new rules, drawn a weekly benefit larger in sum than his entire top wage would have been if he were employed. The first rule laid down by the pioneers of Unemployment Insurance, namely, that the amount of benefit possible should never approach the wage total of an employed person, was abandoned. To- day upon the live register are many whose weekly benefits, when supple- mented by the dole of his wife nrn! children, give him a weekly “pay off even larger than his top wage in days of full employment. The case of an ertisan whose name and address was given me furnishes an example. He is| married and the father of five children. His wife was formerly employed in an insurable occupation and is upon the eligible register. He gets 17 shillings, she 15 shillings and an added 10 shil- lings is allowed for the five children. Thus his benefit is 42 shillings a week ($11 in our money). His top wage was only 41 shil- lings. Cases where veterans draw as high as two hundred pounds & year, regular pension plus rank. are on the dole, drawing the regular relief plus the dependent benefits, which are pald in addition to their pensions. 900 of Personnel Veterans. At Kew about 900 of the personnel are veterans who were chosen by virtue of the soldier preference law. Most of them draw disability pensions from $2 per week, which pays for a 20 per cent disability, up to 100 per eent dis- ability. The director said that a num- ber were on the rolls, who draw the limit, who are yet able to do after a fashion their clerical work. In such a case the worker gets 41 shillings war pension, equal to $10 per week, and his wages at Kew amount to $12.50 per week, bis wife, if he has one, gets 10 shillings, so that altogether he is draw- ing $25 per week. A surprising change has taken place in the sentiment toward soldiers’ bene- fits. The public seems to have lost its sympathy. No politiclan any longer speaks of his desire to help the service man. He has transferred his patronage to the regular dole receiver, who is much more numerous. A significant proof that the dole crowd is elbowing he veteran crowd is reflected in the| fact that recently the War Commis- sion decided that there is to be an end to the regulation giving preferential consideration in the public service to veterans of war, The younger members of the civil service are all talking of it, and the civil service ad- ministrators say that it means a larger use of the secondary school youngsters who have received some special educa- tion which makes them apter civil serv- ice material. LEGISLATORS GIVE GOLD ORDER VIEWS Wheeler Sees Impetus to Double Standard—Hull Fearsl Artificial Inflation. A cable from W. L. Cooper, commer- cial attache at London, advised the Commerce Department today the gen- “The sterling uncertainiy and the continued possibility of an early tariff,” the cable sald, “are causing importers and agents to hesitate in making new eommlmmul. thesg;cén‘uy manufacturers competing Wi h goods.” While not deprecating the situation in the British Isles that resulted in the temporary suspension of the gold stand- ard, the feeling among Government of- ficials here ¢nd members of Congress generally was that it would result in a stimulation of business for the empire. ‘The nlsmug of lhzt redlmcoun1 2'& l'lt: from 4, to 6 per cent was viewed as step to- attract foreign businefs and money and was considered by some as a move to inflate British money. Congress Members Quoted. Government experts suggested that abandonment of the gold standard at this time would not result in as dire an effect ?osd[he action 'kgnld R:V; du:; ing a of prosperity. ar as | the “Umited. States is concerned, they noted that the American stock markets | were affected cnly slightly. Senator Wheeler, Democrat, Montana, raid Great Britain's abandonment of the gold standard would give “tremen- dous impetus” to a movement which he said was already under #ay all over this country to get back to the double monetary standard. He favors the double standard. ‘The tion that many countries | now on either a nominal or actual gold basis would be affected was made by Senator Hull, Democrat, of Tennessee. As a result, he said, the “world may | experience a period of artificial in- flation.” Represent2tive Wood, Republican, of Indiana, said: “What England has done shows she has been unfair in her rep- resentations to us about her economic conditions.” End of Gold Standard Seen. Senator Brookhart, Republican, o Towa sald he thought England’s action was “the beginning of the end of the advocated fixing the dollar’s value at fraction of the national wealth making it redeemible by any modity at its market value. com- |tana said he was hopeful the British move would result in the rehabilita- tion of silver, and that it would in turn help India, Representative _ Kelly, Republica, Pennsylvania, predicted the silver ques with & view to stabilization of the metal. Commerce Department heard from its London office yesterday that Britain’s move was likely to aid materially the trading position of that country, at least for a period. Since the pound will be cheaper, Great Britain will relatively be a bef ter market to buy in, while, conversely, it will be a poorer market to sell in Just how this circumstance will prevail was di it to say, the dispatch continued, but opinion was freely ex- pressed in financial circles of England that it would be much longer than the 1! allow d gold standard in the whole world.” H\ and | Senator Walsh, Democrat, of Mon- | tion would be brought before the next W Congress REQUEST REVISED SEASON ON DUCKS Gov. Pollard Asks Hoover for Three Days Each for Ten Weeks. Request for a revised duck-hunting season for Virginia and North Carolina, allowing a 10-week season with three hunting days a week, has been for- warded to President Hoover by Gov. John Garland Pollard of Virginia, The request sets forth that the 30- day hunting season proclaimed by President Hoover, due to the expected shortage of waterfow), will work a hardship upon thousands of guides and caretakers along the Old Dominion and North Carolina waterways, who an- nually find lucrative employment with «duck hunters. Senator Claude A. Swanson of Vir- ginla and Representative Menalcus Lankford are aiding in the presenta- tion of Gov. Pollard’s request. Sen- ator Swanson has urged the 10-week }ml}ti?gsplan upon the Bureau of Bio- logical Survey, upon whose r - dlggn tge"sezson wascut o v. Pollard’s telegram t Hm‘y‘flxm”ows: g o President “Virginia recommends that the pres ent season for ducks and geese mpvu- ginia and North Carolina be changed and that there be established in lieu thereof a 10-week season with only' three shooting days per week, a total of 30 shooting days for this season. If this is not done thousands of guides :3;1 cf?retndkebrs ‘“‘}" have their stipends off and be added to e the list of the ‘ailure of the President to amend his action on the duck season, it is believed, will cause Virginia to remove its “rest day” restrictions on duck shooting, it was said in well informed quarters here today. At present Virginia huntsmen cannot kill ducks on Wednesdays, Thurs- days or Sundays in the open season ex- cept in Back Bay, Princess Anne County, where the rest days are Wed- nesdays, Saturdays and Sundays. No Sunday shooting is allowed. in Virginia, and it is believed this ban will not be lifted, but if there is no further Federal action with regard to duck | shooting it is likely the Virginia Game and Inland Fisheries Commission will hooting on all week da; BRAKES RELINED Ford A.$4.95 Chev., 53.95 Chev.. .$6.95 Pontiac for less than inclu - Any make relined $3.00 per wheel. Prices Notice to Subscribers /| in Apartment Houses | Subscribers wishing the carrier boy to knock on the door wyhen delivering lease tele- six months mentioned @nan;e l.ondnnl press. STAR. WASHINGTON, LONDON EXCHANGE OPENS TOMORROW Adjusts Itself Slowly to New Conditions—New York Trad- ing Normal Again. (Continued Prom First Page.) measures already adopted were unnec- cssary if gold payments were suspended. Few Market Dealings Made. ‘Today found financial London slowl; adjusting itself to the new condnlong. With the stock exchange closed dealers assembled in force in Throgmorton street for a few operations in interna- tionnl securities, the pommittee having announced it has no objection to mem- bers dealing outside the house. Business was small and quotations on the ftransatlantic favorites showed a i Tractio razil action was 10 to 12, against 11 Saturday; Radio was 16.8 ng:ifit 15.25, nickels 10 to 111, against 10, Steels 90 to 97 against 79 to 80, Hydros 10 _to 13 against 11. There still were no official rates in the exchange market, but the unofficial New York cable transfer rate was .15 to :.92‘0. Paris was 105 and Berlin 181 to V2. Snowden Reassures Britons. Chancellor Philip Snowden went on the air to assure the nation that the l:lll in ‘thc dpflund sterling would be ;rlx’"::::dl and to énvake its confidence jovernment’s abilif (h;_hcfls%s : ity to weather e consequences of the suspension, | he said, “are bound to be di!ng‘:eeab]!.' In some ways they may be serious, but | fl;;y Wl'll nothgo the way of the (post- | will not go the way of tne -war) | war) franc or the mark. s “The British budget is now the most securely balanced budget in the world. There is no longer any risk of an in- ternal inflation and there are no longer any grounds for distrusting the essential scundness of our financial position.” He expressed regret at the plight of some Americans among other foreigners ‘'Who still have money deposited here and will be able to take it back—if they wish to take it back—in de- preciated pounds and will therefore suffer a loss in terms of their own currencies. We deplore that loss and have done all we can to avert it. Sees No Cause for Alarm. “But for the great majority of our people in Great Britain Lhe{e is no cause for alarm or panic. I want to say most emphatically there is not the slightest cause for anxiety about the money you have in banks, or your money in savings banks. Avoid a panic. “We mean to do our duty. You can x yours by not getting rattled, by car- ing on calmly and steadily with your daily occupations in confidence. Britaim will emerge from the present crisis— as she has emerged from graver emer- gencies in the past—a stronger and more prosperous nation than before.” Newspapers affirmed and denied a report that a movement was under way to draft leaders of the Labor opposi- tion into the national ministry, now composed of Conservatives, Liberals and ostracised Labor members. ‘The possibility gf an early election loomed once more on the strength of a meeting of back-bench Conservatives who declared unanimously in favor of ;npli_m'ze"dhti. ap) |:: to the le on of ve tar] sue. They pledged unqualified support to Mr. MacDonald in the event that he led the way. Acts to Bar Profiteering. Drastic regulations under an emer- gency powers act, such as were effected | at the time of the British general strike in 1926, will be enforced to prevent profiteering in food and an unwar- ranted rise in general retail prices, it was_authoritatively learned. The treasury issued an order pro- hibiting until further notice the pur- chase of foreign exchange or transfer of funds by British subjects except for financing normal trade requirements gr ;:;mtmcu existing before Septem- r 21, ‘The order also exempts reasonable travgling expenses or personal purchases. NEW YORK TRADING NORMAL. Prices Rally After Lower Opening Mar- ket Is Dull. NEW YORK, September 22 (#).—Trad- ing on the New York Stock Exchange was back to normal proportions today, with prices rallying slowly after an ir- regularly lower opening and the mar- ket dull. ‘The official ban against short selling was still in effect. Announcement that the London Stock Exchange would re- | open_tomorrow and the firmer tone of | the Paris Bourse helped sentiment here. ‘The Amsterdam and Brussels markets were again doing business, so that what D. (., TUESDAY, SEPTEMBER 22, 1931. How World Gold Is Held CHART SHOWS DIVISION AMONG NATIONS. Taking drastic steps to protect Great Britain's financial position, the Na- tional government of Prime Minister MacDonald suspended the gold standard. Chart above indicates approximately the way the world's gold supply is divided —From Associated Press. among the nations. MOVE TO OFFER CABINET POSTS TO LABORITES IS RUMORED; Daily Mail Declares Negotiations Have Started, but Herald Calls Report Unfounded. By the Associated Press. LONDON, September 22.—A rumor that a movement was afoot to include representatives of the Labor party Par- liamentary opposition in the cabinet was circulating in London this morn- ing. but the Daily Herald, Labor's offi- cial newspaper, sald in its early editions that it had it on the highest authority the rumor was without foundation. ‘The Daily Mail, however, claimed to have first-hand authority for the state- ment that negotiations already have been opened between Arthur Henderson and Prime Minister MacDonald. It said one proposal was to make Hender- son, former foreign secretary lunder the Labor cabinet, home secretary in the national government and to find places for other former Labor ministers. ‘The decision, the Mail sajd, rests now with the Conservatives. Talk of a general election, which had receded almcst to the vanishing point yesterday, was revived this morning, g . chiefly because of a meeting held by backbench Conservatives late last night which declared unanimously in favor of an immediate el>ction on the tariff is- sue. Participants pledged full support of Prime Minister MacDonald if he would appeal to the electcrs on this policy. Some morning papers favoring a tariff gave prominence to the meeting and urge that an early election is essential and “inevitable.” The Daily Express, champion of an imperial tariff, said the prime minister was prepared to’appeal to the country on a full imperial tariff program. Tariff sentiment is growing among the Lib- erals, it said. This report was sup| to be re- celving support from the fact that 23 Liberal signers already have been ob- tained on a memorial to the prime min- ister, assuring him cf general support in the present emergency. The tariff is not mentioned in the memorial, but it was regarded in some quarters as bearing in that direction. transfers of stock in the first half hour approximated 1,100,000 shares, this morning sales for that period were only 400,000 shares. A fairly large amount of selling ap- peared at the opening, bringing some $1 to $3 net losses on a number of 1,000 to 10,000 share transactions, but these offerings were easily en. United States Steel common, which lost $1.75 on the first sale, made vir- tually complete recovery, and American Telephone likewise made up an early break of $1.62. New York Central, Mis- souri-Pacific preferred and Chesapeake & Ohio erased $1 and $2 declines. Common stocks showing net advarnces | lish of a dollar inéluded American Can, Woolworth, Westinghouse, Pennsylva- nia, Radio, Baltimore & Ohio, Reading and American Tobacco “B. Lacka- wanna rallied more than $2. Dealings in foreign exchanges were still unsettled, although more quota- tions were available than was the case yesterday. Sterling cables opened at $4.11, or 21 cents below yesterday's final rate. ‘The bond market also was relieved from pressure. British 52s rose more than a point. CANADA KEEPS GOLD BASIS. Another Gold Shipment to New York Expected Shortly. ‘The Commerce Department was ad- vised today that Canada will maintain the gold standard. A telegraphic re- port from Commercial Attache Lynn Meekins of Ottawa said Canadian financial circles see the possibility of an additional gold shipment from Can- ada to New York soon. ;. Meekins reported the pound sterling was being quoted normally in Canada from $4.20 to $4.25 and the premium on the United States dollar is reported to '.r;nve advanced between 5 and 6 cents. POUND SELLS AT $4.07. Stocks Recover Most of Yesterday's Losses in Paris Trading. PARIS, September 22 (#).—At the opening of the official money market today the British pound sold at 104 francs ($4.077) and 105 ($4.110). The Bourse acted favorably at the | opening on the strength shown by New selling remained to be done could be distributed, thus relieving the French and American cxchanges. | Actlvity here was in sharp contrast | to yesterday. Whereas on Monday | York Stock Market yesterday, and values generally were up. Fear of the consequences of the Brit- ish suspension of the gold standard had not entirely disappeared, but stocks re- covered most of yesterday’s losses. Rio went up from 1,350 to 1,400 and Suez from 11,350 to 12,000. The first shock of Great Britain's action is wearing off, and optimism in the future of international finance is beginning to assert itself. Technical writers considered that Great Britain had suffered a hard blow, but would re- cover rapidly without great trouble to the rest of Europe. ‘The most serious immediate conse- quences in France, it was commented, would likely be a reduction of her ex- ports to England and fierce competi- tion in international markets with - products, notably textiles and metals. BAN PUT ON SHORT SALES. Effective in Montreal Today and in Toronto Tomorrow. TORONTO, Ontario, September 21 (#).—Short selling will be prohibited to- morrow on both the Toronto Stock Ex- change and the Standard Stock & Min- ing Exchange. Officials of the exchange determined upon this action after the close of trading today. Short selling was forbidden at Montreal today. ‘Trading in 11 interlisted issues will not be restricted but in all other izsues, the same restrictions as were applied today will be in force. GERMAN MARKET CLOSED. Exchanges Will Not Be Open Today or ‘Tomorrow. BERLIN, September 22 (#).—German stock exchanges and metal markets, closed yesterday, will not open today or lt.;;momw, it was announced this morn- g. P— WHEN YOUBUY CITRATE OF MAGNESIA Askfor evERFRES —because it is m: the est aterlals. VE! There’s a Vast Difference Between Existing Advantages and Future Promises ALL-MASONRY English Type Home Just Completed il]PTIMISM 1S HELD Wise home-buyers, realizing this, made possible our almost unique record®of having in July, 1931— 34 houses sold and occupied out of 34 houses built! In SLIGO PARK HILLS extensive Maryland Parks and main arterial highways are in actual existence. Concrete streets are in place. Adequate Schools are convenient. All public utilities are installed. . .the lots are wide and con- tain beautiful old trees. The homes are substantially built, of excellent design and modern plan. The prices are cxtremely moderate under the most searching comparative analysis. 0,950 One of the five new homes now ready for your inspection in SLIGO PARK HILLS. living room with fireplace, bullt-in garage. Drive Out 16th St. —and Alaska Ave. to District Line, north on Georgla Ave. extended, turning right into Sligc Ave, at sign. Three bed rooms, tiled bath with shower, large dining room, kitchen, pantry, large porch, 25 Minutes by Bus to The W hite House Office, 7900 Georgia Ave, SHepherd 2400 DEPRESSION CURE Castle Tells Boston Ad Club World Looks to U. S. to Take First Steps. By the Associated Press. BOSTON, September 22.—Willlam R. Castle, jr., Undersecretary of State, be- lieves optimism is the greatest single force necessary to bring about a gen- eral economic revival. He spoke today before a luncheon given by the Adver- tising Club of Boston. “In a time of depression” he said, “people who sit down with long faces and wonder what other peaple can do to help them become themselves re- sponsible for the cont.i:a.on of the depression.” He sald that' vaguely everybody knows what has caused the depression and that nobody knows more than vaj guely. “Nobody, at least, clearly understands all its causes or all the reasons for its long continuance,” he added, “and it would be much better to leave this de- talled study to future historians. We have no business to stop for such a study now.” Says World Looks to U. 8. ‘The Undersecretary sald that the great political unrest was primarily the result strange economic theories “working: on war-exhausted minds.” The tical unrest in many instances led revolution and the country emerging from a revolution too often found an empty treasury. “Today,” Mr. Castle continued, “the rest of the world looks to us to make the first great step in trads and general economic revival. We are politically sound; no e in the United States look for salvation in an aban- donment of the Republic in favor of any kind of dictatorship, whether of the right or the left. “I have heard people question why the American Government should have Without our aid German economy would have crashed and the disaster which was imminent would have af-' *x¥ A—S5 fected adversely every M&wumv! . O | of country’s %o Sore vorla ity. “We fought, or sald we fought, a war to end war,” he said. “We have made anti-war_treaties that cover the globe. But as long as we money into admit that < r competitive armament, we war is always imminent; we make a v.nvuny.ot. our high-sounding trea- | “We stand back of honest advertis- ing because it encourages trade and trade is good for buyer as well as seller. ‘We can't cry ourselves out of depression, w: w'elun sometimes laugh ourselves out of it.” HERFURTH APPEALS TO COLLECT $3,000 Holds Treasury Should Have %x- texded Time for Poli's Razing. H. Herfurth, Jr., Inc., of this city has appealed to Controller General McCarl from the decision of the Treasury De- partment. which assessed Herfurth $3,000 liquidated damages for delay in completing his contract for razing bulmnwn on the block including Poli’s Herfurth claims that, due to a num- ber of factors, he should have been granted extension of time, so that the Treasury should have paid him in full for the job of destruction. Bids were opened July 15, 1930, on specifications which called for comple- tion of the job in $0 days, and Herfurth as the low bidder was given the con- tract in the sum of $21,760. The thea- ter was turned over to Herfurth later after litigation was out of the way and Poli's was the last building to disa; pear, final debris being hauled lot early in May this year. After a collision in Islington, Eng- * land, in which six people were injured, an autcmobile crashed ‘the doors of a saloon and stopped at the bar. HOME OF SMITH SMART SHO! Listen, Kiddies: Toniste at 6:30 P.M. (on Station WMAL) the Bud- get Boys and “me” are a-goin’ to put on a “School Nite” program. “‘Readin’ ‘n’ writin’ 'n’ ‘rithmetic ‘n’ everything exceft the hickory stick. Be at your desks on time. Till 6:30, Au Revorr. a Budget Charge Account Dress Well From Head to Foot Pay Only One-Fourth Cash - Balance 10 Weekly or 5 Semi-Monthly Plyments s Bqau Geste H;ta 5 Never before below %6. Stet;son Hats 2 Lowest price in 10 years. Money's Worth or Money Back DJ Kaufman = 1005 PENNA. AVE. SOUTH! EAST CORNER Here’s Tempting Buying Were Were $20 and $35 to 38 only. Were $20 to $35 Y For Fall Wear—and An Investment for Next Season With us it’s a clean-up effort that has sacrificed regular prices beyond precedent. Fashion Park and Mode 3-piece Spring Suits Excellent styles and correct weights ‘for Fall—not all sizes, but many shorts. $37.50 and $65 $21 Alteratjons at Cost White and Tan Linen Suits 2 and 3 piece—Sizes 34 and 35 only. No Alterations Sperts Coats— Camel’s Hair, Flannel, Etc. $675 No - Alterations The Mode—F at Eleventh 1744 PENNA. AVE. I4THAEYE $6-75 Size 35 B3 ) (/’/:{72(1‘&2{—

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