Evening Star Newspaper, September 24, 1931, Page 4

STOCK PRIGES RISE | INLONDON TRADING Plan to” Close Parliament WIthm Fortnight Until February Discussed. By the Associated Press. LONDON, September 24 —With most | of'thé membeérs smiling, trading oh the London Stock Exchange ned today in"‘an atmosphere of confidence and the market generally was called steady. A number of buying orders had come in’ for industrizls, ofls, rubbers and gold mining shares,' all of which ad- vanced over ' yesterday. Gilt-edged stocks did not * maintain yesterday's close’ in &1l cases, owing to some selling orders. * Austin Motors was a firm “feature on the strength of its dividend an- nduncement. Leading transatlantics, in sympathy - with' 'Wa Street, moved more than a point highes Hydros Ters at 14%, nickels at 125 tractions at 14 and Radio at 21. Rates Move Against Londo-. Following the easing of sterling chrange in New York and other ters yesterday, rates on the exchange market movi against London. New York oables were quoted unofficially at $3.97 to $4. against $4.10 yesterday: Paris, 100.25 francs, es against 104 francs; Brussels, 28.50 belgas, against 2830 belgas, and Amsterdam, 9.68 guilders. against 10.25 gullders. Conditional arrangements wheéreby Parllament would adjourn within a fortnight and not reconvene until Fébruary were being discussed in the lobbies of the House of Commons. grh an . eventuality was subject, h ever, to the possibility of a general tion, which continuéd to be the f femost political topic. Assuming an election to be virtually certain, the Diily Herald said the impsnding Labor party conference would be asked to Z‘“e governmeitt control of banks and ince the spearhead of their election 'y and hostility toward a protective tariff one of the main planks in their|. platform. Forecasts Sweep hy Labor. The Herald, declaring * that Labor wduld sweep the country 4n the event of: an election, denounced the Conservas. g * Prime* Minister Mac- g lently” leading them al!cuan" and referred to him as the “prisoner’ premier of the. Tories.” The uhems lgrund to be sadly di- vided eétion question and David Lloyd Geur:e was sald to be an- noyed -at’ fembers who are will- !.nm syl an election on a tariff y ty of the 58 Liberal M. P.'s the matter in a meeting yes- terdaysbut were unable to agree. WILL CURB EXCHANGE SALES. Indian Government Plans Measures to Control Transactions. SIMLA, /India, Sej ordinance suspend! statutory obligation to seil ster] gold egainst rupees will be ummma mohe Indian government wil uke to control exchange tra actions, e said, 5o that sales of forelgn exchange can be limited to actual re- mah for purposes of trade, for ent of obligations made before last Monday and for reasonable do- mestic requirements. Banks will reopen Friday for - ness as usual, e finance minister said the internal sound, ith no Rim normal business llndl., RUN ON uwlm BANKS. Withdrawals Met With Assistance of National Institution. % BELGRADE, Jugoslavia, 2% m ~—The Brif been reflected here which has been met so far with the assistance of the National Bank. ber The | an pmmamzungmoenmmlrkn- main unquoted. TRADE ON FRANC BASIS. Rumania Establishes Arrangement For | 8ppl Business Transactions, "BUCHMT, Rumania, financial crisis all business in Rumania are being effected on basis of Prench francs and mln ll being traded at Rumanian ports on a basis of Dutch guilders or francs. EXPEDITION TO START EXCAVATION IN MEXICD Mission Financed by National U. and Senator Morrow Will, Dig at Monte Alban. By the Associated Press. MEXICO CITY, September 24.—An archeological expedition financed by the National University and private in- dividuals, including former Ambassador Dwight W. Morrow, will start work at Monte Alban, Oaxaca, next month to' uncover ruins which are expected to throw light on the connection between the ancient Indian civilizations of Mex- deo and Centra] America. Monte Alban is belicved to have once been the site of the prineipal eity of the Zapotecan between the two clvlul-l!lonl tion will center around a huge bufld ing known as the “Northern Platform, where it is believed objects of impor- tance will be found. AIRMAIL DEBIT LARGE $17,000,000 a Year Bpent Above Receipts, Says Brown. ‘The Post Office Department- is spending $17,000,000 a year above air. mail receipts to maintain the nation. wide network of airmail lines, Post- master General Walter F. Brown .de- clared in a radio talk over the Na- tional Broadcasting Co. network in commemoration of the twentieth anni- ;;rsa‘ry of the first carrying of mail air. ‘The Postmaster General urged “sup- port of this twentieth centus ;{dmu- try” to “develop a nation-wide net- work of air lines to carry passengers, express and freight,” with mails but an “incidental operation.” “The postage you attach to your air- mail letter,” Mr. Brown said, “bears less than half the actual cost of handling.” He expressed the belief that in- creased passenger, express and frel mm can put air on & pa e ! INFANTILE CASES GAIN. ‘The number o( infantile lysis | icases increased this week to 1,272 trom | '-he 1,160 total t!pormd to the Public Health Service last Nev York's total of uo represented decrease in New York City, where has bet a run on banks| September | f () —As a result of the British people, considered a llnkl ‘Referee -Courts Pass ‘on THE EVENING STAR. WASHINGTON, D. C, THUR " 'The Dole in England Eligibility of Applicants. Losers May Get Aid Anyway if Idle After Six Weeks. :'Ifl ln‘d and_econom ‘ EBon evers elass’ of population. BY HENRY J. ALLEN. | Pormer United States Senatar and Governof of Kansas “There are over 1,200 labor exchanges | in England besides. many ' branches. These are the official establishments of the Labor ministry through which the civil service administers the dole in the various parts of England and the Brit- ish Isles, Each exchange has a referea court to pass upon disputes which grise continuously touching eligibility of ~n- plicants who have beerdenied registia- tion by the Jabor exchanges. Bach rei- eree court is composed of three mem- { bers, two of whom, representing respec- tively the labor viewpoint and the em- ployer's viewpoint, serve without pay. The chairman of the court is always a | licensed barrister or a solicitor and re—,; celves three guineas, glightly m-erh $15 | there(or; Bommsd e iy er week for three afternoo i I was privileged to be a spectator Auring an afterrioon in one of the-Lon- don Courts. The first applicant. was & man of forty-five years of age. He had ‘come to London two. yeals Ago .as & writer for an advertising firm, had made Seventeen contributions (about two dollars and fifty cents in all) to the insurance fund, ‘lost his job because of & depression irf business and had_been unemployed for séveral months. Tech- nically he was not eligible, as the regu- lations call for thirty contributions over a period of two years. However, he was eligible under the proyision for transi- | tional unemployment if he could con- vince ‘the 'court that he was unavoid- ably idle. Application Disallowed. The Court had received from Kew the history of his case and had it be- fore them. Apparently he failed to im- | press the rel s 88 a worthy case. His | application. was_disallowed. He will,| meulon a:mum 0 apply at his labor | daily; 3f In six weks the ex- chnnn found” him a job he| can renew #pplication, and, inde- | pendmt of all other copsiderations, will | be listed as & member of the llve regis- | ter and receive seventeen shils ?.' week for himsélf, nine uhlumn or his | wife and two shilings for each child.; In Hi¢ ‘case thé paymietit will be thirty | chillings per week or practically ;uol X oes rom. e for six weeks w] job is being sought, for him. If he is not satisfied with the decision of the referee court he can ap- peal to the umpire for a rel 1 thc nmpln sustains the ref court no worse off. He will still be eli- nble tor the dole in six weeks if & job or “suitable work” has not been found for him in the meantime. Neither the referee court, nor the umpire can do | more than deter him for six weeks. There are seven umpires in England, each located in one of the seven dis- triets into which the Kingdom has been divided. The umpires are men of judi- m': r::ndlnl and draw commensurate sal ) _Impressed By Courtesy. A young man of eighteen came before the court. His record from Kew dis- disereditabie facts. discharged by an employer for dishon- esty, and, ona later ooufionh njofigflnflflnhl ibor exe e was some. debate over ‘The boy claimed that it was by any lmnd guardian or parent. m are pot allowed to appeor in t.nue. An interesting case wes that a one-armed man, a veteran of the orld bor | is Josing money all t show a del ‘War. He had lost his job as watchman because the factory had shut down. He had not made thir fund. something else unfavorable in it and his application was disallowed. The teresting fact to me was that he already | | draws' a _disability pension of twenty- || eight, shill | money. “This, however, would in no| wise disqualify him from recelving the dole. He has only to apply daily at| the labor exchange for six weeks. If by that time he has not been put to| | wnrk at labor suitable for & one-lrmeiv man seventeen shillings per week for himself and nine shillings per week fo) his wife will be added to the $7.50 per week he already draws from the govern- | ment, together with 50 cents per week for each child. This particular unem- | | ployed man will be drawing from the in spite of any decision of courts of referees or umpires. Deliberately Left Job. A typlcal case was.that of a weaver. | He had deliberately léft a job, although | | thus be disqualified from receiving the | dole. He testified that his fellow work- | a swift operator and sometimes made as high as $25 per week at plece work. They trified with his loom lrequen'.ly while he was at lunch, putting it tem: MATHEMATICS Evening Classes Begin Week Sept. 21 COLUMBIA “Tech” SCHOOLS All branches of drafting and engineering Send for Catalogues {| Swallow Fountain Pens Ideal for school use. ssc Fully guaranteed .... government, in six weeks, $13 per week || warned by the employer that he would || ers wereju!aunothémbeflnu he was || K P W PAPER CO.; ALBANY, N, ¥ Pioneers for Claankiness since 1877 ly out of commission. to reduce His foreman was also % o In addition his wife jealous of him. suffered from the bad water and unfav- | orable climate in the district where the cotton mill was located. The referees questioned him politely, with real cour- tesy, although he was manifestly a | shirker, and disallowed his appllcation. Doubtless they will make a special effort { to find him a job, but if they do not he | will be on the dole together with the | | dependent members of his family in six | weeks. The whole purpose of the labor courts therefore is not to disqualify any un-) employed person from recelving the | weekly relief, but to deter as much as | is ressonably possible the unworthy. | They have found that the prospect of the temporary disqualification, carrying s it does a six weeks' waiting period, discourages a certain class that would | deliberately stop work to g0 upon dole, 1t 14 known. too. that the labo exchanges give special attention to pltcln[ in employment men who have been temporarily disqualified by the | referee courts. 2 PARIS 1S REFUGE OF WORLD'S GOLD British Lead in - Remitting | Capital to France—Panic Flurries Appear. By Cable to The Btar. PARIS, France, September 24, Paris and New York now are refuges | for capital. Switzerland is refusing de- posits, and Holland is busy accumulat- |ing gold to maintain its own MNquidity. Other countries are, sending funds to France so0 rapidly that Prance has risen jon the international market, and gold l; rkeporud 1t be coming from New ork. ‘The - British are the biggest senders of capital to Paris, and the flight from the pound sterling seems to be assum- 1 ing large pi ‘The flight is be- mu carried out by means of selling se- curities and by leaving abroad balances from the sales of merchandise. The Scandinavian Central Pm“:;WB are likewise sending fun w aris. Flurries of a panic have appeared ln sereval countries, but ‘serious devels ments 8o far have not appeared. e Dutch cover of the florin has risen to 71.1 per cent, which is & record. There are few transactions in the lira, hence minor movements. are con- | sidered less important than with other countries. The lira is pegged on the dollar exchange, and regulations permit | the Bank of Italy to furnish credit in- stead of gold and at the official rate. ‘The Bank of Sweden refused Danish crowns when the Danes gave orders against gold exportation. e Swedes & declaration that they would | standard ld 5 urrency is based on transactions in for- re done on the basis e the dollar parity. nd the dollar, and el(n exchange has raised the discount rate | per cent. key the French franc has been ldopud as the base of exchange. § ¢ fcupyriens 1m1.) WHITE STAR LINE FACES U. 5. GOLD HOLDING OVER FIVE BILLIONS Sum Almost Half of Total World Supply—Federal Reserve Ratio 81.4. The Federa] Reserve banks last week held -nearly one-half of the world's | gold supply with a total of more than “5.000,000,000. The additional strength | of the system was demonstrated by the fact that member banks hold in their ‘lold reserve about $2,000,000,000 more than required by law, the excess being | one-fifth of the world total. In jts August review issued yesterday the Recerve Board also showed that Great Britain, which temporarily aban- doned the gold standard this week, | had a net loss of $67,878,000 in mld | from January 1 to the end of July, | during which time France imported 5’3209935000 from Great Britain and exported $382,000 to her meighbor. The reserve ratio In the United States | in August was 81.4 per cent, while under the law the banks are required to have | & 40 per cent reserve in gold against | notes in_circulation and 35 per cent | against deposits. The volume in excess of legal Tequirements is about $400,- 000,000 more than it was two years ago. Free Gold Drops. The board reviewed the laws requir- ing all Federal Reserve currency be pro- tected doliar for dollar in gold or eligi- ble paper and said that, while gold re- serves had increased, “free gold,” or that above legal requirements, had de- creased by about $350,000.000 in the last two years. The drop in the “free gold” was brought about through action of the banks in withdrawing eligible paper from their reserves and substitut- ing gold for it. During the two years the banks' eligible paper decreased by sbout $900,000,000 and the “free gold” held during August averaged about $700,000,000. “At a time of active business, such | Pederal Reserve Banks are large board said, “there is abundance of eligi- ble paper and the amount of gold that has to be pledged with the Federal Re: serve agent is relatively small, leaving a considerable volume of free gold. “At a time like the present, when the borrowing at the Reserve banks is a low level and the portfolio of the serve banks consists to an unusually large extent of Government securities, the major part of the collateral back of Federa]l Reserve notes has to be held in gold, with a consequence that the amount of free gold available is consid- erably smaller than at a time of active iness.” ‘The board said Reserve bank credit outstanding increased (n August by $240.000,000 and at the end of the mcenth amounted to $1,200,000,000. Thé additional demand for credit, it said, was caused in part by eontinued transfer of funds by foreign corre- | spondents of the reserve banks from the acceptance market to balances with the reserve banks and in part by the in- crease ol money in circulation which ‘was $100,000,000 larger in August than is usual at that season of the year. $25,000,000 From Japan, At the end of August Government security holding by reserve banks amounted to $728,000,000, close to the largest amount on record. Gold hold- ings of the banks increased in the month by $40,000,000, of which $25,000,- 000 came from CRISIS IN ITS FINANCES | ofenes Pa Vi Aok e By the AssqciatedPress. LONDON, September 24.—Sir Walter :;undmm. presidin, g of toid his assoclates drastic measures must be taken if the shipping company is to continue. to operate. “It must be obvious,” he said, “that the company cannot continue operations unléss something drastic is done, for it the time. steps we will take I am unable to say at the moment, but strenuous efforts :;et:«lnl made to ymet the good will e The com any's Aeoolmu for the year t balance of $167,000. today at a meet- directors of the White Star Line, | ‘What | HUNTING TRIP CUT, ‘SH\ORT 'TTLE,September 24 (#)- -—Wflwn Lloyd Bnlt.h New York, notified plane while hunting in Alaska of !.he suicide of his brother, a magazine editor, in New York, arrived here by plane ‘from the North with his family yes- terday. The hunting trip was cut short when an airplane circled over their camp in° Rainy Pass to bring them news of the tragedy. ness success . . | connections. “Columbi ments. INTEREST PAID ON SAVINGS e 911 F PERSONAL INITIATIVE | ; —remains, as ever, the big factor in busi- . but no man of affairs will discount the advantage of good banking has demonstrated its helpful- ness to innumerable customers . . . and ex- | tends you a cordial invitation to utilize the complete facilities of the various depart- PROGRESS BASED ON SAFETY AND SERVICE T i COLUMBIA NATIONAL B NK Cagital & Surlus, $750,000.00 Street - 1349 ‘E’ST.N.W. Comer Pennsyloania & 14th Phone NATIONAL 1721 or write BUS TERM'L JheStiodlin $1y8lcom. lfl.lllddr‘of Mm-.p.dllh:o.'co of Canads. Phone express buses wluldlu( 11721 IM M‘" jonal mt.\%rfolk all stop at U, BOSTON .fiu 80 Atlantio City 54.680 85 Renopoubiiis.se Pottstown...... Noval Baso gate et DAILY THRU EXPRESSES & Chester Valley reat Eastern The. System Hountain Stesen 3850 I.OS ANGEIES Nmnmu.w Dot _.._uco ;?l?n:nm Th R —iiee mmo-il: Bt. Louis.... 20.00 3.00 1.60 PITT SBURGH ‘estch Tr'nt'n,N.J.4.26 as 1928 and 1928, when borrowings at | SDAY, SEPTEMBER 24, 1931. LOSS TO U. S. IN GOLD VALUE IS SEEN BY BRITISH BANKER Says Decrease n Demand Would Lower Cost of Commodities. Importance of Rate Held Less Than Maintenance of Pound in World Markets. BY SIR JOSIAH STAMP, Director of the Ba [ Bt e Lonon el Railwi By Cable {0 The Star. LONDON, September 24 (N.AN.A).— Going off the gold standard, because of an unbalanced budget and with the prospect of an unlim! led issue of paper money, conjures up visions of past cur- rency disorganizations in Burope—the fiight from the mark and the flight from the franc—and it navurally makes all | people abroad. who have dealings with Great Britain apprehensive For all historical parailels show that this is a perilous condition both for the debtor and the creditor, especially where and Presi- a Scottish | to sustain in the banking and the in- vestment world. But while this cause of going off the gold standard is a sit- uation that threatens, it is not th use that really operates. Going off the gold standard because international bankers and foreigners who have deposited “their money with Great Britain have got into difficulties and presented their claims simultane- ously and to much greater extent than would be regarded as normal under any ?a‘nkml system, was quite another af- air. New Features Presented. ‘This situation created by this cause presents features for the future which are quite diffcrent and quite new. 8o far as Great Britain is concerned, there are cértain advantages to be weighed against certain grave disad- vantages and at some times those who see the ons are more vocal than those ‘who fear the other. People who are taking a steady, long view of the situation weighing two things: Pirst, the advantage in the long run to British industry on being re- lieved from .he continuous depression effects and social consequences of the heavy fall in prices which seemed ag- gravated by Groat Britain's adherence to gold, on one side, and, second, the effect upon British finance as an in- ternational center. Great Britain draws some £50,000,000 to £60,000,000 sterling as an intérna- tional money center from bankin, commissions and all kinds of financial services. If this source of income is seriously impaired, it will be very diffi- cult to compensate it merely the stimulus of internal industry to the same amount. The reason is that the £50,000,000 to £60,000,000 form an integral part of the balance of trade.in paying for ‘our foreign imports. It-is one of the things we present to for- eigners in. order to get an exchange of ou;food e it of internal prosperit; low no amount of interna: and profits is quite of the same mde: to ® o0 00 o MRS. J. L. O CONNELL 934 T Street N.W., Washington, D. C. ‘Wins the “Man of The Month” Selection award because she was the first of a number who submitted the name of ANDREW MELLON Mrs. O’Connell nominated Mr. Mel- lon “because of his work in connection with the Debt Moratorium.” the debtor has an international name | or quality as this. Unless we are able | in dollars and francs? SIR_JOSIAH STAMP. material kind in place of our financial services this means a definite check upon our ability to feed our people and a definite difficulty in balancing our international trade account. Hn Peculiar Importance. ‘The fits of the City of London, there(ore. are no mere mattér of in- come of rich bankers. They have definite connection with our standard of life. It is not sufficiently recognized abroad that the natural population of Great Britain, without a very large foreign exchange of commodities and services, would be far smaller than it is—prob- ably only 30,000,000—and we can only keep 45,000,000 with our high standard of life if we maintain that profitable interchange in foreign trade upon which the population has grown. The maintenance, therefore, of Lon- don as s financial center has peculiar importance in the maintenance of thg British standard of life. To what then is this argument directed? It raises at once the ques- tion of the value of sterling as an inter- national currency, and the quality and quantity of sterling bills in use through- out the world. This has been the most convenient form of payment for foreign trade, not merely with Great Britain, but between two quite in- depenident countries far away on the earth. If the Javan e?orter to Japan can no longer be pald in a sterling bill, what will be the method of financing him? The bill is drawn and almost immediately discounted, so that the ex- rter receives his money to carry on is business without waiting for the importer to clear. the whole financial operation by selling the goods and ing them up in manufactures. The importer, on the other hand, does not Y until after a period of time. When pays, he pays the bank that has dllcq\m'zd the bill. Some one is re- quired who will carry this financial operation for this period between the original production and the ultimfte use, d great Britain's going off the 1d standard does not reduce this ancial neeeuity for traders through- out the world, Can the bill. therefore, now be drawn No doubt it stimulate exports of some other | could be, but for bills so drawn on a N THE SEP“'-M 5\)\': Man of the Motlh in Wldlnm. by George 8. Carll, sr. The Washingion Bicentennial Year, by Arnold Kruckman. A Stamp to Boost Washington. The Catholic University of America, by Hiltrude B. Fisher. Mayan Temples and a Lost Civ- ilization, by Cora de Forest Grant. Aviation In America—A Light Summary, by Irene ‘Juno. The Gold Star e, by Vir- ginia W, Pflce.r“m The Value of Education to Tis Possessor, » by William Atherton Du Puy. Buy a Copy of the NATION’S CAPITAL . . MAGAZINE for SEPTEMBER Following is a selecs tion of names first sub- mitted by readers, each name being many times duplicated: Herbert Hoover, by Mrs. W. M. Iiurley, ‘Washington. enry_Lewis Stimson, by Frank m ‘Forks, N. Y. Robert Patterson Lamont, by M. Christie, Washington. R George W. Wickersham, g Baran, Buffalo, N. Y. Salvador de Madariaga, by Miss Freda Schiefer, Washington. James E. Watson, by C. 8. Moores, Sycamore, IIL George W. Norris, by Rudolph G. Jorgenson, Stoughton, Wis. A. Van Duser, by Mrs. %" Rodgson, Wasbington. David Lawrence, by Miss Miriam Kroger, Washington. Clifford K, Berryman, by Miss )flrflll"' C. Eack, Washington. .mmc.uth.byo-urz.un caster, nhl.uwn, James Edward Freeman, by m Judson D, Cobb, Washington. John B, Colpeys, by E. N. Beard, Washington. e . o 0 0 o SUBSCRIPTION COUPON. - The Nation's Capital Magazine National Press Building, Wa: A Review of the Statesmen, The United States Patent Office, by Clarence A. O’'Brien. How to Maintain rity—A Plan, by Willard c:w-lm h M’ son. Comment, Soterios Nicholson. An.Old Racket tn New Dross, by Emmett Paul. That Murder Gnm, by E. Paul Saunders. Rah, Rah, Rah! Moratorium! by Strickland Gillilan. What's So In Soclety, by 'Kate Scott Brooks. The Washington Tourist Camp, by Andrea P. Sckoppeglia. The Pan-American Garden, Catherine Cate Coblents. . Tune in Wednesday Nights at 6 O’Clock on -Station WOL and Hear Strickland Gillilan and Other Prominent People ington, D. C, Enclosed find $2.00 for one year’s subscription. lflnu.,“ e O 0 e ] . 185 "wila "Variations duting the theee: | additional dose of SyFney) ' * elaborate machine of e and financial éour- is ired, and this cannot ,be lmmelme improvised either in New York or in Paris. ‘The greatest friend of New- York could not say at the present time that New York's financial dealings with countries have been charagter- a steady, courageous purpose or by intimate and far-seeing knowlzdfl Thm 1! can only g long rlence and the period !rm 1018 w 5 shows that an automatic of this business to another market lt & moment's notice is very difficult. If, therefore, the world is to go trading without restricting its flnnnflll dccommodation, this system of drawing | bills must continue, and if sterling is reasonably stable, so that the payer and the uccl\cr do not find their bar- gain tice spoiled on every side | month currency of the bill, then it may | well be that sterling will again, com- mand sufficient confidence for the pur- | pose in hand. o If this is so, the strength ef the City of London In this direction may not. be | serfously interfered with, and going off the gold standard will ‘not have this particular disadvantage to thc extreme point that we may fear. There would be so' much incon: venlence in a great variety of constantly | changing exchange rates between dif- | ferent countries and_ between those countries and Great Britalp that the| natural convenience would be best served if the currencles of the coun- tries themselves were closely related to I sterling. Helps Domestic Problem. No one can yet say what will be the rate or the relation of sterling to gold or the nature of the tie between them if the alternative of a full return to the original parity is not adopted. It will be secn. therefore, - that one of the main ~ advantages of going off the gold - .dard may prove to be ex- aggeral 1 its ultimate influence. Equa vantages of the situation be exagger- ated. It is true that at the present time the balance of trade is a very | important problem and that the auto- | mati¢ check on imports and the en couragement to exports given by sterl. ing being at a discount to geid is a valuable corrective to an adverse bal- ance of trade. It also enables us ta overcome a good deal of the domestic problem of Great Britain in the align- ment of wages and prices, prices hav- tng {lll‘e]n very heavily and wages hard- 1y at al If prices can be brpught up some- what then this pamcuhr difficulty that has been acute in the last twp or three years may be mitigated. But disparity between our own prices and wage levels and those of our. com- petitors is much greater than can be cured or bridged by this particular device, unless, indeed, the discount on sterling is disastrous, for the Iorelm level of costs per unit of output is B avetf v 50 may one of the chief ad-| ‘by: nflmnu going off the gold standard is all very well in its way, but no coun! could ever rest for permanent upon such § eircul the history of the de euhnnlvl ln | past, t will be ‘mul\.zun: ax&ur‘: -na dumnlnl and the Tesistance [y fpe:manenz differe: ‘.'.“L'.‘? currencies but to a perlod el change. Influence on Other Countries. { In other words, it is transitional and | for its continuance i depends upun an or inflation ‘at each stage. K is vury i | shortsighted, therelore advantages of going off lhe nld -uM- | ard as being permanent in industry ex- | cept in so far as they may help to rectity the special difficulties of price levels and wage levels in the last two or three ears. The next thing we h“e to wnuder is the influence of going off ':g tandard upon other countries that |on the verge of taking the same sf | If, as a consequence, they all go off only a few of the chief countries main on, we may now speculate men in late tal | 2 to the ultimate value of gold. Arelme of ll ll'r:l.dpml of pressure ny or a currency will m.flculy make it less vfllm “ and this may stimulate & rise.in the price levels of those countries that are still using it with strange consequences in the exchange rates. This is A possibility to which T drew attention nearly eight years ago, when I remarked in the Wall Street Jourhal: “We are tributary to America in gold for twp generations. If she can make gold high in value. the tribute on our luction will be heavier. It is great- y to the interest of the United States that we should reassume goid and lead | Burope to do the same, for we. thereby - . confer on gold & good part of ite old - value and save the United: States from | hugging a useless hoard. But when we have made the ‘call’ because we -can play several good' cards, her store of gold gives her & long suit of trumps. “Before Great lfl‘lhin takes this step - it I8 not enough to insure ‘against the - immediate risks, but we must look’to the whole future of the standard as a worthy instrument of society for the age in which we live. As thé price for this- great boon to "America, Great: ° Britain ' must bargain here and now for closely kpit cosoperation on: lines “of genuine resolutions to seciure gold ' sta- bility through central bank reserved. we manage our -.u&fll or it will mlmmln us. The level must be controlled and control it by a golden handie.” {(World copyright. 1931, by paper Alijance, Anmnsmms REI:EIVEII HERE You May Expect Prompt Re.mlts From - Star Classified Advs. - —because practically everybody in and around Washington reads The - Star Classified Section regularly. . - IN writing your Classtfied Advertisement state plainly what you 2=2 seeking, and you'lt have the * attention of those who can nervb you in the di- rection you wish. Copy for. Star Classified Advertisements nuy N left at any of the followi ng authorized Branch Of- & fices—rendering their service without iee only regu- lar rates are charged. In the Northwest 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P sts.— Day’s Pharmacy. 1135 14th st. — Marty’s Cigar & Magazine Store. 17th and Que sts. — Ken- ner’s Sharmacy. 15th and U 0. Brock. 2912 14th st.—Colliflower Art & Gift Co. 3401 14th st.— Bronaugh’s Pharmacy. 14th and Buchanan sts.— Hohberger’s- Pharmacy. 14th st. and Colorado ave. —O’Donneil’s Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. - 1823 Columbia rd. — The Billy Shop. 2162 California st. — Co-~ lodny Brothers. Wardman Patk Pharmacy. 215 N. Y. ave. — Sanitary Pharmacy. 1st and K sts.— Duncan’s Pharmacy. 7th and K_sts—Golden- berg's (time clerk’s desk). 7th and O sts. — Lincoln Drug Store. 7th st. and R. L ave—J. French Simpson. 11th and M sts.—L. H. Forster’s Pharmacy. In the Southwest 10th st. and Va. ave, — Herbert’s Pharmacy. 316 41 st. — Harris’ Dm‘ Store. 4% and L !ts.—Cnlulnbll Pharmacy. In the Northeast 208 Mass. ave. — Capitol Towers Pharmacy. 4th and H sts. — Home Drug Store. 901 H st—Garren’s Music Store. 12th and Md. ave.—Luck- ett’s Pharmac) 7th and Md. ave—Louis F. Bradle; North Capitol and Eye—Ken- ealy’s Phar- macy. 20th and R. L ave, — Collins’ Pharmaey, Brookland Pharn;e!. Brookland. 4th and R. I ave. & - s 9th and U sts—M. H Hunton’s Pharmacy. Ga. ave, and Upshur ltfl- Petworth Pharmacy, 221 Upshur st. —Morick's ' Pharmagcy. 5916 Ga. avea-lflchm Pharmacy. . Ga. ave. and Kennedy st. . —Lampkin's Pharmacy. 2901 Sherman ave.—Sher- man Ave. Pharmacy: 6224 3rd st. — Stewarfs Pharmacy. 1905 Mass. ave. — Dupont ___Pharmaey. ~18th and Fla. ave—Bern- stein’s Drug Store. Fla. ave. and Ist st.—N. .. Reiskin. North Capitol st. and R. L ave. — Parker’s Phar- - * magy. 1742 Pa. ave. — J. Louls ' Krick, 21st and G ‘sts.—Quigley's - armae! 25th st. nnd Pa. ave, = Herbst’s Pharma . 3315 Conn. ave. ‘;cll': i New: . Iseonsl.n ave. and lu-b*' t.—Harry C. 4831 Wisconsin lV:.;—H.- gan Bros.” Ph Takoma Park, 359 Oeln ll- —Mattingly Bros.’ Phar- macy. In Georgetm 30th and P sts—Morgan _Bros.’ Pharmacy. § .mn :nd M sts—Brace’s uu M st.—Mochy'l mp- usa Wl sconsin ave—. Haney’s. Wisconsin ave. and O st.— Donahue’s Pharmacy. 35th and. O sts.— Sugars Drug-Store. - 5104 Conduit rd. -M Drug store. In the Soulhead 3rd and Pa.' ave—0'Don-~ nel’s Drug Store. 8th and sis, . —F.P. Ph