Evening Star Newspaper, October 7, 1931, Page 5

THE EVENING 817 PRESIDENT GVEN | TASTE OF DEBATE Congressional Delegation, Shows Hoover How Sub- jects Are Discussed. icent r knows now what it like to b the center of a congres- i debate, e got a mild taste of it last night n he submitted his economic emer- for discussion to 32 Sen filled room, the Presi- nded by the bi-partisan | on which occupied rs and | v e warm e filled the a Mills, underseeret sat near the Chie Sccretary Mellon took a bac found himself near one of his eratic predecessors in the Treasury, Senator Glass of Virginfa. It so hap- pened, that Senator G the more ac e in the del v d the reading by the Presi ntative C aspectively —were on their 1 times. It was they who | resident that while they s a function of Gov- intention of play- ncial distress | | | e, re ag ng to L.{‘l \ “principle. | ssions were carried on in| and without bitterness Some of the spoken| 1ghs, although the seri- | subject was n‘cogmn‘d“ s disclosure at the end of | sus- | ended | | ssions. | ate For- \airman Borah of the € promptly | Committ President | ovzd even in effect reported as hope- group in his pr 1 the debt sus- | aval of France er, | resident v f suppert of posal to discuss pension with The congressi asked him to annoi his_own respon: Senator Gla: up during ti of & s the first to speak reading by 1dent | at such a plan was now under | fon by the Senate Banking| Created for the purpose of meeting the | public expec- broadening of the unting paper. | Favors Conservative Change. tor Walsh, Democrat, of Mon- tona, inquired of Senator Glass what paper he would regard as objectionable | for discount by the Federal Reserve | System and the Virginia replied with | examples. He left the impression that he would favor only a conservative lib- | eralization of present law. Representative Luce of Massachu- | setts, publican member of the | House Banking Committee, insisted that | the proposal for re-creation-of the War | Finance Corporation be approved only | “if necessary.” He was joined by sev- | eral Democrats in this contention, which was accepted. The ir sible “Jack” Garner lightened the scriousness of the meet- ing by facetiously remarking that the Democrats were helping the President | write his message to Congress. This was reccived with laughter A proposal for increasing the capitali- o of the Federal land banks febate. It developed a rom one Demos tic source moratorium to the farmers owing m to these banks. This was quick- 1y challenged by Senator Glass. Might Destroy System. He called attention that the bonds of | re privately owned an; rium for the 8 per cen o were unable to meet | ould result in possible | 1e system. That ended ideration of the farmers’ morator- | Sena (&) bro Mellon frequently got into ions. He took part in that d banks. There was some question as to how increased capitaliza- tion—expected to amount to $60,000,- 000—will help the farmer borrowers. Mr. Hoover, when he did not reply to ons of the inquistive congressional | would call upon Secretary Mel . Mr. Mills or Eugene Meyer, gov- ernor of the Federal Reserve Board, for data at their tcngue's tip. HOOVER STATEMENT GIVEN SIGNIFICANCE Plan to Discuss Debts With Laval Adds to Importance of Lord Reading's Visit. B the Associated Press. PARIS, October T.—President Hoo- ¥er's statersent that he would discuss war debts and reparations with Premier Laval when the latter goss to Washing- ton was regarded today as lending in- creased significance to the visit here of Forcign Secretary Lord Reading of | Great Britain. It was considered that Mr. Hoover's announcement would stimulate frank discussion of question: between the Brit rench offici: before M. Laval's departure next Mol ay. Lord Reading made his first call on Forcign Minister Briand before noon. and had appointments with M. Laval and Finance Minister Flandin for later | in the day. The result of their talks will | come before the French cabinet, tomor- row, and the French attitude on a pos- sible extension of the Hoover debt sus- pension will be considered. { USES HISTORIC ROOM Hoover Bnr;APlnxx “;llt‘re Lincoln Signed Emanicipation. A second emancipation proclamation | as come from an histotic room in the | White House. . This time release of dollars Instead 5 is the object chamber in which President Hoover met with congressional leaders As White Hous Co € AS WHITE HOUSE CONFERENCE BROKE UP LAST NIGHT. The White House conference lest night did not end the Whi {encd to the President’s proposal for & $500,000,000 corpora ticn by private interests to relieve benks which have sound the War Finance Corporation. which W on of Connecticut, Republican House leader, be- 1 a are unable to liquidate them - Photo shows Representative 'l nference Ended Last Night AR, WASHINGTON, D. C., WEDNESDAY, OCTOBER 17, 1931, BANKS MOBILIZING 10 PUT OVER PLAN Half Billion Resources Will Be Applied to Needs Through- cut United States. ___ (Continued From First Page.) nized by competent committees to be sound is the equivalent of 10 times that much credit. Importance Far Reaching. When it is considered that the total resources of the banks that have closed their doors since the depression will not exceed $1,000,000,000 and that most of them wculd not hav failed had such a pool been in existence as is now pro- posed, the far-reaching importance of |the new program as a constructive | measure of banking defense against un- | warranted witharawals by ignorant d:- positors may be truly understood. What ‘s being cone today is not un- precedented. new banking pool resembles very closely the organizition set up under the Ald- rich-Vreeland act of 1908 just after the 1907 panic. Use was made of the same law in 1914, when the Europein war broke out and the Federal Reserve bank- ing system had been cicated, but was | not yet functioning. | . The plan calls for action by clear- | Ing house associations throughout the | country. Such associations will pledge 2 per cent of deposits. This is by no | means a guarintee of other banks' | losses. or a means of inflation, but | the use of a flexible piece of banking | machinery for rediscount purposes and The machinery of the| > House after the conference adjourned. d by newspaper men cn the front portico of the White House after the conference broke up. BANKERS INDORSE HALF-BILLION PoOL American Association Says Plan Should Remove Credit Restrictions. e Associated Press. ATLANTIC CITY, N. J, October 7. The American Bankers' Ascociation today voted approval of President Hoover's plan for a $500,000,000 bank- ers’ pool to mobilize the Nation's frozen d Amid scenes of wild enthusiasm the convention approved President Hoover's v ward adopted the following se of escential points. e heartily approve the plan of the President of the United States, under which a $500.000,000 bank pool is being specific discount demands of bankers who find it advisable in supplying the needs of the public to obtain funds from col- lateral of a character, which though sound. is mnot cligible for rediscount directly or indircctly with the Federal Reserve binks. “The operation of this pool, which should be available for use by ail sound banks, both State and national. should immediately remove the restriction upon credit throughout the United States that has been the cause of so much anxiety to bankers and the public, and should serve to re-establish confidence throughout the length and breadth of this country.” Its attention somewhat diverted by Washington disoatches of conversations between bankers and President Hoover the association convention turned to- day to agriculture and world commerce. Bankers here professed to have no information about the Washington con- ferences. In view of depressed world credit conditions, considerable emphasis_was laid on _the coming report of the Com- merce Committee, which is expectad to 1ss international finance. Agricultural interests centered on the address_of James C. Stone, chairman of the Federal Farm Board. The topic of his speech was not announced. Warns Against Short Selling. Yesterday the Economic Policy Com- mission of the asscciation sounded the keynote of the convention with an ag- re: defense of banking during the depression, pointing out that but a small percentage of deposits had been affected by failurss and suspensions. The report cf the Economic Policy Commission also warned that unwar- ranted short selling may crystallize into agitation for undesirable restrictive legislation. The report did not con- demn short sellng as such, attacking rather its use to depress qucted_values | unduly. Richard H. Grant, vice president of General Motors corporation, forecast the first half of 1932 as a more fuc- cessful automotive period than the first half ot tbis year. Grant cited an al most certain greater replacement ma: ket, and reviewed automotive experience to show that every third year is motor year. Expects Better Business. “If we had a normal economic condi- tion we could be sure that as 1932 is three years after 1929 we would do a tremerdous business, Now there are factors at work that®make it uncertain hew big the year will be. “But I am willing to make this state- ment, that as far as the conduct of our business goes in the first half of 1932, we have to draw the conclusion from the figures in the best sense we can use up to cate, that we will have to set the indices for the first half of 1932 some- what higher than the actualities of 1931.” . ‘The report regarding short selling further urged bankers to withhold | liquidation of securities in so far as | possible, to refrain from forcing bor- rowers to pay and for banks mWtually to aid in coping with mob scares. Hass Nemed President. Harry J. Has:, vice president and di- rector of the Philadelphia First National Bank, was elected president of the as- sociation today. Les Angeles was chosen for the 1932 convention. MICHAEL’S TONSILS OUT Rumanian Erawn Pri;me Operated On With King Present. BUCHAREST, October 7 (#).—Crown Prince Michael underwent an operation for removal of his tonsils yesterday. ‘The operation was performed in Foischor Castle by Prof. Gustave Hofer Hir the presence of two Rumanian spe- cialists. ‘The prince's condition was described s normal last night. SENATOR th‘IG TO SPEAK Senator William H. King of Utah will address the first Fall meeting of the Young Democrats Club of Washington tonight at 8:15 o'clock at the Women's last night was the same in which Abra- ham Lincoln signed the emancipation Pproclamation. From fhe conference the Chief Exec- @tive hopes will come: F-cedom of credit for economic ree ®overy in business and agriculture. National Democratic Club, 1526 New Hampshire avenue. Arthur C. Perry, president of the or- ganization, ‘will ’preside, and Miss Ellsshetll H. Wheeler, vice president; will speak on the purposs and program of the club, 4 mation in its entirety, and after- | a big | Attend Conference ~ With President On " Plan for Recovery { Those present at last night's White House conference were: President _ Hoover, Secretary Mellon 2nd Undersecretary Mills of the Treasury, Eugene Meyer, chairman of the Reserve Board, | and Walter Newton, secretary to the President. Republican Senators Watsol Indiana: Reed, Pennsylvani Carey. Wyoming: Borah, Idaho: | Walcott, Connecticut; Gienn, Il- | | linois; Vandenberg, Michigan: Bingham, Connecticut: Townsend, Delawere, and Goldsborough, Maryland Democratic Senators Robinson, Arkansas; King, Utah; Walsh, Montana: Swanson and Glass, Virginia; Wagner, New York, and Harrison. Mississippl. | Republican Representatives Til- son, Connecticut; Luce, Massa- chusetts: Davenport, New Yor! Crowther, New York: Bacharach, | | New Jersey: McFadden, Pennsy vania; Aldrich. Rhode Islan Snell,] New York; Treadway, Massachusetts. Democratic Representatives Garner, Texas; McDuffie, Al bama; Byrns, Tennessee; Bland and Crisp, Georg.a; Stevenson, South_Carolina. RUMOR THAT HOOVER | FAVORS NEW DEBT | HOLIDAY STIRS LAVAL | __ (Continued Prom First Page.) Edge's denial, came out today with the erroneous story, under blaring head- lines, and caused much uneasiness in uninformed circles. Bankers who conferred with Mr. Hoover Sunday are blamed here foreir- culation of the false report. Whether they were genuinely misled or whether they hoped to bring pressure on the President to medify his scheme, ac- cording to theit desire for a further | moratorium, nobody can say. It Wi sald, however, that President Hoover | was' exceedingly annoyed at their breach of etiquette in discussing his supposed intention. This -incident, quite naturally, has strengthened Premier Laval in his de- | termination not to be rushed into an | agreement_on measures which might | imperil PFrance's financial situation. | With Gerggany's critical financial con- dition nd® complicated by political confusion, as a_result of the shake-up |of Chancellor Bruening’s cabinet, the | French government is more than' ever | convinced that the nation enjoying relative stability must avoid risking it | to save others. | Lord Reading, British foreign min- |ister, is bearing this same language |today in his conversations with Pre- | mier Laval, Foreign Minister Briand |and Finance Minister Flandin. French opinfon is that the British financial | situations is worse than the British real- |ize, and, furthermore, that the gen- eral election in Britain on October 27 may reserve an unpleasant surprise for those who count too optimistically on | |the country's supporting the present | National Coalition. | | " Consequently, the Prench are greet- | ing Lord Reading with great reserve, | believing it is none too certain that he ! | will not bz replaced a month hence | |by_another Labor minister. It is believed, indeed, that the un- | certainties of 'the British elections, which occur the very day that M. Laval embarks for his homeward jour- ney after his American visit, will make it practically impossible to reach any definite conclusions of major import- ance touching world finance in the Washington conversations. Should Labor again return as the | strongest party in the House of Com- | mons, it certainly will be regarded ns a complete repudiation by the British electorate cf the national government’s policy. “Inflation” is the word most used by French financial experts to @escrib2 President Hoover's new scheme for | | | | tastrophic deflation. —Underwood Photo. LEADERS HIT FEAR AT PHILADELPHIA Public Confidence Exhorted to Stop Withdrawals From Banks. B the Associated Press. PHILADELPHIA. October 7.—Public confidence in Philadelphia’s financial institutions was exhorted last night by outstanding business and industrial leaders who condemned, through news- papers and the radio, panicky with- drawals of savings deposits and “hoarding.” In a statement signed by 22 of the city's leaders, many of them nationally known, citizens were urged not to with- draw their savings from banks because of “vague rumors” arising from several recent bank suspensions. George W. Norris, governor of the Federal Reserve Beard of Philadelphia, declared in a radio address that per- sons who take money out of banks for the purpose of hoarding it infiict “terrib'e injury” on themselves and add to the present depression. Outstanding among the signers of the statement were W. W. Atterbury, president of the Pennsylvania Rail- | road; Thomas S. Gates. president of the University of Pennsylvania; Cardi- nai Dougherty, Samuel M. Vauclain, | i | corporation 3 | ernor of the Federal Reserve Board, was chairman of the board of the Baldwin Locomotive Works; Agnew T. Dice, president of the Reading Co.; Cyrus H K. Curtis. president of the Curtis Pub- lishing Co.. E. G. Budd. president of the Budd Manufacturing Co., and Less- ing Rosenwald. vice chairman of the board of directors of Sears, Roebuck & Co. FEDERAL RESERVE IS URGED TO ACT Purchase of U. S. Securities on Mar- ket Urged as Way to Ease Credit and Revive Trade. By the Associated Press. NEW YORK. October 7.—The rec- ommendation that the Federal Reserve System expand credit at this time through open-market purchases of ac- ceptances and Government securitics was made yesterday by two economists, Prof. James Harvey Rogers of Yale and Dr. Lionel D. Edle, former professor of finance at the University of Chicago. Prof. Rogers said the results of such a policy would be an increase in bank reserves with continued ease in money rates; large purchases of bonds by banks, thus strengthening the invest- ment market: an increase in long-term financing. large expenditures for wages and materials, larger demands for con- sumers’ goods and a halt to the general price decline Dr. Edie said that although currency hoarding was going on at the rate of between $200,000,000 and $300,000,000 | a month it was not too late to reverse | the situation. “The moment the Federal Reserve gives evidence that it is going to make the $5,000.000,000 of gold in this coun- | | try do the work it is intended to do.| the short interest in commodities and | securities the world over will have to run to shelter.” ‘The suggested open-market opera- tions of the Reserve system, he said, does not constitute inflation. “It is merely putting a stop to ca- ing the ship around before it hits the rocks of disaster. Dunlap to Be Guest. FORESTVILLE, Va,, October 7 (Spe- cial) —R. W. Dunlap, Assistant Secre- tary of Agriculture and master of Poto- mac Grange in Washington, will be the for a temporary period. Thus the President expects to ask Congress to set up a corporation. like was revived in 1921 for an obj-ctive mewhat similar to that of the pres- ent day, except that it mainly con- cerned “agriculture. Half Billion Fund Used. A revolvigg fund of a half billion | dollars was “granted then by Congress and it was used to lend money, not to individuals, but to live stock asso- ciations and banking institutions hold- ing agricultural paper. It took everal years t> liquidat: the corporatic:'. but it turned in a profit to the Treastry. Its loans were all made gcod by the borrowers witi the ex: tion cf about $50,000,000 in crop loans, | which jtem was more than offs>t by the appreziation in the bonds held by the Eugene Meyer, now gov- head of the War Finance Corporation. That operation demonstrated that local commiltees can be formed to judg: ef- fectively the quality of the loins and the security back of them. Finance Corporation reaily c nverted many shor{ Tm credits into long-term obligations and thus enabled the banks to stay liquid and the borrowers to get the necessary fin:ncial accomm-dation till the depression of 1921 was over, Translated into present-day condi- tions, the new plan means a national corporation privately sct up by the banks but ultimately to be merged with a Government corporation outside th> Federal Reserve System 1f it should be- come necessary to eniarge its scope. The “national institution.” as the Presi dent called it, will be decentralized to correspond_to the 12 Federal Reserve dist:ic = While not an official body as vet. th> 12 organizations will have on their boards the governors of the dif- ferent Federal Reserve districts. The clearing house association will, of ccurse, be the corner stone of the whole | plan, Small Bank Position. In effect, a small bank with $15.000 of slow assets, for example, fecling that ths community was losing confidence in the bank, would g> to the Clearing House Committee or regional organi- zation and that mstitution would ex- amine the loans. In nine cases out of ten, the loans are scund, but a small bank cannot borrow at a correspondent bank because the Iatter itself has to stay liquid. The re- sult is that the small bank shops around for help in its immediate vicinity, goes tc_other regions aod finally is com- pelled to close its doors. The regional | organization now to be set up can take such Joans over and give the small banx | $15,000 in cash to add to its strength ard the crisis thus can be averted. While the amount involved may be small it causes a breakdown in confi- dence multiplied in terms of damage by hundreds of times the amounts involved if a bank closes its doors and individual cepositors are subjected to hardships. The regional organizations under the present plan become unofficial redis- count bodies. Much of the experience | of the Federal Reserve system came out of the informal working of the clearing house associations when the Aldrich- Vreeland act machinery was in opera- tion. At that time, however, the Gov- ernment issued currency against the eligible paper. It is not necessary for any currency to be issued today, as the banks have plenty of it and can borrow on their own resources at the Federal Reserve banks if they need it. ‘What today’s situation has demanded is a diffusion of banking resources to take care of slow loans. Some of them !are slow in the sense that they may take a year to be repair, and these notes are not rediscountable anywhere at present. Also many of the notes are based on real estate mortgages, which are Gifficult to convert into cash because of the lack of & market. Defects in Reserve Act. The inroads made on American banks by the drop in stock market securities and by runs on small institutions have brought out the defects 1n the Federal Reserve act. President Ho:ver has an- nounced that he will recommend changes in the rediscount provisions of the law, and he refers to the fact that the Senate Banking and Currency Com- mittee has been studying those changes. The truth is the Federal Reserve act | has never had a test like the present It is merely turn- | depression, and it would not have been pcssible to get congressional approval in 1913 for some of th> things which experience now teaches the bankers is who'ly sound. Many bankers have wondered why the rediscount provisions were not long ago broadened. Thus bonds issued by cities and States which have a sound fiscal system, for instance, cannot be used es a basis_of borrowing by banks But the War | mobilizing credits in the United States. It 15 freely predicted that American | prices will rise and scme doubts are expressed as to whether heavy go'd ex- ports will not be necessary if the dol- | lar’s parity is to be maintained. 1 (Copyright, 1931.) | Former Minister of Finance Plans | Tour of U. S. ISTANBUL, Turkey, October 7 (#).— ,Former Minister of Finance Sarad | Joglou Chukru Bey left for New York today on behalf of the Turkish govern- ment to study American methods of industry and agriculture and to form financial and economic contacts, | The United States Department “of | Agriculture has arranged a tour of the country for him. Explaining his mis- sion, he said: “Turkey does not aim at a foreign loan. The purpose of my trip is to establish close economic contacts with the United States by which I hope both countries will benefit.” o Morelos Divorces Held Invalid. MEXICO CITY, . October 7 (#).— Divorces granted in the city of Cuerna- vaca, Morelos, were adjudged to be in- valid in Mexico City in a decision by | the Supreme Court. Many Americans have obtained di- vorces in Cuernavaca. guest of honor tonight at the 11th birth- |at the Federal Reserve, though Federal day snniversary celebration of Great, Government bonds can be so utilized. Falls Grange, Patrors of Husbandry. Cercainly the future of New York City “BLUE VENUS” », The Most Amazing e Diamond Value! $100 " Just $2.00 a Week! Undoubtedly the greatest dia- mend value we have ever of- fered! So good that it was worth $645 to us to find a name worthy of it! See the “Blue Venus” ring tomorrow ! America’s Oldest Credit Jewelers ’ w% A8 .'P_————‘_z 0.K.’s Plan Newspapers Call Credit Proposals Sound Finance and Economics. ’ Press l By the Associated Press. Philadelphia Evenirg Bulletin.—“The present situation calls for nationalism, for patriotism to which all party con- ‘derations are subordinate. Banking, business, trade and industry recognize ro party divisionals. The problems, per- plexing, challenging the business and financial interests of the country, are superior to partisan considerations and any plan of relief which President Hoo- ver offers, worked out by and with the advice and’ counsel of busiuess and banking authorities, apart from and in disregard of party lines, should be met with just that sort of free-minded reac- tion throughout the country.” New Haven (Conn.) Evening Register. “Clearly the Hoover plan is en accord ith the best traditions of sound finance. 1t should bring immediate favorable re- | action that idle rumor cannot blast and eby destroy values created by newly spired hope. In this regard it may well be termed a master stroke.” | New Britain (Conn.» Herald.—“The | Nation needs leadership. It has been {groping blindly during a storm. The | President here has given eifdence of fine eacersh’p. * * * Th:sehcme might well be extended to include all banks | nd trust companles.” The Richmond News Leader: “Mr. Foover has broken the jam. There may be more wreckage and there may bz mistakes of direction further down stream, but in the essential matter of afiording new credits for threatened in- Gustry, Mr. Hoover has blasted the logs i that caused the jam." Kansas City Star: “The West will be particularly interested in the pro- posal o strengthen the Federal land banks to make them more serviceable to egriculture. At the same time, it might be well for the Federal Farm Board to review once more the possi- | bilities of helping the price of wheat by | announcing that stabilizaticn wheat would be kept off the market for a defi- | nite period. This would be a constric. | tive move of immediate ald to the wheat farmers. It may be taken for granted | that the President’s proposals can be developed in a way to be helpful to| | American industry, as well as agri- | culture.” t Denver Post—President Hoover fs | running true to form. He has but one remedy for every governmental ori economic ailment—organize a new com- mission. * ¢ * On the strength of | announcement that political and busi- | ness leaders had been summoned to | Washington to hear the President out- ine his new relief program, security | values increase $5,000,000.000 Tuesd Wall Street is more gullible than the rest of the country. In judging the new ! | Hoover credit corporation scheme the | | people of the West are Mlssourmm—l | they will have to de shown, i |is sound if the future of the United | States is sound. But the Federal Gov- |ernment has no way of restraining | | municipal extravagance. By vesting | |the Federal Reserve Banks with au-| thority to exercise discretion in lend- | ling money on the bonds of those | municipelities which are adjudged | sound a big line of reserve credit would oe_aveilable, to American banks. Likewise the bonds of first-class in- | | dustrial companies have recently been | permitted to stay in bank portfolios at scmewhere near the values rated in | leading statistical sorvices, The commercial paper of automobile | finance companies has been suggested {as a basis for rediscount. The banks carry a lot of this and it would be a groat convenience to them if they could, | in case cf necessity. transfer these loan: | to a rediscounting institution. Steps of this kind will enabie a sound | bank to become liquid almost overnight | by lezning on a central institution. It will not cure bad banking or lift = bank with reallv bad loans and impaired | capite] ot of danger. | But even in those cases relief will come to ‘the depositor jthrough the co- operative action of barlks in a particu- | lar area which will have the machinery through the ad of the controller of zhe} currency to pay off immediately prob- ! ably 50 or 60 per cent of depositors’| money. The record shows that this js | usualiy possible n six to nine months | anyway, and the plan which Mr. Hoo- | ver revealed last night as having been suggested to the big banks of the coun-* try will mean a quicker release of de- positors’ money. This will require ! congressional authorization for a small | revoiving fund to be used in such emergencies. \ What the President said about Fed- eral land banks and his intention of | asking Congress to increase the capital is one of the most important announce- | ments made since the farm land mort- | gage was made a basis of Federal credit. It will strengthen immediately the land bank bonds which have been selling at | low levels and will loosen up crédit in | agricultural areas where good lands are | available but where credit has been scarce. Whatever liberalization is finall agreed to of the rediscount privileges at the Federal Reserve banks will be for | temporary periods and subject to the discretion of the regional Reserve banks so that credit abuses will not creep into the machinery of banking operations. In other ,words, in an emergency such as the present, redis- counting might be permitted which would not be sound as & permanent practice. Hence, Congress probably will restrict the use ‘only to such occasions as de- mand a broader rediscount privilege. This discretion will give the Federal Reserve System greater power over member banks and over the credit of the country, and may even compel ul- timately & union of State and Federal banking systems so long the dream of | economists and banking authorities. (Copyright,_i931.) _MUSICAL STUDIOS. BENJ. ul L AORcRe o d a Binjo & o at Ave. Phone 5950 for full partic; betsween 6 an m TEACHER PIANO. PEABODY CONSERV. tory, " desires pupil and ‘Wesley Height: __EDUCATIONAL. _ DUPONT CIRCLE SC FOR CHILDREN 1601 New Hampshire, block nor| Circle. * Supervised :-ud: It ._Day. Felix Mahony’s| National Art School| ht-Mon 1o Aces Pot. 8'p) Our _Eigl th Profess| 1_Cor . Fit You ept & P in_Color, "™ Chilarens Exhibit. - Reg- Open 9 A.M. 1747 R. I. Ave. North 1114 B RS Se! Ci 5. Est. 15 yrs. rial School. o | POOL T0 BE READY BY END OF WEEK New York BanI;;s_ Expect tof Submit $500,000,000 } Plan at Once. CONFUSION MARKS - BRITISH CAMPAIGN MacDonald Expected to Clear Air Tonight With Talk to Radio Listeners. By the Asscciated Press. NEW YORK, October 7.—Leading | New York bankers who were working today on details of the $500,000,000 credit corporation proposed by President | Hoover for the relief of banks outside | the Feceral Reserve System indicated they expected to have a working plan ready by the end of the week. ‘With the plan still so new, bankers | were reluctant to discuss details. It was assumed, however, that the cor- poration would extend loans on col- lateral to non-member banks which had been placed in embarrassing or serious situations by the ineligibility of assets for rediscount at the Federal Reserve banks. ‘The progress of the steps involved in the forination of the corporation, it was indicated, would not be revealed until' | By the Associated Press. LONDON, October 7.—Great Brifain plunged into a turbulent general elec- tion cempaign today with the most centradietory line-up of issues and can- didates in a generation. ‘Thirty million men and women vot- ers are being asked to determine on October 27 the life or death of a gov= ernment which is led by a Socialist prime minister without a party. sup- ported by a coalition of Conservatives and Liberals who have been thrown to- gether by political fate and attacked by a united Labor party which vows | its extinction. Wants Free Hand. Prime Minister Ramsay MacDonald SHEEE | has announced he will run from his e w n Fope for Agreement. | present constituency of Seaham Harbor, Wall Strébt bankers regarded Presi- | which alrcady has rejected him, on & den: Hiover's reference to the inter- | platform of what he describes as a national debt situation s particularly | “free hand” in dealing with the nation's constructive. but pointed out that im- problems. Conservative and Liboral mediate attention should be concentrat- | leaders have indicated they will give ed on domestic affairs to break the|him an oper field by not nominating continuity of deflation. | candidat=s “‘om that district Several who discussed the matter in-| Stanley daldwin. Conservative leader, foimally said that permanent restora- received a vote of confidence from his tion A" prosperity would require the | followers last night, but it was not clear & stabi') ation of conditions in Great Bmu‘\ d Germany. which have been impo.\int customers for American goods. They were hopeful that the visit of Premier Lavzal to this country would result in an understanding between Fiance and the United States, th- world’s two strongest countries finan- | clally. as to a constructive program Unofficial estimates of the volur= of frozen credits now extant in the “oun- try run as high as $4,000.000.00".. It was pointed out by bankers that the corporation could not be regarded | 2s a free-for-all grab bag from which 2ll ailing banks could draw help. The belief in Wall Street was that all appli- cations for loans would be considered on their merits. Personnel Undecided. Nevertheless, it was felt that the establishment of so substantial an in- stitution would do much toward restor- ing confidence both among banks and their deposffors. even though it could not be expecied to put an immediate stop to all banking troubles. The fact that prominent banhks were working on the plan precluded the pos- sibility that a Government institution, patterned on the lines of the War Finance Corporetion, would be formed. The personnel of the corporation’s management, it was understood, had not been decided on, although it was assumed that it would include some of the benkers who discussed the plan with Precident Hoover in recent con- ferences. included _Charles These en E. | Mitchell, chairman of the National City Bank: Thom3is W. Lamont of J. P. Morgan & Co.. George Whitney, also of the Morgan firm; Albert H. Wiggi chairman of the CI National Bank governing boerd, and William C. Potter, president of the Guaranty Trust Co. CROXTON TO OUTLINE UNEMPLOYMENT PLANS Constructive plans now operating for the alleviation of unemployment under the supervision of the President’s Or- ganization on Unemployment Relief will be outlined by Pred C. Croxton assistant director of that organization, befcre the first Fall meeting of the Counril of Social Agencies next Mon- day at the Y. W. C. A, Seventeenth and K streets. Following Mr. Croxton's address ther will be a general discussion of the un employment situation, led by Prof. ederick F. Blachly. a member of the | staff of Brookings Institute and lec- | turer on comparative government and | administration at American University A city-wide conference on _social vork will be sponsored by the Council | of Social Agencies at the Chamber of | Gommerce Building October 28, 20 and_30. e EDUCATIONAL. CIVIL SERVICE Prepare for stenographer and typewriting exam.. departmental snd fleld service Spl- £rs. 31,260 to 51 Tuition _only 55 1l “now. The Ci Vil Service Prepa; ichool._s.e. cor, 12th & F 1. 63: nrol T The Eastman School ACCREDITED Opens September 24th A resident and day school for girls Primary, Intermediate and High School. 1305 Seventeenth Street A chusetts Ave. Svectalized Courses in History and French Co-educational New Courses Beginning November 3, 7:30 to 9 p.m. SOUTHEASTERN UNIVERSITY G _N.W. (';!. C.A) tional 50. Herman C. Rakemann | Experienced Instructor of Violin German and Belgian Method | Stuaie Residenee, 1028 Biltmere St. whether they were expressing faith in his_leadership or protective tariff policv. He was kncwn to be op- posed by the erapire frez trade group of Lord Beaverbrock. e David Lloyd George. ailing Liberal chieftain, continued his antagonism to- ward the clection and witnessed his party slowly drifting away from him toward a protectionist stancard. His leadership was being divided between Sir Herbert Samuel, cabinet representa- tive, who has ben criticizd by his small group because of indecision, and Sir John Simon. who is rallying ancther faction behind a strong tariff banner. Henderson Laborites United. | Arthur Henderson’s Labor cohorts ap- peared to be the most firmlv united, drawing inspiration from their bitter- ness toward their former leader and tanding squarely on a platform of op- position to the government's economy measures and public control of the banking system. Prospects were that candidates would be advanced at least six clean-cut groups—Conservatives. Laborites. Lib- erals. National Liberals, National La- borites and the “new” party of Sir Oswald Mosley—none knowing exactly what they are fiphting for and all dedi- cated to the support or defeat of a governmert whica was formed onlv for an emergency and has no permanent progiam. The situation may be cleared up to- night when Mr. MacDonald goes on Lhe air to appeal to the people directly for his “doctoi’s mancate” and to explain in what manner he hopes to mold a divergent new Parliament into a har- monious body which will carry out his ideas—if he is re-electod. | GIVES 50 CARS OF WHEAT Red Cross Seeks Kansas Aid in Northwest Drought. TOPEKA, Octol 7 (P.—A Red Cross campaign was under way today in Kansas to send to drought sufferers in Western North Dakota and Eastern Montana the flour product of 50 care loads of who: EDUCATIONAL. SPANISH ,ScrooL or ™ WASHINGTON Prof. frem Spain. Rapid_Pragress. 133 Commercial Art (All Branches) Interior Decoration Critcher School of Painting and Applied Art 1726 Conn. Ave. North 1966 MOUNT PLEASANT STHDOL SECPEARILS Tivoli Theater Building 3313 14th St. N.W., Col. 3000 National University Registration Now Open SCHOCL OF LAW School of Economics and Government to 7 p.m NW. Regist Office Open for Reeistration 9 a.m. 818 13th STREET Tel. Na. 6617 e for stenographer and typewriting exam > Balnry, $1.280 to $1.620. Tuition. 35, Engoll now. The Civil Service Preparatory s.. cor. 12th & F Met. 63 King-Smith Studie-School 1751 New Hampshire Avenue A School of the Piano Arts Violin Weldon Carter Helen Ware Katharine Trost ith C. Dawkins Dramatical Art and Rhythmical Expression Caroline McKinley Rebecea Tarwater English Ballet Dancing Literature e History of Art Katharine R. Elliott Economics Do Nevils ix Theater Arts Robert Byrne Art—Interior Decoration Costume Design—Advertising &£hildren’s Saturday Class LIVINGSTONE ACADEMY 1333 F St. NW. ME. 2883 Pace Courses; B. C. S. and M. C. S. Degrees; Day and Evening Classes; C. P. A. Preparation; Co-educational. Send for 25th Year Book Benjamin Franklin University %2 Transportation Blde, _ Mot 2618 Fine and Applied Art Short Story Writing Journalism Foreign Languages Yvonne Daloz Porotto T. DeBerriz Genevieve Hendricks Anita Schade SPECIAL CHILDREN'S COURSE MUSIC—DRAMATIC ART—DANCING Inspirational Work in Artistic Surroundings Write or call for information. Telephone North 10385