Evening Star Newspaper, October 9, 1931, Page 4

A—4 = U.S. TOKEEP DEBTS LINKED WITH ARMS President Will Press Views in| . Approaching Conference With Laval. B the Associated Press. Reductions in war debis payments will be considered by the United States | only if European nations in turn effect drastic curtailments of armaments. President Hoover intends that the| two subjects shall remain indubitably linked. - In his approaching conferences | with Premier Lava! of Prance he expects to prees his views that disarmament and » naval holtday cannot be logically sepa- ‘ated from the question of war debts and the world financial condition There has been mo indication, how- ever, that the administration would | enter into a complete revision of war | debts. Mr. Hoover recalled only Tuesday ! migat at his confeernce with congres- | sional leaders that in proposing the in- tergovernmental debt moratorium he had opposed cancellation of war debts. | Attitude More Clear. The Chief Executive's attitude has become increasingly clear here as the time nears when Premier Laval will de- part for his epochal visit to this coun- Just yesterday, President Hoover again voiced his emphatic disagreement with outlays for armaments at the expense of productive _enterprises. In an address before the Fourth Pan- American Commercial Conference, he pointed his attack at loans to na(lnns for balancing budgets or for military equipment_or war purposes He recalled that in a 1927 address he had said: “The financial transactions between nations must be based upon the primary ndation that money tY.an- ferred is for reproductive purposes.” “I repeat this today,” Mr. Hoover said, “pecause had it been followed during these past five years our problems throughout the world would be far dif- ferent, our difficulties infinitely less. * + < A great number of blessings would follow to the entire world.” Almost as he spoke the coming Anglo-French discussions were the sub- ject of a conference in Paris between Premier Laval and Lord Reading. Brit- ish foreign secretary. Laval said it was “devoted to a frank and complete ex- change of views of the world situation and the measures best adapted to the amelioration of existing conditions.” Bank Officials on Way. Meanwhile, two high officials of the Bank cf France left for this country to study in advance proposals of Presi- Ths apprehension of 1 pu opinion that President would propose to the premier cf German repara- s refiected in Paris pewspape From the head of one of France's greatest banks came the assertion that prolongation of the morotorium beyond next June would involve a loss for France of 2,500.000.000 francs ($1.000.- 000.000) annually and would mean the govern would have to raise an equal sum in order to balance the budget In his i nce that European ar- mament_limitations shall be the price fur relief in war debts by America, President Hoover has the out- spoken support cf Chairman Borah of the Senate Foreign Relations Com- mittee. Generally among Congress members, however, judgment is being reserved on Propos to extend the moratorium. This was emphasized by Senator Bing- ham, Republican, Connecticut, one of the congressicnal leaders who discussed the question with Mr. Hoover Tuesday night at his bipartisan economic con- | ference | Moratorium Extension Unopposed. Bingham_ denied the congressional ecnferees had definitely opposed a moratorium extension. ~Asserting it is | “obvious” that President Hoover will try | to get the “best bargain possible” from | Laval, the Connecticut Republican said | “the conferces reserved their judgment until they see ‘what is worked out and what is neressary in the way of an ex- tension. Many American bankers with foreign | investments are known to favor & lengthier moratorium. Among a num- ber of financial experts in Congress and the Government the view also is held that Germany will be in little bet- ter condition next July to meet repara- tlons payments than she was the past Summer, when the moratorium was declared. The fact is not being overlooked that she has the right under the young plan to suspend payments for two years. Thus. in seeking gencral disarmament, America is asking a definite benefit in hange for what may be incvitable anyway. PARIS BANKERS COMING HERE. Will Study Hoover Proposals in Prep- aration for Laval. PARIS, October 8 () —The Bank of France today sent two of its highest officials to the United States. They will study President Hoover's proposals to deal with the financial crisis and so | prepare for Premier Pierre Laval's visit | to the President in Washington | Meanwhile Lord Reading, British for- | elgn secretary, completed his presenta- tion of Britain's financial position to the premier and other French govern- ment chiefs. The foreign secretary said no understanding had been reached, because “we do not know what will happen in the future.” The newspaper L'Information printed what was considered significant news that J. P. Morgan, who came to Paris | two days ago_on the same train that| brought Lord Reading, conferred during the day with Gov. Clement Moret of | the Bank of France and other leading | financiers. Frenck public opinion, as represented by the comments of leading hewspa- pers. was apprehensive that President Heover might confront Premier Laval with a request that France agree to a | further suspension of German repara- tions The officials sent by the Bank of | Prance to study the Hoover proposals | are Charles Farnier, assistant governor, and Robert Lacour-Gay who has eerved as the representative of the French Treasury in the United States and was a member of the commission that negotiated the Berenger-Mellon debt agreement. M. Lacour-Gayet is director of economic rescarch for the bank. The financial situation in the United States was understood to have dom- inated Lord Reading's final discussion ! with the French officials. “I have explained to Premier Laval, Foreign Minister Briand and Minister of Finance Flandin the situation in Great Britain, the direction in which we hope things will develop and how touched the British public is over the material aid the French have given us,” Lord Reading said. “The French gave me an equally frank and full account ©f their views of the situation.” The foreign secretary said he was not informed of any plan for Great Britain to be represented at the Hoover-Laval ! discussions. It was his opinion t time was too short for British partic pation. M. Laval issued a communique, In which he stated the meeting was “de- voted to a frank and complete exchange in views of the world situation and the mensures best adapted to the ameliora- t& of existing conditions.”*s Honored on THE_EVENING Retirement FIREMAN HAD SERVED GOVERNMENT 30 YEARS. J | STAR, WASHINGTON, HOARDING CALLED MENACE T NATION Icuts Credit, Reduces Busi- I, ness, ACOB E. GLASS, fireman at the Naval Research Laboratory for 30 years, is here shown receiving & wallet full of bills in honor of his retirement from the Government service last Wednesday. W. W. Steiner, machinist in the laboratory shop, while George E. Jacobson (extreme left), shop foreman, and other friends, look on. The presentation was made by Mr. Glass, who is 60 years old, has moved to & new home at Selby-on-the-Bay, where he will reside. given by fellow employes at the shop. BANK RATE RAISED T0 AID CONFIDENCE Gold Inflow Stopped, Reserve Officers Hold Need for Cheap Money Ended. BY DAVID LAWRENCE. Coming on top of the announcement of far-reaching plans to ease credit conditions in the United States, the advance of the rediscount rate of the Federal Reserve Bank of New York from 1'; to 2!, per cent naturally brought much questioning today as to its_purpose and significance. _ It can be disclosed the move is en- tirely in harmony with the feeling of the Federal Reserve Board here and that members of the latter body have for some time felt the rate in New York was too low and ought to be corrected, so as to make possible a realignment of interest rates generally. Money that is so cheap it is not worth lending forms a glut and the banks of the country generally have been struggling to overcome the handi- cap of cheap rates. Now they can ad- vance slightly the rates to depositors and can make other adjustments so necessary to the earning power of banking ‘institutions. Regarded as Constructive. As a whole, the step was regarded as a constructive and healthy measure for the banking world and, curiously enough, it was emphasized today that the incident illustrates, more than any- thing else, how much less bearing now- edays than formerly a change in the rediscount rate has on credit conditions. If anybody is interested in the atti- tude of the Federal Reserve toward easier credit, he need only look at the large purchases made by the Federal Reserve system in the last two weeks of bankers’ acceptances. It is the bill mar- | ket and purchases of Government se- curities by the Federal Reserve Banks themselves which is a barometer of how the central banking authorities feel about the extension of credit. Actually of course there has been an outflow cf about $400.000,000 of gold and in normal times this alone would | mean an advance of the rediscount rate 50 as to keep gold at home. the 11, per cent rate was established in order to stop the inflow of gold and | now that this has been accomplished, the Federal Reserve authorities feel it is perfectly safe to disregard that factor and concentrate on the importance of lining up interest rates for domestic purposes. Incidentally the Bank of France raised its rediscount rate today 50 as to synchronize it with the Ameri- can rates. Renewed Confidence Sought. The events of the last 24 hours show that the prime concern of the banking elements of America together with the Federal Reserve Board is in the re- habilitation at home and the rediscount, rate is but one of a number of steps taken to stimulate a revival in confl- dence in the operations of America's credit system. It is evident from the questions be- | ing asked here today that there is some confusion between plans announced and plans contemplated but not vet formu- lated. Thus Senator Glass of Virginia, author of the Federal Reserve act, and ranking Democrat on the Senate Bank- ing and Currency Committee, issued a statement saying he did not favor any plan to create within the Federal Re- serve System a pool to take over the work of the newly organized National Credit Corporation, because he did not think the Federal Reserve should be asked to rediscount paper not now eligible for rediscount. Actually the infol lon given out as to the part the Federal Reserve System would play in a banking pool had refer- ence to the project revealed by President Hoover as having been undertaken on September 8 in connection with liqui- jating banks. Such machinery would be possible within the Federal Reserve Sys- tem by amending the law and has noth- ing to do_with ineligible paper or frozen assets. It concerns the recapture by depositors of cash held up in liquidating »anks due to the red tape of foreclosures. Steps in Program Outlined. Here is a brief outline of the various steps in the President’s program as they have been projected: First, a bankers' pool, organized vol- | untarily by the bankers of the country to set up through local clearing house associations a means of lending on slow or frozen assets or securities not eligible for rediscount at Federal reserve banks. A capital of $500,000,000 is being sub- scribed. but the corporation will have the right to issue another half billion the same way if necessary. No warrant | of law is needed for this and no con- flict with Federal reserve act provisions is involved. Second, another bankers’ pool with approximately $500,000,000 available to accelerate the payment of cash held by liquidating banks and a lflr?e part of |- which the depositors ordinarily get back in_the course of six to nine months. This does not mean rediscounting in- eligible paper, but releasing good assets tied up in closed banks. Such a step would now be taken by private banks, but it properly can be handled by the Federal Reserve System if Congress ap- proves a recommendation to be sub- mitted by President Hoover. The con- troller of the currency, John Pole, has been working on this plan for many months. It would authorize the con- troller's office to work with local or But | The wallet and flowers, shown between Mr. Steiner and Mr. Glass, were RITCHIE APPLAUDS HOOVER PROGRAM ‘Calls Move to Liquidate i Frozen Assets Great Boon. | Too Many Laws Hit. By the Associated Press CAMDEN, N. J., October 9. —Gov. Al- bert C. Ritchie of Maryland, mentioned as Democratic presidential timber, last night praised President Hoover's efforts to stabilize banking. Speaking before the New Jersey State League of Municipalities. he asserted “There can be no greater boon to bank- ing than to make frozen assets liquid, as proposed under President Hoover's plan.” The Governor assailed passage of too many laws in the belief “the Federal Government can cure all our ills,” and added that the legislation was largely responsible for “growing contempt for law.” Constitution Has Worked. “Whether citizens of New Jersey or Maryland.” he said, “we are all pro- foundly affected by whatever concerns our Government. The political prob- lem of the ages had been how to recon- cile the powers of government with the liberties of the individual. “We thought we were on the way to solving it under a constitution which guarantees the individual immunity against excessive governmental author- ity. and purports to protect him in that immunity. That constitution may have its critics and its defects, but the | thing that counts is that it has worked. | Growing Contempt for Law Seen. | “Despite the legal foundation on which our Government rests we see | around us a growing contempt for the |law. At the same time we see a grow- |ing_demand for more law. “This latter tendency manifests it- self in the mistaken belief that the | Federal Government can cure all our | llis, and that it can, by some sort of legerdemain, impose upon all the peo- ple the panaceas and aspirations of | some of them. “The innumerable laws which have resulted from this new and strange doctrine are, I believe, largely respot sible for the growing contempt of so | many for all laws.” | regional groups of banks in furnishing |banking facilities to depositiors who |have money tied up in closed banks. In the larger cities the same plan has actually been in operation without governmental funds and the Minne- sota State Banking Department has been doing virtually the same, thing | for State banks. This pool has no connection with the National Credit | Corporation just organized in New | York. The one has to do with banks already in liquidation and the new Credit Corporation is an effort to lend money to banks on good security, so | as to avold liquidation. Congress Approval Necessary. Third, the formation of a Govern- | ment Finance Corporation, with a cap- ital of a billion dollars and with au- thority probably to sell bonds for three times that sum, so as to provide & long-term credit for from one to five years to care for the needs of the railroads, industry, commerce and agri- culture in very much the same way that the War Finance Corporation functioned during and since the war. Congress will have to grant this au- thority, but it appears probable from the statements of leaders of both parties that this will be forthcoming. Fifth, enlargement of the capital of the Federal Land Banks so as to strengthen the market for those bonds and give farmers further accommoda- tion in the mortgaging of farm lands. This would amount to probably an addi- tional $60,000,000 and would be of in- calculable importance to the agricul- tural world. Most of these steps are negative in the sense they seek to prevent rumor mongers from impairing confidence in the soundness of America's banking sys- tem, but they are also of affirmative value in easing credit conditions and making possible the continued develop- ment of American business. especially in | export trade where longer term credits are going to be required. If the anticipated revival materializes, some of these plans may never be re- quired, but they illustrate the immense cushion which is being erected to dem- onstrate dramatically to the uninformed depositor and the skeptic that the finances of America are sound and that ample credit exists to carry the busi- ness and industry of the United States safely through the world crisis, | —_— PLANS MURRAY CLUB |8wank Wants “Alfalfa Bill" to | Wisit Friends in Washington. Representative Swank, Democrat, of Oklahoma, announced yesterday he would organize & “Murraz for President Club” to boost “Alfalfa Bill,” Gov. W. H. Murray of Oklahoma, for the White House. Murray will be invited to come to ‘Washington next Winter to address the club. “I want the members of Congress to see and know Alfalfa Bill,” Swank sald, “and to appreciate what fine pres- idential timber &e is.” Increases Idle and Makes Banks Apprehensive. BY MARK SULLIVAN, In the banking situation and the business depression, which caused Presi- dent Hoover to take his present step, the largest one present contributing factor in the whole complex is the practice of many persons who are hoarding cur- rency in safe-deposit boxes or under mattresses or in other hidipg places. The feeling about it among bankers and some financlal officials of the Gov- ernment is illustrated by the radio’ ad- dress made Tuesday night by the gov- ernor of the Federal Reserve Bank of Philadelphia, George W. Norris, in which he described hoarding as a “pernicious practice” and characterized hoarders as “inflicting a terrible injury.” With per- haps some overemphasis Gov. Norris ap- pealed to hoarders to “choose whatever bank you want, but for God's sake, in your own interest, do not take money out of banks to put it in hiding.” ‘The “terrible injury” done by hoard- ers lies, in part. in the fact that hoard ing causes banks to be apprehensive, and therefore causes them to keep an abnsrmal quantity of their deposits in currency or “vault cash” to be ready for hoarders who may ask for it. Because the banks' resources are kept in the form of “vault cash” they obviously cannot be loaned to business borrowers no matter how sound. and thus business is kept depressed and unemployment 0f labor prolonged. Doing Lot of Damage. Because of this and other results of hoarding, it is accurate to say that this practice is, among ail the factors in the depression, the one that is doing most damage at the present time. This quiet and usually rather furtive hiding of currency is worse than the open runs on banks because the aggregate of the seepage for hoarding is much larger. The quantity of dollar and other kLills thus withdrawn and hidden is estimtted at close to a billion dollars. This means that roughly a fifth of all the currency outstanding in the coun- try is hidden away and thus taken out of circulation, That is really a menace. One dollar in currency hoarded means roughly $10 in credit made unava! able. That in turn means just so much business reduced and so much labor unemployed. The aggregate, when mul- tiplled by a billion. is enormous Hoarding, if carried far enough, would cause literal complete business paral- ysis. " Some gold is being hoarded. but com- | paratively little. Most of it is bills. The practice up to the early part of this week at least was growing. The quan- tity of the seepage last week alone is estimated at nearly $100.000,000. The total quantity can be readily estimated from Treasury figures. Last year. on October 1, there were $1.376.351,000 Fed- eral Reserve notes in circulation. This year, on October 1. the quantity was $2,097.793.000. That means the quan- tity of notes in circulation has increased | by $721.442,000 in a year. Everybody knows the quantity should not have in- creased at all, but decreased, because business has slowed down and less cur- rency is therefore in use. The infer- efice is unmistakable that the $721,442- 000 of additional notes, together with some other forms of currency, has been hidden away. To this statement there | | is one qualification. Some -of the dis- | appeared currency has gone abroad.| Foreigners, suspicious about their own currencies, are taking pains to get hold of dollars. This is a compiiment to the dollar and to us and cannot be pre-| vented. Hoarding Real Peril. 1t is imperative, however. that our | own people should see that hoarding by | them is a decided disservice to their | communities. In the aggregate it is a | real peril: to the country as a whole. | | Appeals to the public not to practice | hearding are called for by the condi- | tions. Some of the appeals emanating | { from quarters other than Washington have not been fortunately phrased. Speakers at the American Bankers' Association in convention at Atlantic | City this week, appealed for “spending.” “Spending” in the ordinary sense docs not meet the hoarding situation. People | who wish to save and fo make their | savings secure are entitled to do so.| Appeals to them to “spend” in the or- dinary sense are likely to give offense| and certain to be futile. A proper appeal, effective if ca: out, would be that such persons hiding their currency, but achieve the same safety by other means, Money | deposited in Postal Savings Banks, | available at every post office, is much more safe than money in a stocking or under the kitchen floor. Such money is just as safe as the United States Treas- ury. Moreover, money deposited in pos- tal savings banks draws 2 safe is to buy United States Dovprn-‘ ment bonds, which can be procur~d | through any bank. The recently is-| sued United States bonds paying 3 per | cent interest, and constituting literally | the finest investment in the world, can! be bought at about $97 for & $100 bond, | or about, $48.50 for a $50 bond. On form of spending that would roughl meet the situation and satisfy the ap- prehensions of the hoarder would be the | buying of land, homes,®arms or other | forms of real estate. 1 DENIES EMPR.ESS EUGENIE, DESIGNED MILLINERY | Teacher Says Perky Chapeaux Worn Century Before Birth of French Beauty. By the Associated Press. DALLAS, Tex. October 9.—Frank Russell figures that Empress Eugenie | is getting credit she doesn't deserve for | the millinery mode. Russell is & member of the Southern | Methodist University faculty. He has | just completed a year's study of the | origin and design of costumes. | History, he said, revealed that perky ' tricones and shallow sailors were not | originated by the beauty, but were worn during the reign of Charles II of Great Britain and Ireland, more than a cen- tury before her birth in 1826. ( | | LADY ATTENDANT BEUCHLER’S 1224 14th St..N.W. Our Reputation For House Wiring Is your guarantee of satis- faction and carefnl workman- ship. Ask any of our custom- s 2 g Six -Room Hi Completely Wm Liberal Time Payments. For Electricity, < MUDDIMAN ¢ 911 G St. Nat'l 0140-2622 Organized 1888 D. C, FRIDAY, OCTOBER 9, CONFIDENCE HELD DEPRESSION NEED [Trust in Press and Financial Institutions Is Stressed by A. P. Editor. Grocer PRETTY MISSES TO RUN “COUNTRY STORE.” MISS BETTY EVANS, One of the pretty misses who will the Rock Creek Episcopal parish toniz and tomorrow night in their “count store” to be held in the parish h at Rock Creek Church road and Webster street. —Star Staff Photo. PROHIBITION TO STAY, G TEXAS JUDGE DECLARES Hear Dry De- fense—Delegates Vote Down Pro- Aick Disciples of Christ posal to Change Church Name. By the Associated Press. WICHITA, Kans. October 9 ef that prohiition has come A be- the | United States to stay was expressed by Judge B. D. Sartin, Wichita Falls in an address before the Inte Convention of the Disciples of Ct here last night. Judge Sartin asserted the economic situation in German: greatest beer-drinking country in tha world,” would arguments that return of the ewing indu would restore prosperity. dge Sartin’s address sfon at which the delegates ted to retain the identity of the church. A resolution proposing that the name be changed to “Christian Church” was voted down. TWO ROBBéRS HUNTED Armed Pair Hold Up Colored Man on Southwest Street. Tex al present “the followed a Police today were seeking two colored men who held up Leroy Tur ored and robbed him of $97 of M street southv ‘Turner. who southeast. said one of the bandits was armed with a revol or “Believe yo THE VOICE TONE POPULAR CONSOLE 812475 (including tubes) EAR the glorious tone that has brought G-E Radios victory after victory over other leading makes in tone tests! Hear it in the G-E Popular Console—a agree with us in stating it on the market! No Charge for | Without Aerial—Six Months Guaranteed Liberal “Trade-In"> Allowance on Your MOSES—LOWER FLOOR W.N. Mo Nar’l 3770 We Believe— that when you hear THIS General Electric model you will 1931. By the Associated Press. | NEWARK, October 9.—Maintenance | of _public confidence in the press, as well as in financial institutions, is vi- tally important in these times, Claude A. Jagger, financial editor of the Asso- | ciated Press, said yesterday in an ad- | dress before' the New Jersey members |of the Associated Press | " “In times of unsettied public psy- | chology,” he continued, “it is all but | axiomatic that the fears are worse than the facts themselves. And it is with this constantly in view that the Asso- ciated Press is following a most dili- | gent policy of presenting a full, clear | and unvarnished report of economic de- | velopments as they unfold. | | "“We are facing the facts unflinching- |1y, and assiduously striving to avoid | either overstatement or understatement. While we have striven tcward a con- structive viewpoint, we have made | every effort to avold giving an impres- | sion’ that important facts or aspects are being obscured. “While there is difference of opinion as to the weight of bad public psychol- gy in binging on the depression, it is now generally agreed in business, finan- cial and governmental quarters that it has seriously aggravated the situation and tended to prolong it “It is also apparent that any note of forced optimism or artificiality, whether intentional or not, is likely to be viewed with great suspicion and give rise to unjustified fears. Understate- ment may do as much harm as over- statement. Associated Press financial writers, therefore, strive to present their material in a mander leaving no loop- holes for misinterpretation.” | SEA FLYERS ESCAPE INJURY IN ACCIDENT Pangborn and Herndon Car Runs Off Road on Trip to Seat- tle, Wash. SEATTLE, Wash., October 9. —Clyde Pangborn and Hugh Herndon, jr., who Monday completed the first non-stop airplane flight from Japan to the United States. came to Seattle yester- day and were greeted by cheering thousands. En route here from Wenatchee Wash, where they landed after their cord trip. they narrowly escaped in- | y when they swerved their automo- from highw to prevent | striking a motor cycle patrolman Another machine following the air- men's car overturned down A steep | bank. R. Kamura and I. Okazaki, | representatives of the Japanese news- per Asahi, which paid the fivers 000 for their flight, suffered slight | cuts from broken glass. | Thousands of persons cheered as the | smiling young airmen rode through | Seattle, sitting on the back of an open automobile. At the civic auditorium | they were officially welcomed by State | and city officials. | SARATOGA HOTEL BURNS | ARATOGA SPRINGS. N. Y., Octo- 9 P Riley's Lake House, rendez- of Saratoga's racing followers for | four decades, was burned foday. The hoctelry had been closed since the last v of the Saratoga racing meet early month. It was buflt in 1886 by | Riley. one-time champion oarsman. | 1 of late had been operated by a com- pan | ur own ears” THAT WINS TESTS! brilliant 9-tube super- heterodyne with two Pentode output tubes! Housed in one of radio's most beautiful cabinets! Come in! Hear it—and “Believe your own ears!” to be the finest tone radio nstalling—With or 0ld Radio, Oratory Judge | WIDOW 15 BOOMED NEW CHILEAN AMBASSADOR 1S CHAIRMAN. Larson Asked to Appoint Her as New Jersey Senator Here at Capital. By the Associated Press RIDGEWOOD, N, J, October 9.— The “Mrs. Morrow for United States Scnator” ery raised by members of the Women’s Republican Club of Ridge- wood gained mo im today as per- sons prominent in New Jersey palitics approved the suggestion Mrs. E. B. Thornton, president of the Ridgewood organization, wrote in f of the club to Gov. Larson him to appoint Dwight . W's widow to his unexpired ter ts the highest type of ood ped her husband campaign last NOR DON MIGUEL CRUCHAGA over the' Tadio TOCORNAL, Ambassador from Chile to the United States, who was announced today as chairman of the board of judges of the Sixth International Oratorical Contest finals in Constitution Hall October 24 would be the Senate for 22 of Senator Thomas A Bank —doing smaLL things BIG After You Get a Loan —What? There isalot of difference between bor- rowing a few hundred dollars from a friend and stepping into a bank to bor- row money like a business man. In the “friendly touch” the emphasis is all placed on the getting of the money and very little is said about a definite manner of repayment. In a bank loan, on the other hand, “paying back” is quite as definite a part of the terms of the loan as is the getting of the money in the first place. Loans made on the Morris Plan are paid back in regular periodical instal- ments, either weekly, semi-monthly or monthly. 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