Evening Star Newspaper, October 16, 1931, Page 44

| O—12 THE EVENING STAR. WASHINGTON D. C., FRIDAY, OCTOBER 16, 193 OUTFLOW OF GOLD 10 EUROPE SWELLS Net U. S. Loss of $568,000,- | 000 Laid to Displacement of British Pound. By the Associated Press. NEW YORK, October 16.—The tor- rent of monetary gold which has been | flowing from New York into the coffers of Europe was swelled by $47,762,400 yester ¢ This brings the total net loss of gold to approximately $568,000,000 since September 1, most of which was taken | in the last four weeks, or since the su pension of the gold standard in Eng-’ Jand sent continental countries scram- | biing for metal to bolster their own Teserves In high banking quarters, however, the movement was viewed with equa- | nimity. In some quarters, it was felt| that it might cause some further tightening of interest rates, through | further increases in the New York Fed- eral Reserve Bank rate. Nevertheless it was pointed out that the loss amounts to 2 little more than 80 per cent of the | metal shipped to this country in the | Jast two years, and thit much more could be lost without causing trou- blesome shrinkage of the ciedit’ base. Bulk Coes to France. Of the gold transfers announced by the Federal Reserve Bank today, it was notable that the bulk, or $42,000.000, was for France. At the same time Wall Street was interested in the visit to the Bank of France, while at almost the same time it was reported from Paris that W. Randolph Burgess, deputy gov- ernor of the New York Reserve Bank, was conferring with Celement Moret, governor of the Bank of France. It as said at the Reserve Bank that the visit of Charles Farnier and Robert Lacour-Gayet, of the Bank of France, who arrived in New York yesterday, was only to discuss “mutual problems. Discussing the fact that dollar e change had been at a discount in some foreign centers, notably Paris, interna- | tional bankers here explained that there | had been considerable bearish specula- tion abroad in dollars, largely resulting from a misunderstanding of emergency | measures being taken in this country, | such as the formation of the huge! credit corporation to aid interfor banks. | It was widely predicted that Parisian | speculators short of the dollar would get their fingers severely burned. | Trade Balance Not Cause. | Bankers explained that bulk of the gdld shipments from this country have | not been based upon favorable trade balances of foreign countries, or profits made possible by foreign exchange levels, but rather on a desire of for- eign central banks to build up their gold reserves. An important aspect of the matter is that several foreign banks have counted holdings of foreign cur- rencies as reserves, and in these hold- ings sterling was an important factor. When sterling went off the gold basis there was a rush to replace holdings of foreign currencies with metal. While some speculators abroad have been going short of the American dol- | 1ar, international bankers say there also has been a tendency among timid cap- italists to believe that the dollar is the | strongest currency in the world today and to hoard it. It was notable that | of the shipments of gold to France to- | day $1,000.000 was in American $20 gold | pleces. Ordinarily _such _transactions | are in gold bars. Some bankers esti- | mated that American currency hoarded | abroad may total $400,000,000 or more. Control World Gold. ! While latest official figures are sev- eral days old, it is now estimated in Wall Street that the monetary gold | stock in this country is close to $4,500,- 000,000, and that France's has increased | 10 nearly $2,500,000,000. The two coun- tries control roughly three-fifths of the world's entire supply, and it is_felt in banking quarters here that Franco- | American banking_discussions in both | Paris and New York may deal with | such policies as the two gold wealthy | | as nations should pursue to stabilize world } monetary conditions. Of the total loss of monetary gold of | this country since September 1, a large part of it has not yet left the coun- try, but hag merely been set aside for | foreign account, but of today's foreign takings of $47.762,400, all but the small | item of $78,000 was actually withdrawn | for export. In addition to $42,000,000 | for France, $4,160,000 was announced s withdrawn for export to Belgium, $1,213,000 to Germany, $750,000 to Hol- land, $161,000 to Switzerland and $50,~ 000 to Poland. FARM LABORERS’ WAGES LOWEST IN 15 YEARS Big Supply in Help and Need to| Cut Costs Send Index of Pay Down. 7 the Assoclated Press Farmers, faced with an abundant supply of help and the necessity ot cut- ting production cosf ying their hired men the low: wages In 15 years. | ‘The Agriculture Department's index on October 1 was 113 per cent of the pre-war average as compared with 150 per ‘cent a year ago. The usual seasonal trend of higher wages from January to October, the end of the harvest, has been reversed this year. The index fell from 129 on Jan- uary 1 to 113 in October. ‘This trend has been accompanied by a decline in demand for help and an increase in supply. The demand on October 1 was 69 per cent of normal | as compared with 75 a year ago and | the supply was 113 as against 106. | George Brockwell, who with his dcgs collected $40,000 for charity, has dicd at Wimbleton, Erglind. ORL TRAPS NAE | T0 SAVE OYSTERS Sand Buckets Snare Pests Threatening to Destroy Bivalve Beds. ‘The Bureau of Fisheries today said it had discovered a method to combat the oyster drill, the succulent bivalve's enemy which, Government officials esti- mate, destroys $1,000,000 worth of oysters annually in the Potomac River and Chesapeake Bay and along the At- lantic and Gulf Coast. Dr. Henry Frederighi of the bureau's | staff, according to an announcement made by Deputy Commissioner Lewis Radcliffe, has found that by placing | traps composed of buckets of sand on the oyster beds, the snail-like drills will accumulate in great numbers. ‘The traps can be hauled for the re- moval of the pests. This method, while rather laborious, is expected by the bu- Graduate MeCormickc Medieal £ye1'EL e yes Ex DR. CLAUDE S. SEMONES Eyesight Specialist Phone National 0121 410 McLachlen th and G Sts. N SUN-TRYD holds its own in the sun Z = FooXy e N PAT LA N 4 NION SUN.- TRYD Wall papers—first and last! First in quality, first in pattern, first in color-beauty! But LAST to lose their beauty, last to lose their color; longer- lasting hecause fade- proof ! (metto leaves, reau to save one-fourth to one- half of | the oysters that would have been at- | tacked by the drills. Radcliffe said that in New Jersey and Delaware the damage to cyster beds by | this animal be timated at a | million dollars annually and a recent | invasion of this drill Hampton Roads, Va., one of the largest oyster producing areas in the country, brought the ques- tion of contr:1 to the immediate atten- tion of the Burcau of Fisheries. _He explained that the drill does its damage by boring holes through the oyster shells with its file-like tongue and then licking from within the succu- lent flesh of its victim. Move Up From Bottom. He said the drill's tendency to move upward from the bottom 1s the weakest link in its natural history and has been taken advantage of heinvesti- | gators in destroying the For | several s in Louis- | iana, it , ha ed a simi- lar trap composed ¢f bunches of pal- | placed uprght on the | ) bed, on which the drills accumulate. | Sir Harold Pink the British Hospitals threz times Mayor of Po land, has just been ma to 1 Blanche Stares, niece of his late wife. LA GUARDIA PLANS . ;Will Reintroduce Measure He Has SHORT-SELLING BAN Sought to Get Hearing on Since 1929. [ By the Assoclated Press. Representative La Guardia of New York plans to reintroduce his bill to prevent the short selling of securities | and commodities when the new Con- | gress convenes in December, The independent Republican sent a statement to the Capital yesterday | saying that “now that short caused so much disaster perhap: be possible to get a hearing on this important subject.” La Guardia has sought vainly since 9 to get a committee hearing on measure. 1 am, indeed, happy to note that thé Republican 'floor leader of the Senate, Senator James E. Watson of Indiana, has declared himself in favor | of such legislation,” La Guardia said. In a letter to6 Watson, made public n connection with his statement, La Guardia said, “The stock-ticker boys will get very busy between now | and December and are quite apt to classify you as an insurgent or even a Progressive.” The bill would make it unlawful to | use any method of communication in | interstate commerce to execute short | selling orders on commodities and | securities. . S L NPE SAVING SMALLER FISH MIGHT DOUBLE YIELD Bureau of Fisheries Official De- clares Larger Mesh Would Greatly Aid Conservation. If the undersized fish that are caught by commercial fishermen operating in | the Great Lakes were left in the waters until matured, it is possible that | the ennual yield, which now amounts| to about $2.000,000, might be doubled, | according to Elmer Higgins of the| Commerce _Department’s Bureau Fisheries’ Division of Inquiry. Lake Erie, according to Higgins, af- fords the highest yield for fishermen in that area. The average annual output of Lake Erie is about 30,000,000 pounds out of the 5-lake total of 92,000,000 pounds. | “Fishing gear must be replaced every | two or three years,” Higgins said, “and, | g:gf:, r\'i‘;haul a penny outlay the g industry of Lake Erie alone, by changing the mesh of the pound and | & STORAGE CO. trap nets, could produce as many fish §616 Eye St. Di 2010 for stocking the lakes as a score of |—— fish hatcheries.’ Overcoming the wastage of under- sized fish is an effort, according to Higgins, toward the conservation and upbuilding of the Nation's fisherles, | and is well worth the trial. MOVING? Then You Need Our Servie Low Prices—Responsible Se: - The Original- KRIEG’S EXPRESS | Don’t Endure Slipping | FALSE TEETH Do your false teeth drop or siip when you talk, eat, laugh or sneeze? Don't be annoyed and embarrassed a minute longer. Pasteeth. & new powder to sprinkle ‘on your plates. holds teeth firm, Gives fine feeling of security and comfort. No_gummy or feeling. ples store Drug _Stores or Advertisement any other drug OPEN UNTIL 9 P.M. TODAY, 9 PRESENTING A COMPLETE SUN-TRYD'S added fade-proof features entail no added cost. They are guaranteed not to fade. Exclu- sive but not expen- sive! Aslg your paper- hanger for Union SUN-TRYD — the ideal wall paper and ideal wall paper in- vestment, *SUN-TRYD sWALL PAPER$ UNION WALL PAPER COMPANY Washington Baltimore Pittsburgh Norfolk Watch Our Windows for Tooth Brush 29¢ $1.00 Squibbs Liquid Petrolatum 62¢ Examples of §0c IPANA TOOTH PASTE And 26¢ DENTALAID MIRROR Both for ALCO-REX RUBBING ALCOHOL One Pint BROOKLYN CLUB TOILET PAPER 1,000 sheets per roll 25¢ rolls for AUTOMATCH CIGAR LIGHTER Exceptional value 39¢ 10e¢ Ivory Soap (Medium) é¢c ut Prices Exceptional Value! ROXBURY FOUNTAIN SYRINGE Guaranteed One Year CHOCOLATE PEPPERMINT PATTIES & 67 Menthly Payments Arranged W 3 R Just one station at a time! joyment of formance. Full Pound 39¢ and triple multi-mu tubes. y compensator readth i Speaker, signed to_gi reproduction. b ONLY A FEW MODELS ADVERTISED Delivered and Attached to Your Aerial “Image Suppressor” improves the en- superheterodyne Powerful long range 8- tube chassis, with push-pull pentode gives Superdynamic cally de- full, lifelike, resonant LINE OF 1932 SILVERTONE RADIO Sensational 10-Tube “De Luxe’ Superheterodyne Complete With Tubes, Delivered and Attached to Your Aerial Only $10 Down—Monthly Payments Easily Arranged 1932 8-Tube Silvertone Superheterodyne Complete with Tubes Cash Only $5 Down Easily SEE OUR COMPLETE LINE 89 This beautiful Silvertone set, as pictured to left, is the last word in radio engineer- ing and cabinet artistry. Personal tone control—great vol- ume possible with tone quality which remains clear and true at any degree of volume. Micro-selectivity compensator. 12-inch auditorium superdynamic speaker. 4 multi-mu and 3 pentode tubes. 1932 Musette Silvertone 39 Complete with Tubes Delivered and Attached to Your Aerial Retube With Silvertone Tubes a type for every make set At Savings of \25% to 40% Silvertone Tubes and Radios are also sold at Sears stores, 3140 M St. N.W. and 1825 14th St. N.W. Sears’ per- Micro- you BLADENSBURG ROAD AT SEARS,RoEBUCK ano CO. 15TH AND H STS. NE. Including 6 tubes, superheterodyne pentode output tube, 10-inch superdynam onal tone control, All featur tivity and bottom of di $E Delivers It to Your Home. B-Inneo'Smlfl Monthly Payments. allow equal selec- it