Evening Star Newspaper, October 28, 1931, Page 22

ECONOMISTS URGE MAKING GOLD WORK Statistical Association Told ¥. S. Has Power to End Finance Troubles. By the Associated Press NEW YORK, October 28 —That the United States can put an end to fts own economic troubies and greatly ameliorate the financial ilis of the rest of the world by putting its huge stores of gold ur work, was the opinion ex- by noted economists at a din- ner of the American Statistical Asso- g;:hhn heid last night at the Aldine Bpeakers on the subject of “The Price Slumps of 1920 and 1931 —What Caused Them?" agreed that “the gold standard has not failed:: it is admin- istration that has fafled.” Some urged m the mntqn supply of gold “must be diverted boi our over- stufted dnun“ and used mdmdllbymml . eral Reserve. Leaders Are Speakers. ! B. W. Kemmerer, professor of inter: finance at Princeton Un! dity and mnumcw‘d:;ero'm several | 3 yder, statisti- | mm Federal Reserve Bank of | New York; Irving Fisher, professor of | economics &t Yale University, and | Lionel D. Edle, former professor of | economics at the University of Chicago, | were among the principal speakers. | Prof. Kemmerer said that current| explanations of the gfll esent depression | 88 being caused in w rnrlnptnby\ abnormal gold movements are errone- ous. He wntefldbd that if the Nation's | Ttly put to quickly change. “Whatever may be the explanation of this last great and sharp decline in commodity prices,” said he, “it is not, | in my judgment, to be found either in | & decline in the world's gold production | or in a maldistribution of monetary gold. U. 8. Gain Largest. “Mr, Snyder's valuable study of the ical volume of production covering wgfinelul advanced countries of the shows for the period 1865 to the preeent time an sunual average rate of crease (geometrical) of about 3 per cent for the world &nd of about 4 per | eent for the United States. “According to the figures of the United States director of the mint, the | ‘world's lwtl of monetary gold in 1821 | was $8,700,000.000. If this stock '!re: increased pfnlflldwly by 3 per cent a ' year, from 1921 to the present time, it would be np_Fhuxim-uly $11,300,000,000 | for 1930, exactly what the | ‘world's stock of monetary gold was for | that year.” The lpukrr explumed that, obviously, l’ll;’ 1921 to 1929, the world's creased at approximately the same rate a8 the world’s phyllcll productivity. "Undlr normal eonditions,” he con- tinued, “there would be no need of a full 3 per cent annual increase in the world's stock of monetary gold to take | care of a 3 per cent inerease in the | vhsllcll volume of business, because, tinually improving currency organizations. substit: 3 with increasing nlno( monetary and | deposit turnover, efficlency of monetary gold dmu be continually | i oulury Decline Slow. A lurclty of gold, should it oceur,* would be likely to make itself felt in a slow but continuous decline in prices 7 88 it did in the years 1873 to 1896, drop like | have , after a long period of comparatively stable prices.” Prof. Kemmerer America, on | the basis of her proportionate share in the world economic. activity, should have much _more gold than any other coun! T proportion: ld than the United States. flowed to the Unit- , he sald. eral Re- ve until recently been mnlnmnln. lowest discount rates in hl.;;nry in order to stop this flow | gold. “With business depressed, confidence | lacking and with so many of our finan- cial leaders in a blue funk, the funds have piled up in the banks. In private hoards, berau: who could best use the afraid to do so. he'said. “Much of our gold is practically idle, but it will be put to work when people abroad and people at home believe that it can be put to work safely and &mmnblr ‘Then it will be found that the supply | 45 ample if the world organizes its gold standard currency systems on mod- ern scidntific lines and places its ad- | ministration in the hands of men of | chamacter and ability.” Urge Reserve Change. { Profs. Edie and Pisher urged that the Federal Reserve depart from its pres~ ent official policy and expand credit facilities by backing them with gold to | curb the fall in prices. “The Federal Reserve system should, I believe.” said Prof. Pisher, “have con- tinued its open market operations namely, buying bonds. Other technical expedients are also available.' Prof. Edie said either the credit au- thorities must adopt “positive sane and constructive policies” along the lines of put gold to work or “sce the| Li radical forces of discontent make the whole question & foot ball of politics.” Mr. Snyder dealt only with the sta- tistics of the gold situation, outlining Walk-Over Relief Type Shoe Extra! The Empress Did Have Ankles At first blush our style shoes Eugene wore seemed futile . . skirts: At last, however, an wearing oxfords of contrasting leathers. ac"lhe shoe Eugenie wore, but this Walk-Over oxford not as a modern interpretation with your new Empire influence costume. An attractive Black Kid, trimmed in Lizard. Relief type shoe with the MAIN SPRING ARCH. $11.50 | criminal prosecution to violators even | when those violators have attempted | | to co-operate legitimately. lotock of macnetary gold in- | Calif To Marry Flyer G. W. U. GRADUATE TO WED CAPT EAKER. RUTH HUFF APPERSON, George Washington University uate, who is to become the o{ | Capt. Ira C. Eaker. Army Air Corps. { next month following an attempt on his part to brelk the transcontinental | speed record. —Edmonston Photo. the history of the price level slum in 1920 and 1931 in the terms of gold movements. He did not draw any con- clusions. LAW CHANGE 1S URGED. NEW YORK, October 28 (#).—Vir- | tually unanimous opinion that the anti- trust laws unduly restrain the economic progress of American business was ex- pressed last night by speakers at the New York University National Con- ference on Law and Business. The principal difficulty with the laws, speakers said, is that they threaten Almost every speaker suggested that some governmental body should be au- thorised to pass in advance on proposed combinations or co-operations, and that thse entering into the agreement be ex- empted from the criminal provisions of the anti-trust acts, though not from | civil action if the courts found even-! tually the agreements were not in the | public interest. Explains Proposed Law. Rush C. Butler of Chicago, chairman | of the Committee on Commerce of lhe American Bar Assoclation, explained the association’s proposed law embody- ing these 1s. It was indorsed :if.mnu &xmrd former Ambassa Mr. however, proj nnv. the laws should contain definitely positive statements. emd further said that some sort of fixing eventually would have to eflected Mr. Sutro urged more complete defi- nition of exactly what a proposed agree- ment might legitimately contain. ‘Woll Indorses Plan. James Hnmy wmmm president of J. H. Willams & Co.. much | greater liberality than any of the other speakers, on the ground that the pro- posed changes would not greatly help smaller industries. Further indorsement came in a tele- | gram from Matthew Woll, vice wan- | dent of the American Federation Labor, who said: “The American Federation of Labor has repeatedly declared in favor of repeal or modification of both the Sherman and Clayton laws in that it holds both badly conceived and im- proper] dmlmed to meet present in- dust: and ) situation.” LADY ATTENDANT BEUCHLER’S 1224 14th St. N.W. DON’T SLEEP ON LEFT | S‘DE GASHURTSHEART Tn 3 hovrs o mm"fi"‘ 8&‘1’“ Brie Sl tisement. FalseTeeth Don't allow your false teeth to drop or slip when you eat, talk or laugh. Just sprinkle a little Kling on your plates. This new improved powder forms a comfort cushion—holds plates so snug, they feel and act like your own teeth. No more danger of rocking plates—eating will again be a joy. Leading dentists endorse Kling. Guaranteed better than any- thing you ever used or money back. Large package, 35c at all druggists. | KLINGE::: -Alv"c‘}‘f FIRMLY AND COMFORTABLY scouts’ search to find what . foiled by voluminous intimate sketch revealed her We present the shoe you should wear THE EVENIL W eUaLSU OCi1ubrR 28, 1931 KING TELLS WOM OF PARTY'S MISSION Senator Outlines Program at Dinner of Democratic Ed- ucational Council. Before a hm gathering of members and guests of Democratic Bducational dinner last evening at Women's Democratic Club, Sena Council the National r Wil- I)um H. King of Utah briefly sketched | the “Mission of the Democratic Pln\’ in the policies of the Government present and future. Declaring that the mission of the Democratic party is to protect the coun- try from sutocracy, the Senator said ere seems to be a lack of under- standing. by many of the peopie. as to the philosophy of government and the principles of the political parties” ‘While the fact that the Democratic party has aiways had & par- ticular mission, the basis of which is lwflmhmn‘ to sll, Senator King m-umm vflmmflmmdmmm mmhmumm- clusion of the Senator’ mvmn‘ Mm gave rise to & mqum m&nna'w m »o! mbfluv - llfllr J. Pollack. chairman of the Bd- ucationsl Committee of the council. At the speaker's '-lbl! mmmmme‘ were Mrs. tdt.hpl | Senator and Ciare Wright Smitn, council; Mrs. Grattan Kerans, first vice president; Mrs. Lester -Y Pclkek Mrs. | Nina Jones. Miss Lyds May Francs, | Mrs. D. Heffernan, Mrs. Victor Russell council. DESERTS CLASSES RHINEBECK, N. Y.—Annoyed st being reprimanded and kept after { school for saying “yup” instead of “yes,” Earl Praleigh of Rhinebeck, N. Y., 15 years old, ran away from home. He was persuaded to return by Sheriff Saulspaugh, who advised him to im- prove his pronunciation. = HASTINGS TOTALK AT SOCIAL PARLEY a .| President’s Aide to Address First City-Wide Confer- ence on Problems. ‘The open meeting of the city-wide I Wome Mr. Richard Linthicum, and Mr. Foster ' conference on social work tonight at o et 2t & | Gleason, guest of the president of the | the Unlted States. Chamber of ~Gom- | merce to addressed by George A. Hastings, administrative assistant to President Hoover. Held under auspices of the Council of Bocial Agencies, the conference is de- | signed to provide an interchange of views among the social workers of Was! and to permit them to gather first-hand information from na- tional and international authorities. Mr. Hastings' talk on “The Children’s Charter” will deal with ideas developed st the White House Conference on Child Welfare. Findings of the White House Conference, it is announced, will be the keynote of several meetings of The meeting s W to the publie. WOMAN WRI WRITER DIES Mrs. Mary St. Leger Harrison | Penned Dosen Novels. TENBY, England, October 28 (#.— Mrs. Mary St. Leger Harrison, novelist, | ummvfiuumx-:lnamed more than a dosen novels, Indud- Du.l ‘o ant, "g’ published in 1924 hrm!lntoflh!hlh'ofld\ to Set New Efficiency Mark for General Electric. SCHENECTADY, N. Y. The largest mercury-vapor (Spectal).— | instal- Ohio hmebo'ned elevators power | Iation ever attempted, with a ted | a hel of gross thermal eficlency of 85 ber ‘cent: as |1 cent a pumel T ® PO M | against the highest efficiency ever | tatned in the world of 27 per cent in | coal-fired power, will be located in_the | center of “the General Electric Co.’s | not present the most striking departure | | trom conventional power-plant layout, the aspociated apparatus will be some- | what different. 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