Evening Star Newspaper, November 29, 1931, Page 12

FISCAL OFFICIALS - HERE REASSURED Return of Gold to U. S. and Reopening of Banks Cheers Treasury. BY MARK SULLIVAN. This week's report of int shipments of gold anrcu r ceipt by America i one $10.- 564,000 On a recent day the branch of 'the Treasury having control of banks reported b closed, on banks reopened, two.” That net gain of one was a landmark in recent Trea ury history. High officials of the Treas- ury called each other on the phone to express mutual pleasure. On another Tecent day, the report was “10 banks Teopened.” The feeling of relief and essurance that has come to fiscal offi- clals in Washington constitutes a news event of major importance. The two new conditions combined. the return flow of gold to the United States and the reports of banks re- opening instead of banks closing, com- pose the complete reversal of a tide which when it was running the other way constituted the most spectacular | condition in this year's cconomic his- tory. The generalization, indeed, can rea- sonably be mad> much broader. It is tenable to say that thore was, about t last week of September end the fir week of October, in the United Stat and in the world the most deiastating state of panic in all history. One de- tatl can certainly be expressed in a striking but exact superlative. | Dollar “Seld Shert.” ‘The quantity of gold taken from the United States by a panic-stricken world during the month from about mid-§ tember to about mid-October far the largest amount ever taken out of any country in the same length of time. ~ The United States during that month gave up several times more gold than was ever given up by any other country in a similar period either in peace time or war time. Europe, an practically the whole world. was panic stricken to a point where it distrusted «he stability of the dollar and actually doubted the solvency of the United States. In Europe, the dollar was “sold short” in enormous guantitics Gold was demanded by Europe in such sums that the ships could nct carry it, in the scnse thet insurance companies will only insure a given amount of gold on a single ship. The lag in shipments caused by this condi- tion had the effect of accentuating the manicky wish of Europe to get the gola. At the height of the panic gold was leaving the United States 2t the rate of about $30.000,000 a day. ‘The policy followed by our fiscal of- ficials in Washington and New York was one of promptly shipping the gold to whatever countries asked for it, and | by their calmness having the effect ef‘ asking the frightened countries if they | wanted more. The only protective step our officials took was merely to make a slight raise in the discount rate, which is the universal routine practice of all countries when exchange runs against them. { The net effect of the whole episode has been greatly to increase the world's respect for the American dollar and the American financial structure. The drain, great as it was, left the United | States with much more gold than it needs. After we had lost three-quar- ters of a billion dollars, we still had more than four billions left. Since, ihe drain ceased, for about five weeks KAHN on 7th St. Established 31 Years DIAMOND BARGAINS. DIAMOND DINNER RING—15 extra large diamonds. Newest Cost $175. Must $85 DIAMOND RING—$325 “Per- fect” Solitaire. Weight about 1% carat. Must 5175 sacrifice DIAMOND—'!; carat and 6 points solitaire diamond ring. Modern Design. bargain A small deposit will reserve your selection until Christmas KAHN OPTICAL CO. now gold has been coming back to the | United States in such quantities lnd' under such circumstances as to show that the world has come to think of America as the safest depository for gold and of the dollar as the most stable currency. During a single week recently gold came to the United States in large amounts from Europe and Ja- pan, and in dribbles from small and Te- mote countrles like Portugal, India and ' the Straits Settlements. 512 Failures in October. In the same period, when the outflow of gold was greatest. about October 1 banks, national and State, were failing at the rate of about 20 a day. Thc total failures, State and national, in October were 512. During the same calamitous first week in October, cur- rency was disappearing, chiefly into frightened hoarding, at the rate of about $25,000,000 & day. The total that disappeared was about $1.000.000,000. r a fifth of the whole quantity in ing while it lasted accel- faiiures of banks, and the failing of banks accelerated 'hoarding. | Our credit structure was under a dou- ble attack—from abroad through with- drawals of gold and at home through | hoarding and bank failures. ‘The three conditions combined _constituted, one may reasonably say. the greatest panic | in history. At the time it was compara- | tively unnoticed, chiefly because the; world's attention was concentrated on the fall of the British pound, which was, | indeed, largely the cause of our own con- dition, Today the flow of gold has re-| versed, bank failures are in some de- gree succeeded by bank reopenings and hoarding has_ceaser (Copyright, 1931.) I LINDBERGH AWA|TING FOG’S END IN FLORIDA | Plays on Beach Near Fishing Vil- | lage in Delay on Return | From Miami. ! By the Associated Press. ! FLAGLER BEACH, Fla. November | 28.—Fog_that interrupted Col. Charles | A. Lindbergh's flight from Miami to New York. causing him to land_here this morning, continued to hang heav- | ily over the landscape late today and | he decided to remain in this fishing village overnight 1 He spent several hours on the beach | this afternoon, playing in the sand like | a boy and swimming in the white over- capped surf. | Later, he ate a hearty meal and re- tired t» the village's only hotel to rest 1 weather conditions have improved, he said he would leave early tomorrew for New_York. t Exceptionally Desirable 2 and 3 Rooms. Kitchen and Bath Apartments. with Electrical Refrizeiation and all latest equipment The Argonne Sixteenth and Columbia Road N.W. WATCH REPAIRING BY EXPERTS The repair of your watch does not complete the trans- action between us, but estab- lishes our obligation to fulfill our guarantee of service. All Parts Used in Our Repair Department Are Genuine Material BURNSTINE’S 927 G St. N.W. DIAMONDS WATCHES Established 31 Years DIAMOND—314 earat blue-white solitaire diamond ring. 0 Must be sold at once. .. DIAMOND—3 _ stone diamond ;‘;o'd vv“,"erllm 2% carats. Cost DIAMOND ~ BRACELET—S$800 Solid platinum flexible bracelet. Finest quality and workmanship 617 SEVENTH ST. N.W. (BETWEEN F AND G STREETS) COATS 2\ pricedas only Bl PARKER. can sell them! $3975 1, S12975 Not job lots, odds and ends or left- overs—but fashionable, new and de- pendable qualities. Plenty to choose i from. No high rent—no fzncy fix- ‘ures—no charge accounts—therefore no credit losses. These are just a few of the reasons why we can sell for such low prices. | Caracul Coats Broadtail Coats Lapin® Northern Seal® *Dyed Coney 75 S 5 9.75 Silver Muskrat Natural Muskrat Northern Seal® Caracul Coats Raccoen Coats Pony Coats Coats Some Coats Beautifully Trimmed in Fitch, Squirrel, Marmink, etc. A SMALL DEPOSIT Holds Any Coat Until MONEY REFUNDED IN 3 DAYS For Anv Reaso ARKER S FUR SHOP Wanted THE SUNDAY MBER SAVE! THE AVENUE AT SEVENTH To save you money on Clothes and Gifts. - for Men and Boys ! vers SHIRT *L.35 REGULAR HIGHER GRADE 3 for $4 Every shirt is of full-shrunk Broadcloth, expertly tailored in the Saks manner. Whites in collar-attached or neck- band style. Blue, Tan, Green, Gray—collar-attached style. Gift boxed. Saks—Street Floor ste SHIR'T $5.00 SAKS QUALITY Of a superb grade of silk, in white, handsome solid colors and Tustrous self-stripe effects. Collar-attached and neckband style. Sizes 14 to 17. Gift boxed. 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