Evening Star Newspaper, March 5, 1933, Page 15

HOLIDAYS OF BANKS HAVE TWO'CAUSES Withdrawal of Gold by Eu- rope and of Currency in U. S. Blamed. BY MARK SULLIVAN. The immediate cause of the New | York and other bank holidays inaugu- | rated Saturday had two parts. On Friday. gold was withdrawn from the | New York Federal Reserve Bank in such | quantites as to raise a reasonable ques- | tion whether the Nation's monetary | gold reserves might be depleted if the pace of withdrawal should be kept up These withdrawals reflected fear in| Europe and at home, whether the| United States Government can or will continue to keep its currency redeemable in gold. Thus one of the primary ques- tions which must be answered by Cong- | ress is whether the country will con- tinue on a gold basis. The other immediate cause of the bank holiday was the withdrawal of | ordinary currency of all kinds from Federal Reserve banks in New York end elsewhere in such quantity as to| ralse & question whether the Govern- ment could supply the demand. The quantity of currency which the Goxern- ment can safely give out and still stand ready to redeem in gold may be said to be roughly 10 billion dollars. The quantity normally in circulation is| about 5 billions. Recently the amount has increased to more than 6 billions. Last week, more was taken out at the rate of about a hundred million dol- | been ordered to leave Prussia for two of this withdrawal of li- nary currency was both a fear d a condition. The b holidays in the various States put bank deposits and | checks out of use. In this condition | there was need for currency. Thus the‘ other primary requirement now is action that will reop:n the banks. Michigan Action First. To go farther back than Saturday, s0 far as any one event in the intricate | chain can be called the first, it may be | G eginning with the Michi- | ay in February. So soon as Michigan had been followed by | Maryland, was apparent the movemeni | would spread and would call for deci- sion by Washington about appropriate action. The relation of Washington | to the situation was made intricate, of | course, by the imminence of a change of administration. To say that aitempts | at co-operation between Presdent and | President-elect came 1o nothing would be true, but that statement standing alone would be misleading. There were repeated conferences between grour cluding Secretary of the Treasury Og- den Mil's and other officials of the old administration and groups including Mr. Roosevelt's appointee as Secretary of the Treasury and his other advisers. The two groups had complete mutual respect for each other's good faith. A: an incident of their meetings. Seretar; Mills agreed to cancel a trip to Cali- fornia in order to help his successor carry over. Mr. Mills' important as- | sistants were asked to remain in office | for some time, and freely consented. In the same . Mr. Roosevelt asked Gov. Eugene Meyer of the Federal Re- | serve Board to remain in that post The chief reason for failure of the ©'d and new administration {o agree on | taking some step before March 4 was lack of unanimity of opinion about | what the step should be. It was not that Mr. Hoover's advisers had one pro- | gram and Mr. Roosevelt's another, The | cleavages of opinion ran at right angles through both greups. From day to day it became avparent that the ultimate | rogram must proceed from the new | resident, for the reason that anvthing done about banking must fit into the | new administration's fina: and | ‘economic program as a Whe It was also avparent that stcp taken be- | fore March 4 weuld have to be carried out in its Getails after that date. This was aporecitted as a_good reason whv Mr. Roosevelt should hesit re ponsibility for a sten uniil he should have power to carry it out and to fit it into his,program as a whole. | Bankers Differ in Opinlons. The differences of opinion among financial advisers of both acministra- | tions were duplicated by and to some extent caused by differences of opinion among leading bankers. Also the situa- | tion changed from hour to hour. and a step which might have been advisable in the forenoon became inadvisable in the afternoon. During the tense hours Friday night, after the necessity for ac- The * Teachers Wait Two Months for Checks, Then Bank Closes By the Assoclated Press. GLOUCESTER, N. J., March 4. —Eighty Gloucester school teach- ers went unpald throughout Jan- uary and February, but finally prevailed on the gurfl of Bdu- cation to pay each of them $30 on account, ‘Today they recelved their ~ checks—and e bank closed 50 minutes after o m: because the Governor procla: 2 bank holiday. haliday was unnecessary and inadvisable | either by the State or the Federal Government. A broad cleavage of opinion from the beginning was between those who felt that the whole burden of action should be taken by the Government, and those who felt the banks themselves could and should handle the situation themselves by setting up mutual mechanisms through their clearing house associa- tions. Action by the clearing house associations is still favored vigorously by some of the most powerful Democrats in the Senate and elsewhere who are among President Roosevelt's advisers. FRENCH WRITER ORDERED | TO QUIT PRUSSIAN SOIL | Veteran Correspondent Accused of Sending Report That Nazis Started Reichstag Fire. By the Associated Press. BERLIN, March 4.—Camille Loutre, for 15 years Berlin correspendent of the Paris newspaper Petit Parisien, has months after having been charged with writing that the Nazis were guilty of incendiarism in the fire which badly | damaged the Reichstag Building last Monday. M. Loutre denied that he made such a report and also claimed that his newspaper had consistently favored Franco-German understanding. Authorities at first expressed a desire that M. Loutre leave within 24 hours, but then conceded him time to arrange his personal affairs. M. Francois-Poncet, French Ambas- sador to Germany, visited Foreign Min- ister von Neurath yesterday and ex- pressed the PFrench government's dis- pleasure at the contemplated expulsion. * FOR ONE WEEK ONLY BRAKE RELINING SPECIAL FORD-A § A 75 CHEY. '30—'32 GENUINE RAYBESTOS LINING USED Abore Prices Are Comolete and In- clude Hich-Quality Material, r and All Adjustments. COMPLETE HYDRAULIC SERVICE THE SUNDAY STAR. WASHINGTON, D. C, MARCH 5, 1933—PART ONE. RUSSIANTALIAN TRADE WILL HALT Two-Year Experiment of Fascists With Soviet Com- merce Ends in Regret. ROME (M) —TItaly's 2-year experi- ment of trading with Soviet Russia has ended in regret and a determina- tion not to renew it. Her decision to denounce the prefer- ential duties section of the commer- cial treaty of 192¢ and her refusal to r?;' the tn‘de llreeml:nt are dmnifie expressions of intlement over the fact that— e Russia got the lion’s share of the trading, and Italy is left holding the NO CONNECTION WITH %* Silver featured for one day only— Special at '35 silvered skins, whose embossed surface blistered effect. Coats meticulous perfection . . Left: hood cape for 14 to 20. rich silver fox. matelasse wool sizes 14 to 42. bag with half a billion lire in promis- sory notes. In the two-year experiment Russia bought machinery, dyes, ships, air- planes, motors, tractors, marble, wine and fruits sent in Italian bottoms. The ships brought back Soviet grain, ofl, aphite, manganese, iron, stesl an "Ebffiéendmn first, taly found e year It ount she had imported $29,000,000 worth and sold $14,000,000. the second year the adverse balance was to $5,000,000, Italy Paid in Cash. Moreover, Italy paid largely in cash.|of The Soviets paid mostly in credit, run- ning from 9 months to 52 months. Most of this paper is still unliquidated, since the Bank of Italy will not redis- count {t. The notes that have expired have been promptly paid. But the ac- cumylation of paper when they want cash annoys the manufacturers. Lastly the Soviet purchasing agents came to Italy and bargained with Italian manufacturers as competitors. The | Italian purchasing agents could buy only through the Moscow government and at set prices. —— England will not pay its subsidy to grand opera this season. ANY OTHER WASHINGTON STORE * FOX adormns Regal silver fox . . . broad, richly dramatically againsl matelasse crepe, the material set gives the done with . well-bred type garments with a definite air about them. For one day, at $35. Lovely matelasse crepe with new monk’s misses Right: The deep, flattering cape is bordered with Black coat; AMATEUR SEAMEN HAVE LONDON CLUB Men and Women “Go to Sea” Once Each Week in Rendezvous in Business Section. LONDON (N.AN.A).—In the heart London’s business world is the “Little Ship Club,” a haven where the 750 members, bronzed and cheery men and fresh-faced girls—in their dally lives they are insurance men, | clerks, stock brokers, typists and bank clerks—come to learn all about spin- nakers and mainsheets, cleats and gafls, figure-of-eight knots and rolling hitches, and, in fact, all that appertains to the art of salling and motor boating. ‘You may join' the club whether you command & proud 40-tonner or tack timorously in & Thames dinghy, and among the members are men and girls who uently pilot their craft ‘across the North Sea. 5| every SBummer the club holds a North Sea race from Brightlingsea to Ostend. One night a week at the ciub is given over to knotting, splicing and rigging, T L e and the club’s hoi ) = onstrates the mysteries of the bowline and the sheepshank, and, by means of the full-sized cutter rig erected at one end of the club room, shows how one may reduce sail or splice a wire, Ordinary language is abandoned when one enters the club, and to interpret snatches of conversation by the usual rules may be a perilous adventure. If, for instance, you hear a pretty fi:.l re- mark to a friend: “I brought old girl round and tried to get her hitched up with a nice steady boy—one of those man-o’-war chaps—but she simply lifted her nose and ran clean past,” you must be quick to realize that “boy” should read “buoy” and that the “old girl” in the case is prebably a handsome little sailing ship. p. (Copyright, 1033, by North American News- paper Alliance. Inc.) Foreigners Catch Jigsaw Crase. Many foreign firms have asked for There are about 300 information concerning jigsaw pussles manned by club members and | from American maufactures I™, 8™ and E * New Coats s« of Matelasse Crepe . .. A-15 to be an organ, and even & revolving stage, M. Robert Desarihys, s master hand with marionettes. has THEATER PLANNED FOR PUNCH AND JUDY éaesitias ier e 0 ve tions of their Children to Be Entertained at Play- |12 ™ 1taelf Before the se- time in Gardens Surrounding French Palace. r PARIS (NANA)—The Senate has found time, amid its grever labors, to think of the hundreds of children who spend thefr daily playtime in the gar- Watch, Clock & Jowelry REPAIRING Hoceds Snarentond ELECTRIC and Grandfather CLOCKS A Specialty TRIBBY'S 615 15th Street Next to Keith's Estimates Furnished Met. 3629 modern theater there for “Punch and Judy” to give their immortal show. en the foundstion stone was lald the other day the future audience took & hand in the proceedings and helped Ni. Justin Godart, vice president of the International Union of Marionettes, The children claim to know a lot about the new theater, too, for there are whisperings among them that there is see what's good in the world of fashion ‘ NAVY Sheers NAVY Chiffons NAVY Crepes Women and little women! All our fashion strength is behind this cruise. Wonders are accomplished in deft, adroit tailoring to your particular specifications—though you're short, not shaped like a maypole, nor so very young. Other shades in 16} to 261/3; 36 to 46—but it's perhaps “The Navy Forever!™ you'll like. Gamsay crepes, satiny underneath. Soft sheers, red, white and blue, or tucked all over. Crinkled crepe wrap-arounds. All so very glamorous! $1 650 Left: Navy chiffon with row after row of fine tucking in the top. Grace- ful surplice closing. Right: Heavy silk crepe in navy, with a pin-stripe of white. It’s slender- izing and very smart. SECOND FLOOR—LANSBURGH'S. After the “Bawl” Is Over— True, our Inaugural Bawl is over; the “tumult and shouting have died” . . . but LANSBURGH'S never let a baby down, and here we are with some tion became imperative, there was de- | bate as between two broad plans. One was that the President, either Mr. Hoo- ver on the morning of March 4 or Mr. Roosevelt immediately after ncon, should | declare & bank holiday by national B s VI E action. The other plan was that the RAKE ER C 903 N St. N.W. “new deals” that are bigger and better than ever! Also sizes 38 to 44, with the aristocratic pouch collar for chic matrons. LANSBURGH'S—SECOND FLOOR complete what some 30 of them had already done. In the meetings of ad-| visers there were members of the old‘ administration and members of the new favoripg each plan. The situation was made complex by the fact that as late | as midnight Friday some leading Nel’J York bankers believed that a bank nsburghs $1.00 to $1.95 Tots’ Dresses. T4c (With Bonnets) Very special! Dress and bonnet sets from Nannette. Some with panties. Made of sheer materials; trimmed with contrasting colors. 1 to 3 sizes. Governors of all the 48 States should | DE. 5483 Amful of Cellini Bracelets 79¢ Vanta Shirts of cotton and wocol or all cotton. Single or dou- ble breasted. Fine quality. 44 6 mos. to 2 yrs Vanta Knit Gowns of cotton, with draw-string hem and waist 69 C band. Infant to 2-year sizes.. Vanta 50c Teething Bands of silk, wool and cotton. Shoulder bands with pinning tabs. 39c 59¢ Overalls 6 mos. to 2 yrs and Coveralls. 44(: Ideal play clothes, with front or back fastenings, long legs. Made of blue chambray; trimmed with contrasting colors. Sizes 1 to 6. Sweaters 79c Exceptional values! Coat or slip- over sweaters for infants and ted- dlers, 1 to 3 years old. All woo some hand sewn and embroidered. Pink, blue and white. . NO CONNECTION WITH ANY OTHER WASHINGTON STORE T, 8™ and 8 Ready With the New “TIGSAW” Another reason why It's “LANSBURGH'’S for bags” They’ll wear for Easter © New Shapes $2.9 5 ® New Leathers e New Values For the matlasse crepe coats above there could be no smarter concomitants than these matelasse bags! Other bags too—all the important new styles, greater values than ever for the price! Every improvement in inside workmanship—zip- pers, double-vision mirrors, gleaming satin linings in matching colors, and other niceties. ; Vanta Knit Training Pants of excel- { ent quality. French leg. 1 to 4 yrs. Plenty Special quality o zm‘ . Bracelets of silver or gold colored metal, so cut as to glitter like precious stones...10 dainty rows of metal, held fast by a tiny bar. The Fiesta has bands of pastel enamel between the rows of metal; choice of coral, canary and tur- quoise, navy or Eleanor blue enamel. 18-Row .Cellini Bracelets in silver or gold color, $1. STREET FLOOR Ideal Body Waist in sizes 1 to 6 years. A regular 50c value, now...38¢ Specially Priced or 3 for $1 Dresses and Suits 88¢c Dresses with panties or bloomers, deep hems, in sclid color broadcloth or prints. Boys’ fine broadcloth or linen and broadcloth suits; solid colors or white blouse with colored pants. 2to6. $1.59 Silk Underwlear 88C Silk slips and combinations. Choice of tailored or lace-trimmed styles. White and’flesh. Sizes 2 to 6 years. . Whether you've succumbed to the jigsaw puzzle craze or not, you'll be captivated by this bag! Its initials fit into a frame exactly like a puzzle. Just fit the letters and they interlock. Made of calf, patent leathers or silk fabrics in lovely new shades of grey, beige, navy, white, black or brown. STREET FLOOR—LANSBURGH'S. Leathers: Finest grade patent leath- er, paca pig, silk grain calf; in bright red, black, navy, grey, brown, beige and ure white. Matlasse and plain crepe abrics; in navy, grey, black, brown, beige, yellow, hyacinth and white. STREET FLOOR—LANSBURGH'S FOURTH FLOOR—LANSBURGH'S