Evening star. [volume], March 05, 1933, Page A-15, Image 15

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
HOLIDAYS OF BANKS'
HAVE TWO CAUSES1
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Friday, gold was withdrawn from the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
and elsewhere in such quantity as to
raise a 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 j
lias increased to more than 6 billions.
Last week, more was taken out at the
rate of about a hundred million dol
lars a day.
The cause of this withdrawal of ordi
nary currency was both a fear and a
condition. The bank 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 reopen the banks.
Michigan Action First.
To go farther back than Saturday, so
far as any one event in the intricate
chain can be called the first, it may be
regarded as beginning with the Michi
gan bank holiday in February. So soon
as Michigan had been followed by
Maryland, was apparent the movement
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 tne imminence of a chtnge
of administration. To say that attempts
at co-operation between Presdent and
President-elect came to nothing would
be true, but that statement standing
alone would be misleading. There were
repeated conferences between groups in- i
eluding Secretary of the Treasury Og
den Mil's and ether officials of the old
administration and groups including
Mr. Roosevelt's appointee as Secretary
of the Treasury and his other advisers. I
The two groups had complete mutual
respect for each other's good faith. As .
an incident of their meetings. Se-retary
Mills agreed to cancel a trip to Cali
fornia in order to help his successor
carry over. Mr. Milk' important as- i
Sistants were asked to remain in office 1
for some time, and freely consented. In
the same spirit. Mr. Roosevelt asked
Gov. Eugene Meyer of the Federal Re
serve Board to remain in that post.
The chief reason for failure of the
c'd and new administration to agree on
taking some step before March 4 was
lack of unanimity of opinion abaut
whit 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 groups. From day to dav
it became apparent that the ultimate
program must proceed from the new
President, for tlie reason that anything
done about banking must fit into the
new administration's financial and
economic program as a whole. It was
also apparent, that snv strp taken be- >
fore March 4 wculd have to be carried
out in its details after that date. This
was aporeci'ted as a good reason whv
Mr. Roosevelt should hesitat" t"> aeccrjt
re ponsibility for a str>i until he should
have power to carry it out. and to fit
It into his .program as a whole.
Bankers Differ in Opinions.
Thp differences of opinion among
financial advisers of both administra
tions were duplicated by and to some
extent caused by differences of opinion
among leading bankers. Also the situa- I
tion changed from hour to hour, and a
step which might have been advisable
In the forenoon became inadvisable in
the afternoon. During th? tense hours
Friday night, after the necessity for ac
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 noon, should
declare a bank holiday by national
action. The other plan was that the
Governors of all the 48 States should
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
favoriog each plan. The situation was
made complex by the fact that as late
as midnight Friday some leading New
York bankers believed that a bank
Teachers Wait Two
Months for Checks,
Then Bank Closes
Br th» AfliocltUd Pr«M.
GLOUCE8TCR, N. J.. March 4.
—Eighty Olouceiter school teaeh
era went unpaid throughout Jan
uary and February, but flntlly
prevailed on the Board of Idu
cation to pay each of them $90
on account. Today they received
their checkt—and the bank
closed SO minutes after opening
because the Governor proclaimed
a bank holiday.
holiday 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 thoee
who felt the banks themselves could and
should handle the aituation 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—Camllle Lout re.
for 15 years Berlin correspendent of the
Paris newspaper Petit Parisien, has
been ordered to leave Prussia for two
months after having been charged with
writing that the Nazis were guilty of
incendiarism in the Are 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. Francols-Poncet. French Ambas
sador to Germany, visited Foreign Min
ister von Neurath yesterday and ex
pressed the French government's dis
pleasure at the contemplated expulsion.
FOR
ONE
WEEK
ONLY
BRAKE
RELINING
SPECIAL
FORD-A $ J 75
CHEV.
•30—'32
GENUINE
RAY BEST OS
LINING USED
Above Prices Are Complete and la
elude Htgrh-Quality Material. Labor
and All Adjustments.
COMPLETE HYDRAULIC SERVICE
GENERAL
BRAKE SERVICE
903 N St. N.W.
. DE. 5483 i
HO CONNECTION WITH ANY OTHI* WASHINGTON MORI M 1™, «•* ■
Ready With the New
"Jigsaw"
Another reason why
It's "LANSBURGH'S for bags"
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—LANSBL'RGHS.
RUSSIAN-ITALIAN
IRADE WILL HALT
Two-Year Experiment of
Fascists With Soviet Com
merce Ends in Regret.
ROMS W).—Italy's 2-year experi
ment of trading with Soviet Russia
hu 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 1934 and her refusal to
renew the trade agreement are definite
expressions of dlsiruntlement over the
fact that—
Russia got the lion's share of the
trading, and Italy Is left holding the
bag with half a billion lira 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, oil,
graphite, manganese, Iron, itMl ana
lumber.
At the end of the first year Italy found
she had Imported $29,000,000 worth and
sold $14,000,000. In the second year
the adverse balance was cut to
$5,000,000.
Italy Paid in Cash.
Moreover, Italy paid largely In cash.
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 It. The notes that have expired
have been promptly paid. But the ac
cumulation 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.
AMATEUR SEAMEN
HAVE LONDON CLUB
Men and Women "Go to Sea" Once
Each Week in Rendezvous
in Business Section. ,
LONDON (N.A.N.A.).— In the heart
of London's business world is the
"Little Ship Club," a haven where the
750 members, bronzed and cheery men
and fresh-faced girls — m their dally
lives they are Insurance men, shipping
clerks, stock brokers, typists and bank
clerks—come to learn all about spin
nakers and mainsheets, cleats and gafls,
figure-of-eight knot* and rolling hitchea,
and, In fact, all that appertain! to the
art of sailing and motor boating.
You may Join the club whether you
command a proud 40-tonner or tack
timorously In a Thames dinghy, and
among the members are men and girls
who frequently pilot their craft across
the North Sea. There are about SOO
ships manned by club members and I
•very Bummer the club holds a North
Sea race from Brlghtllngsea to Ostend.
One night a week at the club Is given
aver to knotting, splicing and rigging,
when Hlglty Halllday, a naval architect
ind the club's honorary Instructor, dem
onstrates the mysteries of the bowline
ind the sheepshank, and, by means of
the full-sized cutter rig erected at one
and of the club room, shows how on*
nay 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 girl re
mark to a friend: "I brought the old
girl round and tried to get ner hitched
up with a nice steady boy—one of those
nan-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 ease is probably a handsome little
calling ship.
(Copyright, 1(13.1. by North American News
paper AllUnce. Inc.)
Foreigners Catch Jiguw Craze.
Many foreign firms have asked for
information concerning jigsaw puiiles
from American maufacturers.
THEATER PLANNED
FOR PUNCH AND JUDY
Children to Be Entertained at Play
time in Gardens Surrounding
French Palace.
PARIS (NAN.A.).—The Senate hM
found time, amid it* graver labors, to
think of the hundred* of ehlldren who
•pend theft- dally playtime In the gar
deni unrounding the governmental pal
ace and has decided to build a fine
modern theater there for "Punch and
Tudy" to give their Immortal show
when the foundation atone was laid
the other day the future audience took
a hand in the proceeding* and helped
tli. Justin Godart, vice president of the
International Union of Marionettes,
along with the ceremony by mixing a
bucketful of the foundation cement.
The children claim to know a lot about
the new theater, too, for there are
whisperings among them that there Is
to be an organ, and even a involving
•tag*. ,
M. Robert Deaarthys. ft muter hand
with marionettes, has been ehoeen from
a dozen candidates as the motive power
for the historic "Oulgnol" drama. These
candidates gave exhibitions of their
•kill la the Senate Itself before the se
lection was made.
(Ooprrltht, 1833. by North Amtriaaa Nrwi
nptr AllUuM*. Inc.)
Watch, Clock * Jtwilry i
repairing;
ELECTRIC 4
Mmd
Grandfather
CLOCKS i
A Spteitlly A
TRIBBY'S<
615 19th Stiwti
— Next I» Ktilk'i.
Estimates Furnished M*t. Jt29*
NO CONNECTION WITH ANY OTHER WASHINGTON STORE m 1™, 8™ and E
Silver Fox adorns
New Coats
5
of Matelasse
Crepe.».
featured for
one day only—
Special at
,;Regal silver fox . . . broad, richly
silvered skins, dramatically set
against matelasse crepe, the material
whose embossed surface gives the
blistered effect. Coats done with
meticulous perfection . . . well-bred
type garments with a definite air
about them. For one day, at $35.
Left: Lovely matelasse
crepe with new monk's
hood cape for misses
14 to 20.
Right: The deep, flattering
cape is bordered with
rich silver fox. Black
matelasse wool coat;
siies 14 to 42.
Also sizes 38 to 44, with the
aristocratic pouch collar for chic
matrons.
LANSPUBGH'S—SECOND FLOOR
Bags
They'll wear for Easter
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.
Leathers: Finest grade patent leath
er, paca pig, silk grain calf; in bright
red, black, navy, grey, brown, beige and
?>ure white. Matlasse land plain crepe
abrics; in navy, grey, black, brown,
beige, yellow, hyacinth and white.
STREET FLOOR—LANSBURGH'S
• New Shapes
• New Leathers
• New Values
Wear an
Armful of
Cellini
Bracelets
50c
Plenty Special
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 FLOOB
Join the
NAVY
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 I6J/2
to 26/2; 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!
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
ixing and very smart.
SECOND FLOOR—LANSBURGH'S.
After the "Bawl"
Is Over—
True, our Inaugural Bawl is over; the "tumult
and shouting e died" . . . but LANSBURGH'S
never let a baby down, and here we are with some
"new deals" that are bigger and better than ever!
yU9 and $1.95
Sweaters
79c
Exceptional values! Coat or slip
over sweaters for infants and tod
dlers, 1 to 3 years old. All wool;
some hand sewn and embroidered.
Pink, blue and white.
Specially Priced
Dresses and Suits
Dresses with panties or bloomers,
deep hems, in solid color broadcloth
or prints. Boys' fine broadcloth or
linen and broadcloth suits: solid
colors or white blouse with colored
pants. 2 to 6.
$1.00 to $1.95 in a
Tots'Dresses. ITC
(With Bonnett)
Very special! Dress and bonnet
sets from Nannette. Some with
panties. Made of sheer materials;
trimmed with contrasting colors.
1 to 3 sizes.
79c Vanta Shirts of cotton and wool
or all cotton. Single or dou
ble breasted. Fine quality. AA,-*
6 mos. to 2 yrs ■
Vanta Knit Gowns of cotton, with
draw-string hem and waist
band. Infant to 2-vear sizes..
69c
Vanta 50c Teething Bands of silk,
wool and cotton. Shoulder
bands with pinning tabs. 'lQf*
6 mos. to 2 vrs
59c Overalls A A
and Coveralls. T'T'C
Ideal play clothes, with front or
back fastenings, long legs. Made
of blue chambray; trimmed with
contrasting colors. Sizes 1 to 6.
Vanta Knit Training Pants of excel
lent quality. French leg. 1 to 4 yrs.
38c, or 3 for $1
Ideal Body Waist in sizes 1 to 6
years. A regular 50c value, now...38c
or 3 for $1
$159 Silk oo
Underwear OOC
Silk slips and combinations.
Choice of tailored or lace-trimmed
styles. White and'flesh. Sixes 2
to 6 years.
FOURTH FLOOR—LANSBURGR'S