Evening star., 1921-07-15
URGES SBETTERUSE
0F.NAT|ON'S GOLD
Controller .Crissinger Talks
to- Ohio Bankers on
Business Issues.


Addressing the Ohio Bankers As
sociation at Cleveland yesterday. d
r. Crissinger. controller of the cur
rsncy, stated ne did not believe de-
f1ation on currency and credit can e
hand in hand with high interest rate:
without imposing great and danger
Gus hardships upon the people.
1--WE will be wise to remember" HI
said. failing prices and high interes
rates are. never. the twin sisters o.
prosperity.
Our country. is in the midst OF
harvest season. garnering oountlfu
crops, which represent not only oul
own reQuirments for the coming year
but q huge surplus for other 'coun'
tries urgently in need of them. We
are already carrying overstock OF ag
ricultural and other commodities. IN
dustry is operating at low eob. BUY
ers in every land being without money
or a medium with which to pay.
Presents Plan for Commerce.
ct think we will be wise if we care
fully consider. therefore. whether IN
ternational commerce may not De con
sidered somewhat by itself and pro
yfded with special financial facilities
of its own. independent and apar'
from the money systems or the alHer.
ent countries. I am convinced ina
the exigencies of these times must De
dealt. with by processes more or iess
new and adapted to deal with inter
national trade.
II have been impressed that in the
last few years the world has falieo
to make most effective use OF its
monetary gold. The United states
or
thorities believe we have more than Is
good for US. while everybody agrees
that most other countries have less
gold than they really need.
There can seemingly be no re.
establishment of real universal
Of gold is far below normal, while
production of paper money is far
above normal. The outlook for in
creased production of gold is not
promising. and no more is the outlook
for g. considerable reduction in paper
circulation.
Put Trade on Gold Basis.
TT has been suggested. therefore
that we might place the international
trade on a gold basis by establish
ing a sort of international credit and
settlement system. to which suffi-
cient share of gold should be de-
voted to give to these transactions
a more uniform character and to pre-
vent those violent fluctuations in ex-
change which render so dangerously
uncertain all the processes of trade
1t seems to me that we would make
a better use OF the gold resources which
we possess II we would use them
first to establish a firm. secure and
adequate gold basis for international
commerce"
Mr.. Crissinger. said that since he
= ntSf ~ A1 q N1np in, hi lRA Aus
at the New York state Bankers AS.
sociation his proposal had been in.
dorsed in most encouraging way
and he was persuaded that there is q
disposition to attempt constructive steps
He expressed the opinion that his plar
would in no way conflict with the
Edge law banks: would be able t.
Edge Law banks would be able to
operate more successfully in conjunc-
ton with his idea.
Following the plan adopted by most
of the downtown banks. the Farmers
hanks of Georgetown have eliminated
the Saturday evening Ranking hours
during July andS August. This is be-
ing done in order to give officers and
clerks relief during the hot weather
The banks report that their patrons
were established. have showed fine
spirit of cooperation by transactins
their business during the regular
banking hours.
Z Personal Mention.
Edward ]. Stellwagen. president OF
the Union Trust Company. left yes
terday for Poland Springs. Me-, fol
to Washington early in September.
John B. Larner. president of the
Washington Loan and Trust Com
pany, is touring through Pennsyl-
vania and New York.
Charles c. Glover. chairman of the
tional Bank is at York Harbor. Me.
Quotations in Local Market.
Trading in Capital Traction. Amer.
Me rye inhaler Linotype and Lanstor
Mergenthaler Linotype and Lanstor
the local stock exchange today
Eighty-two shares of Capital Trac-
tion. in small lots. sold at 81 1-2. Two
shares Of the bank stock were dis.
in five-share lots. changed hands al
prices ranging from "a 3-s to "a 1-2
while twenty-five shares of Mergen.
thaler were sold. ten shares at III 3-4
and fifteen shares at lis.
The bond market was quite active
Three $1,000 general mortgage s pei
cent bonds of the Potomac Electric
Company sold at 90 IA; one $500
Washington Gas Light IS brought
1912. and $4,000 worth of the same
company's I 1-2 per cent notes were
disposed of at 103.
VIII Work Out Plan.
Eugene Meyer. jr. managing di.
rector OF the War Finance Corpora.
tion, announced today the receipt ot
a telegram from the Federal Inter.
national Banking Company OF New
Orleans which stated the company
would work out plan for dealing
with considerable quantities of cot
ton under the corporations new policy
for financing exports on either promp
or deferred payments.
The telegram, he added. has beer
followed by a tentative proposition
involving the fiElncing of $4,000 tt
$4,000 bales of cotton for export.
The loan of Ave million dollars OF
Mississippi delta cotton. announced
last week. MIR. Meyer said. had led tt
preliminary discussions with refer
ence to financing 100000 bales Of cot
ton in one district. 100000 bales il
another and 5000. 900 bushels of whea
in the northwest. He declared tina
1T was too soon to say whether thes'
transactions would be consummated