Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-01
FRANCE INCREASES
SUPPLIES OF COLD
Bankers at Loss to Account
for PiIing Up of Metal
Stocks.
BY JOHN F. SINCLAIR.


| much gold In her vaults as Great BTU
| ain.
The French price level is rising and
| tourists, while not as numerous in
France this year as last, are leaving
plenty of money there. Still very little
expansion of French credit has taken
| place with the receipt of gold except
| a small amount of notes. The Bank
| of France apparently has matters in
| hand, and has effected almost total
sterilization of this gold surplus, in a
| way that it will not cause French prices
| to rise disproportionately.
But why is France demanding more
! and more gold? It's about the first
question every international banker
asks another these days-by way Of
! greeting.
But France, shrewd, calculating, sue
| cessful, playing a lone hand, growing
more powerful every hour, only asks for
more gold.
Emil Lengyel, American economic
writer, was in Berlin when the Reich
| stag was dissolved and the dictatorship
| was put into effect.
He has been studying to find out
why it is that Germany admires Amer
lea so much, while believing at the
same time, that the United States Il
the cause of much of her present trouble
In a recent article in the Annalist,
Mr.. Lengyel said:
Germany likes to consider herself
Americas European annex Ger
many by and large, is sold on the ideals
| of economic AmericaniSn. They still
consider themselves pupils and look up
to. the United States, their school
master, with reverential awe. Ameri-
cans are sure of sincerely cordial well
come in Germany"
But the German face becomes studied
and troubled when the Young plan is
| mentioned. Why does America want to
| destroy Germany, the German asks,
Mr.. Lengyel continues:
America wants the money collected
from Europe, under the Young plan, to
tuck it away in a corner of her over
Allied Treasury, while Germany is bleed
ing to death. This is the German view
of the situation"
Yet Germany hopes that some day
America will wake up and realize the
impossible dilemma in which Germany
finds herself.
The young plan will be revised, they
say, and America will be the country
| that will initiate the revision.
James N. Jarvie, former member OF
| the coffee firm Of Arbuckle Brothers
died about a year ago. He was known
70 be rich and unostentatious. He gave
away q great deal of money during his
lifetime, but no one realized the extent
| OF his wealth at the time of his death
1t develops now that he has be-
| queathed about $26 000, 600 of an estate
Of between s37,000.000 and $50, 00O, OOO
| to aid worthy aged couples who have
come into Strengthened circumstances
| through no fault of their own.
James Turner IarVio'E ronbaxy x.,ikS,
| offices on lower Broadway, has charge
| OF staff of 10 executives, who work for
the Jarvie Commonweal Fund finding
| out, IN their own way, the unfortunate
couples who need financial assistance.
No publicity has attended this or
ganization' in any way. The benefici-
aries, who are all people once accus-
toned to the comforts and the luxuries
OF life. are particularly shielded from
| any notoriety.
The Jarvie Commonweal Fund Is one
OF the least known charitable foun-
dations in America.
The 48 States comprising the United
States spent 1910, 485, 900 in improving
32,522 miles of State highways last
year. The press has said little about it.
Think of 3l4,136 miles of State high
ways at the end of 1929!
Digging into figures a little we note
for construction and right of ways the
States spent $557,00o,O00: for mainte-
nance. $173, 100000; for equipment and
machinery, $18,056 900: for interest on
outstanding bonds and notes, $45, 1884 900,
and the rest was spent on various
items
But the States last year had total
sums available of $1,194,77 900, or
1892, 967 900 more than was expended.
Where did the large part Of this
OoopoU rOrnn frOun9 MOtnricte and yohi-
Gle fees contributed $278, 000, 000 gaso-
line taxes, $287 900 900; State bonds and
notes issued added another $161 100000;
Federal aid fund allotments gave ST.
$4,000, and the rest was from mlscel-
laneous sources.
Who would have thought Is years ago
that the road costs could ever reach
such proportions, and the States still
remain solvent?
Not one taxpayer in hundredI
The oil industry is worried again.
Just when everything seemed to be going
along well, with production almost in
balance with consumption, the curtatl-
ment plans in the rich desert oil feld
in Texas were blown up by court In.
junction against the proration order OF
the Texas Railroad Commission.
So what happened? Instead OF 10000
barrels a day production in this field 1t
moved up last week to $4,000 barrels.
Still more difficulties! The Midcon-
tinent Petroleum Corporation, big re-
fining unit, notified the American re,
troleum Institute, as well as the Feoerai
Trade Commission, that 1t was With
drawing from the code OF oil marketing
nractices which was drawn up by the
industry last year with the approval OF
the Oil Conservation Board.
Thus the oil industry, after months OF
hard work spent in whipping the VAR.
ous factors into workable shape, must
face another severe overproouctlon Gas"
Harry Elmer Barnes, Smith College
nrofessor. doesn't see how poverty can
be solved by using such temporary
methods as stock dividends to employees
unemployment insurance, OLD age pen,
sions, charity, company bonuses anG
the like. None Of them Is fundamental
enough.
employment sis the single-tracked de-
yotion to economic profits, Irrespective
Of fine good of society, or the soundness
of our economic life" he says.
The Barnes challenge Is directed at
the larger business leaders OF the ma
ton. He sees nothing but evil IN stocK
Gambling, which contributes nothing 70
Society. and only feeds the appetite OF
getting something for nothing"
unless capitalism can meet the TEST
of producing for service, instead OF 1or
profits. then I am ready to see any
experiment, including the MuscoVite'
attempted in this country"
Prof Barnes, Al, was born at Auburn;
New York, and is an honor graduate OF
Syracuse University.
He is the author of numerous eco
nonic and historic books. . prolinc
writer, and one of the leaders OF the
liberal group.
(Copyright, 1880. by North American News
paper Alliance)