Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-09
DEBT ACCORD AIDS
FOREIGN BANKING
Financial Tragedies Averted
by Prompt Acceptance of
Hoover Proposal.
Special Dispatch to The Star.

NEW YORK, July 9.-Banking trou-
bles uncovered in Germany, Hungary
and elsewhere in Europe showed plainly
that the debt agreement was made only
just in time. They can be adjusted now
in the new spirit of international har-
mony and cooperation. but under the
cloud Of fear and suspicion that existed
before there would have been some ter
rible financial tragedies.
Europe was on the edge Of preci-
pice and President Hoover was perfectly
aware of it. English statesmen also
knew quite we'll that the capitalistic
system was actually tottering in Europe
because of stupid greed and selfishness.
Hence the close cooperation between
London and Washington. In finally
coming to an agreement, France prob
ably decided that a law-abiding Ger
many at her borders would be better
than a red Germany.
Those in touch with German affairs
were convinced that a complete finan-
cial collapse in Germany would mean
an extension of the Soviet state. AS 1t
Is, the Hoover proposal struck the most
effective blow possible at the red men
ace ana there Is now opposed to Rus
STA a united instead of divided CAPT.
talisVc world. AS Russia is herself turn
ing wore and more to capitaliStic ways,
1t would appear that the world can
brsathe little easier from now on.
n Has Aided Business.
& The United States Department of
Commerce finds that the debt mora
torium has actually and definitely slim
ulated business in several regions of the
United States and in several countries.
It would be encouraging to see rise
IN employment as some proof OF the i'm
provement in business.
Industrial employment in Ohio In
June declined per cent from May, ac-
cording to Ohio State Bureau of Bust
ness Research at the Ohio State Uni
versity. The bureau ascribed the cause
to the falling off in manufacturing.
Dayton was the only large city report
ing an increase in employment.
The monthly review of the Ninth
Federal Reserve District states that en-
ployment conditions at Minneapolis ap-
parently deteriorated during May. 1t
has become evident. that the more IA
vorable aspects of the employment stu
alton In that district during the Win
ter and early Spring months were due
to the phenomenally mild weather,
which afforded an opportunity for GER
tain lines of outdoor activities to be
carried on in unreasonable volume.
Store Sales Gain.
Leasing Rosenwald, vice president of
Sears Roebuck e. Co., who has Just re-
turned from a tour of Is stores in
California, Oregon and Washington
said that the company's stores on the
Pacific Coast are showing considerable
improvement.
Gold Supply Increases.
statement OF the New York Federal Re-
serve Bank Tuesday showed imports
totaling $40l3.000. Argentina sent So
O13.000 and Canada 81 00O, 900. There
were no exports Of gold from this coun-
try.
Movies in Canada.
Canada has decided that motion pic
ture producers have too much power in
the Dominion. A royal commission de-
clares that combine exists, the prin-
clpal parties to which are the Famous
Players Canadian Corporation, Ltd. :;
Paramount Corporation and a number
OF subsidiaries of these companies. The
Famous Players Canadian Corporation
Is alleged to occupy dominant posi-
ton In all towns and cities in Canada
with populations of 10000 or more.
Airplane Fares.
Flying Is a comparatively new form
of transportation. but the industry ap-
parently is old enough to have a price
war. The Century Pacific Air Lines. a
new entry into the air transportation
f1eld on the West Coast, has reduced
1ares to level considerably under those
charged by Transcontinental IL West
ern Air Inc, and the Pacific Air Trans
port. The two older companies are
meeting the competition. The Cen
fury is charging $34ll a round trip
from Los Angeles to San Francisco.
The Western Air Express carried 712
passengers over its San Diego-Los An
gsles-Salt Lake City division in the
nrst six months Of this year, showing q
trafhc increase Of 240 per cent.
Railroad Industry.
The mills grind slowly in the rail-
road industry. Heads of the four big
eastern railroads have been trying for
eight years to work out a plan for con-
solidation Of the territory covering the
greater part of the regions east of the
mississippi. They held one more con-
ference at the New York Central offices
IN New York City yesterday and an
nounced that some progress had been
made" and that another conference
would be held soon.
Gasoline Prices.
The Standard Oil of New Jersey re-
duced the price of gasoline cent a
gallon yesterday throughout its terri
tory except Delaware. This follows sew
eral cuts made by other companies in
the Middle West and probably means
that still further cuts will follow.
AS a result Of the increased OUTPUT
IN Oklahoma the daily average crude oil
production In the United States for the
week ended July 4. estimated by the
Oh and Gas Journal at 2,483,42 bar
rels increased 1884 barrels over the
average in the preceding week.
tCopyrlght, 1881. by North American News
paper Alliance, Inc.)