Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-19
OUTSIDERS BLAMED
FOR SELLING SPREE
Prominent English Bank Is
/ Rumored as Getting Rid
| Of Holdings in Stocks.
BY JOHN F. SINCLAIR.

NEW YUM, May ~ IMAM ALI
United States Steel broke par yester-
day and reached 80 at closing despite
valiant attempts to keep 1t above 100.
This is the lowest quotation for Steel
common since 1924. Other blue chip
stocks were swept into new lows by the
bears, General Electric, American Can,
American Telephone and National Bis
cult among them.
In spite of the havoc wrought by the
persistent selling the trading was actu-
ally dull. The turnover was about g.
500,000-a small total considering the
impressive declines Of the market
leaders.
One fact that seems clear is that q
great deal of the selling came from
abroad, particularly England The ru-
NOR has gained circulation that q
prominent British bank has been selling
large blocks Of American stock in New
York for the past week.
There have been bitter words uttered
regarding the steady attacks Of the
shorts on a weakened market, but yes
terday the domestic breed of bears let
outsiders sell the field.
Americans are given to imagining
that the United States flag has been
swept of the seas, so far as CONNER
cial shipping is concerned. As a mat
ter of fact, vessels flying the American
emblem transported about 40 per cent
Of the United States imports and ex-
ports during 1880. The average was
about the same for both classes of ship
mentS-5Q, 000, 900 tons for imports and
b5 100000 tons for exports.
In percentages of total amounts for
these two categories, however, the diff
ference is wider. Thus around so per
cent Of the imports arrived in American
bottoms, while about 80 per cent Of the
exports were loaded in American ships.
These statements require some ex-
PLANTATION. Most Of the goods slowed
in vessels under the American nag was
in the overseas trade, of which they
carried SO per cent. But American
vessels on. the Great Lakes carried Is
per cent of the country'S water-borne
freight and 80 per cent Of the freight
transported on those waters.
All in all, it is a fine showing, espe-
cially when the position of the Ameri-
can merchant marine on the eve Of the
World War Is taken into consideration.
to occupy a minor rank In ocean pas
senger traffic, its merchant ships are
rapidly recovering their prestige.
Where has the SGT ,Ooo, 900 appropri-
ated by Congress for drought relief
gone, and Is there any left? Informa-
ton from Washington indicates that
the drought has ended, new crops have
been planted, and the Government still
has about sec, 0O0, 900 left.
Approximately SAT ,000, 900 was spent
IN tiding the farmers through the crisis.
Ten thousand applications remain to
be approved, which win probably &C
count for another 81 500, 900. Financial
first aid has been given to $4,000
farmers.
The bulk Of the money, $3s, o00, 900.
was used to finance seed and fertilizer
loans. Agricultural rehabilitation abb
sorbed another $5,000.000 and the bal
ance went into the Agricultural Credit
Corporation and the special Southeast
ern States fund.
The heaviest demands for seed and
fertilizer loans were registered In
Arkansas, with Mississippi second. OF
the total amount expended by the Gov
eminent thus far Arkansas took q solid
fourth. After that State seven others
received most of the remainder in the
following order: Mississippi, Louisiana,
Texas, Alabama, Kentucky, Georgia
The Bank for International Settle
ments evidently means to take . leaf
out of Montagu Norman's plan Tor
world credit bank. The board Of the
bank, which has Just ended discussions
on this subject in Brussels, reports
favcrably on the idea. Heretofore the
Bank for International Settlements has
confined itself to short-term CONNER
cial credits and has suffered consid-
cradle criticism on this score, especially
from Germany.
So far, out Of total assets Of $373.-
o0o, 900 the bank has placed little more
than $1,000, 900 in credits running more
than a year, or less than per cent.
1t is felt that the bank has at Least
800 600, 600 available for medium-term
credit purposes.
Should the new policy be adopted, 1t
Is of the utmost significance, since II
Is the intermediate step toward grant
ing the really long-term credits the
world so badly needs for stimulating
trade and prosperity. Should the me-
dunn credit venture prove sound ana
successful, the granting OF longer terms
probably will be assured.
All this. of course, leaves Gov. Nor
man out in the cold. Yet 1t Is hard
to understand whether his own plan
(whateyer 1t iS-he has never really
explained it, would be any better, or
even as good The operations OF the
Bank for International Settlements Is
a relatively open affair. something
heavily In its favor, since the public
everywhere is vitality affected by such
large-Scale and far-reaching interna-
tional financial activities.
A committee under the chairman
ship of Secretary Wilbur, investigating
the medical costs Of the United States
has lust arrived at a total OF $1,000
600 600 a year, That's three times the
size of the expected deficit in the ma
tional budget, which disturbs 50 many
people.
One third OF the whole amount wen
70 physicians. Medicines and supplie
come second with yearly bill OF $500,
OoO, 900. Hospitals account for anothe
$3.50, 0Oo, 000 and dentists have evidentl.
found the American grinders in proflt
able state of decay, for they took u
$500 900 900! The balance Of the bill
except for the item of public health
carries the charges Of special medica
services.
The money spent for public health II
the United States is amazingly low
when compared TO total medical cost
It Is only $4,000 900. The debate
which is growing in intensity, betweei
advocates Of p;iblic and private contro
of medical service, will undoubtedly &c
fresh impetus from this report.
Medical services fall far short c
human needs. In the United State:
about 10 per cent of the needed dents
care is not provided at all. In othe
health services, the deficiency appear
equally large" says DR.. Foster, directc
Of the Pollak Foundation for Economi
Research.
Copyright. 1881. by the North America
Newspaper Alliance