Imperial Valley press., 1931-07-14
Continued from page y

brighter attitude among cabinet
members, who indicated they fell
negotiations for a large information
al credit of some 100000 900 soor
would be successful.
The Reichsbank branches were
not closed under the emergency
decree, but shuttered windows OF
depositors whose growing discomfort
and uneasineSs formed an increas-
ingly dangerous factor in the diff
cult situation faced by the govern
,ment leaders.
Official Quits
Incidents in the crisis included
the resignation of Julius Schwartz,
vice president of the Berlin bourse
as a consequence of the failure of
the bank of Goldschmidt. Schwartz
d Co. The banks failure was said
to have been among the immediate
causes of the closing of the Darn
staedter und National (DanaD bank
yesterday.
I DR.. Hjalmar Schacht, former head
Of the Reichsbank. was said to have
refused the trusteeship of the Danat
bank. The name of Karl Bergman
was mentioned for the post.
The Hindenburg decree closing
| the banks for two days empowers
/ the government to declare bank
holidays whenever necessary. The
presidents dictatorial action-taken
under article 48 in the constitution
empowers the government also TO
assume guarantees of the Danat
bank, threatened by the crisis. It
was insisted that none would lose
by the banks closure.
Clamor For Money
Nevertheless the cries of women
before locked bank doors, clamoring
for money to buy bread, and the ex-
hortations of Communist agitatorS
in the Ruhr, Germany's Pittsburgh
area gave TO the scene still a touch
of desperation.
Banks were closed under presi-
Dental decree for today and tomor-
row, but it was hoped they could
reopen Thursday, in time TO distri-
butte funds to meet wage and salary
payments.
The bourse was closed for the
week, and commodity exchanges
followed suit, in a strenuous effort
to prevent panic, runs on banks,
and particularly drain on the big
banks through withdrawal OF
foreign currencies from Germany.
Germany, long schooled in the
hard discipline of years of the
"verboten" era, responded stolidly TO
the emergency measures. Rain fell
heavily in Berlin today, and seemed
to calm after the hectic excitement
of recent days, though tension still
prevailed.
Even the news that the Bank OF
International Settlements at Basle
had agreed TO a renewal of credits
to the Reich-with prospect OF in
ternational loans to tide over the
present stringency-did not alto
gether allay nervousness of the past
fortnight.
Housewives gathered before many
municipal savings banks, calling for
their deposits.
I'VE must have money, We need
bread" they called.
The United Press correspondent,
witness of a scene like this before
one of the banks, saw bank Off
cial come out of the barred doors.
The women besieged him with
frantic appeals to get money out of
the savings department. He calmed
them, telling them that even the
officials were in a similar predica-
ment.
My wife is in the same fix as
you," he said. She's almost des-
perate because she can't buy gro
ceries."
Meantime. the cabinet considered
a proposal for introduction of a
purely domestic currency, like clear
ing house certificates, supplanting
the mark for internal use. 1t was
believed designed TO prevent marks
from going abroad. and TO prevent
initiation such as marked the violent
collapse of currency after the World
War.
The situation was arranged by
news from central Europe, showing
that the financial stringency was
spreading eastward. In Hungary
all banks were closed, and there
were isolated closings in Austria
Roumania and Switzerland.
Communists Busy
Communist agitators found the
I gtf ,=frz f~R. Duh
miners and steel workers were ha-
rangued by agitators, and the Com
munist newspapers published scare
heads, warning laborers that your
wages are endangered"
At the pitheads in the Ruhr, the
district where French troops about
10 years ago put into effect strict
occupation 10 force Germany to
terms, agitators told workers their
wages would not be paid The pro-
vocateurs urged the men to strike
against the government and its
emergency DEGREES.
Revolutionary trade unions in the
region summoned special meetings
Of the so-called Kampf flight or
battle) committees for Wednesday
to declare that the time is ripening
for a revolution.
There appeared little real fear OF
a cessation of wage payments, how
ever. An executive of the German
Trade Union Federation told the
United Press that "the danger that
wages will be withheld is not acute
Reichbank having assured that pre-
cautions were taken to meet wage
payments Friday and Saturday