Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-14
Everybody's
Business
Abbrehens;;on Over Far East
ern Difficulties Influences
Secur1t;;es-Germar Ef-
fects Also Seen.
BY DIR. MAX WINKLER.

Special Dispatch to The Star.
NEW YORK, October 14-Once again
the securities markets seem to be under
the influence of the foreign situation.
The Far Eastern difficulties, with Japan
seemingly defying the League of Ma
tions, the Kellogg pact and other in
struments designed to promote peace
among natioRs, are causing some appre-
hension, even though it is still hoped
that Japan will not resort to actual
warfare.
News from Germany also leaves a
good deal to be desired. DR.. Hjalmar
Schacht, the former president Of the
Reichsbank, prompted no doubt by
political ambitions, has been giving out
very alarming statements regarding Ger
many's fiscal conditions for the pur-
pose, 1t would seem, Of impressing the
Reich's creditors with the fact that
will be impossible if Germany is ex-
pected to meet all commercial engage
ments.
Bruening More Constructive.
A much more constructive attitude Is
that Of Chancellor Bruening. He Sc
verely criticizes DR.. Schacht for his ut
terances and has definitely come out
against a moratorium by Germany
threatening to resign at once should
Parliament declare one. He further
advocates the creation Of an economic
general staff empowered to evolve an
economic program Of which the corner
stone would be the maintenance Of the
stability of the German mark. DR.
Bruening regards the enforcement OF a
plan for funding short-term debts and
final Qualification Of the reparations
question as of decisive Importance.
tI,hn INn1ifiCQ1
changes may take place in Germany
which are likely to be viewed with mis-
HivingS by the countryS neighbors
should bear in mind that reactionaries
are much more threatening and formi-
dable when out Of power than after
they assume power and with it certain
responsibilities.
News from abroad, together with the
rather marked advance during the
greater part of the past week in the
prices of securities, has somewhat
weakened the technical position of the
market, and have combined to bring and
brought about lower quotations. 1t is,
however, within reason to assume that
nothing will occur to- warrant the be-
lief that serious unsettlement is i'm
pending marketwise.
Bank Aid Assurance.
The Hoover plan relative to the
formation of a $500, 900, 900 corporation
will assure the country that banks with
sound assets in any part of the United
States may obtain aid when needed,
according to Mortimer N. Buckner
president of the New York Clearing
House Association, and head of the new
enterprise. Mr.. Buckner also points out
that the amount of money subscribed by
the banks in each district will not limit
the amount they will be able to borrow
The articles of incorporation of the
enterprise, which will be known as the
National Credit Corporation. are being
filed today at Dover. Del, and the OPP
Grafton of the undertaking will be put
into effect within the next few days
The anticipated successful function
ing Of the corporation should bring tc
IN end the epidemic of bank failures
and the boarding of currency, thereby
laying O more solid foundation for q
Teviva! of business and the return OF
normality.
An immediate repeal Of the so-called
fecapture provisions of the interstate
commerce act, which grant the Gov
eminent the right to recover one-hali
of the earnings above per cent OF
the value of railroad. is advocated by
r. C. Fulbright, chairman of the COM
mittee of the National Industrial Traf-
&c League.
The repeal of this statute. continues
Mr.. Fulbright, and a revision of the
unsound rate-making rules, will do
more to re-establish public confidence
end the impaired credit OF railroads