davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22

to assume that attempts will be made
to attain during the period Of transition
a certain degree of stability. Financial
history is replete with instances of cur
rency stability, without currency stabil-
ization. It is here that Great Britain's
extensive investments abroad viii prove
helpful. They have always served as
backlog in emergencies such as the
present.
However, a lower quotation for the
pound would mean q corresponding re-
duction in the country's income from
overseas investments, measured in terms
of gold, whereas England's So-called
external obligations will continue to be
paid in the currency in which payment
may be stipulated.
Among these securities may be men
toned the United Kingdom 51a per cent
loan due In 1887, and outstanding to the
amount of $143,564,0 900. Bonds are held
largely by American investors who also
own considerable portions of other Brit
ish issues, payable In sterling, and in
Guiding. among others, the funding loan
and the war loan, which are listed on
the New York Stock Exchange.
On the securities market in this city
| the effect of the British developments
was felt largely at the opening, when
large blocks of standard issues were Of
| fered considerably below the previous
days closing quotations.
When it became evident that offerings
were readily absorbed the pressure sub
sided The situation was greatly helped
by the request made by the Stock Elk.
change and the curb market to their re-
spective members to refuse selling for
short account. and by an announcement
by the leading banks to the effect that
they would be somewhat more liberal
in regard to collateral loans.
Those who have been operating on
the short side were frightened into COW
ering their positions and, with stocks
not readily available, some spectacular
advances were registered.
The British difficulty. disturbing
though it doubtless is. may, well provide
turning point in the entire economic
crisis. It will bring home to the world
at large the necessity Of working to-
gether rather than have each grosy,
endeavor to work out its salvation as
cording to its own ideas, and it is large
ly because of this belief on our part
that we are inclined to view the future
with considerable degree Of confidence.
| (Copyright. 1891, by the North American
Newspaper Alliance, Incl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
BY CHARLES F. sPEARE.

Special Dispatch to The Star.
NEW YORK, September 22.-The
FIRST expression Of the shock given by
the suspension of gold payments by
Great Britain was visible in a market
for securities OF great volume, but OF
less Generalization than has been wit
messed frequently in the past two years
and a decline in sterling below 81 tc
the pound.
The prompt action Of the governors
of the New York stock Exchange in
prohibiting short selling" undoubtedly
prevented a more serious fall In prices
1t again gives official recognition OF the
fact that bear operations, minimized In
many quarters. have frequently played
havoc with security values.
Street Keeps Balance.
Under the trying conditions with
which the week opened Wall Street kept
its balance and exhibited its nerve. The
action of the New York Stock Exchange
officials in continuing a free market
for trading In stocks and in bonds
when the London, Berlin, Amsterdam
Stockholm, Brussels and Vienna mar
kets put up the bars against dealings
had a good effect throughout the coun-
try and was followed by all of the in
terror exchanges. Inasmuch as New
York is now the undisputed financial
center of the world 1t was felt that to
restrict dealings here at this time would
unnecessarily add to the embarrassment
so intense in the rest of the world and
might precipitate serious business and
banking troubles
1t is yet too early to appraise the eff
fects of the action Of the British gov
eminent, as the proportions of the
new situation and its complexities are
so great that those who have to deal
with them and attempt to control and
correct them we're not able today To
see clearly to the end of the situation
The seriousness of the banking condi-
ton in Great Britain transcends that
of all the other episodes of the last
three months. 1t Is believed to mark
the elimination of the crisis that has
been developing ever since last May
From this standpoint there is hope for
the beginning Of improvement. once the
shock of the actual happenings has
been absorbed
From one standpoint, that Of relief
from the necessity of advancing fur
Their credits to Great Britain, satisfac-
ton was expressed. The crisis also
made it more apparent than ever that
the whole question of reparations and
war debts would come to head quickly
and, instead Of being temporized with
and allowed to run along until maturi-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
BAN ON SHORT SALES HELPS
TO STEADY SECURITY MARKETS

ties Of short-term loans and of Ger
man debts were approaching, 1t would
be treated as an immediate emergency
and not one that could be put aside
until next February or next July. The
entire status of the debt situation,
which has been built UP on Great
Britain's payments to the United States
and the payments Of European debtors
to Great Britain. has undergone COM
plete transformation in the revaluation
of the pound sterling.
Wall Street is strongly Of the opinion
that an extra session OF Congress must
be called early in the Autumn to deal
exclusively with the entire reparations
and war debts matter.
The position of silver metal in the
new set-up that has been made also
was the subject of intense interes,
today. Last week there was q slight
advance in the general average OF
commodity prices. following out the
evidence of stabilize ton that has been
given for several months.
Pound Retaliation Seen.
Looking at the matter from q long
range viewpoint, bankers here were OF
the opinion that, although Great
Britain hopes to be able to return TO
the gold basis early in 1882, there Is
grave QOupL 6c W WACblACA oAC VIII ~
able to do so and effect the improve
ment In her fiscal and economic sit
uation which is necessary in order for
her to re-establish her credit through
out the world. While great praise Is
given her for her courage and her
honesty in maintaining the gold stand
ard at parity after France, Germany.
Belgium and Italy had all revalued
their currency and in a measure
thereby repudiated their internal debts,
1t Is recognized that she Is up against
domestic and world conditions OF too
great severity to permit her to stand
alone among competitors with her ex-
change at par. Therefore, 1t Is the
belief that eventually the pound must
be revalued somewhere between $3.50
and 81. The best bid at one time yes
terday was $3.75. Canadian exchange
was at discount of Sl2 per cent.
British securities payable In dollars
acted better than some Of the Contt-
mental issues yesterday. This was es-
pecially true of the United Kingdom
So per cent bonds, of which nearly
81 500. 900 were sold last week at q
decline of about IL points. German,
Belgium, Italian and japanese dollar
issues were distinctly heavy and, for
the first time in the past two years,
there was a thin market in all French
issues, which have been holding at the
highest premiums Of any foreign Sc
Copyright, 1919
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
CURB SHARES FIRM
|NQU|ET MARKET
Utilities Group Irregular, but
Remainder of List Has
Steady Tone.
BY JOHN A. cRoNE.

Special Dispatch to The star
NEW YORK, September 22.-In trad
ing chiefly notable for its dizziness,
especially when contrasted with the
feverish turnover Of Monday, curb ex-
change stocks today held steady or adj
vanced slightly.
The market from the opening hour
seemed to have rid itself Of all hysteria
and Individual movements OF stocks
could again be traced to other than
general influences.
The most active stock on the list,
American Light a. Traction, dropped to
a new low because of the postponement
Of its dividend meeting until Friday:
American Gas &: Electric advanced
sharply to 4315 at one time, owing to a
brief short squeeze, but finally dropped
below its previous close on heavier
offerings.
other utilities had varied movements.
Brazilian Traction, affected by lower
unofficial prices IN London, by the fal
in Canadian exchange, where the COM
pany Is Incorporated, and in Brazilian
exchange where 1t operates, hoycred
near its old low. Electric Bond q
share moved higher on the day. after
fiuctuating irregularly a. the opening.
Edison Electric Of Boston was Is points
lower at 223, but even at that price
still enjoyed the distinction of being
the only active issue on either the STOCK
or curb exchange still selling IN the
"blue chin" class.
Says in General Electric, Ltd, and
Singer Manufacturing could be traced
to the influence of the British crisis.
Drops in the price of gold stocks, IN
Guiding those of Hollinger and Hudson
Bay Mining were traceable to reports
that the Rand Mine in South Africa
NAV be forced to curb production as
the result of the British position.
In the oils Cities Service was quiescent
and at a slightly lower price. Gun Oh
of Pennsylvania showed a small declne.
imperial OIL was shade lower, but
STANDARD of Indiana and Standard OF
kentucky were both fractionally I'M
proved. Industrials had nrm tone,
with Aluminium Corporation nlgner on
the dav above SO and small gains IN
Glen Alden Coal, st. Regis Paper and
Croker Wheeler.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
TOBACCO PRICES FIRM
AT FARMvILLE MARKET
By the Associated Press.

BY the Associated Press.
FARMVILLE, N. c., September a.
Sales were blocked yesterday at Farm
vile with offerings mostly leaf and a
small percentage of cutters and fair
quality Of primings. Prices were firm
for good to fair leaf, cutters and fine to
good hugs. Inferior leaf and low to
common Tugs showed little improve
ment.
Good leaf and cutters sold above $35,
but not sufficiently graded to quote
average prices.
Prices:
Orange, leaf, fourth quality, $21 80;
fifth quality, $l180; sixth quality, $4.70.
Orange Tugs, second quality $3.50.
Washington reported sales lighter
than Friday with prices on better grades
of leaf and cutters higher, but slightly
weaker on lower grades.
Smithfield reported sales less than
last week, with tips dominating. Lug
prices showed a slight increase for bet
ter grades but lower grades remained
at about the same price as last week.
Williamson reported blocks sales OF
mostly tips and primings with fair
amount of better leaf and cutters. Prices
for the better grades were slightly
higher, but the lower grades showed no
Improvement.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
Grain Market
nv the Associated PRESS,

BY the Associated Press.
CHICAGO, September 22.-Big deliy-
cries of corn, 2,021 900 bushels, to apply
On contracts maturing this month,
iolted the corn market down late to-
day to a fresh bottom price record Tor
the season. September corn quotations
fell about cents hushel. Wheat
sympathized with corn weakness, but
gave a good account of itself notwith-
standing spread" selling here against
purchases at winnipeg and despite
rains where needed over part OF the
United states Winter crop belt.
Corn closed irregular IA cents lower
to Va advance; wheat, h-R up; oats at
4 decline to X gain, and provisions
unchanged to IL cents down.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
BY DIR. MAX wINKLER.

BY DIR. MAX WINKLER.
Special Dispatch to The Star.
NEW YORK, September. 22-Wheth-
err the partial and temporary suspen-
sion of gold payments by Great Britain
will ultimately result in a complete
and permanent abandonment OF the
gold standard, or in permanent de-
valuation of the pound, Is too early to
state.
To begin, what Is the gold standard?
Technically, the gold standard exists
where it is enacted by law that gold
shall be the measure of value, and that
all forms of money issued or coined
shall be maintained at a parity OF
value with this standard. 1t Is the
universal measure, having been adopted
as much by. law as well as by custom
by all the leading commercial nations
and being accepted in fact by every
other country.
Temporary abandonment Of the
standard by one country need not
necessarily destroy permanently gold as
a measure of value. At the outbreak
of the war, Great Britain, in order to
prevent the heavy outflow of gold, Sus-
pended the bank act temporarily, and
the pound, in the course OF 1920, was
quoted at about $500 as compared with
parity of $4.e6h. It was not until 1925
that the country returned ofncially TO
the gold basis.
Closing Of Exchanges.
AS long as nations incline to measure
values by terms Of gold, the abandon
ment of this age-old method, even
though temporary in character, can
not be viewed enthusiastically. It would,
for this reason, be futile to attempt
to minimize the seriousness OF the situ-
alton and its effects upon the economic
status of the world. The closing OF
the British stock exchanges has al
ready obliged Germany to follow suit
and. for the second time within a
relatively short period, Germanys
bourses were ordered closed. The same
Is true of the Dutch exchanges and it
Is not unlikely that other European ex-
changes may find it necessary to do
likewise.
Opening quotations on the Paris
Roi,rse were featured by marked re-
cessions and a decline in the value Of
the pound below 81. In many instances
the shrinkages were less pronounced
than many had anticipated ana, IN a
few cases, losses represented merely
corrective processes rather than sense
less sacrificing Of securities:
pressure upon the pound is believed
to e1nanate, to a very large extent, from
professional quarters, where a feeling
seems to prevail that the British cur
rency is destined to depreciate further,
and that it will eventually be revalued
at a level materially below the gold
parity. The present quotation of sterling,
resulting from the sensational news
over the week end, does not necessarily
indicate its true or intrinsic position
When the hysteria subsidies. which COM
petent observers believe will take place
soon. the pound will seek level more
truly representative of its inherent
worth.
Britain's Investments.
In the meantime, the danger resides
in the possibility of the pound fiuctuat-
ing within wide limits, which would be
very detrimental to British trade and
industry. It is, however, within reason
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22

July, advance to fifth position, Whhe
Canada, which formerly provided the
greatest outlet for American cars, was
thirteenth In Importance.
A compilation by the department
covering the first seven months OF tins
year discloses that total OF e,Soo
passenger cars, having value OF $S7,.
l72, 9OS, were exported. The market
was dominated by the low-priced field,
with ls,60l units valued at $2S,434,0S5
being listed In the class OF mot over
$780, ..s
During the same period the unloeo
Ana bs,ssee. valued at &lT,622,36s. OF
this humber aaak22 urttsa valued 81
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
New York Cotton

Special Dispatch to The Star.
NEW YORK, September 27.-Fluc-
tuations In cotton were confined within
limits of less than 10 points today and
the market received SUFFICIENT buying
power to bring slightly higher level,
closing prices being to Z points higher
than yesterday.
Arbitrage buying and trade purchases
took contracts from the market, main
tanning an extremely steady tone
throughout. Spots were advanced 5
points to 6.25.
Cotton range:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
METAL MARKET.

NEW YORK, September 20 ID
Copper quiet; electrolytic, spot and fu-
ture, 7a7A. Tin easy, spot and nearby,
1850; future, 1887. Iron quiet, un-
changed. Lead steady, spot, New York,
4.4O; East st. Louis, 4.22. Zinc steady,
East ST. Louis, spot and future, $40;
anthony, $50. Quicksilver, S2.o0as4.O 90.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
MORRIS MANK CONVENTION.

NEW YORK, September 20 R).--
Plans have been completed for the
Twelfth Annual Convention of Morris
Plan Bankersi which viii be held at
Columbus, Ohio, October S-lO. It was
announced today by j. r. Hall, presi-
dent of the Morris Plan Bankers As
ISOLATION.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22

o,575, TOT, fell into the "1-ton but not
more than 11s-fons" class.
Belgium likewise led the truck mar
ket for the seven-month period, its pur-
chases amounting to 4,784 units, valued
at $1,873,l30 Japan occupied second
place, with Spain following closely in
third position.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
BELGIUM LEADS MARKET
FOR PASSENGER CARS
ny the Associated Press.

ny the Associated Press.
Belgium has become the leading for
eisn market for United States passen-
ger cars.
A statement by the Commerce De-
partmerit revealed that this market had
held first position for five consecutive
months ended with last July. import
ing during this period 40 per cent more
cars than the Union Of South Africa
In second position. The Netherlands.
hE nearly doubling It's takinss during
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
q. s. TREASURY BALANCE.

The United States Treasury balance
announced today as of close of business
September 10, was $643, 1868, S35.76 Gus
toms receipts for the month to date
were $22,665, S40.70. Total ordinary ex-
penditures were slo.es7, 4a5.aAs. 49,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
CHICAGO STOCK MARKET

~ the Associated Press.
CHICAGO. September 22.-Follow-
ing Is the complete officiaI list Of trans
actions in stocks on the Chicago Stock
Exchange today:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22

Despite general depression In busi-
ness and industry there was 35-
nniliion-gallon increase in gasoline con-
sumption last May over that OF the
corresponding month Of 1aa0 .-~--
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22

All motion-picture theaters In the
Stavanger consular district Of Norway
ere municipally controlled : 80.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
NEUTRALITY-SUSPICIOUS..

5s AZ Poop L & C.Jan1 is Az AZ ~ Az
Y,vdend rate3 in
nuai payment dividend Pery extra tPlus AZ in stock
stock playable in stock. Adjustment
dividend stock Plus 81 in stock Plus II in
ssoeS Plus sG in Paid last regular rate
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
Everybody's
Business

Chief Problem of Britain M
Present Financial S;ituation
Is the Necessity for Rsstor-
ing the Pound Sterling to a
Stable Basis.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22

gSoS fni ser Nor u Is less lSs iSs ioos
Fond sales today, $4,000.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22

In the meantime, the danger resides
in the possibility Of the pound nuctuat-
ING within wide limits, which would be
very detrimental to British trade and
industry. It is, however, within reason
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-01-08
Mother Nature Provides
Protection for Inoccts

Many animals, birds. fish and insects
are shaped and colored by nature In
such way us to protect them from
then enemies. This marvellous pro-
vision Is seen ut Its best In some new
groups Of stick insects and leaf insects
which recently arrived ut the zoo. The
stick Insects have come fror, the East
Indies, and they are Of dght green
ish-brownlsh color, measuring from 2
inches to 4 or Q inches In length, They
are very thin, Indeed, and they are
so much like tiny twigs or sticks that
1t is almost impossible to distinguish
them from their surroundings. They
initiate the twlgs exactly, folding their
slender legs close to their bodies, and
hanging from the smaller branches
just like leafless stalks. Leaf insects
are of bright green tint, and are
shaped exactly like leaves, their wings
being folded over one another and
marked with veins. Even their six
legs are shaped like smaller leaves;
and as they hunt among the foliage Of
trees for the smaller insects they feed
upon, they are quite safe from the
birds, which think they are merely
'leayes.-London Answers.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-01-08
Tricky Criminals Keep
Law Officers con EDGE"

Growing beard, dyelng the hair,
and staining the face ind hands With
n mixture OF buttcrnut OIL nutgnll,
and pcrmanganate Of potash, are old.
time lodges that haye often been very
useful to the hunted man. Stained with
the above mixture. fair-skinned man
becomes as swarthy as Spaniard or
italian; 1t once made burglar ION
the run" SO confident that he actually
had the nudacity to sell Ice cream
within stones throw Of Scotland
Yard. Perhaps the most recent dodge
for criminals who are anxious TO give
wide berth to the police Is going
on the sick list. Hospital authorities
In London and the provinces are much
perturbed by this new and deplorable
form Of trlckery. At one London hos
pital the suspicious Of the doctors
were aroused by the arrival In the
course Of one week Of several indiyld.
uals who. according to their own story,
were In terrible pain, but whose all
ments the medical men were quite
unable to diagnose. The surprising
speed with which these mysterious
"patients" recovered at the end of a
few days convinced the doctors that
there was something up" Inquiries
were made, and 1t was learned that
at least two of them were badly want
ed In connection with a motor car
theft.-London Times,
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-01-08
aTME PANIC IN poLIT1cs..

In the December Vanity Fair. Jay
Franklin does splendid bit OF work
in analyzing the theories advanced ON
so-called issues In the last election.
There was, Mr.. Franklin says. only
one real issue before the American
people when they came to the polls in
November = the economic situation.
The upheayel, he continues, was due
to popular resentment against the
politicians who failed to cure the
actual causes Of that resentment
1.-THE -Four Horsemen of the Economic
Apocalypse: hunger, cold, unemploy-
ment and fear of the future"
A strenuous effort is being made to
demonstrate that the election proved
that the American people wanted
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-01-08
The Limi.

An American, visiting this country
to have a look at our poultry farms,
did not hesitate to shy how much
farther advanced was the art Of poul-
try-keeplng in America, and told some
tall yarns Of his achievements. Tween.
ty-fve chickens from dozen eggs
appeared to be a daily occurrence in
the United States.
Bnt a good old English farmer was
game for him.
Perhaps said the old man, "you
have never seen hundred chickens
matched by one hen at n sltting7"
"Waal," answered the American, u
can't say I have, but"
swell, then, It happens that have"
returned the farmer. 'sDown Devon.
shire way we always flll d barrel with
eggs and set the hen on the bunghole ~
London Tlt-Blts.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-01-08
Had to Produce Proof
of Claimed Accident


The man with black eye and bad,
~ scratched face, who was smashing
up q new, good-looklng motor chr
with o sledge,hammer, naturally at.
tracted crowd. He would hit the
car, pause. take deep breath, and hit
It again. He aimed blows at the run
ning-board, mudguards, radiator and
windscreen.
3Your carp asked bystander.
my car" said the man, as he
smashed headlight.
He surveyed the result and grunted
with satisfaction. Then he handed the
hammer to garage man-wbo, 1t
turned out, had lent 1t to him-got In
the chr, and drove of. AS he disap-
peared the garage man explained
what 1t had all been about.
"That fellow got mixed up in a
fight last night" he said. "Got badly
knocked about, so he stayed at n
hotel instead Of goin' home. Called
up his wife and told her he'd been in
an accident. So-the garage man
shrugged his shoulders-''so he had
to have an accident"