davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-04-03
CANADIAN BANK STRENGTH
DRAWS WIDE ATTENTION
Despite Depression and Experience Of
u. S. Institutions, Dominion Has
Had No Failures.

, strength of unity and the weakness of
isolation is the greatest factor in the
contrasting bank histories Of Canada
and the United States, there are other
less obvious factors.
Canadian banks attend strictly to
banking to a greater extent than in
the United States. In Canada, loan
corporations handle the real estate
mortgage business, and trust col.Ipa-
nieS handle estates and trust funds. The
Canadian system has grown to meet
the needs of the country without too
much guidance from politicians.
The system springs from the British
North America act. and the banking
act is revised by the federal govern-
ment every 10 years. The provinces
have no say in banking matters. There
is no central gold reserve for general
Liabilities of the banks, as in the
United States; neither is there the
same legal requirement as to the
amount of reserve a Canadian bank
must keep.
United States cash reserves are usual
ly maintained above legal requirements
and in Canada greater cash reserves
are generally maintained than in the
United States. Monthly returns are
mace TO the government by Canadian
oanks regarding their position, invest
ments. and relations with other banks
1t is said that even among Federal
Reserve banks in the United States. If
the bank inspector finds the bank In q,
ouncuIt position and reports adversely
ne dooms the bank if he doesn't, the
bank may or may not work out of its
olmcultles. In either case the depositor
is In rather precariouS position 1t
Is not In Federal Reserve banks, how
ever, but in the smaller, independent
banks that the real weakness exists.
Management Counts Most.
In the last analysis it is not so much
government intervention or supervision
tnat guarantees stability and solvency,
but conservative management of the
banks affairs by its own executives. In
Canada 1t is only necessary for banking
to provide 10 such arrangements. while
In the United States there are many
thousand bank executives with varying
ideas on how to conduct bank along
sound lines.
At each decennial revision of the
Canadian bank act there has been a
tendency toward greater government
supervision, and in the revision next
year the formation of some sort of CEN
tral bank is a definite possibility.
The 10 Canadian banks have a paid
up capital of $137, 500, 900, with reserves
Of 1852 100000. The Bank of Nova
Scotia is unique in having paid-up cap
ital of $12 1000 900, with reserves of S24.-
100000. Nine of the ten Canadian
banks have total deposits of only s2,50O,-
100000 and total assets of only $3,l24,-
100000
Considering the banks of Canada and
the United States, six United States
banks are in the Lead in total deposit
liabilities, with the Bank of Montreal
and Royal Bank holding seventh and
eighth places ON this continent, and
thirteenth and fourteenth places in the
world. The Canadian Bank Of Com
merce holds eleventh place among banks
on this continent.
tCopyrisht, 1882. by the North American
Newspaper Alliance. Incl
Evening star., 1932-04-03
BY ROBERT P. WEBER.

TORONTO.-The stability OF Ca
madam banks in a period of
world depression is an economic
Il fact, attracting continent-wide
In the financial stress following the
market crash of 1929 thousands of
United States banks have failed, mil
lions in deposits have been wiped away.
and many more millions have been
withdrawn from the sound banks in the
United States and hidden away because
of unfounded fear. by depositorS, of the
solvency of these institutions.
No Canadian banks have failed since
the beginning of the depression, or for
many years before: no bank scares have
occurred. and no bank has had serious
difficulties
Annual reports of the 10 Canadian
banks in January we're scrutinized with
interest on both sides of the boundary
line. They disclosed that banking in
Canada was not as profitable now as in
the years Immediately preceding the
market crash, and bank shareholders
had to be satisfied with only regular
dividends in 1881. without the bonus
usual at the end of the banking year.
From the viewpoint of the depositor
however. the banks stand as strong and
sound as ever.
Only Ten Large Banks.
Banking in Canada and banking in
the United States have progressed along
radically different lines. The United
States system is preponderantly one of
independent units-a large number of
small banks with superimposed CEN
trail banking system. In Canada the
banking requirements are met by 10
large, independent banks, with almost
5000 branches.
These banks are independent in man
agement and stock ownership, and there
is no central banking system.
In a system of independent units as
in the United States, each bank de-
pends entirely upon it's own resources
and the prosperity Of its section of
the country. If the community served
is engaged chiefly in one occupation,
the stability of the bank depends upon
the stability of this industry. For this
reason there were frequent bank fail
ures in the United States even when
the country generally was prosperous
The Canadian system eliminates this.
A bank with branches covering many
thousand square miles is not disastrous
ly affected by crop or industrial failure
in one section. Losses in scattered sec
tions are absorbed by the whole with
out the interests of the depositors of
the unfortunate section or any other
section being injured
While small depositors in the United
States may worry about the solvency of
the independent banking unit in which
they are interested, the Canadian de-
pcsitor in the small community realizes
that the assets of the whole huge
banking system lie behind his deposits.
Back of the little one-story bank in
cross-road Canadian town bulks the
head office of the Bank of Montreal at
Montreal Behind the bank in a tent
in a mining camp towers the 32-story
head Office Of the Bank of Commerce at
Toronto.
While the difference between the
Evening star., 1932-04-03
BY ANDRE SIEGFRIED,

Author OF America Comes Of Age
A T the present time we are wit
" Messing an unprecedented abuse
~ OF economic nationalism-th
4 4 division of this planet into COM
partments that tend to become
more and more watertight is symbol
of the world depression, as well as one
of its direct causes.
The exaggerated form that protection
ism has assumed since the war Is an
entirely new development. Commercial
ism and its exceSses had existed in the
past, but today the technique OF the
closed door Is much more advanced
than it was, and therefore 1t Is more
dangerous.
Frances tariff laws of 1892 appeared
quite adequate at that time as means
Of protection, but as the past recedeS
they assume an unbelievably mild and
reasonable aspect.
NJ Meline (the French Mckinley
claimed that the tariff laws were SIM
ply means of equalization, correc-
tive. placing the French producer on
an equal footing with his foreign COM
petitor. These laws were intended to
fill the gap, nothing more, and they
were supposed to work with clock-like
precision. But even if these laws did
emphasize certain degree of national
istic excluSiveness they were never in
tended to interrupt international COM
merce. Quite the contrary. Such In
terchange was considered quite normal,
as evidenced by the fact that the mini
mum tariff was the rule in our COM
mercial agreements before 1914.
The Old Spirit Dead
From the moment the World War
began in 1914 methods and attitudes
changed entirely, and since then we
have never had renewal of the old
spirit. During the war the administra-
ton of the customs was placed in the
hands of the police; it was necessary
to suppress all communication with the
enemy, to prevent certain foreign prod
ucts from arriving and certain home
products from leaving. At the same
time, new preoccupationS appeared-the
worry over keeping the currency stable
in the face of decreased imports, the
management of the overburdened mer-
chant marine and the preservation OF
the purchasing power Of the country
to permit essential expenditures.
We found ourselves in the midst of
a feverish, exaggerated nationalistic life
which called for new courses of action.
The new tariff laws, replacing those
which had become insufficient and IN
efficient, had the effect of prohibiting
expectation and prohibiting importation.
The government had full authorize
tion to pronounced these new laws by
decree, for as often as not decisions
had to be made in a great hurry
without the possibility of consulting the
Chamber. Nevertheless the excessive
number of these edicts brought about
Evening star., 1932-04-03

the need of corrective. Their failure
was due, it had to be admitted, to the
severity of these laws. and an agree
ment had to be reached whereby the
importation of certain classes of articles
would be allowed.
Period of Dictatorship.
Due to this new power invested in
the executives, not only in France, but
in all countries, they began to WELD
an influence which parliaments had
denied them for half century. 1t be-
came a period of dictatorship; politi-
cal power, which in France had be-
1onged to the tariff commissioners ever
since $780, now became possession of
the government.
This whole tendency has hardly
changed since the war The world re-
mains divided. politically and economi-
cally, by sharp and narrow national
ism. Now, every country wishes to be
independent in its products as well as
politically; even the smallest states
desire to manufacture everything, 10
have a full complement of industries.
The inequalities of exchange produce
the most erratic results on labor costs,
sale prices and conditions of competi-
ton. The old clocklike precision of
the tariffs equalizing effect has been
wiped out
Today certain countries are excep-
tionally favored when competing with
Evening star., 1932-04-03

as a conqueror. in a land subject to
her by conquest. That fact stings us
Fflipinos. We don't accept it. Mere
ly because America, having the pow
er, did these things-that doesn't
make them right to us. The people
i myself, too-will keep on talking
independence and longing ideally
for independence as long as this de
pendence' is forced upon us.
Says Views Might Change.
But the moment we had free
choice in the matter our views might
change entirely Good will and nu-
tual confidence prevailing our views
probably would change and
shouldn't hesitate a moment to help
change them, if I found such an ar
rangement beneficial.
THE new relationship would recog-
nize the fact of the racial difference
of the two peoples but not the racial
superiority of either. as well as the
necessity of American help. at least
for the period set to insure us against
foreign aggression and to insure our
economic readjustment and stability so
tnat such American control as is being
retained can be accepted by us frankly
not upon the theory of Filipino inca
pac1ty for f-government-which Is
so humlllating to us and which we deny
but as the logical sequel to the re-
Sponsibilities still resting upon Amer
lea. Finally, such a program would
do away with uncertainties
The new situation might prove so
mutually beneficial to America and the
Philippines as to make it possible for
the American and Filipino peoples to
see at the end of the stated period
(when either country can at will sever
completely the connection) that it Is to
the advantage of both to continue the
same relationship or form a new kind
of association. If, on the other hand,
either country wishes to be free from
any relationship with the other when
the period is up, each is equally free
to act
Sees Strength for America.
"Let the FilipinoS have a free
choice in the matter, removing the
stigma of war and conquest, and prob
ably they would vote to remain with the
United States. This, of course. would
change Americas position in the Far
East from one of-what we cannot fail
to consider-moral weakness to one
of moral strength. Every country would
be compelled to look upon the Philip
pines in a different light, the same in
which the world looks upon Canada.
In short, Americas position in the
Philippines would be altogether
changed The Filipino's position, with
his definite, dignified civil status, could
be as satisfactory as a Canadians Is
under England"
(Copyright. 1922
Evening star., 1932-04-03
Austrian Passion for Titles Combines
Hospitality and Street Rules of Ritual

+ So on the list the name came out:
Mac Donald.
1t is estimated that there are 10000
"hofrats" in Austria, though the title,
which means court councillor" is alb
solutely extinct, so far as any signlfl-
canoe goes Similarly "ministerialrat"
and "regierungsrat" are without mean
! ing. since the government to which
they were councillors" has long since
| expired
Combinations of titles are, of course,
a profound and fascinating study. I
have before me a list Of contributors
to a Sunday newspaper, and a gentle
man, believe it or not, is down for an
essay on economics who is entitled
Ing. Professor Hofrat Sektionschef
Muller" What is more, don't forget,
his wife must invariably be addressed
with all that mouthful. Frau Ing. Pro-
fessor Hofrat Sektionschef Muller"
The wives, in fact, take it very Seri-
ol;sly. One of the pecularities of the
German and Austrian mind is strict
female attention to and appropriation
of male titles. The women have no
right by merit to their titles. but they
get them automatically from their hus-
bands. / know an American woman in
NleIlld WIZ oClAOuoll Alulb A4Il oOGIdI
career by calling the wife of an official
simple "Frau Doktor' instead of Frau
Hofrat." In the house where l live two
ladies have the same name, but we
distinguish them quite easily, one being
Frau Ingenieur" and the other Frau
Dozent" (Mrs. Engineer and Mrs
Teacher.
Actual titles of nobility are theoreti-
cally abolished in Austria. Young Arch
duke Leopold Salvador simply signs him.
self, for instance Leopold Hapshurg." +"
But there is still much mention Of Graf
This That Count, Ritter Won So
and-so (Knight), and so on.
Queerly, the title of professor" is
comparatively rare. 1t is the highest
possible step for man OF learning or
for a university teacher, and is fitting
climax to a career. Anti-Semitism at
the Vienna University has served to
keep many worthy men from full pro-
fessorships. They pass their lives as
"dozents."
And what is a foreigner to do before
this maze? I have very simple solu-
ton. l call everybody I meet Herr
Professor" without discrimination, in
cluding walters at the cafes. They seem
puzzled. and some of them whisper
about it, but I think they are quite
! pleased.
tcopyrisht, 1882
Evening star., 1932-04-03
Tariffs and the Depression
NatnaiNw

ner, not by a normal current of goods,
but by sudden, irresistible inundations
in no way responding to the demands
or the real needs OF the consumers.
1t Is therefore necessary to find new
weapons of defense against this food
of goods, as the old ones do not suffice.
Partial prohibitions have to be re-
sorted to-. These are more direct. more
efficacious and more brutal than tariff
barriers, but as importations cannot
be entirely suppressed they must be
regulated, just as they were during
the war. That is to say, the importa-
tion of certain product is allowed to
limited extent after national produc-
tion has reserved the portion of the
trade that Is considered to be its share
More to be feared is the weapon
which regulates the distribution of the
means OF exchange. Importing is one
thing, paying for importations is an
other. If one withholds from a ma
ton the means of paying for what it
imports Is this not what might be
called an alright prohibition?
considerable number of countries
today are proceeding on this definite
basis OF regulation. Due to this fact,
international trade relations are re-
duced to a minimum, and in some in
stances are almost entirely arrested.
Customs laws still exist as a sort of
framework, but the real interest in in
ternational negotiations seems to be
elsewhere. In all discussions the idea
of quotas seems to- be more in the as
cendant than new tariff schedules. 1t
often happens that negotiations take
place directly between different indus
tries in different countries, each one
hna ~HV NNTTtv III
agreeing upon. the quotas which each
believes to be its due.
Illusion of NOrmality.
In 1928 we all hoped that the return
to more normal conditions was in
sight. This was an illusion that had
to be abandoned We have, on the
contrary, returned to an atmosphere
which recalls the war more than at any
other moment since 1919
Political questions are everywhere
indiSsolubly mixed with economic ques-
tions.
The State has become accustomed to
exercising authority which definitely
limits the individual initiative of other
times; an entire mechanism of inter
vention created by the war permits this
usurpation of power which the preced-
ing generation never even dreamed Of
A neoprotectionism has appeared which
in practice is sometimes pushed to alb
surd extremes, and which is largely
responsible for the prolongation of the
depression. Can the world, at least the
civilized world become submissive 70
such practices?
One sometimes asks this question of
ones self not without some trepida-
ton for the whole of civilization.
Evening star., 1932-04-03

others. Their inflated currencies and
low labor costs give them an abnormal
advantage in exports. Others, for a
reason exactly opposite, are at great
disadvantage. They are suffering from
their debated currencies and from their
high standard of living as well as from
the debts that they have not disowned.
Briefly, they find themselves in an i'm
passe where they cannot better their
position.
Political Results Certain.
Results of all this are bound to ap-
pear in the political field. Because these
results are no longer commercial but
really political, the national government
interveneS more and more, and eco
nomic activity becomes more and more
nationalistic in its outlook People are
beginning to believe and to say that
home consumption can be taken care of
by home production; there is no longer
question of equalization by tariffs.
as in 1892 Now what is desired is a
monopoly of the home markets, thanks
to which, with foreign competition
eliminated, profits can be guaranteed.
AS to the unSold surplus, that can be
disposed of outside in the form of
dumping: that is to say, this surplus
can be thrown, regardless of price, on
any foreign market which remains
sufficiently open. These markets are
thus invaded in a very irregular man
Evening star., 1932-04-03
BY JOHN GUNTHER.

VIENNA, Austria.-The passion for
titles In Vienna has no end. The Pc
culiar genius Of Austria that combines
extreme hospitality with great regard
for ritual also makes for social ermi-
nology so complicated it is like study
ing Einstein.
I, for instance, pdesess no title or
rank of any kind. \
Don't I. though? y
In Vienna have BEEN addressed
as Herr Doktor." Herr kollege"
(colleague), Herr Sekretaer.N Herr
Direktor," Herr Radakteur" (editor)
and even Herr Professor" Are, IN
all letters addressed to me I am IN
variably highly well born".-hoctI-
wohlgeboren." The idea OF addressing
me simply by my name is too mon
strous TO conceive.
I have a list before me of the people
invited to a quite modest, business
like and entirely unofficial gathering,
nothing more, in fact, than meeting
at a radio company to inaugurate a
new development in its service. Here
are some Of the titles, with transla-
tons as near as l can figure them out:
Ing Emil Ustrnul (Engineer)
Sektionschef DR.. Richard Soos. Head
of a Department.
Ministerialrat Ing Dr. Rudolf Stamph.
(Councilor Of court, also engineer and
doctor)
Sektionarat DR.. MaXimilian Hart
wich (Sub-head Of a Department.
Oberbaurat DR.. Oskar Smutny. car
chitect)
Regierungsrat Johann Hoffman.
Government councilor)
Rechnungdirektor Blum. (Title for
some one who has no other title)
Rechtanwalt DR.. Friedrich Won Kam-
mann. Lawyer)
Iofrat DR.. Pach. court councilor.)
KommerZialrat Richard HonetZ CTitle
for merchants)
Generaldirecktor DR.. Oskarczeija.
General directory
egraphenamtsdirektor Karl. CTel-
egraph directory
One of the oldest things about the
list was the group of names of Amer
ican journalists that followed Here
Austrian courtesy got the best of 1t
with a vengeance. 1t was unthinkable
that colleague of mine named Mac
Donald should simply be listed as
Macdonald" Surely, the Austrians
thought. that Mac meant something.
Evening star., 1932-04-03

Peaceful, provincial Belgium was too
monotonous for young Francqui AS
soon as he got his first stripes, in 1885,
he enlisted in the Force Publique" of
the Kongo; it was the heroic period of
the Belgian colony. But Francqui was
much above his simple military tasks
and he was lucky enough to have his
colonels and generals discover the fact
without hating him for it, Very soon
he was attached to the staff to which
was intrusted the planning of the
Kongo railway.
Five years later, suspicious of the
doings OF the English along the Kongo-
British South African borders, King
Leopold decided to send an urgent ex-
pedition to those regions
Francqul was on leave in Brussels;
the King was advised to see the young
of1icer. He was called to the palace
At the close of the audience the King
said:
Il intrust the expedition to you, but
you must leave rs soon as possible"
And Francqui: There is a boat leav-
ing from England the day after to-
morrow"
Could YOU take that boatP Are you
reedy?"
YES"
And Francqui left for London and
the Kongo half an hour after the au-
dience
Evening star., 1932-04-03

The Francqui expedition proved the
most decisive action toward the en-
forcement of Belgian sovereignty.
1t is not surprising that King Leo
pold remembered Francqui when he Or
ganized his great Chinese scheme: lit
tie Belgium trying to become the tech
nical adviser of gigantic China.
And to China went Francqu1, and
with Jadot, another great Belgian, lie
organized almost all the enterprises
thanks to which, to this day, the name
and the influence of Belgium in China
show up SO creditably beside that ct
other nations.
When Francqui agreed, a few years
ago. to become a cabinet minister to
organize the struggle for the franc he
aroused fear and surprise, but also, lit
tie by little, admiration in the officials
and the politicians.
Nobody Bothered Him.
His Office, at his own request, was
furnished temporarily table, three
chairs and a portable hat stand. These
camping fixtures became the symbol OF
his independence Especially the hat
stand, on which he used to hang hat
and coat in full view. When a col
league or some other politician made
objections or opposed him Francqui
used to point to the hat stand:
There are my hat and my overcoat
Evening star., 1932-04-03
Vienna Coffee Owners
Sue Ministry of War

VIENNA, Austria.-Forty Viennese
coffee houses have brought suit against
the ministry of war, saying that their
business had been hurt by recent or
der forbidding soldiers in uniform TO
visit them.
These coffee houses, many Of them
situated in or near Vienna'S famous
Prater, we're haunted, the officials said.
by spies. counter-revolutionari spec
ulators in BLACK schillings," and, be it
whispered, ladies.
Attorneys for the Union of Viennese
Cafe Owners have brought suit.
Soldiers, they say, ought to be old
enough to take care of themselves
otherwise they ought not to be soldiers.
They deny also that their coffee
houses are ever visited by shady per-
sons. or ladies. The ministry os
war thinks otherwise.
Evening star., 1932-04-03

~ ARIS-At the end of two
ID months stay on the continent
which, spent in Paris and
l. Geneva, permitted me to meet
most of the statesmen directing
Evening star., 1932-04-03
BY COUNT CARLO SFORZA,
Former Italian Minister for Foreign Affail

- INCE the end of the war the
world has been victim Of re-
current attacks of industrial and
~ financial collapse. BY the be-
ginning of this year the evil had