The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-05-18

Junction, he WAS put
Samuel insult aboard a train and
transported swiftly to Chicago. His
son, Samuel insult, Jr., had been per-
mitted to join him on the Exilona and
accompanied him on the trip west.
Landing on American soil, insult
appeared to recover his old time con-
fidence. To reporters he said: lam in
America to make the most important
fight Of my life. / am fighting not
only for freedom but for complete
greatest error was in Understanding
the effects of the financial panic on
American securities, and particularly
on the companies l was trying to
build.
81 worked with all my energy to
save those companies. l made mis-
takes-but they were honest mistakes.
They were errors in judgment, but not
dishonest manipulations.
Arbitrarily, had been instructed
to resign as head of these companies
which 1 had built and which l had
tried to protect.
81 was told that / was no longer
needed Tired from the fruitless
struggles to save the investments of
thousands of men and women, dis
couraged in my attempts to save the
investments of my friends and asso-
ciates as well as everything 1 had,
got out.
mo charges were brought against
me until I had been away for three
months. My return at that time would
have further complicated the prob
lens of the reorganization Of the COM
panies.
1.-The whole story has not yet been
told. You only know the charges of
the prosecution. Not one word has
been uttered in even feeble defense of
me- And 1t must be obvious that
there also is my side of the story.
When it is told in court, my judg-
ment may be discredited. but certainly
my honesty will be vindicated."
D USSIA has been angered by rul-
IN ing of Attorney General Cum
mings and there is danger that all the
plans for re-establishing trade with
that country will go awry. Mr.. Cum
mings was called on to determine
what nations would be barred by the
johnson act from marketing their Sc
curities In this country or in any way
receiving financial assistance. This he
h- hn civ fnrnfun
nations that are not In default to the
United States government on their
obligations. These are Finland, Great
Britain. Czechoslovakia. Italy, Latvia
and Lithuania. Finland has met in
full all installments on its war debt.
The others have made token payments
on recent installments.
BY inference, these nations are con-
sidered in default: Greece, France,
Austria, Belgium. Estonia. Germany,
Hungary, Poland and Jugoslavia. Rus
STA, Armenia and Nicaragua have not
paid, but their debts have not been
funded.
Soviet Russia fell in the default
class because it ignored obligations of
the preceding czarist and Kerensky
governments. The cars sold bonds
totaling $S6,OO0,O00 in America and
the brief Kerensky regime borrowed
S1S7 100000 from the United States
treasury.
Dispatches from Moscow said the
resentful Russians were likely to take
retaliatory steps in the form of a rec
concentration that all Soviet economic
organizations refrain from planning
any orders from America with the ex-
ception Of such items as cannot be
had elsewhere. This recommendation
was made recently by the organ of the
commissariat Of heavy industry and. 1t
is understood, already has been put
into effect.
The Soviet government insists It
cannot be held liable for the Kerensky
debts. possible explanation of the
Soviet attitude-which is summed up
in the press with the statement that
the government will not be coerced
into a Kerensky debt settlement-lies
in the fact that If it consents to nego-
tiate the question with America, II will
be compelled under the Rapallo treaty
TO consider German claims for pay
ment of pre-Bolshevik debts to that
country on a basis of equal terms.
GREAT BRITAIN and Japan are on
~ the verge of a big trade war. The
British have threatened to take strong
action to protect their textile export
interests against increasing Japanese
competition. although the British gov
eminent officially declares 1t will do
everything to maintain amicable rela-
tions with Japan. The official position
in Tokyo is that Japan can take care