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Show News Review of Current Events the World Over Farm Board Quits Buying Cotton as Well as Wheat New Government Securities Marketed Doings in Geneva. By EDWARD W. PICKARD n pRICE fixing by .. A J 'stabilization has t , ' finally heen aban- 1 doned by the federal ! , I farm board, as a great many citizens believe , it should have been f I a long ago. Carl Wil- i $ liams, vice chairman V y I of the board, an-f?S an-f?S j nounced thai no fur-L.. fur-L.. J2x-' ; iher purchases of wheat or cotton would Carl Williams, he considered under any circumstances. "Stabilization." said Mr. Williams, "Is valuable in the face of temporary or seasonal surpluses. But the board has discovered, and It hopes that the American people have discovered, that continued purchases In the face of continued production Is not a remedy for the agricultural situation." The board's cessation of wheat buying buy-ing had previously been announced, -but the statement of Its determination to withdraw from the cotton market was new, nnd was not pleasant news for the southern planters. E. A. Cudaliy, Jr., president of the Cudahy Packing company, gave notice that his company would invest 10 per cent of Its. southern sales up to December De-cember 1 In cotton bought on the open market, the total to be thus invested being estimated at about $1,000,000. The cotton will be held by the Cudahy company for one year if necessary, or until such time as cotton returns to 10 cents a pound. The first purchases were made at about 7 cents a pound. WHATEVER the poor farm board does seem to anger a lot of Americans. The trade of wheat for coffee, with Brazil, appeared to be a wise move, but first the shipping interests in-terests wailed because the grain was to go in Brazilian ships; then the coffee dealers in the United States raised a loud howl that their trade would be Injured ; and now the Millers' National federation is up in arms. The reason for the protest of the millers is that Brazil, as one result of the wheat-coffee barter, has declared an embargo on all imports of flour for eighteen months. Most of the flour for South American export is milled in Buffalo, N. Y., and several southern cities, and the millers there will be hard bit by the embargo. And that isn't all. Argentina heretofore has been the granary for Brazil, and the deal with the farm board virtually kills the sale of nearly 10.000,000 bushels of Argentine grain to Brazil annually. The Argentine government has registered a formal protest In Washington, but of course the deal will go through anyhow. If the farm board reaches terms with China for the sale of a lot of wheat on long term credit, it is possible pos-sible some of the old shipping board vessels will be resuscitated to carry the grain and will then be sold In the orient It Is also suggested that this wheat be shipped In cotton bags, which would help, by 7,500,000 bags, in reducing re-ducing the cotton surplus. It Is figured fig-ured this whole plan would give employment em-ployment to much American labor. No solution of the cotton problem has yet been reached. The Louisiana legislature, at the behest of Governor Long, passed a bill prohibiting the planting of cotton in 1932, with the provision that the governor might suspend sus-pend It if states raising 75 per cent of the crop failed to adopt similar legislation. This put the matter mat-ter up to Texas, producer of one-third of the nation's cotton crop, and the sentiment in that state appeared to be against Governor Long's scheme. For one thing, the cotton raisers of the South have neither the equipment nor the experience to raise any other crops. rjENKVA was swarming with f : statesmen and polit- ical scientists during the week. Economic -'-3 , experts from twenty- C v six nations assembled . ; : there as a co-ordinat- . -""S' ing committee of the :( commission for Eu- O.-sSf ropean union, and the jj council of the League of Nations met on M L utvinov. Tuesday ; while the members of the League assembly were gathering for the sessions of that body beginning September 7. Most of the top notchers were in the Swiss city and not the least nor the idlest was Maxim Litvinov, that wily and skillful statesman who is the Soviet commissar commis-sar for foreign affairs. The first tiling this Russian did was to submit to the co-ordinating committee commit-tee a proposal for a general non-aggression pact. Andre Francois-Poncet, French delegate, tried to have the plan referred to the economic committee of the league where it could be allowed to die, for France likes better the idea of separate non-aggression treaties. Litvinov, vigorously seconded by Doctor Doc-tor Curtius and Dino Grandi, Italian foreign minister, insisted upon immediate imme-diate action. The committee finally agreed to pass the plan over to a sub committee which was to edit it and re-po-t back to the co-ordinating committee. commit-tee. Senator Henri Beranger of France, former ambassador to Washington, told the co-ordinating committee that the isolation policy of the United States was obsolete. "American entanglement en-tanglement in world affairs is now complete," he said. "The penetration of American capital since the World war has made a 'European bloc' impossible, im-possible, and provincialism appears to be a thing of the past for continents as well as for nations. "Recent events demonstrated that the whole world is involved as soon as one natioc is in peril. No state can be permitted to collapse without menacing men-acing all other states." On the agenda of the league council was the proposed Austro-German customs cus-toms union, but this seemed to be disposed dis-posed of finally when the secretary of the league received from the World court at The Hague a verdict declaring declar-ing the agreement was illegal, being in violation of the protocol of 1922 lu which Austria specifically undertook to maintain her economic and political independence in return for financial assistance from the big powers. C ECRETARY of the Treasury Mellon placed on the market new government govern-ment securities totaling $1,100,000,000 to start the fall financing campaign of the treasury. Treasury bonds for $S00,-000,000 $S00,-000,000 headed the list. They run for 20 to 24 years and bear 3 per cent interest, in-terest, the lowest since the war. The 'rest of the total sum was made up of $300,000,000 of one-year treasury certificates cer-tificates of Indebtedness bearing interest inter-est at the rate of 1 per cent. It was revealed In Washington that the government would need probably all of this huge sum to retire maturing obligations and to finance treasury operations op-erations during the next quarter, which makes it apparent that the deficit at the end of the year will far exceed that for the last twelve months. In some quarters it is predicted that the deficit, taking into consideration the fact that there will be no war debt payments this year, will run above a billion and a quarter. The public debt during the course of the year, if no move is made to increase receipts, may be increased as much as a billion dollars. dol-lars. PTT5 p P.EAT BRITAIN'S 3 financial credit I was restored when j American and French 1 "jjH bankers, led by J. P. l Morgan, agreed to lend H s ' the gverDent $400,-IY2 $400,-IY2 & 000'000 for one year-5 year-5 one-half of the to- L fi tal was aDsorDe3 Dy 82'"' the banks; but one- M Norman Da" ot the French share was offered to the public. The French were elated over the arrangement, looking on it as a fine political coup which would bring Britain Into close collaboration with them both economically and politically. po-litically. England's financial troubles, however, how-ever, are likely to result In the downfall down-fall of one of her financial giants Montagu Norman, governor of the Bank of England. It is believed he will be retired at the end of his present pres-ent term. Mr. Norman was reported to be on the verge of a nervous and physical breakdown at the time of the crisis, and he hurried over to Canada for a vacation, leaving his associates to get out of the mess as best they could. It was said, too, that before leaving he tried to induce Mr. Morgan to place the entire loan in America, shutting out France, and that this was reported to the French. n RESIDENT MACHADO formally I announced that the Cuban revolt had been entirely suppressed, and then went fishing. The final blow to the rebel cause came with the surrender of Col. Roberto Mendez Penate, last of its big militant leaders, and the 'departure 'de-parture for New York of Dr. Miguel Mariano Gomez, former mayor of Havana. Ha-vana. Nacionalista circles were shocked when word of Senor Gomez' departure became known. He had been believed to be the only man with sufficient support to keep up the revolutionary revo-lutionary spirit. FRANK T. HINES, administrator of veterans' affairs, addressing the annual an-nual convention of the Veterans of Foreign Wars in Kansas City, asked on behalf of the government that all veterans' organizations refrain from asking congress for further "egislation in their behalf until they have studied and determined the ultimate cost of relief acts on the law books. He noted that the government's annual outlay for benefits to former service men amount to about $900,000,000 and stressed what he termed the "inevitable "inevit-able trend" of all forms of veterans aid toward increase above the initial expectations. In the meantime, he said, the principal prin-cipal need of veterans Is more jobs. He explained the bureau was working j with the Labor department toward this end. JOSEPn rAUL-HONCOUR. chairman of the foreign affairs committee of the French chamber of deputies, gave out In Paris a statement in which he renewed the proposal that the nations of the world place their armed forces under control of the League of Nations, Na-tions, and predicted that p'rance would lead the way In the disarmament conference con-ference in 1932. This statement was declared by the French foreign office to represent the permanent view of the government. In Washington official offi-cial quarters It was received coldly, being be-ing regarded as a move on the part of France to determine the attitude of the new. national British ministry on the old subject of pooling of armaments. arma-ments. SEVERAL incidents within the last V few days have served I to bolster up the ft Roosevelt boom for f ft ' the Democratic Pres- C-.V i v : idential nomination, t;.-' v After angering Tain- r y many apparently y.- , by supporting, the ff ' j plans of the Repuh- StiiiiJ "ii A lican legislators of New York in the in- T. c. T. Crain vestigation of the administration ad-ministration of New York city, the governor smoothed all this out by approving ap-proving the demand of Tammany thai the inquiry be enlarged to take in the whole state. Then came the report of Samuel Seabury, commissioner, in the case of District Attorney Thomas C. T. Crain. Mr. Seabury mildly censured Crain but recommended that he should not be removed from office. The worst he had to say against Crain, after months of delving into his record was that the Tammany prosecutor had "busied himself ineffectively" and that particularly as regards the racketeering racketeer-ing situation, had failed to act "in a fitting and competent manner." Mr. Crain being a good Tammany man, the supposed breach between Governor Roosevelt and Tammany was still further lessened, and the prospect that he would have the support of the entire Democracy of New York in next year's convention was still further increased. in-creased. ONE "of those brutal- crimes that shock the nation occasionally came to light when Harry Powers of ' Clarksburg, W. Va., confessed that he had murdered Mrs. Asta Eicher of Park Ridge, a suburb of Chicago, and her three children, and also Mrs. Dorothy Dor-othy Lemke of Massachusetts. The bodies of his five victims were found buried under his garage. Powers had wooed Mrs. Eicher through a matrimonial matri-monial journal and enticed her and the children to Clarksburg, where he slew them with a hammer and by strangulation. Since be had been corresponding cor-responding with many other woman the authorities have been searching his place for other bodies. GOV. C. BEN ROSE of Montana, convinced that many forest fires were being set by unemployed men so they could get work fighting them, placed several counties under martial mar-tial law and sent detachments of the National Guard to halt the incendiarism. incen-diarism. SIR HALL CAINE, one of England's most eminent novelists, died at his home on the Isle of Man of heart disease, dis-ease, at the age of seventy-eight. His novels made aim the storm center of many controversies and they also made him one of the wealthiest novelists in the world. r""53 y RS. PHOEBE (J-"i$ i OMLIE ofMem- kr M phis, Tenn., veteran ? woman aviator, was I - 1 &e Tietor in the wom- I I'S? an's division of the Fj J national air derby NCaot x ' whicn starte at San" ta Monica, Calif., and W -1 finished at the na- juws! - tional air races in r Cleveland. When the handicap computa-Phoebe computa-Phoebe Omlie. tions o( tne race offl. cials were ended it was found that Phoebe also had won the open sweepstakes, sweep-stakes, besting all the men contestanls. Winners in the men's division were D. C. Warren, first ; Lee Brusse, second sec-ond ; Eldon Cessa, third, and Marcellus King, fourth. After a good night's sleep, the energetic ener-getic Mrs. Omlie jumped into her plane again and won two closed course speed dashes. CREWS of six ships of the Chilean navy mutinied at Coquimlio and held their officers prisoners, demanding demand-ing that the government cancel reductions reduc-tions in pay that had been announced. A group of noncommissioned officers were directing the activities of the fleet at latest reports and they sent the ultimatum of the men to Santiago. The cabinet met in the capital and decided that the mutiny should be put, down with vigor, believing the entire nation would support such a course. The vessels concerned, representing a large part of the nation's navy, were the battleship Almirante La Torre, the cruiser OTliggins and the destroyers Oreleia, Serrano, Aldea and Hyatt. MUSSOLINI and the pope have finally settled their long quarrel over the Catholic Action clubs. Those organizations are allowed to resume their activities but are restricted to purely religious endeavors. They are barred from sports and athletics and are not to Intrude into the syndical or trades union fields. 1921. Westero NawiDapar UololL) |