OCR Text |
Show News Review of Current Events the World Over Hitler Takes Germany Out of League of Nations and Disarmament Dis-armament Conference Depositors in Closed Banks to Get 50 Per Cent Payment. By EDWARD W. PICKARD GERMANY, feeling that It is being treated like a second-class nation, na-tion, startled the world by withdrawing withdraw-ing from membership in the League nf Nations and from Chancellor Hitler the disarmament conference. con-ference. At first blush this looked rather like a threat of war in the not distant future, but sober consideration of the facts and conditions condi-tions dissipated most of the fear that armed conflict was near. In the first place, the German government left the way open for its return to the league and conference If properly conciliated by the other nations. More potent yet, perhaps, is the fact that none of the nations is financially able to support a war at this time. Nor do the people of any of the countries directly involved in-volved wish to go to war, unless it may be the always militaristic Prussians Prus-sians of the reieh. Chancellor Hitler, having announced Germany's withdrawal, President Von Hindenburg immediately decreed the dissolution of the reichstag and proclaimed pro-claimed a general parliamentary election elec-tion for November 12, with a plebiscite plebi-scite at the same time to obtain the nation's na-tion's approval of the government's decision. de-cision. All the state parliaments were dissolved and there will be no new state elections, so the power will be centralized in Berlin. Hitler's speech of appeal to the German Ger-man people to support his policy was full of ardor and yet was half conciliatory concili-atory and caused hopes in Great Britain Brit-ain and the United States, if not elsewhere, else-where, that the reich might be brought to a reconsideration of its action. The officials of other nations refused to get excited, and some of them admitted privately that Hitler's protest was justified, but not his methods. The managers of the disarmament conference confer-ence were naturally disconcerted and decided to adjourn until October 25. Some of them were ready to quit indefinitely, in-definitely, but this move was blocked by Norman H. Davis, the American representative. A little later Mr. Davis received Instructions In-structions from the White House and thereupon his position became considerably consid-erably more detached. In a statement to the press he informed the European nations that America would gladly cooperate co-operate in any disarmament negotiations negotia-tions but was "not Interested in the political element or any purely European Euro-pean aspect of the picture." In other words, the United States will leave Europe to settle Its own quarrels in Its own way. Italian officials rather hoped the disarmament negotiations could be continued with the framework of the four power pact, but France indicated she would not consent to this. The British cabinet heard a report from Sir John Simon, foreigD minister minis-ter who had been in violent controversy con-troversy with Baron Von Neurath, foreign for-eign minister of Germany and was said to be in a conciliatory mood, though there was no Indication that It would abandon its attitude of cooperation co-operation with France. Hopes that Germany would come back into the concert of nations by the back door were dashed by Hitler who, in a powerful address, declared : "Germany Is determined In the future fu-ture to attend no conference, enter no league, agree to no convention, and sign nothing as long as she Is not treated equally." NE billion dollars will be put into - circulation speedily when and if the President's program for the liquidation liqui-dation of closed national and state banks Is carried out. The depositors will be paid about 50 per cent of their deposits, the money being loaned by the Reconstruction Recon-struction Finance corporation. cor-poration. To administer adminis-ter the liquidation a special division of the RFC Is set up to make loans to the several thousands of closed banks. C. B. f 1 ' :t Dean Acheson Merriam, a director of the RFC, Is the head of the liquidation board, and the other members are: Jesse II. Jones, chairman of the board of Reconstruction Reconstruc-tion Finance corporation; Dean G. Acheson, undersecretary of the treasury treas-ury ; Lewis W. Douglas, director of the budget ; J. F. T. O'Connor, control-ler control-ler of the currency, and Walter J. Cuinmlngfl, chairman of the Deposit Insurance corporation. ' In general, loans to closed banks will be limited to 50 per cent of deposits, thus establishing a 50 per cent maximum max-imum for payment to depositors. In pome cases, where assets Justify, a somewhat larger distribution may be possible, but where assets are not worlli 50 per cent of deposit!) the dividend divi-dend will be less. In some cases, the White Ilotis'f; statement warned, no dividends beyond those a'ready paid will be possible. The (livisl'Ti will make loans to closed banks, taking over their assets as security to the extent of the appraised ap-praised value of the assets. Thus a closed bank desiring to liquidate will not have to sell Its real estate mortgages mort-gages and other frozen and semi-frozen assets at bankruptcy prices on the open market Instead, these assets can be held for a market more In line with their real value, while depositors meanwhile receive as large a proportion propor-tion of their tled-up deposits as they would get If they were forced to wait for the money. The plan will be applicable only to banks closed after January 1, 1933. VIOLATORS of the NRA agreement, agree-ment, thousands of whom have ' been reported, are facing imprisonment imprison-ment and fines, for the President has issued an executive order directing that force and prosecution be resorted to by the recovery administration. He proclaims that those who are false to the blue eagle shall be subjected to fines up to $500 or imprisonment up to six months or both. Senator Robert Wagner of New York, head of the national labor board, followed this up with a warning to all industrial groups that heavy fines and jail sentences are provided In the licensing provisions of the recovery recov-ery act for those who flout the decisions de-cisions of the board and that these penalties will be enforced when necessary. nec-essary. "There will be no escape," he said, "for the misguided minority who arise to interfere with every constructive construc-tive program." To organized labor, which seems to many to be seeking solely its own advantage, Wagner said: "The strike should be abandoned as an Instrument of first resort. Industry In-dustry and labor cannot co-operate by means of the strike. Such conflict con-flict may determine which of the two contestants is stronger at a given moment, mo-ment, but It is merely accidental if it produces a solution which serves the best interests of both parties and of the NRAers." WHEN Joseph B. Eastman, federal co-ordinator of transportation, announced recently that orders might be placed soon for $30,000,000 in rails the steel operators were greatly cheered up. But since studying study-ing the conditions under un-der which the orders would be placed some of them are not so happy. C. V. McKaig, vice president and general manager of sales for the Carnegie Steel company. United States Steel corporation corpora-tion subsidiary, is one , 'I J. B. Eastman of these. He quoted Eastman as saying say-ing the order would be placed only if an "expected" reduction in the price of steel materializes. "Such a reduction Is the last thing the operators want," said McKaig. "I think the present 'pegged' price of $40 a ton Is about right. One of the purposes of the NRA Is to assure a reasonable return to the manufacturer. manufac-turer. From this observation a lower price now would seem to defeat this purpose." Eastman said the order would put thousands of workers hack In the mills. McKaig said the steel manufacturers manu-facturers already have contributed an estimated $100,000,000 annually to the NRA In the form of Increased salaries. SECRETARY OF AGRICULTURE Wallace and George N. Peek, agricultural agri-cultural adjustment administrator, announced an-nounced that a plan would soon be put In operation for restriction of production pro-duction of corn and hogs. It Involves the distribution of S.'.50.0)0,000 to farmers, farm-ers, mainly In the Middle West, and Is designed to take 12,500,000 acres of corn land out of production next year, cutting the corn crop 300,000,0) Hi bushels and hog production 25 per cent. The government will advance the funds necessary for Immediate payment pay-ment of benefits to farmers and will be reimbursed from the proceeds of processing taxes levied on corn and pork. Secretary Wallace also disclosed that the Imposition of a compensating tax on beef cattle Is contemplated for the benefit of live slock producers. The cattle benefit will be determined by the extent to which the Increased price of pork switches consumption to beef. The administration arranged for the purchase of approximately 1,000,000 bushels of whent and completed Its cotton loan program In moves calculated calcu-lated to provide resistance to recent falling prices of the two commodities. commodi-ties. Henry Morgenthau, Jr., governor of the farm credit administration, announced an-nounced purchase of the wheat at six markets through the Farmers National Nation-al Grain corporation for the nccount of the federal emergency relief administration, admin-istration, which will distribute It to the needy. The purchase of large quantities of butler for distribution through relief re-lief agencies also was announced. Secretary of the Interior IckeH, who Is also oil administrator, undertook the first pegging of prices under the NRA, ordering minimum levels fixed for oil and Its products, effective on December 1. INDUSTRIAL control of trade is now t being tried, with cotton textiles as the ground for the experiment, under regulations npproved by Administrator Johnson. From now oh no man may start a new cotton mill without the approval of Johnson after a committee commit-tee of cotton men elected to supervise super-vise operation of the Industry's code has made recommendations. Not only that, but no mill owner may Increase his productive machinery without the same approval, recorded In a certificate certifi-cate bearing the Industrial administrator's adminis-trator's signature. A N IMMEDIATE embargo on Im- ported medicinal liquors was ordered or-dered by President Roosevelt on evidence evi-dence that such Importations had increased in-creased sharply in anticipation of prohibition pro-hibition repeal. The President also rejected re-jected a proposal to permit Importation Importa-tion of beverage liquors In bond pending pend-ing the date of legal sale. INVESTIGATION of the federal hos- pital at Canton, S. D., revealed what Secretary of the Interior Ickes calls "sickening and Intolerable" conditions i if -Or i Sec'y Ickes and the confinement of perfectly sane Indians In-dians among the insane. in-sane. Mr. Ickes Issued Is-sued a statement se-v se-v e r e 1 y condemning local political and commercial interests for preventing the removal of the sane patients by obtaining obtain-ing an injunction from a Canton court and for bringing po litical pressure to bear on officials of the Indian bureau in Washington. The bureau has sought for several years to close the institution. "Those responsible for securing this injunction presumably are actuated by a desire to save for Canton the revenue reve-nue that continued operation of the Institution there means," Mr. Ickes declared. de-clared. "They appear to be willing to make a profit out of the degredatlon of helpless Indians. They do not object ob-ject to locking up sane human beings In an Insane asylum." Conditions in the Institution were revealed by Dr. Samuel A. Silk, medical medi-cal director of St Elizabeth's hospital. He conducted an Investigation at the request of Secretary Ickes. His report, re-port, made public by Mr. Ickes, described de-scribed the asylum as "filthy, inhuman, and revolting." D RESIDENT ROOSEVELT In an address ad-dress from the White House opened the four weeks' drive of the 1033 mobilization for human needs which Is headed by Newton D. Baker. He urged that Individuals everywhere give what they can to local organizations organiza-tions carrying on welfare services. Instead In-stead of leaving it all to the nntlonal government. He re-emphaslzed his position po-sition that state and local responsibility responsibil-ity come first In the relief program. "It is true,'' said he, "that I have declared de-clared that government must not let any one starve this winter; but at the same time this policy Is based on the assumption that the Individual American Ameri-can citizen will continue to do his and her part, even more unselfishly than In the past "Let me stress that a great many people will still need the help of relief agencies this winter. It Is true that because of a partial, but I believe a steadily growing, re-employment of the unemployed, many families and many Individuals have been taken off the local relief rolls. "But, on the other hand, the need of those who are still on the rolls Is proportionately greater than It was before, be-fore, and. In addition to the work of direct relief. It Is necessary for us to continue our support of the permanent hospital and welfare services that exist ex-ist In every county and In most communities." com-munities." NTEW MEXICO has a new United 1 States senator In the person of Carl A. Hatch, who has been serving as district Judge In Santa Fe. He was appointed by the governor to succeed Samuel G. Bratton. WITH Florida now on the list, 33 states have voted for repeal of the Eighteenth amendment, and only three more states are needed to put an end to national prohibition. Florida went wet by a vote of approximately 4 to 1. GOV. ROBERT H. GORE seems to have regained his prestige in Puerto Rico. A coalition majority o union Republicans and Soclullsts staged a parade and mass meeting in support of the government's program, and the governor, addressing the crowd, pledged himself to work for the greater happiness and well being of the Puerto Iticans. Part of the plan for the future, Gore said, contemplates building to prepnre to meet conditions twenty yenrs hence when the ' Island, now overcrowded, would be burdened by a population double present figures. GOVERNMENT forces In Slam were reported to have suppressed the Insurrection that was led by a member of the royal family and for n time threatened to upset the existing exist-ing regime. The rebels who attacked Bangkok were in flight and their leader lead-er was nmnng those enpturod. YIELDING to the persuasions of concessionaires and business organizations, organ-izations, the management of A Century Cen-tury of Progress In Chicago decided to keep that great exposition open until after Armistice day, so It will not come to an end until midnight, November 12. Railroads arranged to continue their reduced rates, and an exciting and Interesting program for the final two weeks was concocted by the fair managers. , 1S33, W'OFitern Nowmrnper Union, |