Show news review of current events the world over lon london lon conference in danger in of collapse as moley arrives california and west vin virginia in inia vote vole for repeal of prohibition by EDWARD W PICKARD RAYMOND MOLEY arrived pin PROF ID london seemingly full of confidence and optimism but there was a serious doubt whether he could or would save the ohp world eca economic neomle conference from collapse prices in the united states were jumping daily the dollar was declining in the foreign exchange c ange markets capital was deding from nolland holland and switzerland and the countries still remaining on the gold standard senator were excited find and angry couzens their delegates in london got together and declared unanimously that immediate stabilize liza tion of currencies by international agreement was imperative and that without that it would be useless to continue the conference the american delegates despite many specific stories of dissension in their ranks were declared by secretary null hull and others to be to in complete accord and acting entirely in con with the instructions and wishes of president roosevelt senator james couzins of michigan the lone republican in the delegation delivered a significant speech before the monetary subcommittee in which he urged immediate action to raise prices and lighten the debt burden as a means of helping solve the world crisis ne he said however that he did not believe prices could he be raised sufficiently to bring about the proper equilibrium with the existing debt burden while prices must be raised and the debt burden ng likened lit ened mr couzens said this must not be construed as an invitation to debtors able to pay to scale down their indebtedness certainly it is not an invitation to default defRu lt lie he said aid it emphasizes the necessity tor for organizing creditors throughout the world of establishing some form of permanent body to act in an advisory capacity between organized creditors and organized debtors to study by what means the necessary adjustments may be brought about with the minimum of delay and injustice mr couzens declared that the united states does not dot believe prices can be raised by monetary means alone pu purchasing r power must also be increased he said and america is acting on that belief by instituting the largest pw gram ram of public works ever undertaken in the history of the world RIME MINISTER MACDONALD PRIME was scurrying about in desperate effort to save the conference and after the meeting and of the gold bloc lie he had a talk with georges bonnet of france and then called mr null hull and other american delegates into conference ne he showed them that they would be held to blame if the parley failed and the americans resented what they considered to be an attempt thus to force president roosebelt Roo eielt to alter his position that the dollar should not be stabilized until there has been a substantial rie rice in commodity prices and wages in the united states mr null hull told macdonald that the question of immediate stabilization of curren cles Is beyond the jurisdiction of the american delegation since mr hull refused to do anything about immediate cur currency stabilization the monetary subcommittee decided to report favorably on senator key PItt mans gold resolution which provides among other things for withdrawal dawni of the yellow metal from circulation and reducing therold the gold coverage of central banks to 25 23 per cent it inserted a statement that such monetary changes must not be taken as an excuse for unduly building up a larger superstructure of notes and credits there was fear throughout europe that tie the develop developments Tents would compel all nations to abandon the gold standard and this was given force by the announcement thit that estonia had taken that step other baltic countr countries fes it was ex expected would follow suit EN HUGH S administrator Gi GEN of the industrial recovery let act opened hearings on codes submitted for or government control before an interested crowd in the depart department of commerce building in wash ington the first one to toe be taken up being that offered by the cotton tex tile industry which was described in this column a week ago in his bluff manner general john son introduced his deputy W L al left ien and his counsel donald Ul Iti chberg and the latter laid down the rules of procedure to be followed which were rather disconcerting to many of his hearers bearers after explaining the manner in which codes would be received from industrial groups mr air Iti chberg said that the hearings were intended to produce facts only and that no oral arguments upon questions of law would be permitted it if any interest felt its legal rights were being trampled it must be content to present its plea privately in writing to the ad ministration according to this rul ing laid down by mr Kl Rl chberg another section of the Rl chberg ode was even more drastic it provided that the control of 0 testimony to he e presented nt the hearings bearings will rest entirely with the deputy administrator the deputy will call all witnessed hessed question all witnesses and no questions may be disked by tiny any one else without the consent of the deputy deputy administrator allen alien tools took charge of the hearing later and the textile code was discussed with witnesses both for and against it th the e tire makers especially objected to some ot of its features the proponents of the code agreed to ban child labor president green of the american federation of labor who is strongly opposed to the wage scale proposed by the textile group was present part of the time as was secretary of labor frances perkins ns 0 NE THIRD of the states have now declared themselves for ratification of the prohibition repeal amendment the score standing 10 to 0 the latest to go on record are california and west virginia the coast state was never in doubt and the vote there was about three to one for rati ratification lica cut but west clr virginia inia the drys hid had hoped would uphold prohibition how ever it set an example to the rest of the south by giving the repeal cause a substantial majority the hill counties and farming regions were strong in opposition but their votes were overwhelmed by those of the cities and the mining areas twenty M more ore states for repeal are needed an and a the wets have some hope that these can be secured before the close of this year the state conventions of indiana massachusetts and new york mot met and carried out the mandates of the people by ratifying the repeal amendment A smith was president of the new york convention and said this gathering will go down in ID history as a warning for all time that questions like ilke prohibition should be decided by the people themselves Tes and not by legislatures isla tures HERE were those who thought the T THERE acquittal of charles mitchell Ml on income tax evasion charges would take heart out of the senatorial dinv inv hinves estlie esthe sess gation ti of private r asse banking methods but bill iia the committee resumed tl its inquiry and prosecutor ferdinand pecora put on the stand otto kahn head bead of kiihn loeb ai co and distin patron of the fine arts mr kahn J j talked at length of the philosophy of private otto kahn banking and of the processes for the marketing of securities with especial reference to those of railroads lie ile said the good private banker does not chase after business and he condemned competitive t bidding for securities put out by corporations there was much discussions of the whoopee days of 1927 1027 and 1928 in dwelling upon the mania of those days mr kehn held that so far as controlled inflation in Is concerned he knows of only one agency that can exercise a corrective influence hen ever needed and that Is the federal reserve board the committee took up the matter of the Cl chilean illean bond issue of 1925 which has been in default for two y years e ars mr kahn said that norman 11 II davis roving ambassador in europe received fees of for ills services in the negotiations for the floi heating tIng of those bonds but that mr davis at that time was a private citizen later to in the inquiry mr pecora questioned mr air kahn closely concerning his income in recent years and the tax upon it which he has paid if he and his partners took advantage of loopholes in the income tax laws at least there was no evidence that they had made fake stock salts to their wives TOnNEY GENERAL CUM attorney AT MINOS announced that before ion long he would make public the nimes names of boarders of gold ho refuse to turn in their stores of the lellow bellow metal theu then if tills this publicity fails to bring thein to terms they will be prosecuted pen een it if the government wins a crim inal case against a hoarder boarder however it may have to proceed civilly against him also to get gel the gold bath baek unless he fie voluntarily yields sields up tilt the precious wetal metal cummings admitted ile he said hoA however ever that he believed holders convicted in criminal cases would bring in their gold as a step toward obtaining kl leniency lecY V VATICAN city police fire are convinced that the bomb explosion in a cloak room of st peters church in rome kome was the work of a spaniard who ho was arrested and was instigated by the en amies of the Cat catholic holle church in spain no one was injured by them the blast and the property damage was small A SM WELLES AA conciliation plans for cuba ran into a snag when the machado government suddenly made wholesale raids on the homos homes of 0 the opposition leaders arresting many prominent men the police said they seized machine guns and other weapons find and a radio transmitter recently used by the A 13 CL terrorist society the opposition ests charged that machado had bad violated the truce that had bad been accepted by almost everT everybody body and they also resented the appointment to cabinet posts of 0 two men who are considered subservient to the dictatorship of the president it was feared in havana that the war of terrorism would be renewed and mr welles was much disappointed col juan blas bias hernandez leader of a band of rebels la in santa clara province agreed to call off his revolt during the period of political conal conciliation I 1 lation mr air welles was arranging dictator mussolini EMULATING chancellor hitler la is rapidly exterminating all political parties in germany except his own national socialists cia lists following the nazi raids on the nationalists the suppression of their fighting units and the arrests of their leaders that party dissolved itself and most of the members announced they would join the nazis hitler released those arrested and promised political posts for some of the converted ones about the same time dr alfred flu genberg head ot of the national party resigned as minister of economics and agriculture in the bolch belch cabinet the state party also was attacked by hitler its members being excluded from the prussian diet the centrist party remained tile the only important group in opposition and the nazi assaults on the catholics led to the belief that it too would soon be brought into line by force in bavaria the nazi government announced that all bavarian reo peoples pies party members of the reichstag and diet were under arrest the government defended its action by asserting that political catholicism Is trying in every way to sabotage the governments ments orders HEN a group of students in the WHEN university of wisconsin appeared before a legislature committee to protest against a bill for or compulsory military training assembly man joseph higgins Iggins II of milwaukee said fald they expressed views that indicated belief to in communism atheism and bolshevism so at his instance the legislature has ordered an investigation into reasons for an alleged large number of communists in the student body with a view to reducing the number of scholarships given persons of other states ELATED news has come of another bof BELATED of those terrible disasters that periodically ri afflict the chinese A cloudburst in eastern province destroyed the important city of tung jen drowning thousands of persons an and the wall of water then swept down down the mayen river valley wiping out many villages and taking a thousand more lives HE disarmament conference to in treneva THE geneva decided to adjourn until after the session of the league of nations in september because the statesmen are EO busy now with other more immediate problems during the recess chairman arthur henderson will negotiate with the principal governments and has high hopes for good results before a one man testifying grand jury consisting of judge 11 II B keidan a detroit banker herbert IL wilkin was asked why oits two big banks were closed last winter it r 7 was a plot by wall Q street to get henry ford he replied ile he said that in his bis opinion it was decided led by the new york financiers ion long before the tivo mo banks closed ther their doors that they 1 must pass from the picture and be reh R wilkin ilkin bank placed by one ode and this one the new national bank of detroit Is the child ot of wall street he added wilkin who became vice president of the union guardian trust company at the request ol of henry ford said that for the second time the eastern bankers had been soundly whipped in their attempt to force foice tile the motor manufacturer to bow to them wall street believed he be said that by tying up tip fords capital he would have to deal with them or go broke they were sadly fooled in the course of his testimony wilkin made these additional startling charges that huge withdrawals of stuart smart money had been made just before the two banks were fin finally illy closed and that one of those who cleared out a personal account was mrs james couzens wife of the michigan senator that detroit bankers generally previous to the closing had become convinced wall street was vas trying to control all the credit of the state of michigan that many checks of the two institutions were cleared through the detroit clearing house after the state bank holiday had boen been declared by governor comstock that federi il bank examiners had operated cooperated co with the enemies of the guardian group which had a chain of michigan gan hunks in undervaluing assets of pt at leaga tine HUP institution so the new Nat national lonal blink bank of aji detroit oll court could huy buy it at a low price ai 0 1933 western unia |