News Review of Current
Events the World Over
United >tat?-? Cuts Dividend Rate and ^ ill
Reduce >alariiv Germany >m>\\ Is
Helping Herself.
Rv I.hU \ 1. 1 ) \Y. PICK \RD
? ' >? s the low ? st paid by the
At ? - time t! ?? din-ct?rs
'?? i rHith 'fhffil ._??? que*"' j:_'h
a r* ' "Tr ? Ifcd.i*i ?n that * of "f
ii? f*r> an*'- employees be ???ijusted.
it to tilt' management t<? de
>r;,ir.e the amount - f redm : on iti
pa;-. ; ere was no menrh-n ??f re;ol
ju>-- ? "f wages and the ? ;h.
*-f- . ! ? -rumeni on the ;"?ss;hility
of r n- *:??:>. l-*?t in .some quarters
it ??,':> thought the directors ? re au
thor! z'r. u the first move i: .1 program
th.'T would he extends* !?? iahor :n
on?-' i- h ? i :? e apparently unavoid
able. President Hoover's adtoin: -t ra
ti ? ; i !? " , or- .i^lon to re;** -at its p'ea
that t' ? re he no lower. n- of w;.ge
*>? ? ? key Industries ai?37?of living
ft. i' i'l President .':ies A.
Fiirr-- ! ? ' 't c I" r r ? ? . 1 - >:<-< I <-or
porali' .i has he? n regarded as one of
the stanchest supporters of thi< pol
Icy.
The reduction ia * - ? ?*. ' - in
dors'. ? i. will he pur 'nto ? ? ? t as
6o..? .t> the adjust" ? ?:?"* " he
work- ! out The pr??p? ?>???! cm; will he
ji j ? ; ? : 1 - - . ???le to all saiar;ed emplo>ees
and "' ill ;iver:u" about 10 p?*r cent. i t
Is be; eved On? minor is that s -me
of the higher executives will accept
larger reductions. President Farr
himself is in this latter category. The
. exa? t ar-unt of his salary l as never
been made pi hi;* one gu? -s
pi ro es it bet w ee and S1T.0.
(*"?.
The reduction ? f the dividend rate
affects more t "jOoo?Hi sto> khold
ers. Steel stock Is owned and tr.. 1
In throughout the world Wall Street
took the news ? .f . re^f&rs' act: r.
quietly, though it had hoped the divi
dend ra?e would he placed r.o lower
than $1.2." a qu r:er.
FOL'R more hold aviators success
ful ;y crossed :he Atlantic ocean.
Ihouirli the first pair we*-e far from
reach * ig their destination. Hugh
Herndon. Jr.. at.d Clyde Pangborn
took off from the New York municipal
airport with the intention of dying to
Moscow and thence around the world.
All the way across the ocean they
tlew through dense fogs and they were
compelled to land In a farm field near
Cardigan. Wales. They went on to
London and continued their flight from
there.
Russell Board man and John Po
lando. who left at the same time and
from the same airport on a flight to
Turkey, were more successful. for they
landed safely in Istanbul, beating the
non-stop distance record established
by Coste of France.
COL. CIlARLES A. LTNDP.KRr.il
and Mrs. Lindbergh started from
Washington on their long and perhaps
perilous aerial Jaunt to Japan in their
big scarlet a.id hlack seaplane. The first
hop. which was intended to take them
as far as North Haven. Maine, where
Is the summer home of Mrs. Lind
bergh's parents, ended in Flushing
bay. New York, In the midst of a
thunderstorm and heavy downpour of
rain. The next d.?y they proceeded to
North Haven, and then on to Ottawa.
C1IEEKKD up by
the encouraging
promises and predic
tions of Prime Minis
ter MacI?onald of
Oreat Britain. Secre
tary of State Stimson
of the United States
and other eminent
statesmen, Germany
worked hard during
the week to rescue
herself froin financial
collapse. The distin- ^err Schmitz
guished visitors were received in Ber
lin with uproarious demonstrations
and were the chief figures at banquets
and conferences "Britain's confidence
hj Germany is undiminished." declared
Mr. MaePonald. "We are filled with
admiration for Germany. and we are
firmly convinced that if she continues
her efforts, if Bhe exerts all her Inteb
lectual, moral, and economic powers
to get on her feet again, without giv
ing way to despair, other nations will
! z
%
A
H. P. Fletcher
future ti?l
-l Henry p.
4? veteran dip
I
1 help her and : <?{ suffer her to un
! >ier. A free. self-respecting <;errnany
is indispensable."
Mr. ^tirr.son. before leaving Berlin
for London. :<>ued a statement iz
h lie said :
The American people have faith
in the German people and helieve in
rhrir future. My faith In Germany
ha?? been strengthened by m> vi-it
here. J b? *'ve the present difficult i-'-s
are due mcv v to temporary lack of
I confidence ami that through courage
and continence Germany's
welfare ill he rr stored."
The German government announced
the format >n <?' the "Acceptance and
Guarantee" ' .!t?k with a capital of
j $ IvKhmhhj to facilitate the immediate
| finrineial tr:in*-:;<tions of the country
and to mace possible the re-opening
; of ; i i i Get-:' an banks. The Ileich.sbank
J and elev.-n otlur leading German
hanks gn.: v:i f " ? *ed the credits to the
I new bank.
In addition t?? removing the restric
: tlons on banking activities throuchont
the country. I ?r Hans Luther, presi
i? 1 ? : ; - of the Ueb hsbank and Chancel
I lor It ruen r _? >al(j they hoped the new
| bank would .vsu help re-establish the
closed I ?a- astaedter und National
i bank, and save other small banks now
i tottering.
One important step taken by the
i government was the appoiniur-nt of
Merman Schmitz to assume control of
all German hanks during the crisis,
lie was : . -ie controller of the coun
try's flnatu. -l structure with power to
draft plans To Stop the flow of funds
fi'oiti the us banking houses.
, llerr S.nti.i;/. i,;is been closely identi
j j*ed with The gr.-at chemlcsl industries
,.f Gen. any
o N S I DE U \B1.E
^ ^ interest is evi
\ denced in Washing
V l ? ?n in the political
" future and plans of
Fletcher,
plomat, who
has Just tendered to
President Hoover his
f resignation as chair
man of the tariff
commission, effective
on November 15 Be
ing interviewed, Mr.
Fletcher said tersely: "My plans are
indelinite. but I certainly don't intend
to go into a convent." There were ru
mors that he would seek the Republi
can nomination tor the Pennsylvania
scnatorshlp as successor to Senator
Davis, but this he denied. Also It
was thought he might he appointed
governor-general of the Philippines.
lit view of the long experience of
Mr. Fletcher in the diplcOiatic service
and the fact he served as ambassador
t * i both Italy and Belgium, there is
talk that, if any change should be
made in the office of secretary of
state, he would he a logical man for
the post. Following the election of
Hoover in 1!?2S. he was mentioned
freely for secretary of state and for
ambassador to Great Britain and am
bassador to France. Long a friend of
President Hoover, he accompanied
him on the good-will trip to Latin
America soon after the Presidential
election.
NT OILMAN H. DA
' vis. one of Amer
ica's most eminent
financiers and at pres
ent trustee of the
Bank of New York
and Trust company.
announced that he
had accepted a post
ou the finance com
mittee of the League
of Nations and would
sail for Europe al
most Immediately. Davis
His first business there will be to at
tend a conference on European cred
its which wis I open August 20. He
will then take part in a meeting of
the finance committee early In Sep
tember. He will return home in Oc
tober, and will not be obliged to re
linquish any ol his business interests
in this country, as the finance com
mittee of the league Is called togeth
er only three times a year, each meet
ing as a rule, continuing for only a
few days.
Mr. Davis is entirely familiar with
European finances for during his dis
tinguished career he has been a mem
ber of numerous International commis
sions and conferences. In 1920-21 he
was undersecretary of state.
_
Q-NK more report has come from
v-' the Wickersham commission. It
deals with the American prison ay*
J ten;. ?!: ???! -r * as ;n .u-;v?
antiquated. fa: :iu to reform the *.r
' 'lull or pro'e> t ? " *. i i- u> * .
i brutal am! ?:r >!-? * di>- iplin<try
! measures. M of ' r--:-?rt is :?
j denunciator ..f p - ?
t t-iiaracieri ? J ^ ?--? increti
under ? i ? - : it.
I ov ercrow ???? - ? r s:;:!i.-ient :
j light or f1.-:. a!i or I :? dentt
! plumbing
It atrtiek* - ? - - ? ? *
discipline i- <? r : t ?? <! 9| "traditional* j
antiquated. - ' - : d not in
frequently ir " A*
sorting 1 1 ? e*i - :te to
the increase of ?? '?> hardening
Outlinin. ? sidered the
i ideal. the ? <?:: is*-: ? ?*"- s. -Te_
I ? -t? o f the dri ,* a?i
? dieted nn?; ' :? cr* 1 is one
of the lir>: r.
ruder T ?? -? - all pris
oners w ?? . ; ? ? ? . r
t rear men t ???? ? ?: humanized,
the <-hO"-.: g < ' -.i:s u.< . <|
he removed - - i-i tin: rds
would be tra.: - > for Their
task.
It is ad\- ? " "no man should
he sent to - >*.r-r until It
is definite.;. <i. he Is : ??t
a lit suhje,-: ! ?? Mxtejisain
j "f the par ?? - - is urged as
the "best n ? ? - y. ? devised for re
leasing prlsot . rs 'r 'idir.ement.**
i I
IN ONK of i st sti Dgly vorded
Opinions e r led down in a
prohibition < the I'nited States
Circuit ? ? :r; \; ;.eals at Clu-ago
severely atr ?? tactics of dry
a cents in er ? .i;r ? ? nders. de
claring their : - to be "a shock
to the court '> ?? of justice" and
observing that ere is "an ever in
creasing fr**quenc\ of similar cases."
The opinion re\ ??rse?i the conviction
Of tive po!i?i yf I aliapolls who
last Jj-ar were : ??n i guilty of con
spiracy to pr< ? a speakeasy.
"That there as a conspiracy to
violate the pr -- law, there < >n
be no doub:.' said the Appellate
court's opinion. " ? conspiracy was
conceived by !!? "fee prohibition
agents, who ? :,ii>ted the services of a
decoy, Lylo. to i re effectually ac
complish their obi. *? Horace Ly'.e,
who managed the government oper
ated speakeasy, is a notorious colored
dry S|>y who has :?????. indh-ted for
bribery and arrested several times for
drunkenness.
C A It LOS IBANEZ,
president and dic
tator of Chile, who
held liis own through
out all the Latin
American revolutions
o? last year, has fall
en at last. The "man
of destiny," as he
styled himself, faced
with a popular upris
ing that was all ar
ranged. resigned ver
Carlos Ibanez j,al!y just before the
time set for a general strike. The
congress promptly accepted the resig
nation hut apparently withheld the safe
conduct out of the country which
Ibanez asked. Therefore, in the early
morning hours the overthrown dicta
tor, accompanied by his wife and three
army officers, lied from the palace in
a motor car. At Los Andes they
boarded a special train for Argentina,
and it is considered unlikely that any
attempt will he made to bring him
back to Santiago for trial.
When Ibanez fled. Ptnlro Opazo,
president of the senate and vice presi
dent of Chile, became acting president,
but he lasted only a few hours, for the
people were convinced he had aided
Ibanez to escape. lie. therefore,
stepped out in favor of Juan Esteben
Montero, who presumably will be chief
executive until u president is elected.
Montero is one of the country's lead
ing lawyers.
Chile bailed with approbation the
annoncement that Pedro Rlanquier,
one of the most popular men in Chile,
had agreed to accept the post of
finance minister. I>is "bread and wa
ter" policy during his eight-day term
as premier has been accepted by most
Chileans as a great step to rid the na
tion of its economic distress.
FRIDAY saw the belated dedication
of the marble column at Put-in
Bay. Ohio, memorializing the victory
of Commodore Oliver Hazard Perry
over the British in the battle of Lake
Erie In 1S12. The 330-foot shaft has
been completed for 15 years, but the
ceremonies were put off from time to
time until the present.
Dedication addresses were made by
Senator James Hamilton Lewis of Il
linois and Gov. George White of Ohio.
SAM C. MAJOR, representative in
congress from the Seventh Mis
souri district, died in Fayette. Mo., and
the Republican majority in the next
house was thus restored to two, for
Mr. Major was a Democrat, one of the
twelve In tne present Missouri dele
gation of sixteen. He was sixty-two
years old and was elected t? bis fifth
term last autumn.
<<&. 1911. Wultri Newspaper Unlom.)
EuolutionofMoriev
Salt Merchant of Morocco, Whose Salt Is Also Used for Mc
? >a?e-?! ?y the Nat ? phlC
Sock" . Wa h i . I* <".)
"p^TllIOriA !. which has
hitherto got a!?u>;; without h
1 v money of its own. taking steps
toward estrtbli-'.ing a currency
and coinage system on a gold basis.
Most of the oi:i*r:is a . <? n? ?nv using foi
their purchase liars of s ilt, rifle curt
ridges, and even i-mpty laities and
tin cams. The money accessary in in
ternational dealings has i?een fur
n:s it 'J In limited supply hy Maria 1
Tl ? resa Thaler>, introduced a number
of >i irs u-?> from Austria, and > ji
small amount of pa|?r money i;?smWl
l?y a branch of the N:: : Miial Bank of
pt established in Ad,!.;s Ababa. cap
ita. ?.f i:thi?i]:'a. T hank is t?. he
purchased b\ the I opian coveiii
m- iit as a first st? ; its j r?--ra!n to
s ' up a currcHy : d roin:ii:e system.
When Ethiopia Issues her first hank
!.?>!? - nnd certificate*. tin hits of
? rikcfl paper wili - s. m . latest
lit in the very I ? ? r t - cha u ??! the evo
!u n of iiion? \ In ?- est times
mail traded or :rt? ;w! product
or article for at -it her. Bin the need
lor a common denominator ??f value
he ame apparent oven with the first
glimmerings of civilization. The sitins
of nniu.als served in this way when
man was still a hunter. while shells
became the tir-t money ??f tribes living
near the sea. When m.iii settled down
and became an agriculturist or a
herdsman, grain and cattle came into
use as his measures of values. The
ox was "big money," the sheep "small
change.**
The human geography of the Near
East, which had been pastoral, about
this time uot an industrial urge. A
way had been found of extracting a
metal from the earth of the Island of
1 yprus, handily set in the eastern
.Mediterranean. The Romans later
twisted the name of this Island In
such a way that the modern word
"copper** was derived from it.
How Copper Became Money.
Copper pots began to appeal, and.
like cattle, were universally prized.
Merchants would exchange whatever
they had in their stalls for copper
pots, and the demand for them was
more nearly universal than for any
other ohjeet. The copper pot was.
therefore, money.
Then !nto this region came one Im
bued with an idea of iinjHirtance. In
st. 'ad of presenting pots for use in fa
cilitating barter, he would tender the
copper of which they were made. He
would offer it in a convenient form,
made up into 1\ strip which he called
obelus. No definite idea of its size
survives, but it was said that six made
a handful. The obolus marked a great
advance toward the use of coin.
The scene shifted io the west. Italy,
as it awoke from barbarism, adopted
a unit of copper as a measure of value.
It called the unit as. a Roman pound
of 12 unciae, or ounces, und it came
Into general use.
Copper served the purpose of money
because of its Intrinsic value. The
as had the value of a pound of cop
per. Human nature being the same
then as now, it soon came to pass that
people made the as In a weight a littie
less than a pound and profited to the
extent of the metal thus saved. They
learned to mix certain quantities of
baser nnd cheaper metals with the cop
per and their currency deteriorated.
Thus a step toward the develop
ment of actual money was forced on
the nations. Governing powers found
it necessary to step into the breach, to
test metals used as money, to put their
stamps guaranteeing quality M',d
weight upon them, and by this' avenue
copper coins arrived.
Money of England.
As the centuries passed in the Medi
terranean area, copper became plenti
ful and Its purchasing power de
creased.
Uouey history began to be written
:
in iiii..i|,..r geographical
himlish li. L-im to talk of , ' ?
,lPS,i?m,lin'; <? '
the silver pound ,,f c|i.lr . ' "
Originally "10 penni, s
from the ?r sj|v(,r . , ????
?lie pound (sterling) has
measure of value nn.l not
relation to the ..1,1 " |*j
cotititim .?*, ">
(sterling)*
Hie* Knjrlish word "shin
geographical origin tJjat Is - , .
f*nr. ir was first used . .
Imrhnriiuis of the Norsk* i ^
riors arid their opsonins ? /'
t" wearing rings ami arm ! ,
"f - iver or eld. After . .?
"f ' u,r" hi-' .-<1
'?> victors. !(a, | , ?
l-r?I - -ly .H?rihnted i.y at, ., v,:,u
' h:,r"'' "f this division
hl.own as the nng-l.r, r
w;'s all.v t!,e tits, tr,,,^, ?
?f these northern tribes.
The rings were so made r the,
' W Into nits of a somen . ,
form fragment ? ,'.d
n schillings- I,, v.r,
.?III early form of money. : . ?
' t'1* MiiUIiiff, so dear in ? Knw
lish heart today.
The world was short of > : n .n
".v from Caesar to Columl.i:- There
"as little progress during I t t,,,,.
Stretch and there appears t.. - ,me
soundness in the tbeorv tl
7"'" "f ? circulating Hum suffl
'Plant it. v t.. make d. . ,t
possible was, in part, the r , (,.r
the M agnation. Vet. despite . . ,r.
city, money events were taki; . ?e
??bout the map of Kurope tit ..
In retrospect, to have been in ,ra
lioc for the coining of better .Mrs
Origin of the Dollar.
toward the end of the tittle -if - :..?rt
age there ap|.eared In the Int. ,,r of
medieval Kurope an Individtt ?t?j
was to write a chapter of money his
tory that has come down strati. :v in
to modern times, and to give ? : . . na
tion of the West a urrencj unit that
was to have a profound eiiv. t. This
man made the first dollar in the
w>?ld. and cave it a nam.- hick,
though the etymology Is not i arei,t
at a glance, becomes upon exam ?,.icin
,in?<> ancestor of the wort ",lui
lar."
The count of Schlick, for sn was
his title, dwelt in St. Joa. I , -thai
(Joachim's Iiale), a mining r. t, of
Bohemia. The patron saint the
community was St. Joachim.
Here the count of Schlick. i: l.'.IS,
appropriated a sliver mine. As his re
tainers took OIK the precious metal,
the master laid his finger to his tem
ple and considered the purpose to
which he should put It. He must have
100,1 n n,J,n of perception, for fw
seemed to realize that he dw. lt in a
money-hungry world, and Out his sil
ver would serve best If made into coin.
At any rate, he devised a new eoe
nil his own. On Its face appeared a
reproduction of St. Joachim, .- n I It
was named after that persona.e .aid
the community which gave it birth?
?Toachlmsthaler. It was the first dcil
lar.
Now note t-he evolution of the word
"dollar1* from this, its polysyllabic an
cestor. When the Joachims: l-aler
found its way into medieval <;. many
it was warmly welcomed. A
eal people, however, soon tired >?f the
length of its name, and by a judicieu?
dropping of syllables It became tlie
"thaler.** The word In that form still
survives in Germany.
When the thaler passed into the
Netherlands its pronunciation was
somewhat changed. Ther It was called
the "daler.** Then It crossed to Kng
land, where, by nse of the broad 'V
daler became "dollar.** Under this
modified name and geographical)/
transplanted, the Joachimsthaler of
the oount of Schlick has grown aod
prospered.