Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 27, 1921, edition 1 / Page 9
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,i Y r . THE MORNING STAR WjDLMINGTON(T- N. 'C.,' SUNDAY, FRUARY7, 1921. . ROMANCE AND PATHOS OE A USTR6rHUNGARlAN:,BANk All-Powerf ul Financial Institution of Dual Empire, With Third Largest Gpld Stocks in Europe; Suffered the Vreck and .'; :;;Riiin'.WlUchFollowed-Fast.6ir the HeelsoUhe if Hapsburg Monarchy Its Story. 7S V VIENNA, Feb. 8. (By Associated press). The romance of finance and Nhe pathoB Is disclosed in the liquidation- of the oirce proud and powerful Austro-Hungarian bank, one of he old est banks in the world. andbne. of the richest, yrltii billions of gold in- its vaults and billions of notes in circula tion,' all now scattered by the wreck age of war and. political upheaval. For more than six months the allied liquidation commission has been , at work on the affairs of the. bank in an effort to wind It up In ..fulfillment of the treaty of St. Germain. N6t only is liquidation still unaccomplished but no one is willing to forecast when it will be. The curious situation In which the nroceedingrs have become involved re ulted in the resignation- recently of Henry Whitman, of Boston,. the so called '"unofficial American advisor," who in a published Interview express ed his dissatisfaction with the 'Paris ... policy toward liquidation, stating that its dilatory tactics seemea to mtKt un possible a satisfactory discharge of his duties. Mr. Whitman said that the ap plication of simple business principles to the discharge of the- provision s of the treaty would have made the prob lem a comparatively 'simple -one, . but that apparently 'certain powers did not sympathize, with the American view- that the war was over The investigation of the , liqurdators during- these months, however, have revealed how the old imperialism has centered in this great institution. Notes Were Irredeemable :Y The Austro-Hungarian bank was the bank of issue for the former dual em. wire and alter the retirement of v the "national" paper currency In. the-early nineties its notes .became- the sole cur rencv of the empire. "While f on their face they were - payable , in gQld, ..that obligation was suspended by the gov eminent so that these notes became merely irredeemable paper. Coupled with this suspension ' was : the obiga tion, however, to' maintain - the value of the notes on a parity with gold, in ail; matters of foreign exchange. By clever "financing and through-the aid of government assets the bank not only complied with this nut for some years before the war its notes actually commanded a premium over gold - in European financial centers. -It also' accumulated- a stock of gold only ex ceeded In amount by Franco and Rus sia. A 'Designer Fashion Sheets and Magazines i for v March Have Arrived ill - mmmmmmm In the .early months of 1914 there were 1,600,000,000 crowns of gold in its dare. 'g-o. ? Austria-Hungary's waf,. 11 iiaiicwg' aparr irom the - bank, "was dene, by popular. loans, but the desner. atlbn of its situation was shown in the last five months of the war when Mt caned upon the bank , for loans of 1. '500,000,006 every three weeks. .., ";:. wnetr the monarchy -fell -the note issue had Increased to more: tfian.-3o,i 000,000,000 crowns. But ', this was not the worst.; The war loans: were-floafced j on the government's promise that the" banks would at all times lend 76 per cent of the face value of . the bonds. With the armistice came a rush on the, banks for these 'loans. "Between Octo ber. and January 1 loans of the Aus iro-jctunganan DanK naa increased by 3,500,000,000 crowns. Within six months this was further increased by another 2.600,000.000. : , ' ; n , r ' r - - Some at, the loan" items were - inter esting. One bank wltbYa- capital iof 5,i- )O0000 crowns ; was loaned 300,000,000, ' . ' . - an insurance company capitalized at 6.000,000 was loaned 00,000,000, while the private purse of the Vatican; was J nanaea au.ouo.ouo. Tne. security Yiori il . . . i - -. . ... . : --J Luese loans were Donas oi tne mon archy ilredy fallen, and whioh.none of the , succession states have been willing to father. . ; r f Y The" peace conference failed to solve the Currency question for the state, re sulting from the disarmament of the empire1, or as one expert expressed it, "found it necessary to omit to solve it.".. . The plan, of the treaty was to compel. each- state to withdraw from circulation: the i notes in its territory ana i su bstitute tnereior its own cur rency. The bank was to be put in liqui dation -and its assets divided among thesuccession-states in proportion to the nqtes issued before thefall of tne from circulation. 'rrxY' y Yjp 4 : Problems of 'Commission Y.Y;l ,:The treaty was not signed until' near ly ten-months after the armistice and not ratified for nearly a, year after so ! it became impossible to separate by means of "identification the notes issued before that date from those issued af ter it. . Obviously the latter class ; be came a charge against the Austrian re public alone wherever the notes tnjght hi Thina wm enma nf the rirnb-! lemg. .the 'liquidators faced when they took up theic. duties in July iasr. . They found a note Issue' of 55,000,? O00,0D0 crowns wholly apart from subr stantlal ofbligations to depositors for whose protection no provision had been 'made in the treaty. As assets IK ; PR051PT ATTEN- tr NattmalMSilk! ' touring1 this penod;W feature the feeason-a newest Silks and Silk Garments at extraordinary ;: low prices. We expect record breaking' sales in ; our Silk Fepartraent dunng this week and our ex- pectations are fully gustmed by the extremely, low. prices and tKe excellent quality of tKe silks offered See 4)ur Window Display of These ; ;i; Attractive ' - vaults and its note circulation" was -wore -in i yuw bui3 about 2,000,000,000. It was then doing! u" or goiasecuiiy.DOxea ior nurriea "l-i:,.. 'JLm h.iT.AS. itafvniiv removal In 'event ot communistic at- .v,i-.; v?c MoiMt nn. tn the i tacks. There were 'Obligations of the i;iuevivl government for the: note issuing priv ilege. In the spring and summer of that fateful year its statement showed a slight increase in the gold stock while in July, of 1914 its note issue was almost at the lowest point, its Items of loans and discounts beinsr only about 1,000,000,000 crowns.. , . A comparison of this statement with that of he following week showed that something had' happened ln the world and that was the assassination of Archduke "Ferciifiand. That state ment Indicates -how- clearly - European $2.00lvalu'e, yard wide Taffeta, : OJJ per, yard s . . X .-. , . .v. . . . . . OV $2.00;yalueSilfcMessaline, $1YiQ "i per yard . . . ... . . . 1 : : ... :J2.00 yalueTCrepe de Chirie; 36 and 40 (Sjtl OQ v - inches wide, per yard ; ; . . . . ... W fJ7 f36-ihch Sari Silks, in all colors, ttip , per. yard . . . ... . ... :.,;:V..V. 36-inch Silk and Cotton Crepe, per yard'.:... . 36-inch Silk Poplin, per yard . . . ... $2.00 value Shirting Silks, y per yard ; ... . . . C $1.50 value Silk Striped Voiles, ; per yard v .-... ...... . . . . 85c value Silk Striped and Checked Tissue,' CQ per yard . . r ... "vC Beldings guaranteed Taffeta, brown, dJO Of black and navy, per yard . . . . . vy. $LfOu $3.00 value Black Dutchess Satin, : , dJO 1 A per yard . .. ... ... ... ... . $3.00 value Wash Satins, in white and" dj OQ . flesh, 36 inches wide, per yard ...... tP 1 OV $1.19 :98c $3.00 value Black Charmeuse, 40 f A 1 inches, wide, per; yard : tPf5fWir. 27-inch China Silk, white, pink and blue, ; ftQL - per ysircl - , sr 6-inch Jap Silk: (all silk), in white " dj fQQ :nly per yard v. 'vrv;; v; . rv. . OTP lOOuyalue Satin Foulard, 36 inches dj AO wide,: per yard . . . ; . . ... . . . . . : w k 50 $3.00 valuej yard wide Figured Satin, : d AO per yard . . . . pX0 old monarchy totalling many billions and there were again the loans upon war bonds. . . ! ; The Austro-Hungfirian , bank had many ' branches. Its : power r.eached throughout the empire and nearly all of the branches were housed in its own buildings, many of them very valuable. These (buildings were promptly seques tered by the various succession states which are. still using them under more or' less -vague promisise to pay for thenx " There were a few debte- to creditors We Refund Car Fare on Purchases of $3 er over SILK HOSIERY; GLOVES AND MIDDY TIES $4.00 value aU-sillc Black Hose, V dJO OA per pair . .. , . . . .. . t. w . '. . . Pm0. $4:00 value Full Fashioned Silk Hose, djo OA J per pair" . . . . . ."v ; : . . v. V. 4iPF-' $1.9 per pair $3.0Q value Boritex Silk Hose, blaQk white, brown, per pair . . .v. ..... , $2,00 value Silk Hose, black, white, - brown, per pair $1.50 value Silk Hose (black only ) per pair V. . . . V . . . . . . . - Ladies' Black Silk Gloves (stitched n white), per pair $1.50 value White Silk Gloves, per, pair ...... $1.50 value Silk Middy Ties, -each . . ... ; . 15c value Silk Windsor Ties, "each Ladies' and" Children's Silk - Handkerchief sA'. . . . . . . 8 .. ... lDc 75c $L19 98c 98c i 39c and 25 c Go . .Wilmington's Popular Uptown Department Store' 615-617-619 North Fourth Street 99 -i , PHONES NUMBERS 117-ll8 . . ms. ATa l d t a r a a oil tim ii ih in i iii hi v r finance saw-the possiMimes. xne Dan.. V" 7 .1 ' " 3 lost-170.000.&00-crowns of its gold currencies. These thebfcnk was pre- 3 - -- . . " stock and the loans had Increased by a billion with a corresponding Increase of note issue. Subsequently events are as clearly -. Indicated in , the weekly statements as during the month of August with the declaration of war the loan account had increased by an other billion ' crowns and by the end of the year the gold stock had lost 390,000,000 crowns,, the note Issue had Increased by 3,000,000,000 and the loans over 2,000.000,009. . - - - I . - 1 Effeet of tbe War The demands of the government steadily increased so that by the end nf 191K the bank had lost another 400,- nno.nnn crowns: a' sear later the gold reRArve was reduced to 350,000,000, be vn,. lie-v' aooarently did not paring t5 -pay on the theory that they constituted a different-; class or debts from the irredeemable banknotes: With these jaid there would remain for dis tribution among-the succession states. making allowances " for - buildings seized, the remainig -gold, In addition to some balances abroad, in England. France and the United States which had been seized by these governments. No one seems, anxious 'to accept its loans so this once great institution is belnsr llauidated, the executors finding only a few millions In gold to contrib ute to its billions pf debts. No. one Days, attention to the shareholders. manv of whom are nationals of neutral n tries which had no part In the making of the treaty. JEFFERSONIAN SIMPLICITY AT HARDING'S INAUGURATION Ev Coming Inaugural Will Mark First Swing of Ceremonies Toward a ?: rrUaa TafFarum WnllcMl in the Camtol ' dlllipUvl 1 DUIVC X IVIUJW rMM.,m.wrr . . - . 121 Years Ago and Took the Oath of Office ; . Other Inaugurals in History WASHINGTON, Feb. . 2 . Inaugura tion of President-elect -JHarding will mark the ilrst swing of ceremonies tor ward simplicity since Thomas Jeffer son toiled up. capital hill afoot, 121 years ago. , . ' - . ' '" ' ' r. The ceremony of administering : the oath will be as It was prescribed by aeorg;e Washington. There will be no change In its utter simplicity, but Mr. Harding by his own decision will enter upon his great task without the pomp and parade, that have. Increasing Jy surrounded that solemn moment as the years went by. Not- even the "salvos of artillery" that heralded the dawn of Jefferson's inauguration win wake the sleeping echoes;; along the. Potomac next Friday. y-i'' '".y t? -?t" Gone too will be the Inaugural pa rade, time, honored since regular and rallitla troops blazed ;the historic route, up Pennsylvania avettue to ."the Pre s? ident's house" when Presiaant Madi son . rode in - state to take .up ' duties laid down toy Jefferson. ' Weather alone has prevented or hindered this national spectacle la the years that followed. Gone also the" decorated floats and the soldiery : from many states which accompanied President William Henry Harrison as . he- rode his horse to the oapitol to take the'; oath; gone the tramping ranks of cabinet officers and clergy and professors-and students of Georgetown university which made the historic-jouniey with Polk; ffOnS the military splendor of the pageartts that marked elevation to high joffice of sol rllerly Zachary Taylor and.P.. Grant. Among r: things of the more recent past to be revived for Mr, Harding will i.. tvio D-r-n nnA wniTB .ciaa Jineu w guration. President Benjamin Harri son rose at .the head of his old regi ment, the -70th Indiana volunteer in fantry. President jacKiniey.: was es corted - by troop A of Cleveland's "Black Horse", cavalry. , ,J without formal ceremony .other than private administration or nis oam ox omce. iyier, i nis uuiiie in nwuc ton, Fillmore at the capltol.. Johnson in the office ot the president, Arthur at his home in New York and Roosevelt In Buffalo thus t$pk up the presidency. (jurious . vaies, many now auuui legandary and some of them tingled with bitterness of partisan feeling of their day, lhave drifted downnne yers from inauguration, periods long gone by. Much' lias . been written and said of the Jefferson simplicity' or , tne t!hird President; yet not' all of it; ap. pears to be well-founded on fact. It has been often repeatea mat jei- f erson rode his horse to his inaugu ration, hitching the animal to a fence near the capltol while he went to take the oath. Investigatlon.by historians appears to have established, however, that it was an -incident - eight' years Jefferson surrenaerea pi- Madlson. from which this ac mrant SDrang. He' did rme to see nis successor Installed, leaving nis corse at a toitchinsr post meanwhilethen set ntr f f ht Virginia home at - Monti- it also annears that jerrerson naa olanned a more elaborate inauguration (emmon-r . than actually was held. He was escorted into tne city oy. woop of cavalry the day Beiore taaxng toag- -ntr At "Conrad and McMann'-s- on New tuv Avenns. zou steos worn: b a.y v v.. . - - . it-ol .where he - was to -tatte, uift-oiuu. .jy coach and four was - en route frota his home to "carry him' to the 'steps of the capltol next day. but failure of "Jacky JEppes" to get thrbugfh with it INSURANCE i ARGUMENTS . ARE AIMED AT DADDY Children'-Write .on Subject of -Family Protection- ;- The 'schboi hljdren? of ' Minneapolis nave-Deen , -writing v on tne supjeci ot Fa s" lite .insurance, jsome struting reasons for . ther gr-eat personal . in terest in the -mattexare revealed in their contributions.. ' The, letters which won first .and: second prizes; respec tively, are reproduced here: ' ' First Prime Gosh! I wish Pa'd took out a Life Insurance. I guess it 'tain t much fun to be ded, so you can't go swlmmin' or nuthinV but probably they have more fun than. that,. up :in tieven wnero my ra's gone, rwhere its all flowers and angels slngln ' and everything, but It don't seem fare, for P, to be havlr! such a good time, and Ma's, she's havln to work like everything; she gets so tired and don't laf any mors nor ; nuthln cause 'she sajrs . the lars all topje out of her.'My borther Jo'n had "to quit" school and be a isrit all his life, 'cause .he has to help make a liven. Pa always said we'd buy our house -And save money that -way,-when .Ma; teased him to take out a L.lfe Insurance, and said he want goin' to die 'very soonr that; shows Pa don't know everthing, 'cause now he's ded, and .the house ..ain't pade'fo.f, and we got to move and we're as poor as Job's turkey. ; Ma says Job "needn't kick if . he had a turkey. . Ma, said we'd had two or three, it Pa'd hard Ldfe Insur ance. JEROME SMITH. '..; .' '..' Second Prhe c V - My Daddy is not a .rich man and is un4ble to save a large-amount of money for us in case of his death What can he do for our future? There .Is only one way a Life Insurance policy; - Life is like our 'national game, my Paddy the batter, as he steps up to bat he faces extravagance, the pitcher, with Mr. Goodfellow.Hhe catcher,- hopi ing to fan him out. Perhaps hethits the ,: ballif .. Shortstop, waste; richt fielder, drink; - left fielder, gambling, and center .' fielder, the. automobile craze, all ' stand ready - put him out. If they fall, first baseman, false pride, is on. the Job. He steals away from him to fthd another enemy, wasted op. portunlty, on second. Having got ' the best of these bad habits, he finds self ishness 6h 5 third ; but - by systematic saving and overcoming of his. enemies, he slides in home with his family's fu ture welfare safe. A. poor man -must fight all these things in this game' of life. Sometimes he , thinks, .. 1'Can I afford life . Insur ance?" He cannot afford-to be without it. It Is. the friend Of the poor. Can my Caddy be without Life Xn-:: surance? My vanswer is "No! MARY JOHNSON IX SAME REGIMENT ; :-'V; :,;'.:-,-:::-f ' TWENTY-ONE YEARS BOSTON, Feb. 26. High tribute to Sergeant Ernest J. Trutner,vv of Service; company, 13th . regiment, is paid-in the current- Issue of; the "Camp Devehs ' Bayonet." Sergeant , Trutner. known to regimental.' associates as . 'Ple,''v is the . dean of-the regiment in point of service, -and. "the oldest, young map In camp.': He enlisted in, the thirteenth , In 1900. and has' been . on : duty with 's that outfit ; ever since. . . , f ,' a The name -of Trutner is a tradition, with the 13th regiment,: :;: Sergeant Trutner's father and " three brothers ; having -seen servfee 'under Its .colors. ; rlV nrnhltfmil s -TTlflv. hft ! A four years ahead of Mr. Harding as in time because of muddy roads, left he turns with the weight of his oath Mr. Jefferson afoot and he walked with upon him to the work, he has himself friends from ftis odgflngvnext day to tj nin k : ft1Htior 'ft'.firrim r tenaeriAKH Mm 1 nan eru ration. ' "r i -:- ' : "' I Jeffersori - was not accompanied by i. ,..nr. Vi iuv. I hi. nmAMiMior. Jobn Adams. In pro ing. -- - . ' s - - A test; against thl: action; ,of the house ?iratnn -ir'nn seW Was'hine-ton-'ln I n settUn r' H. : tie by ';lectlbtt of JJeffer-i enemy hands and "the President's son,' President Adams left the city at house" flred "by Brltisft; tne drumming i dayoreaK. iMugumnuu u., , - r -fiTli war e-aa.r pnilort I President Monroe was , the first ex- .a tih nonita.v tn th tirewlntfl phHva to take the oath ;OI office on .' -iJi n' TlnAMn'. Lv. .f. nnvflnnnf thft- canitOl. A COn- ears as he pledged his faith, his very troversy as to whether the sertate or life,- to his task. Yet Douglas, his de- house chamber should witness the proj f eated rival.stood at his side and theld ceedings was settled by tlls aeclsioii his hat 'as Lincoln bent his long figure to beg the issue, and President .H- ' t 1.1- A.ti, nuh hi linn nnn'n tri ino- weather oermitting, will. take tne - . oath in the same plce. Otherwise, he I win conducted' to the senate chanv hi eh service. Lincoln, -saw the wraidk ber for the hohse will not be. in ses- and ruin of war . spreading f ar to the I sion. south beyond the Potomac i war maim ed men were groaning in hospitals hard; by where he stood to take his. oath and ahead lay bitter days of reconstruc tion. - . ' " Brei$ent Hayes was twice sworn In. Mar-4 was & Sunday that year. The election decision had - left a rankling sore behind it, for one eleotoral vote had def eaten Tllden.; On March a, pri vately lhe oath was first administered to ' President Hayes to be repeated in publio March 6.; V-' - ' . Wihen Woodrow ; Wilson - rode down nd with perfect unison up ,tne: great 8 venue. Inauguration . has oeea these future leaders of the army and for their brothers of the .midshipmen corps from .Annapolis, a great public flay, and the nation has lavished weU deserved plaudits on their appearance. When Polk rode to his 1 Inauguration, a "kid ' glove" troop of young , Vir ginians, the Fairfax cavalry, clattered before him .as special escort. It was the first time a' military organization had"' been specially distinguished in mich fashion, but at ; times thereafter incoming presidents have paid and re ceived compliments of the kind which vm be lacking at Mr. Harding's inau- at hia second American entry into the World war was at hand. The last. remnants, or.the court of (honor before the white house erected for inauguration had" nt dls- appeared .before the, nation was aflame with war - business.1" -J There have been ether inaugurations over which even a. darker-cloud hov ered, 'Andrew s Jackson took office -in 1829 soon after the. death of his wife which - curtailed inauguration; cere monies, and five times viceTpresidents have been called to the presidency v.rncri, death'of ' tlhe' PresldenVthree m ihv.' assassination... In each case the" vice-president took ujb his ; du.tles Aatf frrtm Jefferson s coacn ana four, whlcp. failed to arrive, for .his inaugnration, several presidents have used conveyances In riding to tb cap ltol. Jackson, rode- to the ceremony in a" four-iorse phaeton fashioned from the Umbers f the old -frigate Consti tution andwith & j)ictuTe;of ship un AAfi fun sail . tainted on- the - panels. "Altogether It would be very creditable turnout for Long Acre? said one con. trr.rtrarv writer - The phaeton -was also used t Tan Buren's Inauguration 'to succeeds Jacksori, though the same writer notes th.t during his incum bency,5 Jackson drove much behind "a high-stepping, "bony, old iron gray Steed'! attached ? ttf a sulky, presented, by "some eccentric ' mechanic,"; which was'- tnade' entirely out 'of trough-cut hickory with the 1ark on'' and had "very much the loek of Old Hickory himself." - . w 1 GenetaV Harrison, thoiiff he rode his. horse V the capltol, returned to tne white house tn a coach "-presented to him by "the Whigs of Baltimore." v i Nothinar remarkable about ' "a Straight ;airplane;.fil5ht toT.Cub a - "straight" flight back ; would be- Atlanta Constitution. . 4 1'-. Uresses 'i ' ' 'ing $12.9KB$39.5p xra-hft'erA n-p fTi a '"-. nl Ann i n ' f: savings, a n a purcnase, stQii&NJimj 7s. Plaid Wool: Io: All are in - the style and H .-r- v -v.-?-'' v.. ..- ;, ; L color ; combinations most iriidanE at i this time. I also oplpnyaos' Rare Offering U ;Y:i..Ji"- A - it: . . : I it - 1.1.-:..' t t 5' 'C".'':V'' - ' '! -if . Vi. - 'v'"' f .- .' - , .-...I ' "v. Sizes 2 to 8 years 98c $3.98 Ocy tioi pyrget sea these ; cute little suits made bf good, Cashable materials, v Russisa: Blouse; Middy : of Oliver Twist Styles:' i i.-..--. !.- .-? v.. ; "V v T-7 Y.Y ;v, ', .,; y-..Y- '-''''.." " ; :'-v-
Wilmington Morning Star (Wilmington, N.C.)
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Feb. 27, 1921, edition 1
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