Indianapolis Times, Volume 42, Number 277, Indianapolis, Marion County, 31 March 1931 — Page 3

* MARCH 81, 1931

FINANCE CHIEFS TO CONFER ON ILLS OF WORLD l/lellon and Bank of England Head Will Discuss Gold and Silver Crisis. tiy United I’rtsD WASHINGTON, March 31.—Two elderly gentlemen, dominant figures in world finance, Andrew J. Mel- j ion, secretary of the treasury, and Montague Norman, governor of the Bank of England, will meet here soon to discuss the international economic situation. The world financial situation that brings Mellon and Norman together is unique. It revolves in part about a peculiar development a regards J,he two precious metals which constitute the world’s monetary system and basis of value—gold and silver. The United States now has the bulk of the world’s gold, a total of $4,689,000,000. May Affect Gold Standards It has been flowing in, to the worry of economists, at a tremendous rate, due to the attracting influence two years ago of the skyrocketing stock market, and the world economic depression of recent months, which has discouraged the call for it from other nations. Presence of this huge stock in the j United States, according to econo- : mists, may have a bad effect on I the maintenance oi the gold stand- i ard in some countries, which, in J turn, would react unfavorably upon , the United States. The low price of silver, now about half of normal, is blamed by economists for some of the world ills. It i has affected China, particularly, j since China is on a silver basis. China’s reduced buying power, In turn, has afTected those nations from which she purchases, including the United States. England Is Involved England directly is involved in the silver situation through India. The alleged “dumping” of India’s hoarded silver on the world's market for the last four years is blamed partly for the low price of this imixirtant commodity. Her silver gradually has been fed to the world market since she went on a gold exchange basis in 1926. President Hoover and his treasury secretary now are studying this problem in connection with the Pittman resolution passed by the senate authorizing the President to call an international conference to discuss this situation if he considers it advisable. PAINTING IS GIVEN PRIZE Miss Constance Coleman’s Oil Wins Annual Exhibition Award. Visitors to the annual exhibition b' In.iiana artists at John Herron Art institute, from Feb. 28 to March 29. awarded an oil painting "Street Lights" by Miss Constance Coleman, 4314 Central avenue, first In the popular prize contest. It received 13G out ol 690 votes. Another painting by Miss Coleman, “The Lone Man,” was fifth. Naval Reserves Are Inspected United States naval officers inspected the fourth battalion naval reserves at their armory, 730 East Washington .street. Monday night. Captain O F. Heslar was in command of the reserves. Before the Inspection, the visiting officers were guests of the reserve officers at dinner at the Columbia Club.

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THE INDIANAPOLIS TIMES

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