AMERICAN CABLE NEWS

Hokitika Guardian, 16 July 1926, Page 2

AMERICAN CABLE NEWS

[Reuter Telegrams.] HUGE BANK SMASH IN U.S.A. XEAV YORK, July 14. An Atlanta message states that 49 banks in Georgia have already closed their doors, and that the number may ultimately reach 120, all of which are operating in Georgia and Florida, and are partly financed by the Bankers’ Trust Company, for which a petition for a receivership has been filed. This is the most- important instance of wholesale . bank failures in America since the financial panic in 1907. However, the banking officials point out that its effect probably will, not be so serious. since many of these institutions are technically solved.

The petition for .the receivership alleged that the Bankers’ Trust Company was insolvent, due to a misuse of the funds, and alleged fraud.

A small nhmber of the institutions are able to stave off bankruptcy through arrangements for funds with other hanks. The majority, however, have depended on the Bankers’ Trust Company for financial aid. and they are therfore compelled to ask the State Banking Commission to take over their affairs.

The embarrassment of the Bankers’ Trust is said to be due to the recent failure of several independent Florida banks, following on the end of a real estate boom in Florida.

AMERICAN’S NEW RECORD. NEW YORK, July 11. Twenty-eight days and fourteen and a half hours after leaving New York, Edward Evans and Linton AA'ells arrived back here at four p.m. on AVeclnesday, thus establishing a new refolded in encircling the world. The best previous time was thirty five days and twenty one minutes. It was made by .loliii A [ears, in 1913, with aeroplanes. NEAV YORK DISASTER. AIANY BURNED TO DEATH. NEAV YORK. July 14. At Tanncrsville, New York, twelve bodies, the identification of which is impossible, were recovered from tho ruins of |a mountain resort near here, which was burned to the ground early on AVcdnesday. There are sixteen guests and seven employees missing. EIRE DISASTER. NEAV YORK, July 14. A fire swept Catsldll, a famous summer resort. A report states twenty three were killed. A stairway collapsed when the guests attemped to escape. It was ail old wooden building and many, women and children were burned when they tried to leap from the upper windows. Alothers drove their children ahead of Them through smoke and flame-filled halls, and threw them .to the volunteer firemen, who waited below.

CANAD LAN ATTITUDE. (Received this day at 8 a.m.) OTTAAVA, July 14. Air Aleighau denied London reports that ho has asked for the postponement of the Imperial Conference. He said: “.As far as Canada is concerned, the October date can stand. Canadian elections have been fixed for midSeptember.” RUSSIAN REFUSED LANDING. (Received this day at 8 a.m.) AVASHINGTON, July 14. The State Department announced the refusal to allow the landing of Sokolnikoff, former Finance Alinister of the Soviet, who is representing the Russian State Bank.

BUSH FIRES. VANCOUVER, July 15. Following extremely dry weather in Rritisli Columbia, the forests are being swept by bush fires. Two women and two children were burned to death on the highway near Banff, where an automobile was caught between burning timbers. U.S.A. EXPORTS. WASHINGTON, July 14,. The United States foreign trade for tire fiscal year of 1926 showed a favourable balance to the extent of 286,328,VII dollars compared with one of 1,040,452,789 dollars in the previous year. The U.B.A. Secretary for Commerce Mr Hoover, announces that the total exports were valued at 7,756,517,204 dollars and the imports at 4,466,687,793 thus constituting the lowest trade balance, except.the year 1922 since before the war. The Deportment's experts declared that the underlying cause was the m creased productivity of Europe in the war reconstruction periods. Air Hoover asserted that the world is growing healthier financially: “The figures cf other countries are reverting the tremendous flow of money into the United States, which started . during the war,” he said, “and which has continued ever since. The decreases in purchases made in the United States by Britain and Germany are almost startling. Further, it i.s estimated that the British rubber monopoly has added nearly 250 millions to the value of the United States imports.

CANADIAN PROTECTION POLICY. OTTAWA, July 14. At Renfrew (Ontario), Hugh Guthrie (Alinister of Justice in the Aleighen Cabinet) predicted in a speech that Premier Atcighen * would solve the problem of co-operative marketing. Ho asserted that every treaty made hv the late AlacKenzie King Government had lost the people of Canada millions of dollars. For example, he said, Australian butter mid eggs were given practically a free entry to Canada at a cost to the of the country.

He declared: “Air Aleighen stands for stability and for a protection that will protect, and will not injure r. 15 section of the country.