AMERICAN CABLE NEWS

Hokitika Guardian, 6 February 1928, Page 2

AMERICAN CABLE NEWS

By Telegraph—Press Assn., Copyright.

AMERICAN STOCK MARKET.NEW YORK; Feb. 3.

Tin: Stock Market gave' an impressive demonstration of its inherent strength in recovering part of the heavy losses of the opening dealings, which were made as the result of the rise in the rediscount rate,’cabled 2nd February. Some pressure which was apparent toward the close, was due to nervousness over a report of excessive brokerage loans. Sterling dropping sihaiplv on the theory that the higher hank rate would attract funds from London, but recovered, closing at 4861. AMERICA'S ARMY. WASHINGTON, Feb. 3. In the House of Representatives, Mr Collins denounced America’s “topheavy military csti'blisbntctit which Was next to France in size. lie added that the Army totals actually six hundred thousand taking into account tlie National Guard reserves. I’OSSJBJf.ITJIiS OF WAR, BRITISH NAVAL BASIS SCRTJTT XISF.D. WASHINGTON; Febunry 3. Admiral Jones continuing his evidence before the House Naval Cominitteee said he laid gained the impression at Geneva that some signatories of tho Washington Naval Limitation Treaty were planning action in 1934. to terminate the treaty in 1936. Admiral Jones declined to give the name of these nations.

In answer to Represenative Britten’s question as to whether France and Italy would denounce the treaty, which allows signatures to terminate it by giving proper notice, Admiral Jones observed that Britain must realise that another great industrial nation has arisen on the horizon, which is entitled to the freedom of the seas. This observation was made as a result of Representative Britten’s 'hypothetical question concerning an AngloAmerican war, and British Naval needs. Admiral Jones said that Britain in War could get food supplies from the Baltic and Afediterraliean coiintlTcs, He exhibited a map of tlie British bases to illustrate his remarks, and said, ‘‘Vou can see how easily six-inch guns can protect these lilies and cut our own lines.”

’ABOLITION OF submarines. WASHINGTON. Feb. 4.

Air Kellogg (Secretary of State) on Saturday advised the House Foreign Relations Committee that tlie United States Government was willing to sign a treaty with all the Powers, prohibiting the use of submarines entirely. A 1 USSOLINT’S JEAYELLED AVBEATH. NEW YORK, Feb. 4. Considerable amusement was afforded upon the arrival of the Italian Consul General Zuinini, at Chicago, with credentials showing that he had been unpointed a '‘minister’’ to Chicago. He snkl that Alussolini had been very much affected by the heavily jewelled wreath sent to ifim by Italian Americans of the Afiddle West and his ministership was tangible evidence of Alussolild’s goodwill towards Chicago. U.S. OIL SCANDAL. CHAIRMAN OF STANDARD COY. ARRESTED. WASHINGTON, Feb. 4.

Robert Stewart, Chairman of the Board of Directors of the Standard Oil Company, Indiana, was arrested tonight, following upon his second refusal to tell the Senate Oil Committee about the disposition of three million dollars re sale profits of the extinct Continental Trading Company of Canada, of. which the Government alleges Fall received over 230,000 dollars. Proceedings for “contempt ” will be in order, if following his arraignment to-morrow before \Tce-President Dawes in the Senate, he still declines to answer questions. There have been hut few cases in American history when the Senate has taken on the aspect of a court of law meting out punishment to private citizens.