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THE BOSTON HERALD, TUESDAY, MAY 14, 1985
REVISITS SCENE OF TRIUMPHS
Once America's premiere flier, Miss Ruth Law, as Mrs. Charles A. Oliver of Beverly Hills, Cal., yesterday thought in Lynn about her exploits over the old Saugus race track.
Our loss of gold, added to the calamity of declining trade, falling commodity prices, and widespread unemployment, caused bewilderment and then panic. The disaster swept over the country with the fury of a hurricane. Within a few months our financial structure was in a state of collapse.
In the month of Feb [[?]]
This is the more remarkable because the volume of our agricultural exports was declining.
In 1934 we shipped one-third less cotton than in 1932; but...we got 7 per cent more money for it.
We also got a higher price for our wheat, but the drought can account for most of the increase.
QUOTAS, EMBARGOES
Our wheat exports have been affected by quotas and embargoes. Some
[[?]] of our former customers pre-
[[?]] for reasons of national policy.
[[?]]own wheat, regardless [[?]]
Firms Living up to NRA Codes to Benefit [[?]]
Maj. Merton L. Emerson, New England regional NRA office, announced last night that the NRA ha[[?]] been authorized to pass upon all go[[?]] ferment bids on PWA project [[?]] also o all loans registered under [[?]] reconstruction finance corporation [[?]]
The new arrangement, Maj. [[?]] son said, "will give the firms who [[?]] up to their NRA codes an advent which chisellers cannot obtain. Other words this another instant where it pays to live up to [[?]] honest and reasonable business [[?]] tice."
Foreign trade is not intended to [[?]] sure business but merely to [[?]] our normal share. so far from gaging in competitive devalue[[?]] race with the other nations we [[?]] out to them a currency of s [[?]] steadiness that the normal tends may very well aid the rest of [[?]] world to more gradually toward p[[?]] tical exchange stabilization. If can be achieved, the final step sl[[?]] come easily and almost of its accord. Unless somebody rocks the boat that would be the natural [[?]]
In estimating the future [[?]] foreign trade in reaction to our [[?]] cary policy, we may as fa[[?]] questions theater we wish [[?]] aboard vast quantities of good [[?]] the buyers cannot pay for [[?]] Lend them the money. Of [[?]] we want more paper there [[?]] of international bankers to [[?]] the details.we felt rich [[?]] paper during the roaring [[?]] Now we know better.
In place of paper, under [[?]] ation of our new monetary have been receiving large[[?]] of gold and silver. Some [[?]] to settle trade balances, [[?]] represents capital seeking [[?]] our sound currency. Va[[?]] mists will tell you that [[?]] likely to end out foreign [[?]] first we strip the world [[?]] tehn our foreign trade [[?]] are not stripping [[?]] We have more gold [[?]] but the world [[?]] gold is also increase[[?]] duction proceeds at [[?]] one billion dollars [[?]]continue to increase [[?]]tions are [[?]] meanwhile [[?]] held by the va[[?]] leaving chan[[?]] cent. of all th[[?]] and now France
[[?, Situation]]
[[?]] pay for Ameri- [[?]] ould trade with extent, buy they [[?]] could [[?]] physical volume [[?]] dropped about [[?]] to 1933, but [[?]] almost one half [[?]]
[[?]] increased her [[?]] by 16 percent [[?]] year; and [[?]] To say that we [[?]] world-wide mis-[[?]] accurate, be-[[?]] an addi-[[?]] remaining on the [[?]]
[[?]] export trade de-[[?]] which prompt- [[?]] their share
[[?]] countries became [[?]] could see the [[?]], They and [[?]] to have foreign [[?]] sometimes thse [[?]] going in the [[?]] fast as they [[?]] as stampeding [[?]] y, always leaving [[?]] it was needed, [[?]] new hosts any [[?]]
[[?]] To Leave
[[?]] 2, gold began to [[?]] ates in alarming [[?]] fair notice to all [[?]] r turn was next. [[?]] cking at our door, [[?]] was done to [[?]] knew that we [[?]] in our currency at [[?]] without a further [[?]] of our prices, trade [[?]] activity. Facing the [[?]] previous aministration [[?]] used to take action, [[?]] the impression that [[?]] ud achievement, when [[?]] y economic suicide.
[[?]] ad left here more than [[?]] urs to enjoy our high [[?]] and prospects of quick [[?]] what was happening. [[?]] what it was high time to [[?]] ley home. They did so, it was on. We could not [[?]] their defaulted paper [[?]] alled for their money. [[?]] t even offer them their [[?]] not in default. We [[?]] have the money on loans; and they had [[?]] loans here. Our long- [[?]] was not due, while their [[?]] loans could be collected [[?]] stocks sold. They could [[?]] for every dollar [[?]] what they did. [[?]], in the first six [[?]] witnessed the [[?]] gold going [[?]] atest credit [[?]].
[Picture]
Once America's premiere flier, Miss Ruth Law, as Mrs. Charles A. Oliver of Beverly Hills, Cal., yesterday thought in Lynn about her exploits over the old Saugus race track.
Our loss of gold, added to the calamity of declining trade, falling commodity prices, and widespread unemployment, caused bewilderment and then panic. The disaster swept over our country with the fury of a hurricane. Within a few months our financial structure was in a state of collapse.
In the month of February [[?]] and un to the [[?]]
This is the more remarkable because the volume of our agricultural exports was declining.
In 1934 we shipped one-third less cotton than in 1932; but... we got 7 per cent. more money for it.
We also got a higher price for our wheat, but the drought can account for most of the increase.
QUOTAS EMBARGOES
Our wheat exports have also been affected by quotas and embargoes. One of our former customers pre-[[?]] for reasons of our national policy. [[?]] our wheat, regardless [[?]]
Firms Living up to NRA Codes to Benefi
Maj. Merton L. Emerson, New England regional NRA director, announced last night that the NRA had been authorized to pass upon all government bids on PWA projects [[?]] on all loans registered under the Reconstruction Finance Corporation.
The new arrangement, Maj. Emerson said, "we will give the firms who [[?]] up to their NRA codes an advant which chisellers cannot obtain. other words this is another instance where it pays to live up to [[?]] honest and reasonable business practice."
foreign trade is not intended to [[?]] ture business, but merely to protect our normal share. So far from gaging in a competitive devalua {{?}} race with the other nations, we [[?]] out to them a currency of [[?]] steadiness that the normal tendencies may very well aid the rest of [[?]] world to move gradually toward practical exchange stabilization. If [[?]] can be achieved, the final step [[?]] come easily and almost of its own accord. Unless somebody rock[[?]] boat that would the natural [[?]]
In estimating the future [[?]] foreign trade in relation to our [[?]] tary policy, we may as well [[?]] question whether we wish [[?]] abroad vast quantities of [[?]] and the buyers cannot pay for [[?]] lend them money. Of [[?]] we want more paper there [[?]] of international bankers to [[?]] the details. We felt rich [[?]] paper during the roaring [[?]] Now we know better.
In place of paper, under [[?]] ation of our new monetary [[?]] have been receiving large [[?]] of gold and silver. Some [[?]] to settle trade balances, [[?]] represents capital seeking [[?]] our sound currency. [[?]] mists will tell you that [[?]] likely to end our foreign [[?]] first we strip the world [[?]] tehn our foreign trade [[?]] are nor stripping the [[?]] We have more gold [[?]] but the world [[?]] gold is also increas[[?]] duction proceeds at [[?]] one billion dollars [[?]] continue to increase [[?]] tions are restor[[?]] Meanwhile, [[?]] held by the [[?]] larming [[?]] cent, of all the [[?]] and now [[?]] France [[?]]
Transcription Notes:
Some of the text is cut off with how the piece was ripped
