Review of the Month (bab4dec2-cb67-422d-b16f-5d4a5a70c615)

THE great event in American affairs was the sudden death of President Harding, on Aug. 2, in San Francisco. A few hours later Vice-Presi¬ dent Coolidge took the oath of office while in his father's farmhouse in Vermont and forthwith proceeded to Washington as the 30th president of the United States. The French and Belgian governments' replied to the British refusing the proposed discussion of the German offer and declaring that they would pursue their policy in the Ruhr until the German government abandoned its resistance and surrendered unconditionally. The economic collapse of Germany .appears to be nigh. Chancellor Cuno and his cabinet resigned the govern-ment of Germany on August 12, and Gustav Strese-mann, head of the People's party, accepted the task of forming a four-party coalition government. Coinci-dentally, there were food riots throughout Germany, and many persons were killed and wounded. The , National Assembly of the Turks at Angora ratified the Lausanne treaty, in the latter part of August, whereupon the retirement of the military forces of the Allies from Constantinople and the Straits began. Thus, Turkey was fully reinstated as a European power. The Greek government also ratified the Lausanne treaty and commenced to put its army on a peace basis. The number of unemployed persons in Great Britain is again increasing, which is causing much concern. The flood of crude oil and gasoline, which is severely taxing storage capacity, had its natural economic effect. Some small refiners were constrained to liqui-date in distress. The Governor of North Dakota, having acquired a supply of such cheap gasoline, insti-tuted a drastic cut in price, deliberately egging on the big refiners to do likewise. The Standard Oil Co. of Indiana accepted the challenge with enthusiasm, say-ing that it had always been its policy to sell as cheaply as any competitor. There was a humor in this situation which paved the way for the Standard to extinguish its small competitors and do by invitation of the State exactly what the muck-rakers had always charged as its greatest crime. The gasoline war spread to other states and reductions in price were made even on the seaboards. All of this was purely economic.