The Daily Worker Newspaper, June 19, 1925, Page 5

NEW YORK FIRST NATIONAL BANK HAS MIDAS TOUCH Very Few Holders of Valuable Stocks By LELAND OLpDs, , (Federated Press Staff Correspondent) A quarterly dividend of $2,500,000 declared by the First National Bank of New York on its $10,000,000 cap- ital stock means an annual dividend rate of 100 per cent on the stock of this branch of the Morgan combine. It means that the owners with a nom- inal investment of $10,000,000 will re- ceive $10,000,000 back each year as their share of tho tribute levied by bankers on industry. Tn recent years the owners have been satisfied with a mere 60 per cent. During that period the bank ac- cumulated surplus profits of $68,000,- 000, nearly 7 times the par value of the stock.. The recently announced increase in the dividend rate caused the market value of the stock to jump to over $2,600 a share. Profits Go to Small Cirole. That the bulk of bank profits go to a little circle of multi-millonaires who constitute the country’s money aristooracy is revealed by a compila- tion in the Chicago Evening Post showing 24 owners holding $32,949,- 890 of the stock of Chicago banks. The Mst starts with the N, W. Harris estate, holding worth $4,228,260 and includes only those owning more than $1,000,000 of Chicago bank stock, For that reason Hell ‘an Maria Dawes does not figure, as his bank holdings only total $759,994. But that ought to help out his vice-presidential salary. The estate of E. C. Converse in- cludes New York bank stocks now worth more than $8,000,000. Con- verse held 9,777 shares of Bankers Trust, 4,375 shares of Guaranty Trust and 4,000 shares of Liberty Trust, to mention only ‘the largest holdings. These are all parts of the Morgan combine thru which railroad and in- dustrial corporations are manipu- lated, Wleld Great Powers. The power over the country’s eco- nomic life exercised by bankers thru the funds which small investors have accumulated in life insurance com- panies is shown in a recent study of their assets by the superintendent of insurance of New York state. His figures show that today $9,000,000,000 of the country’s wealth is controlled by life insurance companies. The largest item is $3,863,644,281 of stocks and bonds... Next comes. $3,465,104,338. in mortgage loans. For a generation the New York financiers have used these huge assets in building up their control of industry. Letter Carriers Pay Own Pensions. NEW YORK.—Postal employes are unjustly required by the U. S. govern- ment to pay their own pensions from their salaries, it was charged at the annual memorial service of the New York Letter Carriers’ Association. It was declared that “hardship and the dread of poverty in old age” hastened the death of letter carriers. Postal workers’ pensions are $720 a year; 3% per cent of the weekly pay is deducted for pension fund. MELLON TAX PLAN TRANSFERS': LOAD FROM BIG CAPITAL ON TO PETTY BOURGEOISIE INTERESTS By LELAND OLDS (Federated Press Industrial Editor) The new Mellon plan for reducing taxes shows the persistence of the millionaire class in saddling the war debt on the backs of farmers, wage earners and the small salaried class who pay the bulk of the indirect taxes, The cut proposed in the maximum surtax rate from 40 per cent to 20 per cent and the elimination of all inheritance texes means a big reduction in the annual surplus available for reduc loans, Some Difference. The income taxes paid by the wealthy in this country are far lighter than in England as shown in the following Wall Street Journal figures for total taxes paid on various in- comes: Annual American British” Tica RAS a PES escheat Miers rt: SE SRO Bh ER RS ATR Hie Income tax tax $ 5,000 $ 50 $ 1,000 6,000 70 1,200 7,000 100 1,400 8,000 140 1,600 10,000 220 2,000 12,000 350 2,490 16,000 650 3,650 20,000 1,030 5,150 25,000 1,620 7,250 50,000 6,150 19,200 100,000 22,630 45,200 150,000 44,130 72,000 200,000 65,630 117,000 Rich Cleaned up During War. The justice of making the rich pay off the war debt cannot be questioned. The debt reached its present propor- tions because the financing of the war largely by loans inflated costs and produced enormous profits which enabled the owners of industry to ab- sorb liberty bonds without sacrifice. This method of financing was adopt- ed at the order of big business against the advice of conservative economists. A policy of high income and inher!- tance taxes devoted to paying the in- terest and principal of the war debt simply means that the wealthy are called upon slowly to cancel the usuri- ous mortgage which they exacted from the country in its war emer- gency. Mellon’s plan on the other hand will mean that small tax payers will be forced to pay off this huge mortgage over a long period in which the general purchasing power of far- mers and workers will be correspond- ingly reduced. To Make the Petty Bourgeols Pay. The Pollack Foundation for Eco- nomic Research describes the nation- al debt as “nothing but a kind of claim of some people on a part of the future production of all the peo- ple.” It says: “The liberty bonds issued by the United States were not devices for making future generations pay for the war. These bonds trans- fer obligations, not from one genera- tion to the next, but from some people to other people. When the two bil- lions of the First Liberty loan are paid, two billions will be taken from some people and paid to others.” Mellon and his millionaire clique are going to make sure that these bil- lions are taken from the workers and farmers, ’ Trainmen Die in Wreck. ‘ing the outstanding liberty and victory ++ Your Union Meeting Third Thursday, June 18, 1926, Name of Loca! and Place No. M , 271 227 93 nd Shoe, 1939 Milwaukee 14 Shermanville, ll. 186 lenview, lil. 18 d Bivd. 62 6416 &. St. 341 1440 Emma 8t. 434 South Chi., 11037 Mich. 504 Siren and Kedzie, 2103 758 W. North Ave. 180 rug Clerks, 481 S. Dearborn St., Room 1327. 134 Electricians, 1507 Ogden Ave. 795 Elect 7475 Dante Ave. 9228 Houston Ave. rl Sagingmen, 38th and Heres South Chin’ $701 &. City Hall, jarment Workers, 328 W. 4 Ladicse Garmont’ Workers, 1214. N. Hearing Ashland Ave. 100 Ladies’ Garment ‘orkers, 328 W. 12 ba Wokers, 810 W. Harrison tr 233 «Mould 119 S. Throop St. Van ren St. Paint istrict Council, 1446 W. Ada’ it. 371 — Dutt’s Hall, Chicago el 5 : 2 Piano’ and Organ Wkrs., 180 W. Washington. Pi bers (Railway), ~ y men, 78th and Drexel ve. a pd Clerks, 8188 Commercial ve 810 W. Harrison St. rs. 1 9206 Houston Ave. (Dairy), 220 $. A rs, 1 Ww. Wi it. (Note—Uniess meetings are at 8 p. m. ore stated all SICK AND DEATH BENEFIT SOCIETIES Frauen-Kranken-Unterstuetzungs Verein Fortschritt Meets every Ist & 3rd Thursday, Wicker Park Hall, 2040 W. North Avenue. Secretary. Government Has Slave Market to Auction Off 20th Century Bondmen ‘WASHINGTON —(FP)— Almost in the style of the slave-auction adver- tisements of 70 years ago are the of- ferings made by the U. S. employment service, in a circular “Clearance No. 18,” issued June 12 in co-operation READVILLE, Mass., June 17—Two with the District of Columbia public trainmen were killed today when the employment service. It asks corres- locomotive of a fifty-car freight train pondence regarding jobs for a list of from New Haven, Conn., rammed the caboose of a 48-car freight train from the same city at the Readville station of the New York, New Haven and Hartford railroad. OUR DAILY PATTERNS A PLAY DRESS. 6131. Printed crepe, or challie \ would be good for this design. The ‘ploomers may be joined to an under- ~ The smock may be finished with sleeves in short or wrist length. The pattern is cut in 4 sizes: 2, 3, 4 and 5 years. A 4 year size requires 8 yards of 27 inch material with % yard of contrasting material for col- lar facing and leg bands, if made with long sleeves, With short sleeves % yard less is required, Pattern mafled to any address on receipt of 12¢ in silver or stamps. NOTICE TO PATTERN BUYERS—The Retterns. being sold thru the DAILY WORKER does x keep a stock the date of mailin; not become impatient dolayed. the order. PITTSBURGH, PA. ‘To those who work hard for thelr money, | will save 50 per cont on all! Book of their dental work, DR. RASNICK DENTIST men, individually described. “Auditor-Bookkeeper” is thus. pres- ented: “Age 59 years. College train- ing. Also graduate of technical school ‘of commerce. Well versed in modern business methods; 30 years experien- ce as bookkeeper and auditor. Capable of general supervision of clerical force. References unquestionable. Fine type. Excellent physical stamina. Moderate salary in exchance for serv- ere THE DAELY WORKER WORKERS FLOCK TO CONGRESS OF THE SOVIET UNION Russi an’ Crowds Hear Speeches on Radio (Continued from page 1.) people were sitting on the stage, and upon my quesftion as to why they were there I was told that they rep- resented workers’ organizations of various kinds and that they had come to the Congress to place their needs and demands before that body. Among this group of workers was to be seen the venerable. revolutionary fighter, Clara Zetkin of Germany. Next came {tables and Seats resorved for the pre- sidium of thé congress and directly in front on thé stage wes a long table with seats reserved for the president |.| to achter, of the congress and the members of the Central Committee of the Russian Communist Party. Press Table Draped In Red "Right below the staze were sitting the foreign and Russian press cor- respondent, Evidently the Soviet gov- ernment {8 nof afraid to let the out- side world iow what subjects are discussed at the Congrecs of tho So- viets, for about 15 writers, represent- ing capitalist papers in the western countries, were busily taking down the proceedings. And they had fine tables, draped in Red, to write on! The entire lower floor was given over |to the delegates, over 2,000 of them coming from all parts of the Soviet Union, representing Soviets from Minsk to Vladivostok. They were all workers and farmers, their faces glowing with interest and de- termination, highly resolved to do something at this Congress that would promote industry and agriculture and increase the well-being of the millions of toilers in the Soviet Republic. There was nothing fanatical about them, only sober, serious, studious purpose Something really con- structive. A Congress of Workers’ In the réat on the first balcony, directly o) osite the stage were seat- ed representatives and diplomats of England, France, Germany, Italy, Nor- way and other countries. The re- mainder of the audience was made up of farmers and workers who had come from many parts of Russia to watch the congress in action and to talk over with the delegates the needs and requirements of their particular communit as well as the Soviet union in rel. Such universal in- terest among the workers in political imagesk ti po to.find in any pee country, but Russia... “Communist Leaders Present A soviet band Played the “Interna- tional” and Kalinin, the farmer pres- ident of the Soviet Republic officially opened the Congress. As Kalinin and the members of the Central Com- mittee of | Russian Communist Party took. their places on the plat- form, they were greeted with great applause. The ovation given Trotsky was especially lively, and this, gives the lie to his supposed expulsion from all party activities, as related by the capitalist press. Other prominent members of the Committee present were Zinoviey, Bucharin and Stalin. Far East Delegation. Greetings to the Congress were giv- en by representatives of various na- money. Shaw also made good money prov- ing in his own inimitable way that the war was a great tragedy. ~- ae ae BUILDERS AT RED WEEK DRIVE OPENS WITH ACTION Many New Subs in First Days The drive during Red Week opened with every prospect of securing a large amount of new subscribers that have never before been on the list of the DAILY WORKER. New York alone sends in forty-two new subs while Chicago and other clties show promise of reaching new fields for future Communist growth. Thousands of copies of the DAILY WORKER are being distributed daily and here are the subs already received on Monday and Tuesday, June 15 and 16, In The Second Annual Sub Campaign NEW. YORK, N. Y.—Seelen, (10); Ed. Schwartz, (4); Katterfeld, (4); Theo. Maki, (8); Paul Scherer, (2); Chas. Musil, (2); M. Malkin, (2); Szepeei, Bess! Bronstein, Gusakoff, Arthur Smith, H. Warshaw, Levitton, S. A. Pollack, Frend Cammer, Disenhouse, Surtshin. CHICAGO, ILL.—Czecho-Slavic branch, Bjornson, (2); Nancy Markoff, (3); G. Welsh, (4); Wm. Kuperman, Girsch, Mrs. T. J. O'Flaherty, John Russell, Novak, J. Albauskl. PHILADELPHIA, PA.—Lena Rosenberg, (3); J. H. Palio, (2); Samuel Weinberg, (8); Phillp Shatzky. PITTSBURGH, PA.—F. H. Merrick, (10); Emil Nishanen. BUFFALO, N. Y.—Chas. Dirba, S. Katz, T. R. Sullivan. DETROIT, MICH.—N. Stoyanoff, (6); G. D. Raduloff. WARREN, OHIO—A. Doago, (6); Wallace T. Metcalf, F. Bespeck. SAN FRANCISCO, CAL.—P. B. Cowdery, (4). CINCINNATI, OHIO—L. W. Weeks, (10). MAX, N. DAK.—John W. Trepp, (2). WINLOCK, WASH.—Aune Palola, (5). MINNEAPOLIS, MINN.—Dan W. Stevens, (5). PROVIDENCE, R. I.—Ralph Kominsky, (3), TOPEKA, KAN.—Jesse Keeple, (2). LIMA, OHIO—S. Wilkins. FRANKFORT HEIGHTS, ILL.—Wm. Schroeder, BINGHAMPTON, N. Y.—Joseph Horwath. WILKES BARRE, PA—Mario Benich, GLASSPORT, PA.—Thomas Lippanen. MILWAUKEE, WI8.—Gregory Prodanich, ST. PAUL, MINN.—8. Wolfe. PHILADELPHIA BUILDER GOES TO HIS UNION ; Meets Ready Response One reason why local Philadelphia has been able to be right among the | in the Sub-Campaign, is because of some outstanding work of individual Builders. Samuel Weinberg, a comparatively new member of the Communist unit there, has already learned of the beet field for bullding. Every two weeks, he takes with him a bundle of twenty-five copies of the DAILY WORKER to his local meeting and naturally he secures many subs. At the last meeting he took the floor to speak on the DAILY WORKER bullder of the organized labor movement and a discussion following resulted in five new subs to the DAILY WORKER. Comrade Weinberg as we mentioned before, Is a comparatively new member of the Communist Party—but he knows that it is a Party of action! AS WE SEE IT (Continued from page 1.) When the war was By T. J. O'Flaherty they prove it by accepting money from Russia to bring about revolution in England. Others are like Musso- Mni and the King of Spain, some are anarchists while more are Commun- over eee Page Five CHINESE HAVE STRONG GRIP IN PHILIPPINES Chain Stores Built Up for Trading (Special to The Daily Worker) WASHINGTON, D. C., June 17.— The chain store method of distribution which is popularily supposed to have originated and attained its greatest growth in the United States has been carried much further in many other countries, some of which can be class- ified as “backward” in other respects, occording to E. D. Gothwaite, of the Foodstuffs division of the department of commerce. Writing in a bulletin on the “Trade of Philfppine Copra and Cocoanut Oil” Mr. Gothwaide states that Chinese A UNIOTT®, DESIGN ‘a ice of very highest order. Location, Washington or south.” F A manager of a grocery department is also offered, and since he is 60 years of age the government assures bidders that he has “fine personality and physique warranting ability to stand heavy strain.” Women are listed, too, and here again “physical stamina” is guaran- teed in a number of instances, along with “fine personality” and a record tionalities, especially from the East. Picturesque characters from the Tart- ar and other republics had come all the way to Moscow to be present at the Congress and express their sym- pathy and solidarity with the aspira- tions of the first Workers Republic. Mongolia, which is very sympathet- ic towards the Soviet Union, had sent two representatives to the Congress, both of whom spoke highly apprect- ative of the work done bythe Soviets, thanks for the N a recent issue the New York Times, there appears a London dis- patch purporting to give the gist of a controversy between Shaw and Philip Snowden, leading British socialist. Snowden denounced the Communist Party in an article in a capitalist sheet (for which he got well paid); Shaw replied in a letter to the same paper, taking issue with Snowden for applying the term Communist to the extreme left wing of the British labor Foro AC bers a_i 5146, Kasha, tub silk, crepe, flan- nel or linen could be used for this de- tern | sign. Bordered flannel is shown in the illustration. The pattern is cut in 6 sizes; 34, 36,, t-| $8, 40, 42 and 44 inches bust measure. A 38 inch size. requires 4 yards of 32 your pattern 18) inch material. ‘The width at the foot is 1% yard, aan: Py i gig is Chg ll prccocgate. io sree fr] ? "8 & con: misses’, A cise and is coos baloie bay pov of working with “high-class” people after graduation from college. Women in their 20s and 30s offer expert serv- ices in big offices, as secretaries to managers, at $100 to $150 a month, Maryland Reverses Itself, BALTIMORE.—Workers who con- tract industrial diseases in the course of their employment in Maryland are now eligible to compensation under the latest ruling of the state. indus- trial accident commission, which re- versed all former rulings. In the case of a woman worker who had con- tracted necrosis of the jaw from phosphorus poisoning, the court of appeals ruled that the worker should be compensated for occupational dis- eases under the state law, giving the commission the basis for its new ruling. Spingarn Medal to Johnson. NEW YORK.—The Spingarn medal which is awarded annually to the citizen of African descent for most distinguished achievement goes this year to James Weldon Johnson, sec- retary of the National Association for the Advancement of Colored People. The medal will be presented at 16th annual conference of the association in Denver, June 30, . Ji investi- gatdd American misrule in Haiti, was U. 8S. consul in Central and South American countries and, is author of several volumes of verse and prose. b—make another Com. Kalenin exp Z greetings, pointing out that it was|™movement. Shaw says this element necessary for the workers of all lands | ‘8 ignorant of political etiquette, and to get together and do away with the| ists who suffer from the delusion that all those who call themselves Com- munists are Communists. eee oe kind of persiflage is the typi- cal Shavian way of treating im- portant questions, that he wants to duck. It means nothing, contains not a grain of sense, but much poison. Of course, it is hard to tell when Shaw is jesting or when he is serious, His profession of clown enables him to don the cap and bells when he wants to say what he thinks and wear a skull cap when he wants to jest. controlled chain stores have long held a dominant position in the mercantile” business of the Islands. In fact he says “there has been evolved thru sev- eral hundred years of operation a closed corporation of distribution which seems to defy successful com- petition.” This system, according to Mr. Goth- waite, is grouped about a few finan- cially powerful Chinese importing and exporting houses located in Manila, with wholesale distributing stations in all the chief centers thruout the pro- vinces and with retail stores extend- ing into the most remote barrios and native trading stations. As these trading compantes also act as factors and buying agents for stocks of Philippine products, espe- cially copra and hemp, and as they control this trade throuout much of the outlying unsettled districts they play an important role in the export field. Coolidge Sees Smoot of Sugar Trust and High Tariff Stands WASHINGTON —(FP)— Sugar ta riff rates will remain high, by dect- sion of President Coolidge, who has held up “under consideration” for a year past the recommendation of the federal tariff commission that the duty be reduced. Prices of refined sugar have meanwhile come down, but the sugar trust continues te con- trol both the importation of cane sugar from Cube and the manufacture of cane and beet sugar in the United States. Coolidge announced his @ecision just after he had had a long confér ence with Sen. Smoot of Utah, one of the beet department of the sugar trust crowd, who has to face the voters next year. Utah voters produce a large quantity of sugar beets. Sen. LaFollette last summer issued a statement showing that Coolidge had then suppresed for some months the recommendation of the tariff com- mission—a 3 to 2 dectsion—that the duty on sugar should be cut. He pro- ved that the maintaining of the higher rate was costing the American con- sumers hundreds of thousands of dol- lars each week. Silk Strike at Allentown, ALLENTOWN, Pa. — The Joseph Berlinger silk mill at Westherly is closed because of a strike of silk workers, The Associated Silk Work- ers’ Union has been organizing work- ers in this district for several months, E. W. RIECK LUNCH ROOMS Seven Places 62 W. Van Buren ( 42 W. Harrison 169 N. Clark 118 S. Clark 66 W. Washington | 167 N. State 234 S. Halsted PHONES, HARRISON 8616-7 W. Rieck Boston Baked Brown Bread nd Fresh Made Coffee a Commiceary and Bakery: 1612 Fulton Ct. Phone West 2549 capitalist system evérywhere and for all the time... Speeches Over Radio. The congress adjourned for the day. Outside the theatre in Moscow and many parts of the Soviet Union, the workers and farmers were listening to the speeches and the discussions over the radio, In the succeeding days, during the sessions of the con- gress, crowds. of people were to be Articles by Anna Louise: Strong (Anise) Wm. Z. Foster Roger Baldwin seen on the Red Square and in dozens ay zine in this country been so fortunate Lydia Gibson ff other sleds ae Mesooy, taking in|ip Gregory Zinoviev | |. 4. ther into one issue such a Pr the deliberations by radio-phone, and sen ga' ‘ ° Jim Waters I was told thqt. similar crowds in tho||$ Warl R. Browder | splendid array of proletarian writers, a Outen b Tees ee ca artists and poets. These writers— Fred Ellis ngress in Leningrad, Karkoff, Kiev j : ad. and other places in Russia, paula and others—have contributed’ to | xopent 1. wolf The workers and farmers in th ain man products of ere abies many kinds, owing to a shortage ot T. J. O'Flaherty class magazine. The low subscrip- Henry George Weiss equipment and machines to keep the — . hi h h Id t k Vi industries running. Agricultural pro- Tom Bell tion rate—whic' you shou ‘ake Hay Bales” — on teen a ia advantage of—permits every worker jt ses. . struggle is not ava. owerer: it Manuel Gomez to have the pleasure of each issue. P. C. Sprague is a vict ri Every step Pe that is mado tt increasing production ||} ; ry “Baak Dasa counts for something in the way ot|- Photographs International Review Book Reviews bettering the tions for the work- iets oregon ie the peoaia: 25 CENTS $2.00 a Year way rofits, ‘ toe aaniee EE en woke and © «ACOPY THE WORKERS MONTHLY $1.25 Six Months 18 er it I - tate le $ pre ih rac Rl 1113 W. Washington Bivd., Chicago, III happier day, The June Issue of The Workers Monthly At no time has a working class maga- Drawings, Cartoons and Poems by Maurice Becker Michael Gold