Evening Star Newspaper, September 30, 1927, Page 4

BANKERS DISCUSS BOND PROBLEMS Sixteenth Annual Convention| Draws to Close—Cruise North Is Arranged. September 30.— T Internal problems of vital inte the Lond business of the United i held the attention of the members of the Investment Banke of America as their sixteenth annual ation drew to a close today. Among the many questions which the delegates centered thei terest was that of a proposal to ac company all subscriptions to syndicate bond issues by a cash payment of 10 per cent or more. Might Lessen Padding. The business problems committee yesterday su; ed that the 10 pr cent plan, for some time in vogue in England, might lessen the practice of padding subscriptions to bond i and generally put the s tem on a more stable particularly in times stress. The smaller distributing concer: appeared to oppose the 10 per plan, while the originating or whol sale houses were understood to favor A steamer was ready to take near half of the members on a fc cruise British Columbia el ends. trains were chartered to other delegates to their throughout the country. Unopposed for President. Henry M. Hayes of New York \\.1~‘ unopposed for election as president of | the association, to succeed Pliny ewell | of Boston. The five vice presidents, whose nom- inations were also unopposed, Arthur H. Gilbert of Chica W. Grove of Milwaukee, Jer Hanauer and George Whitn: York City and Rollin A. Wilbur of Cleveland. Alden H. Little, who had been executive secretary of the organi- zation, was named to fill thé new created office of executive vice presi- dent. of economic urn the homes Moses’ Influence. From the Woman's Home Companion. Moses is the greatest religious influ- ence known to history of all time. He is the guiding spirit of more existing legislation than was inspired by the Sermon on the Mount. The present industrial order is mosalc. Christian- ity and Mohammedanism are out- growths-of the Judalsm which Moses Sounded. While learned professors in their studies are’ laboring to disprove the historical existence of the alleged law- giver, around the corner comes the protector of urchin and sage, the Irish policeman, whose steps beat out the eternal words of Moses: “Thou shalt not kill. Thou shalt not steal.” His lite seems actually to have been the historical bridge between superstition and religion. His own religion had a .content of superstition, but through the windows of his personal experi- ence our human race saw a bright light where hitherto had been dark- ness. Gulf NO-NOX Motor Fuel fof |of the ze NG STAR, “'ASHIN;';TQ‘N'. D. ¢, FRIDAY, SEPTEMBER PROHIBITION NOT ISSUE IN 1928, SENATOR GLASS. DRY, DECLARES Virginian Says Question Can-T not Be Made Predominant in Campaign. Head of Ticket Could Not Win | United Support Even if Elecicd, He Holds. BY ROBERT BARRY. be ways by which pro the predominant but S o There may ny of them will eventuate, chalrman of the re mittee at the San Francis tion and a powerful influence in the platform shaping at Madison & Garden, the Senator from Virgin not without experience in the framing Democratic issues, Senator G an ardent and con- sistent dry, 1gh never a fanatical He refuses to pursue the cou lot. can amend- “How the eighteenth ¢ become an issue be- he inquired in re- om whether it might if the Re- law tic party enforce: sponse to a_que be ona. nm I mean, publican ps ares for ment. Demoer: declare against law Declares It Issue of Morals. “It i ed that the Republi- cans might declare for retention of the eighteenth amendment and against ;ation of the Volstead ac well,” Senator Glass the party does go ny one believe the rats will take the other end and advocate the repeal of the eighteenth amendment? If we did t not be enough of the Demo left “after the election to - get u]\ a camp meeting. The Democratic part is not going to adopt any such cou merely for the privilege of being wiped off the earth. “But just suppose the Democratic party, or either one of the parties, is so eager to make prohibition a politi- cal issue, when it is one of morals, that it and its candidate should come out on a wet platform. It is incon- ceivable to me, but we'll presume that it does happen and that our nominee is elected. What then? “He would have to begin his term by taking an oath before his God to maintain and support the Constitution of the United States and enforce the statutes which give practical effect to the Constitution. All right, then what? How would he go about ful- filling his pledge to the people? How is he going to modify or repeal the eighteenth amendment? Decision Up to Congress. “A President has no function what- soever in the submission of a consti- tutional amendment. He is not per- mitted to touch such amendments. Congress and the State Department handle them. A President cannot alter a word or a syllable of a Federal statute. He could recommend changes in the Volstead act and engage the influence of his office to bring them about. But does any one believe that any President elected as a wet or as does not be- | | olutions com- | can force his party, either party, to vote as a unit with him on this questi Ot course not. “There are millions of Democrats who favor prohibition and millions who are opposed to it. There like division among the Republicar 1 re goin i lves and ection’ of t wet in as Presi dent would and could not mean that two-thirds of the Senate and of the House would vote to submit a_repeal- ing amendment. N 1 an that three-fourths ) a repealer. believes a that could happen in 650 v of the other p ation of the Volste places where that them: drippin position— must be primarios and the senatorial election plied. “If there are enough people in any congre 1 district who want the changed they can elect a wet Representative, and just as soon as enough people in a_majority of the 435 congressional districts feel the same way about it and so vote they can have a majority in the House to vote modification of the Volstead act.” Sees Issue in Enforcement. “Then they would have to carry a majority of the senatorial campaigns, which are State-wide? “Yes, and they would h job doing that,” the Senato a_chuckle. eriously, this idea of saying prohibition is a proper issue 08 between parties is ridiculous, and no man can attain to the presidency by promising to nullify the Constitu- tion or the statutes. The only pos- sible thing he could accomplish through such a campaign pledge would be to hand the victory to his opponent,” “Could prohibition be made an issue, in your opinion, if the Democratic party were to assail the enforcement record of the present administration 30, 1927, and promise more drastic enforce ment?" J Senator Glass said, “it does me that, if such were the po- sition taken, you might have an issue in a presidential contest. But T am not informed that any such plan or project is considered by those trying to persuade the Democratic party to make prohibition an issue. “I could conceive of an issue being made through attacks on the enforce ment policy of the Republicans and through a promise of more effective enforcement. ie _opposition party always is free to challenge the acts and policies of the party in pawer and to tell the job better. Democrats Face Difficulties. let us indulge that hypothesis. What could the Democratic” party i power do that is not bein What more would it do? ~ Wh lt under | seem ,If noed be, mto 3 L to enforce the local or State officials dv('huul or failed to o so.” nd Maryland and Mas Hlinois and New Jersey, too?” esumably. “In_the first place neither Jackson Yleveland would have done any- of the sort,” Mr. returned. n, Lincoln more than any man now in public life or even in the Anti-Saloon League would do So. Prohibition would lose more re friends in 5 minutes from such 4 tion than it the pro; then, could your army or force the w if the people of did_not intend obeying it? could not. They 7 political All my speeches nd votes have been for prohibition, and all my influence has been for its ultimate triumph. [ was for State- de prohibition In Virginia when ne gentlemen who now are trying sten this issue on the Democratic v were for local option. They wrong then., They are wrong Not a Partisan Question. “And your record in behalf of pro- hibition being what it is, you are pre- pared to assert prohibition is not a artisan question?” “I am,” he replied. “As I have stated before, the only way it can be made an issue in @ presidential campaign is for a man to run as a wet. Then it would be a wet and dry fight and not a Democratic-Re- publican contest, and the wet would be overwhelmed in the South and West and some other places. Nor e where it is likely to become rtisan issue through any prom- of greater enforcement. Ve will have effective prohibition in’ time. We will have it through gradual, steady education of the peo- ple, rather than through false prophets and fake political issues.” (Copyright, 1927, by the North American Newspaper Alliance.) Tomorrow's interview will be with Oscar W. Underwood, former SenAtor from Alabama. L e A Masculine Yearn. From the Ohio State Journa.l The good old girls of our set labor passionately to keep that schoolgirl complexion, but what we long for with an unutterable longing is that school- bhoy stomach. BURNED BEARINGS are common occur- ences in these forgetful day: the crank case. Crank cases should be drained and oil renewed periodically—when old “procrastination” ex- . That Good Gulf Gasoline add miles of satisfac- tion to a motor trip. GULF REFINING COMPANY| s of diluted oil in tends the change to the danger line it is a safe plan to use an oil that has the maximum re- sistance to heat and dilution-then if you for- get—you are safe. That New Improved Supreme Motor QOil At the Sign of the Orange Disc will tide you over the danger point—it possesses a tough, viscous body, which resists the ravages of hard driving. Oils contintously—preserves bearings, cylinders and pistons. people how it could do the | indicated that the question of appeal- | fighting for eenturies, always a strug for appeals. ing to the higher courts rested en-|gle between individuals and abouf The corporation contended that fts | tirely in the hands of unlon counsel. | every 10 years a war to death betweer attempt to operate with non-unic s. A generatiol ), scieny labor had been hampered to a great b i 108t exs extent by the fact that the union | Rats. recent miners, occupying company hou: whole From the New York Sun. made it impossible for the company Scientists say that a world-wide war to house non-union men. While the injunction restrained any | hetween the black and brown rats is vo camps have been and the surety company posted bonds MINE OWNER WINS SUIT OVER HOUSES Union Restrained From Try- ing to Retain Strikers in Company Homes. ated the black, humans’ flght but on in the now the foe: “thumbs do power to ja are almost equal. " on this fi vs and cl the end Man Mora further attempts to stop evietions, the | vs of both ang court ruled th have no effect on the hundreds of appeals no in State courts. Phillip Murray, internati dent of the union in chars Pittsburgh district, said he would hav no comment to make on the injunction until he received a copy of it. He | nal presi ze of the “How Pretty” “How Different” “How Exclusive” By the Associated Press. PITTSBURGH, September 30.—A preliminary injunction, restraining the United Mine Workers from attempting to retain striking miners in houses owned by the Pittsburgh Terminal Coal Corporation, was granted in an opinion filed in Federal Court here to- | ¢ Ly Judge F. P. Schoonmaker. e corporation had sought a sweep- a st the union, pray- ined from interfer- h operation of the non-union mines, and ask- 0,000 damages. The pre injunction, however, con- ction phase of the suit, d by the corpora- tion' on_the jon that the union | had violated provisions of the Clayton and Shern by interfering with interstate shipment of gon Judse Schoonmaker stressed the fact that his opinion was merely injunctive velief on or of the suit “with out expressing at this time any opin- | ion on the merits of the case, either in fact or in law, that shall be developed on final hearing when testimony can be taken in open court.” He added that testimony and affidavits already | entered showed that the plaintiff “does need injunction rellef,” and therefore he fssued the preliminary injunction dealing with company houses. wddition to restraining the union from any further attempts to halt ms of striking miners and their ny-owned houses, ined the Natfonal Surety Co. from posting_any further bonds in such cases. 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