Evening Star Newspaper, September 16, 1930, Page 7

MEYER WILL GUIDE BANKING FORWARD Restoration Is Considered as But Small Part of Work l Before Him. BY MARK SULLIVAN. The induction today of Eugene Meyer | a5 governor of the Pederal Reserve | Beard can be considered an event of | prime importance having to do with the recovery of the United States from business depression. In so describing it | there may be unfairness to Mr. Meyer | in the sense that this kind of state- ment, if overemphasized, runs risk of gving rige to excessive expectations. 1t is unfair in another sense. Adjusting the operations of the Fed- eral Reserve system to the emergency of bringing about business restoration | will be but a fraction of Mr. Meyer's function. His term of office is for 10 | years. During that 10 years America | will embark upon another era, of which | the initial phase will be Testored sta- bility, and the more permanent phase will be expansion. The direction of the country’s banking system so as best to facilitate and safeguard this next era | of forward surge probably is the most important of Mr. Meyer's functions. Triumph for Hoover. The appointment of Mr. Meyer is the fruit of the most serious pains taken to get exactly the right man with ex- actly the right equipment and experi- ence. The getting of Mr. Meyer into the post is an accomplished triumph for President Hoover. In describing Mr. Meyer's taking of- fice, there is no recourse except super- Jatives. Such statements as are here made refiect the deliberate judgment of men most capable of estimating Mr. Meyer's qualities, after watching him at close range during about 13 years he has nt in the Government serv- jce and 13 preceding years in his pri- vate business. One may put the sum of these judg- ments thus: There is not in the country & man better equipped to stand in the position which constitutes a bridge be- tween the country's banking and cur- rency system and, on the other hand, the country’s structure of active busi- ness. The word “bridge” is misleading, because a bridge is a fixed object and the function Mr. Meyer will fill calls for flexibility, initiative and constant daily adjustment to changing condi- tions. ‘“Adjustment to changing con- ditions” is again & misleading phrase because it implies a man who acts after events have arisen, whereas the ideal governor of the Federal Reserve Board, which Mr. Meyer is, recognizes and takes sccount of conditions in the busi- ness and banking world before they arise. ‘Went Behind Scenes. To suggest Mr. Meyer's ability and personality in terms of abstracting seems wordy and indefinite. One can | introduce concreteness by reciting two | aspects of Mr. Meyer's career which sre told by his former associates in the banking world. ‘When Mr. Meyer set up his banking business nearly 30 years ago it was the universal custom of the great banks and private bankers to rely on the figures about freight cars actually loaded as their index to the future volume of the country’s business. Mr. Meyer was the first banker, business man or railroad man to go one step back of freight car joadings and sssemble figures about business activity which would inform in advance what THE_EVENING STAR, WASHINGTON, D. C., the freight car loadings were going to be. For years Mr Meyer, though his business was younger and smaller than that of more widely known bankers, | employed the most highly paid statis- | tician in the banking world and had the most efficient statistical force. | The other story says that the largest single Incident leading to Mr. Meyer's success consisted in his foreseeing the panic of 1907 some six months before | it occurred. He so mobilized his own resources and those of his customers as to suffer no loss. il All Qualities Yet Undisclosed. ‘These stories and this whole frag- ment of characterization fall to suggest | adequately the qualities of wisdom and dependability which cause Mr. Meyer to seem like one of those old Dutch burgo- masters in a Holbein painting, the quality of benevolence which is willing to take upon his broad shoulders the problems of a whole community, and i SCOPE OF EWALD PROBE IS WIDENED Special Grand Jury May Seek| Data on Office Buying, Judge Says. | By the Associated Press. NEW YORK, September 16.—An ex- | traordinary grand jury ordered by Gov. | Roosevelt to investigate charges that | former Magistrate George F. Ewald pur- chased his judicial post was instructed viously had declared limited to the 'lo'nfld case by the Governor’s instruc- tions. Tllustrating his statement that the grand jury may investigate matters re- lated to the Ewald case, Justice Mc- Cook said if they should find evidence that “there existed a system, course of conduct_or understanding by force of which George F. Ewald was induced or persuaded, in order to obtaw office he sought, to contribute money or other consideration to a political party, party leader or public official, you might in that event feel it your duty, and, if 50, would have the right to explore that road further.” He cautioned the jury against mak- ing presentments if no evidence that a crime had been committed was adduced. Those under investigation are to be in- dicted or exonerated, he said. Ewald, Martin J. Healy, Tammany district leader to whom Eweld's wife sent $10,000 about the time of her 1 husband’s !g‘mlnuhtnli Thomas T. | Tommaney, who carried the money from TUESDAY, SEPTEMBER 16, -1930. fuel to provide hot moals. ! ney sald today, will be asked to tell ch;‘l.l‘gfl of clothing “witt him. what he knows as an experieficed Tam- many leader about the manner of se- lecting candidates for judicial appoint- ments, Mayor Walker and George Ol- vany, former Tammany chief, also have been invited to appear, but not sub- poenaed. | STOWAWAY EQUIPPED Had CHange of Clothing, Stove and | jail Fuel for Hot M LIVERPOOL, England, September 16 (N.AN.A.).—A foresight of what the stomaway of the future wiil be like was 5 ies. urnis| yesterday a police cow T. A. Ellis Die | in Liverpool, "ngland, when Henry Ed- MARTINSBURG, W. Va.. September | win Bradshaw, 32, appeared to plead 16 (Special) —Turner Ashby Ells, 57, | guilty to stowing away on the White building contractor, well known in’ this | Star liner Dorie on its voyage from section, died suddenly at his home here | Montreal to Liverpool. yesterday as he went to a couch to Bradshaw was found tucked neatly rest. He had been in ill health. He |into a lifeboat with food sufficient for was a native of the county. a week, blankets and even a stove and for two weeks. paper Alliance.) i l | Stationed at Reed Hospital. Special Dispatch to The Star. Right Reserved to Limit Quantities Special Offer! sea-tramp Gc luxe was sent to o'clock this morning. MAN FOUND DEAD IN BED ‘W. 8. Geideon, Wnr;eternn, Once | :merlcnn War. BROWNS STATION, Md., September 16.—W. S. Geideon, aged about 70, wu: - found dead in bed yesterday on his| farm near here. Heart trouble was be- | 100,000,000 pounds of coffee this year. the sure-footed strength which can carry such a world of trouble like a gravely-smiling Titan. Any one with appreciation for this sort of ‘thing can get a thrill from observing Mr. Meyer’s laborlous, deep-digging preparation for a task; his open-minded search for every contribution to his plan, his not only tolerant but eager consideration | for well founded objections, his confi- dence of judgment after his preparations have been completed and tested, his energy in action, his reserves of re- sourcefulness for emergencies, his gen- erous care that his associates and subordinates shall share in his success, his satisfaction in good accomplished. The need for such things to be | known about Mr. Meyer lies in part in the fact that a few Senators have let i, be known they will oppose his confirmation. When he was enter- ing a previous post, Senator Brookhart opposed him as “a decoy duck and | trader sent in by the Wall Strect crowd.” Opposition to Evaporate. Probably the opposition to Mr. Meyer will evaporate because it is at once a protection to him and a part of his equipment for his post that he has the acquaintance and confidence of the men of substance in practically every State and in hundreds of smaller communi- ties. It is pitiable that any cne should fail to understand the completeness of Mr. Meyer's separation fron Wall Street or private interest, the singleness of his concern for the counrty’s busi- ness and agricultural base. One of the genuinely saddening aspects of contemporary polities in America is the fact that a considerable number of voters, especially, just at this time, farmers, are so distressed as to be susceptible to crediting the utterly un- Jjustified and sometimes merely pre- tended suspicions of some politicians. One principal reason, of course, is mere lack of contact and acquaintance. It would be a rare voter who, if he had the opportunity of informing himself, would hesitate to give his faith joyously and completely to a man of Mr. Meyer's strength and character and genuine public spirit. SRR Dollar-Title Bureau Opens. ‘With the utmost secrecy, a matrimo- nial agency, whose object is to couple rich young Americans and blue-blooded British women of most any age, is re- ported to have been opened in exclusive Kensington, London, with agencies in three Americce1 cities. | Mrs. Ewald to Healy, and Mrs. Ewald Cook that it may also examine evidence, | will be asked to sign waivers of im- if any is discovered, that would show | munity before testifying. They have existence of a “system” of buying judge- | insisted the $10,000 was a loan. ships. | _ Sheriff Thomas F. Farley of New This permission was contained in the | York County has been “invited” to ap- justice’s charge to the newly formed | pear before the special grand jury. The jury, which Attorney General Ward pre- ' sheriff, Assistant Attorney General Pen- yesterday by Supreme Court Justice Mc- Celebrating our 42nd Birthday is an event of great importance to us . . . and to you! We feel proud of our past record of service to Washingtonians and are grateful for the appreciation shown our efforts. During this event we reciprocate by offering items of extraordinary VALUE! Watch for these DAILY SPECIALS! » 15 Jeweled # Wrist & Strap WATCHES AStyles for # both Mens (# and women. Complete with metal PAY AS LITTLE AS $1 WEEKLY 53¢ iz Non 708 7th Street N.W. 709 14th Street N.W. Hygienie Towels and Toilet Tissues ‘World’s Oldest and Largest Manufacturer of Interfolded Products Our Trust Services Central— fth and Mass. Ave. Northeast— 8th and H Sts. N.E. Southwest— 7th and E Sts. SW. 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This de Deep Cut Prices at P was up and around his place alout 8 He was dead by Wilmer Brady, who (Copyright. 1930, by North American News- | the adjoining farm, some time Mr. Geideon had lived in this | tioned at Walter Reed Hospital, |ington. He served und | ve® on ater section for the past 25 years. He formerly was. in the Army and at one time was sta- Wash- in the Spanish- R. E. Brown, local merchant, notified Sheriff Charles S8 Early, who asked Dr. |James I. Boyd to investigate. Sheriff Early sald there will be no inquest. Guatemala has exported more than —— ELIZABETH MAY Expert on the Care of Hair and Scalp Will Broadcast Over Station WRC Every Wednesday at 9:45 AM. Have you ever stopped to realize just how much attractive hair adds to one's appearance? Miss May ml “help ou see how this is. 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