Evening Star Newspaper, December 28, 1930, Page 12

THE SUNDAY STAR, WASHINGTON, D. C., DECEMBER 28, 1930—PART ONE. REVIEW OF OUTSTANDING EVENTS OF 1930 AT HOME AND ABROAD ONLY OCCASIONAL GLIMPSE NOTABLE STEPS TOWARD WORLD PEACE ARE TAKEN U. S., Britain and With Indications Japan Sign Treaty, That France and Ttaly May End Dispute. Prosperity, which was “just around the corner” at the beginning of 1930, ghve the world no more than an occa- sional glimpse of her face during the year. Business depression, increasing unemployment, continuing low prices jor agricultural products and declining gm.rkg{s for securities prevailed gen- erally. Skilled observers professed to see war clouds again gathering over the Balkans, but notable steps were taken in the direction of world peace and disarma- ment. The United States, Great Britain and Japan signed the London naval limitation treaty, and toward the close of the year there were indications that France and Italy, settling their parity dispute, would make it a five-power pact. Some progress was achieved by the, Preparatory Disarmament Commis- sion of the League of Nations. The revision of German reparations, known @s the Young plan, was adopted by all nations concerned and put into effect, although Germany was not hopeful of | its ultimate succsss. The evacuation | of tho Rhineland by the allied forces | ‘was completed. Chinn'g long, bloody and confused cvil war ended in victory for the iNationalist government. Popular and military revolutions upset the govern- ‘fnents of five Latin American republics. Democratic Landslide. Though vernmental _and other X ; ar to relieve - throughout the yes ts in tisfaction in the customary manner. flm was a Democratic landslide that vovered most of the country and the blican party vritually lost its con- trol of both Houses of the Congress that convenes in March, 1931. However, e RO demca. their partyto €0 Democrats e operation th the Republican admi tration in all measures bring prosperity around that corner, -nd'bumeu was ured by ° the reasst that there would be no attempt m time to revise the tariff act in June. Industrial and financial distress in the United States was greatly increased by drought that prevailed all Summer in’ the Mississippi and Ohio River States and extended as far East as the Vir- ginias. National and State governments afforded speedy relief to sufferers. As Winter neared numerous organiza- tions throughout the country went into action to alleviate the unemployment situation, their aim being to ly those out of work with jobs rather charity doles. Public building and high- way projects were started and speeded | up, and great industrial and transporta- tion concerns sought means to increase the number of their employes. 'All in all, 1930 was not a happy year for the world. Three months of intensive debate, tions, study of ex- dlplqm-mru and mutual concessions ht forth the London naval treaty, was signed on April 22 by the delegates of the United States, Great Britain, Japan, Prance and Italy. By this the first three powers to the extension of the Wi treaty so that the reduction and limi- tation of their navies should apply to cruisers and liesser vessels. France i "h'g 18 Consequently don treaty that provided for a tleship building ‘‘holiday’ and pre- scribed various rules designed to hu- ‘whic! Chile, and treaty of friendship by the Kings of Hedjaz and Irak. Frank B. Kellogg, former Sacretary of State of the United States, was elected a member of the World Court in September to fill out the term of Charles Evans Hughes. Russia’s Great Conspiracy Story. Early in November the government of Russia announced that it had uncov- ered a gigantic plot against the Soviet regime in which a number of “capi- talistic” states were said to be involved. Among many individuals' who were al- leged to have a part in the conspiracy were former Premier Poincare and For- eign Minister Briand of France and Sir Henri Deterding, British oil magnate. Late in January Mexico severed diplo- matic relations with Russia because of alleged Communist insults. In the United States the advocates of a policy of resumption of relations with the Soviet government were jolted by reve- lations that the latter had been selling wheat short on the American grain ex- changes, aiding in the demoralization of prices. At the same time it became evident that the Moscow government was dumping grain in the European markets at prices far below the cost of production. The whole affair created a great stir here and abroad, but nothing much could be done about it. government Great Britain’s Labor nation’s but found that this could not be done in a short time. Unemployment con- tinued to increase, passing the 2,000,000 mark in June, and industrial depression was little lightened if at all. However, no one seemed to have a ter solu- tion to offer than Prime Mirfter Mac- Donald and his ministers, so they held on to their power. ‘Two matters of vast import demanded 0| much attention from the British Em- pire’s rulers. One was the effort to de- velop the empire as an economic unit, and the imperial conference which was held in London undertook this task. ‘The various dominions were represented by some of their best minds and the discussions continued until well into November. But the results were ex- tremely disappointing. The main issue was economic co-operation, and in this nothing was accomplished because the dominions and the British government could not agree concerning free trade, protection and preferential rates within the empire. Problem of India. ‘The increasing independence of the dominions was marked by the tacit understanding that henceforth they shall have the right to accredit their own diplomats to foreign countries, and may communicate with one another and with Great Britain, not through gover- nors general, but directly. It was de- cided to create a tribunal for the settle- ment of intraim, disputes. The future status of India within the empire was a question that ‘troubled the British throughout the year, and it was complicated by the non-resistance rebellion conducted by Mahatma Gandhi and his numerous followers. As is their custom, the Communists took advantage of the situation to convert the peaceful revolt of the Indian Nationalists into riotous demonstrations, and the police and military forces had to handle not north: by Gandhi and many of his lieutenants were put in prison, but their civil dis- obedience never slackened. The Round Table Conference opened in London November 12 with much pomp and ceremony, the native princes, the Hindus, the Moslems and even the “untouchables” being represented by the their ablest men—and by two brilliant ch was headed ;'me Stimson, had conceded too A and that the British and Japanese had all the best of it. Strangely enough, the opposition factions in England and Japan put forth similar contentions. Fran d Italy held intermittent versations during the rest of the year, but could not settle their differ- ences. The one insurmountable obsta- cle was Italy’s demand that her right to naval parity with France be ad mitted, and France's flat refusal to int. ,‘:‘nd 3’\1’: wrnnm-‘lullm le for supremacy in the Mediterranean ies thi possibility that the London treaty wil turn out to be 8 scrap of almost useless paper. The British did not abandon their old policy of having & navy !1 strong as those of any two continental wers; and if France and Italy build nd a certain point, Gerat Britain 1s free to increase her navy accordingly. League Receives Briand's !chmm tember the Assembly of e u’-“qu?pc( Nations listened politely while M. Briand, French foreign min- ister, expounded his pet scheme for a federation of European states. - Other statesmen cautiously praised the plan and it was accepted in principle by the Assembly and referred to a special com- mittee which will report to the 1931 -eight of the nations repre- va nigneg on g‘cwb';r': aranteeing financ al :n;"l'.lgnlfiry state that is the vietim ‘warlike ression. “The wfi%‘: preparatory commission on disarmament met early in Novem- ber, and it was admitted that the hope of early reduction of armaments on its deliberations. M. Litvinov, re- jterating Soviet Russia’s offer of imme- diate and complete disarmament, scath- ingly berated the other powers for their “hypocrisy,” without effect. Overriding the objections of the United States, Italy, Germany, Russia and other na <. the commission adopted an An- glo-French plan of global budgetry lim- {tation of armaments. both land and naval. It adso rejected Germany's de- mand for military parity. Late In August nine of the smaller nations r;:‘C;flml Eumé)e held l‘:lon; ference arsaw and agreed of action mainly in women. The Indians made it clear they would accept nothing less than do- minion status, and some of them bit- terly attacked the British methods of m el: Indl:'.\d T'g: problem before the nce government was so complex that there was no chance for its solution for many months. In the Canadian national election on July 28 the Conservatives completely h Richard B. Bennett, their leader, be- came prime minister. The new govern- ment took steps at once to relieve the unemployment situation and to help the farmers, one being the almost complete discontinuance of immigration from German Fascists Win. As in most other countries, political events in Germany reflected the pre- valling discontent of the people, and there it was aggravated by the feeling that they were oppressed by the repa- rations, Chancellor Mueller and his cabinet resigned in March because of dissatisfaction with the ratification of the Young plan and with the budget and financial reforms proposed. Dr. Heinrich Bruening, Centrist leader, be- came chancellor and formed a ministry of members of the five middle parties, The National Socialists and the Com- munists kept up continual agitation and President Hindenburg dissolved the Reichstag on July 18. In the elections Wwhich were held September 14 the National Socialists, commonly called the Fascists, won & most surprising and tremendous victory. They increased the number of their seats in the Reichstag from 12 to 107 and their pop- ular vote from 800,000 to more than 6,000,000. Thelr titular leader is Adolf Hitler, who, being an Austrian, could not be elected to the Reichstag. These Pascists stand for repudiation of the treaty of Versailles and of the Young plan of reparations. France, Spain and Italy. One small provision in the finance bill brought a vote of lack of confidence in the French Chamber of Deputies in February and the Tardleu ministry was forced to resign. It was succeeded by a Radical-Soclalist cabinet formed Chautemps, which was defeated on its first appearance. Tardieu then was re- called, and held on through a stormy Summer, adjourning the Parliament for three months in July. France main- tained her position as one of the most prosperous countries of Europe and -4 gathered an immense store of gold. Gen. Primo de Rivera, who had be dictator of Spain for more than :Xfl years, resigne d | Under compulsion, when faced with ed on January 28, partly the of a milif revolt. He was . D'Amaso Berenguer. year there were re- mmmmmm"m INAT'L PROHIBITION HAS 10® BIRTHDAY 777 ey i/ $15,000,000 105, | G DOD(ES OF ANDREE AND TWO COMPANIONS FOUND IN POLAR REGIONS | OF PROSPERITY IS GAINED Business Depression, Increased Unem- ployment and Declining Markets Pre- vail Generally Throughout World. DIRIGIBLE". HAWKS LIS TROM Los eELes TONEW IN 122 HRS. f salaries of all governmental em- ployes, who are remarkably numerous there, and all employers were urged to follow suit. Carol on Rumanian Throne. Carol, former crown prince of Ru- mania, with the aid of prominent Ru- manians, executed a startling coup d'etat in June. * From his exile in France he flew to his native country in an airplane and two days later the . | Parliament declared him King and his little son, who had held the title, heir to the throne. Carol soon began plan- ning for his coronation, but his es- tranged wife declined to be reconciled and the statesmen sald the ceremony could not be held unless she were present or the marriage were dissolved. As a result of this dispute Premier went ahead with his plans. An interesting if not important event was the marriage on October 25 of King Boris of Bulgaria and Princess Giovanna, daughter of the King and Queen of Ttaly. ‘Within the borders of Russia every- thing was subordinated to the efforts to carry on successfully the “five-year p ,"” which depends on the Soviet government’s ability to import vast quantities of capital equipment. Since it was necessary to pay for these sup- Lplies on long-term loans or currently by Russian exports, there was a lot of dumping of Russian grain and other goods in foreign markets. The peas- ants, as usual, were forced to turn in their grain at lJow prices, and that the dissatisfaction was extreme was evi- denced by the frequent stories of revolt and the continuous attempts of far- mers to escape from the country. Finland decided that Communism was a national peril, and a nation-wide movement against it came to a climax in the Fall when the Communist repre- sentation in the Parliament was com- pletely wiped out. China's civil war, between the Na- tionalist government and a coalition of Northern military chieftains, continued with varying fortunes until the Autumn, when Marshal Chang, the young war lord of Manchuria, ended it by inter- vention in behalf of the Nationalists. The rebel leaders retired to remote regions and their armies dissolved gradually. Latin American Revolutions. Revolt flamed in four South Ameri- can republics. Four men who had been virtual dictators were ousted. Four new governments were established. As a preliminary to these events there was a revolution in the Dominican re- public in February, the immediate cause being the announced intention of President Horacio Vasquez to stand for re-election. After a few skirmishes Vasquez was forced out of office, be- ing succeeded temporarily by Gen. Urena. Elections were held on May 16 and Gen. Rafael Trujillo was chosen President and inaugurated three months later. Bolivia was next on the list. There by | pr. Hernando Siles tried, like Vasquez, to perpetuate his rule and was driven from office in May by the insurgents. He was permitted to take refuge in Chile, and his much hated right hand man, Gen. Hans Kundt of Prussia, fled back to his German home. A military junta took over the government, its ‘cl:idel being Gen. Carlos Blanco Gal- 0. Peru followed suit in August. The officers of the army led a movement muz President Augusto B. Leguia, who had held the office for more than 10 years and considered himself al- most irremovable. He was forced to , turning over his powers to visional A who | Late in August President Hipolito were permitted to yen of ntina was warned by their minds | his minister of justice that a revolu- they spoke but apparently decided | tion might break out immediately. A not yet come to upset the | few days later the prediction was ful- panish tariff, already | filled, the high army and x‘\nlvy officers Europe, was raised in ter that speedi] cry of | executive, Mus- | in Buenos leading the! nds revolt the aged chief ir ly ousted Only popular who was Alres Maniu resigned in October and Carol | patch. They extended to the reduction | the insurgents, became the provisional o President on September 6. Vargas Rules Brazil. Brazil's revolution broke out early in October and was in & way a war between the states, the leader of each striving to seize the central government. ‘The term of President Washington Luis was soon to expire, but his favored can- didate, Dr. Julio tes, president of the State of Sao Paulo, had been elect- ed, allegedly by fraud. The defeated liberal candidate, Dr. Getulio Vargas, former president of the State of Rio Grande do Sul, started a revolt to pre- vent the inauguration of Prestes, and the movement spread to state after state, all the insurgent armies converg- ing on Rio de Janeiro, the national capital. The government resisted stub- bornly, but considerable parts of the army and navy deserted it and after a few weeks of bloody fighting Luis was ousted. The members of the junta that took over the government at once be- gan quarreling and scheming, but Var- gas promptly came up from the south with a large force of gaucho soldiers and his authority was recognized. He was _installed as provisional President on November 3. An insurgent movement in Chile, started by two former army officers, was squelched in a hurry by President TIbanez. In Ecuador and Uruguay also there was unrest, but no change of govern- ment. Pascual Ortiz Rubio was inaugurated as President of Mexico on February 5 and selected a strong cabinet, under whose rule the country promises to prosper. Especial attention is being paid to reorganization of agriculture and to education. In February Dr. Enrique Olaya Her- rera, Liberal, was elected chief execu- tive of Colombia after a spirited but peaceful contest. He came up to Wash- ington to resign as Minister to the United States and was installed in office on August 7. Haiti's troubles were partially set- tled with the aid of President Hoo- ver's investigating commission, which spent two weeks in the island republic. Complying with its recommendation, the council of state elected Eugene Roy as Provisional President to suc- ceed President Borno on May 15. Later a popular election was held under the supervision of Americans and Stenio Vincent, an editor and strenuous op- ponent of the American intervention, was chosen President. ‘ : DOMESTIC | With less cause for complaint than the peoples of most other countries, the inhabitants of the United States were nevertheless dissatisfied and pessi- mitie. Overproduction by farmers and manufacturers and timidity of con- sumers resulted in business depression and unemployment that lasted through- out the year, despite all efforts to re- store prosperity. The great drought played its evil part, affecting conditions in the entire country. President Hoover's administration had another exceedingly difficult year. In the Senate the Democrats were rein- forced by the radical Republicans, and the coalition fought many of the Chief Executive’s policies. After more than six months of debate the Senate passed the Smoot tariff bill, embracing two features that were obnoxious to the President. These were the export de- benture provision, carried over from the old farm relief legislation, and a clause transferring the flexible tariff power from the President to Co ‘The Ngress. House of Representatives eliminated | Am! these features, the Senate was forced to yleld, and on June 14 the so-calle§ Hawley-Smoot tariff measure was final- ly enacted. It reached the highest protective level of any tariff law ever passed, with an average rate about 20 per _cent above that of the Fordney- McCumber bill of 1922. In its en- tirety it was satisfying to nobody, but President Hoover signed it because he saw in its flexible provision the means of righting its injustices. Protests against the higher duties were received from many foreign governments. Veterans’ Pension Act. ‘There was another long and bitter wri over the veterans’ pension bill As passed by Congress # was wholly objectionable to the adminis- tration and was promptly vetoed, part- ly because it granted compensation for disabilities not incurred in active serv- ice and partly because it went “beyond the financial necessities of the situa~ tion.” The House sustained the veto, but the Senate repassed the bill with some amendments. These were re- jected by the Representatives, and a measure fairly acceptable to the ad- ministration was passed and signed. It inaugurated a vast pension system for all partly or wholly disabled veterans not already receiving compensation, no matter what their illness or when con- tracted. Soon after the enactment of this law the President put into effect the consolidation of the three bureaus that had been in charge of veterans of all wars and appointed Gen. Frank T. Hines as chief. Some of the recommendations of the Wickersham Law Enforcement Com- mission were adopted by Congress, the most important being the transfer of the Prohibition Bureau from the Treas- ury to the Department of Justice. The change was made on July 1. Col. Amos W. W. Woodcock took command of the new bureau, and former Commissioner James M. Doran was made head of a new industrial alcohol bureaw under the Treasury Department. When William Howard Taft resigned as Chief Justice of the Supreme Court on February 3, only five days before his death, President Hoover immediate- 1y named Charles Evans Hughes to suc- ceed him. The appointment was con- firmed by the Senate with 26 votes in opposition. Then Associate Justice Ed- ward Terry Sanford passed away, and Mr. Hoover picked Federal Judge John J. Parker of North Carolina to fill the vacancy. Labor and colored organiza- tions rose in opposition, and the Senate rejected the nomination by a vote of 41 to 39. The President then named Owen J. Roberts for the place, and he was accepted. Prohibition and the Election. Prohibition as a political issue in- rcreased in importance as the months passed. A poll conducted by the Lit- erary Digest indicated that the coun- try was largely in favor of repeal of the eighteenth amendment or at least of modification of the enforcement law. The liquor question was a great factor in the pre-election campaign in many States and had a decided effect on the results when the people went to the polls on November 4. The voters of Tllinois, Rhode Island and Massachu- | setts in a referendum were against pro- hibition by large majorities. The election turned out to be very much of a landslide for the Democratic party. The Republican majorities in both Senate and House were almost wiped out for the mext Congress, and many States and cities elected Demo- cratic officials to replace Republicans. With large appropriations available, the Farm Board worked for the relief of agriculture by promoting and financ- ing various co-operatives; and later in the year undertook, with some success, to stabilize the price of wheat, which had fallen rapidly in all world markets. In this latter operation the board was forced to accumulate something like 100,000,000 bushels of wheat, the future disposal which was an unsolved problem. Diplomatic Posts Filled. Among the diplomatic appointments by the President were Ralph H. Booth, Minister to Denmark; Fred M. Dear- ing, Ambassador to Peru; John N. Willys, Ambassador to Poland; Han- ford W. MacNider, Minister to Can- ada; W. Cameron Forbes, Ambassador to Japan; W. M. Jardine, Minister to Egypt; Herman Bernstein, Ministor to .Albania; Nicholas Roosevelt, Minister to Hungary, and J. Reuben Clark, jr., bassador to Mexico. Taking of the fifteenth decennial census an on April 2. The final figures, announced in November, gave the ulation of the United States as 1. 1575.04& The increase for the decade was about 16.1 per cent. On November 28, President Hoover appointed Willlam N. Doak of Virginia, Secretary of Labor, to succeed James J. Davis, who had been elected Senator from Pennsylvania. AERONAUTICS Mulathe ) intefesting in 1930. The Graf Zeppelin madé another voyage across the Atlantic in May, | carrying passengers, mails and freight. This time it headed first. for So America, making stops at Pernambuco and Rio de Janeiro, Brazil. Then it turned northward, sailed over the West Indies and landed at Lakehurst, N. J., on May 31. The return trip to Fried- richshafen, Germany, was made a few days later, the entire voyage being with- out serious misadventure. During the year the Graf Zeppelin made extended flights over Europe. The British diri- gible R-100 made a fine flight from Cardington, Wales, to Montreal late in July, and after soaring over parts of Canada returned to England the middle of August. Her sister ship, the R-101, was destroyed in a shocking disaster near Beauvais, Several times the Atlantic was crossed by airplane, Jear Mermoz of France and two companions in May flew in a small plane from St. Louls, Senegal, to Natal, Brazil, in 20 hours and 16 min- utes. Attempting the return flight, they were forced down in midocean and rescued by a patrol boat. Kingsford- | Smith of Australia and three others undertook to fly in the famous plane Southern Cross from Ireland to New York in June. They were forced down at Harbor Grace, Newfoundland, by shortage of fuel, and then completed the trip. Later they flew across the continent to Oakland, Calif.,, and thus completed their round-the-world jour- ney. Hirth and Weller, Germans, made a flight from the Orkneys to North America, with a stop in Iceland; and Van Gronau and three other Germans came across to New York, landing en route in Iceland, Greenland and Labra- dor. Coste and Bellonte of France went on record as the first aviators to make an uninterrupted flight from France to New York. Starting on Sep- tember 1 they landed on Long Island 37 hours and 18 minutes later. ‘Some of the New Records. Many new records were made during the year, among them being: Altitude record for light planes, 27,350 feet, by D. 8. Zimmerly at St. Louis; high alti- tude flight from Los Angeles to New York in 14 hours 45 minutes, by Col. and Mrs. C. A. Lindbergh; women's endurance record, 25 hours 47 minutes, by Lena Bernstein of France; world altitude record, 43,166 feet, by Lieut. Apollo Soucek, U. S. N.; non-stop flight from New York to Mexico City in 16 hours 35 minutes, by Col. Roberto Flero; New York to Los Angeles in 14 hours 50 minutes and back in 12 hours 25 minutes, by Capt. Frank M. Hawks; non-stop flight from New York to Pan- ama in 24 hours 34 seconds, by Capt. Roy W. Ammel; refueling endurance record of 647 hours 28 minutes, by Jackson and O'Brine at St. Louis. Chicago was the scene of the national air races of 1930, and they were re- markably successful and interesting, be- ing marred only by several fatal acci- dents. Woman flyers and a group of European stars were featured on the programs. ‘The national elimination balloon race from Houston, Tex., was won by Blair and Trotter in the Goodyear-Zeppelin, In the international race for the Ben- nett Trophy, which started at Cleve- land, Ohio, the victor was the veteran W. T. Van Orman, piloting the Good- year VIIL | DISASTERS | ‘Though not the direct cause of any loss of life, no other disaster of the year was comparable in economic results to the drought that afflicted a large part of the United States throughout the Summer. The greatest suffering was ex- perienced in the States of the Missis- sippi and Ohio River Valleys. The in- tervention of the Federal and State Go! ernments was necessary to relieve the distressed farmers and to save live stock. Earthquakes were frequent and especial- ly destructive, and there was the usual number of terrible mine explosions. The worst of the disasters, by months, were: In January—Thousands killed by cold and famine in China; bad floods in the Mississippi and Ohio River Val- leys. In February—Twenty men killed by !ivuh. German Lloyd liner Muenchen destroyed by fire and explo~ sion at New York dock; 11 killed line wreck N New Orleans water front; floods in Southwestern France took 400 lives; movie film explosion at Kirin, Man- churia, killed 76; 12 men killed by mine explosion at Arnettsville, W. Va. In April—One hundred drowned when Japanese ferry boat capsized; explosion in fireworks plant at Devon, Pa., killed 30; 17 lives lost in mine explosion at Carbonado, Wash.; fire in church at Choesti, Rumania, killed 144; incen- diary fire in Ohio State Penitentiary at Columbus fatal to 318 convicts. In May —Large Efln of Nashua, N. H,, burned; earthquake destroyed Pegu, Burma, and killed about 600; tornadoes tock 69 lives; 2,000 killed by earthquake at Urumiya, Persia; 200 Mohammedan pllgrims died when French steamer Asia burned at Jeddah. In June—Tanker Pinthis sunk in collision with steamer Fairfax in Massachusetts, 48 lives being lost; dynamite laden scow blew up In St. Lawrence River, killing 31; earth- quake in China fatal to thousands. In July—Coal-mine explosion near Bres- lau, Germany, killed 162; 38 killed when bridge at Coblenz, Germany, collapsed; earthquake in Central Southern Italy ruined many towns and villages and killed 1,472 persons; 15 men drowned when sandboat capsized in Lake Erie. In August—British steamer Tahiti sank in mid-Pacific, passengers and crew being rescued; Santo Domingo, capital of the Dominican Republic, destroyed by a hurricane, the dead numbering about 4,000. In September—Earthquake EQBOM Republic of Tadjikistan killed (Copyright, 1981.) BUSINESS AND GOVERNMENT BY DAVID LAWRENCE. Nineteen thirty-one will go down in history as the year of readjustment. The process of recovery which began in 1930 will be in full operation dur- ing the next 12 months. Some time during 1932 the stabilizdtion which has become necessary throughout the world will have been effected. ‘To get a perspective of what has hap- pened and what is going to happen, there is no better source of information or understanding than the various an- nouncements from the Federal Reserve Board, which began as early as Febru- ary, 1929, to warn the country that speculation had gone too far and that the brakes had better be applied. Causes Deeper Than Speculation. ‘To say that speculation caused the bursting of the bubble is merely to re- cite one of the numerous manifestations of an economic period which was ap- proaching abnormality. The search for causes has by no means ceased, but out of all the discussion has come a phrase which will not soon be forgot- ten—the maintenance of an economic balance. Too many people, of course, seek & uth | key to the process of recovery by ex- amining from day to day the fluctua- tions in the stock market—as if the stock market could nowadays tell a tale of business readjustment. The stock market is, after all, gften either a be- lated reflection of prosperous business, or, too often, an inaccurate prophet of bad business. More and more, therefore, the trend of business, on the one hand, and the trend of stock market prices, on the other, will travel along divergent lines. The reason is clear. The recovery of business is slow and steady. The stock market is mercurial. A group of un- favorable developments will hang over the market for months, while a group of favorable developments of probably transcendent significance and impor- tanc; will either be discounted or ig- nored. The most interesting phase of American psychology with Tespect to prevails as to the return ultimately of a prosperous condition. The only ques- tion on every lip is, “How long will it take—when will the agony be over?” During the last seven or eight months of 1930, too many business men merely assumed that the upset in business was a temporary affair and that some- how business would readjust itself. They did not realize that a real problem of readjustment faced them. It was when September and October failed to reveal the expected upturn that busi- ness men settled down to a realization of the fact Ihl‘: Ame:-lcn w‘:l“(‘:‘althlz midst of a real depression—not lo this continent, but world wide in its terrible consequences. ‘To restore normalcy depends upon the meaning of the word ‘“normal’ Perhaps the next period in our economic evolution will not resemble any other. This is only another way of saying that when unemployment has been reduced materially and an era of profitmaking has been started once more, the coun- try will feel a sense of satisfaction which may not be comparable to other periods because it may mean diminished profits—but by comparison with the present state of mind, the country will feel happy over the transition. Redistribution of Wealth. Redistribution of wealth is one of the phenomena of a period of economic change. During the last 10 years the number of millionaires in the United States increased many times, but so also did the number of people increase in the class receiving $5,000 a year or more. The movement has been upward in almost every income group. The purchasing power of the dollar has climbed upward. Commodity prices are lower than they have been for many years. Economists may argue.that the stabilization of the dollar is the key to the whole worldwide problem of read- justment. But it is difficult in a com- plex economic age like ours to stand- ardize anything where political govern- ments exist. Granted the political machinery of parliamentary or congressional govern- ment on the one hand. and the inexor- able laws of supply and demand, on the other, we shall try through 1931 to keep the two forces from grinding the people between the proverbial upper and nether millstones. United States a Nation of Owners. Radicalism flourishes in a time of stress and strain, and this will provide its own handicap. But the United States has become a nation of prop- erty owners and security owners, which means that the weight of conservatism will be allpowerful. - The theorists are having a wonderful opportunity to analyze and dissect the st, present and future, but the Amer- ican business man began in September and October of 1930 the process of re- organization which collectively will do more to bring back equilibrium to America than any artificial measures the Government undertake. The old of the st wi'l . applied, per resulfs in individual instan corresponding benefit to tl nity, The essential industries those essential industries will forced in Texas | 1930 should be visible before 1931 is ended. The last quarter of 1931 will show such definite improvement over the same quarter in 1930 in so many lines that the few which have not been readjusted will not affect the major feeling of confidence and satisfaction that America has met the crises. ‘Thus, 1932 should be a better year than 1931, but looking ahead for the next 12 months, the stage is set for intensive effort, vigorous effort in the seeking of markets and in the cutting of costs. The rock of real confidence, however, is the fact that the United States has amassed, in the last ten years, sufficient wealth and sufficient | annual income to finance its depression, to tide over its frozen loans and credits, and to readjust itself, with a minimum loss per capita—a circumstance not duplicated by any other nation in the world. ‘When America’s recovery has been | started she will recognize the impor- | tance of assisting the rest of the world | to come back, for until the purchasing | power of Europe and Asia has been restored, the people of the United States | will not feel again the prospérity they | have enjoyed in the past. Political Side Quiescent. The political side of the Government will be more or less quiescent during 1931 because when the necessary ap- propriation bills are passed Congress will adjorn at the end of the present business is the utter . confidence that | . short session, thus avolding an extra session. ‘The usual political maneuver for the 1932 presidential campaign be evident in 1931, but as for new I - tion affecting business, there will be pruuul”l lly none of it advanced during (Copyright. 1930.) First among the eminent Americans who died in 1930 must be placed Wil- liam Howard Taft, who had been gov- ernor General of the Philippines, Chief Justice of the Supreme Court of the United States and President of the Re- public. On the day Mr. Taft died, March 8, Associate Justice Edward San- ford Terry of the Supreme Court also passed away. Elmer A. Sperry, in-, ventor of the . and Glenn H. Curtiss, pioneer in aviation, were taken by death, as were also Bepresentative Stephen G. Porter of Ivania, man, and Gen. Tasker H. of staff of the American Army during the World War. In January—George author and educator; re Briggs, cartoonist; John D. Archbold, oil mag- nate; Prof. Henry J. Cox, veteran weather forecaster; Edward Bok, ed- itor and philanthropist; Mrs. Willlam Jenning Bryan, Stephen T. Mather, former director of national parks: Mrs. Rebecca L. Felton, former Senator from Georgia; Dr. Harry B. Hutchins, presi- dent emeritus of University of Michi- gan; Rear Admirals W. W. Kimbal '}n‘gl'x‘homu Snowden, Maj. Gen. Harry lor. In February—Rear Admiral W. L. Howard, Brig. Gen. M. P, Maus, fc Senators Fred T. Dubois of Idaho and C. F. Johnson of Maine, Alexander Moore, American Ambassador to Poland: Cardinals Perosi and Merry del Val in Rome, Mabel Normand, film star; Maj. G. H. Putnam, New York publisher. In March—D. H. Lawrence, English novelist; Dr. Arthur T. Hadley, presi dent emeritus of Yale; Viscount Herb-ri In April-—Cosima szn the famous composer; Albert H. Wash. , American diplomat; Quesn Vie- toria of Sweden, W. G. P. Blrdln:{ Bank Boston; Dr. H. H. Pumcufi.‘r., Shake. spearean authority; Cardis de o verde of Rio d= Janeiro; Charles Scrib- ner, publisher; Robert Bridges, poet laureate of England; Maj. Gen. George Barnett, former commandant of the Marine Corps. In May—Robertus Love, critic; Earl D. Church, pensions; Dr. Fridtjof Nansen, Norwe- gian explorer; W. J. Locke, English novelist; Herbert D. Croly, publisher and author; Col. J. Gray Estey, organ manufacturer; Willlam Ordway Part- ridge, American sculptor; Lord Randall T. Davidson, former Archbis] of Canterbury; Cardinal Lucon, Archbishop of Reims. In June—Gen. Herbert M. Lord, former director of the budget; Maj. Gen. C. A. Devol, Chief Magistrate Willilam McAdoo of New York City, Sir Henry O. Segrave of England, auto and boat speed record holder; Kirk Munroe, author of boys’ books; Earl of Mar, premier nobleman of Scotland; Melville Davisson Post, author; Kuno Francke of Harvard, J. K, Vard: man, former Senater from Mississipp! Harry Stutz, automobile manufacturer; Dr. Harvey W. Wiley, pure food specialist. In July—Grant Overton, author; Sir Arthur Conan Doyle, English author; Maj. Gen. W. C. Neville, commandant of the Marine Corps; Cardinal Van- nutelli, dean of the Sacred College; Rear Admiral A. H. Robertson, Field Marshal Count Oku of Japan, James Eads How, “millionaire hobo"; . Joseph Silverman, Jewish leader of New York. In August—Archbishop Messmer of Milwaukee, Siegfried Wagner, son of the compaser; James D. Phelan, former Senator from Californ! Maj. Gen. C. T. Menoher, Gen. Sir Horac> Smith- Dorrien of England, Van Lear Black, publisher of Baltimore News; Marion Terry, English actress; Lon Chaney, screen actor; Maj. Gen. Henry T. Allen, In September—Robert M. Thompson, New York financler and sportsman; Mrs. Frederick Dent Grant, Read Ad- miral Simpson, 8. W. Straus, financier; Milton _Sills, stage and screen star; Capt. Boy-Ed, former German naval attache at Washington: John Lind of Minnesota, former Governor and Con- gressman; Henry Phipps, retired steel magnate; Philo A. Otis of Chicago. civic leader; W. L. Tomlins, noted choral conductor; Lucien W. Powell, American artist; Daniel Gugmenheim, capitalist and philanthropist; Prince Leopold Maximilian of Bavaria, Lord Birk head, English statesman. In October—Rear Admiral G. W. Baird, Allan Pinkerton, d:tective agency head; Josiah H_Marvel, president of American Bar Associal ‘painter; vive and the inefficient unRg within | tion; Alexander 4 t