Evening Star Newspaper, September 7, 1931, Page 13

FINANCIAL STABILIZED LABOR - CONDITIONS URGED ®New Deal” in Coal Industry ! Suggested by Trade @pecial Dispatch to The Star. NEW YORK, September 7—A new alize joint production and price con- ol are two measures essential to the ehabilitation of the bituminous coal dustry, according to Coal Age. Offer- to operators this week a suggested hilization plan, the publication warns hat the law of the jungle is endanger- ng the existence of companies whose urvival is necessary for the continu- #nce of bituminous production. Unstable labor conditions, too many ines, too many companies and a de- clining market for coal as a raw fuel Bre four hazards cited as actually threatening the existence of the in- Bustry. Other economic burdens listed re weak marketing policles and cthods and a lack of research to de- elop new ‘uses for bituminous coal. Establishment of a research Erofin\m tailing the expenditure of $3,000,000 nnually for the discovery of new coal rocesses and products and the forma- o’ of a Coal Development and Re- Bearch Corporation to capitalize on re- gearch discoveries is urged in the Coal Age plan. Financing of the project would be effected through co-operation of operators with annual production of 300,000,000 tons on an assessment basis of 1 cent a ton. Allocation of the re- search fund would ‘provide 20 per cent or laboratory research and the balance or commercial exploitation of new pro- sses and products. L Labor Problem. Stabilization of the industry without e interposition of some outside agency presenting the workers presents almost superable obstacles, the publication ints out, adding: “Inherited prejudices in some fields nd bitter personal experiences in others ave made the idea of a revival of nionism obnoxious to many employers. evertheless, unless some new formula kan 'be found, the conclusion seems in- evitable that the desired stabilization of wages and of working conditions must come through a recognition and @n acceptance of an outside labor organization by a sufficiently large per- gentage_of the operators to give the wages and the working conditions so Established a controling influence in the @eal in its relations with labor and Emdmca\ion of the Sherman law to istricts where direct recognition is vithheld. “Whether this labor organization shall be the United Mine Workers of America ©or some new group equally independent ©f employer control rests largely with the existing union. It is faced with the task of convincing doubting opera- tors that it has abandoned the policles and practices which have made it highly objectionable to many producers and that it mow has the vision and the {udgment which will promise effective eadership. There must be a genuine partnership between capital and labor if the goal of stabilized relations is to be reached.” Production Control. In urging changes in the Sherman 3aw which would help the bituminous coal industry meet its present problem, Coal Age says “During the past 10 years, consump- tion of 'bituminous coal, exclusive of colliery fuel. within the United States hes fluctuated between 382,726,000 and ,853,000 net tons. So long As con- sumers ‘will nct or cannot make long- term commitrhents for fuel, the bitumi- nous coal industry must carry idle ca- pacity to take care of peak ‘loads. The need for production control within the industry, therefore, is recognized as im- perativ “Modification of the Sherman law to permit joint agreements among epera- tors on production policies and on prices offers the most direct route to the at- tainment of this control. Modification which imposed burdensome restrictions @s the ‘price of this relief, however, eould be as destructive as the ills which the change in the statute was intended to cure. are too many dangers inherent e proposal, frequentl an independent Gov: ion empowered to pass n the legality of sug-| actions to make that bl The bituminous specifically e agreements on pro- licies without ~the endent Government here the Depart- ustice has reason to believe at agreements so made violate the w as amended, civil suits be instituted, ®s under the present statute.” ASTRONOMERS TO MEET IN ANNUAL CONVENTION! Report on Planet Eros to Be Pre- sented Among Papers on Celestial Bodies. September 7.— come in for close scrutiny here during the next three days. when astronomers from all parts of ‘the United States meet at Perkins Observatary, Ohio Wesleyan University, for the forty-sixth annual convention ©f the American_Astronomical Society. Dr. Ernest W. Brown of Yale Univ Bity is president Many papers are to be presented, in- ing a report on Eros, a minor p! which this year came closer to the carth than any other celestial body gxcept the moon and the sun. 3 DIE IN PLANE FALLS Two School Girls and Pilot Are Killed in Ship's Crash. SANTA ORUZ, Calif, September 7 (P—Two school girls and an aviator were killed in the fall of a seaplane into the ocean here yesterday while 10,- 009 holiday pleasure seekers crowded the beach. The dead are Annette Keiser, 16, and her sister, Katherine, 11, daughter of Mr. and Mrs. M. J. Keiser, ranch owner of Sanger, Calif., and George Robinson, 22, "Santa Cruz pilot, who had been taking passengers for short flights. The plane had circled the bay and was nearing the pier when its nose went up. The ship stalled, then went into a spin and fell 150 feet into the ocean. ‘W. C. T. U. Picks Vice President. CHICAGO, September 7 (#).—Ap- pointment of Mrs, Gertrude Stevens Leavitt of Portland, Me., as first vice president of the World Woman's Christian Témperance Union was an- nounced yesterday by Mrs. Ella A. Boole, president. Mrs. Leavitt is the daughter of Mrs. Lilllan N. M. Stevens of Port- land, who succeeded as president of the W..C. T.: U. Francls Willard, its Sounder. Plane in Spin Kills Flyer. OTTUMWA, lowa., September 7 (). ~— Herbert C. Wells, 33, of Omaha, was killed yesterday when a plane he was fiving went into a spin and fell from an aititude of 300 feet. Floyd Cliff, 18, of Ottumwa, specta- tor, received a fractured leg when struck by the plane. Equipment from the United States’ will be used in a modern hospital to be @sacted near Mukden, China. Everybody’ Announcement Similar to THE EVENING STAR, WASHINGTO s Business Morclon’um. Would Help Business Conditions—Price Demoralization Blamed on Sales Executives’ Lack of Backbone. BY DR. MAX WINKLER. Special Dispatch to The 5! NEW YORK, September 7.—Many agree that the enuine business revival is the general he United States and abroad. It is llrge.l! pediment to a dence, both in of this state of affairs that ?eople are prone to listen to eing circulated fantastic stories which are b by those who are possessed of desire to work destructively. a lprlnci al im- ack of confi- because 1 sorts of morbid All of us can recall the almost spec- tacular response on the part of the public to the announcement, on June 20, of the Hoover one-year moratorium. Unfor- tunately, opposition which developed tend- ed to neutralize to a very large extent the effects which the plan would have had, if it had been adopted immediately and uni- versally. Similar Announcement Awaited. The world awaits a somewhat similar announcement, which should improve con- ditions greatl, ‘The writer sincerely feels that such results would follow an adjust- ment of the Franco-German differences, if these two neighbor republics can reach an agreement which will be equitable and mutually acceptable. But the agreement must be based upon the com) ment of the vEtor-vanquLshed idea. lete and genuine abandon- DR. MAX WINKLER. That such an arrangement is well within the realm of probability is evi- denced from reports that Premier Laval of France and Foreign Min- ister Briand have definitely decided to visit Berlin toward the end of this month. reaching and constructive nature. It is within reason to expect that this epochal visit will be accompanied or followed by an announcement o: the most far- Many and varied are the suggestions which continue to be made in reference to the existing crisis and the way in which the situation can be adjusted. There are very few, indeed, who have not as yet come forward with a plan to redeem the world and save it from complete collapse. Labor Plan “Fantastic.® If reports are accurate, it would seem that it is the American Federation of Labor to which must be awarded the prize for the most fantastic suggestion yet made to bring back good times and prosperity. ‘The proposition refers to the levying of a tax on American in- vestments abroad. It would be of interest to have the federation enlighten an anxious inves- tor in foreign securities or foreign en- terprises, as to how the tax is expected to work. Would it impose a tax on an American who holds Russian bonds selling at 2 cents on the dollar, having | p, paid par for them? Would the fed- eration base the tax upon the market value of America’s foreign investments or upon the original cost? If the former method is adopted, how much does the federation expect to derive from the tax on American investments in Cuba or Mexico or Chile or China or Peru or Bolivia? These are questions which the fed- | eration should answer before it indorses the above proposal convention in Vancouver. Orders received by the Westinghouse Electric & Manufacturing Co. for re- frigerators show a healthy increase in value, according to C. E. president. Mr. Allen adds that business so far this year is 400 per cent ahead of 1930 and that the outlook for the remainder of the year may be viewed with a considerable degree of optimism. Says Executives Lack Backbone. If a statement of this type bad been made two years ago, it would have re- sulted in a spectacular advance in the price of Westinghouse shares. Today an optimistic statement is at best ac- companied or followed by a slight change in quotation, Ordinarily, how- ever, an avalanche of selling greets such announcements. The prevailing demoralization in prices is due to the lack of backbone on the part of sales executives, in the opinion of W. D. Huntington, chairman of the Executive Committee of the Manufacturing Chemists’ Association. its forthcoming | Allen, vice | Declining prices, continues Mr. Hunt- ington, are gradually bringing indus- tries to ruin, and the time has come when a definite stand must be taken to hold prices firm and check selling below cost. It is expected that the United States Chamber of Commerce will assume leadership in a drive to prevent further commodity price cutting. Trade almost invariably follows the dollar, America’s expansion in her for- eign commerce ran parallel with her large investments abroad. Had some of these investments been made for exclu- ly productive purposes, there would e been less grief today incident upon defaults and suspension of payments, Good Example Is Sef. Smaller countries in possession of much less gold than the United States are setting a good example. A Swiss automoblle concern, S. A. Adolphe Sau- rer, with a capitalization of 18,000,000 Swiss francs, is reported to have granted a loan to the city of Warsaw amount- mT to $3,000,000. Of the total, one- third was given in the form of motor trucks, the balance being paid in cash. It is transactions of this kind which would do more for a revival of Ameri. can business than the various plans evolved and the numerous conferences convened for the purpose of solving ex- isting problems. ‘There is so much talk about Latin American defaults that highly construc- tive events are either ignored or, at best, overlooked. The Argentine prov- ince of Santa Fe is anticipating by three months the payment of loans con- tracted with local banks to the amount of 4,000,000 pesos. This was made pos- sible by the very favorable showing made by the province, which, for the first five months of this year, reported an increase of almost 37 per cent over last year's figures, the gain amounting to well over 6.000,000 pesos. American holders of Santa Fe obli- gations do not seem to appreciate this situation. The provincial bonds, bearing & 7 per cent coupon and maturing in 1942, sold recently as low as 49 per cent of par. (Copyright. 1931. by the North American Newspaper Alliance, Inc.) MINISTER ACCUSED IN SON’S SLAYING Pastor-Father of U. 8. Sailor Ar- res ed at Rochelle, Ga., After Col- lecting $2,500 Insurance. By the Associated Press. AUGUSTA, Ga., September 7.—Rev. J. N. Willlams of Rochelle, Ga., was arrested yesterday by Richmond County officers on a warrant charging him with the murder of his son, Raford Grady Williams, 19, a United States sailor, on a lonely road near here August 5. Sheriff N. Gary Whittle of Richmond County said the charge against the minister followed a report to him that the father had obtained leave for his son on the claim that the youth's sister was gravely ill. The sheriff said he learned the sister, a student at the Martha Berry Schools, Rong, Ga., was not_serfously ill. ‘The minister denied the charge. Officers said they were told by Mr. Willlams that he had met his son in Washington, D. C., but that friends of the family said he met him “in the Carolinas.” Sheriff Whittle said Mr. Williams borrowed a pistol from a friend in Rochelle for protection on the trip and that bullet wounds in the son's body corresponded to the caliber of the borrowed weapon. The minister, about 45 years old, col- lected $2,500 life insurance following his son’s death, Sheriff Whittle said. Officers said young Willlams had & wife and baby living somewhere in Maine, but they did not know in what city. GAYETY REOPENS IDDING fair to emulate the “bang- up" entertainments of last year, Sam Raynor and His Gang inauguras the opening of the season at the G ety yesterday, with an aggregation new and old favorites. Raynor, one of the best known of the burlesque comedians, ably sup] by Ray Parsons, Frank Mallahan and Joe Costello, sprinkled humor here and there and everywhere, causing much merriment at the expense of his fem- Inine cohorts. Once again Gertrude Reed, a red- headed favorite of old, scored heavily among the masculine fans with her ec- centric and modernistic dancing. She was supported by her sister from Cali- - of | fornia, Rae, who sold herself in no un- certain fashion to the audience. So closely, in fact, does she resemble her sister that there is bound to be a rivalry between them—and, pt ps, & ques- tion which is which a which the other. Two dancing gentlemen, Joe Costello and George Lake, presented a number which was so successful that it had to be done all over again. George Lake 1s hailed as the season’s “find.” Dolores Green, Fay Tunis, Green and many others ass Raynor through a maze of laughs, dances and songs. An attractive en- semble, together with a background of pectacular settings, puts the finishing touches to the newest Columbia bur- lesque offering. F.L.C. PARIS BOURSE PRICES. PARIS, September 7 (#).—Three Pg" cent rentes, 89 francs 35 centimes. Five De;;elr‘::nlom4 NL, !r;nu zg “X’x"'l?‘tl cl on London, s cemlmu.‘.'rhe dollar was h\lmd. CHURCH AID ASKED FOR FIVE-DAY WEEK Labor Entitled to Necessaries and Comforts, Woll Declares in New York Address. By the Associated Press. NEW YORK, September 7.—Organ- ized Labor yesterday appealed to ‘the church for support of the five-day week with higher wages as being the only sound economic program. Matthew Woll, vice president of the American Federation of Labor, in an address at the Cathedral of St. John the Divine, declared lanor was not con- tent merely with a bare existence, but was entitled to the necessities and com- forts of life. ‘The coming Winter,” he predicted, “will test our principles and our faith in each other. “At this time, when more than five million workers are without opportunity to earn a living and approximately an equal number are working only paft time, the retgonslbmty of the whole of soclety to these jobless persons has priority to other considerations. “If all who control work opportunities would contribute work hours or jobs for the workless, we could meet this prob- lem in a constructive, self-respecting way.” Many Camps for Tourists. Tourist camps came into being in California about 1921. They soon spread to practically every city and town in the country. ‘There are now 1,000 in the State, but Texas has 200 more than California, the largest number of any of the Western States. In one town in Texas there are 42 tourist camps. The large number is due to the fact that a trunk highway passes through the town and it is 50 located that many tourists find 1t convenient to break their mneys there. In Phoenix, Ariz. re e are 110 camps. San Antonio has only 16, but most of them are large, having 40 to 80 cottages or apartments each. The largest camp in Texas has 112 AVINGS FOR OVER FORTY YEARS THIS INSTI- TUTION HAS AID- ED WASHNGTON FAMILIES TO Re-Finance or Purchase D. C. PROPERTY. INVESTIGATE OUR LOAN PLAN. Open Daily 9 to § Saturde Until Noon 949 NINTH ST, UNDER SUPERVISION OF U.3 7R IBEARS ON STOCKS ARE IN MAJORITY Professional Traders Adopt i Cautious Attitude In View of Dividend Situation. BY GEORGE T. HUGHES. Special Dispatch o The Star. NEW YORK, September 7.—With the stock market enjoying a three-day holl- day, the attitude of the aversge pro- fessional trader in stocks at the week cnd was one of undisguised bearishness. At the same time, there was a spirit of caution about translating this bear- ishness into action in the way of sell- ing stocks. With every encouragement to operations for the decline, there is an unusual timidity among the fra- ternity. As justification for their theoretical position, all sorts of reasons were ad- vanced—the unsettlement in Europe, fresh outbreaks in South America, con- tinued declines in commodities and, most important of all, the lack of any sign of definite seasonal improvement at home, Another barrier to an advance in stock prices that looms large in the mind of the speculator is the number of dividend reductions and omissions that he believes are yet to come. Dividend Situation. This dividend situation was brought home this week by the omission of the disbursements on Lehigh Valley and on J. I Case common stock. In both cases the action seems to have taken Wall Street by surprise, although it should have been prepared. Any casual analy- sis of the earnings outlook for either of these corporations ought to have led to the conclusion that the dividends to the common share holders were in dan- ger. Nevertheless the market broke adly for both stocks, and by its action made a deep impression. It led to short selling on & large scale in stocks which represent similar lines of activity. So far as the dividends to be acted on next week are concerned nothing that can happen over the holiday can change | the data on which the directors will act. | dustries, but the income accounts are made up. This is the argument whicl appeals to the bear faction when they | look to the future. This is the reason ! why they showed so0 little inclination to | cover their commitments in Friday's | market. ~ After the violent break of | Thursday a technical rebound was in order, but it did not come. The best that could be said was that the decline | had been stopped, but that is easily ex- | plained by the natural evening up of | accounts before a holiday. | What can be said on the other side? Only that there are no weak long ac- counts left in the stock market. If liqui- dation is to come in any large amount, it must come from the outside and not from the inside. After Thursday's | sharp decline there were practically no margin calls. Secondly, the market shows that when a stock “has a good story"—meaning that the company rep- resented has been able either to l"’lf)?d its own during the depression or to in- | crease earnings ever so slightly—that stock has been able to resist the general trend. That was not 50 in earlier stages | of the bear market. Industrials Favered. As to the various groups of stocks, it is the industrials which are rded with the greatest favor'and the rails, | which have the fewest friends. The | utilities formerly had more adherents | than elther of the other two, but ap- | prebension as to political hostility is fairly general. Besides the utilities, ing as they do on so liberal an apprals- al of earnings, do not look as well de- | the industrials. ‘The real test, to the Wall Street mind, although it may not be con clusive to the outsider, is the action | Week ended September 2..$8,246,068,000 | of the market itself. A day or two of rising prices would produce a sudden | change of speculative front. On thi: account the action of the industrials will be closely watched to see if they “confirm” the new low average made | this week by the ralls. The theory is that if the bear market is another stage of the decline the indus. talals must make their mew low. To date th!i’ are still well above the mini- mum prices of early June. (Copyright. 1991.) The Mumbles. ‘The tourist in Wales should not 1 to pay a visit to the Mumbles, an ever- attractive resort for Welsh, English and Americans. It has a wealth of accom- | modations for all. Nestling beneath a bold cliff of limestone, it has a war-| battered castle, a sturdy church tower | typical of the minor fortresses of this | Gower country, a pler with the usual | round of gaiety and music, a lighthouse redolent with tales of heroism and ro- | mance, boating and sea angling. A road cut through the cliff enables you | by gentle ascent to reach the extreme | t of the headland and enter Brace- | t Bay, one of the prettiest of Welsh | coast resorts. i All departments are prepared to render the needs it instance, no one questions the safety of @ ins ‘When one of the great American life insurence cnmglnlu makes a contract with a policyholder that contract will be kept as far as the company is concerned. It is worth re- stating this seeming truism when so0 many other financial institutions are doubted. After a certain time, gener- ly three years, all policies have a loan and a surrender value, Back in November, 1920, when the stock market was crashing after the great inflation and jt looked as though prices were at bargain levels, something we know now was not true, hundreds of wage earners and salaried men Were |y "y eager to take advantage of what they thought was & great opportunity. They B e s baarmace, iy any e ve life ] of {hem borrowed on thelr policles to buy stocks. it was a foolish thing to do. Not simply because it turned out wrong, but because they misused the privilege Bn‘d they impaired the protection to their familles that is the primary object of life insurance. However, the point here is that in the midst of the greatest panic Wall Street has ever seen the insured was able to borrow cash on his policy as per the agreement. Even the best of collateral is sometimes rejected by the nks when a loan is desired, but it is always possible to realize on a life insurance policy. The reason that this is o is because of the unsurp:md strength of nsurance companies. "‘iltnnl this same line, the writer wishes to add—and this time speaking not as a layman, but as one who has had years of experience in the market place—that the investment policy of the insurance companies is guided by the best minds in the business. Bond buy- ers for banks are deceived now and then; individual purchasers,make plenty of mistakes, but the buyers of the great insurance companies are the most ex- pert judges of value the bond market knows. LARGEST FIXED TRUSTS ARE LISTED BY EXCHANGEl Special Dispatch to The 8 NEW YORK, September 7.—Compila- | hange on the group of 39 fixed invi ment trusts which the Exchange fo ‘unobjectionable” showed the four largest fixed trusts to be. in order of their gize, North American Trust Shares, Corporate Trust Shares, Super Corpora- tion of America Trust Shares and Diversified Trustee Shares. North American Trust Shares had 20,139,000 shares outstanding. Corporate ‘Trust Shares had 17,729,605, Super Cor- poration had 4,845,000 and Diversified ‘Trustee Shares had 4.400.800 at the time applications were flled. These were the only trusts whose total out- standing shares exceeded one million. Corporate Trust Shares have just an- nounced issuance of over 19,000,000 hares up to the end of August, and the other trusts mentioned have doubtless also had substantial sales. Out of the total of 53772545 shares outstanding of all of the fixed trusts in the approved list at the time applica- tions were filed, these four trusts jointly SEASONAL UPTURN aue N BUSINESS SEEN Retiring Officlal of Credit Men. Believes Improve- ment Is Near. Special Dispatch to The Star. NEW YORK, September 7.—Business | has passed its usual Midsummer lull and within the next few weeks should 't some benefit from seasonal the opinion of Dr. Stephen T, retiring executive manager of the National Association of Credit Men, as expressed in his monthly review of business, which 1s being sent to the as- sociation’s 25,000 members today. Although production in 'general is still at low levels, particularly in the stecl and motor industries, the credit | chlef notes improvements in textiles and shoe manufacture, with these in- dustries showing improved schedules and going inte the Autumn period under fair headway. 'Thé leading business indices show no signs of recovery thus far,” the re- port continues, “Car loadings are still about, 175,000 under & year ago and the commodity price index stands at about 69 for the United States and 63 for England, d on & of the year 1926 equal to 100.” Dr, Miller finds retail distribution to be spotty—Chicago, Richmond and At- lanta showing the best sales. Whole- salers throughout the country repcrt orders in fair number, but for small | unit quantities. Hand-fo-mouth buying :lw!ll persists, is the comment of the re- w. | Encouraging factors are the renewed | attempts of the copper producers to ‘Ret together for a curb of production; the favorable reception by oil men of the Texas oil and gas conservation legis- lation and progress made toward sta- bilization in Germany and other Euro- pean countries, Dr. Miller reports. Included in the review is a. special survey of Midwestern States covering sales, collection and failure conditions. | Of the States surveyed, Illinois and Michigan are the most cheerful, Indiaba and Wisconsin look for improvement | because of present low inventories, Ohio expects better conditicns in the Cleve- | land area when steel begins to come back, while Minnesota and Misgouri are the least optimistic in regard to general business conditions, From all of these States comes the complaint that the banks are too tight on commercial loans. Other unfavor- able factors are increased unemploy- ment in certain sections and low prices for farm products. | accounted for 47.114,405 shares, or 57‘ er cent. The two largest trusts, name- y. North American and Corporate ‘Trust Shares, accounted for over 70 per cent of the total of all fixed trusts in the 1 — CHECK TOTAL By the Assoclated Press. GAINS. Oldest National Bank in the District of Columbia Checks cashed on individual bank ac- | counts in leading cities of the Federal Reserve system aggregated $8,246,068,- 000 during the week ended September 2, an increase of 9 per cent over the previous week. The gain was due. in art, to payment of month-end bills. | Total debits for comparable periods fol- low as announced by the board: Previous week. Same week last A SAFE INVESTMENT That's Very Profitable 6% GUARANTEED FIRST MORTGAGE NOTES You have cholce of the type and location of the property behind your investment. Notes in_denominations of $100 Upwards et Malled on CORPDRATION 1610 K St. N.W. National 1403 We are pleased to announce that On Tuesday. September 8th The Main Office of the American Security and Trust Company in the American Security Building On Fifteenth S‘treet 4“ Pa. Ave. NW. usual prompt service. - AMERICAN SECURITY Fifteenth and Penna. Avenue N.W, Five Convenient Banking Offices It Will Not Obligate You —in the least to have a talk with Our Trust Officer concerning the drafting of your Will, the choice of executor or trustee, or about the creation of a Life Insur ance Trust. TComplete Fiduciary Service, on a par with Metropolitan banking service, is at the disposal of our customers. Interest Paid on Savings National Mefropolifan | BANK Fifteenth Street Opposite U. S. Treasury will be located in its new quarters FINANCIAL ¢ Money. to e eralias Intcroet o Weller g0 st Joseph I. WE MAKE FIRST TRUST LOANS on IMPROVED REAL ESTATE IN AMOUNTS OF $5,000 TO $1,000,000 IN THE DISTRICT OF COLUMBIA AND NEARBY MONTGOMERY, .CO., MD. PERIODS OF 3,5 or 10 YRS. Prompt Decisions Given Applications 5%% INTEREST BOSS and PHELPS Realtors FQUNDED 1907 1417 K. St. N.W. Loan Correspondent John Hancock Mutual Life Insurance Co. 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