Evening Star Newspaper, September 10, 1931, Page 2

A2 %ua 29 BILLION U. . CAPITAL ABROAD Largest Amount Invested. in Europe—War Dgibt Figured at $7,740,000,000. ¢ { { The United States Government l.ndi private investors in this country held | approximately $24,865,759,000 in fer-! eign investment on January 1, last, ac- | cording to a report made public today | by the Commerce Department. Embodied in the report is a study| completed by Paul D. Dickens of the depa:‘ment’s Bureau of Foreign and | Domesiic Commerce. In the study, it was pointed cut, are presented for the | first { time estimates of total invest- ] ments for Individual foreign countries. The department estimated American | private long-term investments were be- sween 414.900,000,000 and $15,400,000,- 000; war loans amounting to $7,740,000, 000, and $1,725,759.000 in short-term credits. 1 The principal of the war debt out- standing on November 13, 1930, the de- partment said, was $11,640,000,000, but the actyal worth of this debt was fixed by Mr. Dickens' study at $7,740,000,000 on a 4 per cent compound discount basis. This also was emphasized by Grosvenor M. Jones, chief of the divi- slon of finance and investment, who said that the seven billion dollar figure should be taken as the actual value of the debt. Big Gain in 18 Years. In citing the total figures in private Jong-term investments, the study said, “their rapid growth is brought out clearly when the present total, $14.900,- 000,000 to $15,400.000,000, is compared with the estimates of investments in 1900 of $500,000,000 and in 1912 of $1,902,500,000. In the last 18 years this country has increased its holdings abroad by $13,268,000, or by about $737,000,000 a year, excluding, of course, the war debts to the United States Treasury and short-term invest- ments.” The largest amount capital is xnves;ed in the of American Europe, about 00 America, West Indies, $1,233.484,000: $117,829,000: Asia, $1,022,949,000, Oceania, $419,294,000. This gave a total of $15,675,028.000, from which was deducted $630.000,000 for repatriation of securities by for- eign buyers in 1930 and $125,000,000 added for insurance company and bank capital invested in foreign countries, leaving a total of $15.170,028,000. Private investments were about equally divided between bonds and direct investments in industries. Di- oot Investments were estimated to total $7,840,810,000 and investments in bonds were set at $7.204,218,000. American investments in Canada were the largest in any single country and exceeded those In every contineat except Europe, according to the study. The ownership of branch plants, mines, public utilities and other similar prop- erties, the study said, “exceeds port- folio investments, as is to be expected in a relatively new country with great natural resources that are near enough 0 exert a constant and strong attrac- tion to business men in the United States. It is remarkable, nevertheless, that the total private corporate in- vestments, direct and portfolio, are over twice as large as the holdings of gov- ernment-guaranteed corporate securi- YGermany, next to Canada, was the Jargest individual source of 'American investments. Long-time holdings of Americans there were estimated at $1,- 420,000,000 at the end of 1930. Of this sum, $1,176,988,000 is in German bonds of \'M‘lou:l kmds.llnrgely govern- ment-guaranteed securities. “Gegl\‘nnny," the study said, “has been the recipient of a larger amount of American long-term capital than any other European country. Approxi- metely 130 separate stock and bond issues, of which the American share outstanding totals $1.177,000,000. con- stitute the largest part of the Ameri- can_investment in Germany. “Practically all of this tremendous sum may be considered as dating from October, 1924, when the $110,000,000 American share of the Dawes plan loan for the government of the German Republic was offered in this country. During the four years beginning with 1925, over $1,000,000,000 of German bonds yere. floated here. There prob- ably hal never before been so large a movement of long-term capital between two countries in such a short time.” $1,066,551,000 in Cuba. Cuba came third in rank as @ source of American investments, with $1,066.551,000. Most of this was in the shipping industry. Total direct private investments are $935,706.000. | Cuban bonds held total $130,845,000. | American private investments in Great Britain total $640,892,000; France, $471,344,000; Italy, $401,140,- 000; Belgium, $254,211,000; Sweden, $272,766,000; Mexico, $694,786,000; Argentina, $807,777,000; Chile, 00; Brazil, $557,001,000; Colombia, 692,000; Venezuela, $247,238,000; $200,085,000; Bolivia, $116,043- Japan, $444,639,000: Dutch East Indies, $201,333,000; Philippine Islands, $166,245,000, and China, $129.768,000. The department, along with the study, submitted a brief general obser- vation on the trend of 1930 direct in- vestments, as follows: 3 “First, there was a noticeable falling off in Latin American investiments. During several of the immediately pre- ceding years American public utility companies had rapidly extended their holdings of electric and telephone util- ity properties in that area, During 1930 there was less activity in that line, | and it is possible that for several years ! any expansion in our public utility in- vestments in Latin America will take the form chiefly of consolidating and improving properties previéusly ac- quired. Electric Utilities Acquired. “Second, in 1930 American capitalists, associated with Europeans, acquired electric utilities and established sub- sidiaries in several European countries, among which were Germany, Greece, Luxemburg, Portugal, Turkey and Yu- goslavia. Earlier American investments in European public utilities were large- ly confined to the purchase of bonds. A few exceptions to this were the acquisition of electrical properties in England, of interests in various hydro- electric enterprises in Italy, and nf; telephone systems, principally in Spain. “Third, the chief activity in manu- facturing expansion in 1930 was in Europe, especially in Germ ‘Much of this expansion took the form of par- ticipation in established companies, al- though outright purchases, the estab- ent of new plants, and extensions 1o old investments took place also. New pranches continued to be established in Canada during 1930 at a rate nearly, if hot entirely, equal to that of 1929. A Yew plants were set up in South Amer- ica, continuing tbe postwar develop- ment of that area. “Fourth, properties producing raw material were not involved in the year's expansion to any great extent. Some projects in Canadian mineral industries | that had been started previously were fushed to completion, and some new | nterests were acquired in Africa and | Australia.” Africa, and I { | Letter airmail carried from England in the second quarter of this year to- toled 27,996 pounds, a gain of 7,362 p;:lim over the corresponding . of Jeff Bowers, who was found fatally wounded shortly after 10 o'clock this morning in a hardware store at 1311 Seventh street, shown with Mrs. Bowers. WASHINGTON, D. C, SMITH 1S SILENT; J i ALIEN SMUGGLNG RACKET ENORMOUS “Uncounted Thousands” Are Brought Over Borders—U. S. to Seck Indictments. By the Associated Press. NEW YORK, September 10 —Afr-| planes, speedboats, sutomobiles and | even rowboats were used to smuggle! uncounted thousands of aliens into the United States from Canada and Mexico during the past 10 ye: Federal authorities revealed last night as they, prepared to lay their information be- | fore a grand jury. i Federal officials have estimated the smuggling of aliens netted its operators at least $20,000.000 in fees. which ranged individually between $200 and $5.000. After their arrifal here, autho- rities said, the allens were forced to pay additional money under threat of exposure. | William B. Herlands, assistant dis-| trict attorney, describing the immigra- | tion racket as well organized “as a chain store system,” said the Govern- | ment would seek indictments against from 12 to 20 persons. Of these, he| said, possibly five or six would be lawyers. . | The grand jury will be provided with data gathered in a six months' investi- | gation and asked to report indictments charging violation of the immigration laws and evasion of income taxes. Herlands said this procedure was de- cided upon at a conference with United States Attorney Medalie today. YACHTSMAN SEIZED; WIFE AND CHILD FOUND ON SEPARATE BOATS | (Continued From First Page.) ! | Long Island authorities that after cruising about the sound in the Pen-| guin during the day, her husband RED CROSS READY | 10 HELP JOBLESS, Local Chapters to Aid in! Unemployment Relief, Judge Payne Says. John Barton Payne, chairman of the American Red Cress, today informed local chapter~officials that the Red Cross stood prepared to administer re- | lief this Winter through its local units to those suffering and in want from any cause which is not being met by other agencies, Chairman Payne estimated that more than 1,000 of its chapters were ncw engaged in unemployment relief. In a lctter addressed to all chapter officials. Mr. Payne said, “Where there is suffering and want from any cause and the fundamental local needs are not being met, chapters may participate in lhcdcrmmumty plans for meeting the need.” Change of Attitude Seen. Some observers have interprcted the letter as almost a complete change in attitude regarding the Red Cross’ pol- icies on unemplcyment relief. They pointed out that heretofore, in refusing eid to those reported in dis- tress arising from strikes and other un- employment conditions, the Red Cross had held to its traditicnal policy of con- fining its activities to disasters caused by “acts of God."” Mr. Payne said in his letter that “the suggestion has been made that the Red Cross accept complete responsibility for relief of unemployment in the present depression.” “Consistent with its charter the Red Cross has developed and adhered to the following principle: 1) The Red Cross distinguishes between distress resulting | from ‘natural’ and ‘economic’ causes: (2) It does not duplicate the work of other agencies; (3) chapters undertake general relief work only where other | agencies are inadequate and where the | financial support for such work is pro- vided locall; | Mr. Payne's letter today was almost | | D. Roosevelt DENIES STATEMENT Declares “I Have Nothing to Say at This Time on Events a Year Away.” By the Associated Pre: NEW YORK, September 10.—Alfred E. Smith remained noncommital to- day as to whether he would run for President again. Commenting on an article in the New York Evening Post to the effect that he would not allow his name to go be- fore the Democratic national conven- tion, Mr. Smith said: “Nobody has any authority to speak for me. I did not give out any state- ment and I have nothing to say - at this time about evenis which are still a year away.” The Post story added that Gov. Roosevelt would probably be opposed by Newton D. Baker, and that Smith would in all probability not oppose Roosevelt if the latter favored repeal of prohibition. Baker would make no comment. BAKER NON-COMMITTAL. Former War Secretary Silent Presidential Plans. . CLEVELAND, Ohio, September 10 () —Newton D. Baker, Cleveland af torney and former Secretary of War, had no comment to make last night on a copyrighted story in the New York Evening Post saying forces op- posing nomination of Gov. Franklin of New York for the presidency hope soon to have an “open declaration from Mr. Baker of his candidacy.” So far Baker has made no formal statement regarding any candidacies, but is understood in party circles to be a “receptive candidate.” e WEEK .END PROBE TO FIX EXTENT OF BRUTALITY CASES (Continued From First Page) Gen. Crosby in a vacant room adjoining the office of Commissioner Luther H Reichelderfer. Board Plans Considered. The District Commissioners today resumed consideration of their plan create an extraordinary board civilians to pass upon the report of the grar recommending the re- instatement of former Policeman Orville Staples and punishment of those re- sponsible for his dismissal from_the force, but failed to take any definite action. For two and a half hours the Com- missioners discussed the plan with Cor- poration Counsel William W. Bride, de- voting their time chiefly, #t was announced, to the legal and acturarial | problems involved in the appointment of the proposed civilian board. Names of prominent men who will be solicited to serve on the board also were dis- cussed, but no indication was given as | to_those under consideration Dariel E. Garges, secretary to the Board of Commiss‘oners, who was dele- gated to advise the press of the develop- ments at the conference, said it was unlikely that the personnel of the board would be selected before the early part of next It is the intention of the Commissioners, it was said, to de- termine whether the men wanted on the board will serve before their names | are made public. Powers Undetermined. The Commiss oners last Saturday an- nounced their plan to create the special civilian board, but thus far have not definitely decided whether it will be of | | duplication of a letter sent out by | composed of either five or three mem- anchored off Price’s Bluff, Northport.| him on February 8, 1928. in which the After supper the child was put to bed and she and her husband talked. About midnight she went to her bunk and 3 !iw minutes later heard voices on the eck. $trangers Appear Aboard. She returned to the deck, where she sald a man about 50 and a boy of 18 were talking with her husband. They asked him to take them to Norwalk at once as they had an injured friend, whom they wanted to get to the Nor- walk Hospital. Her husband refused because he had no lights on the cruiser, she said. He never used it after dark. ‘When he refused, she said, one of the two drew a gun and ordered him to pull up anchor, and head for the Connecti- cut shore. Her husband complied with the order and started. She then went below and after a time attempted to push a mattress through a forward hatch epparently to use it in case she ‘went overboard. Mis. Collings said her attempt was discovered by the two. en she said her husband was tled hand and foot and set adrift in a small boat and the cruiser was headed again for Long Island, where she was placed on the untenanted yacht in Oyster Bay. ARMY MAN FOUND SHOT WITH PISTOL CLUTCHED IN HAND (Continued From First Page.) | policies of the organization were out- | |lined as to unemployment relief. The | 1928 letter said. in part: | _“There are situations, other than the | natural disasters referred to above, such | | as strikes, business depressions, faflure | | of crops and other forms of unemploy- | | ment and economic maladjustment, | | which may cause widespread suffering. | These situations are not ‘national ca- | | lamitics’ as contemplated by its charter, | | for which responsibility is imposed upon | the Red Cross. | "It is not the policy of the Red Cross to duplicate the work or to do what falls within the responsibilities | of local charitable agencies, and it has ! | adhered to a policy of abstaining from | national ‘relief in" unemployment dis- tress, but if there is suffering and want | from any cause and the fundamental | | needs are not being met chapters may participate in community action in ex-' | tending relief.” | Mr. Payne today also gave out a statement” outlining Red Cross activ- ities in unemployment, drought and | general relief. 500,000 Given Aid. “Last available reports” he said, I"Lndtcale 1,031 chapters are now en- | gaged in general family relief work, | directly helping their communities to | meet the unusual needs of the present situation by assuming responsibility for nllX ;zr part of local unemployment relief. “During the year ended June 30 ap- | Proximately 500,000 persons were given relief by these Red Cross chapters. “Red Cross workers—chapters and the national organization working beside the Washington-Alexandria road by Policemen E. G. Duncan of the Arlington _ County force yesterday morning. When it was not moved dur- ing the day, he towed it to a garage last night and notified Sheriff W. C. Fields. This morning the machine was iden- tified as belonging to Maj. Jenkins and a posse of 10 Arlington County police- men and 18 soldiers from the Army War College commenced to comb the vicin- ity for trace of the missing man. Searchers Find Body. Several members of the searching party discovered his body about 10:30 o'clock this morning. Beside it were his coat. hat, a half-smoked package of cigareites and a newly opened box of .38-caliber cartridges. Maj. Jenkins left home yesterday morning about 8:30 o'clock, his wife said today, and went to the War Col- lege building, where his car was parked. ! He left there about 9 o'clock and was | not again seen alive. It was said today at the War De- partment that Maj. Jenkins was an ex-| cellent officer with an outstanding rec- | ord. Maj. Gen. William D. Connor,| commandant of the War College, sald that Maj. Jenkins was in no difficulty regarding his work and that he per- formed his duties satisfactorily. He is survived by his widow, a daugh- ter, Miss Annie Jenkins, and two young sons. Maj. Jenkins applied for treatment af Walter Reed Hospital during the firs week in August and was permitted twe weeks' sick leave on August 31. Maj. Quade said the War College was in- formed that his duties should be light- ened or the nature of his work changed. Instead of going on sick leave, how- ever, the officer immediately resumed his work as an instructor. It was said at Walter Reed today that his failure ' to take the prescribed rest may have resulted in a breakdown. i Maj. Jenkins was a native of Virginia ' and was graduated from Virginia Mili- tary Institute in 1909. Before his tour of duty at the War College he served at Fort Leavenworth, Kans, Jjointly—during the past year handled the cases of more than 400,000 ex- service men and their families, thereby relieving other agencies.” Meanwhile, Walter S. Gifford, na- tional relief director, was completing his | organization, encouraged by the support of another State Governor. Gov. Leslie of Indiana, in a telegram | to President Hoover, said the people of | Indiana were “unalterably opposed to the false doctrine of Federal paternal- ism or ‘dole’ system, and feel that financial aid from the Federal Govern- iment not only is unnecessary but | undesirable.” | Mr. Gifford had selected 24 of the | State representatives who will keep the national organization in touch with local relief efforts. He expected to name others today. (EERE RIS MEMORIAL TO LAWSON ' IS UNVEILED IN CHICAGOi Erother Honors Last Co-Organizer of Associated Press and Pub- lisher of Chicago Daily News. By the Associated Press. {\'ised that charges bers. Neither has a decision been reached as to whether the board will be constituted as an inquisitorial or trial group, although enough information leaked out the conference to indicate that the Commissioners prefer a trial board, if they can find a basis for pre- ferring charges against some one in- volved in the Staples case. The grand jury urged the dismissal of Policeman Joseph H. Hunt of the second precinct for the part he is al- leged to have played in the “framing” of Staples, and he probably will be se- lected as the victim. Hunt, however, will be a willing victim, because he has demanded, through counsel, an imme- diate trial and an opportunity to de- fend himself against the charges of the grand jury. The big problem said to be confront- ing the Commission is what charge to place against Hunt in order to get his case before a Trial Board. The Commissioners have been ad could be drawn, based on the grand jury's findings, if members of the jury can be persuaded to testify as the complaining witnesses. Some of the members of the proposed civilian board, i\ least, are to be drawn from the ranis of the citizens' associa- tions. This was indicated when the Commissioners called on _Secretary Garges for a list of the various civic bodies and their officers, and he promptly furnished it. Issue Special Bulletin. In a special bulletin sent to all precincts today by Maj. Pratt, District Commissioner Crosby conveyed to the police an assurance that the Commis- sioners will “support every man who properly and firmly performs his duty” and expressed confidence that the morale of the force will be heightened when the guilty, “if there be such,” are punished. The bulletin, at Gen. Crosby’s request, contained the text of the letter which President Hoover sent to the Depart- ment of Justice, sanctioning the Gov- ernment inquiry. Commanding officers of the precincts were instructed to read the bulletin to all members of their commands for two consecutive days. Text of Crosby Letter. Gen. Crosby’s letter follows: “My dear Maj. Pratt: “I wish to again publish to your force the statement of the President of Au- gust 27, for it expresses my Views in our present difficulties far better than I can, and I know expresses the views of our representative citizens. “I realize the lowering of the morale the present investigation is causing, but I wish you to assure the police force that every man who properly and firmly performs his duty will have my sup- port as well as that of the other Com- missione: I know the good men of the force, and they constitute the vast majority, wish to see this investigation pushed without fear or favor and de- THURSDAY, SEPTEMBER 10, 1931 Back From Davy Jones’ Locker l MISS ENGLAND II SALVAGED FROM DETROIT RIVER. l 1 ! i | W irg the first turn and hurled ITH the aid of divers and a derrick, Col:t land II from the bottom of the Detrol River. The boa into the air. Guardsmen succeeded yesterday in raising the ill-fated Miss Eng- t was badly battered when she capsized and sank during the running of the second heat for the Harmsworth Trophy. Kaye Don and his crew of two mechanics were thrown ciear of the craft when it was caught in the wash of Gar Wood's Miss America IX after round- —Wide World Photo. BETTER CONDITIONS ] | President’s Organization| Finds Improvement in Several Sections, The President’s orga loyment relief today sent here this w ral and manufacturing cer revealed some improvement the employment situation in manuy sec- tions of t The First National Bank of Boston reports, according to the data gathered y Fred C. Croxton, as nt director of the President’s organizaticn, that New England still makes the most fa- vorable showing of any scction. Em- ployment conditions amcag retailers there were reported as “very gosd” with several hundred extra employas being rired for special sales events. Reports frcm Lawrence, Mass., in- dicate t. listing of unemployed in | that city was being discontinued due to | improvement among the industries, { especially in textiles, where many de- partments were engaged in night work. The consensus among industrialists in Buffalo, N. Y.. the report said, indicated general increase in the number of work- ng hours was expected this month in umerous industrics. { Some Gains Reported. Employment during the past week in Philadelp] the report said. indicated normal seasonal pick up with a ccn- siderable number of old workers being recalled and longer hours and limited increases in employment of new work- ers. In Wilmington, Del., the output leather industry was reported increased, and present production is from 60 to 70 per cent of normal ‘The State - Federal Employment { Bureau at Charlotte, N. C.. indicated | that employment was increasing, while | reports from country, towns and smaller cities throughout the tri-State terri- tory, according to a report from Memphis, Tenn., showed improved conditions among merchants and | farmers. Chicago reported employment appli- cants for the week ended August 29 totaled 2,157 as compatred with 2,300 for the previous week. Some pick-up was reported in railroad employment in the Chicago area. Municipal officials at St. Louis have announced a plan to use 1,000 men for special civic work. The Labor Commission at Jefferson Mo., reported 1,398 applications jobs were received in the month of July and that 537 placements were made. It was estimated in a report from Houston, Tex., that 10.000 coltcn pickers would be empioved this month in South and Central Texas. Picking of hops has absorbed 20,000 workers in | Oregon, Portland officials said. On the other hand, reports from New | York City and other sections were not 50 optimistic. ment Exchange in New York City re- poried the number of applicants for employment remained unchanged, as compared with the previous week the request for employes declined. Unchanged in South. The general employment situation re- ation on u made pul 1 1 n of the | ! mond ville, Ky. According to the community employ- { ment service in Atlanta, Ga., the num- ber of unemployed in that city was placed at about 12,000 to 14,000. The employment index of the Detroit Board of Commerce registered a de- cline to 50 for the last half of August. This compares with 53.2 for the first half of the month and 83 for a year ago, A recent survey of 43 of the largest | Minneapolis manufacturing plants in- | dicated that on August 15 these con- cerns had 15 per cent fewer employes i than on the same date a year ago. SNOWDEN OFFERS BUDGET SLASHING BRITISH EXPENSES (Continued From First Page.) party—the dole—he said, “the govern- ment has decided that borrowing for the unemployment fund must cease.” The chancellor explained that addi- tional taxation required this year amounted to $195,000,000 and next year would be $400,000,000. “The greater part of this has to be borne by direct taxation,” he said. Besides increasing the income tax, CHICAGO, September 10.—A memo- | sire the elimination of the unfit as!the chancellor seid that personal al- ! ganizer of the Associated Press and pub- | lisher of the Chicago Daily News for| half a century, was unveiled yesterday, is birth anniversary, at his grave, in Greceland Cemetery. ! The memorial is a statue of heroic ize entitled “The Crusader.” It was executed by Lorado Taft, noted Chicago | sculptor, ‘The statue depicts a knight in armor, c ving shield and sword. The memo- rial ‘was erected by Iver N. Lawson of Chicago, the late publisher’s brother, Chile May Trade Nitrate to Russia SANTIAGO, Chile, S:ptember 10 (). | —-Newspaper Uitimas Noticlas seid last | night that the Chilcan minister at Paris | tions with Russian commercial agents riod as an instructor at the Service School | relative to a possible exchange of Chil- have ean nitrate for Russian pupleum. citizens. “With the clearing up of the allega- tions now persisting against the police and with the punishment of the guilty, if there be such, the confidence of the public in the departms restored. “I have shown this letter to the other Commissioners and they most heartily indorse it.” Orders Lights Checked. Police were warned in a special order cued yesterday by Maj. H. G. Pratt, 34} ntendent of police, to be more prompt in reporting street lamps which iail to burn. Maj. Pratt declared in the order the electrical engineer has stated precincts been ‘very negligent in reporting outage of street lamps.” | rial to the late Victor F. Lawson, an or- | earnestly as do we and do all good| lowances would be reduced for both marricd and single persons. He would compensate industry, he said, for the income tax increase. He would do this by granting relief of crt ex depreciation of plant. Surtax yields, he sald, would be in- creased 10 per cent. Doctors’ Fees Cut. All pay cuts will n October 1. Salaries of cabinet ministers receiving £25,000 or more a year will be reduced by 20 per cent, of those receiving be- tween $10,000 and $25,000 15 per cent and ofn those retoelvlng less than 10,000 by 10 per cent. i s-u.mi of g:dxnsry members of the House of Commons will be cut by 10 per " cent, that the The_National Employ- | mained unchanged in Pitisburgh, Rich-! va., Jacksonville, Fla., and Louis- | Radio Pioneer : |“Father of Radio Broadcast- DR. HARRY P. DAVIS. GENERAL SALES TAX PROPOSED BY REED; SEEKS TO STOP LEAK (Continued From First Page.) reductions. Reed is chairman of thc Senate Military Affairs Committee. His views also_were in opposition to those of Senate Republican leaders, in- cluding Watson of Indiana, who is op- posed 0 any tax revision next session. | Reed also warned against any further inroads on the Treasury by the veterans through additional cash payments on | their bonus certificates. “If the bonus keeps on.” he said, “we will inevitably see the Army and the Navy cut below the danger point. I don’t believe the veterans are going to ask for defense. Other Taxes Held Just. Reed made clear he was agsinst any modificasion downward of the inheri- tance or estate tax, describing it as a just levy. However, he disagreed with the Republican independents who would | seek a gre r distribution of wealth through higher inc-me taxes. | “I believe,” he asserted, “that we have rzached the point of getting tho best returns out of the incomes on the rates we now have. If we put the rates higher the rich simply will evadc them and there is no way out of it ' To get more returns on the income taxes from the rich, Reed advocated ‘nbolxshmcnt of the capital gain-and-loss tax. He said the rich were depriving |the Government of enormous sums through the provision allowing deduc- tion of capital losses in the computation of their incomes. | "Reed said he would apply the sales tax upon all commodities. He est | mated such a tax would bring in at| | least half of the present expenditures of { the Government, or about $2,000,000,000 | & year. He sald he would make this tax a | permanent part of the Federal revenue | system rather than merely an emer- i gency measure to meet the prospective | $1,000,000.000 deficit in the Treasury | | for next year. Treasury Dilemma Cited. “The present dilemma of the Treas- ury.” said the Pennsylvanian, “illus- | trates the unwisdom of having a vety narrow tax_basis. We have been trying to get our Federal revenue out of one- ! half of 1 per cent of the population. ‘We are doing this on the theory of tax- ing those best able to bear the burden. “But as a matter of fact we haven't actually reached that group. It isn't the rich man who is actually paying the tax, but it is the big earner. It is not the capitalist, but it is the success- ful engineer or doctor and worker whom we are taxing. “The capitalist had no trouble at all in minimizing his burden. The moment money earning diminishes as in the present depression the whole bottom falls out of the income tax. The results show it is necessary for tax revision rather than for a tax increase.” | | | | receive $1,800 a year instead of $2,000 at present. Doctors’ fees under the national health insurance plan will be cut by 1 shilling for each insured person and steps will be taken to revise the bonus of 2 to 4 shillings a week which has been paid in the dock yards and ord- nance factories since 1924. The income tax allowance in respect to children, which is now $300 for the first child and $250 for each subsequent child, Willlybe reduced to $250 and $200, respectively. As he rose to Mr. Snowden was received with cheers from the Con- servative and Liberal benches and chal- le cries from the orpodn Labor e he hobbled armra to his members as place at the treasury box. Opposi to an early election is expressed by those who hold that the government’s job is not merely to bal- ance the budget but to restore stability in the financial structure, for which they claim two years is not too long. The purported trend of some Liberals away from their free-trade policy is attracting much notice, but the prob- ability of & change in their atitude is not taken serio bonus at the cost cf national | DR HARRY P. DAVIS DIES IN PITTSBURGH ; ing” Succumbs at Age of 63 Years. By the Associated Press. PITTSBURGH, Pa., September 10.— Harry Phillips Davis, known as the fathef™of radio broadcasting,” died et his home today after an fllness of several months He was chairman of the board of the National Broadc Co., & vice presi- dent of the Wes! se Electric & Manufacturing Co. and & director in | numerous other corporations. He was | 63 years old. | In the experimental housed KDKA, Pittsh: the world's | first broadcasting station, he envisioned | | the growth of radio and had a large | ' part in rapld development of broadcast | equipment. Chairman of N. B. C. The world's fir: broadeast was | hen KDKA t d_presidential Teturns of 1 In 1926 the | . Was orgal as its chairman and shack which M. H. Ayleswo! As an_elect responsible for improve 3 control. _transmission. t of | measuring and meter equipment and | circuit breakers. | He dirccted the world's first single | phase electrification of a railroad, ac- | complished on the New York, New | Haven and Hartford system. He was born in Somersworth, N. H., end was graduated from Worcester Polytechnic Institute. In 1892 he mar- | ried Miss Agnes L. Taylor of Worcester, Mass. His widow and their two chil- dren. Mrs. Louise Rockwell and Henry Ronson Davis, survive him. Succumbed to Pneumonia. | He started working for the Westing- | house Co. in 1891. Subseguently. he | was chief engineer, manager of engi- | neering, assistant 10 the first vice presi- | dent end vice president in charge of | manufacturing and_engineering. Dr. Davis was a director of the Radlo Corporation of America, R. C. A. Com- munications, Inc.: R. C. A. Photophone, Inc.; Radio-Keith-Orpheum Co: Ta- | tion. Radio-Victor Corporation, West- | inghouse Acceptance Corporation and the Westingouse International Co. His death wes due to pneumonia. ome time ago he underwent a major | tion at Mayo Clinic in Roche: Minn., but his condition grev adily worse after his return to Pittsburgh. Funeral services will be held at o'clock Saturday afternoon in Pit burgh. Burial will be in Worcester, Mass, 'TREASURY BRINGS VIRGINIA TROLLEY | -1 | | (Continued From First Page) | dameged by its removal from the| | present _location. i May holds a charter from Congress; for operation of his line, and this char- ter can be terminated only by Congress. While the main tracks of the railway cross building sites at both C and D streets, between Twelfth and Thirteenth streets, in the triangle, there is also a freight spur track which runs through | another building site, on Thirteen-and- a-Half street, at Constitution avenue. On this site there will be erected the Department of Labor, for which an e cavation and foundation contract has already been let. What will be done about this piece of spur track on the | | building site has not yet been deter- | | mined. Work Will Be Complicated. Excavaticn_and_foundation work for the Post Office Department will not only be more complicated by the rail- way tracks crossing the site, but it will be_considerably more expensive. This additional cost, it was pointed out today, would probably be taken into consideration in any final adjustment of the amount due May for the rail- way. Plans for the new Post Office Depart- ment have been ready for a long time, and it was announced at first that this structurc would be among the first of the second great group of Federal struc- tures to rise in the Federal triangle. Delay in this building has been largely due to the tie-up over the railway. May appeared determined today to protect his proj ter and railway perty rights in the char- to the limit, while the Government planned to go forward as steadily as possible under the circum- stances with the business of building the new Federal structures. The meeting at the Treasury yester- day was attended by Assistant Secre- tary of the Treasury Heath, L. C. Mar- tin, Edward R. Witman, for the Gov- ernment, and Mr. Mey and his attor- ney, Gardner L. Boothe. A Liabilities of $25,000 and assets of “set_of gold buttons, $50” were listed by Melville J. Gideon, orchestra con- ductor, at a meeting of creditors in London o ISSUE TO A HEAD| _ LONE COTTON-PLAN GAINING IN TEXAS 1932 Planting Ban Gathers Strength for Test in Legislature. By the Assoclated Press. AUSTIN Tex, September 10.—The “no 1932 cotton” plan of Gov. Huey P. Lorig of Louisiana mounted in strength in Texas today as the result of agita- tion from other Southern States and a large mass meeting of farmers who cheered fits author. A canvass of a weck ago showed Texas legislators called into special session Tuesday were overwhelmingly in favor of the plan of S. F. McDonald, Texas commissioner of agriculture, for & 50 per cent curtailment, as opposed to the Long “no planting” program. Factions Nearly Equal. With the sponsors of the Long pro- jection on the offensive, however, it was generally conceded that the two factlons were nearing equality in stl;s[ngtn.b i any bills covering a variety of plans have been placed before both branches of the Legislature. The first test of strength on the fioors of the Senate and the House is awaited. More than 7,000 Texas farmers listened to cotton oratory for hours last night. Gov. Lang, speaking by radio from Shreveport, La., was cheered and Gov. Ross S.-Sterling of Texas was heckled. Arguments in behalf of both the Long and the McDonald plans were advanced by many speakers. Predicts Lower Price. At the close of Gov. Long's radio speech & motion indorsing the Long plan was adopted with a roar of ayes, In arguing the people of Texas to fight for the “no cotton” plan, Gov. | Long predicted the price of the com- modity would sink to 2 or 3 cents per pound, with possibly no market, unless planting was prohibited in 1932, A law reducing acreage, he contended, would be unconstitutfonal, unenforce- able and would not help the price. ENTIRE SOUTH WATCHES. Course In Other States to Be Decided After Texas Acts. ATLANTA, Ga., September 10 () — The interest of the South today cen- tered upon whether Texas, producer of a third of the Nation's cottcn crop, would enact a 50 per cent acreage re- as n measure or the Louisiana plan to prohibit cotton productio y to pron P n entirely cnly if ado three-fourth: Iy at a spect i Confer W l-gislators were ver a call to spe- n Monday to c Legisl Xas act: Baniker Sounds Warni c tional Bank of At'anta, s proposed cotton acreage 1 the South cffered mno promised m n 1 ess in business dependent on cotion if none of the staple was produced in 1932. SEES BETTER CONDITIONS. Southern Farmers Have More Money Now Than in 1930, Editor Says. NEW YORK, September 10 (P).— Buoyed rd-breaking cotton e fi crop despite the South this Fall Cobb, tarm Ga., told a group at a meeting today Club. Cobb has just completed a personal tour of Southern farming communities. He said the Southern farmers were year in face of the f more economical f coiton, but other ased use of modern nes, y_and avail- of fa favorable weather reduced cosis of fertilizer, sced and production. Cro] through inc; machin t ability and feed, STOREMAN IS SLAIN BY MYSTERY SHOT POLICE LACK CLUES _(Continued From First Page.) the heart. found on th A crowbar Bowers had b: the hardware store, counter at the point w stains were fou There was no sign to indicate that he had wielded one of them against an assailant. Bowers is survived by his widow and one child. Four sisters, a brother and mother live near Troy, Ala. Relatives caid he was of a cheerful dispositian, and could ascribe no motive for a pos- e. He had been employed in s Hardware Store the last was popi s his fello Police asked Hoffman to accompany them to No. 10 precinct for questioning. The gun used in the shooting was turned over to Detective Sergt. Fred M. Sandberg, police fingerprint expe: for examination shortly after noon t day. The expert said he would have no difficulty in the test, since the prints on the gun butt were unusually plain. The gun later will ve turned over to Lieut. John Fowler for ballistic exam- ination. No powder stains could be hirt nd 2 b n repa: with which shelves in re lying on the ‘here his blood- Blood Spots Found. Homicide =q detectives revealed at headquarters that ral spots of blood were found in the closed draw where the gun was discor Detectives pointed out that the po- sition of the body, #and the fact that the blood was found in the drawer, strongly indicated Bowers had shot himself, slumped against the drawer and closed it, then fell to the floor. REICHSBANK SIGNS PACT BERLIN, September 10 (#).—The Reichsbank, the Gold Discount Bank and the committee representing other German banks yesterday signed the Bank for International Settlements’ “freezing agreement.” The signatures are to be forwarded to Basel. The “freezing” period ex- tends from September 1 to March 1, 1932. The “freezing agreement” wes reached after an investigation into Germany's needs in the matter of keeping short- term foreign credits in the country.