Evening Star Newspaper, June 23, 1932, Page 10

A—10 THE EVENING STAR, WASHINGTON, D. C., Tholh E 23. 1932. lic utilities have disregarded their ob- ligations to society in general and to the investing public in particular.” difference is that between plant ex- pansion and stock inflation — the one horizontal and the other vertical; preside at the meeting, and at its con- clusion pass among the hattalions. A solemn pontifical high mass at the theme was the doctrine of the Eucharist—the bodily presence of Christ in the blessed sacrament—which is the { FUND $1,000,000 SHORT Loan Association of Colorado Springa, George A. Crowder, assistant attorney At the same time, general, sald s fugitive warrant would ‘SHTH BACKS CURB ON UTLITY HeADs Warns Public Regulation Is Only Effective Bulwark of Private Operation. ' Light and power utilities today were | warmned by Dr. George Otis Smith, | chairman of the Federal Power Com- | mission, that “puelic regulation is the | only effective bulwark of private oper- | ation.” Writing in the current issue of the | Magazine of Wall Street, Dr. Smith | praised the development of this indus- i ury, but said “the record is plain, how- ever, that in financial policy and financ- Federal Power chairman hit at regula- tion that goes beyond bounds, declaring reguiatory agencies should “show by their attitude that certain charges of unwarranted interference with the pub- lic utilities are losing their force.” Holding Companies. “Admittedly,” he continued, “there is practical logic to the claim that busi- ness initiative deserves more, not less, creative opportunity, and more, not less, freedom for its driving force.” On the moot subject of holding com- panies, Chairman Smith said “the popular conception does not distinguish sharply between the weakened standing of some holding companies and the thoroughly solvent condition of oper- ating companies generally.” “Here again the distinction holds be- tween the tangible and intangible factors in the business, between inter- connection of plants and the pyramid- ing of securities,” he continued. “The one is a physical union in aid of economy and betterment of service; the other is often merely a paper trans- | been dredged up in the Thames near that it is excessive height that causes structures to topple, whereas broaden- ing the base increases stability. Test Showing Results. “The test of the present emergency is already showing results. Stmplifica- tion of corporate structure is the policy | now being put into practice; indeed, a proposed move by one of the major systems now in difficulty was earlier reported to be the elimination of sub- sidiary and intermediary holding com- panies — unfortunately a too tardy realization of economic weakness. And 30 it happens that ‘write-downs' have become a practice in 1932, just as ‘write-ups' were a practice some years sarlier. Holding companies have mani- festly suffered from lack of regulation, |»s compared with their operating | companies, which were under State | jurisdiction.” Believed to be more than 10,000 years old, the skull of an animal has ing methods too many directors of pub- ' action for concentrating profits. The | Marlow, England. | The Julius Lansburgh Furniture Co.~S—Entrance, 909 F St. N.W. 1 Furniture of = lant however, the‘and everyday observation teaches us y l HTDUBLISESSON Eucharistic Congress Event Strictly for Men in Mili- tary Formation. | By the Associated Press. DUBLIN, June 23.—Massed in mili- tary formation before the high altar in Phoneix Park, a quarter of a million | men will lift their voices under the, stars tonight in one of the most inspir- | ing moments of the Eucharistic Con-!| | gress. men and carried to the vast congrega- tion through a microphone system. Cardinal Lauri, the papal legate, will Uality | Moderately Priced CONVENIENT DEFERRED PAYMENTS $5 Delivers This Suite Stroller $8.95 Tight finiched. Re woven ining hood back. Rubber-tired wheels. $4.75 High-grade construction and beautiful finish--this table will make an ideal gift to a June bride. Interest Charge fiber — nicely Imagi ne—Only $85 for This Beautiful 2-Pc. 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The sing-; ing will be led by a special choir of ‘Tomorrow's arrangements include a But the thousands of visitors spent a | pontifical high mass, more sectional busy day with meetings for each na-! meetings and a great mass meeting for tionality, and general meetings at which women in the evening. poration President. DENVER, June 23 (#).—Announcing & shortage of more than $1,000,000 in assets of the City Savings Building & 12:30 ofm. and another at 11 o'clock| central foundation of the Eucharistic| Warrant Issued for Missing Cor- |y, toda; this morning were the religious high| Congress. lssued today for Walter C. Davis, the spots of today's program. president. Davis left Colorado Springs d investigal the affairs of the $2,000,000 m&n&: had been under way several days. The Mechanism of any Refrigerator is More Important to Yeu than the Price Tag! —~y——d '1‘ LOOK FOR THE MONITOR TOP for Lowest Cost Refrigeration TH! most important part of any modern refrigerator is the mechanism. 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