Evening Star Newspaper, July 30, 1933, Page 24

LAW SCHOOL ENDS - ONE-YEAR COURSE jumberland, Aima Mater of Hull, Will Bow to Ten- nessee Law. By the Associated Press. : LEBANON, Tenn., July 29.—The fCumberland University Law School, which sent a young fellow named Cor- del! Hull out with a diploma to become ® Senator and later Secretary of State, #s going to change its course to two years after more than a half a cen- gury of graduating students in one year. The change is not being made because the university wants it but because a mew Tennessee law requires two years ©f study before admission to the bar. Cumberland, located in this little town of 5,000 persons among the roll- #ng hills of middle Tennessee 30 miles from Nashville, was founded in 1842 by the Cumberland Presbyterian Church. The union of that body with the Presbyterian Church in the United States of America in 1906 placed the mniversity under the Northern Presby- terian Church and it is controlled by the synods of Teanessee, Alabama and Mississippi. Course Reduced in 1870. At the beginning the law course re- quired two vears but when hard times eame in 1870 after the war had ravaged the South the course was reduced to one 1t _was not a question of what the faculty wanted to do but what it had to do. Students did not have the money for two years 2nd the professors worked on the curriculum until they believed they were giving in one year what other schools offered in two or more. One study is mastered by continuous @anc intensive effort and examinations are given while the student is fresh. She subjects are not reduced. but com- pressed. and the one-year course con- ins five-sixths of the subjects taught the best law schools of America. ©Only the non-essentials and the elec- #ives are omitted. ‘The faculty worked on the theory that a trial lawyer needs universal prin- cciples, cases and court practice and that only a few principles and procedure cculd be learned in law school. No Protest Planned. These they gave with the least waste of cnergy and effort, and moot court, where the fledgling lawyer could work under actual conditions of court prac- tice, was made an outstanding part of the work. Cumberland is going to bow to the will of the Legislature without protest, &nd beginning September, 1934, students who enter must go through two years. But it can’t help but recall that a Yitile Tennessee school was forced into 8 one-year course and made it enough of a success to turn out 44 college and university presidents, a Secretary of Stete, 2 United States Supreme Court justices, 14 Federal district judges, 59 1bers of Congress, 200 judges of ate courts, 850 State Representatives and Senators, 7 Governors and a host of other officials and wonder if perhaps it didn’t teach some law in one year. $395,000 INVESTED BY R. F. C. IN BANKS Enstitutions Required to Sell Equal Amount of Stock to the Public. By the Assoclated Press. The Reconstruction Finance Corpora- tion yesterday announced the purchase of $995,000 of preferred stock in seven &mks in widely separated sections of e country. n each instance the purchase was ‘contingent upon sale by the managers | of the banks of an equal amount of | common stock to depositors and the | public. The banks are as follows: Commercial National Bank of Chat—" tanocga, Tenn, This is a| new bank succeeding the Chattanooga | National Bank, which was closed by | the bank holiday. | of First National Bank & Trust Co. ot Covington, Ky., $250,000. This bank strengthening its capital structure. City Bank of Tuskegee, Ala., $25.000. 0 notation is made as to the reason for the stock sale. WaXien National Bank in St. Albans, Wt. $50,000. This bank succeeds the Walden National Bank. First National Bank, Pittsfield, Me., $50.000. This bank succeeds the Pitts- field National Bank. Flaza Bank of St. Louis, St. Louis, $102,000. This bank succeeds the closed Guarantee-Plaza Trust Co. The Commercial Bank of Lexington, .C., $120,000. This bank is in the urse of reorganization. el GOING TO 'SCOUT CAMP Girls Are Selected for Third Ses- sion at May Flather. The Girl Scout Camp May Flather opens its third session tomorrow, and the following girls will leave Washing- ton to fill up the vacancies: Phyllis Armentrout, Peggy Barth, Mary Burtner, Mildred Campbell, Ade- Jaide Cooley, Kathryn Furmage, Irene Gould, Suzanne Green, Irene Green, Laura Hastings, Alice Johnson, Enid Julihn, Winnie Landick, Margaret Lin- gel, Margaret Lusby, Mary Lois Lutton, Jane McCallum, Virginia Monroe, Phyl- lis Newmaker, Doreen Penn, Katherine Pjcrce, Betty Jane Ramey, Betty Rob- inson, Frances C. Schaaff, Janet Scott, Kathryn Smith, Elizabeth Vetter, Mar- cla Vorkoeper, Josephine Weare, Betty ‘A. Wing, Betsy Winter and Peggy Wyman. LEAVES $130,000 ESTATE Widow Is Beneficiary in Will of Robert Lee Kayser. An estate worth more than $130,000 s left to Mrs. Martha M. Kayser by r late husband, Robert Lee Kayser, whose will was filed for probate in the District Supreme Court Friday. Kay- per_died June 30. The petition for probate of the will, filed by Attorney R. P. Hollingsworth, stated he had real estate in Missouri worth $18,48) and personal property lued at $111,880. Mrs. Kayser and National Metropolitan Bank were med executors. { CONFIRMS TRANSFER Public Works Office Goes From | Richmond to Baltimore. ) tary Ickes has confirmed the Pransfer of headquarters for the tenth g:lbgi‘ “‘Iv‘c‘xrks region from Richmond ore. Ickes, the public works administra- , has adviséd George L. Radcliffe of the ehmnu,e‘vtlmch was made at Rad: jliffe’s request. es in Baltimore and is . Radcliffe llva:x ‘2 g Music Suicide Deterrent. Good music is 8 suicide deterrent, says Dr. George B. Magrath, Boston pathol- L ___(Continued From First Page.) debtor class and injures the creditor class.” But it will be rather vague about the make-up of these two great groups. It will not answer the ques- tion: “Who benefits from inflation?” ‘The chief benefiiciaries of inflation are the owners of common stocks. %}" country, de the benefit of the stock market, industrial common stocks repre- sent anticipated earnings rather than invested capital. Not for all industry, but for a very large part, bonds and preferred stocks represent the major investment. Common stocks, repre- senting in considerable measure good will, anticipated earnings above fixed oharges, and plain water, are issued for promoters’ profits, Laonkers’ rake- offs, insiders’ manipulations and un- loading on the general public. It is this system that causes such disasters as defaults on bonds by our leading railroads. And it makes the owners of common stocks the chief beneficiaries of inflation. Inflation, once begun, has no natural limits. Prices may reach astronomical figures. There is every prospect that the owners of stocks will be able (o pay the enormous burden of debt in the form of fixed charges on bonds and pre- ferred stock with cheap money. Conse- quently the first effect of inflation is an abnormal increase in the price of common stocks. On the mere announce- ment of inflation 3,000 employes went back to work in Wall Street. $75,000,000,000 Owners. ‘Who are the owners of these common stocks, amounting to perhaps $75,000,- 000,000? Are they the poor of the country? The question answers itself. There has been some slight tendency toward popular diffusion of stock own- ership during the depression, but now, as always, the bulk of the stocks in this country are owned by the rich. Half the enormous total of dividends from all stocks go to the 100,000 richest men in the country. Toward the end of a long depression great changes in stock ownership take place, but it is chiefly from one group of rich to another. By playing the market short, by pos- session of sound bonds, by innate shrewdness, certain groups have ac- cumlated funds and picked up stocks ot prices little above zero. Inflation is the magic wand for this group. In every inflation period they emerge to power and unearned wealth. In the Civil War period it was Jav Gould. In post-war Germany it was Stinnes. In Austria it was a Viennese ex-barber. As that ribald sheet, The Bawl Street Journal, expresses it: *“Stocks are going to come back, but not to the same people.” ‘What about the farmers and home- owners, those long-suffering victims of depression for whom inflation is the sorely needed relief?> Here we have a maze of popular misunderstanding. The theory that the owners of land consti- tute a peculiarly pathetic group that will be and should be relieved by in- flation is economic nonsense. The : classes most cruelly hurt by depression do not own land. The chief sufferers iare the millions of wage and salary earners who have been out of work for months. It is the city people, not the | farmers who have borne the brunt. In large part those mortgage-ridden farmers who have hung on through the depression are well-to-do farmers. A | majority of these mortgagor farmers | waxed fat off the blood and tears of Europe in the years from 1914 to 1921. Some of them bought their land at rock-bottom prices in the pre-war years | and have been paying off their mort- | gages in the inflated currencies of re- cent times. But there is no case on record of a crowd of farmers tarring and feathering an elderly judge for up- holding a mortgage payment that prof- ited the farmer 50 per cent at the ex- pense of his creditor. Farm Owner Turnover. As in the case of the holders of | stocks, there has been a vast turnover in farm ownership during the depres- sion. The poorer owners of farm land | have long since lost their property. The present owners of farm lands are in | considerable degree the money-lenders, | banks, mortgage bankers and specu- | lators who have been steadily acquir- ing them by foreclosure and distress sales. When it is' further considered that the very measure which provided for inflation had as its chief provision a monstrous subsidy for agriculture, to, be taken in the coming months from | the bread and clothing of the poor of this country despite the fact that farm | prices already have risen in the na- | tural course of recovery almost to | prosperity levels, agriculture as an ex- | cuse for inflation becomes 2 vulgar farce. | | Hcme owners are in much the same | case as farm owners. They are not| outstanding victims of depression; in |a large percentage of their present| | makeup they are new owners without | a shadow of a claim for preference, and they have been abundantly provided for ! by ‘special legislation. B | "Who are injured by inflation? If | the process is carried fer. as it usually is when once started, we have national | collapse, all the lurid phenomena of & nation eating out its own economic foundations, as in Germany, Poland and a dozen other countries after the | war. But who suffers when there is material but not suicidal inflation? It | is not easy to summarize. An econom- {ist hesitates here. where a politician settles the question by radio. There | are various groups that are special vic- | tims. First among these are the bond- | holders. These are a mixed lot. Some | are very rich, chiefly because a bad tax | law_enccurages such ownership. But multitudes are poor. They are the millions of patient savers who have put their life savings in bonds, not | dreaming that they were speculating { when they paid a high price for the | colemn obligation of a rich government to redeem in gold. Also in this grcup | of bond-owner victims are the women and children dependent upon trust {funds, the colleges, hospitals and en- { dowed charities and the insurance com- ! penies. None of this group realized that the buyer must beware when deal- ing with the United States Govern- ment. Major victims are the owners of sav- ings accounts, building and loan shares, annuities, pensions and life insurance policies, In some mysterious fashion millions of the preserve their slender savings. millions find themseives at the end of a with not! left but life , roaintained many cases g::lmvm!oodmdl’ " of amily. Inflation simply eat these savings. Effect on Wage Earmer. ‘The effect of inflation on the salaried classes evised by | Slmp) ‘The postman at your door, the school teacher, the bank clerk, the mechanic, these are the folk who are helpless to ward its injury. There are certain glaring ex- ceptions. All workers in a position to coerce their employers into wage increases that keéep pace with the rise of prices are exempt. These are the aristocrats of labor already in re- ceipt of the highest wages, the same groups that by their strangle hold on cer- tain industries extorted wages so high in the boom period that they contributed to the collapse in 1929. These groups, the prolested against wfscion, The, g protested a on. o not fear it. Already through theit spokesmen they have warned the coun- try that they will demand wage in- creases to offset inflation. That a rising price level is a part of the recovery process, that it will re- lieve unmerited distress in many quar- ters—these are self-evident truths. But they have no bearing on the issue of inflation. The rising prices essential to recovery are already here. They be- gan as far back as last August, at a time when repudiation and inflation the unsavory things they are. They receded last Fall, but revived again in March by natural forces in no way connected with recent legislation. New valuations, based on productivity, are restoring the economic balance. The sinister shadow of inflation is already disturbing this prayed-for progress. It has already wrecked the prospects of a world conference. It has already begun to defeat its own ends by checking gold production. Inflation is the opportunity of the speculator and stock manipulator, the instrument of wealth without work. It penalizes the sound and stable in our economic order for the benefit of the parasitic, the predatory and the unproductive. It gives a bonus to all those who have been able to acquire stocks and land and goods at bank- ruptey prices in a time of widespread distress. It does not heal old wounds; it makes new ones. It falls most heav- ily on the poor, and, therefore, on women and children. It encourages waste and profligacy. It is one of the commonplaces of his- tory that even in the throes of a des- perate war peoples are led by inflation into an era of dissipation and “jazz.” It was s0 in Philadelphia in 1778, in New York in 1863, in Berlin in 1916. Even a government that is moving in all directions and looking in none, that has left vast areas without banking facilities since February, that went off the gold standard without realizing that it meant repudiating its bonds, that sold bonds payable in gold after it had repudiated and that admits its lack of confidence in its own course will surely stop short of naticnal financial suicide. — Siberians Offer Whale Meat. VLADIVOSTOK, U. . §. R. (&) —|. Whale meat has become a popular food here, and efforts are beingpmade to widen its use in the Soviet Union by having it canned on a large scale. LANGUAGE MASTERY THIS {SUMMER THE BERLITZ WAY Summer courses in French, German, Italian, Spanish, Russian and English, at sharply reduced rates. Berlitz Conversational Meth- od. Native teachers. Day or evening, pri- vate or class. Calil write or phone *Pri cipal” NOW for Free Book ot i FR D psLage o arrands BERLITZ SCHOOL of LANGUAGES 1115 _Connecticut_Avenue __ Sterling_ 93769 WOOD'S Secretarial SCHOOL Founded 1885 311 East Capitol St. Lincoln 0038 Indivi 1 Instruction Special Summer Rates POSITIONS SECURED FOR GRADUATES .5t Hilda e s Hall Charles Town, . Va. Ha Ferry A Scl Country School For information ri Dur The Naticnal School of Fine and Applied Aris locally known as - FELIX MAHONY ART SCHooOL Coler. Commerelal Art. Interior Decoration. Costume Design. Life. 1747 R. L. Ave. Na. 2656 AD Accredjted Honor School. R. O. T. wim Information and catalgue: ational Press Building, Tele- phone National 3570, or write F. U. M. A., Fork_Union. Vireinia. Columbian Preparatory School (Formerly also cajled Schadmann’s) September 21. opening day. beginning our 25th year of successful prepara- tion ‘of students for West Point and Annapolis. Local _students _enrolled- before , Au- will without _extra efit of & month's prelim- drill in mathematics (August 16 September 15). Enlarged school building. new physics equipment. Advanced course covering_ part of first year's work at West Point and Annapolis will be offered to our stu- dents after entrance examinations are completed. Write for catalogus or telephone North 7781. - Paul W. Puhl, A. B, Prin. AGUT e NEW NAVAL e PREPARATORY SCHOOL Finsr of its sort in America. Under former head of Annapolis Naval Academy. College Entrance Board standards govern scholas- tic work. Prepares for college, West Point, Annapolis, or graduates emter Merchant Marine as Junior Officers. Opeas Sept. 26. sports. Lakeburst, program. All Sehool is from New York, 54 from il or bus. Accommodations limited. Inclusive fee of $1000 L’."'.‘;..,...m Applications now being recsived. Catalog on request. Registrar. Box W Toms River, N. J. Francis Tally was growing more at It struck me that Prancis Tally was gakR 1 hEH ga" A euhnnexmdhrflvmvemfi:hm hidden dark ‘went to Mme. He said ca ety he was “H'mm. it all?’ Lorn' T 's dol:;t‘y hlht:é'unut I doubt if they'll Well. whnt‘lmrumlorl He told her what boat he'd sailed on; it i|and when he'd landed—three days m ease. He looked at me and then dis-|all settled with the police. were being condemned by all parties for | covered do, Lorn?” “How do you do,” Lorn said in an unexcited way, quite as if he’d known all along that brother Francis was about to turn up. “Eve going well?” asked Fran- cis Tally easily. Lorn’s eyebrows lifted a fraction of an inch. “Not exactly well” he said. “Still Miss Tally is quite safe.” “This,” said Sue, “is Mr. Sundean.” Francis Tally looked shezply at me. “Sundean?” said he. “He has been very kind,” said Sue stiffly, as if words were extremely diffi- cult. And exactly then Marianne, in the dining room, sounded the clatter- ing bell which announced lunch. “It's—lunch,” said Sue in a relieved ‘ow’ll share my table—Francis?” ‘Good,” said Francis, also looking re- lieved. “I had a very early breakfast. What's the trouble here, though— all the police about the place?” For a full moment no one spoke. Then Sue said in a voice that did not belong to her: “I'll tell you after lunch.” He looked puzzled and I think would -why | the elevator that hung there. ‘Then I turned to Lorn. But he was withdrawn, his eyes veiled, his exactly as animated as that a chair. “Did you know he was coming?” I asked kly. e did not look offended at my im- tion that he was concealing that portant bit of knowledge from Sue and from me—sa knowledge that, if he had had, in faimess he ought to have shared. “No,” he sald quietly. “I didn't . know.’ 'r:# mvll'-l a different complexion on “Yes,” agreed Lorn remotely. I won- dered what he was thinking, but the unwontedly disconcerted look had en- tirely left him—had left, in fact, so completely that I doubted whether it had ever been there. He added: red. olce for time. irectly after funch that Sue her brother retired to the parlor. Lorn, always a bit mysterious, became ;emn‘:ed to ggor emore ty -m:nd. 4 3 Ve Ty active even a ginning vaguely to entertain proved to g faulty ):nd uc,lumxy and e;:lrely in- rrect, why, then, no on: should evzrykn b lfi l'"d muel: the darl bl who found me k corrid the dead priest’s room, 'llu:; n:; chance to dodge the policeman on and enter. I wanted to search for myself. Marianne indicated that I was to fol- lobby I found the entire establishment gathered there. We were, it seemed, | 8oing to the pfllce. | . Lovschiem’s -importance increases, Ilun-n-w low her, and when we reached the| District’s Heroes in the World War Compiled by Sergt. L. E. Jaeckel tificate of Merit for meritorious services in the line erating with British Grand Fleet from Decem- ber, 1917, until after the surrender the German — ST vocal gene: in Washington, with the rank of commander, and resides at 1741 Rhode Island ave- nue northwest. Barber Pole Smasher Held. e for m‘lhmfl a revolv r- ber pole. “Curb that mstmct}’m- po- liceman said. 2 ADMITS SHE SHOT MOTHER TO DEATH Daughter Teads Police to Body of Boston Teacher Hidden in Woods. By the Assoclated Press. ORANGE, Mass., July 29.—Partially concealed by leaves and brushwood the bullet-torn body , of Mrs. Mabel A. Grogan, 59-year-old Boston school principal, was found yesterday in a brook in the woods near Warwick., Police o |5aid the woman’s daughter, who recently suffered a nervous lown, had con- fessed shooting her to dea for Tl:c wd;:k yesterday. £ XIS put ughter, Mrs. Ruth Compton, 30-year-old wife of Warren W. Comp- ton, a State engineer who lives in gn&m’m Botwnbesuburb. e body after being taken to the | Watertown ~ police station at 1 l‘.:‘L today by her husband. Police said that she spent part of April in an institu- tion for mental cases and that when she returned unexpectedly to her Watertown home last night, acting' Tl sbe tid B ot ned bet 8] L shooting her Mother and daughter had been stay- ing at a lodge on Northfield Mountain near here and police quoted Mrs, Comp- ton as saying she killed her mother when they went for a walk in the xfloods.t She could give no reason for act. in One Basket” your eggs in one basket”—and advice. chat about it. Phone, write or call to see | Maryland Personal Bankers | 8405 Georgia Ave. Silver Spring, Md. Shep. 2854 | Bethesda Personal Bankers 6 “Put All Your Eggs Many’s the time we have heard people say, “DON'T put all But when the “eggs” are debts, it is wisest, when possible, to put them all together and pay them off at one central place. Would you like to consolidate YOUR debts into one easily- repaid loan? Drop by one of our offices and let’s have a friendly We are as close as your telephone Pay Off All Your Debts at One Time Then ... in most instances i. was wise us for complete information. Peoples Personal Bankers Public Small Loan Co. No. 7 Harlow Ave. Rosslyn, Va. West 2143 When cnsténers write in, as many are doing these days, stating that they have found the Ford V-8 better than we said it was, that is how we prefer it to be. I say this for the benefit of a Ford dealer who chides me for not claiming all that might be claimed in favor of our car. If the people who use our cars every day are not praising them, it matters little what we may say. The last word must be spoken by the car itself, and the owner who tells his next door neighbor how his car behaves in actual servic: is the only effective advertiser. That is why we do not stress "talking points" in our car. The Ford V-8 is built on principles, not on "points." Most of the "talking points" in motor cars are of little or no importance to the performance or value of the car. Take weig&t, for example. It is not just a "talking point" with us; it is a basic principle whieh we keep constantly in mind when we design a car. Weight has much to do with the cost of the car. It costs you money if we leave it in. excess weight. It costs us money to remove When people talk about the cost of running a car—or, to put it in advertising language, "economy of operation"—why do they not give more thought to weight? ) The more dead weight a car drags around, the more it costs to i-un. To carry passengers costs very little. the gas bills. It is car weight that runs up If we design an economical engine, and then waste the economy in moving a mass of unnecessary car weight, what has been gained? By keeping weight where it belongs—as trainers do with a race-horse or an athlete—the horse-power per pound of car remains high. To get the most miles and most power out of a gallon of gas, a car should not be over-heavy for its purpose. A quick, responsive pick-up and reserve speed—which means reserve power—requires careful attention to car-weight and strength. The Ford V-8 is not a light car—it is as heavy as its design requires, and much stronger than it need be for safety. But it has no useless weight. Strength has been obtained without dead heavy bulk. What we offer is a car, built to do certain things, and sure to do them. July 28, 1933 27 2y