New Britain Herald Newspaper, October 16, 1930, Page 11

BRITISH LEADERS " SEE BETTER TINES Snowden and Bemnett Predict Passing of Depression London, Oct. 16 (A—Expressions of confidence of two British Empire leaders that the dark days are pass- ing and that better times are ahead attracted wide attention today. The predictions of improvement In economic conditions, made by both Philip Snowden, ¢hancellor of the exchequer, and R. B. Bennet!, Canadian premier, in radio addresses last night were made at about the time of issuance of a conservative party platform by Stanley Baldwin in which Mr. Baldwin, after assail- ing the labor administration, pro- posed an emergency tariff on ail manufactured goods. “A hundred years ago things werc quite as bad, or worse, than they are today,” Mr. Snowden, an ardent free trade advocate, said at a ban- quet. “But things changed, and the next eighty years marked the grea:- est period of prosperity and the greatest advance in the history of the country. “Times will change again. Un- + doubtedly we are now suffering less than some of the other great indua- trial nations of the world. During the past six months we have main- tained a larger proportion of production than Germany or United States.” Bennett Backs Tarift Plan Premier Bennett referred to his plan for empire preferential tariff treatment as a means of closer em- pire economic relations, and warn- the €d that it this opportunity for clos- | er economic relations is neglected it might not come again. He express- ed confidence in the future, although warning that the rules of action that once sufficed, might, in this advanc- ed day, be out of date and the sign- post of disaster. The chasm separating conserva- tive protectionists and those of the wing of the party still acknowledg- ing unquestioned leadership of Stanley Baldwin was further accen- tuated today as study of Mr. Bald-| win's newly enunciated program for the party proceeded. The conservative leader's state- ment, after assailing practically every phase of the MacDonald labor government administration, advances as its principal constructive feature a promise of an emergency tariff on all manufactured goods when the party returns to power. While frankly our | principle of preferential trade, but he contended the details must be worked out in conference, and ad- vocated with regard to protection of British wheat, adoption of some system or artifice, rather than plac- ing of a tariff on foreign wheat. Lord Brentford, who was former- ly 8ir William Joynson Hicks, home secertary in Mr. Baldwin's cabinet, issued a statement, criticizing Bald- win's proposals as “thinly disguiscd socialism."” The Daily Express, voicing Lord Beaverbrook’s views, stated: “It is only a socialist rab- bit which Mr. Baldwin has produced |from a ry hat.” Orthodox conservative opinion, as expressed by the Post, on the other | hand, heartily endorsed the new program as one inspiring hope. The | Independent Times commended it, | saying that it is consistent, coherent, | land inspired by sound judgment of the needs of the situation. Further criticismn of the program | |13 expected almost immediately from the liberals, who today open their annual party conference at Tor- |auay, when a re-avowal of their tra- | ditional policy of free trade is ex- | pected. David Lloyd George, their |leader, addresses the party confer- ence tomorrow. It is expected that he will tell the country the result of recent conversation with Mr. MacDonald regarding unemploy- | ment. | WEDDING BELLS - BREAK UP TEAM | (Tennis Stars Meet Defeat at! Hands of Gupid ‘ | New York, Oct. 16 (UP) — A preference for matrimony and busi- |ness careers evinced recently by | | some of the country's leading young | tennis stars has left the outlook for regaining the Davis Cup from France even darker than ever. And among the youngsters who {haven't recently acquired wives and | obligations which will keep them | from the barnstorming over a peri- | 0d of months involved in Davis Cup | play are several who have expressed |a determination to abstain from |international tennis until conditions | change. | When George Lott, who was No. 2 singles player on the 1930 Davis | Cup team, eloped with an Abington, | Pa. debutante he made it practically |certain that he would keep his word | |to withdraw from international play. | John Van Ryn, the doubles playcr,r his {may not allow marriage to| NEW BRITAIN DAILY HERALD, THURSDAY, OCTOBER 16, 1930. Barbers to Cut Hair For Payment in Wheat Sparta, Mich, Oct. 16 P— The barbers of Sparta® have agreed to cut hair for wheat. I'or one bushel of wheat any farmer living in these parts can obtain an artistic haircut and 27 cents cash farm relief. The decision to accept wheat instead of money was reached at a meeting ofall Spartan tonsorial artists at which the present plight of the agricultural industry was discussed. Wheat is selling here for 67 cents a bushel and a trim is valued at 40 cents. Chickens belonging to Sparta barbers will benefit by the offer. despite the elasticity of some of those country club expense accounts. Helen Takes Family Of course, if you are sufficiently famous, like Helen Wills Moody, you can travel to South America to play exhibition matches and take the family along. Mrs. Moody is report- ed to be leaving Friday to play ten- nis in Buenos Aires, revolutions per- mitting, and will be accompanied by her husband and Berkeley Bell, the Texan. The Davis Cup situation, however. requires such a lot of time and trav el that the average newlywed prob- ably cannot afford it. To keep up with the team, a player has to start carly in the spring in the south—if, indeed, he has not been playing all winter at expensive resorts—and travel up and down the continent meeting the Cubans, the Mexicans for Europe and the interzone test and the Canadians, before heading and challenge round. 1t takes a lot of time and cdsts a lot of money, and those are a couple of things a young married man might more profitably employ otherwise. In addition to Lott, Doeg and Van Ryn, another who may have to be counted out when prospects for 1931 |, Davis Cup play are considered is Wilmer Allison, of the doubles team Allison is chafing under the present system which permits W. T. Tilden to stroll in and out of the Davis Cup fold pretty much as he pleases, and the Texan may not try for the team next spring. There are others who resent the fact that they may put in six months making the team and then be eased out of the glory of playing in the challenge round be- cause Tilden changes his mind and decides to play. Altogether, one wouldn't say that American tennis prospects were get- ting any brighter. LECTURES ON PAPERS New Haven, Oct. 16 (UP)— protectionist, the | Midge Gladman to interfere with his Colonel Robert McCormick, publish- | statement did not endorse entirely |tennis, but Johnny Doeg, the singles | er of the Chicago Tribune, will de- the proposals of Premier Benneti, |champlon, is working on a Newark, |liver the first of the Paul Block who asked the imperial conference to approve a preferential tariff scheme whereby all importations from without the British than those from within. Baldwin Accepts Principle Mr. Baldwin fully accepted the|from one tournament to the next,il?sfi HERALD CLASSIF] S DS SN N N NN o 2y ) ATWATER KENT into the foreground, as and sharpest selectivity. and expense. e e T T e e e e e Tt TS Emplre | should be taxed at a rate greater|rewards of aizatenr tennis insuffi-|on “The N. J., newspaper with ‘“object: ma- trimony,” and an eye to a business| career. | The boys are bound to find the | cient to care for a tamily. Two can- not live as cheaply as one traveling | foundation newspaper lectures at Yale next Monday, Yale Unlversity announced today. The Chicago publisher will speak | 'spaper as a Business Enterprise.” ED ADS RADIO with the GOLDEN VOICE | Every single thing you could ask for is in this The Golden Voice—this tone quality is the standard wherever s different makes of radio are compared. Hear it! Perfected Tone Control—your choice of four definite shadings of the Golden Voice. 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Other bei;ufiful ¥l ph combination, from $125 to $195. Prices less tubes. Prices slghily higher weat of the ATWATER KENT MANUFACTURING CO. 4700 Wissahickon Ave. 4. Atwater Kens, Pres. Philadelplis, Pa. 3,000,000 SATISFIED OWNERS v b't:!)t‘.)td_\t‘_)“‘l‘\d_‘d\‘fi_) w sttt e et e w e ez *— BIG SAFETY RAZOR WERGER IV WORKS (Gillette-Autostrop Union Awaits | Directors’ Aproval | Boston, Oct. 16 P—Final consum- mation of a merger of the Gillett: |Safety Razor Company and one ot lits principal competitors, the Auto- |strop Safety Razor Company, today |awaited the formality of ratification by stockholders. | The plan of consolidation, by i“hich Gillette will acquire the as- ts of Autostrop in exchange lor hares ot New Gillette 30 tock, was announced I night in letter to stockholders drawn up at a meeting of the Gil- lette directors. 'This new preferred stock will be created by converting a block of Gillette's present capital stock, purchased for this purpose, Wwith the result that the outstanding common stock of Gillette will be re- duced to 2,018,769 shares. The merger will result in several changes in the Gillette board and executive committee. Henry J. Gais- /man and another of the Autostrop group will represent their company | fon tie board. N. Penrose Hallo- | | well and Charles E. Cotting of Lee, | |Higginson and Company, and David B. Stern of A. G. Becker and Com- | pany will complete the membership | of the board. | The new executive committee wili consist of Philip Stockton, Henry J. Fuller, Gaisman, Hallowell and | stern. The acquisition of Autostrop by Gillette automatically ends litigau- tion over patents, begun several months ago by Autostrop. dends to Be Quarterly dend rates will be chang=d eriods beginning Janu- . instead of periods beginning March 1. The Gillette directors safd that it is their intention on comple tion of the merger to pay on Janu- ary 1, 1931, a dividend of $1 to stockholders of record December 1, 1930, | | | | | The Gillette Company was found- ed in 1901 with an original invest- | ment ot $5,080. It has grown to be Boston's largest manufacturing en- terprise and since 1917, when the present management took charge. stributed $75,000,000 to its olders in cash dividends. ¢ Autostrop Company., which ates the Probak Corporation, {Pas its headquarters in New York {City. Nathan R. Maas is president {and Henry J. Gaisman is chairman of the board. | Besides plants in this country, |both Gillette and Autostrop main- tain factories in Canada and Eng- |land. Autostrop also has a Brazilian branch. Emotions have a direct effect | upon our bedies. The brain tele- aphs through the nerves that it rs something unusual is taking I place, and the heart responds. 2 o e e e a0 —2ra® 1?12 1ottty 270 zia e® 1ra® —2re% 2702 we® e are® wra® are®—wme®—uy di SAVINGS BANK of NEW BRITAIN Organized 1862 SURPLUS $2,062,411.25 ASSETS $20,202,743.94 The Bank of and For The Depositors This is a message to our depositors and all potential depositors. Eleven Mutual Savings Banks of New York City, by a recent joint ad- vertisement in the public press, give notice that, heginning October lst, “inter- est at the rate of 4% per annum will he paid on all deposits instead of 4/27. A reduction in the rate of interest paid on deposits from 5% to 4% has been ~ut in effect by various Massachusetts mutual savings banks, and other New York mutual savings banks have under consideration the reduction of interest on deposits, so that the rate of interest that may he exnected on deposits in this bank is a timely subject to present. The rate of interest to be paid on deposits should be determined by the net earnings of the bank, due regard being given to the gradual accumulatiorl of an adequate surplus. It has not been the policy of this bank to appropr- ate to the surplus a disproportionate amount from the current earnings, but 1 such amount as will insure reasonable protection against possible losses. Bv such po]icv the present day depositor receives his full share of the earn- inms of his money, and no excessive portion of these are withheld and allow- ed to accumulate for the benefit of the depositor of the next generation. For the past six years this bank has paid interest at the rate of 5% per annum upon all deposits. It expects to continue to pay that rate inde.fmltely. Why do we expect to be able to do this? Because we feel sure that its earn- ings will warrant the payment of 57 interest. Why have we this confidence? First: Because the bank has a surplus and undivided profits of 10 of deposits on the basis of book value, and considerably more than that on the basis of market value. That means that it has one hundred and ten dollars of assets with which to earn interest on each one hundred dollars of deposits. Second: Having already accumulated a reasonable surplus, it is not nec- essary to appropriate from current earnings any but very moderate amounts to add to this surplus. This renders the greater part of the net eamings avail- able for the payment of interest to depositors. Third: This bank has no capital stock; therefore, no part of its earnings has to be used to pay dividends to stockholders. All the net earnings belong to the depositors and can be used in the payment of interest on deposits ex- cept only what may be needed to maintain the surplus at its present ratio. Fourth: It has no frozen assets upon which no income is being received. Upon more than 56% of its assets there is a vield of 67 and the average yield upon all of its assets is 534%. Fifth, and finally: Rigid economy is practiced in the management of the bank and its expenses are kept at a very low ratio. Its slogan is “The Bank Of and For the Depositors,” and its officers and directors keep this ever in mind and endeavor to live up to it. E. N. STANLEY, President.