New-York tribune., 1919-10-01
Let E Employees
Share Profits.
SAYS Sen. Owen
Addresses Convention of
American Bankers Asso-
citation on Production
and the Cost of Living

ST. LOUIS. Sept So.-United States
Senator Robert L. Owen, Democrat. OF
oklahoma. speaking on the high cost
Of living before the American Bank
ers, Association. al its annual conven-
+;on here to-day. suggested that dras-
N. legislation be enacted 10 restrain
wba. he called moaopolistic limitation
Of production.
The expansion OF credits, gold, Fed
eral Reserve notes ard government
bonds was a contriburory cause OF
nresent prices, he asserted, as also
were labor unrest, heavy war taxes. in
terruption of exports, waste and false
standards Of living.
Labor unrest, he said. must be met
h. giving .lbor a reasonable particI-
cation in profits.
Don't regard the employe merely as
4 money making nachine.' the Senator
sad. Give MIN q share IN tho profits,
then he VIII feel he IS working for
himself and MS employer, and vii not
indulge in sabotage. the killing o.
Tine in waste and neglect"
Senator Owen advocated expansion
os road building by the government and
ire imrrovement OF waterpower plants
and auxiliary enterprises to give work
70 the unemployed and prevent further
labor trouble. He suggested that gold
should be sent aoroad and that a fixed
rer capita circulation OF money should
he maintained through the exercise Of
re powers Of the Federal Reserve
card
W.P. G.. Harding Makes Address
Increased production as means Of
sailing rhe present industrial unrest
nd the declaration OF an industrial
f~uce for SIX months as . method of
~sdrcing the cost Of living were sug-
esrions offered by W 7. e. Harding.
.overnor Of the Federal Reserve Board,
: an address before the convention.
Causes OF the labor trouble, MIR. Hard
ng asserted. were directly traceable to
the great war to its waste ana de-
structon, to is heavy drain upon avail
able supplies that constituted SO large
. part OF The worlds wealth. and to
financial eXpedients which, lie said.
were necessary TO obtain these supplies.
TIE governor expressed the view
hat credit expansion. retner than cur
.cncy imitation, is respons be TOT prev
aieNr economic trouo IS.
As the government is paying of it's
Indebtedness at the rate Of SOC GEO. .0Q0
annual Y. the speaker pred cted thai
within the next few months 1t would
ne possib for the government to do
away with the issuance of Treasury
certificates and operate on incoming
taxes
I'VE need more production" the gov
ernor emphasized "We need to de-
velop our export trade We should not
send Injuries to impoverished coun-
tries, but should send them necessi-
ties Luxuries should be sent to Latin
America. Tor the south is Just enter
ing on its most prosperous period
"If the world would declare an in
dustrial truce for six months i. would
do more to bring down high prices than
col be accomplished by strikes and
agilstlon.
Work, moro work "a what the corn
try needs. Shorter hours and increased
faees will not Increase production.
To Quell the spirit II unrest we
~ust abo ish the soup house and estaD-
.sh the wood I'd"
Robert T Maddox. OF Atlanta, presi-
dent OF the association, reviewed the
activities OF the organization during the
ast year, laying stress upon the prob
lens Of war finance.
"When we consider" said Mr. Mad
Gox. that the cost OF the war to the
United States from April s, 1917. tc
June 80 1919, was 30. 16T million dollar,
snd that We only issued 2l.475 mulor
dollars % bonds 10 meet this expendi-
t.sre, relying upon taxes TO make Up the
difference, Z large part % which has g..
'oady been paid: and tnat we now hold
the obligations OF our allies for aopVOxi-
raa-e.y -en billion dollars. which in TINS
'ill pc pad; Z would seenl tHar. con
sGering the magnitude Of OUT engage
ments, the war has been most wisely
financed ard the burden Of future gov
ernment requirements can be easily
borne"
Discussing The need for American
banking expansion III South America
John Barrett, Director General Of th'
Pan-American Union, said that unles.
,he bankers and fnanciers Of The
United States do their part in carini
for Latin America they will be sup
planted by the uoneyed men and CO
operation Of Europe and Asia
The report submitted by the pro
tective department showed that during
the las year there we're more than
TWO hundred successfui burglarie
nold-ups and sneak -hefts in eonrec
ton VIII banks. With q total aggre
sacs loss of nearly 4 million dollars.
Municipal. credit vas the ublect o
al address ~ Howard T. beebe. o
Harris, Forbes and Company, NeV
York CITY. Mr.. Kingman Mott Rob
ias Of Rochester, treasurer Of the As
sociated Mortgage Investors, spoke OF
ne Evils Of Tax Exemption"