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The Washington times., 1930-04-08
BUSINESS 6emxoe DIRECTORY

Arranged alphabetically for convenience in filling
your wants quickly. Phone mail inquiries receive
prompt attention. CONSULT THIS DIRECTORY
The Washington times., 1930-04-08
Major BOles to Head
u. S. Riflists Abroad

Major j. K. Boles. Field Artil-
lery, has been selected by Secre-
tary of War Hurley to captain
the United States team which will
take part in the international
rifle matches at Antwerp, Bel
GUM, in August.
Tryouts for the United States
team will be held in June at
Quantico, Va. Positions on the
team are open to civilians as well
as members of the Army, Navy
and Marine service.
The Washington times., 1930-04-08
DIEGEL AIMS At
THIRD GROWN

Aqua CALIENTE, BAJA CALI
FORNIA, Mexico, April 8.-If Leo
Diegel, Aqua Caliente golf profes.
sional, succeeds in winning the
worlds professional golf cham.
pionship from Abe Mitchell, Eng
lish titleholder, when they meet
next month, he will accomplish
something no other golfer has
ever done. In all history of golf
no professional ever has held
three important championships IN
one season.
Diegel now holds the American
professional crown, the CarYtdian
open title and addition of the
worlds pro crown would glA him
the three victories, all IN major
title events of three countries.
Diegel and Mitchell are sched
uled to meet in three 36-hole
matches for the worlds pro cham.
pionship. The first two meeti1Gs
will be staged May % ana q
over outstanding courses in Eng
land with the third meeting, if
necessary. to be held shortly
thereafter and before the British
open over a third course to be
selected at a later date.
In meeting Mitchell the
Aqua Caliente professional
will be tackling one of the
greatest match play golfers
engaged in the business of
making parS, brides and
eagles today.
Mitchell went four years with
out losing a match after he got
squared away as a professional
golfer after a good tenure as one
of the leading amateurs of Eng
land Walter Hagen was the
first golfer to win from Mitchell
after the latter turned profes-
sional.
The American professional
champion will have one advan-
tage over Mitchell when they
met. the knowledge that he can
NC DCdCCA4' XVI LIEU ALLOO
Mitchell back in the 1929 Ryder
Cup matches in England. In
that meeting Diegel shot the
greatest golf of his career, the
golf that brought Bobby Jones to
make the declaration that Diegel
is the most brilliant shot MAKER
in the golf world today. The
Aqua Caliente professional scored
a round of IS against Mitchell in
the frs half of their match and
then went out in 33 for the first
of the afternoon.
He added a birdie on the
tenth hole to finish the 2S
holes. of the match with
score of 1O2, a record for just
about all time in match play.
DiegeI won the match 9 and
8.
It is hardly to be expected that
Diegel will repeat such a perform
ance against Mitchell this time
but he is already getting ready
fnr the rnatch
The Washington times., 1930-04-08

a club moves.
T he wi d.
m / | IL j k e
swing of the
arms, shoot.
ing the club
forward first.
applies to the
irons as we'll
as woods; 1t
applies even
to small chips
and run-upS
In brief, the
clu b clwayS
goes forward
first, regard
less of tt e
The Washington times., 1930-04-08

founded on good logic and good
reasoning, but closer examination
shows it to be basically unsound.
In actual practice this unsound-
ness has been demonstrated over
and over again, as witness the
chaotic conditions in Soviet Rus
sia. From an economic and gov
ernmental standpoint commun-
ism is foredoomed to failure, but
in its death struggles it often
pulls down the structure of
sounder forms of government.
The youth of today hold the
future Of the nation and of the
world in their hands and the
District Board of Education is
doing well when it attempts to
see that these young hands are
not guided into doing irreparable
damage to that future. The few
children who have already fallen
into the ranks of the Communists
are not a source of danger in
themselves, but it is. up to those
in charge to see that the taint of
those few do not permeate the
whole school system.
JOHAN WINGER,
The Washington times., 1930-04-08
Editor, The Times:
Dear Sir:

Editor, The Times:
Dear Sir:
The apparent deadlock in Con-
gress over civil service retirement
legislation merely goes to show
that the officials of the Joint
retirement board were right when
they opposed the injection of the
new Lehlbach measure into the
situation.
The Dale bill was not perfect,
and probably would have to be
Iiberalized in a few years, but
nevertheless it was a vast i'm
provement over existing legisla-
tion. There was little doubt that
it would have been enacted by
both House and Senate if it had
been left alone.
The radically different Lehl-
bach measure, even after amend
ed, threw the genuine friends Of
retirement into a panic because
they instinctively felt that Con-
gress would not accept it without
protracted debate. They knew
there was no chance Of such a
debate at the present session.
For that reason they determined
to play safe and sane and not
gamble with such a risk of oppo-
sition as the Lehlbach bill in
volved.
Recent events have proved that
their judgment was right. There
is a real pessimism in all quar-
tiers now over the prospect of
passing the retirement bill be-
tween now and June. Many
details remain to be ironed out.
Many legislators will have. to be
convinced that the new bill is just
to all classes of Federal EN-.
ployes. There is more opposition
to it than appears on the surface,
chiefly because many Senators are
afraid Of it. And the goat" of
the situation appears to be the
Federal employe.
GOVERNMENT WORKER.
The Washington times., 1930-04-08
Letters to the Editor

letters printed unless signed. confidence
The Washington times., 1930-04-08

In improving your game, d
in trying to, keep in mind that
all things in golf must be subor
dinated to swinging the club as
The Washington times., 1930-04-08

It is hardly to be expected that
Diegel will repeat such perform
ance against Mitchell this time
but he is already getting ready
for the match.
The Washington times., 1930-04-08
Editor, The Times:
Dear Sir.

Dear Sir:
The District Board of Educa-
tion made a step in the right
direction at its last meeting when
it began inquiry into the activi-
ties of Communists in the public
schools of the city.
Comm munism has not yet
reached the stage, in the schools
or elsewhere in the nation, where
it is a great menace to. the safety
and security Of the United States,
but, since "an ounce Of preven-
ton is worth a pound Of cure" :"
action should be taken now.
while the danger is small. to pre-
vent the growth of this cancerous
sore, which is eating at the heart
of the Government.
Communism is, on the surface,
The Washington times., 1930-04-08

He added a birdie on the
tenth hole to finish the 28
holes. of the match with a
score of 1O2, a record for just
about all time in match play.
DiegeI won the match 9 and
&.
The Washington times., 1930-04-08
Editor, The Times:

Dear Sir:
There is a comedy angle to
this clash between Col. U. s..
Grant, Sd, and Major Brehon
Somervell over the future of the
Potomac Valley tract at Great
Falls. Both are distinguished
Army engineers and are at logger,
heads on an issue of vital moment
to Washington. Colonel Grant
is the ranking officer and in
strict Army matters Major Som
ervell would not dare to take
issue with him in the public
prints. He would be guilty of
insubordination if he did.
The charges and counter
charges these two engineers are
making over the Great Falls
issue are not often seen between
Army officers and are distinctly
contrary to Army discipline. If
the contest grows more bitter,
I would suggest that the Army
and Navy Club take the matter
in hand and stage a bout be-
tween Colonel Grant and Major
Somervell in accordance with
traditional military practice.
The solid support Of Washing.
tonians in such an encounter
would go to Colonel Grant, in
my opinion. The idea that any
part of the scenic beauty of
Great Falls should be marred in
order to fatten the pockets of
the Power Trust is repugnant
to every right-thinking citizen of
the National Capital.
CABIN JOHN
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
Washington Stock EXCHANGE

SAILS.
Ana. ~ Pot. r. r. IS guar-S1 900 ut aS
Wash. r. a Z. 4s-e1 900 at 071k.
Capital Traction Colo at 40, 10 1T a..
10 at 40, 10 at 40, 10 at -, 10 at 4s.
Pot. Elec. 5h%0 pfd.-6 at 107%, 10 at
10TH. :,
Fed.-Amer. Co. COMIC ct 2oN.
Mergenthaler Linotype-10 at 00k, rs
at S0Ha, S at S9h.
Natl. Mtge. d Inv. pfd.-1O0 at 5, 300
ats
CANCELLATION.
Sale as Of yesterday, Wash. Gas. SIS
$1,000 at l04, was ordered Cancelled. 49,
~ NOTICE.
This Exchange will be closed tonnor-
row, Thanksgiving day.
msI a - -. 49,.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26

fast. and speeding up when thinos
moved slowly Is It, after All CON-
cerned with world finance much more
IMAM with American business? Do its
methods discriminate against anv ciass9
Has the Federal Reserve favored stock
speculation as against the bIsiness
needs Of the Nation?
Laurence Laughlin, formerly pro-
lessor OF finance at the University of
Chcago, thus summarized the defects
II tne Ola banking system which the
to correct: EEO''NN
An inelastic bank note circulation.
an even more dangerously ineIastic
credit system, ineffective use OF large
supplies OF gold, shatterInR of re-
serves and lack Of cooperative action
by banks in times of stress, a rigid
reserve system which induced panics,
state banks and trust companies do
ing commercial business, but In diff
Ierent systems: an independent Treas
ury divorced from the money market.
which imperiled bank reserves in times
OF diriculties; the drift of idle funds to
the call loan market, where they helped
stock speculation, and the want of
American banking facilities in other
countries to aid United States foreign
trade.
Whistler or not the Federal Reserve
has been able in its Is years to correct
all defects In the old system, 1t has &C.
complished wonders In mobilizing credit
and reserves in o way never before ac-
complished. 1t is still young in expe-
rience. Its officers would be the last to
claim perfection in the results so far
attained. Mistakes Of policy the Fed
eral Reserve has made. But there Is
hardly q student OF banking anywhere
in the world who does not believe the
system has been Of inestimable service
to American business and banking.
The Federal Reserve System stands
today beside the Bank of England and
the Bank Of France as the greatest
champion Of the gold standard in the
world. j,
Copyright, 1890. by North American News
paper Alliance
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
FEDERAL RESERVE BANK ACTS
AS GOLD STANDARD CHAMPION

Aldrich, Rhode Island, an exhaustive
study extending over several years was
made. In 1912 Senator Aldrtch sub
mitted his report and his recommend
atoms 70 Congress. He asked for q
central bank Of issue with pwer Of
note issue, based on an elastic system.
But Congress turned down the plan be-
cause It's machinery was thought too
concentrated and not democratic
enough.
Federal Reserve Act.
When TIE Wilson administration
came into power one Of its flrst steps
was the passage Of the Federal Reserve
act Of 1918, which represented, as Prof.
ilization," said, 1.-The union of jack
sonian hope and financial propriety."
This measure created the Federal Re-
serve Board consisting If seven men,
beers, including the Secretary Of the
Treasury, the controller NJ the currency
ex-oflcio, and i've others nominated by
the President. The country was divided
into IL Federal Reserve districts and
the IL Federal Reserve cities selected at
that time were Boston, New York, Phil
adelphia, Cleveland, Richmond, Atlanta,
Chicago, st. Louis, Minneapolis, Kansas
City, Dallas and San Francisco.
These banks do not deal with the
public. They are not peoples banks;
they are bankers banks. They receive
deposits, make rediScounts and hold re-
serves for member banks. All national
banks are compelled to become mem
bers, and State banks have every oppor-
tunity to join the system.
The most important function Of the
Federal Reserve Banks, according to the
Federal Reserve Act, is u furnish an
elastic currency" Federal Reserve
notes. guaranteed by the Government,
are issued by the IL Federal Reserve
Banks and secured by commercial paper
Of a character defined tn the act.
Any amount Of Reserve notes can
be issued, but they must be protected
by q 20 per cent gold reserve. which
provision, however. can be modified II
necessary, but In that case graduate
tax on notes outstanding makes over
issue Improbable.
Value Of Reserve Bank.
Now for the Federal Reserve system
itself. Is It fulfilling the functions in
tended? Has It really been putting on
the brakes whan things moved too
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
BONDS. ARE. Lower
+ ON SHARP SELLING
Both Domestic and Foreign
Lists Affected by Steady
Liquidation.
BY +. n. RICHARDSON.

Special Dispatch to The star.
NEW YORK, November 26-LiQuida-
ton and pronounced weakness in sew
eral groups of domestic and foreign
bonds developed today. The better
grade issues were affected as well rs
the semi-speculative. In the European
list, new low prices were registered.
The volume OF trading was moderate
with q holiday character to the market.
Declines Of . point or more took place
on q turnover of q few bonds. The
narrowneSs of the market exaggerated
its evidence of weakness. However,
dealers said that there were more bonds
pressing for sale and they were at o
loss to explain the heavinesS Of some of
the best protected issues.
This was reflected in fractional de-
clines In some of the firSt mortgage
railroad obligations and in q more pro-
nounced way In second grade issues,
where the declines reached q point or
more. Conspicuously heavy in the
latter group were issues like Frisco
prior lien Is, Missouri Pacific As, Rock
Island AIS. Western Maryland Is and
Erie 1 and per cent loans. Going
further down the scale, st. Paul ADJUST
mentS were quoted 134 points under the
previous closing and within fraction
Of their previous low of 32H. All Of
the Allegheny Corporation issues were
soft.
The moratorium talk coming from
Germany and some detection In the
coalition government brought out
another wave of selling In German
issues. One transaction on q delayed
delivery basis in German government
rs was made under par. The 51as,
which touched ~ on Tuesday and closed
at III, declined q point. There were
losses of points in German Agri-
cultural Bank 6s and Is and fractional
losses In the PruSsian loans.
Holders Of the Young loan are wait
ing patiently for some evidence that
sponsors Of this loan are enough inter-
ested in them at least to repeat publicly
the statements Is to the exemption Of
this loan from trouble in the event Of
the revision of the Young plan which
were made when the loan was sold by
them at 90 last June.
Weakness also cropped out In Italian.
Peruvian, Bolivian, Serbian and Polish
loans.
An issue Of $4,000. 900 Northern In
diana Power AIS at % Is to be offered
Friday. The transaction by which New
York City borrowed $50, O0O, 900 for
three and six months ut 2H per cent
illustrates the enormous amount Of
funds available for Short-Eerm invest.
ment at the present time.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
TREASURY CERTIFICATES.

SILVER QUOTATIONS.
NEW YORK, November 3e H9.-
Bar silver, 35h.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
BY JOHN =. SINCLAIR.
Special Dispatch to The star.

SPECIAL Dtspatcn 10 Inc 6tAr.
NEW YORK, November 26.-After
the long struggle for a gold standard
had been won American business lead
ers began to see clearly that at least
two serious weaknesses stood out In
their banking system-currency tnelas-
ITCHY and deposit inelasticity.
The volume of money was based upon
the volume Of Government bonds out
standing, not upon the needs Of indus
try. Thus periods of imitation were fol-
lowed by periods of deflation, and no
adjustments of the volume of currency
in circulation to the needs Of industry
could be scientifically carried out.
II was an awkward, senseless system.
Today one may smile at the thought Of
basing the volume Of currency upon the
amount Of Government bonds outstand-
ing. The inelasticity of the volume OF
reaching source Of trouble.
The 1897 Panic.
A large proportion Of the reserves Of
the 1000 national banks could not be
gotten together quickly in times Of
emergency. They would freeze and re-
main frozen and unavailable for other
parts Of the country. This inelasticity
Of deposits brought the crisis quickly to
q head.
The 1907 panic brought this out
forcibly Call loans advanced as high
as 90 per cent, and above rs per cent
on seven days. Banks failed. The
Knickerbocker Trust Co. Of New York
failed in October, 1907. wholesale
liquidation followed, with 1000 Arms in
New York becoming insolvent.
The 1907 panic directed the public
attention f1rst to the fact that the Ma
tons industry and commerce had grown
much faster than the banking facili-
ties. So the Aldrich-Vreeland act, to
make the currency more elastic, was
passed In 1908 as q relief measure. At
the same time the United States None
tary Commission was appointed to con-
slider the whole problem Of currency
legislation.
Under the Craftsmanship OF Senator
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26

North and South America together
have over 70 per cent Of the total. Can
ada has more than double that OF any
ether country.
The United States today has twice
rs much money invested abroad as
Great Britain. And Is investing In for
eign countries about three times as
much annually as any other nation in
the world today.
These figures look huge and very
impressive now. But IS years from now
they viii look small and relatively IN
significant .-... -,
fCopyright, 1880, by North American News
paper AliianceD
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26

bo n eTen IN the above annual
uAoing than
Sssr IN sq 2Sul.r & y scrip Paid I'll:
P IN ean o Or GsE Plus 1879 81 In stoeH
Plus l4z ~-'~" "-OV an PREFERRED stock
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
OCTOBER AUTOMOBILE
OUTPUT AT LOW LEVEL
lr th. Asaociated Press.

October automobile production was
repcrted by the Commerce Department
today as i5O,O44 cars, the lowest out
put In the United States during single
month in recent years.
The total compared with 300,011 for
the same month last year, and 2lo.S77
IN September.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
POTATO MARKET.

CHICAGO, November as 0PD Omitted
States Department Of Agriculture. -
500; total United States shipments, SIT.
about steady; very little trading account
Of coming holidays; prices nominally
unchanged.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26

German sound films are increasing in
In Finland.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26

Now for the Federal Reserve system
itself. Is Il fulfilling the functions in
tended? Has It really been putting on
the brakes Whon things moved too
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26

kote-This is the third Of a series OF
articles on the struggle betiDeeH hard"
and "soft' money advocates tCTfften for
The Star and North American Newspaper
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
METAL MARKET.

NEW YORK, November IS up. -
Copper quiet; electrolytic, spot and fu-
ture, 10h-l2. Iron quiet. unchanged
Tin easy. spot and nearby. 25.75: fu-
ture, 1851. Lead steady; spot New York
$40; East st. Louis, 4.06. Zinc quiet;
East st. Louis, spot and future, 40.
Anthony, 7.12. |h'
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
BUSINESS OUTLOOK !.
MORE FAVORABLE
January viii Witness Marked
Signs of Real Recovery,
Survey Asserts.

Encouraging news for better times n
contained in the survey Of business
prospects printed in today's issue Of the
Financial World. ~
Comparative freedom from serious
industrial disputes marks an important
difference In the present business de-
preston from those Of former years and
should be an important factor In aiding
trade recovery" reads the article.
Adherence Of the country TO its high,
standard Of living is also q very favor
able factor. and although buying during
the past year has been below what could
be regarded as normal, the very main-
tenance of those high standards Is an
indication that substantial amount of
purchasing power will be released upon
q resumption OF the upward trend By
general business. 49,
Recent improvement In copper pricea
and concerted efforts toward STABILITY In
steel prices are important In them
selves, but may also prove to be very
favorable psychological factous. Exan1i-
nation OF conditions in 1921 discloses
the fact that q rise Of steel and con-
per prices marked the beginning of the
definite upward trend OF general bust
ness as well as Of security prices.
Auto. Outlook Improves.
Good news continues to come from
the automobile industry, which In re-
cent weeks has been showing less than
the usual seasonal declines In produce
ton. Latest figures. moreover, reflect q
return to regular production schedules
OF number Of companies in q week
fhnRa t0 all
Sonal decline in output. Abnormally
low stocks of cars in the hands of deal
ers account for Q substantial part Of
the incentive to step up production.
October figures on foreign trade,
while not showing gains as large as are
normally experienced at this time a
year, disclose the third consecutive
monthly increase in exports and the
second consecutive increase In imports
New construction and freight car load
1ngs have recently shown declines, but
these developments are in line with sea-
Sonal expectations, and figures on the
latter factor are for q week which In
cluded election day.
Definite Turn In January.
Recent bank failures in the South
and Middle West have been too nu-
merous to be regarded as being Of no
importance and can hardly help having
some adverse effects upon the already
depressed conditions in the territories
where they operated. However, it sp-
pears very unlikely that the effects of
these failures viii be felt much more
than locally, and they should not ma
terially AFFECT the general business sitlla-
ton Of the entire country. T'F -
Little gain in the level Of general In.
dustrtal activity can be expected during
the balance Of the year, but JANUARY
should see marked signs of improve
ment which, in turn, should be acceler-
ated with the coming Of SPRING"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-26
NEW YORK BANK STOCKS

NEW YORK, November 26 R:-
Over-the- counter market.
The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1930-03-12
Wireless By Inprecorr)

MOSCOW (By Inprecorr MaiD -
Today's "Pravda" writes concerning
the anti-Soviet campaign of the
religionists:
The anti-Soviet campaign which
is participated in by members of the
capitalist governments, is formal
interference in the internal affairs
of the Soviet Union. People who
demand that we should conduct no
propaganda are themselves conduct
ing an open, slanderous and blood
thirsty propaganda campaign for an
attack on the Soviet Union. We
communists are well aware of the
value of the present agitation for
5freedom of conscience" which is
being conducted against US in the
tapitalist ountries.
The people who are now railing
against us were in favor of the bias
phemy laws in January in Great
Britain. We could quote an endless
string of examples of religious per-
secutions in the capitalist countries:
the latest action against the Douk-
hobors in Canada, the Indictment of
Arabs against Jews and of Jews
against Arabs in Palestine, the in
element of Buddhists against Is
lamites, and of Islamites against