Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-22
WOODS ABLE TO AID
U. S. UNEMPLOYED
Hoover'S Choice as Head OF
Government Agency De-
cIared Good.
BY JOHN F. SINCLAIR.


rotary of unemployment" His selection
by President Hoover to take charge Of
the Nationwide movement to relieve
suffering during the coming Winter
augurs well for an efficient organiza-
ton to meet this most serious problem.
There are 3,500,000 idle workers in the
United States today. Most of them
have been out Of work for long time.
The first task of Col. Woods will be to
correlate the activities of all Federal,
State and municipal employment agen-
cies into a unified National Employ
ment Organization. His second task
will be to find jobs for 100000 of the
unemployed and food and sustenance
for the rest.
The stagger system of work has been
suggested, so as to divide each job be-
tween two men, but now that the Fed
eral Government, through the President
has recognized the seriousness Of the
situation a much better system should
result.
Exchange Memberships.
New York Stock Exchange member
ships are not as eagerly sought after
these days as they were last year. The
market values of membership before
the crash in 1929 and today tell the
story. The most recent sale of a seat
high of $625 900 last year. The 1875
seats on the exchange have now an ag-
gregate market value of $298, 1915 900 as
against $680,625 900 for the same seats
at the top price during 1929. This is
a drop in the total value of exchange
memberships of nearly $400,000,000 in
the last IL months.
Why the drop? Greatly reduced vol
ume of sales, plus large overhead ex-
ToaY1cac pr0ha bIu holt IF tho EtnrIy
Exchange houses today are in the red
that is, losing money.
"As business is today, 100000 is
good price for New York Stock EX-
change seat. The volume of sales now
does not warrnat higher price. If ex-
isting conditions were to last, one might
secure a seat for $150,00O or even
less. But how can these conditions
continue indefinitely" said one Stock
Exchange member in discussing the
present low prices of seats on the ex-
change
No. stocks are not the only property
which has deprecated in value in Wall
Street.
Schacht's Loan Statements.
Dr. Hjalmar Schacht, former president
of the German Reichsbank, continues
to shock his American audiences by
frank statements. When he told the
Foreign Policy Association in New York
that all German reparation payments
would be stopped unless other nations
would buy German goods sufficient to
square the account, the audience was
surprised, but the statement Is not
wild one. 1t Is merely an economic
truisn.
But when this German banker stated
that some German government" would
breathe defiance to the disarmament
provision of the treaty of Versailles
unless the allied countries carried out
their part of the treaty bargain and
Invested themselves of growing arna-
ments, he challenged a side of interna-
tional relationships that no outstanding
citizen of Germany has mentioned, ex-
cept In whisper.
How much increase in foreign trade
does Germany need before she can con-
tinue making payments? About 40 to so
per cent increase, answers DR.. Schacht.
And such an expansion Is out of the
question right now, he adds.
Thinks Germany Can Pay.
John Foster Dulles, New York law
yer. one-time member of the German
Preparations Commission, thinks Ger
many is able to pay her reparations
at this time. He cites the fact that
her exports are steadily increasing and
now exceed for the first time those of
Great Britain.
"Germany's financial and economic
burdens would not be nghtened If at
the same time she lost the power to
inspire confidence in her credit, with
out which no nation can prosper" says
Mr.. Dulles.
Mr.. Dulles advises Germany to shun
those leaders who deliberately stimu-
late spirit of pessimism and defeat
ism In order that Germany may shed
her reparation obligations"
Reports continue to come in from
the different capitals of Europe that a
f1ve-year moratorium on war debts is
being cooked up. The favorite argyll
ment Is that it will become increas-
tngly hard for the allied governments
to keep up payments to the United
States If the German reparation pay
mentS are suspended. These govern
ments contend that reparations and
allied debts are closely related, but
the United States refuses to admit this.
New Note in Economics.
DR.. Ernest M. Patterson's new book
"The Worlds Economic Dilemma"
makes extremely interesting reading.
1t Is an attempt to study the eco
nomic question from the international,
rather than the national, point of
view. 1t strikes new note in the Held
of social economics.
Imagine discussing the pressure of
population and climate as major issues
on world economics. Well, this Uni
versity of Pennsylvania professor does.
A chapter, too, is devoted to the
gold standard and the price economy;
another one to corporate growth ana
investment, followed by another on the
economic activities of the Government
But it is in his chapters dealing with
the economic difficulties Of Great Britain,
Germany, France, italy, Japan ana a the
United States that DR.. Patterson
touches high water mark.
His plea Is for a wider viSton-the
'larger selfishness" that he pleads-one
that does not conf1ne itself to national
lines. No nation can continue to 1--we
unto itself. Not even the United
states, rich and self-contained as it Is:
But DR.. Patterson believes the worlds
economic dilemma can be modit1ed by
an expansion of commercial treatles,
based on mutual self-interest; more
scientific development of the inter
national trust; the expansion of the
work of such organizations as the Inter
national Chamber of Commerce and the
various world activities connected with
the League of Nations.
Think of stepping on an airplane In
Berlin, after lunch today, ana step
ping off for dinner in New York City
tonightl
Yet that is the ambitious plan Of the
German air ministry in the develop
ment of its new strato-sphere plane,
which is being designed to reach an al
titlde of six to eight miles in height,
and then speed away on the higher lev
els into space at the rate Of from 500 to
600 miles an hour.
This is not a dream. The experiment
Is being conducted at the present time
in Berlin and the big test will be made
some time before the new year.