The Bismarck tribune., 1931-09-08
Other OFFICERS
ALSORE-NAMED At
CONVENTION HERE
Minot Selected As 1892 Con.
vention City At Business
Session Monday
entertainment IS GIVEN
Many Are Guests Of Workmen's 8
Organization At AlI-Day
Celebration

N. II. Hinkle, Fargo, was reelected
president Of the North Dakota state
federation Of labor and Minot was
selected As the 1892 convention city
at the 20th annual meeting Of the
organization here Monday.
Other officers named were: Rus
sell A. Young, Bismarck. first vice
president; ]. G. Bell, Grand Forks.
second vice president; H. G. KLEIN,
Minot, third vice president; Alloy
sius Henry, Kenmare. fourth vice
president; and Laurence ]. Nero,
Grand Forks, secretary treasurer.
Hinkle. Young and Nero are mem
bers Of the executive board.
Following election Of officers, del
egates to the convention and visitors
heard Senator Gerald p. Nye speak.
A baseball game, boxing card and
swimming carnival also were on the
entertainment program.
Financial trickery which has de-
frauded investors, causing them 10
lose confidence and causing workmen
to lose their jobs. was assigned by
Senator Nye g one Of the chief
causes Of the business depression.
1890 Hear Senator
Nye addressed q crowd Of approxi-
mately 1000 from . truck which had
been placed In front Of the grand
stand at the city ball park. The sun
beat down upon hts uncovered head
while the thermometer mounted .
new heights for September. Later,
he said he felt himself growing dizzy
as he neared the end Of his 45-nlinute
talk
Giving concrete illustrations OF
what has happened to the business
Of the country, Nye told how invest
ment bankers have watered the
stock Of Industrial corporations out
Of Ill proportion to their physical
assets and how profits have been dis
sipated. in some cases. The result.
he said, has been to defraud investors
and cause them to lose confidence
and withdraw their money from cir
culat1on.
A Maryland cement company. he
said, sought . tariff because It was
not making money. It was found that
It was making between II and 81 Der
cent before the capitalization was In
creased from 100000 to $4,000 900
with no increase In its actual assets.
The Bethlehem Steel corporation,
he said. paid ~. 100000 in bonuses
to some Of its executives and during
. large part Of that time the stock
holders received nothing on their in
vestment. A power company In Cali
fornta, he said. purchased . new
property and held . public opening,
giving bouquets to the women and
neckties to the men. It added the
cost Of the celebration to the cost Of
the property for alternating pur-
poses and the guests" viii nay In
tere* on the cost Of the gifts as long
Is the present situation exists.
Cites Other Instances
Other instances were cited to show
how "hish-f finance during the recent
period Of prosperity, when securities
were easy to sell, wrecked the con-
fidence Of investors and brought
about tho present stagnation Of bust
ness
Asserting that labor and the farm
era find themselves In the same
plight. Nye asked that all groups Of
Americans take thought Of the exist
ing situation In an effort to find the
way out. With . plentitude Of money
to finance projects, he said, little is
being done. With plenty Of food
some persons are near starvation
With IN excess Of all other COM
modities many persons have nothing
and are cold and shelterle6s.
It appears, he said, that the na-
ton has plenty Of everything except
brains to work out the problem which
confrouts It and leadership which can
show the way out.
Praising the social and economic
advances brought about by the labor
movement during the last 20 years
Nye urged that its leaders keep up
the fight. praiSing the national or
ganisation, he said few organizations
are listened to with such attention
Or have received as much consider
alton from the government g has
labor.
Defending the capitalistic system
by inference, Nye asserted that
abuses Of the privileges granted to
some unscrupulous persons ha d
brought the nation and the govern
ment to the verge Of ruin and that it
must be purged and put on q new
basis before better conditions viii be
restored.
with 5!ooo.o 900 men out Of WORK now
ana as many more on naIf-tin1e. he
said, the country faces disruption un-
less better balance can be restored.
Hear Shafer Sunday
Organized labor's spirit OF self
sacrifice" was termed as Americas
best hope for recovery from the agri-
cultual and industrial depression and
acute unemployment problem by Cow
ernor 0eorse F. Shafer when he ad-
dressed members Sunday night.
Governor shaSer expressed the be-
Continued on pase fve)