Evening star., 1931-05-20
WALLACE CAUTIONS
MUTUAL BANKERS
President Says Field Is One
of Few Unhurt by Busi-
!. ness Conditions.
CONTINUED From Thirteenth page>

standards Of the rest Of the civilized
world. If by this is meant that there
must or will be a constant tendency for
the civilized world to rise to the level
of a higher and finer standard of liv-
ing set by another enegretic, progress
sive and resourceful people, we welcome
the statement But If that statement
Is to mean that there cannot be pos
sible leadership among the nations in
the raising of the standards Of living
for the workers of the civilized world,
then the American labor movement has
long ago repudiated that idea, and is
not at this late date even remotely re-
considering the matter.
Recent months have given utterance
to many discussions Of the vital neces-
sity of an adequate distribution to bal
ance our production We have begun
to hear from one quarter and another
of the necessity of securing and main
tanning an economic balance.
"Frankness compeIs the statement
that the average workman, who has
had access only to the census OF manu-
features, is beginning to look with
puzzlement and then with suspicion at
the workmanship of these hunters for
the cause of industrial depression.
They so consistently miss all the plain
targets.
Wages and Production.
"It is an established belief II not
conviction, for instance, that the cot
ton textile business is in deplorable
state. One cannot resist the idea that
if the cotton textile workers, who re-
ceived an. average annual wage income
of s753 in 1929 and produced prod
uct valued at an average OF $3,5!2
per worker had been given little
larger share of the value added by
manufacture which amounted to ST.
443 .r,er worker. there might have been
a better market for food products in
some of the Southern cotton mill
towns.
"To be more specific, there Is one
concern which takes a buShel OF Wneat
market price not to exceed IS cents
and runs it through automatic machin-
cry. It adds nothing to the wheat but
some air, a trade name and carton.
That product, in the form OF a break
fast food, is sold over the counter at
a price which figures up to $33.60 per
bushel for the wheat at so pounds to
the bushel. The workers in the cereal
preparations industry receive and ave-
rage wage of $1,361; the produce Is
valued at $24,7l9 per worker: thus the
added value by manufacture amounts
to $11374 per worker. The value
added by manufacture in food and
kindered products alone in 1929 amount
ed to s3,240. .683, 1858.
LET there be no illusion or confu-
sion as to the serious issues before us.
There is no good accomplished In
minimizing the gravity Of the situation
confronting the American people, leav-
ing aside the peoples CT other nations.
Labor Facing Hard Fight.
american labor Is probably in for
the fight of its life. The demand for
the cutting of wages is a part of a
campaign which is now only beginning
again and which has been planned as
a part Of the program of the inter-
national control Of capital. of manu-
facture, Of markets, of prices-and Of
world in the interests of q few. The
most gigantic empire of all the ages
is now being visioned by these men
who look with complacency on the
wrecking of q standard of civilization
set up by the blood and tears OF
millions.
THE labor movement has no
apologies to make for the fact that it
is not in the class of those to whom
the Government can look for money to
meet its present financial plight. Ncr
will the cancelling of foreign debts
remove or mitigate our present
financial difficulties. Labor has lost
about as much as anybody by this
present depression. And labor Is not
to blame for the depression. It is
just another one CT the symptoms, all
pointing to the same ailment as the
other facts presented that the only
possible place where the money can be
found to meet the necessities of the
common expense of Government Is in
the higher brackets This is not a
question Of our statistics. 1t is mat
ter established by the income tax re-
turns" he concluded.
Bankers CAN on President.
other speakers scheduled for the
afternoon session included Henry
Bruere, president Of the Bowery Savings
Bank, and Rome c. Stephenson, presi-
dent of the American Bankers ASsoct-
alton.
The delegates called on President
Hoover at the White House this noon,
before opening the three-dsy session.
They spent the forenoon in sightseeing,
except for meeting of the directors.
They hold their annual ball this eve
ming. Tomorrow's session opens at $50
with an address by Ogden L. Mills,
Undersecretary of the Treasury.
-------------e e------------------