Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-07
END TO ECONOMIC
STORM PREDICTED
Westinghouse Official Urges
Individual Workers to Solve
Own Problems.
Nv the Associated Press.

BY the Associated Press.
NEW YORK, July This country
will weather the present economic storm
as 1t has successfully weathered every
other great economic disorder OF the
past. A. w. Robertson, chairman OF the
board of Westinghouse Electric d Man
ufacturing Co, said in booklet malIea
to stockholders yesterday.
In the booklet. "InduStry'S new re-
sponsibilities, Mr.. Robertson pointed
out that it seems to be the growing
tendency to shift to the shoulders OF
each industry the burden OF proVldlng
for those "improyident individuals en-
ploycd by that particular industry, who
are unable TO care for themselves In
times of need" and added that IN GER
tain circles, apparently, serious con-
Sideration is being given Ito the pater-
nalistic proposals that big business or
the Government, assume many OF the
obligations formerly recognized by the
individual as his own personal burden
and his own responsibility"
Meanwhile he said. industry as a
whole has voluntarily done great dea!
TO relieve workmen more and more OF
their former responsibilities, and man,
companies are assuming large part Oh
the cost of providing for employees dur
ing the present period of unemploy-
ment
The tragedy of the situation he
said. lies in the fact that big business,
having assumed all these additional
tasks. is just about as helpless rs the
employc. Every industry is effected
differently by the depression. Seeming
" none is immune. All are influenced
to the extent of having income seriously
curtailed and. in many cases, profits en-
tirely eliminated. No company, large or
small, seems to be financially strong
enough, or lucky enough. to prevent
serious shrinkage of its liquid resources
in times of depression.
Under such circumstances the man.
agement of every company in every in
dustry is confronted with the difficult
and serious problem of deciding what
course should be followed. Assuming
that every well-managed company &C
cumuated out of earnings some surplus
during prosperous times, the question
arises Immediately as to how this sur
plus should be used when times are not
so prosperous"
Mr.. Robertson said that in the years
TO come, if the business of the country
follows the upward curve OF norma!
progress, as it has in the past, and II
business fourished with only occasional
periods of depression and unemploy-
ment. the recent burdens added to in
dustry will not become too heavy.
ION the other hand" he said, If
these periods Of recession come too
close together and increase in severity,
then industry may not be able to carry
on its usual normal responsibilities of
payment to creditors. wages to en-
ployes. dividends to stockholders, Plus
the added burden Of supporting the
individuals who cannot provide for
themselves in times of unemployment.
1T would be most constructive at this
time if there could be developed more
tolerant attitude toward this problem
on the part of both industry and the
individuals involved. The whole world
is afflicted by new set of conditions.
The right cure will be beneficial TO
every man, woman and child: therefore
any proposal that may lead to progress
in that direction should and will, l am
sure. receive open-minded consideration.
Ito me it seems highly desirable that
We keep alive the old-fashioned indi-
vidualistic spirit of looking after ones
self 1t is going to be cur salvation
It is one of our greatest inheritances
from the founders of this country
After all, no one is as much interested
in me as l am in myself. If each and
every one of us made it our principal
business to look after himself, as rea-
Sorably prudent man should, there
would not be so much required of either
industry or the state. That is what l
would define as constructive Selfish
ness "