The Washington times., 1934-06-09


the revolutionary excuses, bu-
reaucracy, RECOMMENDATION and
monetary juggling, our economic
life will be better. Il can see
no improvement in our politics,
however,
The outstanding improvements
may be summed up as follows:
(1) The basis for fairer COM
petition is being developed. There
is considerable truth in regarding
competition as a sort of game,
which may be made better by
regulation and rules. Wise rules
may be imposed. which, if not
too much out of line with human
nature and social customs. can
be enforced. These may set
standards as to who shall COM
pete, and how they shall COM
pete.
Out of the ordeal of the New
Deal, there is coming more
definite conception of minimum
limits, below which we can say
that it is not desirable that COM
petition should occur. For ex-
ample, it may be possible TO de-
termine that any competition
which leads to the existence OF
wages and working conditions
which do not allow a decent
standard of living, is socially UNI
desirable-is not worth while.
This is the sense" in the idea
of wage minima.
Incidentally, Of course, this
idea raises questions about what
to do with laborers who can't
earn the desired minimum. It
leads also to the problem of deal
ing with industries or companies
which can't make profits while
paying the minimum wage. CThls
is where the New Deal falls
down.
F Business methods in seeking
sales, quoting prices, and de-
termining costs, are also an inn
portant part of fair competition.
Here, too, we may hope for i'm
Drovement under the New Deal,
following lines already laid
down.
/ If we will just stick to the
idea of making economic life
as safe and worth while as
can be for the individual, the
eventual collapse of the New
Deal will leave competition a
more constructive force than it
has been,
2. Financial and corporate con-
ditions are undergoing some real
reforms, many of which will stick
and do good.
once banks regain their indie
pendence, we will find them
Eounder and their functions much
clarified. The abuse of credit for
speculative and manipulative pur.
poses will be more difficult. These
developments are to the good.
Some good work has been done
In narrowing the field for specu
1ative gambling and burglarious
financial manipulation" While
the Securities act and the Stock
Exchange act may require re-
vision. I think that under wise
administration they will do great
good.
Certainly no thoughtful man
has ever denied that the country
has long needed more publicity
and more responsibility on the
part of corporate officers and
directors. The obstacles placed
between the average Speculation
and his tendency to overextend
himself, are to be welcomed.
3. The sO-called corporation
bankruptcy bill is another meas
ure which ON the whole seems
to deserve favorable comment.
Certainly it is of great impor-
lance. BY facilitating sthe reOr-
ganizatlOn of practically inSOlv-
emit corporations, and improving
the judicial administration in
such cases, not only may the
process of liquidation be has
@SNGUs Uut we HAY uUpC luz
greater economy and a more
efficient functiOning of business
enterprise.
4. It is possible that better agrl
cultural conditions, through diver
Sification and more far-sighted in
dividual planning, may emerge
from the New Deal experiments
though not. I suspect, until after
the Department of Agriculture has
learned more than the farmers.
The foregoing are the most i'm
portant of the good things which
have come under the New Deal
Z think that the quicker we get rio
of most of the rest, the better.
T. 25-CENT PAYMENT
r Pratt and Lambert. Inc. ha
Heclared a dividend of Is cents Of
the common stock, payable Jul,
q to stock of record June 16
Three months ago q similar pay