Evening star., 1936-10-14
?, v. A. TIMING
HELD ESSENTIAL
coyle Tells Engineers Prof.
ects Should Not Be Self.
Liquidating.

The economic depression has proved
that public works must conform with
certain conditions Of the business cycle
in order to be successful when private
business Is at low ebb, David Cush-
man Coyle, noted New York consult
ing engineer and political economist,
said last night. He spoke at the final
session Of the annual convention of
the National Society Of Professional
Engineers at the Hotel Mayfiower..
Public works, we have found, must
be inaugurated in opposite order to
the business cycle" Coyle said N his
address on Timing Of Public Works"
To best serve their purpose in periods
Of depression and defation, Coyle as.
serted public works should be con-
Quoted by the Federal Government,
the bonds should be sold only to banks
and projects should not be self -liqui-
dating.
The reasons he gave for this state
meut were financial difficulties of
municipal governments in depressions,
the fact that proceeds from bonds re-
VA Nb Ny eAAO ooVCA A1AACAb IL OlII UIlFdlC
individuals will help initiate capital
markets. and the contention that self
liquidating works do not help pur-
chasing power.
Traces Financial Cycle.
Coyle traced the business and gov
ernmental finance cycle before the
depression and asserted in years of
prosperity the Federal Government
was retiring bonds held by private
citizens. He attributed this morey
going into circulation as the chief
cause of security market imitation.
Experience in public works to date,
Coyle contended, has proved it would
have been better to spend more billions
each year for better projects and put
fewer men on the Government work
pay roll, thus causing countless other
unemployed to be put to work by pri-
vate business. Then, he continued,
there would be no boondoRling.
He advocated greater expenditures for
public works in future periods of de-
preston.
Other speakers on last nights con-
cluding program, which followed the
society's annual banquet, were Harry
p. Mitchell, president of the United
States Civil Service Commission, and
Arthur v. Sheridan, incoming presi-
dent Of the society, chief engineer of
the Bronx Borough. New York City,
and editor Of the American Engineer.
Engineers, Mitchell said, have played
an important part in modern inven-
ton. from invention of the wheel
through many centuries to the auto
mobile and the airplane
Sheridan spoke on Whittier Soci-
ety." and declared engineers must de-
velop higher conception Of the spir-
itual side Of life and be more con-
scious Of their obligations to society Is
well as to science and the creation OF
material things. TO the question,
concord or chaos, the answer rests
largely with the engineer" Sheridan
said. whether he will lead mankind
We cannot say, unless he studies man. 4"
Sheridan succeeds Dr. D. B. Stein
man. New York consulting engineer,
as president Of the society.
M0derators for Watershed,
| Rural Electrification Administrator
Norris L. Cooke, in An address to the
society yesterday afternoon, advo-
Gated appointment of so-called mod
orators" for every watershed in the
country, to coordinate residents and
land owners and to represent their
interests in the cause Of conservation.
The American people, he said, must
be impressed with the urgency of the
conservation movement which "is 60
ing to involve more sacrifices than
usually go with public service
II have said before that unless
conservation Of resources Is under
taken, and on an adequate scale, our
Nation has only 100 years Of virile
national existence ahead Of It," Cooke
told his audience.
The convention closed with . dance
following the annual dinner. The first
sessions were held Monday. after two
days Of sightseeing for early arrivals.