davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-01-08

to income and inheritance taxes,
with sharply rising rates in the
high brackets, compels large
strata of capitalists to keep unduly
liquid if not actually to liquidate.
The tax policy should be revised
on the basis that a smaller tax re-
turn would be a small price to pay
for reducing the trend toward
liquidity and liquidation"
Prof. Reed: Every effort must
therefore be exerted, even though
it violates our sense of distributive
justice, to encourage the invest
ment of pioneering capital. We
shall be obliged, 1 fear, to moder-
ate our policies in the taxation of
higher bracket incomes"
Prof. Agger: Taxation is an
engine of control as well as a mere
means of raising public revenue.
It must be planned to make its con-
tribution to recovery and to pro-
mote the maintenance Of economic
equilibrium"
Prof. Slichter: 1.-The most op-
pressive kind of tax is one upon
net corporate income because it
raises by the amount of the tax
the profits necessary to make any
new venture worth while and falls
in large, measure, therefore, upon
the unemployed. The present cor
porate income tax is heavy-18
per cent. If it were cut to IL or 10
per cent or less and the loss made
up by higher rates on the middle
income brackets, the tax would
still fall on substantially the same
persons because when the income
on corporations is taxed. it is really
the stockholders who pay the bill.
Shifting the tax from corporations
to their owners to that extent
would prevent 1t from affecting
managerial decision and discourag-
ing enterprise.
One alone Of the economists,
Dean Brooks Of the University Of
Georgia, appears to hold that in
crease of consumption buying by
distributing more Of the wealth
through higher income taxes is
preferred before stimulation Of
investment in and production of
capital goods. On this subject
some Of the economists say:
Prof. Reed: 1.-THE existing in
complete use Of our productive re-
sources is traceable largely to the
depression in the country's capital
goods industries and it has been
proved that revival Of these indus
Evening star., 1940-01-08
Confidence Wanted
And Changed Attitude

Typical of the most stressed
point, a restoration of confidence,
are these opinions:
Dean Fitzgerald: What our
limping recovery needs is the gen.
Grafton of additional confidence in
the outlook for private enterprise.
This requires such governmental
attitudes and acts, national and
State, as to justify continuation
of the confidence which has been
developing since last SPRING
Dean Griffin: "He (the business
NAM now believes, rightly or
wrongly that there are many haz-
ards of a political and social sort
that beset him. 1t is quite possi-
BILE that business men and investors
cannot give a very specific st".--
ment of the things that they fear.
That, too, is irrelevant, for the
most paralyzing fear is the fear of
things we know not Of"
Prof. Watkins: I'VE should rec
ognize frankly that the necessary
private investment depends upon
the prospect Of profits and that
uncertainties and maladjustments
in the cost-price structure are the
greatest bar to the exercise of
business initiative. The Govern
ment itself can do something to
clear away these obstacles by a
shift of emphasis, from the correc-
ton Of abuses to positive efforts
to create conditions favorable to
business enterprise. Business, on
the other hand, can aid itself by
showing a greater tolerance for
the detectives of social reform
and by abandoning certain mon
opolistic practices"
Prof. DoWrie: In its public
utterances and its actual dealings
with business the administration
has assumed the attitude of the
prosecutor of malefactors rather
than that of a partner with bust
ness in the promotion of the COM
mon good. In other words, a
change Of attitude on the part of
the national and some of the State
governments is the thing most
needed to insure the attainment of
a sound prosperity"
Prof. Bell: I'VE need 4 complete
change Of concept with regard to
the proper function Of govern
ment. In our effort to obtain
safety and security for every
body, we have succeeded In get
Evening star., 1940-01-08
Concerning Effects
of the Wagner Act

Statements concerning the
Wagner act included these:
Prof. O'Neill: Business and in
dustry feel that through the Wag-
ner labor act the Government has
sold them out to labor; that the
Wagner act is one-sided and that
it puts into the hands of ire
sponsible labor leaders entirely
too much power. A correction of
these defects would restore capi-
tails confidence"
Prof. Patterson: collective bar
gaining is now assured and the
task of organized labor is to utilize
its powers not merely in a manner
that will directly benefit workers
but do 50 without introducing fric-
tion that will retard production
and indirectly injure labor. An illus
,tration is excessive wage demands
that seem to be Of help but raise
costs to a point that checks sales"
Prof. Watkins: sympathy with
the objectives of labor should not
blind us to the blighting effects of
ilawless and monopolistic policies
on the part of some labor organiza-
tions. The antitrust laws should
be applied to labor as well as to
business"
Dean Madden: "The most effec-
tive single thing needed now to
promote a more sound recovery is
the amendment Of the national
labor relations act in certain i'm
portant respects, and also an i'm
mediate alteration Of the policy Of
the administration so as to restore
a balance between labor and man
agsment."
Evening star., 1940-01-08
Revision of Income Tax
In the Upper Brackets

AS to taxation as a deterrent to
expansion, these opinions appear:
Prof. Arbuthnot: Excessively
high rates in the upper brackets of
income taxes prevent men, able and
willing to take risks, from expand
ing old or beginning new business
operations. What is left after
taxes if the enterprisers succeed
is not enough to justify taking the
risk of loss. More revenue would
be collected from more business,
employing more people and hasten
ing recovery, if rates were lower"
Prof. Palyi: Our present policy
of taxation, especially as applied
Evening star., 1940-01-08
As TOLD N QUOTATIONS

A restoration Of c0nfid idence Ii 4
needed. In fact, thougbtful per-
sons seem to be more and more
In agreement that certain New
Deal policies have boen aHd ar0
due 70 .fallacious reasoning. II
this be true, then such policies
. have been and are : major cause
to the less Of confidenee 70 which
every .basiness man has been OF h
sub iect.--Prof Garis.
1t would be sufficient for rocoy-
cry Ii we could know that there
!. will not be moro and greater
wastes and interferences Whether
we can hope for this Is not for m
economist to say. The matter will
not be decided by econamists.--
Dean Carothers.
Recovery from depression IL =
cumulative process that must be
fed from many sources. 1t is inu-
sion to believe that political action
can replace enterprise In thou
sands Of separate centers in sup
porting sustained recovery.-Prof.
Mills.
We are presented with . fiscal
problem that Is almost dilemma.
On the face Of things we ought to
strain our energies to balance the
budget at long last t-Prof. Magfil.
Government must change the
direction Of It's economic efforts
Authority not accompanied with
equal responsibility Is dangerous.
Hence the fear Of q government
which cheerfully experiments with
other peoples lives and money
Prof. Meyers.
Our capital market Is prevented
from functiening ~ the medium
of financing enterprise because
Of cumbersome and excessive
regulation. Less Interference would
give the capital market a breath
ing spell permitting the develop
ment Of the basic conditions neces-
sayy for the flow OF funds into
broad range OF productive out
iets.-Prof. Psiyf.
The core OF the matter Is that
recovery demands the c0-opera-
tion Of all producers In establishing
.. proper cOst-price income reiA-
tionship, q relationship which pre-
vides, on the one hand, the possi-
bility. Of profit-n,aixing for pro-
ducers, and ON the other hand.
incomes which win enable con-
sumers to take off the market ali
that Is produced.-Prof. McIaren.
Evening star., 1940-01-08

II Ii high time to acknowledge
frankly the unhappy consequences
pf unwise legislation and to under
take the task OF amending such
governmental actions and policies
. are checking the flow Of capital
into industry and retsrding fnH
ecenpnaic recovery. II we % M
tien have the courage and wisdom
10 follow this line, hetter days msy
be In storc for ns aI.-Prof.
Fairchild.
Price rfgidity, whether due to
labor, management or govern
ment, has been largely responsible
for smothering the goose that
should hayo long since laid the
eggs for recovery.-Prof. Bancroft.
Recoveries In the past were
brought about by business enter
prise. Since we are not going to
try the dictator system, our only
hope Is In business enterprise as
before. Recovery waits on rceog-
nition by government and people
that business enterprise, stinu-
lated by hope Of profit sufficient
to justify taking risk Of loss, must
be given N opportunity to lift ~
out Of depression. PROF. Ar
batAnet.
Free eaterprise assumes pri-
/. mary dependesee on individual
initiative, the exercise of which
depends on business confidence.
The lack of such confidence h oaiy
partly Attributable 70 govern
nsntal intervention, yet govern
n,ent policy shoaid BE- more defi-
nitely directed toward Its restora-
tion.-frof. Ayger.
This Is not the time for narrow
partisan politics, but on the con-
trary, 1t Is time when the ma.
tional economy must be steexed
between the Scyila Of mounting
government deficits, and the
Charybdis Of initiation Of bank
credit. Let US waste no precious
time listing the obvious errors Of
"thc New DeaP' nor comPariag
them with the historic errors ef
''the new era,.-DeAn Madden.
In spite Of opprobrfous epithets
flung at 1t by Socialists and 9TH
ers, the capitalistic system is one
Of high ideals whose perfect func-
tioning calls for honesty, conf
dcnce and observation-disclosures. II
these are lacking It will not work
perfectly, nor will any reeovery
be sound.--Prof. Bogart.
Is x
Evening star., 1940-01-08

present concentration Dy Lne GOV-
ernment on the production and
dispersal of consumer goods.
3. Amendment of the Wagner
act.
4. Reduction. of costs Of pro-
duction, thus to forestall higher
prices and bring lower ones. and
the abandonment of governmental
practices of maintaining prices
at artificial levels.
5. Revision of taxation in the
higher brackets which now pre-
vents both stimulation of capital
goods industries and the invest
ment of pioneering capital.
6. Prevention of monopolistic
practices either by business or by
labor.
Z. Repeal of executive power to
change the value of the currency.
s. An end to subsidies and a
furtherance of the reciprocal trade
program.
Evening star., 1940-01-08

What Ii needed is realization
on the part of The people - 2
ssAple. and particularly sf thoae
IN positions 81 power, of the essen-
tial place h our 1yatem that is
occupied BY IN basiness enter
priser. Once that coacspt =
/ accepted IN actasI program, In
c3uding revisieA u tn laws, bal
anciny the budget, placing limits
upon tho Held Of Government
/. activity, aad revision Of labor
. Iexisiation and administraiaon can
and shoald ~ worked eut. .--Deaa
Griffin. ~
without confidence dollars will
refuse u 20 ts work and employ
/. H,ent cAn u created oaly BY forced
And artificaAa means. PROF. BeIl.
With more dollars and fewer
. goods we can quickly finance and
4 stArve ourselves into = race ct
( millfonaires. The goal Of financial
prosperity having been = major
sbstacle to sound recovery, the
immediate step we should take
toward the iatter, II we really want
II, Ii 10 aefine our national eco
# nosaic aiIns In terms of work and
wealth, And henceferth shua al
plans that ask US 70 look just at
4 n1oney. or things measured In
nnoasy.--f-SS. Arndt.
The most impoYtant aspect Of
!. donestIe policy b The release Of
~ driving power Of private capt
( taiProf. Latx.
& Il Eflsrts to increase money n
turns msst give wsy 10 = program
I u improving the purchasing power
I 81 sxisting incomes. In our Ina
. patienee 70 achieve quick rssuits
He have INDUCED in m orgy Of
unsound panaceas. To eschcw
these is difficult In = politicd So
ciety that tests every measure
/ BY Its immediate consequences.
I But tAe mere announcement Of
paiacy calculated 10 be helpful In
tie long run might In Itself Be the
q tonic thAt would cnliven enter
1 prise sssa In the near term
I Prof. foed
An unbalanced budget fills the
business world with fear. Fear
/. BeEets lack Of confidence. The
first step ID baiancing the budget
II changed philosophy on tho
q pafs OF the administration and
/. pubiic officials toward spehding.
Pump priming expenditures have
laiied--Prsf. O'Nelll.
Evening star., 1940-01-08

covery proceeds, and to take i'm
mediate steps, regardless of the
European war, to balance the
budget. Actual debt reduction,
when it begins, will inspire conf
dence in the ability of both gov
ernment and private enterprise to
meet future emergencies"
Evening star., 1940-01-08

from universities in different Sec
tions of the country, contributed
independent, individual statements.
Their names and titles follow:
e. AGGER. Professor OF Economics.
Rutgers University.
c. C. ARBUTHNoT, Chairman, Depart
ment OF Business and Economics
Western Reserve University
Z. M. ARNDT. Associate Professor
OF Economics. the University OF
Nebraska
E. c. BANCROFT. Professor OF Eco
nomics, Colgote University.
/ w. BELL. Professor OF Money ond
Banking. Northwestern University.
Z. L. BoGART. Protessor-emeritus OF
Economics. University OF Illinois.
R. P. BROOKS. Professor OF Eco
nomics. the University OF Georgia.
NEIL CAROTHERS. Dean. College OF
Business Administration. Lehigh
University.
G. w. DOWRIE. Professor OF Finance,
Stanford University
/ ANDERSON FITZGERALD. Dean,
School OF Business Administrator
the University OF Texas.
R. L. GARIS. Professor OF Economics,
Vanderbilt University.
e. E. GRIFFIN. Dean OF the School
OF Businss Administration, Uni
versitY OF Michigan.
J. T. MADDEN. Dean. School O;
Commerce. Accounts and Finance,
New York University.
w. w. McLAREN Brough Professor
Of Economics, Williams College.
w. R. MEYERS. Professor OF Eco
nomics, University OF Minnesota.
+. Z. MlLLS. Professor OF Economies,
Columbia University.
II. ]. ONElLL. Head OF the Depart
nent OF Economics. ST. Louis Uni
versity.
NELcHloR PALYl formerly Protes-
sor OF Economics. University OF
Chicago.
Z. M. PATTERSON Professor of Eco
nomics, University OF PennsYl-
vCnio.
n. L. REED. Professor OF Economics.
Cornell University.
8. H. SLlCHTER. Professor OF Bust
ness Economics. Graduate School.
Harvard University
1. L. WATKINS. Professor OF Eco
nomics. University OF Michigan.
A study OF the statements re-
veals a convincing majority opin-
ion which is summarized thus:
Private enterprise is the sole
key to recovery. Therefore con-
fidence must be restored to per-
NIT business men and investors
to repair the damage of the de- |
preston and to provide for fu-
ture prosperity. This restora-
tion Of confidence depends upon
a changed attitude by the Gov
ernment and sections of the pub
lie and the reconsideration of all
legislation which has proved |
harmful or hampering to free
enterprise.
Eight Propositions Which
Are Generally Made
Noticeably stressed in many of
the statements are these other
proposals and suggestions:
1. An immediate move toward
q balanced budget and the end of
pump-priming.
2. Concentration on revival
q investment In and production
Evening star., 1940-01-08
The Editions Purpose
And Its Contents.

The purpose Of this Voice OF
Business edition has been to as
semble the facts which confront
the nation. Such presentation il
rightfully the province of the econ
Omlst and not, for example, the
province of the lawyer, the poll.
tician or the journalist. So, it 10
left here to a group of economists.
The positions these men occupy in
the great universities of our coun.
try testify to their authority. That
they are impartial should be taken
for granted. But, if evidence 10
asked, it can be said that ten Of
them, Profs. Patterson, Arbuthnot,
Griffin, Fairchild, Brooks, Nc
Laren, Agger, Mills, Bancroft and
Reed signed the petition to Presi-
dent Hoover in 1880, asking that
he veto the Hawley-Smoot tariff
bill. Furthermore it is not unrea.
sonable to assume that the opin-
ions, in which they are found in
accord, represent the thought Of
the vast majority of all the econo-
mists of the country.
On this page and elsewhere the
statements of twenty-five of the
economists, on the subject What
Must be Done to Start Sound
Recovery" are printed in sum-
mary and in detail. There is no
need, therefore. to enlarge upon
them in this column. The desire 10
to call attention to other articles
which are Celebrations of the main
points made by the group of twen-
ty-two.
When they say, as majority
do, that restoration of confidence
and restriction of governmental ac-
tivities are essential to recovery,
the dissenter or the student may
ask why. The answer is offered in
scholarly essay, "Government
and Busin ass," by Fred I. Kent, Of
long experience and international
reputation N the fields of econom-
les and finance When there is, as
there is, marked unanimity on
the proposition that production Of
capital goods must be expanded
rather than the production of con-
sumption goods, the layman may
seek a fuller explanation. 1t is to
be found in the readable, nom
technical article by Prof. Fairchild.
In like manner the matters of fu-
ture progress, of taxation, of the
budget and of prices are treated
by Profs. Slichter, Magill, Lutz
and Copeland.
Evening star., 1940-01-08
The Voice
of
Business
~ r. Edward Lee Thorndike
/ says that we Americans
are deplora hlv ignorant NJ

~ r. Edward Lee Thorndike
says that we Americans
are deplorably ignorant Of
economics, which has been defined
as the way people live and move
and think in the ordinary business
of life" The economic history of the
United States for the past fifteen
years, apart from DR.. Thorndike's
investigations, would appear suf-
ficient to make this indictment
stand up in the judgment of req
sonable men.
The present danger, however,
may not be SO much in our past
Ignorance as in our refusal now to
see our mistakes and to set about
correcting them. Unfortunately
this is a danger bound TO be height
ened by the partisan fury of ma.
tional political campaign. And no
doubt it is such a probability which
prompts Dean Madden to say
that this is not the time to
compare the historic errors Of
1926-1930 With the obvious errors
of 1933-194O Obviously 1t is the
time to face the facts and to com.
Ipel our political representatives,
whatever their party, to face them.
If this is not done the best in store
for us should be a continuation Of
the process of mpoverishment
which has endured for the past ten
wears.
Evening star., 1940-01-08

more than a dozen other timely
articles of general interest and
scores of revealing graphs, charts
and photographs. It's important
reading for Americans in every
walk of life!
USE THIS COUPON TO
ORDER COPIES OF THE
NEW YORK SUMS "VOICE
OF BUSINESS" ISSUE.
Evening star., 1940-01-08

The text OF the eeenendsts'
statements will bs found
On Pages 81. So H.M.
Evening star., 1940-01-08

Twenty-Five ranking economists express through The Sun
today their opinions what must be done to start and
to further sound recovery of business and trade the
United States.
The twenty authorities, capital goods (pant
Evening star., 1940-01-08
y Economists Tell
What Must Be Done
For a Sound Recovery

Restoration of the confidence of business
enterprise is put first---The majority
advocates also the end of pump -priming,
changes in Wagner act and concentra-
tion upon producing capital goods.
Evening star., 1940-01-08

This Reprinted Front Page Of The New York Sum-: 1910
"Voice of Business" Section Indicates the Wealth of
Vital Material Contained in the Complete Issue. ....
about O nadwh be
q distinguished
Evening star., 1940-01-08
Eight Propositions Which
Are Generally Made

Noticeably stressed in many of
the statements are these other
proposals and suggestions:
1. An immediate move toward
q balanced budget and the end of
pump-priming.
2. Concentration on revival
q investment In and production
The Daily Alaska empire., 1940-03-18
SPARKLING COMEDY E MAKING HlI AT
 COLISEUM THEATRE

A delirious romance that's as gay as New Years Eve and as mod ern as tomorrow was served up at the Coliseum Theater yesterday, starring lovely Loretta Young and handsome Warner Baxter as the chief romanticists, in 20th Gen. tury-Fox's Wife, Husband n Friend
 With Loretta as the beautiful and gay wife, and Warner as the husband, debonair and ardent, there's unrestrained fun in this slam-bang show,
 Everything would have been peace and quiet in the family if Loretta hadn't decided she could sing and if Warner hadn't told her she had a terrible voice.
 From that point on there's not a moments peace for them or a moments let-down for you. It's one riotous scene after another and the laughs tumble around like aero bats.
 Binnie Barnes and Cesar Romero step into the story as soon as it gets under way and with Binnie on the side of Warner and Cesar stringing along with Loretta, they prove to be no help in establish ing friendly relations although they contribute tremendously to the fun.
The Daily Alaska empire., 1940-03-18

Presbyterian Church, which con- vened Wednesday to begin a five day session devoted to the numer- ous blems confronting h e church in Alaska.
 Delegates arrived f,1m Skagway, Haines, Hoonah, and points to the north on the Sheldon Jackson School motorship S.J.S. From south ern points delegates came aboard the motorship Theo Delegates from Juneau arrived on the North Sea
The Daily Alaska empire., 1940-03-18
CAPITOL SHOW 'HkRDY FAMILY
 DELIGHTS FANS
Troubles Surround Andy Who Falls in love with
 His Drama Teacher

Andy Hardy Gets Spring Fever" proved to responsive audience at the Capitol Theater last night that the Hardy Family series grow stronger with each picture. Never before has the family appeared more human, more appealing.
 In this latest of the Hardy saga the family gets taste of romance and drama The Judge, portrayed in his usual splendid manner by Lewis Stone, becomes involved in a crooked promotion stunt which threatens the savings of the liar dys as well as of their friends. The irrepressible Andy, naturally none other than Mickey Rooney, quarrels with his girl friend, Polly Bene- dict, and falls in love with his beautiful dramatics teacher.
 To win the esteem of his teacher Andy writes the play for his class show and wins the leading role in it. The young teacher in mo- ment of loneliness listens to Andy's boyish declaration of love and finds herself suddenly being asked in marriage by the lad.
 Andy Hardy Gets Spring Fever" is a delightful entertainment treat in every respect, and no little of it's success is due to the fine direction of w. S. Van Dyke II who seems to have realized every possible bit of pathos and humor in the cur rent adventures of the engaging HardyS.
The Daily Alaska empire., 1940-03-18

Bing Crosby busy chap Always working what with thing anoherpicuro Always something his mind And chap like that works hard and looks lazy just naturally fits q ropic background
 theoretical explanation of the fact that Crosby very happy amid depicted this generally amusing eouently hilarious picture He's happy he in Wedding, the lazy Hawaii with happy results for the Paramount excheque
 tropc background, with it's invitation to visitors native right Crosby alley Bing shakes do up; ashy generally he likes to weldresed movie star Singapore" Crosby keep pants only before the reels his yachting uniform reduced limp white and Crosby "at home abroad
 lighness that through the films tex ure is entirely attributable to the Crosby fort named Hope This is the first time the
The Daily Alaska empire., 1940-03-18
DOUGLAS
 NEWS
P. T. A. MEETING TO
 RE HELD WEDNESDAY

Regular meeting of the Douglas Parent Teacher Association, post poned earlier this month, will be held on Wednesday evening, accord ing to plans made by the program committee Saturday evening at the home of Mrs. Mike Pusich. Ar engagements for showing of movie films as entertainment at the meeting are in the hands of Mrs. Robert Bonner, committee chair man.