An enening
with the
ART OF THE FUTURE

Min
The Auditorium
of
THE NEW SCHOOL FOR SOCIAL RESEARCH

66 West Twelfth Street
on Monday evening, March the twenty-third
at eight-thirty

Electricity

Electricity, that great unknown force has become the servant of Art.
Duchamp's Abstract Film, Archipenko's unique chaining of the forces of
electricity to serve him, all lead to that outstanding achievement of
Thomas Wilford who paints with light and whose great new invention
will permit all artists to do likewise.

Tickets may be obtained from

Miss Martha Maynard

The SPUR
425 Fifth Avenue Telephone Caledonia 5-0260

And The New School for Social Research

Telephone Algonquin 4-2567

Scale of prices----- $3, $2.50 and $1.50

Under the Patronage of

MRS. FRANKLIN D. ROOSEVELT

MRS. FREDERICK T. ACKERMANN
CONSTANTIN ALADJALOV
MR. AND MRS. GEORGE WOOD BACON
MR. AND MRS. ALBERT BONI
DR. CHRISTIAN BRINTON
MISS KATHERINE A. CARL
MR. AND MRS. H. EDWARD DREIER
MISS MARY DREIER
MRS. ERNEST F. EIDLITZ
MRS. JULIA ELLSWORTH FORD
DR. AND MRS. WILLIAM HENRY FOX
DR. ALVIN JOHNSON
MRS. CHARLES E. KNOBLAUCH
MISS FRANCES KELLOR
MRS. JAMES LEES LAIDLAW
MRS. THOMAS W. LAMONT
MISS FLORINA LASKER
MR. AND MRS. HENRY GODDARD LEACH
MRS. DAVID LEVY
MISS CLARA W. MAYER
MISS ANNE MORGAN

MRS. RITA MORGENTHAU
MISS FLORENCE NEWCOMB
MRS. DANIEL O'DAY
MISS GEORGIA O'KEEFE
MRS. EDGERTON PARSONS
MISS ETHEL R. PEYSER
MRS. NICHOLAS M. POND
MISS VIRGINIA POTTER
MRS. ALMA REED
MRS. OWEN ROBERTS
MRS. JAMES T. SHOTWELL
DR. AND MRS. VASSILY SAVADSKY
MRS. MARY SIMKHOVITCH
MR. ALFRED STIEGLITZ
MRS. LEOPOLD STOKOWSKI
MR. AND MRS. CORNELIUS SULLIVAN
MRS. GERARD SWOPE
MISS MARY VAN KLEECK
DR. AND MRS. BENJAMIN P. WATSON
MRS. KEYES WINTERS

PATRONS AND PATRONESSES

Mrs. Franklin D. Roosevelt

Mrs. Frederick T. Ackermann

Constantin Aladjalov

Mr. and Mrs. George Wood Bacon

Mr. and Mrs. Albert Boni

Dr. Christian Brinton

Mr. and Mrs. David Burliuk

Miss Katherine A. Carl

Mr. and Mrs. H. Edward Dreier

Miss Mary Dreier

Mrs. Ernest F. Eidlitz

Mrs. Julia Ellsworth Ford

Dr. and Mrs. William Henry Fox

Dr. Alvin Johnson

Mrs. Charles E. Knoblauch

Miss Frances Kellor

Mrs. James Lees Laidlaw

Mrs. Thomas W. Lamont

Miss Florina Lasker

Mr. and Mrs. Henry Goddard Leach

Mrs. David Levy

Miss Clara W. Mayer

Miss Anne Morgan

Mrs. Rita Morgenthau

Miss Florence Newcomb

Mrs. Daniel O'Day

Miss Georgia O'Keefe

Mrs. Edgerton Parsons

Miss Ethel R. Peyser

Mrs. Nicholas M. Pond

Miss Virginia Potter

Mrs. Alma Reed

Mrs. Owen Roberts

Mrs. James T. Shotwell

Dr. and Mrs. Vassily Savadsky

Mrs. Mary Simkhovitch

Mr. Alfred Stieglitz

Mrs. Leopold Stokowski

Mr. and Mrs. Cornelius Sullivan

Mrs. Gerard Swope

Miss Mary Van Kleeck

Dr. and Mrs. Benjamin P. Watson

Mrs. Keyes Winters

My dear Mr. or Mrs. ...

The very unusual features of the last talk of Katherine S. Dreier's Art of the Future, ending as it does her series of lectures on the Fundamentals of Present Day Art, has made us feel that more people should enjoy this stimulating evening, since she has arranged for the following program:

The evening will open with a short explanatory address by Miss Dreier followed by a section of that cleverly constructed film, Prince Achmed by Lotte Reiniger and Marcel Duchamp's brilliant film based on Abstract Art. These two films will show what the artist has already achieved, but which at present is still isolated and the beginning of the future. Besides this Archipenko will show his Archipentura which he will explain and the vening will close with the home Clavi-lux, Thomas Wilfred's marvelous invention which introduces the new expression in art through the use of light instead of paint.

We therefore hope that you will consent to become a patroness for patron) for that special evening, March 23rd, when the preformance will be presented in our new auditorium.

Mrs. Leopold Stokowski, Mrs. H. Edward Dreier, Miss Mary Dreier, Miss Katherine Carl, Miss Frances Kellor, Mrs. Charles Knoblauch, Mrs. Daniel O'Day, Mrs. Keyes Winter and Mrs. Julia Ellsworth Ford have consented to act as patronesses.

We sincerely hope that we may count on you.

With appreciation for your cooperation, believe me,
Faithfully yours,
Alvan Johnson

BROOKLYN
HUNTINGTON LONG ISLAND
NEW YORK

March 8, 1931

My dear Miss Maynard;

Just two or three addresses of people to
receive invitations for March 23d, in accordance
with Miss Dreier's request. I would have put
these into your hands sooner, but mislaid your
address - which I ought to have remembered but
did not! Miss Dreier just gave it to me this
morning (for the second time) over the 'phone.

Please send to:--

✓Mrs. Wm. Steele Gray, 280 Park Avenue

✓Mrs. Wm. Hencken, Dublin Road, Greenwich, Conn.

✓Countess Pechy Sparre Forest Hills, L.I.

✓Mrs. Elihu Chauncey, 119 East 36th St., N. Y. City

✓Mrs. Albert Martin Briggs, 34 Cathedral Avenue
Garden City, L. I.

✓Mrs. Harrison Cady, 1098 Pacific Street, Brooklyn

✓Mrs. Herbert Houston, 12 West 10th St., N. Y. City

✓Mr. S. E. Kimball, 411 Fifth Avenue, N. Y. City

✓Miss Ida M. Tarbell, 120 East 19th Street, N.Y. City

✓Margery Sill Wickware, 16 East 96th St., N.Y. City

✓Mrs. Marion Lape Pendill, Tennis Apts., Forest Hills, L.I.

Dup

Electricity, that great unknown force has become the servant of art.
Duchamp's abstract film, Archipenko's unique chaining of the forces
of electricity to serve him, all lead to that outstanding achievement
of Thomas Wilfred who paints with light and whose great new
invention will permit all artists to do the same.

Electricity, that great unknown force has become the servant of Art.
Duchamp's Abstract Film, Archipenko's unique chaining of the forces
of electricity to serve him, all lead to that outstanding achievement
of Thomas Wilfred who paints with light and whose great new invention
will permit all artists to do likewise.

Dear Martha:

This is as short as I can make it.

I am sure by arranging the type a little differently
we can fit it in.

Hastily

The Societe Anonyme has arranged one of its unusual events for Mon-
day Evening, March 23rd when they will present - An Evening of the
Art of the Future - in that untractive egg-shaped auditorium of
the New School of Social Research, 66 West 12th Street.

Miss Katherine S.Dreier, President of the Societe Anonyme which was
organized in 1920 in the Spring and which is celebrating its 11th
Birthday on this occassion, will open with an explanatory address
of the new techniques which electricity has placed at the disposal
of the coming artists. As all techniques it does not replace the
artist and the quality of the work rendered will be as dependent
upon the the talent of the man who uses it as if he were using oils
or water colors or the regular film production.

then continue

The evening will/AMPM with a SHOW section of that marvelous film
which Lotte Reiniger has evolved out of silhuettes - Prince Achmed
which the HARVARD FILMX University Film Corporation of Harvard
has brought over. This will show the imaginative fairy-tale con-
ception of a new technique in the film which is somewhat related
to our animated films of - Crazy-Cat but done from a different
artistic approach. Then follows Duchamp's brilliant Abstract Film
which has had such success in Germany. Archipentura will follow
and will again enable those who missed seeing his Archipentura to
see it now. It will be shown twice - first before he explains it
and then after hae has done so.,since electricity moves with such
rapidity that it only takes three minutes - whereas it took a long
time to conceive and work out. The evening will close with Thomas
Wilfred showing both his home-clavielux and his big color organ -
called EMILIA an organ - not because it creates the sound of music
but because it creates for the eye the music of color.

The Societe Anonyme has arranged one of its unusual events for Monday evening, March 23rd when they will present - An Evening with the Art of the Future - in that attractive egg-shaped auditorium of the New School of Social Research, 66 West 12th Street, recently erected by Joseph Urban.

With their announcement the following statement appeared:

Electricity, that great unknown force becomes the servant of Art.
Duchamp's Abstract Film, Archipenko's unique chaining of forces of
electricity to serve him, all lead to that outstanding achievement
of Thomas Wilfred who paints with light and whose great new invention
will permit all artists to do likewise.

When the Art Digest had received this announcement they immediately
got in touch with Katherine Dreier, the President of the Societe Anonyme
for further information on so radical a change which would occur should
artists begin to use electric bubbls where with to paint their pictures
in place of PMI pigments.

Miss Dreier kindly gave out the following statement.

What one person can accomplish will eventually be accomplished by others
especially when business men will realize the future which exists in
this marvelous achievement which Thomas Wilfred has given to the world.

For years he has been giving recitals where he played his great keyboard
of light upon a screen but it was not until his invention took the form
of making a clavilux for the home which is played with records as the
gramaphone is played with musical records, that other artists could also
At present Mr. Wilfred is the only man to make or paint his record which
are sold with the home clavilux, but it is only a matter of a few years
when most homes will have a home-clavilux as well as a gramaphone and
radio that there will appear on the markets records painted on glass by
all the various artists and one will go into a shop and demand a record
not only by Wilfred but by Picasso or Leger or Duchamp or Man Ray or
Marin or whoever is one's favorite painter.

These records are painted on glass with durable color which is not af-
fected by heat and are placed on theévoving disk which throws the
pattern of the record on the curved screen which gives it a depth and a
three dimensional illusion. A small keyboard permits of variation in the
playing which eventually will bring about a form of notation so that
the artists will know that in selling his record it can be played ex-
actly as he intended it to be played. Should the forms give special
pleasure the machine is made so constructed that the image on the
screen can be instantly arrested and the special image held as long as
desired.

- 2 -

But not only has Thomas Wilfred invented the Home-Clavilux, but
he himself has gone so far as to paint with actual electric bulbs

In the ball-room of the Hotel Sherman in Chicago he was given the
whole ball-room to decorate and the advantage of paining with light
is that at a moments notice one can change the whole decorations
of the room - giving a totally different affect and changing the
entire atmosphere.

Thus for lectures or recitals one switch will cause the walls to
MAYBE show Grecian columns restraint, dignified and beautiful, lend
ing an atmosphere of concentration to what is happening in the room.

Another switch and the columns disappear and in there place the
tropical jungle with palm trees etc makes its appearance lending itself
a delightful background for dances and balls.

And of course the amazing thing of this whole invention is that
being painted with light the decoration at one and the same time
light the whole room as well. The lights serve as a double purpose.

One can easily see that with such achievements it is only a matter
of a few years when artists will include light or electrical bulbs
as their medium of expression and their paintings will have this
advantage that they will always be seen in the same light which
will be the right light for they were constructed with that light
in mind and since they create their own light as well it never varies.

Every artist knows to what a disadvantage his picture can be subjected to under had lighting conditions which change the values of his work completely.

PRESERVATION PHOTOCOPY: ORIGINAL MATERIAL RESTRICTED

From:

Tel. BO-4-1729

ARGUS PRESSCLIPPING BUREAU
OTTO SPENGLER, DIRECTOR

352 THIRD AVE., NEW YORK

TERMS: Payable in advance

$40—for 1000 clippings $12—for 250 clippings
$22—for 500 clippings $6—for 100 clippings

No time limit

WE FILE NEW YORK DAILIES FOR 12 MONTHS

NEW YORK

13 MARCH

Novel Entertainment
for New School March 23

AN EVENING with the art of the future will be given in the auditorium of the new School for Social Research, 66 West Twelfth Street, on Monday evening, March 23. The novel program will be opened with a short address by Katherine Dreier, president of the Societe Anonyme, followed by Act II of the Prince Achmed film by Lotte Reiniger, the abstract film of Marcel Duchamp, Archipentura, shown by the artist-inventor, Alexander Archipenko, and the Clavilux, played by Thomas Wilfred.

The affair is under the patronage of Mrs. Franklin D. Roosevelt, Miss Anne Morgan, Mrs. Thomas W. Lamont, Mrs. James Lees Laidlaw, Mrs. Edgerton Parsons, Mr. and Mrs. George Wood Bacon, Mrs. Dapiel O'Day, Miss Virginia Potter, Dr. Alvin Johnson, Mr. and Mrs. Henry Goddard Leach, Dr. and Mrs. Benjamin P. Watson, Mrs. Charles F. Knoblauch, Mr. and Mrs. H. Edward Dreier, Mr. and Mrs. Cornelius Sullivan, Mrs. Leopold Stokowski, Mrs. Keyes Winter, Dr. Christian Brinton, Mrs. Rita Morgenthau, Mrs. Frederick T. Ackerman, Mr. Constantin Aladjalov, Mr. and Mrs. Albert Boni, Miss Katherine A. Carl, Miss Mary Dreier, Mrs. Julia Ellsworth Ford, Mrs. Ernest F. Eidlitz, Dr. and Mrs. William Henry Fox, Miss Frances Kellor, Miss Florina Lasker, Mrs. David Levy, Miss Clare Mayer, Miss Florence Newcomb, Miss Georgia O'Keefe, Miss Ethel E. Peyser, Mrs. Nicholas M. Pond, Mrs. Alma Reed, Mrs. Owen Roberts, Mrs. James T. Shotwell, Dr. and Mrs. Vassily Savadsky, Mrs. Mary Simkhovitch, Mr. Alfred Steiglitz, Mrs. Gerard Swopton, and Miss Mary Van Kleeck.

The proceeds will go toward the educational fund of the school. Tickets may be obtained from Miss Martha Maynard at 425 Fifth Avenue.

20

NEW YORK WORLD-TELEGRAM, MONDAY, MARCH 23, 1931.

G. O. P. OPPOSES
SPECIAL SESSION
ON TAX AND IDLE

Hoover Seen as Pleased by
Decision to Avoid Summer
Meeting of Congress.

LIBERALS MAY DEMAND IT

Senator Watson Says There
Will Be No Need for Extra
Legislation.

Special to The World-Telegraph

WASHINGTON, March 23.—A special session of Congress to furnish further unemployment relief and tax increases to meet the threatening treasur, deficit have been banned by Republican leaders of Congress, and President Hoover, now absent on a trip to the Caribbean regions, is expected to welcome this decision.

In discussing both problems, Senate Majority Leader Watson (Ind) said he thought there would be no need for meeting them by calling Congress back to the capital during the summer. He predicted the slight "upturn" in conditions shown during February would continue.

Progressive Press for Survey.

The suggestion that Congress be asked to provide more generous assistance to the unemployed, now disclosed to be about 6,050,000, with additional millions on part-time work, has been voiced by Senator Borah (R., Idaho), Senator Wheeler (D., Mont.) and other sponsors of the recent Progressive conference.

The President, in his handling of the Wagner unemployment measures and his recent dictum that a Republican head the senatorial committee on unemployment insurance, has revealed he does not intend to let his political enemies make capital of the unemployment

Child's Lightest Touch Will Unleash a Symphony
on New Instruments Which Enslave Electri city

Wide World Photo.

Operator demonstrating "Theremin," instrument played by vibrations transmitted by motion of the hand.

Radio Corp. Official Sees Unplumbed Depths of Harmony
Brought Out by Inventions,

By E. K. TITUS.

World-Telegram Staff Writer.

Electricity, demon which through sound pictures and radio killed the opportunity of many musicians for individual artistic expression, soon will bring back music lessons for children and provide unheard of

Wide World Photo.

Dr. A. 'N. Goldsmith, vice president of Radio Corp., demonstrating electrical carillon. At top, Miss Katherine S. Dreier, who will preside over demonstration of various mechanical instruments.

TELEVISION SEEN
ON 10-FT.SCREEN

Modest Inventor, 24, Flashes
Record Pictures, Defying
Elder Scientists.

By the United Press.

CHICAGO, March 23.—The biggest television pictures ever to be reproduced flashed across a ten-foot screen in the laboratory of U. A. Sanabria, 24-year-old engineer.

The wireless pictures, beautifully clear, perfectly defined and possessing the illusion of depth, danced across the big screen like super-movies while young Sanabria, dark-eyed and serious, described modestly the achievements which have made him one of the world's most important contributors to television.

Renowned radio authorities had said television would not be practical for years, that pictures sent over the air probably never would be larger than six or eight inches because of the technical difficulties involved.

While they were making their pessimistic pronouncements, the youthful Sanabria invented "triple-scanning," which makes detail in television pictures possible. Then he devised an electrical retouching system which obliterates the ghastly makeup early television performers thought necessary. Still his pictures could not be shown on a large screen.

"I couldn't get a light bright enough," he said. "And then my friend, W. G. Taylor, invented a revolutionary new lamp, utilizing a neon arc, which makes these brilliant, large-size pictures possible."

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["# An Evening with the Art of the Future", "On Monday, March the Twenty-third at 8.30", "Mr. ....................

An Evening
with the
ART OF THE FUTURE

in
The Auditorium

66 WEST TWELFTH STREET

Tickets may be obtained from

Miss Martha Maynard

The SPUR

425 Fifth Avenue

Telephone Caledonia 5-0260

and

Telephone Algonquin 4-2567

Scale of Prices - - - $3, $2.50 and $1.50

TO DEVELOP TRADE BETWEEN THE UNITED STATES AND GERMANY

GERMAN·AMERICAN
COMMERCE·BULLETIN

Published by Board of Trade for German-American Commerce, Inc., 230 Fifth Avenue, New York City

VOL. VII

NEW YORK, APRIL, 1932

NUMBER 4

International Economy and Reparations

By ABRAHAM FROWEIN, Berlin,

President of the International Chamber of Commerce and Vice-Chairman of the Reichsverband der Deutschen Industrie.

The war with its after-effects and more especially the fact that confidence—the only basis on which international economy can flourish—has not yet been restored, has given rise to a situation in which nations and individuals have acquired the habit of acting counter to the fundamentals requires for the proper functioning of the present—the so-called capitalistic—embodiment of economic activities.

The capitalistic system is based on the international exchange of persons, commodities and services which must be as unrestricted as possible. In the pre-war period the freedom of movement thus required was guaranteed; but the war caused a universal breakdown of the economic machinery and this damage has not yet been righted. The nations have increasingly refused to accept commodities or services in payment of capital sums or interest charges due them, although this is the only method by which such international indebtedness can be redeemed unless it is intended to compel the debtor countries to pay off old debts by resorting to fresh borrowing and thus to accumulate a growing burden of liabilities.

When it was found impossible to bring about a state of equilibrium between creditor and debtor nations by exporting commodities and by rendering services, an attempt to do so by exporting gold was started. Gold, however, is merely a device for regulating currency fluctuations, but not a commodity which is available to the enormous extent thus required. This attempt, therefore, was bound to aggravate still more the crisis created by the efforts

of individual nations to protect themselves by all manner of prohibitions, particularly by the raising of tariff walls, against the importation of foreign merchandise.

All these measures naturally increased the existing distrust and led to a weakening of the currencies of many nations. It was an eye-opener for the whole world when even the pound sterling started upon its downward run. It is a mistake to believe that the attempts to divorce currencies from gold will redeem the situation. On the contrary, the only remedy is a return to the principles of the system, which cannot be violated without the gravest consequences.

The basis of the capitalistic system is the existence and consideration not only of assets, but equally of liabilities. All the values created by its operation are counterbalanced by the corresponding debts, such as money owing on merchandise, mortgages, bonds, stocks and shares, etc. The

panicky endeavor to substitute gold for these values must end in a catastrophe. This endeavor together with the increasing distrust between individuals and nations explains the phenomenal decline in the value of all assets.

The foregoing argumentation holds good not only for the various countries generally, but especially for Germany and her economic structure. I will abstain from discussing the ethical character of the demands made upon Germany under the terms of the Versailles treaty, because public opinion throughout the world has already pronounced its judgment upon it. What interests us here is merely the question as to whether or not Germany is physically capable of complying with these demands without causing the downfall of the international capitalistic economic system.

There are only two possible alternatives for collecting Germany's political debts, viz., by enabling her to export merchandise and, or to render services or by advancing money to her.

What, however, has been actually done? Part of the debt was collected by the liquidation of German property abroad. The value of this private property may be set down at 11,700 million reichsmarks. The only country not resorting to this method was the United States, where the property concerned was returned to Germany. Next, Germany was compelled to hand over to her war-enemies state-owned property, including railroad material, to the value of 15,300 million RM. In addition, German private property

(Continued on page 8)

Seventh Congress of the International Chamber of Commerce in Vienna

Vienna has been chosen as the meeting place of the Seventh General Congress of the International Chamber of Commerce in 1933.

The invitation to meet in Vienna was formally extended to the Council of the International Chamber at its Meeting in Paris on March 11th, by H. E. Richard Riedl, speaking on behalf of the Austrian National Committee. The first half of June has been tentatively fixed as the time of meeting.

GERMAN-AMERICAN COMMERCE BULLETIN

April, 1932

# Prominent Visitors from Germany in New York

## I
### Dr. Richard von Kühlmann

Dr. Richard von Kühlmann, former Ambassador and Secretary of State for Foreign Affairs of the German Empire, who visited the United States last year, is again in New York on a lecture tour.

Born in Constantinople in 1873 while his father was general manager of the Turkish railways, Richard von Kühlmann was educated in Augsburg, Leipzig, Berlin, and Munich. He took his doctor's degree in Law, at Heidelberg.

Appointed to a post at the Foreign Office in Berlin by Chancellor Prince Hohenlohe, he made rapid progress in diplomacy being sent to St. Petersburg, Persia, London, Morocco, Stockholm, Washington, and the Hague. He was in charge of German affairs in Morocco during the crisis of 1904-05 which culminated in the Kaiser's voyage to Tangiers and ended in the Algeciras Conference. After this experience, Dr. von Kühlmann served for one year as first secretary at the German Embassy in Washington under Ambassador Speck von Sternburg, was then sent to the Hague, following which he was for the five years preceding the outbreak of the

World War Councillor of the German Embassy in London under three successive Ambassadors: Count Metternich, Herr von Marschall, and Prince Lichnowsky. During this period his efforts were directed to the establishment of a complete Anglo-German understanding concerning all outstanding questions including colonial settlement in Africa, all the near Eastern questions on Turkey, Mesopotamia and the Persian Gulf. All these agreements were finished and initialled. The ratification was fixed for the 4th of August, 1914, the day of the English declaration of war. Nothing is truer than the declaration Mr. Winston Churchill makes in his latest volume, "The Unknown War," "that Anglo-German relations had never been better than a fortnight before the outbreak of the Great War." During the war, Dr. von Kühlmann was first sent to take charge of the Legation in Stockholm, then the Embassy in Constantinople, and from there to the Hague as Minister. He returned to Constantinople as Ambassador in 1916 and in 1917 was appointed Secretary for Foreign Affairs.

Dr. von Kühlmann's efforts aimed at establishing a reasonable and honorable peace for the whole world. He negotiated peace with Russia at Brest-Litovsk, and signed the peace treaty with Roumania, thus finishing the hostilities in the eastern theatre of the war.

Dr. von Kühlmann has given much attention to economic questions, particularly to the coal and steel industries in western Germany and the Saar. He is president of the Neunkircher Steel Company, vice-president of the Stumm Corporation, and is a member of many financial Boards.

However, Dr. von Kühlmann's chief interest remains fixed on political problems, the relations between Germany and her powerful western neighbors, England and France, and particularly the questions of reparations and war debts. He has published numerous articles in the German press. His book, "Thoughts on Germany" has been published in Germany, England, and the United States. A second volume, "The Chain-Bearers," will be published before the end of the year.

## Report of the Preussische Seehandlung

The Seehandlung-Prussian State Bank reported a profit of 1,001,000 reichsmarks for the year 1931, despite the unfavorable and unsettled conditions faced during the year. This compared with income of 6,548,000 reichsmarks in the preceding year.

The Seehandlung's earnings are reported after a deduction of 2,457,000 reichsmarks on account of depreciation in securities held. Interest income was materially reduced by the falling off in deposits.

The banking crisis of last summer was met by the bank without difficulty, the report shows. On July 13 alone, at the height of the panic, the bank lost 71,-000,000 reichsmarks in deposits, thereby meeting all demands made on it. Thereafter every effort was made to maintain the liquidity of private banks in Prussia, as well as to aid the finances of the Prussian Government.

Deposits at the end of 1931 were 900,-436,000 reichsmarks, as against 1,142,-835,000 reichsmarks at the end of 1930.

## BANKING

### Report of the "Reichs-Kredit-Gesellschaft"

The Reichs-Kredit-Gesellschaft, wholly-owned banking subsidiary of the "Viag," reports earnings of 1,770,000 reichsmarks for the past year, despite the severely adverse economic conditions. A dividend of 4 per cent was paid on the capital, against 7 per cent in the preceding year, leaving a surplus of 170,000 marks.

The company reported that the banking crisis of the summer of 1931 clearly demonstrated that co-operation between central banks could not be counted upon in periods of crisis, and that at such times deposits from abroad were subject to wholesale withdrawal. However, its own operations were conducted in very conservative fashion, it is pointed out, so that it did not face any large losses.

The year-end statement shows a highly liquid condition, with the great bulk of the assets in short-term bills of exchange and secured loans.

### Merger Between Danat Bank and Dresdner Bank

The Darmstädter und National Bank ceased to exist after a history of eighty years when its stockholders at their annual and last meeting consented to its absorption by the Dresdner Bank.

The Danatbank, as it was known, rose after the war to the rank of one of Germany's biggest institutions under the leadership of its youthful head, Jakob Goldschmidt.

The Danatbank experienced temporary difficulties last summer as a result of a concerted run by foreign and domestic depositors.

### The German Golddiskontbank Omits Dividend

The German Golddiskontbank, foreign trade and general finance subsidiary of the Reichsbank, omitted payment of a dividend for 1931. Last year a 4 per cent dividend was paid on the 200,000,-000 marks capital. Though 1931 net profits were 9,100,000 marks, compared with 8,700,000 in 1930, these profits were transferred to an emergency reserve.

April, 1932

# Tariff Decalogue*

By ROBERT H. SEXTON

**First**—Import tariffs are necessary for the protection of raw and manufactured products and for federal revenue. High tariffs, that prevent the exchange of products between nations upon an equitable basis, bring about reprisals, which, in the end, cause a complete stagnation of international commerce.

**Second**—Tariffs should be scheduled on a reciprocal basis. Every country is entitled to protect its own industries by making it impossible for a foreign product to be imported and sold for less than similar domestic products of equal quality.

**Third**—Free Trade as a policy is unwise. However, some countries may have a monopoly on certain raw or manufactured products which of necessity are required by other countries: In such cases the product may be admitted free or with a nominal non-prohibitive tariff assessed for revenue only.

**Fourth**—It should be remembered that whatever the tariff may be, its cost must eventually be paid by the ultimate consumer; that if the tariff is burdensome the consumer will not buy and then manufacturers, exporters, dealers, and the governments of the countries involved suffer losses through the slowing up of business.

**Fifth**—In arriving at a fair schedule consider these points: It is better to be liberal than narrow;—Selfishness is the most unpopular trait of mankind;— Selfishness begets high prices;—High prices limit distribution. Excessively high tariffs are in effect licenses for domestic products to be sold at prices beyond the range of reasonable profits. Fair competition is the buyer's protection from exorbitant prices.

**Sixth**—Reciprocal tariff agreements should be negotiated between all countries with the object of providing a schedule that will equalize in so far as it is possible the sale of all products, be they foreign or domestic, at par. There should be no favored nations as such, although for certain economic reasons the tariff between certain countries may fluctuate to meet special conditions.

**Seventh**—It should not be forgotten that commerce is the sustaining prop of the business world. Money is the symbol of exchange. When trade falls off money depreciates. Anything that restricts international commerce strikes at the very basis of prosperity and serves to destroy

confidence. This condition is immediately followed by frozen assets, depreciation of securities, hoarding of money and the retarding of purchasing power. Such conditions make it exceedingly difficult for governments to function properly and to meet their bonded indebtedness.

**Eighth**—Neither countries, states nor individuals can exist independently and live happily within the exclusive limits of their respective boundaries and activities. All countries, states, sections or individuals are dependent to a certain extent on others for their happiness and prosperity. If one of them suffers through the malnutrition of trade the effect is almost immediately felt elsewhere. Commerce between nations brings prosperity on both land and sea. It provides business for the transportation industries whether they be the camels of the desert, the llamas of the mountains, the steamships of the oceans or the railway systems of the lands.

**Ninth**—Travel should be encouraged between nations. Travel and trade are international, and only by the exchange of goods, services and visits can the world live in peace and understanding. Travel has a direct bearing on commerce. Investments invariably follow in the wake of the traveler.

**Tenth**—It should also be remembered that there is just as much money in the world now as there ever has been, but much of it is idle. If, therefore, a sane readjustment of tariff conditions among the nations of the world is quickly made and the constitutional prohibitions, which have wrecked great industries in certain countries, are stricken out, unemployment will cease and hoarded money will again percolate through the shops to the manufacturing centers and on to the land from which all material things come.

*Editor's Note*—Mr. Sexton's remarks have particular bearing today when all nations are ensconcing themselves behind ever-growing trade barriers. Their significance should not be cast aside lightly as they constitute a basis upon which future world stability may be established.

*Vermächtnis.* Der Nachlass in drei Bändern (Vol. I published so far, Vols. II and III to follow), by Gustav Stresemann, published by Ullstein, Berlin, 1932.

## FAST SERVICES TO Hamburg and Bremerhaven

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to BREMERHAVEN
The Leviathan { Apr. 26; May 17;
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to HAMBURG
President Harding . . . April 13, May 11
American Shipper. . . April 20, May 18
President Roosevelt . . April 27, May 25
American Importer . . May 4, June 1

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U. S. LINES

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Managing Agents. No. 1 Broadway,
New York. Telephone Digby 4-5800

4

April, 1932

The New Big Diesel Power House of the City of
Vernon, Cal., and the Introduction of Large
Diesel Engines for Power Plants into the U. S.

Some time will still have to pass be-
fore the new big Diesel Power House of
the City of Vernon in California has
been completed.

According to a report drawn up by
a sub-committee of the American Society
of Mechanical Engineers appointed to
investigate oil engine power cost, the
Diesel engine has but slowly found its
way into the U. S. The report shows
that there are at present no more than
49 Diesel installations, each of which
has a combined capacity of more than
1000 BHP. The largest of these has a
total capacity of 11,450 BHP, the ca-
pacity of each of its largest two engines
being 3750 BHP. 42 of the whole
number of installations are self-con-
tained power stations, 6 are spare plants
for the long distance supply of electricity
from super power plants, and only one
—of 120 BHP—is a peak load set.

The use of Diesel engines in self-
contained power plants for continuous
service or for peak load service is not
so extensive in the United States as in
Europe, but the necessity of decentral-
izing power generating, especially in the
less densely populated districts will, in
the future, also in this country lead to
a wider use of the Diesel engine.

The first large scale use of Diesel
Engines in the United States is now
being made by the City of Vernon, Calif.
This city is building its own independent
Diesel power plant.

In Europe, on the other hand, the use
of Diesel engines for peak load genera-
tion and power plant service has devel-
oped at a remarkably rapid rate. Soon
after the war, the well known M.A.N.
Works (Maschinenfabrik Augsburg-
Nuernberg A. G.), of Augsburg, Ger-
many, introduced this principle in that
country, starting with some ex-sub-
marine high speed Diesel engines and
some single-acting, four-stroke cycle en-
gines of standard type and medium size
with airless fuel injection and subse-
quently using high powered double-
acting, two-stroke cycle engines. The
result has been that Germany now pos-
sesses four high powered peak load
Diesel installations and about forty sim-
ilar plants of medium or small size,
most of them having been constructed
by the M.A.N. firm. In Great Britain
there are six such installations (mostly
with German ex-submarine Diesel en-

gines) and in New Zealand there is one
with six sets of ex-submarine Diesel
engines, of 2000 BHP each. In Switzer-
land, where electricity is mainly gener-
ated from water power, 8 high powered
and medium size Diesel peak load in-
stallations are available so far, whilst
Italy, Spain and Denmark possess two
each.

The European plants include some
with double-acting, two stroke cycle en-
gines of 22,500, 15,000 and 12,000 BHP
each, i. e., the capacity of each of these
is larger than the total rated output of
the largest existing Diesel installation
in the U. S.

This discrepancy will be modified after
the completion of the City of Vernon
power house above referred to. It will
contain five double-acting, two-stroke
cycle Diesel engines of the Hamilton-
M.A.N. type. Its total output will be
about 35,000 BHP, corresponding to
22,500 KW approximately, which will be
larger than that of any other Diesel
engined power house in the world, only
excepting the two electrically coupled
power houses "Maria Elena" and "Pedro
de Valdivia" in Chile, owned by the
Anglo-Chilean Consolidated Nitrate Cor-
poration, of New York, and the Diesel
engined power house of the French con-
cession at Shanghai.

The two Chilean power houses are
likewise equipped with M.A.N. Diesels,
of a total capacity of 45,000 BHP, cor-
responding to about 30,000 KW net. The
total annual production of the huge
plant exceeds 200,000,000 KW, resulting
in the unique annual plant load factor
of 76 per cent.

Hamburg-American Line

The Hamburg-American liner Deutsch-
land has been scheduled to make a
special call at Cobh, Ireland, en route
to her regular ports, Cherbourg, South-
ampton and Hamburg, during her east-
bound voyage sailing from New York on
June 2. This will accommodate Amer-
icans desiring to reach Ireland in ad-
vance of the opening of the Eucharistic
Congress as well as those who may wish
to travel in first class accommodations,
a type of space not available on the
motorship Milwaukee, which carries
cabin class, tourist and third class pas-
sengers and sails direct from New York
to Dublin on June 13.

Shipping

Shipping Aid Voted By German
Cabinet

Establishment of a guaranty fund of
67,000,000 reichsmarks to enable German
shipping companies to offset the finan-
cial weaknesses brought about by con-
tinued depression in world trade was
approved by the German Cabinet. The
fund is to be supplied by a consortium
of German banks.

It is understood that about 60,000,000 reichsmarks will go to the North German Lloyd and Hamburg-American Lines and the remaining 7,000,000 reichsmarks to the smaller companies, including the tramp ship owners who recently have asked for Government aid in disposing of obsolete tonnage. The capital of the North German Lloyd and Hamburg-American is to be pooled and a new issue of capital stock of 48,000,000 reichsmarks for each company will be put out on the basis of three shares of new stock for ten shares of old stock. The Government is to have a representative on the board of the Hapag-Lloyd combination.

The fund is to be available tempor-
arily for one year. Creditors of the North
German Lloyd and Hamburg-American
Line have agreed to extend for a sim-
ilar period the 140,000,000 reichsmarks
credit due March 31 at a low rate of
interest. It is pointed out in connection
with the new capitalization plan that
foreign creditors have nothing to fear
inasmuch as the 67,000,000 reichsmarks
of the ship companies' foreign debts
maturing this year will come under the
standstill agreement.

The Hapag and Lloyd companies have
engaged not to indulge in an unneces-
sarily competitive building pending im-
provement in business conditions.

Leviathan's Itinerary

The Roosevelt Steamship Co., general
agent for the United States Lines, an-
nounced that the itinerary of the Levi-
than when she re-enters the transatlantic
service will be: New York, Plymouth,
Cherbourg, Bremen, eastbound, and
Bremen, Southampton, Cherbourg, New
York, westbound. The Leviathan is
scheduled to sail from New York April
26 on her first transatlantic voyage after
her winter overhaul and drydocking at
Boston.

German Exports of Films

German exports of films and film ap-
paratus to the Soviet Union in 1931 were
valued at about $835,000.

April, 1932

5

Goethe Year
1932
in Germany

Anniversary Celebrations, Festival Plays and Goethe Exhibitions in Leipzig and Frankfurt-on-Main as well as in other towns connected with Goethe, during the Goethe Year.

Special folders and information regarding the towns obtainable from all Tourist and Travel Agencies. New York City: German Tourist Information Office, 665 Fifth Avenue.

Goethe and Today

While in this year the United States celebrates the bicentennial of George Washington's birthday, its great General and statesman, Germany has devoted this year to the memory of its greatest poet, who died a century ago at Weimar. It is a happy sign of the existing friendly relations between the two countries that each nation shares wholeheartedly in the commemoration of a great son of the other.

For Germany there lies a peculiar significance in the fact that amid economic distress and political unrest she should for an instant distract her thoughts from the problems of the day and reflect on the greatness of the man who will always personify more than any one else the soul of the German people. German history is full of magnificent examples of patriotism and devotion which never will be forgotten. But Goethe's works are a unique treasure of inspiration, reminding all generations to come that without lofty ideals nothing durable can be achieved in this world. (By Dr. F. W. Von Prittwitz, German Ambassador in Washington, at Goethe Celebration, University of Wisconsin.)

Oberammergau—A Health Resort

Oberammergau, the Bavarian town, famous as the seat of the Passion Play, is to become also a health resort. It has been established that the extensive moors in the near vicinity furnish an earth especially adapted for curative moor baths, and a 'Kurhaus' and bath-house are to be erected with the help of a consortium. Facilities will also be created for other medicinal baths and treatments.

1832-1932

Goethe
Centennial in Germany

The world of arts and letters gathers at the shrines of Goethe in Germany this year. To mark the 100th anniversary of his passing, the poet's native land pays tribute to the greatest mind of two centuries by the celebration, from March to September, of richly dowered festivals throughout the country. Here, in beautiful Germany, you will be welcomed as an honored guest at these festivals. An added enrichment of your travels will be the manifold treasures of German modern life: art and music; museums and cathedrals; castles and old-world villages. Booklet No. G.A. on the Goethe Centennial will gladly be sent.

665 Fifth Avenue, New York, N. Y.

Reliance's Summer Cruise

The Hamburg-American liner Reliance, now in the West Indies cruise service, is scheduled to sail July 2 on her annual cruise to Iceland, North Cape, Hammerfest, Norway, Sweden, Estonia, Finland, Leningrad, Copenhagen, Boulogne and Hamburg. The cruise will last thirty-five days and passengers may make the return passage to New York at any time prior to December 31 on any of the four Ballin-type ships of the Hamburg-American Line. The summer schedule of the line also includes a series of five cruises of 13 to 24 days from Hamburg to the northern wonderlands, the Baltic Sea and Russia by the cruising steamers Resolute and Oceana. Extremely low rates are quoted for these cruises.

Foreign Postage Rates Increased on
April 1

Effective April 1, 1932, foreign postage rates to certain foreign countries were increased.

The rates are:

Letters 3 cents per ounce; Post Cards 2 cents each—for Canada, Newfoundland, Labrador, Mexico, Cuba, Dominican Republic, Haiti, Central America except British Honduras, South America except the Guianas, Spain.

Letters 5 cents for the first ounce and 3 cents for each additional ounce; Post Cards 3 cents each—for all other foreign countries and foreign colonies, including British Honduras and the Guianas.

The rates of postage for all foreign countries were also increased on commercial papers, printed matter, samples, etc.

6

April, 1932

German-American
Commerce Bulletin

Publishers:

BOARD OF TRADE FOR GERMAN-AMERICAN
COMMERCE, INC.

Office:

230 FIFTH AVENUE, NEW YORK, N. Y.

Editor: DR. ALBERT DEGENER

German Representative:

Deutsch-Amerikanischer Wirtschaftsverband,
Berlin NW 7, Neue Wilhelmstrasse 12-14.

Vol. 7

April, 1932

No. 4

Good U. S. Market Seen
in Germany

Revival of world prosperity will find
Germany a good market for American
exporters is predicted by Assistant
Commercial Attache Douglas Miller of
the Department of Commerce, just re-
turned to Washington from his post at
Berlin.

At the present time, however, Mr.
Miller declared, exporters should con-
centrate their efforts on selling to Ger-
many the raw materials, foodstuffs and
products suited to the pocketbook of the
workingman—a class of trade for which
Germany will offer a growing market in
years to come. Later, he said, the Ger-
man people will be large consumers of
manufactures.

Cautions American Business

American firms which have made
heavy investments in Germany were
given encouragement as to the future by
the Commercial Attache, who asserted it
is foolish for them to lose courage and
abandon all they have gained by years
of hard work, but caution should be
exercised with respect to making heavy
expenditures with the idea of getting
new business at this time.

"Until conditions improve," he said,
"American exporters should endeavor to
work with skeleton organizations, sell
what they can and be careful in the
granting of credits, particularly in large
amounts or on long time.

Sees German Recovery

"How long a revival of business will
be postponed," he continued, "depends
upon the political situation. There is
nothing in the German situation which

is not capable of improvement. The best
hope of the German people is in their
character, tradition and particularly
their educational system. They will ulti-
mately achieve the economic status to
which their own good qualities entitle
them.

American investments in Germany,
Mr. Miller estimated, run between
$2,000,000,000 and $3,000,000,000. About
$1,300,000,000 represents long term
loans, another $600,000,000 represents
short term advances by American banks
and the remainder is made up of mer-
chandise credits which have been given
by some 1,500 American firms to their
German representatives and customers,
the investments of American companies
in Germany, including about seventy-five
branch factories, and the holdings of
individual Americans in German secur-
ities and real estate.

U. S. Chamber Meeting

For the first time since its creation
20 years ago the Chamber of Commerce
of the United States will hold its annual
meeting this year on the Pacific Coast.
The meeting will be held May 16 to
May 20.

On the first day, as in the past, the
Chamber's National Council will meet
for the nomination of directors for the
ensuing year. Those nominated will be
formally elected on the last day of the
meeting.

Four days will be assigned to general
sessions and group meetings for discus-
sion of current business problems. Prom-
inent speakers will address the general
sessions. At the group meetings the
procedure will be more informal, taking
on the character of round table discus-
sions.

Railroads will give reduced rates for
the meeting.

Current Trends in Foreign Tariffs

Henry Chalmers, chief, Tariff Divi-
sion, Bureau of Foreign and Domestic
Commerce, Washington, has succinctly
summarized the current trends in for-
eign tariffs and commercial policy ob-
servable throughout 1931. His enlight-
ening pamphlet is obtainable through
any district or cooperative office of the
bureau for 10 cents. It is known as Trade
Information Bulletin No. 790.

IN CHICAGO
BISMARCK HOTEL
RANDOLPH AT LA SALLE

Aktiengesellschaft für Amerika-
Interessen—Berlin

The Annual Report on the activities
of the Aktiengesellschaft für Amerika-
Interessen, Berlin, which organization
was established during the early part
of 1931 with the assistance and cooper-
ation of leading personalities, has just
recently been published. The stockhold-
ers declared a 10 per cent dividend and
added 10,000 reichsmarks to reserves.

The various activities of the Corpora-
tion are as follows:

1) Establishment of commercial contacts
between German and American firms;

2) Financing of German-American im-
port and export trade;

3) Representation of German individ-
uals or firms in financial matters in
the U. S. A.;

4) Legal representation of American
individuals or firms in Germany.

The report gives promise of expand-
ing activities during the coming year.

A new field of endeavor is the contem-
plated merchandising of German patents
in the American market.

Mr. Eduard Arnold of Berlin is Chair-
man; Dr. h. c. Karl von Lewinski, for-
mer German Consul General in New
York; Dr. R. D. Bertling, Director of
the Amerika Institut, Berlin; H. E.
Muencks, Manager of the Deutsch-Ame-
rianischer Wirtschaftsverband, Berlin;
Walter Sudfelt of Sudfelt & Company,
Melle in Hannover; Dr. Treitel, a former
partner of Hallgarten & Company of
New York, are members of the Board
of Directors.

Dr. Sven Hedin Honored

The Board of Trade for German-
American Commerce in conjunction
with the United German Societies of
New York tendered Dr. Sven Hedin,
the famous Swedish explorer and
scientist, a dinner and reception at the
Hotel Astor on March 9th.

Dr. Hedin, who spoke in German,
reminisced most delightfully and in-
terestingly on his adventurous life and
everyone who heard him enjoyed his
talk.

General Herman A. Metz, President
of the Board of Trade and toastmaster
of the evening, welcomed Dr. Sven
Hedin. Other speakers were Con-
sul Dr. Heuser and Judge Charles A.
Brandt, Jr., President of the United
German Societies. About one hundred
and fifty members and friends at-
tended the reception.

Alles, was imponieren
soll, muss
Charakter haben.—Goethe.

April, 1932

7

Glances at the German Situation

Germany and Poland Sign Agree-
ment on Customs

A customs agreement between Ger-
many and Poland was signed in Warsaw
on March 26, 1932, confirming the cus-
toms status of 1931 and thus preventing
both countries from applying their maxi-
mum duties on important items of Ger-
man-Polish trade.

Poland grants Germany contingents on goods (prohibited) on which import restrictions were established last December and will restrict her maximum customs rates in regard to Germany, not applying them to goods which were prohibited during their customs war. Germany agrees to restrict the use of her "maximum" tariff and will not apply the highest rates to a number of Polish products.—(Department of Commerce.)

Success of the Leipzig Spring Fair

Despite the world depression the Leipzig Trade Fair has proved itself once more the greatest of international exchANGES. The momentum developed through seven centuries of continuous existence sufficed to overcome the restrictions resulting from the present disorganization of trade. The leading producing countries of the world sent characteristic exhibits as usual and a great number of buyers were in attendance from upwards of seventy countries from all parts of the world.

The exhibitors numbered 7622 showing a decline of but 14.9 per cent as compared with the number of exhibitors at the Spring Fair of last year. The space occupied by exhibits of all kinds declined only 12.4 per cent over that of the previous year, which difference is trifling considering the fact that more than fifty great exhibition halls are required to house the collected exhibits. Canada and Turkey sent exhibits to Leipzig this year for the first time.

The inherent strength of Germany's
great industries was shown by the fact
that the great Engineering and Building
Fair was attended by no fewer than
1513 exhibitors, including 380 in the
electrical division and 209 in machine
tools. The exhibits of porcelain, glass,
arSENware, stoneware, metal ware,
house and kitchen utensils, toys and
fancy goods were practically normal
while the furniture division this spring
comprised 468 exhibits showing an in-
crease over the number last year.

Germany Places Export Duty on
Used Machinery

A German Government decree, effective March 27, 1932, established an export duty of 800 reichsmarks per 100 kilos on certain used machinery and used machine parts, including textile machinery, wood and metal working machinery and other machinery not specified in the tariff, according to a cablegram to the Department of Commerce from Commercial Attache H. Lawrence Groves, Berlin. It is stated that the measure is intended to restrict industrial migration abroad and to avoid dislocation of machinery markets.

German Saccharine

The German production of saccharine is carried on by two firms selling through a single, jointly owned sales organization. Both firms are members of the International Saccharine Syndicate. German annual consumption of saccharine is estimated to have increased from 200 kilos in 1913 to about 36,000 kilos last year.

German Cement Combine

Two of the leading German cement
manufacturers, the Dyckerhoff and Wid-
mann companies, have concluded negotia-
tions for a combine. Present arrange-
ments are that Widmann will withdraw

some of its stock and then issue new
stock, of which a large part will be
taken by Dyckerhoff in exchange for its
plants. A further increase in capital is
to be discussed later. The new combine
will be the largest cement organization
in Germany and will command about 30
per cent of the domestic market.

German Export Trade of Rayon
Hosiery

Germany's export trade in rayon
hosiery has grown steadily in recent
years, from 818,300 kilos (kilo equals
2.2046 pounds) in 1928, 1,386,300 in
1929, 2,266,400 in 1930 and 2,760,900 in
1931. The United Kingdom is one of the
most important markets for German
hosiery, 1,549,700 kilos having been ship-
ped to that country in 1931. German
shipments of rayon hosiery to the
Netherlands amounted to 339,400 kilos
and to France, 133,800 kilos.

Remington Rand Buys Into German
Company

Remington Rand, Inc., has acquired 1,000,000 reichsmarks of the shares of the Torpedo Cycle & Typewriter Co. of Frankfurt. The acquisition has taken place under an agreement providing for collaboration in the future.

The technical director of the Torpedo
Co. is leaving for the United States in
order to establish close contact with the
technical departments of the American
company.

Decline of German Unemployment

Improvement in business, although ex-
tremely light, was clearly reflected in a
decline of 98,000 in the unemployed for
the last half of March.

The total is still a little over 6,000,000.
The decrease was considerably smaller
than for the corresponding period last
year.

The government count: on an average
for 1932 of 5,700,000 unemployed. The
improvement last month was not con-
fined to industries that are subject to
seasonal fluctuation.

The German Clock Industry

The Black Forest, where 80 per cent
of all employees are engaged in the clock
industry, is the home of the majority of
German clocks. The German clock in-
dustry, with its annual production of
about 15 million, is unrivalled by any
other country.

MATTONI
(GIESSHÜBLER)

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Sole Importers

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Tel.: AShland 4-6063

8

April, 1932

Personal Notes

Ufa Films, Inc., in New York

Ufa Films, Incorporated, announce
that they have concluded arrangements
with Mr. Leo Brecher, which provide for
premiere presentation of Ufa's German
language productions in New York at
the Little Carnegie Playhouse.

The arrangements also provide for the
distribution of these films by Mr. Brecher
throughout the United States. As a
result, it was determined to discontinue
operation of the Ufa Cosmopolitan
Theatre in New York.

The Ufa interests over here will be
controlled by Ufa Films, Incorporated,
as heretofore. Its president, Frederick
Wynne-Jones, a recognized and beloved
figure in the film industry here, has re-
signed to devote his attention to other
interests.

Ernest Eisele will act as President
and Herbert Grau as Vice-President and
Manager of the present office.

Dr. William Kiesselbach, president of
the Court of Appeals of Hamburg, ar-
rived on the Hamburg-American liner
Deutschland en route to Washington,
where he will confer on unsettled details
of the Mixed Claims Commission, of
which he is a member.

National Statistical Service, Inc.

Mr. Otto P. Schwarzschild, president
of the National Statistical Service, Inc.,
investment counsel, 99 Wall Street,
New York City, and the editor of "Amer-
ican Underwriting Houses and Their
Issues," makes the following observa-
tions in regard to the services rendered
by investment counselors.

This field has developed rapidly in the
United States in recent years. Many
investors, however, have failed to com-
prehend the real worth of ethical invest-
ment counsel.

The portfolios of many investors sub-
mitted for analysis and investment
changes reflect the too optimistic views
of the purchasers. On the other hand,
some few investors have been inclined
to be too conservative.

Unless an investor has majored in the
study of finance and economics, or has
had sufficient experience of a profes-
sional nature, he is not qualified to select
investment securities, especially at the
present time. It is identical with trying
to fill one's own tooth. Filling the cav-
ity does not impart the knowledge of the
structure and composition of the tooth.

European investors are also becoming
keenly interested in American invest-
ment counsel services.

Swedish Chamber of Commerce in
U. S. Celebrates 25th Anniversary

The fifth oldest of the forty-four ex-
isting foreign chambers of commerce in
the United States, the Swedish Chamber
of Commerce of the United States, just
celebrated its twenty-fifth anniversary.
On this occasion, our President, Herman
A. Metz, telegraphed his congratulations
and expressed his wish that the Swedish
Chamber of Commerce might continue to
expand and develop as fully in the futu-
re as it has in the past.

To commemorate the anniversary, the
Swedish Chamber of Commerce has
brought out a very interesting publica-
tion which gives historical and current
data on Swedish conditions and Swedish-
American relations.

Abraham Frowein—President of
the International Chamber
of Commerce

Franz von Mendelssohn of Berlin
who has been suffering from continued
ill health, tendered his resignation as
President of the International Cham-
ber to the Council, at its meeting on
March 11th. He was elected Honorary
President of the Chamber.

Abraham Frowein, textile manufac-
turer of Elberfeld and Vice Chairman
of the Federation of German Indus-
tries, who has served as Acting Presi-
dent during recent months, was elected
President, to succeed Dr. von Men-
delssohn.

(Continued from page 1)

at home, such as ships, stocks and
shares, etc., valued at 6,500 millions,
had to be surrendered. The cost of
the occupation up to 1923 together
with the value of the property seized
during the occupation of the Ruhr
amounted to 6,000 millions, the deliv-
eries in kind to 7,500 millions, and the
cash payments under the Dawes Plan
and the Young Plan up to July 1931
to 9,700 millions, making a grand total
of 56,700 millions. If this German
estimate is not accepted, the very con-
servative American estimate should be
substituted for it, according to which
Germany had paid 34,600 million
reichsmark by the end of March 1929.

On the other hand, the amount of
foreign capital imported into Germany
by the end of 1930 was—according to
the Layton Report—18,200 million
reichsmark.

These figures clearly show that the
transfer of such huge assets is impos-
sible except by merchandise exported
and by services rendered or—as has
been the case here—by fresh borrow-
ing. The credits advanced to Germany
are therefore the direct consequence
of the demands upon her, as the cred-
itor nations refused to accept payment
by commodities and services.

It would lead us too far to consider
in detail the chronological development
of the Reparations question. The one
decisive fact is that the creditor coun-
tries, through their refusal to accept
sufficient quantities of German goods,
nullified the conditions on which the
Dawes Plan and the Young Plan are

based, it being assumed that "the rev-
ennue derived from abroad will be
equivalent to the payments due to the
creditor countries, the sums involved
comprising not only payment for the
imported merchandise, but also the
Reparations payments."

What are the inferences to be drawn
from the situation thus brought about?
The main result is that war indemni-
ties and Reparations—the same as the
ordinary commercial indebtedness of
one country towards another — can
only be paid by merchandise and serv-
ices rendered or by fresh borrowing.
Thus we find ourselves faced with the
question—a question which is in no
way related to the ethical considera-
tions as to the justice or injustice of
the demand for war debts—whether
such an adjustment (either by com-
modities or by credits) will not in the
long run undermine the entire fabric
of international economy. It should be
borne in mind that, if the method of
new credits is resorted to, new debts
will merely be added to old ones,
whilst there is no likelihood that the
creditors will ever receive payment in
the only effective form, i. e., by objects
of real value.

This question will have to be dealt
with by the Governments taking part
in the Reparations Conference. The
economic future of the world depends
upon their decision. It is to be hoped
that common sense will prevail, since
otherwise conditions are likely to arise
in Germany and in other countries
which would make it impossible to
continue the work towards real recon-
ciliation and economic stability.

April, 1932

9

Modern German Art and its Market

Until quite recently American dealers in modern art seemed to confine their interest almost entirely to the modern art of France. American Museums and collectors were heading with some exceptions in the same direction. France appeared to be the sole country to profit by the ever increasing interest of intellectual Americans in the modern development of art. As far as German art is concerned the main reason for this partiality was to be found, of course, in the interruption of relations between America and Germany during and after the war.

Now, at least, some events during the art season in New York of the winter 1930-31 brought a turn for the better. It is at these events, that the following lines cast a retrospective glance.

The foremost of these was the exhibition entitled "German Painting and Sculpture" held at the Museum of Modern Art in the Heckscher Building. Among the trustees of this institution are some of the most important American private collectors, as for instance Mrs. John D. Rockefeller, Jr., Conger Godyear, Samuel A. Lewisohn, Mr. and Mrs. Chester Dale, Frank Crowninshield, John D. Spaulding, etc. This Museum fills a gap at the Metropolitan Museum, similar to that which the "National Gallerie" is filling for the "Alte Museum" at Berlin. The German exhibition at the Museum of Modern Art showed the work of about twenty standing German painters and sculptors, and the exhibits were partly lent by German museums. Among the most prominent exhibitors were Karl Hofer, Max Beckmann, Paul Klee, George Grosz, Kokoschka, Schmidt Rotluf, Ernst Barlach, de Fiori, Georg Kolbe, Rene Sinteneis. The beautifully illustrated catalogue gave an excellent introduction on the development of German art during the last three decades, written by the Director of the Museum of Modern Art, Alfred H. Barr, Jr. The exhibition was visited by more than 25,000 people. The well-known art critic of the New York Times, Edward Alden Jewell, in reviewing this exhibition appreciated German painting equally with the French, and pronounced German Sculpture as "second to none."

Another event of the season was the excellent exhibition of "German Illustrated Books and Bookillustrators of the Last Century" at the Grolier Club in New York. This exhibition was selected and arranged by the former Secretary

of State, Dr. Richard Kuehlmann, in collaboration with Dr. Wiegand, Director of the "Bremer Presse" at Munich. There were not less than one hundred of the finest original-drawings lent by the National Gallerie at Berlin and by the Pinakothek at Munich. World famous artists as Peter v. Cornelius, Moritz v. Schwindt, Alfred Rethel, Ludwig Richter, Wilhelm Busch, Adolf v. Menzel, Max Liebermann, Th. Heine, Max Slevogt, and others were represented by splendid examples. This remarkable exhibition had, outside of the priceless value of its exhibits, a particular significance, because German art shows itself at its best in illustrating.

A further field, in which Germany has always played a leading role, is that of the "graphic arts." This could be verified at a choice exhibition at the Art Center at New York, called "Modern German Prints" and was selected by the "Association of German Book Illustrators" (Verein deutscher Buchkünstler) at Leipzig. The introduction of the catalogue of this exhibition was written by the Director of the "Kaiser Friedrich Museum" in Berlin, Professor Max J. Friedländer.

Together with the displays must be mentioned, the exhibitions arranged by Miss Katherine S. Dreier, President of the "Société Anonyme," at the Rand School of Social Science and at the New School of Social Research. Heinrich Campendonk, Paul Klee, Vogler, Kurt Schmitters, Emil Nolde are some of the German names of prominence represented in the exhibitions by Miss Dreier, who by virtue of knowledge, capability and courage became one of the first American art collectors, who made purchases of modern German art.

The résumé of these exhibitions accounts for a fine start in the revival of recognition of German art in America. They proved that there exists indeed a worthwhile art in modern Germany and American collectors are showing their keenest interest by constant purchases. There is some hope now, that German artists need not move to Paris to receive recognition in America, as seemed to have become the vogue during past years.

Dr. Hermann Post, Yonkers, N. Y.

The Austrian Consulate General, for many years located at 8 Bridge Street, has removed to 500 Fifth Avenue, corner 42nd Street, Room 3104. The new telephone number is PENsylvania 5-5690.

Visitors from Germany

Arnold Bernstein, president of the Arnold Bernstein Steamship Company, Hamburg

Julius Caesar, coffee merchant, Hamburg

Prince M. E. von Hohenlohe von Langenburg, Berlin

Richard Erlanger, director of the Metall Gesellschaft, Frankfurt a./M.

Dr. Oscar Gerlach, Berlin

Dr. Hugo Henkel, general agent of the North German Lloyd in Cologne

Gustav Pape, wholesale dealer in cotton, Bremen

Dr. Wilhelm Kiesselbach, president of the Court of Appeals in Hamburg and member of the Mixed Claims Commission

Vicki Baum, well-known author of "Grand Hotel," Berlin

Heinz Junkers, of the Junkers Corporation in Dessau

Baron von Zedlitz and Lippe, Detmold

Erich Simon, representative of the Metropolitan Opera Company in Berlin

Professor Dr. Curt Glaser, of the Staatsbibliothek, Berlin

Professor Dr. Courant, director of the Institute of Mathematics of the University of Goettingen.

Karl Reuther, of the firm Bopp & Reuther, Mannheim

Professor Dr. Mintrop, of the Seismos Werke, Hannover

Fritz Thorauer, director of the UFA, Berlin

Dr. Walter Sebening, of the University of Frankfurt a/M.

Eduard Beit von Speyer, of the banking firm of Lazard Speyer Ellissen of Frankfurt a/M. and Speyer & Co., New York

Siegfried Vollstedt, conductor of the Hamburg Municipal Theatre, Hamburg

Arthur J. Bloemendahl, director-general of the Byck-Guldenwerke, Berlin

Rudolph F. W. Sack, manufacturer, Leipzig

Ernst H. Mueller, connected with the firm of Hammerstein & Co., Hamburg

Werner Kuehne, partner of Kuehne & Nagel, forwarders, Hamburg

U. S. Architect Given Honor in Germany

Frank Lloyd Wright, American architect, has been elected an extraordinary member of the Academy of Arts, plastic arts section in Berlin.

"Amerika, du hast es besser als unser Kontinent, der alte, hast keine verfallenen Schlösser und keine Basalte ..."

Goethe.

April, 1932

11

115 Horseradish.

116 Ringless fixtures for window cur-
tains.

117 Keyless lock.

118 Engineering machinery.

119 Canned fish.

German Goods Wanted

120 Wax chalk and composition chalk.

121 Wooden dice.

122 Luminous paints.

123 German mineral colors.

124 Hard white porcelain enamel dials.

125 Furniture springs.

126 Novelties.

127 Household utensils and electrical appliances.

128 Horse shoe magnets.

129 Candies, cookies, preserves.

American Goods Wanted

130 Paraffin.

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