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Show THE SMITIIFIELD SENTINEL. SMITH HELD, UTAH Eden Still Hopeful Cutwork That Is Seta flevleir of Current Events A NTHONY EDEN, British foreign Geneva from hurried A minister, Anything but Work a special cabinet meeting PARITY PRICES ABANDONED toto attend which he reported on developCutwork without in the MedWould Cost Too Much, Says Wallace . . . Japanese ments iterranean situation . Protests Disregarded that is so threatenAir Fleets Bomb Nanking . ington Mr. Douglas has done something to offend Postmaster General Farley, and no man can draw an appointment as important as the chairmanship of a great commission without Mr. Farleys approval. Aside from personalities, various phases of President Roosevelts monetary policies continue to be disturbing and in addition to these there is the certainty that new taxes must be levied. That is, new taxes must be levied if we are ever going to balance the federal budget and nationIt seems a proper time, there- begin paying off the giganticto more al debt which now amounts and the to examine picture fore, than 38 billion. With a debt at the try to see what lies beneath. And, let me hasten to say at the very out. highest point our United States ever people, set that anyone who makes a posi- has known, a great many become tive statement about the securities including bankers have for market these days must be either fearful of what they might get now States bonds that they a fool or a superman and thus far United influthe supermen who have lived on this hold. It is obvious that this ence to adds the uncertainty general earth number only one. although it is difficult to measure But that fact does not destroy the the exact influence of this condition, value of an examination of a con- or to see whether it is a major or dition which exists as a fact. In- a minor factor. deed, I think a review of the various factors and influences at work now Having enumerated a few of the can provide a clarification of genknown to be at work, we influences eral conditions even though it may come now to that (fail utterly to show why men and Easiness condition Which with do act as 'women respect they to European ing peace. He told of Italys reiteration of its demand for parantiity in the piracy patrol, and it was believed both he and Prime Minister Chamberlain, were hopeful that a rupture could be averted by a partial yielding to Mussolini in this matter. British public opinion was said to be strongly against a complete concession. Meanwhile events in the Mediterranean were not such as to bolster Edens peaceful designs. The British aircraft carrier Glorious reported it had been attacked by a submarine near Malta just as it arrived to take part in the patrol of the sea. Also the admiralty announced an unidentified airplane dropped six bombs close to the destroyer Fearless. The British and French fleets began their search for pirate submarines, Spains premier, Juan Negrin, stood up before the League of Nations and fearlessly presented the evidence of Italian and German intervention in the Spanish civil war, demanding that the league take steps to stop it. He called Mussolini and Hitler international highwaymen." The assembly of the League of Nations voted down the Spanish governments request for as a member of the league council. Wall Street and the securities market generally have been undergoing a Bad Can of bad case of the It has jitters. Jitter a been several years .since those dealing in money and 'shares of stock have been so uncertain as to the future and this uncertainty obviously is the cause of 'the jitters among all people who dabble in the stock market, whether the dabbling be small or large, on margin or for cash. Washington. to stock market investments. First, it should be said that Wall (Street, as the term is commonly 'used, is not unanimous within itself. The violent fluctuation of mar-,ksecurities in the last several weeks might easily be said to be due to the war crises in Europe and fa the Far East. Only, those fluctuations are not traceable to war conations. Rather, the war conditions are used by some individuals as an excuse an alibi to themselves because they fail to fathom the various influences and factors now at et work. I said that Wall Street lacked unanimity within itself. That is true because within Wall Street there are all kinds of selfish groups operating. For example, an influence .like inflation is highly pleasing to the brokers and dealers in shares while the same influence frightens bankers and likewise gives a sickening feeling to those who must buy raw products. Bankers and sound investors as well as tax payers generally would be quite happy to see the Federal Treasurys budget balanced because if that were done there would be a much greater sense of security, of safety for those investments. A dozen other illustrations could be given to thus illustrate the point and show Black Cate Wall Street why can- not agree. They Involved i do not show, however, why there is so much uncertainty and why the bulls or the bears have been unable to adjust themselves to the future probabilities. The reasons, therefore, must lie deeper. It is possible that the appointment of Hugo Black of Alabama as an associate justice of the Supreme court of the United States has had more effect on the business world than any of us realize. I have heard a number of corporation executives say that they hope they will never be involved in litigation which will carry, their corporations before the court on which Mr. Black sits. If they entertained that fear before, undoubtedly the fear is deeper-seate- d and more widespread now that Mr. Justice Black has been publicly accused of holding a life membership in the Ku Klux Klan. Certainly the expose of the typhoon that is swirling around the head of the new associate justice cannot have any soothing effect upon the minds of those business men who, as corporation executives, are trustees of vast sums of the peoples money. Undoubtedly, unless Mr. Black can prove that he is not affiliated with the Ku Klux Klan, few litigants will feel safe before the Supreme court. Then, there comes the resignation of James M. Landis as chairman of the securities and exchange commission which regulates, operations of the great stock exchanges. Mr. Landis has been regarded as rather fair, rather just, in his dealings relating to stock market operations. His retirement to return to a professorship in Harvard, of course, opens up the question as to his successor. This is to say that most of the financial world is hoping and praying that the new chairman will pot go off at a tangent; that he will avoid extreme radicalism and that be will not blame the whole financial structure for the crookedness of part of it. Thus, it becomes easy to see how this minor factor may have weight with some individuals dealing in corporate shares and bonds.., William O. Douglas, a member of the commission, has been slated to become chairman but developments in recent weeks give considerable doubt over that result. Mr. Douglas is recorded as being a radical. Bankers and investors in many parts of the country fear that if he is made chairman he will become not unlike the famous bull in a china cabinet. But, according to the undercurrent of gossip around Wash heretofore always has been basic. I refer to general business conditions. New Deal press agents have tried valiantly to make it appear that business is booming; that prosperity is here instead of around the corner; and that the country has nothing to fear. Careful examination of official figures, however, show the prosperity statements to be true only in parts. The official statistics disclose very definitely how some lines of business are enjoying a vol-- ! ume of trade or production higher even than 1923. They show on the other hand a vast number of fail- urea, an increasing number of big businesses which are barely getting by which can continue providing .their present volume of business is maintained. If the volume of business slips, however, that category of business is going into a tailspin as sure as the sun shines. If a part of the business of the country begins to sink well, a part of it began to sink in August, 1929, and within two years the whole structure had fallen like a house iff cards. ' I am not saying that we are confronted with another depression. I do say, however, that we are facing a condition that is not at all satisfactory a condition that can lead to a depression as easily as it can lead to sound prosperity in commerce aiid industry. Astute observers and business men in the larger centers decide their courses upon the outlook for the whole country, not for any particular line of business or any particular section.. ' The number of individuals who see the picture 1 have attempted to outline in the above paragraph is increasing. As that number increases obviously the wave of uncertainty expands. So, if one is compelled to make a guess why Wall Street is so concerned or so jittery, it would seem that the explanation must lie in the combination of circumstances. No one of them, except possibly the adverse business outlook, could accomplish as much doubt about the future. Anyone talking with a hundred different individuals will hear these various factors and influences mentioned. He will hear different weight given by each individual to each factor. American Legion Members From West Reach New York City by plane for Their National Convention. . Conditions . We have been dealing with causes. Let us look at possible effects. It will be remem- Now, as bered how Presi- dent Hoover was to Effects blamed for the depression. He and the Republican party were punished on that account and badly licked in the elections. It ought to be said in Mr. Hoover's behalf that the conditions which led to the depression had their beginning long before he was elected President. Indeed, they had their real beginning in the World war. President Roosevelt came into office as a result. He started doing things and gaining the confidence of the country to such an extent that he was last year. Probably he was largely because of the bulk of the voters feeling he was restoring prosperity. I doubt, however, that Mr. Roosevelt was any more responsible for the return of a superficial prosperity than Mr. Hoover was responsible for the depression. But we are coming to another election. If conditions should become worse and business should decline perceptibly again, Mr. Roosevelt will be held responsible just as definitely as was Mr. Hoover. He will be charged with having made a mess of government and any attempt on his part to prove the condition was natural will be regarded as an alibi. The whole thing seems to be in the lap of the gods and no amount of political strategy or attempts to amend the law of supply and demand will alter events. C Weitera Newepaper Union. V'M Air- SUMMARIZES THE WORLD'S WEEK e WnUra Xcwipapcr Unioa. poliomyelitis or infantile paralysis. on an educational camIt will administration's chief paign carry ONE of the for supervised by experts and put has agriculture within reach of all doctors and hosbeen abandoned. Secretary Wallace pitals. The foundation also will see announced in Washington. Parity to the financing of responsible refor farm search prices' agencies and aid the afflicted products, he said, in becoming economically indepencould not be at- dent. tained. The aim now Mr. Roosevelt also gave approval will be to give the to John Biggers' plans for h volun- Drops "Parity Prices" j j j average farmer the same purchasing power he had in the half century before the World war. I don't think there is any way of getting enough money out of the Treasury, Wallace said, to give farmers parity prices during the next ten years far cotton, wheat, corn, hogs, or any other product that is exported. You might be able to get enough for a year or two to do this. But the consumer would soon rise up in protest. Y'allace also talked about the soil conservation program, under which farmers must hold acreage of major crops below the 1928-3average in order to obtain benefit payments. He said the only fault with this was that normal yields would be too large in view of the prospective markets. The secretary still believes that national control over production of the major farm crops is necessary. In my opinion, he said, the crop adprinciple of justment is sound and will eventually be applied again. 7 . Douglas Hoads SEC VyALL STREET didnt like the idea of having William O. Douglas as chairman of the Securities and Exchange commission, preferring the more conservative However, George C. Mathews. Douglas was elected to the post, succeeding James M. Landis; and to reassure the financiers he described himself as a pretty conservative sort of fellow from the old school, a school too old for some to remember," who has in mind no ruinous theories of social experimentation. The commission, said the fanner Yale professor, is not interested in prices as such and will interfere with market trends only when the farces that share them are artificial. There will be direct and aggressive prosecution of any cases we discover of pools and manipulation of security prices. We are in favor of a free market, not a fixed one. The government cannot prdvide any substitute for investment judgment, he pointed out. It can act to prevent manipulation and to prosecute fraud, but in the final analysis the investors judgment must govern his actions. We cannot save a fool from his folly. Roosevelt Goes West NOMINALLY to visit his ter in Seattle, actually to find out what recent events have done to his popularity among the people of the Middle and Far West, President Roosevelt left Hyde Park on a special train that also carried members of the White House staff and several cars full of reporters and camera men. Mrs. Roosevelt was with her husband. The President had nothing to say, before his departure, concerning Justice Black, who was on his way back across the Atlantic and was scheduled to take his seat on the Supreme court bench before Mr. Roosevelts returnfa Washington. ' Plan to Fight "Polio" JUST before leaving for the Pacific coast, the President announced that he was organizing a new foundation to direct the war against tary enrollment iff the nation's unemployed, to be carried out with the aid of the Post Office department. Nanking and Canton Bombed DAYING no attention to the pro-- 1 tests of the United States, Great Britain, France and Germany, Japan sent her air fleets on bombing raids that spread death and ruin in Chinese Nanking and Canton. planes met them and fought bravely but with little avail. American Ambassador Nelson Johnson, under instructions from Washington, regretfully abandoned his embassy in the Chinese capital and put his staff aboard the patrol boat Luzon, but they returned to Nanking. It was k reported in Tokyo that Chiang would remove the seat of the Chinese government to Chengtu. The soviet republic of China has dissolved itself and the communist Chinese army decided to unite with Chiangs forces. Kai-she- President on Constitution orators on the one hundred anniversary of the signing of the Constitution were loud fa praise of that great document. President Roosevelt, speaking from the foot of the Washington monument, was emphatic in his expression of admiration for and loyalty to the basic law which his opponents have accused him of trying to undermine. But he called it a laymans constitution, not a lawyer's conHe reiterated his assertract. tions that the Constitution was in-- 1 tended by its makers to be a statement of objectives and not a rigid document, and declared democratic government fa this country can do all things which commonsense people, seeing the picture as a whole, have the right to expect." I believe that these things can be done under the Constitution without the surrender of a single one of the civil and religious liberties it was intended to safeguard, Mr. and I am deRoosevelt continued, termined that under the Constitution those things shall be done. ALL Green Slams Lewis J'k ENUNCIATIONS' of William Green by John Lewis and of Lewis by Green come almost daily, but the attack on the C. I. O. leader by the president of the A. F. of L. in a speech fa Washington was esvigorous. He declared the pecially Madam Perkins Snubbed beetle-browe- d Lewis was an opporFOR the first time in the history tunist who hopes to gain political 1 of the Labor department, the power through the formation of a secretary is not asked to address party combining labor and agriculthe annual convention of the Amer- ture, and reiterated the opposition ican Federation of Labor, to be held of the federation to the organization in Denver. The list of invited of such a party. speakers was released, but the Lewis, said Green, was to blame name of Madam Perkins was not for the bloody strike in little steel there. The secretary whose admin- plants and for its collapse which he istration of her office never has attributed to C. I. O.'s disregard of been taken very seriously by the the rule that the workers themcountry, is considered by the A. F. selves should decide when to strike. of La to be prejudiced in favor of Surely those who are to suffer its rival, the C. I. O. and sacrifice fa a strike ought to be accorded the right to say whether they are ready and willing to do Legion Head Hits Naziism The issues so, Green asserted. involved in any impending induspOUR hundred thousand membe of the American Legion ai trial conflict ought to be made clear their families and friends gatheri and thoroughly understood. in New York for the annual cnnve tion of the organizaVandenberg's Baffle Cry tion which opened 7'E HAVE just begun to fight with a memorial was the battle cry adopted service far dead veterans. by Senator Vandenberg of Michigan Parades, in a speech at Bay City that was sham battles and taken as the opening of his campaign of plenty for the Republican marked the proceedPresidential nomination in 1940. He made it eviings, but the former dent that he hopes to be the standsoldiers also gave ard bearer for a coalition party, asmuch time to serious business. Harserting that a realignment of political parties is inevitable. Indeed, ry W. Colmer, retirhe declared, this probably was the ing national comone thing that could save our namander, delivered a tional institutions. He was not so notable report on his stewardsh sure that the opposition to the Roosewarning against dangers confro velt policies would unite under a new ing the nation from within and wi out. party name. Said he: There may be a realistic realignColmer declared attempts to si ment which will bring jugate judiciary would destroy t checks and balances" in gove patriots into common battle front, whether they live north or south of ment; and he proposed that the Mason and Dixon line, whether American Legion undertake an e cational program on the princip they live east or west of the Misset forth in the Constitution, sissippi. asked each post to hold at lei one meeting this fall on the ba Biggers to Manage Census law. TJNCLE SAM is going to make a The commanders warning agaii count of his unemployed perils from without led him to ci nephews in the hope that this will demn severely German propagan help solve the and in the United States and the allcg relief problem. Just how the census action of the German governmi is to be managed is not in fostering the organization of N; yet deter-minebut John D. Biggers of groups and camps in this count: of the This he called a gratuitous fas Glass company, has been to our free institutions." named administrator of the under-takin- g The Legion elected Daniel and is formulating his plans. Doherty, a lawyer of Boston, Mat At the suggestion of the President, national commander and award Mr. Biggers has established his the 1938 convention to Los Angel headquarters in the Department of Besides condemning Communis Commerce, and he hopes to com-plcFascism and Nazism, the convi the tabulation of the unemtion called for a larger and bcti ployed before December 1. equipped army and navy and foi he proposed to ban on the report of helium gas. do the job without salary. fun-maki- like-thinki- 1 d, it hand at -- Arent they these roses? Delicate shades of pink would be most realistic, of course, but the pattern is no less lovely if worked in thread to match your linen. A refreshment table set with these would be most tempting! 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