Show I p.- p. Prevailing O. O Opinions Opinions- pin ion s j Comment of the tho Amerie n ress Hitler and Hero Worship Germany has had three years I of Hitler and with a n. nazi birthday birthday birthday birth birth- day party starts the fourth It ItIs ItIs Itis is a curiosity of the national mood at the present time that so many Germans think they have recovered recovered recovered ered ered- under Hitler the world respect re respect respect re- re lost under the republic Hitler's state is undoubtedly more feared if It fear and respect were the same thing The possibilities under the nazis are dreaded For a n. time there was hope Inthe Inthe in inthe the tragic republic destroyed by bythe bythe the stupidity and brutality of Germanys Germany's Germanys Germany's Ger Ocr many's enemies What the RussIan Russian Russian Rus Rus- sian communists tried to do was the natural thing fr from in their point of view of-view view at the time If they could have forced the the- German socialist republic to the extreme of ot bolshevism bol- bol bolshevism their conquest of ot Europe might not have been an idle dream m. m Germany met the shock of ot that peril only to fall beneath Deneath the renewed allied attack upon the nations nation's resources currency and territory After the occupation of ot the Ruhr and the destruction of ot the mark mark 42 2 billion for one American Ameri Amen can cent a status more ridiculous than zero zero It It It would be difficult for a 11 Ger German an to hold up his head under the humiliations of the peace treaty Hitler's cradle was was' not In Berlin It was in Paris Hitler's formula is so old it is almost prehistoric Hero worship I is the magic cure a strIcken people peo peo- plo apply to their wounds Tho The biblical Jews did it so 80 well that half halt the world adopted adopted- their heroes The Britons a harried and vanishing race produced Launcelot The in Teutonic legends z makes a craven He overwhelmed the but when the poets were done with the story the only stark heroes were tho the conquered and their fall was greater than a victory When Prussia's turn came to even accounts with Napoleon for good and all aU the had been printed and the tho soldiers were given copies to restore their faith in the ancient glories of ot the breed In the World war they heard a good deal of it and in indeed deed repeated it Hitler restored the sword and buckler If It the tho oppressions oppressions oppressions op op- op- op of the peace had not been been- even worse than the deprivations deprivations of ot the war war war-It it would not ha haye hae c been necessary to go back to SiegfrIed Siegfried Sieg Sieg- fried Gunther and Hagen for a defense mechanism Hitler would not have gone further than the beer h hall a I 11 1 putsch Chicago Tribune Industry's Refusal Professor ProCessor Tugwell now the resettlement re rc xe- xe settlement administrator has come forward with another of those warnings to private In In- In If it persists in its re refusal refusal refusal re- re to exploit the tho possibilities of ot building houses within the means of ot workers and farmers he ho tells us the pressure of pub pub- He lie opinion may force the government government government gov gov- to enter this field on a avery avery avery very wide scale One Ono gets got the picture from this of a no sulky private industry which out ut of pure mulishness or for lor sinister reasons ot of its it own own per per in its us refusal to build houses But on another page of ot the same days day's paper one reads that the aviation industry in California is confronted by a labor shortage and that it is now impossible to find a qualified aeronautical en engIneer engineer en- en unemployed in that state And it one consults the bulletins bulletins' of tho the United States department I of ot labor one discovers that whereas where where- as in September 1935 all Industries industrIes industries indus indus- tries taken tog together ther were employing employing employ employ- ing lag only 84 8 per cent of ot the number number number num num- ber of workers they were in the period from 1923 to 1925 in the aircraft industry they were employing employing employing em em- 43 per cent as many and even 50 per cent more than thanin in the previous September How does this happen Is it that the aviation industry is five times times' as patriotic as industry in genera general while the building industry industry industry indus indus- try try- is hanging back Ix in hi unpatriotic stubbornness persisting in its refusals Or is it rather that the conditions have existed for tor a great expansion of the airplane Industry even in a depression pe perIod period pe- pe nod while they have not existed for form maintaining the private building building build build- ing lag Industry at its It former levels Rather than moral rebukes and warnings would it not be more I useful for Mr Tugwell to inquire into the reasons for this condition condi coridi tion New tion-New New York Times Stock Market Inflation Some months ago the former director of the budget Lewis W. W Douglas cited the phenomenally rapid rise in stock market averages averages averages aver aver- ages ages as evidence that inflation was not not- merely in prospect but actually under way Undoubtedly the recent marked improvement in business the Increased Increased in increased In- In creased earnings and the brighter prospects of ot many companies account account account ac ac- ac- ac count in part for the upward movement pf stocks It is significant that inflationary talk in congress and demands that the bonus be paid off in greenbacks have assisted the re recent recent recent re- re cent advance e. e Former President Hoovers Hoover's testimony in a California court supporting the petition of Stanford university for permission sion Mon to invest trustee funds in common stocks and other equities as a hedge against possible Inflation inflation inflation tion has also been a bullish market factor Incidents of this sort plainly indicate the stock boom is as Mr Hoover affirmed partly due to fear of inflation Confidence In Inthe Inthe inthe the future would not of itself justify a rise in the average prices of industrial common stocks to the 1926 level As a matter of fact neither fear of ot inflation nor improvement in business nor business nor these factors in combination com corn fully explain the boom An important element is the mone monetary 1 and credit policies ot of the government These have built up a a great vol volume mo of ot excess re reserves reserves reserves re- re serves created large additional deposits in banks and bro brought I in interest 1 terest rates down to abnormally low levels The he result has been beena a great and growing pressure to invest unused funds at a time when the volume volum of pf new security issues has been very limited A factor of ot importance in the I Istock stock market Inflation of 29 1923 was the fact that many many- holders of securities who would otherwise have sold out at high prices re refrained retrained xe- xe trained framed from doing so because of tho the heavy taxes that they Would have had to pay The same factor is operating now The capital gains ta tax which is improperly called income tax would tax would if lower mean m more re sales more revenue for the government and a tendency tendency ten ten- ten ten-j dency to keep the supply of se securities securities securities se- se better related to the price level In the present stock market boom lare are found evidences not simply of a fear of Inflation but butof butof butof of the existence of at a particular kind of inflation The inflationary ry movement in inthe the stock market has not been due to speculative use of bank credit but to employment of the Uie resources re xe- xe sources created by the administrations administration's administrations administration's tion's fin financial and monetary pol pal ides Such being the case the rational conclusion is that uncontrollable inflation may break breakout out in other quarters unless deficit financing and monetary manipulation manipulation manipulation lation arc are definitely abandoned in favor of sound fiscal policies poUch based upon a 11 stable currency Washington Post Fast |