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Show I WALL STREET VIEWS 'Ju 0yJmf McMuKn, RmocUI Obtrvr . . eMHaaassaaaaaaaaaSaSiaBSSk. ... 1 a casual Interest In the affaire of the corporation they are supposed to direct. He makes tha point that "if directors are to perfona their duties honestly, efficiently and constructively, they should 1 get paid in proportion to the actual ac-tual contribution made by them." North Amarlcan, a utility holding hold-ing company which enjoys close and frisndly contact with tha . SEC has moved to put the Douglas Doug-las theory into practice. This company's stockholders have been asked to approve a change In the charter to permit paying directors direc-tors outside the management up to $500 a month, while tha feea of directors who are also execu-tivea execu-tivea of the corporation will be raised from $20 to WO. A number of other alert companies are likely like-ly to follow suit. NEW YORK Contrary to a widespread popular Impression, the automobile companies are not sore at former Governor Frank Murphy of Michigan (or refusing to use force to eject sit-down strikers from their plants during the 1837 labor crisis. They didn't like the Illegal occupation occu-pation of their factories, of course, but they realised as wall as hs did that summary action would have led to violence and serious bloodshed. Not only would that have caused serious damage to their property, not covered by Insurance, In-surance, but the resultant public reaction might have done them considerable harm. So, on the whole, they privately approved of Murphy's course, although al-though they have never cared to admit it openly for reasons of policy. However, they msy be Induced to step up and say so out loud In order to strengthen Murphy's Mur-phy's position in the battle over his confirmation aa attorney general. Some leading corporations have acted to strengthen their directorates direc-torates in another way. They have named to their boards and retained on a consulting fee basia besides outside experts In labor relations, industrial engineering, , .merchandising, publie relations, i etc. U. a Steel, Goodyear Tire and Rubber, Allied Chemical and Johna Manvtlle are among tha ,. top-flight companies which have done this. Apart from bringing mors outside out-side directors of high standing into corporate boards and compensating com-pensating them adequately, keen New York analysts mention several sev-eral other reforms that might well be encouraged for the better pro- . , tection of stockholders. For Instance, these sources advocate ad-vocate smaller boarda, ao that buaineaa can be transacted more efficiently; no one to be allowed to serve as a director of more than four or five corporations at moslf fewer representatives-of management and mors of stockholders stock-holders as directors; and fewer bankers with a special interest on boards. The 8 E C is understood to be In sympathy with these e suggestions and may take steps to put them Into effect Nobody likes the admlnistra-lion's admlnistra-lion's silver purchase policy ex- -- cept the silvsr producers and . their representatives In congress. Certainly President Roosevelt and . Secretary Morgenthou have no -illusions that It is beneficial to our national economy. The lat-ter lat-ter ratea It worse than futile and buys Just enough of the metal to protect himself against ths charge s of deliberately sabotaging ths Uw. Yet Informed New Yorkers prophesy that F. D. R. will go through tha motion of continuing ths policy at least until congress goes home in order to keep the "silver senators" in his camp on other issues. That's politics! Keen New York observers note that fear of a European war this spring or summer is much greater In this country than In either England or France. In neither of those nations la the government or press so unanimously unani-mously antldictator aa In ths United States. Astute analysts both here and abroad are still confidant that the Munich pact will prevent actual war, although periocMo scares are expected as Individual nations Jockey for strategic gains and economic benefits. . There Is no Indication that the European situation will be stabilised sta-bilised in the near future to a point that" would reverse the steady flow of capital to the U. S. On the other hand, there la no panicky shifting of funds such as preceded the September crisis. Instead, there Is a continued quiet growth of communications between be-tween the dictator countries and the European democracies, such as conferencea between business groups and the recent exchange of ' visits between Dr. HJalmar Schacht, Germany's economic wizard, wiz-ard, and Montagu Norman, governor gov-ernor of the Bank of England. Their chats dealt with much more than tha rsfugee problem. Securities and Exchange Commission Com-mission Chairman William O. Douglas recently advocated that corporate directors be paid for their services, by which he meant real remuneration for real responsibility respon-sibility Instead of the customary nominal fee of 20 per meeting. Hia idea is that ths present system is weak, in that too many "big names" consent to serve as directors in what amounts to an honorary capacity and take only |