Show 6 THE SALT LAKE TRIBUNE C SUNDAY' MORNING JULY 14 1935 PARADE OF THE WEEK War Impends in Africa — Soviet Japanese Rift — Utilities Figlit — Third Party Looms Affairs Affecting thfc Nation -- Corporations White Metal f That tha financial powers of the world may ba marching quietly toward International currency atablllzatlon waa indicated on both idea of tha Atlantic when Jean Tannery governor of the Bank of France predicted an early conference among Britain the U S bis own land when Attorney General Homer S Cummings advocating outlawry of the gold clause aid without it “an international agreement to establish a gold Standard would be almost impo- ' ssible" These statements coming on the heels of guarded bids several weeks ago by both U 8 Treasury Secretary Henry Morgenthau and U 8 Btate Secretary Cordell Hull for international monetary appeared to bring stabilization within the realms of The recent meeting possibility of the International Chamber of Commerce advocated such a move and difficulties of the gold bloo countries of which France Is the bulwark are believed to be giving a fillip to early stabilization plans Meanwhile In the United States senate Inflationist Elmer Thomas of Oklahoma began another rampage in behalf of sliver secured two more signatures from colleagues advocating faster silver buying and early stabilization on a gold-sivbasis The U S government la committed to a policy of buying silver until the white metal attains $129 an ounce or of the metallic becomes monetary reserves The treasury department threw its huge equalisation fund behind silver on the London market to defeat a bear raid and a threatened collapse in the white metal prices Selling orders rained upon London bullion brokers from India and China bears began to move Frantic appeals were made and soon the United States had purchased 15 million ounce$ of the metal at 6788 cents stood Silver prices at week-en- d at 68 4 cents The treasury will pay 7757 cents for each ounce of newly-mine- d domestic sliver Early last spring the U S all policy ' pushed the white metal skyward until a buying wavs rocketed 'prices to 81 cents an ounce Then the treasury stepped upon the speculative wave sent the white metal downward Apparently bulls thought they had an easy mark In the U S treasury— a buyer who could not sell Apparently they were fooled one-four- th rf Morgan Since enactment of recent legislation the general public is al- lowed a peek Into the sanctified portals of J P Morgan A Co Wall Street financial house dictator of many corporate structures such as U & Steel railroads As of June 29 the banking firm with Its affiliate Drexel & Co of Philadelphia"' had $360480312 in deposits as against $344202037 on March 4 The firm had Increased its holdings In U 8 governments had $255503401 against (212352333 on March 4 But loans and advances had reduced from $45098899 on March 4 to $42296537 while holdings In state and municipal bonds rose from $24610830 to $32449767 Capital remained unchanged at $25000000 but a slight increase was shown in surplus and partners’ balances which totaled on June 29 against on March 4 Indices ' Straws in the business wind indicate more favorable breezes Remington-Ran- d Inc business machine company reported to stockholders that sales had increased 104 per cent for the June quarter totaled $8258848 compared with $7479968 a year ago James H Rand Jr chairman anticipates a 225 per cent increase — -4p profits Procter ft Gamble soapmakers reported tonnage records are expected during the current year with tarings of $221 a share on common stock anticipated as against $209 during the last fis- eal year : Radio Corporation of America reported expected continuation of substantial gains in earnings recorded during the first three months of the year and holders of preferred B stock may receive something on the accumulated arrearage on dividends which Bow amount to $1875 a share Steel operations are above the seasonal normal and demand for gasoline is above seasonal inv crease Official Elected president of the Grain Yeast company was James Roosevelt eldest son of the nation’s president The firm is rsported to be doing a business supplying bakers nd brewer Na-tion- al $125000-s-Bion- 5 Aflminfctration New Parly Forms in Chicago Taxes Stabilization Money EVENTS th Recoup Iq Utility Fight Liberals Toner Of enthralling Interest to the western world since the boom days of '29 collapsed into depression has been the capitalistic paradox of starvation amidst plenty With promises of abundance on either side Want prevails through the land That such a situation would find Its way Into politics was inThe paradox was the evitable major element in the defeat of Herbert Hoover and his attempts st solution contributed greatly to the Initial popularity of Franklin Delano Roosevelt But the presiefforts to dent's produce abundance for all have failed of their mark But' the paradox persists and thus have arisen demagogues like Huey P Long and Father Charles E Coughlin visionaries like Dr Francis E Townsend crusaders like Upton Sinclair Fears prevail among liberals and conservatives that prolonged distress will add fuel to the fantastic flares of folk such as these To thwart such movements as “share the wealth" and at the Same time to lead the nation leftward toward an economy of abundance there met In Chicago "liba group of 200 erals" They were called together by Congressman Thomas R Am-li- e Wisconsin Progressive and conference was after a two-da- y born a bawling infant which may grow into a genuine third party threat— the American Common- the White House Fortnight lost its first struggle to the nterests Then the house of representatives sm Ashed the administration's "death sentence" for holding companies Tables turned however last we£k when that same house flocked behind the man in the White House to pass overwhelmingly the Tennessee valley authority bill he fautilities-i- vored T V A is an outgrowth of MusShoals a baby of Nebraska’s Senator George W Norris 1 envisioned as the administration’s strongest shaft toward national planning The huge dam will generate many kilowatts of electric energy bring water and reclamation to much land embraces soil erosion control conservation rufal rehabilitation Often ha the president termed his T V A authority a "yardstick" by which to measure the efficiency and honesty of private power interests who hate and fear the experiment have attempted many times by court action to block it But those attempts failed when the house approved the administration measure to the tune of 279 to 100 ’Under the new act the federal government Expressly directs T V A to provide a nine-foo- t navigation channel in the Tennessee river from Knoxville to its mouth Grants specific authority for T V A to sell surplus power a right challenged in the courts Permits construction of trans- cle Thomas R Representative Amlie of Wisconsin chairman of the new left party Labor self-style- d wealth Political Federation The federation aims to consolig date all disaffected groups In the United States who believe the prevailing system the present administration is empty of fulfillment but who still adhere to the principle of democracy Chairman of the conference was Paul H Douglas liberal economist of the University of Chicago Its secretary was Alfred Bingham son of former Senator Hiram Bingham of Conneqticut Bitter debate ended In the defection of Representative Mito Marcuranto New York Republican and one of the Instigators of the conference and Hyman Glickstein chairman of New York’s "Knickerbocker Democrats" who withdrew because they believed a third party more Of a threat than a promise premature Their stand was echoed in a speech by North Dakota's liberal Republican senator Gerald P Nye who voiced great hopes for the meeting told them to "look ahead" flvp ten twenty years warned that ktl immediate third party might turn the nation back to reactionaries But these warnings the conferees refused to heed and a third party movement was born plans for a convention In October to enter the arena In 1636 laid Congressman Amlie was selected chatrman of the federation and a platform was drafted embracing: Production for use (a Sinclair plank) union wage scales on work-reliprojects protection for union workers government Insurance of costs of production to farm products refinancing of farm mortgages moratorium legislation on farm and city property heavy taxation of wealth immediate soldier bonus payments public ownership and operation of utilities national resources "basic industries munitions works federal ownership and operation of banks a constitutional amendment to limit supreme court power! No candidates were discussed but uppermost in the minds of conferees was Minnesota’s Floyd B Olsen whose Farmer-Labparty Is embarked upon a similar program in the great grain state left-win- ef or Opposition As house committee hearings proceeded on the tax the wealth program of the White House the United States chamber of commerce issued s blistering denunciation of the program termed it a "perversion of the taxing power” In New York wealthy Charles H Sabin Jr son of the late chairman of Guaranty Trust company confirmed reports that a group of wealthy citizens had banded together to advocate a federal sales tax Instead His colleagues are unconflrmedly rumored to include the Whitneys Pells Taylors and Vanderbilts of Manhattan Wrlg-ley- s Armours McCormicks Mayers and Mortons of Chicago I Coal Constitutional or not Frcsidrnt Franklin Delano Roosevelt wants the Guffey real bill adopted bv That measure seeks to congress clamp a miniature N R A on the bituminous coal industry Promise of its passage is the only thing dustrial history President Roosevelt wrote Chairman Samuel B Hill iD Wash) of the house subcommittee In charge of the bill that: "A decision the supreme by court relative to this measure would be helpful as indicating with increasing clarity the constitutional limits within which this government must operate” in i emergencies without competitive-b- Gives the agency power to pass upon private dams and power sites on the Tennessee and its tributaries The bill passed as the administration likes it was sent to the senate which immediately selected Senators Norris and Bur- Ixmgslioremen st was Harry Bridges f i e ry the Francisco maritime strike of a year ago San Bridges' c h a - WH e n g e to the e a dershlp 1 1 Joseph P Ryan faded at New York 1 idding Defeated In his attempts to dominate the International Longshoremen’s association as he ruled the west-coaarm of the group of ther g f con-- ventlon Mr and I I Rysn wtfa chosen for an-- I other four-yeterm by acclamation The convention with bitter strife Ryan and Bridges the San Franciscan demanding more militant action or withdrawal of the San Francisco organization San Franciscq lies under ore maritime the shadow of another troubles tKreatening widespreal strike ar ton K Wheeled T V A supporters as conferees virtually assuring passage of the measure Intact The Norris bill incorporating most features of the present measure was tabled in the house after passage by the senate Taxes Opened by thq house ways and means committee were hearings on President Roosevelt’s "tax the rich” program which has captured the public eye because liberals like Borah and La Follette seized upon the general presidential message to jockey a horse they long had been nursing Secretary Morgenthau estimated that wealth taxes on inheritances high incomes corporations could produce annually from 118 to 900 millions suggested earmarking such funds to retire the national debt Politics entered the fray and Chairman Robert L Doughton D N C) waq hard put to confine the discussion to wealth taxes H E Miles of the Fair Tariff league was oustpd from the witness stand when he said “I don't think Franklin Roosevelt has any opinion on Monday which he has on Thursday I think the president is morally deficient" In Disaster’s Wake Flood Catastrophe Upon the heels of blistering heat came devastating floods as far part as Montana and New York While the midwest sweltered un- der midsummer heat a cloudburst truck eastern Montana A wall of water ripped the Great Northern tracks near Balnville and the struck the crack Eriiptrs-Bullde- !1 washout at 50 miles an hour The engine and eight coaches of the flier leaped the roadbed Two coaches chqrned in the mud rolled over landed 100 feet from the right of way in a wheat field The Injured Nineteen two seriously Near Baker Mont a local passenger train of the Cjhicago was waukee St Paul ft derailed The injured Five But the cloudburst struck with greatest fpree near th s Fort Peck dam area where mushroom towns have sprouted The ordinarily dry Calpln Coulee bore a wall of water 100 feet wide through the wash struck savagely at the communities of- Wheeler Midway ic Heavy raitis in the Orient swelled the headwaters of China’s great artery— the Yangtse river River waters also rose in the thick of this thickly populated region and prosperous river towns were milleft a shambles Twenty-fiv- e lions reside in the area— all were menaced hundreds dead thousands hungry Crops were ruined But It was the Yuan river in south China whereon is located rich populous Changteh that disaster stages were reached The dikes in the river town collapsed and the city was besieged with raging water which submerged 100000 Changteh homes In Nanking waters slowly rose above the waterfront Park Grove New Deal and Park-dal- e The dead Two injured 100 homeless 600 Later in the week floods struck upstate New York devastated 20 towns in ten counties The dead: 24 missing 8 homeless 2000: property damage $10000000 or more Above companies of white-cla- d Ethiopian soldiers gather in the palace enclosure of Emperor Haile Selassie right below seated on his red and gold throne The empire is the object of In the Sporting World Obituaries Ray Long Of apparent despondency died Ray Long 57 prominent Amerl- can editor who for twelve years guided the destinies of the Cosmopolitan Magazine once headed the Red Book gtoup of publications The medium used by the former editor was a rifle which sent a bullet through' his head Long died in Hollywood where he went a year ago to try his hand at the cinema His despondency arose from the fear his peak had been passed John J Bernet After a brief illness died John J Bernet "doctor of sick United States railroads" operating genius of the Van Swerlngen group president of the Chesapeake & Ohio Nickel Plate Pere Marquette e lines president of the Erie one-tim- James Biddle Halsey In Germantown Pa at his home died the Rev James Biddle e dean of St Halsey 70 Mark's cathedral in Salt Lake City (from 1894 to 1898) one-tim- Benito Mussolini left who seeks to expand Italy into Africa War appears inevitable despite British attempts to thwart it Mussolini insists on his own way Diamond Baseball’s luminaries assembled at Cleveland for the third annual game between the American and National leagues and for the third time the American leaguers triumphed The American’ scoring began In the first inning when Philadelphia’s Jimmy Foxx found Bill Walker’s delivery and smacked a home run off the St Louis Cardinals’ pitcher driving in the Yankees’ Lou Gehrig ahead of him The Americans garnered another ruh in the second inning and a fourth in the fifth while all the Nationals could do was to make all-st- ar a score in the fourth the Pirate shortstop Vaughan hitting a double to score on a single by the Giants’ Terry The Nationals could do little to Lefty Gomez’ fast ball nor could they find the deliveries of Cleveland's Mel Harder The senior cirr cult used Walker Hal Schumacher of the Giants Jerome Dean of the Cards and Paul Deringer of Cincinnati” in the box Motors Tennis 0f the salt flats The excenenc west of Grantsville where remnants of old Lake Bonneville have packed salt hard and fine as a racing course were denyinstrated a fortnight ago by Ab Jenkins Salt Lake City speedster who sent records flying like chips from a woodsman’s ax They also were attested by the British wool broker John Cobb Cobb got into his raJer one dawn Napier-Raiito- n Before nightfall had shattered eight sped records eclipsed those' of Jenkins The records: 50 kilometers 153608 m p h beating that of Hons von Stuck 15023 m p h 50 miles 153608' m p h Hans von Stuck 15217 m p h 100 kilometers 1531369 m p h Hans von Stuck 15217 m p h 100 miles 1529547 m p h Jenkins 14262 m p h 200 kilometers 1532451 m p h Jenkins 14326 m p h One hour 15211 ro p h 14342 m p h Hot summer days draw to world tennis courts the white-cla- d figures which make lawn tennis an exact science thrill spectators with sparkling services swift drives exciting volleys smooth placements and languid lobs Cynosure of the tennis world is Wimbledon where a week ago Britain’s peerless Fred Perry successfully defended his title by defeating easily the German Baron 4 Gottfried von Cramm d match Feature of in a the Wimbledon tournament was the playing of Oakland's youthful Donald Budge who rose to the semifinals unexpectedly only to en-ki- 2 4 one-side- be expectedly defeated by Von Cramm But most spectacular was the women’s finals between America's two Helens— Wills Moody and JaThe younger Miss Jacobi cobs rushed through the first set 3 5 and dropped the second stretched strongly for victory when she ran three straight games in the final set gained a 2 lead missed an easy shot for match-poithen lost five straight games and the tournament title to Mrs Helen Wills Moo4y who scored a triumphant comeback The American doubles team of Wilmer Allison and John Van Ryn lost the final match to the Australian pair Jack Crawford and 2 5 5 Adrian Quist 7 On Salt 'Lake City’s Tennis club courts was played a thrilling final match between two Los Angeles youths— Bobby Riggs and Joe Hunt—jvith Riggs clinching the state tennis title after a gruelling first set 0 marked by smooth stroked play He ran through tha The San next two sets 3 Francisco team of Worth Oswald and John Murio were enough superior to Salt Lake City’s Eari W Peirce and San Francisco’s Walter Senior to win 5 JDr Esther Bartosh of Los Angeles easily defeated Salt Lake City's Edith von Hadcln for the 1 women's title 7-- You Can’t Slop This Country — By Will Rogers I just what I read in the papers or what I see hers and there I have been working pretty hard (laugh) on some movies It just happened that I almost had three right in a row Now that dont mean that they will be released a$ fast as we made etn They only come out about every four months but we got a couple ahead already made and that mean that 1 will have a little time off to do a few things I been planning on and that I wont look like I am trying to get in front of every camera that is grinding We run 'one the other night called “In Old Kentucky" and Its got a lot of laughs Had a lot of awful fins people In It and they sure made good You know the old Idea of one person trying to bs the whole thing in a plcturp is all washed up Pictures are like a ball team the pitcher cant do'lt all Its got to be the whole team You just watch pictures close and see how well done Well all know is - mission lines to market its power gives T V A authority to regulate rates on resale schedule gives T V A permission to make purchases delaying a nationwide soft roai strike which threatens to become the most gigantic in American in- leader 4 are just small parts or what they call "Bits” Its because they are done by real actors actors that Will Rogers anyone of them could go in and play the leading part They may only get two or three days work out of it but they do it like it was a star part and you never hear em whining either about the part not being in keeping with their ability No sir I believe there is more real nerve and gameness under the most dlsscouraglng circumstances in the picture business than any other place on earth course the stage Is not far behitfd its a heart breaking racket but they dont sit and tell you about It Their heads are always up They keep neat they hide a lot with a great emile Well after X finish a long siege I sorter begin to looking up In the air and see what is flying oyer and Mra Rogers in her wise way will say "Well I think you better get on one You are getting sorter nervous" Well this time the Fourth of July was a coming on I had 'had a lot of invitations to a lot of places where I Would have liked to have gone bn the Fourth So I went to a real cowboy reunion in Texaa on one of their most famous ranches Not a professional rodeo like you see everywhere else' but a real celebration In a real cowtown by real old timers I wouldent have missed it for anything You know the way planes run its almost impossible to think of a place thrft you cant be to by morning or at the latest next day at noon It was getting along late in the afternoon I had just played a little polo game at my place Jimmy the youngest was “Hot" and he made'a sucker out of me I was on the other side Bill had the measels and had to stand off on the side of the hill in front of the house and over what they call the German watch it He was just measels (Irvin Cobb said they were now called Liberty measels) He was a mighty big old boy to be measellng Then the Mother who had been taking care of him thought she had em and wanted me to get away to keep from catching em so itwaslate in the afternoon hbout five thirty and I called up the plane company and booked me space to leaye at y seven And it takes an hour td go to the field I wasent right sure I waa gblng back to these celebrations but I can be ready to Left at seven arrive at Abilene Texas go to Africa in ten minutes at six the next morning and its onty forty miles out to the town where the reunion Is Sanford Texas Why you can leave California in the evening on any one of the three lines and arrive in New York and see a matinee the next afternoon and a night show and leave after the night show and be home by the next night for dinner But they are moving plenty fast in cars too and the trains are pickirtg up and their business Is picking up Its going to be one of the biggest prowling summers we have ever had There is so much to see and somany good places to stop and cheap I never in my life saw as many out of state cars as there is in California this summer That big fair out there is drawing a lot of em but every state has something that everybody ought to From what I can gather from qveryone I talk with things see are definatley picking up If they just get more folks to working ' which they are doing now too there is no way to stopping this Country Just quit listening to the politicians They have to make a noise the nearer it comes to next year Roosevelt aint going to ruin the Country The Constitution will remain as is The Russians are not going to take us Everywhere I have been on this trip there is a fine feeling Let folks quit argueing over who did it or dident did it Just join in it (Copyright 1935 by the McNaught Syndicate Inc) 5-- nt 7-- 12-1- 2 5 1 1-- 4 I |