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FRIDAY, MAY 24, 1935
WHY THE MONEY IS IDLE
The Guaranty Trust Company of
New York has made a bitter attack
on the banking bill now pending in
congress, and believed by the news
paper world of Washington to be
practically certain to pass. The Guar
anty bases its objections partly on the
fact that the bill provides for con
tinued insurance of bank deposits, and
waxes eloquent over the vast sums of
idle money now lying in the banks.
'These funds are unused," says
the Guaranty Trust, "'because of the
disturbance caused by experimental
monetary and tiscal policies, restrict
ive and unsettling moves directed
against business, and government
competition with private enterprise.''
The last clause shows that, like
other big banks, the Guaranty is hold
ing a brief for utility holding com
panies and it would be somewhat em
barrassed if asked to show where the
federal government made a move
'•directed against business" either in
this or other administrations. But
there is an easier and more complete
reply to the Guaranty Trust com
plaints than this.
Three years ago, there was no in
surance or bank deposits. There were
nn "experimental policies" on bank
ing or anything else. Big business
really ran the government councils,
and as for competing with private en
terprise, President Hoover would have
called out the soldiers to stop it,
And yet, with none of the factors
present which bankers blame now, the
country was sinking deeper each day
into the mire of depression and "just
around the corner" was the day when
all the banks in the nation were closed.
The silliness of the Guaranty's wail
needs no other proof.
Money is lying idle in banks because
the wages paid to workers are too
small to enable them to buy the goods
whose production would be financed by
that money. That is the simple, ob
vious truth, which labor has under
stood for years but which financiers,
apparently, never can learn.
"THE POOR LITTLE RICH GIRL"
What shall it profit a man to pile
up a hundred million dollar fortune
out of ten cent sales, if those who
inherit that fortune get eight-minute
divorces in Reno, marry again in three
hours, and plan to leave their coun
try for the sake of a peaceful life?
That is a thumb-nail account of the
life of Barbara Hutton, who got $40,
000,000 the Woolworth fortune,
merely by being born. She haa never
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earned a penny in her life—never had
the chance, for her enormous wealth
fenced her in from that healthful
contact with the world almost as
effectively as unemployed poverty
could have done. She married, a Geor
gian prince named Mdivani, and im
mediately after her divorce married a
Central European count named Hau-g
witz-Reventlow, and they are going to
live in France, where people will let
them alone.
Andrew W. Mellon, while secretary
of the treasury, did all in his power
to ribolish the inheritance tax. But if
the federal government had collected
about 95 per cent of the Woolworth
inheritance, the money would have
plugged a large gap in relief expendi
tures, and the heirs would have been
better off without it.
to:
WHAT NEXT?
An all-steel piano of rust-proof
metal is expected to be soon offered
to the musical world as the joint ex
perimental product of piano, steel and
typewriter manufactuieis The type
writer plants are contributing certain
mechanical parts. It is understood the
all-steel piano will be lighter in weight
than present type instruments.
:o:
WISSDOM
Justice between men or between
nations can only be achieved through
understanding and good-will.—Jane
Adams.
:o:
Publicity Experts' Work
Described As "Nebulous"
New York (AFLNS)—The federal
securities and exchange commission
ruled that fees in excess of $20,000 a
year paid by registered corporations
to publicity counselors must be report
ed to the commission. Commenting on
this rule the financial editor of the
New York Times observed that while
"this requirement is not likely to
please the comparative few highly
paid public relations experts," never
theless "stockholders of some cor
porations might be surprised at the
size of the annual retainers paid for
rather needless services."
Army Drill Turns Recruits
Into Soldiers in 16 Weeks
By A. F. of L. News Service.
Washington.—JReports received re
garding tests conducted with a war
strength rifle company at the infancy
school at Fort Bennings, Ga., con
vinced the war department that it re
quires only 16 weeks for a company
of new recruits under proper training
and supervision to be prepared for
the front-line trenches and other act
ual combat work.
The tests were made in connection
with mobilization schedules prepared
by the war department for use when
war
is declared.
Peter De Paolo, 1925 Winner, Ready
For Come-Back Try At 500-Mile Race
WOH WACt
IN
19
2S
INDIANAPOLIS, I n e
toughest hill in the world is the
comeback trail. But here's one ex
champion who thinks he can take it
in high all the way to the top.
He is Pete De Paolo, one time rac
ing champion and 1925 winner of
the Indianapolis 500-mile race, who
is making his comeback this year in
that classic on May 30.
The smiling, little Italian speed
ster, who crammed a century of ex
citement into a decade, earned a
quarter of a million dollars and lost
it, wrote a book of his thrilling life
as a race driver and put away his
goggles after a spectacular crash in
which he nearly lost his life, wants
another shot at fame whatever the
odds.
Better than 100 to 1 are the odds
against a successful comeback, au
thorities agree. Only to an ex
champion this seems like a fair price.
Dempsey and Benny Leonard failed,
ME BUTbEK COUNTY PRESS
4££L
w s s
V
Jeffries couldn't make it. Joey R&
missed and so did Harold "Red
Grange among others.
"They never come back I" is a
sports truism.
"Only they do now and then."
Pete insists. "Look at Babe Ruth
and Gene Sarazen. The Babe was
almost through and came back
stronger than ever. Sarazen is a
greater golfer now than he was when
he first won the U. S. Open in 1922.
And ten years later he went out and
won both the American and British
Open. But even if they hadn't done
it, I think I can."
And there are a lot of Pete's
friends who think he can. They
point out that Pete is in the pink
of physical perfection, a condition he
owes largely to handball and regular
gym work. He has, too, a first class
mount this year—one of the team of
10 Ford V-8's which were entered by
Harry Miller of Detroit.
The Cherry
»|1 Where with our
"1F&0 Little Hatchet
we tell the
about many things, sometimes pro
foundly, sometimes flippantly,
sometimes recklessly
Put one thing in your hat:
Labor, now as ever, gets what it is
strong enough to command.
That has been eternal history—it
probably will run into the future as
far as it does into the past.
Nobody passes the silver platter
to labor—not unless everything has
been taken off first, and then not un
less the platter is chained to its
owner.
It's axiomatic. It's clear as day.
It's one of the things to which there
is no answer.
If there's an unorganized man or
woman, the thing to do is to get that
man or woman.
If majorities are to rule, we had
better get majorities. And, in the
end, always, majorities DO rule.
Some will point to the Mussolinis.
Yes, they have been in power in some
places for what, in the long march
of time, is but a flicker.
Their doom was sealed before the$
were born.
They will pass.
Again majorities will rule.
Their doom was sealed before they
have to be organized, in one way or
another—standing unitedly for one
thing.
Of course, there are no majorities
unless there is a majority unity of
purpose and viewpoint.
That's why labor gets, now and
yesterday and tomorrow, what it is
strong enough to command.
In its sphere of influence it has to
be a majority.
If it were handed a filled silver plat
ter it would lose it all sooner or later,
unless it possessed the strength of ma
jority.
The millenium isn't going to be
made up of gifts.
Nor of laws.
It will be made up largely of recog
nized rights.
But rights are seldom recognized
unless and until a majority compels
an unwilling minority to quit hogging
the road.
Human freedom is based
upon con
quest by majorities.
'Kings and tyrants have fallen be
fore the onward march of education,
organization and determination.
You don't believe it?
Read history, observe events. Learn
truth.
You will believe—AND ORGAN
IZE.
Only poor fools think they can
ride to salvation in an easy chair
propelled by efforts other than their
own.
Nobody has discovered perpetual
motion, or freedom won without effort.
The history of the gaining of hu
man freedom is written in tragedy,
conflict and sacrifices.
Events today are moving with
lightning speed.
Perhaps there is a fast congealing
of a long-fermenting majority opinion.
But unless the majority can stick
together, the victory will all go the
other way.
For laboi the load is clear. Self
reliance, self organization, with intel
ligence and witn aknowledge that
human progress all the way rests upon
the understanding and the determina
tion of the people that there must be
progress.
If labor today takes it easy, takes
things for granted, down it goes.
Nobody with sense or with a long
ing for better things wants that.
Bdampton Can. The Brampton
Relief Commission reduced the relief
allowance for jobless bachelors from
$2.80 to $1.50 per week. A number of
single men threatened to protest ag
ainst the cut to the Provincial Depart
ment of Public Welfare. The chairman
of the commision said that $1.50 per
week is all the Government allows, and
consequently nothing could be done
about it, adding: "The men said that
they will go to the Government. We
won't make any effort to stop them.
The cut hasn't affected any married
man appreciably."
Dublin, Irish Free State—The Gov
ernment of the Irish Free State is ex
periencing difficulty in finding a man
to fill a job which in addition to cul
tural and radio knowledge also re
puires ability to handle Gaelic. Al
though the job carries a salary of
H,500 a year it has gone begging.
Applicants, one of whom was from the
United States, were reported to have
satisfied the test for culture and radio
information but were unable to ful
fill the Gaelic requirements.
Read the Press—it is the best.
"i
A Leader for
cAsli lour
Lowell, Mass.—John J. Molloy, or
ganizer of the United Textile Workers
of America, tas established a number
of textile unions in Lowell and vic
inity during the last few weeks. The
new organizations include woolen and
worsted workers employed by the
United States Bunting Co., Walsh's
Mills, the Royal Worsted, Ames Wor
sted, and the Navy Yard and Collins
ville Mills. It was announced that,
employes of the Newmarket Manu
facturing, Abbot Worsted, Boott, Mer
rimack and Waterhead Mills and the
Hub Hosiery Mill had also been or
ganised. Union officials said that
twelve locals of the Textile Workers
union were functioning here.
Thomas F, Mc Mahon, president of
the United Textile- Workers, Sec
retary-Treasurer James Starr, and
Horace Riviere, fourth vice-president,
are coming to Lowell on March 2 to
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ANTHRACITE
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326 Market St., Phone 129&
Hamilton, Ohio
tu-
participate in the ceremonies attend
ing the formal opening of the Lowell
Textile Council headquarters.
The Mecca Cafe
Schwenn Coal Company
5th and High Streets PHONE 23
38 High St.
Next to New City BIdg.
and Bus Station
Beers, Wines, Liquor
We Serve a
25c Noonday Lunch
Also Complete Line
of Other Orders
Tables for Ladies
H. C. VANNES, Prop.
W. H. STEPHAN, Prop.
COAL AND COKE
Robert G.Taylor Mortuary
Formerly
THE C. W. GATH CO.
Funeral Directors
Chairs and Tables Rented
17 So. Street
Forty-Five Years
Grocer