anaheim-gazette 1937-09-23

ANAHEIM GAZETTE Established 1870 Orange County's Oldest Newspaper HENRY KUCHEL, Editor and Publisher 1887-1935 The Anaheim Gazette has been owned and edited by the same family since 1875. Published every Thursday at 259 East Center Street, Anaheim, Calif. MRS. HENRY KUCHEL — THEODORE B. KUCHEL Editors and Publishers THE "LEGITIMACY OF SPECULATION" Writing in Barron's, James Truslow Adams, the distinguished American economist and historian, discusses the "legitimacy of speculation." "Speculation," he says, "is the taking of legitimate risks for the sake of some gain greater than is provided by 'playing safe' on the one hand, it is bounded by sheer gambling on the other. We usually think of it as confined to dealings in securities or commodities, but in fact it runs through all departments of life. . . If there had never been any but investors (the perfectly safe people who put money into nothing that did not appear absolutely certain) we would never have developed modern inventions and industries. . . If it had been for the men who were willing not to play safe but to speculate, business would be where it was before the industrial revolution. . . "The inevitable tendency of our present legislation is to divide us not into the two classes of investors and speculators, but into those of gamblers and parasites." Here is a severe indictment, coming from a man of liberal views who realizes the need for adequate legal protection against financial chicanery. It is one thing to pass a law to prevent dishonesty and misrepresentation, and at the same time keep the path open for those who are willing to take a chance and speculate in new inventions, new industries, new things of all kinds. It is quite another to pass laws which so hamstring legitimate industry and speculation that we are barred from taking the risks that are essential to continuous progress and higher standards of living. Speculation—the taking of risks by men who knew what they were doing—made this and all other great countries. End speculation—and you end progress. "UNTHINKABLE, INTOLERABLE" SPRINGFIELD, Illinois—National Federation of Employees, an independent competing with A. F. of L.I. O. for the nation's 800,000 permanent employees, P. Roosevelt last week dispatched message on the occasion union's convention at Spring Conceding the place of employment unions in the U.S. picture, the president never sternly warned: "Militant have no place in the fun organization of government employees . . . such looking forward to the process of government by those who sworn to support it is unintolerable." But the president's dictate hardly in print before a government employee struck in Washington but on the Plate off Montevideo, U.S., where the crew of the S.S.gie," a 496-ton freighter owned Joseph Patrick Kennedy's al maritime commission, rerun unload cargo onto an midstream because Urk longshoremen were on against employment of non-labor. The "Algic's" swore they would not work scab longshoremen until the freezing River Plate freeze. Although seamen may when a ship is docked in the port, once a ship has sailed strike is mutiny. Unable a settlement by pleading an anguing, the "Algic's" Joseph Gainard and the States vice consul cabi ship's owners, received message which seemed to hint the attention of Chairman nedy himself: "Instruct crew to proceed your lawful orders. If th to prevent dishonesty and misrepresentation, and at the same time keep the path open for those who are willing to take a chance and speculate in new inventions, new industries, new things of all kinds. It is quite another to pass laws which so hamstring legitimate industry and speculation that we are barred from taking the risks that are essential to continuous progress and higher standards of living. Speculation—the taking of risks by men who knew what they were doing—made this and all other great countries. End speculation—and you end progress. WHAT DO YOU THINK? Just suppose it should be announced from Washington that the next session of Congress would devote itself to studying ways and means to reduce the present extravagant cost of government; That it would adjust, reduce or eliminate special, punitive or class taxation that now hampers or discourages business—such as the capital gains and losses clause and the tax on corporation surpluses; That it would adopt a strong and definite policy that would protect the rights of the worker, as well as the rights of the factory owner and the public; That it would use all powers of the government to see that workmen or employees, union or non-union, were protected in their jobs and operations, and that infringers on their rights would suffer the full penalties of law enforcement; That it would discontinue its present program of duplicating existing power facilities and the expenditure of hundreds of millions of dollars to provide an unnecessary competitive service against a private industry whose rates are already subject to stringent public regulation; That it would study the rail transportation system from the standpoint of encouraging, rather than hamstringing the American railroads, as is now being done insidiously by those who would socialize the carriers under government ownership. Just suppose our government would announce such a program instead of coming forth with new and untried experiments threatening to property rights, personal liberties, investments and employment. LARGEST and MOST BEAUTIFUL in AMERICA Los Angeles County Fair Pomona SEPT 17 to OCT 3 Presenting Its Greatest Glorified Drama of Development In agricultural, industrial and cultural progress. Four Huge New Buildings 200 Acres of Enchantment 20,000 exhibits -- 20 divisions including agriculture, architecture, art, fashion, dance, entertainment and crafts, household items, jail and exhibition, livestock, petroleum, pyrotechnics, day show, dairy industry, artistry, indoor fire, machinery, chemistry, science, invention and many others. $150,000 IN CASH PRIZES Horse Racing Dajly 1000 Rumers, Testors and Passers in Greens Fell Classic of the West HORSE SHOW BEAUTIFUL New Beamed Antennae from Former Stables in Amelia on Ponce-Flor Ten Nights CREAM OF THE WORLD'S ENTERTAINERS A Mighty Carnival of Joy Sounding circus dazzling antique performances; papier-mâché buildings; polo arenas; fountains; stores of stage, screen and radio; nightly toy cars; quirks; loremets; costumes; dazzling projections; wonderful musical bands; concerts, etc., etc. LOCATION CONVENIENT TO ALL Major highways include in every direction: 30,000 car parking area. Excursion rates by rail and bus direct to entrance. ADMISSION 50¢ The MARCH OF TIME Prepared by the Editors of TIME The Weekly Newsmagazine UNTHINKABLE, UNTOLERABLE" —SPRINGFIELD, Illinois—To the national Federation of Federal employees, an independent union competing with A. F. of L. and C. O. for the nation's 800,000 government employees, President Josephelt last week dispatched a message on the occasion of the union's convention at Springfield, conceding the place of government unions in the U. S. labor culture, the president nevertheless firmly warned: "Militant tactics have no place in the function of a organization of government employees . . . such action looking forward to the paralysis government by those who have grown to support it is unthinkable and intolerable." But the president's dictum was hardly in print before a group of government employees struck—not Washington but on the River rate off Montevideo, Uruguay, where the crew of the S. S. "Alic," a 496-ton freighter owned by Joseph Patrick Kennedy's nation-maritime commission, refuse to help unload cargo onto a lighter midstream because Uruguayan longshoremen were on strike against employment of non-union labor. The "Algic" seamen wore they would not work with ablongshoremen until the never-cezing River Plate freezes solid. Although seamen may strike when a ship is docked in the home port, once a ship has sailed, to strike is mutiny. Unable to reach settlement by pleading and harquaging, the "Algic" Captain Joseph Gainard and the United States vice consul cabled the ship's owners, received a terse message which seemed to have had no attention of Chairman Kennedy himself: "Instruct crew to proceed with your lawful orders. If they still United States. If they still refuse, place ringleaders in irons. If other crew members still refuse duty, have them removed from ship and replace them with American, if available, and if not, foreign seamen. If case you experience any difficulty, request assistance local authorities. Report developments." As the "Algic" crew swiftly returned to duty, Chairman Kennedy declared: "The maritime commission takes the position that the action of the crew is unlawful . . . that in this particular case such an act constitutes a strike against the government. Neither situation can be tolerated." SHOWDOWN—SAN FRANCISCO—From its North Beach warehouse at the foot of San Francisco's Hyde street, closed since last November when 75 members of Harry Bridges' Longshoremen and Warehousemen's union were discharged, big California Packing Corp. fortnight ago wanted to remove some of its stored-canned goods. When California Packing dispatched a fleet of trucks manned by members of the Teamster's union bossed by A. F. of L.'s beefy Dave Beck, "Tsar" of Seattle labor and sworn enemy of Harry Bridges, hustled to the warehouse was a crew of Bridges' unionists to picket the Beck teamsters. Dave Beck promptly declared war, ordered his teamsters not to truck goods handled by Bridges' longshoremen, made exceptions for perishable and government orders. Thus, what started as a local warehouse squabble was by last week a major battle involving all San Francisco, threatening the whole Pacific coast. With jurisdictional possession of the West coast warehouses the real stake in the war, inbound cargoes waited on San Francisco's Mayor Rossi with pleas to end the war. Businessmen secretly favored Dave Beck as the lesser of two evils. Much as they would relish a Bridges defeat, they would not want Dave Beck to fasten on San Francisco the brand of politico-labor dictatorship he has developed in Seattle. Bidding loudly for the goodwill of capital, Teamster Beck trumpeted: "Before we're through we're going to call on the American Legion, fraternal organizations, business, responsible labor and the general public to support our position and stop irresponsible and Communistic activities." STATISTIC—WASHINGTON — The United States office of education in Washington last week estimated elementary school enrollment this fall at 20,206,000 pupils—1,000,000 fewer than at the 1930 peak. The downhill trend whose start accompanied a rapid fall in the birth rate during depression is expected to continue at least until 1941. CRASH! CRASH! CRASH! NEW YORK — Although the threat of war in Europe was not even considered a factor in the stock market decline at the 1914, swiftly closing markets sent the worries to the New York stock exchange; the tremendous access selling orders awaited the morning of July 14; brave governors of New York shut down for four hours when the exchange had all business done or prices started to crunchingly and the wartime on. Wall street had no call those historic days when a thundering shook the New York stock market since 1931. The main falling steadily for Supposedly it had both war in China wave of pessimism over prospects. The European crisis bursage page. Selling was not the trading volume 1,870,000 shares, leader at times as much utes behind the floor end 385 stocks had... Although seamen may strike when a ship is docked in the home port, once a ship has sailed, to strike is mutiny. Unable to reach settlement by pleading and harquaging, the "Algic's" Captain Joseph Gainard and the United States vice consul cabled the ship's owners, received a terse message which seemed to have had no attention of Chairman Kennedy himself: "Instruct crew to proceed with your lawful orders. If they still refuse warn crew that all still reusing to perform duty will be faced in irons and prosecuted to all extent of law on return to Dave Beck promptly declared war, ordered his teamsters not to truck goods handled by Bridges' longshoremen, made exceptions for perishable and government orders. Thus, what started as a local warehouse squabble was by last week a major battle involving all San Francisco, threatening the whole Pacific coast. With jurisdictional possession of the West coast warehousemen the real stake in the war, inbound cargoes piled up on the San Francisco docks, jobs dwindled with the filling up of available storage space, and longshoremen's wives RED TAG Electric Range EVENT Love DOWN PAYMENT EASY TERMS less kitchen work when you cook on an ELECTRIC RANGE... when you cook on an ELECTRIC RANGE... ... That is one of the big surprises in store for you when you switch to an electric range. See the new models now... AT YOUR DEALER SOUTHERN CALIFORNIA EDISON COMPANY LTD. See BOHNET for ELECTRIC RANGES 265 E. Center St. Anaheim, Calif. even considered a contributing factor in the stockmarket's desultory decline at the end of July 1914, swiftly closing European markets sent the world scrambling to the New York stock exchange to convert securities into cash, and the tremendous accumulation of selling orders awaiting them on the morning of July 31 forced the brave governors of the exchange to shut down for four months. But when the exchange reopened, with all business done on a cash basis, prices started to climb surprisingly and the wartime boom was on. Wall street had occasion to recall those historic days last week when a thundering war scare shook the New York stock exchange in the worst one-day break since 1931. The market had been falling steadily for three weeks. Supposedly it had fully discounted both war in China and a sudden wave of pessimism over fall business prospects. Then a first-class European crisis burst on the front page. Selling was persistent and the trading volume soared to 1,870,000 shares, leaving the ticker at times as much as three minutes behind the floor. At day's end 385 stocks had touched bottom for 1937. Yet the European stock market showed no similar apprehension, and although Paris and London markets declined, they never approached a break. After showing signs of a healthy rebound for two days, without war-scare, labor trouble, Washington slams or serious business news, the United States market again nose-divided in the widest break since October 17, 1930. On a volume of 2,320,000 shares—about three times the daily trading for the past few months—463 stocks set new lows. As an explanation of this second crash the war-scare was out. The scare itself had failed, and little flurry in war commodities had died a natural death. Although the Federal Reserve board took steps to pump out bank reserves "to provide funds to meet seasonal withdrawals of currency from the banks and other seasonal requirements," the effect of the board's move was precisely the opposite to that intended: After a brief market rally, sentiment veered to the feeling that the move indicated serious apprehension in Washington and another selling wave hit the exchange. Prices went crashing for the third time in seven days, declines from the day's high to the day's low were reminiscent of November 1922 and Wall street came to the inevitable conclusion that it was a fault of New Deal regulator legislation. BULLET— BOSTON, Massachusetts — Out of the neck of Edward Simpson Massachusetts police doctors last week dug evidence which ma convict him of murdering a policeman; a bullet from a brother policeman's gun. LOVE— NEW YORK, N.Y. — When John Koppelmeyer, 72, insisted to a Manhattan magistrate that he loved his wife despite the fact that he had thrown a bottle her head on arriving home drunk the magistrate asked: "How can you balance love with throwing bottle at her?" Glibly answered Koppelmeyer: "It was an empty bottle." Americanism: Working at your own trade to accumulate a little fortune; losing it in some rich-quick business you know nothing about. Life's Pretty "Easy" pretty "Easy" FOR THE MAN IN A HART SCHAFFNER & MARX SUIT we mean "easy". And you KNOW what we mean if you've compared al Hart Schaffner & Marx suit with one of the so-called "Just-as-goods" people try to sell you! 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