Eugene register-guard. (Eugene, Or.) 1930-1983, January 01, 1933, Image 9

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Eugene register-guard., January 01, 1933, Image 9

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Newspaper Page TextANNUAL REVIEW SECTION, ANNUAL REVIEW SECTION, LAKE COUNTY'S HOME NEWSPAPER EUGENE, OREGON, SUNDAY, JANUARY 1, 1933. VOL. 84 NO. I Victory In University Fray Crowns Chamber's Community Activities City And Surrounding Country Alike Derive Benefit From Cooperative Approach On Problems Of Common Interest with its main objective the organization of the fight against the forn-Macpherson school moving bill during the last year, the Eugene ehamber of commerce has completed a year of extensive activity, reaching Into many phases of the community life, according to the annual report compiled by E. G. Harlan, secretary. In addition to the work In the campaign against the school moving hill the chamber encouraged approximately 20 families per month to -.ma in this trade territory, bringing a monthly Investment of new "l7,-, ..Heated At SSO.000 a month. in leaping into the battle to save fairs eommuiee uuiuiouua ........... uubwuw ............. ...... - irt as leaders In the fight' With the installation of headquarters in tittle Deady hall, the fight was carried on from there with thousands nieces of literature being distributed, campaign funds solicited and tatters sent to all parts of the state urging a vote against the bill defeated by the largest vote ever cast against an initiative measure n ..7.7. In leaping raw ' -- ths university, a University affairs committee consisting of leading Eu .eae citizens was appointed to act as leaders in the fight. With the install ation of headquarters in Little Deady hall, the fight was carried on from there with thousands of pieces ol lit erature being distributed, campaign funds solicited and letters sent to all parts of the state urging a vote against the bill which was defeated by the largest vote ever cast against an initiative measure In the history of the state. . Second In Oregon United States department of com merce statistics show that Eugene is second in Oregon in amount of money spent for automotive equipment and supplies," Harlan's report indicates. "Eugene Is the hub of a great recrea tional area and in 1932 the chamber cooperated with central Oregon com munities in publishing 10,000 copies of an illustrated folder describing the Oregon Cascade wonderland. These were distributed in southern California and in Canada. Two pages in book lets published by the American Legion carried sttractive scenes of Lone comity to over 100,000 readers this past summer. Dozens of Bpecial ar ticles were supplied lending mngazines and newspapers which brought the story of this county's many resources to the attention of interested read ers." The chamber cooperated with var ious rosd building agencies and many citizens have been employed on pro jects during the past year which have amounted to nearly -one million dol lars. The highway committee of the chamber has devoted considerable time in the interests of the city, county and state. While' there has been a national decline in the volume of retail busi ness, Eugene during the past year has shown above-the-average volume for communities of this size, it is said. This has been due partly to the ex tension of highways and the building of new roads which have tapped dis tant consuming areas. An sggressive year 'round cam paign by the merchants division has been maintained during 1032. The an nual Pet Parade attracted over 1000 ehijriren with their pets from all parts ef the trade territory. The spring style show, the harvest festival which drew over 20.000 people, on the final day, the holiday program and other events helped in maintaining a sat isfactory volume of retail business, considering general economic condi tions. Helpful To Agricultural The chamber took a sympathetic In terest in agricultural problems. Its committee helped secure contracts for certain vegetables bought by canner ies; it cooperated In securing lower rates on agricultural lime; it spon sored many large meetings which fea tured more profitable production of Poultry; it assisted in securing branded sacks for potato growers and pro moted meetings featuring the grading ef potatoes. Some progress was made during SEE EUGENE CHAMBER STORY . PAGE 3 Ec onomic Considerations To Guide World's Politics In 1933; Major Events Due By STILTON BONNER 'European Manager, NEA Service) Thfl fourth vbbk tH h - l i a W depression and unrest, 1933 JT!S at a yesr of tremendous poten esllties in world history In which eonomie considerstlons will dictate " political courses of nations. Four major events, three of which r rle;igned to aid in economic recov ery, are on the calendar. They are; WORLD economic and monetary inference, due to be held In London, otiteunen from many nations will dis- the stabilization of exchange, the lowering of trade barriers and other "Waal attempts to bring about Im pror.m.nt. DISARMAMENT conference, by prosentatire, f 60 nations meeting Jer L.,.;,,, of yitinB, ,pic.. t -eva. Though last summer's ses JMns proved barren of real results. uter hnp., ,r. htM now m Tiew of uggestions for trading arms reduc tion for war debt revision or other C"nmw considerations. iJk $ DEBT "vision conferences. Probab It to be held at Wnrhington. general economic conditions, plus Ger nr t refn-al to pny any more repsr- the v V M m"n7 to Mi" hl debts j s,"'es mnst reduce war ... V bl European nations as a thi VE F NATIONS on trial, as ..? I "! Ja',an'' ietinnre bT it IsW 7 Chin'-e Manchuria and e,. -Jtimetit of th. dummr "republic" iiMihoui there, Whether tee the university, a University af- OF CITY IN 1932 A strengthening of the general bond sinking funds of the city of Eu gene, steady progress toward reduced expenditures,, retirement of warrant debt and tax reduction are features noted during the past year by city officials. While no attempts were made to enter upon enterprises involving in djbtcdness due to the financial pro. gram, every care was exercised to as. sure the safeguarding of the normal welfare of the city, according to R, S, Bryson, city recorder. Police and fire protection have been maintained at a high standnrd, streets have been kept clean and in repair, sewers have been regularly inspected and kept open and drained, and the general health of the community constantly regarded. The only noteworthy changes in city administration was the resignation of H. E. Wilder as mayor, with the sue. ccsslve appointment of Elisha Large as mayor, and the resignation of R. W. Hall as chief of police and the promotion of Carl Bergman to this post. - During the year the city purchased a permanent garbage dump ground suited for all future needs of the city. It is located on grounds approved by the state board of health. Payments to the contractor for aviation field improvements have been completed this year. "While the year's business cannot be balanced till the middle of Janu ary, in general terms it may be said that the general bond Interest, paving Intersection, sewer, aviation field and playground warrant accounts are prac tically on a cash basis," Mr. Bryson declared. "On January 1, 1933, the general warrant debt will be approx. imntely $56,000, an increase of $3000 over the same date last year. If this outstanding indebtedness is considered, in the lisht of uncollected taxes, as an available asset it places toe gen eral fund in a most favorable position. "Uncollected taxes for 1930 and 1931 for the general account total $00,208, and $7,000 is due the city from the county street and bridge fund for 1932. If and when this money is collected, it will retire all outstand ing debt and give the general fund a ensh balance of $11,000." The general bond sinking fund has been buTlt up to $311,155.24 during 1932, which, with $7,000 of bonds re tired during the 'year, leaves a net In crease in the fund of $28,873.73. Vir tually the entire sinking fund Is in. vested in sound securities with a pres ent interest return of over $15,000 per year. This revenue is all credited to the sinking fund, i league can compel observance of solemn treaties la the Issue. Economic, disarmament and war debt conferences doubtless will not be held unto after President-elect Roose velt takes office, since his policies will govern the United States' conrse with regard to each. A resume of Important world news in 1032, Including many developments which led cp to this program for 1933, follows. Japan and China Determined to smash a costly Chi nese boycott resulting from Japan's conquests in Manchuria (which started in September, lail) the Japanese be gan bombardment of Shanghai on Jan uary 28, In defiance of world opinion. Weeks of fierce fighting were ended by a truce on May 4, which promised abandonment of the boycott Japanese military leaders on Feb mnry 23 set np the dummy "republic' of Manchonkuo In Chins's richest agrl cultural and mineral ares. On Sep tember 20, Japrn formally recognised Manrlioukiio as an "independent re public." No other nation has done so. After months of Investigation a League of Nations committee, headed by Lord Lytton of England, returned a report Indicting Japan lor aggres sion. recommended It disgorge Man. chnukun. Japan, claiming the invasion SEE economic issya eft PAGE ft EUGENE BUSINESSMEN VIEW 1933 WITH HIGH HOPES H. L Edmunds, president ef U. 8. National Bank All we need in look ing forward to the new year is a little more confidence. The nation as a whole and Eugene has plenty of cap ital and an abundance of natural re sources and all other things that go to make np prosperity. Here in Eu gene retention .of the university has created confidence. We have a diver, sifted agricultural community sur rounding Eugene and many attractions for tourists and home seekers and the city will continue to grow and just ness develop. Darwin Grlstow, First National Bank In my opinion, the outlook for 1933 is, to say the least encouraging. We cannot expect prosperity to sud denly appear; the recovery will natur ally be slow. There,are indications of improvement In some of the basic in dustries, and I believe that the bottom of the depression has been reached. I think there will be a decidedly notice able improvement before the end of 1933, and that Eugene, Lane county, and the state of Oregon will make a reasonable advancement thereafter. W. A. Ayres, manager of Producers' Publio Market "If business is as good in 1933 as it has been in 1932, we will come out all right T. L. Ohlsen, manager of Farmers' Creamery We hope for a good year and particularly do we hope for re lief for the farmers. I believe we shall see another year of extreme low bntterfat prices and that we shall see but little improvement in agricultural commodity prices generally. Every thing points still to a surplus in pro duction. However, we can look for slight Improvement next year on sur plus In that lowered buying power and consumption will tend to curtail pro duction. Mayor Elisha Large After contin uing the city's plan of reduction of ex penditures, started five years ago, Eu gene Is now prepared to start the coming year, taking full advantage of any upturn and prepared against fur tlier depressions. Tho city is operat ing on a carefully trimmed budget and we expect to go through the year in good shape. One fnct to be rcmera bered In the city's affairs is that 55 cents of every dollar must be put Into the sinking fund investments to caie for bond indebtedness. Therefore we have only 45 cents on each dollar to work on. However, with fair tax collections next year we see no rea son to feel pessimistic George C. Stanley, Ralph and Stan ley stores Our business during 1032 ran ahead of that of the previous year every month except December, which fell a little short of the busi ness done in the same month of 1931. Carl 6. Washburne: In contacting people from various sections of the state during the past few weeks I have found a general feeling of optim ism regarding conditions for the year 1933. While no one feels Justified In predicting definite improvement in business, most people express the thought that with the general ex treme reduction of taxes by munici pslities, school districts, port dis tricts and counties and a definable Improvement In commodity prices, chances for the coming year are bet ter than in 1932. Leaders in business and industry of the state, I believe, feel that the worst of the depression has been passed and that the future holds some promise of better things. J. W. McArthur: While I csn see no reason for great optimism for the coming year, neither do I feel pessi mistic regarding things because we seem to be holding our own, having reduced overhead costs nnd operating expenses down to a point where we are readj to go ahead with efficiency and confidence. We have been neu tralising losses through economy and everyone now seems to be prepared to take advantage of conditions as they improve generslly. I. 0. Holt: "I predict fully as much business for the new year as there was In the past year. . . . We are not contemplating, for the present at SEE EUGENE VIEWS STORY PAGE 2 HERE'S A 5lad? IU.S. Fleet TtWtS C'Ti ' 1 ' I WA. j-WjBfitam Pays on War OwtfK Kl rli LW- X'Trrrjf J.an""c FT I ' i : -fV1 V-Hl iJJ. Hi 1 1 ii .nfA"l.iU. Britain U Bombard TUf Mussolini's VT ' fywpvl EV modfigJLi B Jlffi i, X IJOth Vnniversary V l 1 I iRevolulion Civet Mttlco's President I Qv ) JZ, Ljt fW ffi&gjL L fj5r&r& SZ , , IfrLfvr V y WTHnncer Strike"h jj . V? LJ& American RIDING THE 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 120 'Hi lLJP.a"r-lA ' ENDOFmif , k .'T )y 11 "v SQ-yl GERMAN I ;jfV Jf0 1 f fcoLLAPSErj . :, y--E. HSfflffr, :rY -atr &J lENULANB lOKFlVjJ fjn V lOQLD STANDARD I Mt - J iiitM I Co'TmoDITY O "trma m PRICK LO'Sj 1916 '18 20 22 24 26 I-! Pnst.War Infla-1 I I I I I Htion and Exports! I I I I I I Si I I I I I I I 200 -: I World Surplus J50 f " " z i Grows Extreme iOO 1 1 am ii I Depression I WUr19"J- of 1921 L I Level ' ' i I 1 I V Lowest Average 5fJ I I I I I I In 35 Years It's a great life If you don't weaken. Here are three charts which give you a graphle picture of how the country haa been "taken for a ride" on the "economle thriller" (you remember the up-and-down thriller at Coney Island don't you?). The top chart showa the general situation since the war, the minor slumos of 1923 and 1924, the 1927, then the climb to the top of 1932. Whoosh I Did you lose your rat or your snirtr you win notice we now aeem to do cnmoing out of the nit. Where bound? Everybody hopes for a nice long, flat plateau. ' On the lower left the chart ahows what has happened to has been happening In the stock markets. YEAR; IMPRESSIVE By HOWARD W. BLAKE SLEE (Associated Press Science Editor) NEW YORK, Dec. 81. OP) Atom-smashing ot a new kind and improved social relations are two foremost dreams of science for 1033. The first Is becsuse It promises a golden, though delayed future more prosperous than anything in history; the second because It can be of im mediate relief. Only a small group of physicists knows ot the rapid developments in 1932 In atom-smasbing and what these events portend. The most sur prising of these was an experiment which upset the time-honored belief that you never tcan obtain more energy from a reaction than you put into it. But two British scientists, Dr. J. D. Cockkroft and Dr. E. T. S. Wal ton, recently shot a 600,000-volt atomic particle at an atom, which thereupon split Into two rays, having a total of 15,000,000 volts. This atom gave off 25 times the energy it bad received. "Unlocking" Energy Simple Investigation showed that all the tremendous additional energy was something that had been "locked up" in this atom when It was created. It was the same mysterious "energy of the atom" of which philosophers have been talking for years. But io this case, for the first time, the method of "unlocking" was theo retlcslly as simple as touching a match to wood to "unlock" the energy SEE SCIENCE PROGRESS STORY PAGE 4 PICTURE STORY ECONOMIC 28 301932 I923 24 25 400 500 ZOO 100 long climb upward to lsze, trie the peak In 1929 and the terlfflo swoop to the very bottom at midyear the farmers since 1916, and on the 1832 ACHIEVEMENTS OF SCIENTIFIC WORLD NEW YORK, Dec. 81. OP) Following are highlights of sci ence in 1032: Atom smashed by new method. , First photographs ot proton msde. Neutron, new "atomic" par ticle, discovered. First protograpbs of genes, he redity units. Worldwide cosmic ray study. Piccard sets altitude record In balloon. Worldwide "polar year" sci ence study starts. Sun's eclipse yields new radio knowledge. Marconi extends range of radio short' waves. Possibility of life on Venus In dicated. Universe seen expanding 15, 000 miles a second. Einstein says earth 10 billion years old. Holidays Create Thriving Demand In Air Transport NEW YORK, Dee. 81. (U.B In creased travel by air, due to the holi days, Is reported by officials of Unit ed Air Lines, on some divisions of which extra, planes were put Into ser vice to take care of the demand for reservations. Extremely mild weather also brought about Ideal flying condi tions all along the coast-to-coast route. According to figures, Just released by the air line, the first 11 months of this year showed an increase In pas senger air travel by over 110 per cent as compared to the same period of 1031. More than 84,000 passengers were carried during thnt period as compared with 40,000 for the same period last year. In the month of November, 0.645 passengers were csr ried, contrasted with 2.S01 In Novem ber. 1031. OF WORLD HISTORY IN 1932 'THRILLER' PEAK OF STOCK MKT. BOOM HOOVER I MORATORIUM 26 27 28 29 30 31 1932 I I Just Before I I IThe Big Crash 1 Era of "Coolidge yl I Prosperity" I y Mora- I II I ft f torlum "RBornC'P 4 Commodity F ''11' Lows f second minor slump ot i2s ana lower right the chart shows what By RICHARD D. McMILLAN United Press Staff Correspondent PARIS, Dec. 81. (U.PJ With ten million homes menaced by the specter of hunger and want, the 25 principal nations of Europe welcomed the New Year with subdued rejoicing, but buoyed up by the hope that the crisis of the past three years will pass in the next twelve months. At no time In the past hundred years has the Old World known such widespread stsrvatlon, yet it Is equal ly true to say that the end of the year 11132 arrived on a wave of optimism Inspired by the belief that the turning point hod been reached. The 400.000,000 people living on this side of the Atlantic face 1033 with their minds concentrated more on political than economic Issues, holding that developments In the field of political relations will prove to be the decisive factor in the solution of the economic deadlock. The prevail ing belief is thnt 1032 has shown that economic measures especially the in troduction of tariff barriers have pro duced results contrary to those an ticipated. Crisis In Many Countries Instead of alleviating the crisis In the various countries of Europe, tar iffs have aggravated the sifliation, notably In France. The consequence is that the people look to an all-round esing of the political outlook. The eyes of Europe therefore nat urally turn to the United States to discover what will be the attitude of SEE EUROPE OUTLOOK STORY PAGE 3 Business Sees Reconstruction Ahead; Outlook Is Optimistic Adjustment Of International Difficulties, Progressive Attitude In Domestic Troubles Expected In Next Year By JOHN W. LOVE , Written for The Register-Guard . (Copyright, 1932, NEA Service, Inc.) ' The promise ot the new year Is cheering in one respect: the coun try Is facing Its realities to a degree days of midsummer, 1929. This means that many outfits have been putting off for a long as a whole will either give up the levels or decide Dy a supreme etiori to restore them. A good deal of the settlement Is already behind us. Compromises ot debt have been made In several directions and are being made right along In others. Many debtors now struggling with six per cent Interest may have their burden noticeably lightened during the new year. By CLAUDE A. JAGGER (Associated Press Finsndal Editor) NEW YORK. W The bond market was pulled out of a state of almost complete demoralisation in June of 1032, and ended the year at levels well above its beginning. In the aggregate, bonds slid back' ward substantially in the last three months ot 1032, but there hss been a marked contrast between the action ot the gilt-edged Issues, and the more speculative groups. With money rates sinking to ex' tremely low levels call money hay. Ing its most protracted period at 1 ner cent since 1004 It was small wonder thnt the very highest grade Issues ended the year at levels above even those of 1020, when the country was so engrossed with stocks. But the more speculative groups reacted rather substantially after September, evidently reflecting the feeling that corporate reorganisations here and there would still he needed to reduce unwieldy debt structures. The collapse of the bond market came well along in the depression; In fact It did not actually start until wide-spread banking trouble BP' nenrcd In the summer of 1031, result' Ing In hnsty dumping of bank In vestments to raise cash. The hope that banking difficulties were about over with the formation of the Na tional Credit corporation and the Re construction Finance corporation was apparent In a fair recovery In bonds around the start of 1032. A sweeping decline started In the aprlng, however, and gained momen tum as congress tussled with the budget and Inflation talk was nenrn Gold flowed out of the country, and banks continued to liquidate invest ments to raise funds to pay nervous rfonosltora. Inauinirat on of the fed' eral reserve system's program of heaw U. S. government security pur chases in April brought only a brief rallv. Finally, concerted action was taken by the leading banking Interests, which formed the $.100,000,000 Amer lean Securities Investing corporation for the announced purpose of buying bonds. It was well-timed, coming Just before the outflow of gold ended, and a federal tax measure was finally enacted. Bank troubles soon began to dwindle, and prices surged up swiftly until September, when the trend DC' gsn to level off. All listed bonds on the stock ex change had a total quoted value of S30.512.OOO.0OO on December 1, 1031, By June 1 last this had fallen to 3, fi.'ifl.OOO.OOO. It bounded up to $40, 072,000,000 on September 1, and on December 1, 1032, stood at $38,005,-00O.00O. Stock Market Toboggan Tendency Is Slowed Up As Industry Stabilizes By CLAUDE A. JAGGER (Associsted Press Finsncial Editor) NEW YORK, Dee. Rl. OP) The stock market In 1032 broke away from the bear msrket psttera of 1930 and 103L Shares reached the year's top prices In September, and csme to the end of the annual period well abnre the lows of summer. In preceding years of toppling prices, stocks hsd followed a saw-tooth pattern carrying them almost stesdily downward to new lows for the bear market In De cember of each year. Calculated on a percentage basts, the slump In the early months of 1U32 was one of the most severe In stock market history, but likewise the spec tacular upswing from early July to early September, in which price In dices gained more than 100 per cent, was unprecedented. The total quoted value of shares listed on the stock exchange tumbled from $.11,105,000,000 on Dec. 1, 1031, to $15,03.1.000,000 ss ot July 1, 1032. The market's quoted value in the next two months swelled to $27.T.S2.000,. 000. An autumn reaction carried It to $22,2.M),0O0,0OO as of Dec. 1 last. From December of 1031 until early March of this year, the market held to a relatively narrow trailing range, and appeared to have established a definite resistance point sround the lows of 1031. Enactment of the GIsss-Hteagsn measure In February quieted domestic tears (or tht gold standard, and sv Orderly unknown since the gay decepUvs will be making settlements they time, and perhaps that the country Idea ot returning to post-war price Tiie mack of 1032 Is certain to be remembered for its Ions' tragedy, not alone for its unemployment, its da dine of industry, the struggle with the national finances, but also for s false dawn in late summer. Once prosperity seemed reallv te be coming back, on the wave of sea sonal improvement In August, but some of It faded with the eolor ot autumn. Then the winter of our dis contents set in, st the same time that ways out ot our troubles begin to be come clearer in front ot ns. A New Beginning We must. In a sense, begin ever. Last spring witnessed the develop ment of a national program which was remarkably consistent with Itself. While a campaign against hoarding was going forward, the government formed the Reconstruction Finance corporation to lend to hard-pressed railroads, banks and Insurance com panies, followed it with a Home Loan bank, and protected national banks with further privileges ot currency Issue. The sdministrntion canned it with a conference In Washington te Initiate the shorter workweek and industrial purchasing. Then ws await ed the coming of prosperity. It arrived, It seemed, on schedule. The stock market saw the moat re markable boom In history (In percent age gain). Commodity prices rose rapidly. Money returned to the banks. Business sctlvlty responded In Au gust. The boom was on. But the frost was early. A permsnent resldlnm of confi dence was doubtless restored by the acts and decisions of the first half ot the year, but the dosing months ended In disappointment Commodity prices returned to their old lows, due largely to the decline of the British pound and other depreciated curren cies In prospect of large payments te the United States on war debt ac count. As gold moved to this country foreign currencies were deprived ef some gpld support, prices in their countries dropped, end those of oar prices dependent upon their markets responded. '( Trade and War Debts Yet, It does seem as If almost every single tough problem would be be hind us If only s solution for the wsr debts tangle can be found. When this Is effected, Internationsl traders will take heart, business activity will re turn, and national deficits disappear. To reorganize Individual concerns while this Is taking place nationally and Internationally la likely to be the main task of the new year. The course of employment was downward through most of 1032, with a slight improvement In early fall. The same description answers for In dustrisl production. The yesr's close completed s fonr-yesr decline In for eign trade, at tha end of which ex ports were running about one-third of 102S. Yet gold production. United States and foreign, was rising, a har binger of better times. Let ns look at some of the Indus tries. Electric power production bad been the last to yield to depression, but by spring It was rapidly declining, reselling a low point In July. Steel production was irregularly downward 8EE BUSINESS STORY PAGE 2 the market s sweeping rally. The list finally reached the beat levels of the esrly months of the yesr on Msrcb fi, Just a week before the spectacular suicide of Irsr Krsuger. The death nf Kreuger and tha sen sational disclosures which followed proved an unexpectedly severe blow to confidence, particularly since it came at a time when Wall Street could see clearly that the spring re covery in business would be meagre. About a month after Krengsr's sui cide csme the Insult collspse. In the meantime congress was having no success balancing the budget, bank closings were numerous, and s fresh) outflow of gold got under way. In April and May the decline Is) shares wss precipitous. Somewhat earlier In the spring various moves against bearish activity had brought only momentary rallies. In June came an end of the gold outflow, the formation of the $100,4 000,000 banking pool to buy bonds, the enactment of a federal tax maa sure, and abroad the Laussnne egress nient. An esrly June rally was inter rupted by banking worries In the ln tarlor. but by early July the market was able to turn definitely upward. After two months of steeply rising prices It becsme apparent that the ad vance had far outstripped any prob able near term Improvement In com porate earnings, and the bitter ns tlonal political campaign became sn unsettling factor. Toward the end of the year, however, the market still had roughly, halt Its rally.