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About Capital journal. (Salem, Or.) 1919-1980 | View Entire Issue (Feb. 4, 1950)
ill a 14 Capital Journal, Salem, Ore., Saturday, February 4, 1950 Lord Norman, Mystery Man Of Finance, Dies in London London, Feb. 4 VP) Lord Norman, longtime governor of the Bank oi England and a powerful man of mystery in the world of finance, died in his sleep early today at his London home. He was 78. As Montagu Collet Norman "the sphinx of Threadneedle street" he headed the powerful Bank of England from 1920 to 1944. King George VI made him a peer on his retirement as a reward for his long banking serv ice. The Bank of England is sub stantially the equivalent to the U. S. Federal Reserve Bank. It has broad advisory powers over finance throughout the British commonwealth and the empire. Norman held the governorship longer than any man in the bank's 250-year history. Jiariy in ms career he was with the New York City banking firm of Brown Brothers. He travelled extensively in the Unit ed States. Associates said he ac quired a detailed knowledge of American banking and business problems. Still earlier he was a partner in Brown, Shipley and company, British-American bankers. Norman was an outstanding figure of international finance between the two world wars. One of his major achievements, although many financial experts thought it mignt have caused Britain's economic crisis in 1931, was getting his country back i the gold standard. He was also largely responsi ble for organizing the World Bank of International Settle ments in 1029. Norman was known as "the man who thought in millions and spoke in monosyllables." He rarely talked. He refused interviews, scrupulously avoid ed publicity. He lived a retir ing life, through most of his days a bachelor. But he hobnobbed with many of the key figures of interna tional finance. Hjalmar Schacht, Adolf Hit ler's expert in international trade, stayed with him when he visited England. Successful British chancellors of the exchequer (government ministers in charge of finance) listened closely to his everv word on finance because of his vast knowledge and oft-proved bility to safeguard British in terests. Lord Montagu Norman, longtime governor of Bank of England, dies. ' Indians Sell Rights To Sell Totem Poles Berkeley, Calif., Feb. 4 P) Some British Columbia Indians have been selling their heredi tary rights to erect totem poles, give feasts and sing certain ex clusive songs, Dr. Ronald L. Ol son, University of California anthropologist, reported today. These rights originally be longed to noblemen of certain northern Kwakiutl tribes and they were valued much as white men value deeds, patents and copyrights, Dr. Olson said. His report was prepared for : gional meeting of th American Anthropological association. However, the tribal rights originally wre strictly heredi tary. Eventually they were handed down to "poor relations" who were commoners with an eye for business. Some common ers have sold hereditary rights to members of other tribes for $50 to $500 each, Dr. Olson reported. Public Contact Urged on Units "Public relations starts with sound human relations." That was the keystone above a series of recommendations made by William M. Tugman, managing editor of the Eugene Register Guard, Friday to rep resentatives of more than a doz en Marion and Polk county so cial and welfare agencies. The meeting, held at the Mar ion hotel, was aimed at survey ing public relations problems of agencies. Tugman pointed out that ad visory boards composed of rep resentatives or the public could aid agencies such as the Red Cross and welfare department: in assisting with cases as well as by carrying their stories to the community. He emphasized that personal contact with the community was important for such groups, and he urged that social and welfare workers remember the impor tance of courtesy in doing their work. His remarks were seconded by Charles A. Sprague, publish er of the Oregon Statesman. Representatives attending the meeting were from the Marion county welfare department, similar Polk county agency, the Salem community chest, Red Cross, YMCA, YWCA, Marion county juvenile court, Oregon state hospital, state vocational rehabilitation department, Cath olic charities, Marion county health department, the state school for the blind, and the old age and survivors insurance of fice in Salem. Utah Hereford Bull new urana mampion Red Bluff, Cal., Feb. 4 (U.H) Worthy Domino the S4th, owned by Winterton Brothers of Kam as, Utah, took the grand cham pion Hereford bull award here yesterday at the opening of the ninth annual bull sale. The Hereford reserve cham pionship went to a bull display ed by John Crowe of MillviUe. Cal. Top award In pen classes with three animals went to the entry of Russell tc Bigelow ranch of Gardnerville, Nov., and Crowe placed second. The pens of five were topped by the entry of Herbert Chandler of Baker, Ore. Leading tomorrow's program will be the auction of the March of Dimes bull which has been consigned by Mrs. Mabel Llskey of Lost River ranch, Klamath Falls, Or. regard to government lending and leasing, Holmcr reported. He concluded by saying "The Hoover report is not the last word, and it may not be the best word, in government reorgani zation. But in most respects it is good for our needs at this time. I urge you to work for its im plementation. It should give us better government at a better price." Holmer Clarifies Hoover Report on Economics A. Freeman Holmer, professor of political science at Willam ette university, speaking to members of the Salem Credit asso ciation Friday noon, clarified several beliefs regarding the Hoov er report, a plan for more efficient government administration. The speaker stated that many have termed the report a re- puDijcan campaign document. Holmer chooses to disagree with that viewpoint, and points out that the Hoover report is bi-partisan in its origins, its support and its benefits. The report does not indicate that the Truman administration Is unusually inefficient, Holmer caid. He explained that the job of reorganization in government administration needs constant doing whatever party might be in control. Holmcr further cited as false the belief that adoption of the Hoover plan will balance the budget. The professor said that the report was not designed to balance the budget, but that its aim was to give "better govern ment at a better price." The recommendations in the Hoover report are not undebat- able, said Holmer. Some have felt that opposition comes only from bureaucrats or obstruc tionists. In actuality, Holmer emphasized, the recommenda tions are subject to analysis by ail. A more specific misconceD- tion of the Hoover plan is the belief that the recommendations were drawn up as a result of unanimous decision by the 12 members of the Hoover com mission. Holmer pointed out several instances where there wan considerable dispute within the commission, and that many of the recommendations in the report wer placed there after having been passed by a narrow majority. That is particularly truo in Stagg and Kells Chapters Okay Salem senior high school's two new Hi-Y clubs, Amos Alonzo Stagg and Claude A. Kells, have been accepted as full-fledged Hi Y chapters at a recent Salem Hi-Y council meeting held at the YMCA. The two chapters have been on probation for a period of three months in which the designated period they had to meet the Hi-Y standards in citizenship, char acter, orderly meeting, election of officers and membership dues paid in full. Roth Holtz, boys work secre tary at the Salem YMCA, an nounced immediately after the council meeting that the 50 new members will be formally in ducted into Hl-Y February 26 in a ritualistic ceremony slated to be held at some local church. Tentative plans are now being arranged for the Youth and Gov ernment program slated to be held at the state capitol build ings some time in April for Hi-Y members elected to represent the club at the annual youth legis lature program. Annullment Sought Los Angeles, Feb. 4 VP) The former wife of sugar heir John D. Spreckels III has given no tice that she wants her three-day-old marriage to Peter M. Tropea annulled. How Can Nation Stave Off or Cushion Another Depression? By SAM DAWSON New York, Feb. 4 iP) How can the nation stave off or cushion another depression? How guard against the wholesale loss of jobs when business slackens? Some think labor can do it, by forcing companies to guarantee an annual wage, rather than to hire or fire men from day to day as new orders wax or wane. Some think government can do it, by managing the supply of money and credit so that the country never actually deflates unless the bubble bursts. And some think industry can do it, by setting up reserves in the fat years to keep plants run ning in the lean years, thus keeping many on the payroll who otherwise would go on relief. Gen. Robert E. Wood, chair man of Sears, Roebuck and Co. of Chicago, thinks the United States will be able for a num ber of years to stave off the threat of recessions or depres sions by juggling the money supply. He is no advocate of such a policy, but he thinks that is what we are in for. The mail order house chief tells the an nual dinner meeting of the As- siation of Cotton Textile Mer chants of New York that: "The masses in every country will not take deflation. Deflation means the elimination of the party in power. An increase in the money supply acts to post pone or stop deflation recessions and depressions. The answer is fairly obvious that the party in power will always increase the money supply now that there is no gold standard in existence to act as an automatic bar to any increase in the money supply." However opposed the masses may be to deflation, some say there are other ways than gov ernment money-juggling to help iron out the extreme peaks and valleys of the business graph. The part that industry itself could piny in fighting depres sion is stressed by Joseph L. Sni der, professor of business eco nomics in the Harvard business school, in the forthcoming issue of "The Controller," official pub lication of the Controllers Insti tute of America. Businessmen retain extra funds for expansion, Snider says, but "fail to establish funds which will insure continuance at all times of a healthy level of operations." In the past, busi ness reaction to the threat of depression, he notes, was to low er wages, reduce the number of employes, cut overhead, put off upkeep, pare stocks and even let down on sales effort. But he thinks all this is self defeating in the long run "one company's expense is another company s or individual's income." And he suggests that stabilization re serves would stop this sort of cost cutting from snowballing into a depression. Snider' puts the I d e a forth tentatively. He says Harvard is making a study of the possibil ity that such funds would in sure industry against depression and he asks corporation con trollers to aid with case histo ries and "realism and practical ity. 111 i U 14 ' L?W im, After the Collapse UMW Chief John Lewis (left) points a finger, talking to reporters in Washington, D. C, after col lapse of union-operator negotiations for settlement of the coal dispute. With him is Tom Kennedy (right), UMW vice pres ident. Lewis said the operators broke off negotiations be cause they want government intervention. Men seated (back ground) are not identified. (AP Wirephoto) Little Gal From Hawaii Steals Show from Mr. and Mrs. Veep By HARMAN W. NICHOLS (United Press Staft Correspondent) Washington, Feb. 4 (U.R) The Veep and his lovelv bride led the chorus in "God Bless America," but a little gal from Hawaii stole the show. Vice President and Mrs. Barkley sang loud and good but unfortunately they were drowned out completely by the "capitol chorus," a group that included- some of the strongest tenors, baritones and basses ever de veloped in the halls of congress. The little girl from Hawaii was Beverly Farrington, daugh ter of Hawaii's delegate to con gress. She did one of the cutest hula dances seen around here in years, and the capitol chorus conceded they couldn't offer her much competition in that line. The occasion was the "VIP Amateur Show" in which the great and near great of official Washington gave out with their specialties in an effort to raise funds for research in heart dis ease. Part of the performance was broadcast on the radio time of the "Original Amateur show," The high spot of the radio presentation, of course, was supposed to be the singing of Mr. and Mrs. Veep. After a few preliminary remarks by Bark- ley, they sang out loud and clear with "God Bless Ameri ca." That part went fine. uut tne cnorus chimed in, louder if not clearer. Before Barkleys reached "land that I love," it was strictly no con test. The chorus, trained through the years to outbellow the oppo sition, won hands down. The singers included such noted vocalists as Sens. Ken neth S. Wherry, R., Neb.; Guy uinette, u. la.; and Robert A. Taft, R., O.; and Reps. Lowell Stockman, R., Ore.; Toby Mor ris, D., Okla., and Leslie C. Arends, R., 111. Miss Farrington's hula fol lowed the radio broadcast. She was accompanied by Navy Capt. John L. Collis who wore a battered straw hat, strummed a Hawaiian ukulele and sang "To Your Sweetheart, Aloha." Some of the contestants were good; some only fair. Some of the boys were swell in rehears al but fizzled out when they went on the air. Take the democratic quartet for instance. It was composed of Morris, and Reps. J. Frank Wilson of Texas, Oren Harris of Arkansas and J. Percy Priest of Tennessee. The boys were good and strong on "I Want a Girl" in rehearsals but they sounded scared to death on the broadcast. Maybe that frightened the next "contestants," the repub lican quartet. Anyhow, the fel lows didn't show up to sing "Now the Day Is Over." Columbia Inter-Aqencv Committee to Meet Here Boise, Ida., Feb. 4 (U.PJ The Columbia basin inter-agency committee will hold its next meting at Salem; Ore., next Wednesday, state reclamation engineer Mark R. Kul said to day. It will be a closed meeting in tne morning and a public one in the afternoon for discussion of agricultural problems. Electricity has become the rival of the tractor in lighten ing the task of the farmer. Freezing Hops New Technique Portland, Feb. 4 W A better brewing hop can apparently be obtained by freezing the hops instead of drying them, an Ore gon State college hop specialist said today. G. R. Hoerner reported that the new technique produced a milder hop, so that brewers could use more hops without making beer too harsh. The freezing method was tried out in the Yakima valley, Hoer ner said. Hops were taken from the field, precooled, and frozen after being baled. The drawback is that they weigh more, thus increasing freight costs. Changes Made in Collegian Staff Ellen Montneur editor nf th Collegian, Willamette university campus publication, has an nounced spvornl phnnfrne in staff. Dale Revnolds nf Mprlin editor of the sports page for the past year, will be succeeded by Dave farl Cnns Ttav mtin hac assisted in the sports department for several semesters. Reynolds will take over the position ot photography editor a new KDot in thft editorial etaff Wally Southard, Salem, has resigned nis position as leature editor. C. E. Wallace of Salem wui take the assignment. $$ MONEY $$ FHA m Real Estate Loans Farm or City Personal and Auto Loans State Finance Co. 153 S. High StT Lie. S-216 M 222 VAN LINES CO. LARMER TRANSFER and STORAGE At Your Service! FOR YOUR . . . Storage Hauling V Fuel . . . NEEDS DIAL 3 3131 OR SEE US AT . . . 889 N. Liberty "OCR REPUTATION IS YOUR SECURITY" NEAR BETTER TODAY WITH THE AMAZINGl 6',-OUNCE "MINIATURE" RADIOMC HIARIN9 AID MORRIS OPTICAL CO. 444 Stat St. Salem, On. 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