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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.
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