Indianapolis Times, Indianapolis, Marion County, 29 December 1936 — Page 11

5

™\, Ing entanglement

ashingfon

BY RAYMOND CLAPPER

WASHINGTON, Dec. 29.—For weeks |

President Roosevelt

and Secretary |

Hull have been using the Buenos Aires Con- | ference as a sounding board to impress upon | Europe the suicidal futility of another war. | Now, for the first time in months, signs |

appear that Europe is coming to its senses.

Great |

Bii‘ain and France are reported to be seeking some |

way of satis With conditions inside of Germany apparently near an economic crisis, with the whole nation on

fving Hitler's demand for raw materials. |

war-time food rations, there ap- | pears to be some hope that Hitler | will be more receptive toward tak- | ing a peaceful way out of his diffi- |

culties.

Our officials have long believed | that it was a question whether |

Hitler could prepare adequately for

another war before economic col-

lapse overtopk him.

Last spring, American officials |

Mr. Clapper

of 1938. They calculated that it would take him that long to rearm sufficiently. His plan, as was Rhineland so as to be able to hold France back and then strike eastward to annex Czechoslovakia and reconstruct Mittel-Europa Meantime with an unexpe« strategic foothold

ted opportunity to gain an important However. the food shortage in Germany has become increasingly acute. Hitler. in effect, is under a virtual economic and financial blockade bv the major allied powers. Germany and her former World War enemies are engaged in an economic war and Germany, as in 1914-17, is fighting to break through an iron ring.

n Hu War May Come Soon

HIS economic war will either be put through a tlement or it will pass on the military stage. If negotiations for a settlement, which would presumably include some arrangement for return of German colonies lost during the World War, fail had intended

negotiated set

Unless

were confident that Hitler would | not be ready to strike before May

understood here, was to rearm the |

the Spanish civil war presented Hitler |

into |

the new war may come sooner than Hitler | Germany's internal economic |

situation is eased shortly, it seems improbable that |

Hitler can dela: Economic collapse would beat him to it, There reassuring developments regarding our own the present act which expires in May. Everv indication now is that whatever Congress

are

another 18 months before striking.

new neutrality legislation intended to replace |

does in the wav of embargoes will be made mandatory |

upon all belligerents alike. Chairman McReynolds

of the House Foreign Affairs Committee insists that | there can be no discrimination as among belligerents |

in enforcing embargoes. Pro-league influences in the State Department have long favored executive latitude so that supplies might be withheld from an aggressor and furnished to the other side.

n un n Disposes of Controversy

HE attitude of Chairman McReynolds of any serious controversy on that score in Con-

disposes |

gress because the Senate is overwhelmingly for treat- | ing all belligerents alike, as the surest way of avoid- |

Equally reassuring is the activity

among a |

umber of Senatorg in favor of extending the law |

so that wartime embargoes would apply not only to arms and ammunition but to other touched by the existing law counter strong opposition, but Senators behind it are convinced that without it the legislation would entanglement.

materials not | This proposal will en- | who are |

prove deceptive in protecting us from |

Mrs. Roosevelt's Day |

BY ELEANOR ROOSEVELT

OSTON, Monday—My reading material has been |

varied the last few davs.

I have reviewed a |

thrilling boys’ novel for the Junior Literary Guild and |

last evening 1 read from cover to cover

Harper's magazine practically

If any one cares to read something which will | give them plenty of food for thought, I think they |

will find an article by C. Hartley Grattan, “Back to Work: When and Where?” very interesting. After all, the most vital question to many people in this country today is not only how to get to work, but

how to get work if they have never had any work ex- | perience before. Every one who has a job must be interested in this question, for the tenure of his job |

depends upon our ability to keep other people at

work and putting our young people, as they come to |

working age, a living wage I saw an article in vesterday's paper stating that

into jobs which wiil provide them with |

$3600 a vear was really the minimum on which an |

average family could lead a satisfactory existence. Most of us know that a very great percentage of our people see only from $200 to $600 cash in hand during the course of a vear. Many many others have in-

comes under $1000 or ranging from $1000 to $2000 |

a year

not. Just say.

can

This problem involves so many people that we | ‘Let the government solve it.” We, |

as a people, must soive it by deciding on the type of | social and economic philosophy which we wish to see |

established in this country.

When we know what |

TUESDAY, DECEMBER 29, 1936

ianapolis Times

BACK-STAGE IN FINANCE THEATER Exchange Functions as Club Where Members Meet, Buy and Sell

(Last of a Series)

BY WILLIS THORNTON NEA Ser ‘ice Staff Correspondent

NEW YORK, Dec. 29.—To realize exactly what the New York Stock Exchange is, it is best to go back to its

beginnings.

Back 144 years ago, men in high beaver hats met in what was then an unpaved lane called Wall Street. Under a spreading buttonwood tree they gathered daily to buy and

sell stocks, bonds, and other securities.

The buttonwood

tree was simply a convenient place to meet and transact

their business.

That whole vast brick-and-stone block down in the can-

yvons of today’s Wall Street ©

is simply today’s elaborate version of the buttonwood

tree.

The aims of the New York

Stock Exchange, according to its |

constitution, are simply “to fur-

nish exchange rooms and other

facilities for the convenient transaction of their business by its members; to maintain high standards of commercial honor and integrity among its members, and to promote and inculcate just and equitable principles of trade and business.” The New York Stock Exchange is a voluntary association. It is not a corporation. It doesn’t sell anything. You'd be surprised, members tell you, how many people think the exchange is like a store, and has stocks and bonds on its shelves for sale, just like cans of sardines in a grocery. There are just 1375 members of the exchange. You can’t become a member unless some member dies or for some other reason wants to sell his membership. And not then unless the sale is approved by the other members. In that respect, the exchange is just like a club, =” n u UT in addition to approval you would also need at least $115 000, which was the price at which the last seat sold on Dee. 17. Back in the palmy days of 1929, when membership was a lot more profitable than it is now, a

seat sold for more than $500,000. Memberships are personal. No

corporate firm belongs as such.

It is the individual memberships of partners in a firm that give that firm the status of a “member firm.” If the “partner member” violates the rules, ‘his firm may be removed from the list of membership, and if his firm violates the rules, the partner, though unoffending personally, may lose his membership. When a seat is sold, the proceeds go to the man or the estate selling it, not to the exchange. Each member has an equity of 1-1375th in the property of the exchange. The morey that it takes to maintain this vast and complex “market place” comes from several sources. In the first place, most of its services and facilities are self-supporting. The stupendously-valuable real estate of this “heart of the financial district” is operated by a separate building company whose stock is owned by the exchange. The New York Quotation Co., which runs the ticker service in the financial district, sells it for national distribution by Western Union, and more than pays for itself. The Stock Clearing Corp.,

which provides means of balancing transactions between members is self-supporting, and so is the Safe Deposit Co. which provides vault facilities for members and others. ” » ”

HUS the greater part of the facilities are self-supporting or a source of some profit. But the exchange employs more than 2300

| people, clerks, messengers, guards,

telephone girls, and the like. These expenses are covered by initiation fees ($4000 for each member) and

| annual dues ($1000 a year from | each member), There is a fee for

listing a stock for trading on the exchange, depending on the number of shares listed. It has run as

| high as $100,000 for a single issue. | There is a charge for members

wishing telephone space on the

| floor, and for service on the an-

nuciator board. With the president, Charles R. Gay, a Board of Governors of 50 directs the affairs of the exchange. They meet in an impressively solemn, red-carpeted chamber lined with heavy carved wood and the portraits in oil of former presidents of the exchange. The president sits in a carved chair beneath an ancient and elaborate wall clock. ” = = OW Mr. Gay, who gets no

salary from the exchange for being its president, spends a

good part of his time making.

speeches about the exchange and its operation, or presenting its point of view in Washington whenever further regulation looms. He travels a great deal, because he thinks of the New York Stock Exchange as a national institution rather than just a building at the corner of Broad and Wall Streets. He has been earnest and insistent in denying that, because members of the Stock Exchange are there to make money, they have no “sense of the social responsibility that goes with their position. “Nobody regrets more than we do here,” Mr. Gay said, “that uninformed people lose their savings in reckless speculations. We have done more than any other institution in the country to discourage that sort of speculation. “But the New York Stock Exchange can do nothing more and nothing less, in the long run, than be a market-place where buyer and seller meet in perfect equality. The exchange itself does not buy, and does not sell securities. It does not fix or appraise market values.”

Mr. Gay pointed with pride to the accomplishments of the exchange in making available up-to-date information on the status of all companies whose stocks and bonds it lists. But he does not feel thar a market-place should be expected to assume responsibility for happy results for all those who use its facilities.

Charles. R. Gay, non-salaried ‘presitient. of the association,

BROKERS AT WORK-—A picture made exclusively for The Indianapolis Times and NEA Service reveals the apparent bedlam in which trading is conducted on the floor of the New York Stock Exchange, brokers shouting, gesticulating, signaling.

PECULATION. he feels, serves a definite economic purpose. The English people, he will point out, who bought shares in the Plymouth or the Virginia companies organized to settle the new world, took a desperate speculative chance, bu: the end result of their venture has been good. The line between investment and speculation is a thin one and hazily drawn. Certain people are wellequipped by temperament, ancial and personal position, be

speculators. They serve their purpose, Mr. Gay believes.

= ” =

N general, Mr. Gay opposes any further regulation that might restrict what he believes should be a “free and open” market. But it has been the present policy of the exchange to co-operate with the SEC in framing self-enforced

CATHEDRAL OF FINANCE—The great windows of the Stock Exchange’s high-vaulted trading room resemble more those of a cathedral than a mart of commerce.

rules on the exchange along lines laid down by the SEC. Late last year, for instance, the exchange

adopted rules governing transactions for their own account of members while they are on the floor. But agitation has been resumed looking toward complete segregation of trading by members for their own account and for customers’ accounis at the same time and in the same stocks, sometimes on the opposite side of the market. And Commissioner James M. Landis of the SEC has ‘issued to investment bankers in general and

4

those who trade on the exchange particularly, a blunt worning that “what tempo you bring to tomorsrow’s market will mark the direc tion of (government) action.”

Reviewing the Business

Year A series by John T.

Flynn starts tomorrow on this page.

CARDENAS’ PLAN IN MEXICO FITS LAND AND PEOPLE, WRITER SAYS

Effect, if Any, of Cosmic Rays on Evolution Studied

| Second Section

PAGE 11

Our Town

BY ANTON SCHERRER

THE fact that Christmas Day this year marked the fourth anniversary since Lee Burns stopped smoking prompts me to tackle that subject today. Like as not, toe day’s encyclical will get around to the women, too. In fact, I think I'll start with the

women. My earliest recollection of a woman smoking was

sometime back in the 1880s when I saw an old Irish

woman puffing a corn cob pipe. She was a grand story teller, I remember; one of the leisure Kind, than which there is no better. Young as I was, I observed even then that her ability as a raconteur depended a good deal on her ability to keep her pipe going. What I mean is, that her stories stayed hot as long as her pipe did. Apparently, the old lady knew it, because I distinctly remember that she always stopped her stories long enough to light her pipe, if by any chance it went ou, on her in the progress of the plot. she was all right again. For some reason, the old lady never let her pipe go out in the telling of the “Story of the Ring", and that's probably why I always considered it the best, of her repertoire. Some day—maybe tomorrow ~-' get around to the “Story of the Ring.” Today, 1 have enough to do sticking to my thesis.

® ” ”

Mr. Scherrer

After that,

Cigaret Smoking

THINK it was all of 10 years later—possibly 1898 when I saw another woman smoking. This time, it was cigarets. I press the point because a lot of people around here have a notion that women didn't take to smoking cigarets until 1920, after the great war. Indeed, it is generally assumed that the prac tice was a part of the shattering of standards brought about by the war. Nothing could be farther from the truth. Indianapolis women were beginning to smoke in a big way as early as 1900. I'm sure of it, because that was the pericd when all fond fathers were send ing their daughters to Europe, to pick up what they could in the way of Continental refinements. The girls came back smoking cigarets. To be sure, the girls confined the practice to the privacy of their boudoirs, but that doesn’t invalidate my thesis that women around here took to smoking a lot earlier than is generally supposed. " ” ”

Came Into Open

OMETIME around 1908 the secret came into the open. Curiously enough, it got into the open by way of San Francisco, because that was the year Mrs, Teresa Fair Oelrichs and Mrs. McCreery sat down together in Tait's Cafe and lit their cigarets in front of everybody. The news was flashed all over the country, including, of course, Indianapolis. Jhe news kept Indianapolis hotel keepers in a huddle for a week, I remember. At any rate, they spent the greater part of a week discussing the prob= lem of what to do with Indianapolis women in case they ever took to smoking in public. Some of our inn keepers who knew a lot about hotel keeping, but mighty little about women, went on record that Mrs. Oelrichs and Mrs. McCreery could pick themselves up on the sidewalk if they ever tried their brazen tricks around here. Others, less courageous, but bet= ter informed about women, suggested a laissez faire policy. As a result nothing was done about it at the time. Nor has anything been done about it since that I know of.

A Woman's View

BY MRS. WALTER FERGUSON

GENTLEMAN who occasionally writes letters to this column thinks women in moderate circums stances would be happier doing their own housework. “Most of them,” he says, “wear themselves out with unnecessary tasks. They slave over church, club and social affairs, but cry with horror at the idea of washing the breakfast dishes. My sister-in-law is a good example. She went to bed last week with a sick headache which was brought on, so she explained, by the ordeal of finding a maid to suit her. She spent more than a month fretting around, and could have done the work herself with much less harm to her nerves.” Now every woman with an ounce of honesty in her makeup knows his criticism is just. A great many of us do not have enough work to keep us busy, and are therefore discontented. This is the cause of so much lamentation among the fair sex. We're simply aching for something to keep us inter= ested, excited, absorbed. Probably, if we all had to do the housework. we would be happier. But, Mr. Man, how would the husbands take to the good old housewife type again? They clamor for her return, of course, but do they really know what they want? I'm not so sure of that. Doing all the housework, you see, means so much more than the actual labor involved. It means, in the average-sized family with children, a settling down

changes we want, we can then set government machinery to work to accomplish them. The first article in Harper's, called “The Pro- |

into a domestic rut, for it takes a super-woman te turn off the cooking, washing, ironing, cleaning and mending, ahd at the same time to keep up with cure rent affairs and look like ‘the habitue of a beauty shop. No woman so quickly loses the interest of her husband and children these days as the one who gives up her life to them. That's a hard saying, but a true one. By the time Mama has dug in for the winter and is up to her elbows in dish water, Papa is casting sheeps’ eyes at the cute little filing clerk who goes to town every morning on the same street car. It's a pity, but the old-fashioned housewife just doesn’t seem to fit into this new-fangled world that the men have made. What to do about it, goodness only knows!

Your Health

BY DR. MORRIS FISHBEIN Editor, Amer. Medical Assn. Journal

the throat and back of the nose lies a considere able amount of tissue which doctors describe as lymphoid in character. The purpose of such tissue is apparently to pick up infectious germs and ta help the body to get rid of them. This tissue, howe ever, occasionally becomes subjected to repeated ine fections and inflammation, resulting in its enlarge ment and perhaps even reaction by the body as a whole. The tissue then becomes more dangerous than helpful and should be removed. A part of such tissue are the adenoids, which lie back of the nose and may be reached through the throat. When a doctor wants to see whether an adult patient has enlarged adenoids, he may pass a mirror down into the throat. This enables him to look up into the back of the nose and to see the size and character of the adenoid tissue. If the patient is & child, the doctor may reach into the throat, pass his fingers up and back of the nose, and actually feel the size of the adenoid tissue. Usually, if adenoids are infected or inflamed, the tonsils and other lymphoid tissue in the throat also will be inflamed. A child with infected and inflamed adencids may be quite ill with fever, have difficulty in breathing, and sometimes also have a clironic cough. When the adenoids have been repeatedly infected, they may remain permanently enlarged; so large, in fact, a3 to interfere with breathing. The child with chronice ally infected adenoids, moreover, catches frequent colds, and will breathe through his mouth, because i% is difficult for him to breathe through his nose,

BY SCIENCE SERVICE BY WALTER MORROW | country and it fits the people. Back (Editor of The Akron Times-Press) | of all is a national purpose.

little touch about keeping the door open to let the OST observers make a common | ® = =

pockroach out was quite delightful. i error in attempting an apPeople are being so kind, the waiters who bring | prajsal of the startling social, ecoin our food, the taxi drivers, all Franklin's friends ' o... ong political movements in and our own are more than thoughtful. We still live | f : . a quiet and monotonous existence eating round the | Mexico. They fall into the pit of hospital or hotel. Things seem to be progressing | over-simplification. Some say passionately that Mex-

smoothly however, and for that we are all grateful. = YS | ico is off on a communistic tangent.

| Josephus Daniels, United States ambassador to Mexico, says this is not true. Others think a scheme for Marxian socialism has been worked out, masked at times by a few deceptive gestures toward capitalism. Some find the genesis of fascism in

that he has been instructed on his attitude by the Administration in Washington. No t. » i HE goal becomes immediately pgs a on asian anes apparent when one talks with | Mexicans, The government is at-| tempting to throw off the yoke of the foreign exploiter. It is trying to reclaim Mexico for Mexicans. This is a popular program with

EW YORK, Dec. 29.—Does evolution owe anything to cosmic rays? Do these still-mysterious radiations, that ceaselessly plunge in upon the earth from outer space, | sometimes impinge upon the genes that abide in or on the chromosomes in the nuclei of germ cells, knock them loose from théir moorings, and thus give rise to the sudden inexplicable changes in heredity that scientists call mutations? This question has been the stimulus to considerable experiment, and even more debate, since the discovery by Prof. H. J. Muller, now of the Russian Academy of Sciences, that mutations can be caused by bombarding germ cells with X-rays. Cosmic rays sre fh some respects similar to X-rays. Why should they not have been doing in nature, for unteld ages of changing life on earth, what geneticists have now been doing for a few years in laboratories? The theory is appealing, but when tried in practice the results have been equivocal, though rather inclined to the negative. Organisms exposed freely to cosmic radiation, as compared with control groups of similar organisms well shielded behind thick layers of lead, have not thrown off as high a ratio of mu-

pick up their energy and speed away, after the fashion of a billiard ball struck by the cue ball. The three Frankfurt scientists tested their theory on cultures of a species of mold-like fungus. Some they exposed freely to the cosmic rays. Other cultures they shielded completely behind thick lead. Still others were placed under thin shields, that would permit partial penetration of the rays, with abundant production of secondaries. Both the fully shielded and wholly unshielded controls produced relatively few mutations in the fungus. Mutations were relatively frequent in the critical test cultures set up to give the secondary rays a maximum chance at them. The results to date, therefore, appear to be in support of the theory,

Aviation's Needs Change

Weather Service

ASHINGTON, Dec. 29.—Need of commercial aviation for immediate and detailed weather information, kept right up to the minute, rather than the looser, more generalized reporting for a whole day at a time that was thought good enough before men trusted themselves and their goods to the upper air, is bringing about a revolution in weather service for non-flying purposes, too, states W. R. Gregg, chief of the United States Weather Bureau, in his annual report which has been made public by the United States Department of Agriculture,

KNOW YOUR INDIANAPOLIS

Ranking high among the cities of the country in wealth devoted to education, Indianapolis has a public school property investment amounting to

and 1 recommend it when vou need to laugh. The {

| | | vineial Lady in Moscow,” is a delightful travel article, | { |

» ” 2

HILE he was giving land owned by Americans to peons he also was cutting up some choice property owned by the British subMexicans. | jects. Every day the British amPresident Lazardo Cardenas, | bassador trotted over to the Mexitaking advantage of his opportuni- can State Department to make ties, has been working swiftly. The anxious inquiries. “Good neighbor policy” of President| Again the philosophy of the “good Roosevelt has strengthened his arm. | neighbor” buttressed by the Monroe This fact embitters the alien busi- | Doctrine, enables Cardenas to mainness man in Mexico. His bitterness | tain his imperturbability. For the extends to Ambassador Daniels. first time in Mexican history since "Of course the Mexicans love | Maximilian was shot, the Mexican Daniels,” a capitalist said. “The government functions unafraid of

PUBLIC LIBRARY PRESENTS— EMORIES and traditions of our rivers come back when one reads CHILDREN OF OL’ MAN | every uncorrelated happening. RIVER (Furman), autobiography of Captain Billy | These observers endow politicians Bryant, who owns one of the four show boats now in | with social, political and economic | old n is asleep and while he existence on Mississippi Valley waters. Bryant's Show | philosophies that they do not have. Sen 2 the Moston government robs en ont ad Te lly Boat has been tied up now for several seasons at “The | The fundamental fact that Mex- | us.” and the protection of the United Port of Cincinnati,” where the supplications of Nellie, | ican politiciajrs muddle along just | It is doubtful if “the old man is | States extends down to the peons the beautiful cloak model, ring out over the Ohio in | like American politicians is ignored. | asleep.” It is more probable that | sitting on the curbstones of Mexican the good old melodramatic way. | What is happening in Mexico is he has relaxed in sympathetic aD- | cities and towns. A group of Mexi“The Four Bryants” were a vaudeville troupe, | Mexican in character. It fits the 'proval. There can be little doubt |can street workers was asked what barnstorming through the country, running a medicine rE kind of navy Mexico maintains. show, selling red pepper-and-gasoline liniment under | “Nothing much more than the flaming torches on street corners, playing an occa- | boats at Xochimilco,” one replied sional engagement in little hall or tent, fighting and while his comrades laughed about Jdoving each other, starving, struggling. the wisecrack., which referred to One season they played on a show boat. The die boats used in outings at Mexico ‘was cast, Here is their story of a desperate struggle City's favorite resort. “The United 40 own one of these floating theaters. The measure States has a good navy and we don of their success has been considerable. Interest, humor, need any.” . and unique subject material record the achievement i 3 aad SE ©f this ambition. gd a GENE i Bd This is not a literary biography. The Bryants : : 4 & HE progress of the Mexican = show people, “shanty boat trash,” if you will; government is crablike. It sides | tations as they should, to give really “but with fine courage and a never-say-die spirit they first in the direction of socialism, | convincing support to the ‘idea. won through. The book is their life and their per- then toward the corporate state. All ® ® ® ~sonality—and a poignant bit of folklore. the moves, however, are definitely G : v= % toward the goal of reclaiming ior | TOME now three scientists of Frankfurt am Main, Germany,

oe Yad nlfen | Kh » new angle ‘of attack, They . italists have exploited for deJIS ENGLAND, by Mary Ellen Chase (Mac- ae are Drs. B. Rajewsky and A. Krebs, amillan), furnish most entertaining reading for the = urally there ficu of the Institute for Physical Bases person who has visited in England or who hopes some 3 , Lo } Nak J gm of Medicine, and Dr. H. Zickler of fay to do so. They are homely, everyday pictures of ; : the Botanical Institute. Their sugland and the English and their unparalleled gestion is that the cosmic rays The Englishman's peculiarities, or what

a

PYHE 13 informal and chatty essays which comprise