Allocation of English Shares in Ford Motor Company

THE Henry Ford publicity service, which may or may not consist entirely of Mr. Ford himself, functioned splendidly during the recent dispute over the allocation of shares in the new Ford Motor Company of England, Ltd. It was announced that Mr. Ford would prevent the hogging of the issue by Americans by allotting forty per cent of the shares to British applicants for small blocks.

This was good news for the lucky applicants and won Mr. Ford not only newspaper space but British good will but the inference that his plan will keep such a large percentage of the stock in British hands is absurd. The shares have and will have an open market and if Americans want more of them than they were allotted from the original issue they can easily buy them. They probably will.

Some Englishmen are frankly worried by “American penetration” and several companies have taken steps to reduce foreign ownership to a minimum. The Marconi Wireless Company, at a special meeting, voted to limit foreign stock holdings to twenty-five per cent.

Experience has shown over and over again, though, that in any civilized capitalist country, any group can buy as much of a company’s stock as it wants, even a controlling interest, providing the members are willing to pay the price. The only way for the British to keep their shares out of American hands is to agree not to sell them at any price.

The Produce Exchange has just opened its floor to trading in securities which formerly had a market only “over the counter.” The first two sessions saw only about 30,000 shares change hands, which was less than half of one per cent of the turnover during those days on the Stock Exchange. The experiment nevertheless will be watched with great interest.

“Over the counter” trading which is carried on over the telephone between individuals, has its disadvantages, some of which were pointed out by Timothy J. Shea, in charge of the Bureau of Securities of the New York Attorney-General’s office. One of the most important is the difficulty of testing the strength of the purchasing and selling power represented by the bid and asked quotations supplied by certain houses.

Another, probably even more important, is the difficulty of supervising securities. The Unlisted Securities Dealers maintain discipline among themselves but the “over the counter” market cannot possibly be as rigid in its requirements for admission as are the Stock Exchange and the Curb Market. If dubious securities are floated the only place for them is an unorganized market.

The Produce Exchange plans to attract as many reputable unlisted securities as possible, thereby affording protection to the investor and making commissions for its members. The success of the plan would be desirable in many ways. The obstacles, though, are serious. The maintenance of a broad organized market usually necessitates heavy activity and a large floating supply of the securities enjoying trading privileges. In most cases, the Produce Exchange market will have neither. Under these circumstances manipulation is sometimes dangerously easy.

These obstacles were well known to the authorities of the Produce Exchange, who for a full year studied the problems they were to face and then decided that they could be overcome. The members of the Unlisted Securities Dealers’ Association are sceptical, to say the least. The public can watch with equanimity. If the experiment proves a failure the community at large will lose nothing; if it succeeds, the benefits will be widely diffused.

Source: Outlook, 2 January 1929

Madness of War – Book Review

Was Jesus a Pacifist?

PRESIDENT COOLIDGE’S Armistice Day speech, the proposed cruiser increase in our navy, the Kellogg Peace Pact and our growing commercial rivalry with England have, in the last few months, focused the attention of our citizens upon international relations. In less pleasant phraseology, this means that the attention of the public is being turned toward the age-old crime of war. On the one hand we have preparation for it as seen in the cruiser bill, and on the other a move to abolish it, as seen in the Kellogg Treaty. It is inevitable under such circumstances that the churches should be aroused.

This was quite in evidence at the recent Rochester Convention of the Federal Council of Churches. It is inevitable, too, that the old, old question of Christ’s teaching upon this subject should again be debated. Was Jesus a pacifist? Must a true follower of His refuse to bear arms even in wars of defense? It is such questions as these which are discussed by the Very Reverend Harold S. Brewster, D. D., Dean of Gethsemane Cathedral in Fargo, North Dakota in a vigorous, challenging book, “Madness of War.”

Superpatriotic Americans will not relish Dean Brewster’s discussion, for he traces much of our foreign policy to the desire for gain on the part of powerful self-seeking groups. American wars, as well as European, have been waged for base motives. There was the Mexican War to increase slave territory, and our war with Spain to make Cuba safe for American sugar interests.

But super-Marxian economists will not be much more favorably impressed for the author does not advocate social revolution as the only or final solution. What he does do is to face realistically the fact that deep down in human nature there is the desire for revenge, there is blood lust and other unseemly survivals of our animal inheritance. Deep down within us there lurk those evil spirits, always waiting and ready to be called up by the war mongers.

The heart of his attack is found in his insistence that Jesus was utterly and completely opposed to all war. Dean Brewster believes that one of the two outstanding teachings of Jesus is the sinfulness of using physical compulsion to accomplish moral ends. Here, he asserts, the real meaing of the cross is to be found. Only through love and self-sacrifice can moral gains come. No matter how good and righteous the cause, methods of physical compulsion will bring but husks of achievement. Dean Brewster would call the Church to repudiate war and all its works. He minces no words: “Failure to accept the peace of God as Jesus taught it, therefore, is a collapse of faith. A Church that encourages or even condones war under any circumstances is an apostate Church. It has repudiated the Faith.” And he would call the individual followers of the Prince of Peace to refuse to bear arms for any earthly consideration whatsoever.

Now, of course, this is radical teaching. Not all scholars would agree that this was the teaching of Jesus. But enough evidence can be marshaled for it to make it necessary for men and women prefessing to follow the Nazarene to weigh that evidence most carefully. The American citizen who is neither a jingo nor a Communist may well read and ponder. The old book of “Diamond on War” gives the argument for Christian pacifism in more detail, but Brewster’s book is more effective in its appeal to our generation.

Madness of War, by Harold S. Brewster: Harper.

Source: Outlook, 2 January 1929

Tariff Cartoons from 1922

Tariff and Coal Strike Cartoons from 1922

Tariff and Coal Strike Cartoons

Tariff and Coal Strike Cartoons

German Reparations Following WW1

Cartoon on Germany’s attitude to reparations following WW1

LOOK ON THE TRAGIC LOADING OF THIS BED; THIS IS THY WORK:
(Othello, Act V, Scene 2)

US Cartoon on German Reparations

US Cartoon on German Reparations

What did you expect. Maybe after a while it will get noised about that it is not a good hotel to patronize.

Source: The Outlook, 6 September 1922

US Secretary of State Setting Sail for Brazil

SECRETARY OF STATE HUGHES AND PARTY SAIL FOR BRAZIL

Secretary Hughes and other officials comprising the American official party to the Brazilian Centenary Exposition sailed aboard the steamship Pan-American on August 24, for Brazil. In the picture, left to right: General Bullard, Secretary Hughes, Miss Hughes, Mrs. Hughes, Augusto C. de Alenca, Brazilian Ambassador to the United States, and Admiral Vogelgesang.

Source: The Outlook, 13 September 1922

US Officials Travelling to Brazil

US Officials Travelling to Brazil

Chinese Reception for US Navy Secretary

AN OFFICIAL CHINESE RECEPTION IN SHANGHAI TENDERED TO SECRETARY OF THE NAVY DENBY

In the first row, seated, are (left to right) : The Hon. Hsu Yuan, Chinese Commissioner of Foreign Affairs; Mrs. Edwin S. Cunningham; Admiral Joseph Strauss, U. S. N.; Mrs. Denby; General Ho Feng-lin, Commissioner of Defense in Shanghai; Secretary Denby; Mrs. Strauss; Admiral W. H. G. Bullard, U. S. N.; Edwin S. Cunningham, U. S. Consul-General at Shanghai. Others in the group are Chinese officials.

Source: The Outlook, 13 September 1922

Reception for US Navy Secretary

Reception for US Navy Secretary

Fascisti Marching through the Streets of Milan Italy

FASCISTI MARCHING THROUGH THE STREETS OF MILAN, ITALY

The Fascisti are a society of Italian patriots organized to combat the propaganda of Italian Communists. They are reported to have recently broken a general strike in the city of Milan and taken over the government, which was in danger of collapse as a result of Communist agitation

Source: The Outlook, 13 September 1922

Fascisti Marching in Milan

Fascisti March in Milan

Celebrating the Third Birthday of the German Republic

CELEBRATING THE THIRD BIRTHDAY OF THE GERMAN REPUBLIC

President Ebert, Chancellor Wirth, and General von Seekt inspecting the honor company of the German national army in 1922 during the celebration of Constitution Day, the third anniversary since the birth of the German Republic in 1919.

Source: The Outlook, 13 September 1922

German Republic's Birthday

German Republic’s Third Birthday

Brothers in Football

SIMILAR POSITIONS on football teams have often been filled by brothers, we are told by R. E. Klingensmith, writing in The Journal of Heredity (Washington). He submits a list of 29 sets of brothers who are playing or previously have played college football under coaches who presumably knew the positions to which they were best fitted. This list shows that 24 pairs were fitted to play similar positions, and 5 pairs to play positions which are entirely different as to physical requirements and training. He continues:

In this connection, ends who had brothers playing in the back field were considered in the same class, because the requirements of the two positions are much the same. Ends and backs must be faster and possibly think more quickly than the heavy lineman.

Of the 24, two sets are listed as playing different positions, but they were made over from similar positions to fill the needs of their respective teams.

Some notable athletes who seem to run to type are the Poe boys of Princeton, of whom there were five, all backs or ends and all exceptional drop-kickers. Much of this ability probably came through training, for it is known that these boys spent hours at a time throughout their summer vacations, practising kicking.

The Nesser boys, who came from near Wheeling, play all positions. There are reported to be from five to nine of these brothers, and all of them weigh over 200 pounds each.

Outside of football, the field of sport shows few instances where brothers have inherited similar abilities. Two notable exceptions are the Shields boys of State and Penn, each of whom could run a mile under 4.25. Five Delehanty brothers have all played more than a year in big league baseball.

The reason for this is probably that sports other than football depend much more on specialized abilities. Football is based largely on physical strength.

The data here come only from the memories of a few men. If the records of brothers playing football were complete there would still be only a small percentage of the number of boys playing football who have brothers not playing at all.

If we could sift the qualities which make up a football player down to the most vital, they would probably be temperament and physique.

Both of these qualities depend upon a number of things, so that neither is often inherited intact. This is the probable reason that so many football players have brothers who do not play at all.

However, our records show that when brothers do play football, the proportion of those playing similar positions is too great to be mere coincidence.

Source: The Literary Digest for February 18, 1922

Learning to Ski the Scandinavian Way – Part 2

In skiing, as in most other sports, the right way is the easy and simple way. In the game of golf the unconscious, easy natural swing of the caddy boy is the despair of more than one perspiring, hardworking golfer. So, in skiing, the tendency of most beginners is toward work -instead of ease. Skiing is essentially a game of skill, not muscle. The average skiing beginner seems to think that he has a pair of snowshoes attached to his feet. At any rate, one of the first movements he is likely to make-preparatory to pushing the ski forward is that of lifting it completely off the ground. Upon which one is prompted to ask, why this unnecessary labor? Surely, it is much easier to push the ski ahead without raising it. During the skiing glide, the ski should never leave the snow.

The beginner presently sees the wisdom of this and lifts his skis no more. But the motion through which his legs and skis are going is not the skiing glide. It is more of a stiff-legged shuffle. Perhaps his skis, properly enough, are close together and maybe falls are becoming less frequent, but with the stiff-legged shuffle he is making slow progress; in fact, barely more than crawling along.

Perhaps quite by accident during this motion he happens to bend his forward knee and lunge his weight forward on the advanced ski. Something happens which has not occurred before. This ski glides ahead, seemingly without any added effort on his part. And thereby he has discovered the correct skiing glide.

With the nicety of balance and general sense of control which come from diligent practise of the skiing glide one can tackle hill coasting with reasonable assurance that he will make an uninterrupted, through trip from the top of the slope to the bottom. For coasting is essentially a matter of balance.

The skis should be kept close together, the point of one advanced about a foot beyond that of the other. The body should be inclined forward, so that it is at right angles to the slope. The knees may be slightly bent, but not the body. During the course of the coast one sways the body forward or backward as the contour of the slope dictates. All this, of course, is only the beginning of ski wisdom:

An open, unobstructed slope can be easily negotiated in this way. But it is a long hill that has no turning, and presently you will encounter obstacles, such as a tree or rock, which necessitate either an abrupt halt in your merry coast or a quick swerve to one side. Herein enter the elements of braking and steering, further stages in the education of the skier.

The most simple and obvious way of slowing down or coming to an abrupt stop when part way down hill is that of straddling the ski-pole. Altho this tactic may sometimes be used in an emergency, it is darkly frowned upon by all well brought up skiers, mainly because the skill of skiing plays no part in its operation. All sports have their unwritten laws, and some of these can be broken on occasion without any harm being done. One of the unwritten laws of skiing is that a man shall use other means of braking than that of straddling his ski-pole. But this law is occasionally broken.

When coasting straight down a slope, the best braking method is one known as the “snow-plow.” This name fairly well indicates the operation. The points of the skis are brought together and the rear ends are prest outward so that the skis form a letter V. At the same time the outside edge of each ski is slightly raised so that it forms something of a wall against the snow, similar to that of the bow of a snow-plow. The wider apart the rear ends of the skis are and the more perpendicular the wall, the more abrupt will the stop be. A ski-pole dragged directly behind adds to the braking effect. Throughout the proceeding the body should lean forward.

When coasting down hill in a diagonal course, the favorite braking method is “stemming.” This is sometimes known as the “half snow-plow.” Here again the name happily indicates the operation. This differs from the full “snow-plow” in that only the ski on the down-hill side is prest outward. The other ski glides straight ahead in its usual course. The speed is regulated by the amount of snow-plowing which the stemming ski performs. As before, the wider the angle and the straighter the wall of the stemming ski, the slower the speed. When a ski-pole is used with the “half-snow-plow” method, it should be dragged outside the ski which is gliding straight ahead, not between the skis, as in the case of the “snow-plow.”

Some skiers get along in good shape as long as the skis run parallel in a straight line, but they are unable to manage coasting turns. Vivian Caulfield and Arnold Lunn, European skiing experts, point out that skis turn much the way a boat does. One ski may be regarded as the boat and the other the rudder. This is a good pointer to keep in mind. When the skis are running parallel, there is a complete absence of any braking or steering effect. But immediately the skis form an angle, you stop or turn to the right or left.

The knack of coasting down a long hill, making a series of graceful serpentine curves, is by no means difficult, provided one is entirely familiar with the “snow-plow” and “half-snow-plow” braking methods which I have just described.

Source: The Literary Digest for February 18, 1922