The Sentinel, v.083 no. 04, 1931

              THE SENTINEL
BUSH CONSERVATORY
839 NORTH DEARBORN STREET
Superior 8700
Teaching every branch of MUSIC as well as DRAMATIC ART,
EXPRESSION, LANGUAGES and DANCING. Junior and
Advanced Classes. Day and Evening Instruction.
For more detailed information fill out the coupon below and mail to
S. E. Howard.
Please send catalog and other literature to
ADDRESS ............................................................................
TELEPHONE .....................................................................
SUBJECT IN WHICH INTERESTED ...................................
A Bank of Proven Safety
SECURITY
and
SERVICE
-These are the two important considerations
in choosing a bank.
We Solicit Your Account
UNIVERSITY STATE BANK
A Clearing House Bank.
1354 E. 55th STREET Corner Ridgewood Court
THE AQUARIUM CAFE
316 S. WELLS ST. 514 DIVERSEY PARKWAY
Open 11 a.mi. to9 p.mi. Open 11rn . tol1a. m.
WEsecure the pick of every catch
near and far and bring it to you
as sweet and clean as when the nets
were drawn.
We furnish to our patrons free parking from 5 P. M.
to 9 P. M. at the Wells-Jackson Garage, Wells St.
and Jackson Blvd.
TRAVEL SERVICE
STEAMSHIP BOOKINGS TO ANY PORT
Foreign, Domestic, Independent or Conducted Vacation Tours
A Name with Sixty Years' Travel Experience
CHARLES KOZMINSKI
SERVICE TRAVEL BUREAU, Inc.
The Most Conveniently Located Travel Bureau in the Loop
Telephone Randolph 6060 55 E. Washington Street
We are pleased to announce that we are making
DELICIOUS HOME-MADE ICE CREAM, made in
our own spotless kitchen. ( - True to DUTCH MILL POLICY, it is the finest qual-ity
of ICE CREAM that it is possible to make, to be
( 1 served in the following shops:
S1039 Lawrence Ave. 3327 Lawrence Ave.
3257 Roosevelt Rd. 1187 Wilmette Ave., Wilmette
e1 6443'/z Sheridan Rd. 3125 Logan Blvd.
-~ 3123 Broadway 2222 Diversey Pkwy.
+ _ ? -7 3246 Bryn Mawr Ave.
DUTCH MILL CANDIES
THE NEED OF BUSINESS LEADERSHIP
Maybe it's on account of the prolonged unprecedented heat
wave intensified by the persistent way the depression hangs on.
Maybe it's just the way people feel in the dispirited ''dog days"
that are upon us. Undoubtedly American horse sense has a lot to
do with it. At any rate, the front-page headlines these days play-ing
up the nerve-wracking negotiations now being carried on to
induce France to go easy on Germany and join in putting the
world's house in order, aren't being taken too seriously by the
populace. The ballyhoo about the ''conversations" that are going
on in Europe between representatives of seven leading powers
of the world engaged presumably in a high-minded effort to adjust
differences and arrive at an amicable understanding that will
inaugurate an era of peace and prosperity for all, is evoking cav-ernous
yawns instead of eager expectancy. It will take more than
double-crossing diplomacy to lift the world out of the deep dis-couragement
and despair into which it has fallen. National dis-trusts
and antipathies are stubborn things, resisting efforts to re-move
or allay them. The feeling is general in this country that
little is to be expected of the nimble negotiations now going on
whose main objective, it is apparent, is political, not economic, the
main business being freezing out the French, who can be expected
to walk out, as they have before when the going is not to their
liking.
It is refreshing to turn from the highly-touted parleys of pur-ring
politicians now proceeding in Europe to expressions of opin-ion
on the current situation so far as this country is concerned,
from clear-headed thinkers who know what they are talking about
when it comes to business matters and whose advice therefore is
worthy of the most serious consideration. In a recent address at
a meeting of the Industrial Advertisers' Group by George C.
Smith, director of the Industrial Bureau of St. Louis, present
tendencies in the commercial and industrial world were discussed
with delightful frankness. The speaker didn't mince matters but
went to the heart of things when he gave as one reason for the
continuing depression "too much gambling and golf by execu-tives
who have been letting business run itself at a time when
closer supervision should have been in order."
"This isn't a credit panic," Mr. Smith emphasized. "The
banks are full of money, interest rates are at new low levels and
most of our industries are in a good cash position. It isn't a money
panic. We were never on a firmer gold basis. We have lost con-fidence
in the stock market and finally ourselves."
"There are two large buying groups," he pointed out, "ordi-narily
to be relied upon to take advantage of low-price levels and
easy credit and re-enter the market for enormous purchases,-the
railroads and the farmers. High taxes, high labor costs, competi-tion
from the bus, motor truck and the Panama Canal inter-coastal
service have been sufficient to keep the railroads pauper-ized
and disheartened. The farmer, instead of offering relief by
entering the market for machinery, building materials and other
equipment, is pauperized by over-production, low prices for farm
products and the drought in many states. He is being organized
to ask for and not to give relief.
"Industry generally, over-expanded a few months ago, is not
buying new tools and machinery. The circle widens until virtually
all lines are involved and all because you and I, taking a licking
in the stock market gamble, have quit buying. Afraid to buy !
Afraid to spend what we have accumulated or what we earn
regularly.
"The year 1929 saw the collapse of the greatest stock market
boom in history. 1930 witnessed an equally great collapse of sales
policies. The country went stock market crazy until prices of in-dustrial
stocks were far higher than reasonably expected earnings
justified. Sales pressure to increase volume and profits, in order
to support an artificial stock market level, was the natural result.
Bull the public wasn't in the mood for buying commodities. The
stock market was the order of the day. Executives, clerks, office
boys, bell-hops-everyone was in the market. Business largely took
care of itself."
Fundamental improvement, Mr. Smith concludes, must come
from a renewal of buying brought about by searching and sound
sales policies.
Ernst B. Filsinger, former head of the Export Managers'
Club of New York, is calling for the immediate organization of a
conference of business, financial and industrial leaders to work
out "a business man's solution" of domestic commercial and
foreign debt problems. Such a conference is alone competent to
cope with the current collapse. Betterment will be brought about
by business brains, not by browbeating bureaucrats.
-A. A. FREEDLANDER.
I
Jly 4, 1931