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Page 6

THE COLLEGE NEWS ~

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STOCKS 4 SIEGFRIED [Varsity Teams Win a KARVE ei
Continued from ‘Page Two » ©ontinied from Page One Easy Victories Continued from Page Five

far above what they, were worth. Now

ape. g anmast“ be: ‘tememberéd that. the great
majority of these buyers did not pay,

in full for what they nominally bought.
All they did was to deposit a. certain
fraction of the price, often-a small frac:
tion, with the brokers.when they gave
an order to buy and the broker would

‘then buy “the stock and advance. the

‘balance of the money necessary to
pay for it. The deposit of the stock
buyer is known as a “margin.” The
brokers themselves' had to borrow

-somewhere the money necessary to

pay for the’ stock, Sometimes the
brokers borrowed from thg banks, in
many cases from corporations, or from
individuals who: had money to lend on
“call.” That means money which the
lender has a right to call in whenever
he chooses. To secure these loans the
brokers would have to pledge the
stocks bought as security. The stock
speculator, therefore, never saw the
stocks he had bought.* The loans of
the brokers gradually grew to some-
thing like $7,000,000,000.

It is clear that when the price of
stocks had gone so far beyond what
the stocks were worth, and was kept
up! only’ by the continual demand ~of
speculators, that anything that might
frighten the speculators and cause
them to sell out the stocks they nom-
inally owned would cause the. price
immediately to go down, and when
once the price began to go down, other
speculators would become frightened
and sell. Such a. fall would compel the
brokers to call on their customers to
put up more margin, and as many thou-
sands of customers could not find the
money,. the brokers would have to sell
the stock’ ‘purchased for the customers
in order. themselves to pay the loans
they had secured when the. stock was
bought. Thas millions of additional
shares would be thrown on the market,
forcing the price further down. So it

- happened that. the. quantity of stock

sold last week was greater by far than
the world had ever known before.

Many thousands of people lost-all they

had. put up at margins~ when. they.
bought stock and all too often it meant

" all the savings they had accumulated.

Just. what caused the beginning of
he scare and started the selling is un-
known. Some think it was the Haw-
trey failure in England, when a great
company failed with the loss of many
millions of pounds to its stockholders.
This compelled some English investors
in American stocks to sell their hold-

_ings for what they would bring in this
ale

couritry. Some think the optimism
of speculators was checked by the
falling off this fall in automobile sales
and in building construction. Some
think the disagreement about the tariff

‘between President Hoover and the

Senate and the House has discouraged
business which had looked forward to
‘President Hoover’s administration as
peculiarly bright in promise for the
“pusmiess © “word. The infpy. aii ming
to_notice is..that the condition of the
market had become so strained and the
price of many stocks so far beyond
what it was possible for the industries
they represented to be worth, and that
the country had gone so wild with
speculation and had strained their
credit to such an :extent in order to
become the nominal owners of stocks,
that it required a very slight cause to
start the collapse. And when the
price once began to go down, the
movement grew, at first like a snow-
ball, and then became an. avalance.

Thoughtful people appear to believe

that the worst is past and that the

public may now look for a gradual but
generally slow rise in the price of
those stocks that represent industries
which yield real profits.



Letter
To the Editor of the News: ©

~We have come to a sorry pass, my
dear madam, when a letter to the News
signed by seven Bryn Mawr upperclass-
men, including two winners of English
scholarships, contains a Glaring Gram-
matical Error.. Let’ us call upon the

President. and Dean and a. Board of

Mature Persons to rectify this abuse in
our. Body Politic.
(Signed) OurTracen.

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you have learnedto waste bread and to
Spare labor. You are a country of
high wages, yet boasting a low cost of
production. “In this you have suc-
ceeded admirably and I hope that Eu-
rope will follow your example.
Accomplished by Machinery.

“How -have you done this? First of
all. by machinery; in this: respect you
have no conscious principle, but ob-
viously it’s there; if you do not dis-
pensé with the cost of labor you are
done. Secondly; you: have what we
call the Taylor System. which can be
briefly explained in the principle that
when you pay a:'man ten dollars you
manage to get ten. dollars’ worth’ of
work from him, or if ‘possible. fifteen
dollars’ worth. In America, by this
system, the ‘work- of. a man is used
most éntelligently. You cannot afford
to pay for inefficient labor with such
high wages. Thirdly you havé stand-
ardization;. Europe has not been stand-
ardized. Fourthly, »you have worked
for concentration. You have learned
that production must be concentrated
for thorough scientific administration.

“Now allow me to ask you. why you
have been able to do this when Europe
was not able. Primarily your natural
resources are responsible;’ secondly,
although you are the most protection-
ist country in the world, you enjoy a
huge amount of free trade from 120,-
000,000 consumers in your own United
States; lastly, there is the inevitable
‘standardization’ Which is resisted by
people in Europe. In America people
may hate it, but they. accept it because
it pays.

Europe Retains the Old.

* “Very..soon you will. be asking me
what I have to say of,Europe. Well,
Europe_is_exactly. the same—thing,..ex-
cept that it is the contrary. America
is massive and strong, Europe is
broken up and articulated; the United
States is a nation of States; in Europe
there are, many nations—each distinct
and individual. This is terrible from
the point of view of efficiency. In
America civilization is based on com-
mon conception of production; in Eu-
rope on diversity of people. In Europe
there is a small territory with’a dense
population, few natural resources and
many men. Accordingly, in Europe
the emphasis is placed on politics: how
to share the »production~ of wealth.
Therefore America is conservative
while Europe is. radical. Not even
China is so conservative as America.
As Churchhill has said if you want to
make a country conservative,: give it
something to conserve.

“The question is: how can Europe
compete with America? How- can. she
have a larger market? Perhaps by
doing what she is trying~to do now;
by forming ententes betweén countries
and suppressing the tariffs, thus mak-
ing a united market. Then she will

cess ully because of the low wage ‘sys-

‘tem: “Botay Fratrec’ competes with y=

America successfully only ‘in light pro-
duction—dresses, hats, etc., where the
value of the thing is small but. the
part the producer plays is great. In
such production it is necessary to rely
upon creative ability and the intefli-
gence of the working man. Machinery
cannot supplant this. We succeed when
we do. the opposite of Ford, when we
are individualists. So there is a whole
part of French industry where it would
be detrimental to follow American
methods.

aah C" Europe the old civilization still
survives,” M. Siegfried said in conclu-
sion. “In America there is the new.
It is. my wish that these two coun-
tries, Europe and America, would not
try-to-copy each other or compete with
each other, but that they would ex-
change those magnificent values which
are, after all, the real basis _of civiliza-
tion in all countries.”



_The Peter Pan

Tea Room

835 Lancaster Avenue





John J . McDevitt
| Phone, Bryn Mawr 675

Programs

Bill Heads
Tickets

Letter Heads
Booklets, etc.
Announcement#

; oe





si th nt iy

8-3, on Monday, November 11.

Beaver Bryn Mawr
Ot Visskbeesiaes Bio Wivics eres Leidy
Lo RIG ang men Re Aas Cram
BEALOP 6c bisitievce ces Ci Bin shes Holden
oe sill Citar ees 1 RS ROBEY eas apeare Moore

3 DSP ee Es eee Bronson
vy ae Sa aera coe 1 pers Grassi
Soper... .cessceoes Ca H.......,.. Collins
WHHOMSE iter oes iL... BF Harriman
Mick....... Orovccse Be cen eee ccs Baer
WWEEUE Cec ece eevee Tao hic cs eras Boyd.
Schmerts.. 200 esccvee ivi tine Thomas

.Mawr,..8; Beaver, 3.

le_ tg comnete; possibly more SycsJ.



Varsity defeated Rosemont ‘6-0 on

line was utchanged from Saturday;
the backs were shifted about however.
The game was. uninteresting, as Bryn
Mawr won without much éffort, and
were not held up to their Saturday
speed and hitting. The backs did the
cleanest and fastest work, Collier at
center half, and McCully at right full

distinguishing themselves. The line-up

was:

Rosemont : Bryn Mawr
Barthmaier...... Re Wiens Totten
CBPTOW miei o-c-0-2:0--0-+ AG RRP Longstreth
V,: Impink.".3...3. CEB tee oa Stix
MacMahon....... Boe aie coe 6 Longacre
tks | eae aucun ts L. W. Blanchard
O'Brian. . 6.56.00. Ri oe ekirs Ullom
KPOGMED ..i:2:6.0:00-0 5 Soe ba oats oes ColHer
INVIMMENs Cesc cc es | PRs. ere Remington
US caeh oC oye Bereich ed * McCully
R-Impink:: 7008 oS Woodward
Pagen.,....<. iepreiciaes . "Parkhurst

eilatitdtia~itoamont: Smith for

Barthmaier, Boyd for Carroll. Goals
—Bryn Mawr: Longacre, 2; Blanchard,
2) Bix, 13 Longstreth, i Total—Bryn
6; Rosemont, 0.



Second aT won from Beaver,
Bryn
Mawr’s: forward line played well to-.
gether, the passes being good, although
the game was slow.

The line-up was:

Substitutes—Beaver: Mays for Barr,
Steinhardt for Soper. Goals—Beaver:
Creamer, 2; Parry. Bryn Mawr: Crane,
3; Holden, 2; Moore, 3. Total—Bryn

and support in the fear of the restric-

Monday sgNovember™ 11. The “Forward [COR Tat the, Bore: aac might ‘put upon

their courses. Graduates of the univer-
sity, however, are accepted in’ the gov-
ernment’s medical - schools.

The work ‘has expanded until there
are now three colleges, one in ‘Poona, one
in Baroda, and one in Ahmedabad. From
these -have gone, out. sixty ‘graduates,
most of whom are engaged in furthering | e5esapame@seseSeseoeseseseseseseses:
this movemerff~ | for the ,education of
women in India; some are pursuing their
studies abroad—in Paris, in Prague, in
London. _ The secondary. schools, i. e.,
the ten high. schools, now: comprise one
thousand .six. hundred students. | Dr.
Karve expressed the hope that. they
should soon obtain. government recogni-
tion, and that continued ‘expansion, de-
pending on financial aid, bc be made
possible.

He then entertained’ us with a num-
ber: of slides showing the buildings, sta-
tistics of the growth of the university,
maps of the locations of the schools. and
colleges and of his travels in India, and
scenes of the students. in. classes. and
games. Finally, Dr. Karve stated that
however slow and difficult, and at how-
ever great a sacrifice on the part of the
workers, yet the advance already made

jin the education of women in India im-

spired “in him the dream that somé day
there should be a women’s university in
each Indian province, and a net-work of
schools and colleges all over India.



THE :
BRYN MAWR TRUST CO.
CAPITAL, - $250,000.00



Does a General Banking Business





-.Allows Interest on ‘Deposits



e







i 835. Morton-Road_ --
Telephone: ‘Bryn Mawr iam

William T. Mclntyre
Main Line Stores Victuater

Candy, Ice Cream and Fancy

|Hotheuse Fruits
821 LANCASTER AVENUE

Importer
and Negligees Hand Made,
with Finest Laces for exclusive
clientele.

Fancy Groceries

e » Bryn OE Eo:

LEA TAGNON
112 E. 57th St., New Yorx

Phone Piaza 4667
of French Lingerie

Direct’ contact with French
Ateliers enables me’ to offer
Latest Models at attractive
prices. 1» .

Exhibition at THE COLLEGE
INN November. 4 and:5.

THE CAMBRIDGE SCHOOL

DOMESTIC ARCHITECTURE
LANDSCAPE ARCHITECTURE

A Professional School for

College Graduates

The Academic Year for 1929-30 Opens

Monday, October 7, 1929 |

Henry ATHERTON Frost, Director
_ 68 Church St., Cambridge, Mass.

at: Harvard Square -

—————————E— eee



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