March 2, 1935 The Literary Digest 35 Amateur School for Pro Hockey rp^^ Winners Iglehart, of the Crescents, Is Out to Make the Olympics—But Some of His Team-mates Have Eyes on the Rangers Azucar, an Irish-bred converted steeple­ chaser, won the $127,000 Santa Anita O tewart Iglehart is a nice young man with late Bars; five from Minneapolis on the Handicap at Arcadia, California, last what is known as the proper background. Baltimore Orioles. Yet all of this is spon­ Saturday, thereby earning $108,400 for To followers of the Crescent Athletic- sored by the A.A.U." his owner, Frederick M. Alger, Jr. It is Hamilton Club sextet hi is considered a Unconsciously drawing the contrast, Igle­ the largest sum ever taken by a horse in a mainstay of the team which has clinched hart admitted he wants to make the 1936 single race. first place this season in the Eastern Ama­ Olympic Team. The seven-year-old chestnut gelding, teur Hockey League by beating out the Returning to the Crescents: "We never beating out W. R. Coe's Ladysman, was one Atlantic City Sea Gulls. scrimmage the Rangers. We go on trips of the outsiders in the betting and was not "Stew" Iglehart, a seven-goaler in polo, with them and sometimes practise with a contender until the top of the stretch. is by way of becoming a symbol in ama­ them. We can't play against them. That Azucar finished two lengths ahead of teur hockey. Why a symbol? He is reputed would make us professionals. Ladysman. Time Supply was third and to be one of the very few amateur pucksters "Amateur hockey has been terribly suc­ Equipoise, C. V. Whitney's heavily played who are more interested in making the 1936 cessful. It often outdraws professional favorite, was seventh in a field of twenty. Olympic Team than one of the big pro­ hockey, even in the Garden." Race-crazed bettors put $239,335 through fessional clubs. How do the two games compare: "The the mutuel machines on the handicap, said Take Neil Colville, the twenty-year-old plays aren't as well executed in amateur to be a record for a single contest. The boy from Canada who has achieved fame play, but then neither is the defense so hot. race was the climax of the Los Angeles on the same team with his brilliant stick- So you get just as fast—probably faster— Jockey Club meeting, drew 50,000 specta­ handling. Colville told the press the other play than in pro hockey, where the offense tors, and signalized the return of racing day that he hopes next year to be wearing may be good, but the defense is perfect. to Southern California. a New York Ranger uniform. "Playing Hence the checkmate, and consequent The incredible Glenn Cunninghanx with the Crescents," he said, "is a lot of grumblings from the galleries. flashed to a world indoor 1,500-meter fun, but a fellow can't be broke all his life." "There is more spirit in amateur play. record of 3 minutes, 50.5 seconds in retain­ The crowds are strongly partizan, and down ing his American championship at the Playing For Fun in Baltimore a referee's life isn't worth forty-seventh annual National A.A.U. Colville, who can flip a rubber disk right much if he favors the visiting team. It's the track and field championships at Madison past some of the best goalies in amateur same as in amateur boxing: there's more Square Garden, New York City, Saturday hockey, is singled out by a lot of hockey spirit to play—and the crowds go wild." night. The Kansan shaved his 1934 mark omniscients as proof of the rapidly spread­ So Messrs. Iglehart and Colville, if you of 3:52.2, winning from , his ing theory that amateur hockey is nothing are so minded, may be taken as symbols of old rival, by thirty yards. more than a farm for the "majors." two trends in amateur hockey: failed to beat out the former Princeton But Iglehart isn't interested in a future Iglehart plays the game because he likes captain at the finish. The historic Bon- on the Rangers. He was one of the best it; Colville wants to wear a Ranger uni­ thron-Cunningham feud ended with Cun­ defense-men ever developed in college form. Whither amateur hockey? Write ningham leading five to three in their eight hockey. He played three years for Yale. your own answer. races. He was a member of the last United States Four other indoor records went by the Olympic Team. boards at this most exciting of the national Let Iglehart tell the story himself: championship meets: , of "It's much harder to make the Crescent- Ohio State, lowered the sixty-meter run Hamilton Club than a college team. One record to 6.6 seconds and was beaten by has to train much harder. Lester Patrick, Ben Johnson, another Negro, of Columbia, coach and manager of the Rangers, helps- in the final by the same phenomenal time. coach the Crescents, which is one reason Owens also established a new broad-jump why we finished on top this season. Most of record of twenty-five feet, nine inches. the boys on the Crescents have played hockey since they were kids. Two Upsets "They played in the Western Canada , unbeaten in an Amer­ amateurs. None of them is from college ican championship since 1932, was elimi­ except myself—they're products of whal nated in the sprints for one of the two big you might call 'sand-lot hockey.' upsets of the meet, the other being Chuck "Most of the boys on the Crescents were Hornbostel's failure to place in the 1,000- hand-picked and brought down to play meter run. , of Tulsa, Okla­ hockey from 'the school' in Western Canada homa, reclaimed his 1,000-meter crown in by Lester Patrick. .•VTf^T a hair-raising finish. , of "By far the majority of boys playing in fe>*t '-i r^ 4* Rhode Island State, set a new indoor and the E.A.H.L. are Canadians: There are tW.* championship record for the thirty-five- only about two Americans on the Atlantic pound weight with a heave of fifty-five feet, City Sea Gulls; one on the Hershey Choco- '0: three and three-quarters inches. Henry Cieman of Toronto set a new world indoor record in the 1,500-meter walk. His time was 6:07.3. The New York Athletic Club retained its national team title with thirty-six points and three individual titles. Miss Jane Sharp of Pasadena, Cali­ •p H- fornia, sixth ranking woman player of the ^^^^a^- country, won the twenty-eighth women's national indoor tennis tournament in New Wide World York City. Her opponent was Miss Helen Stewart Iglehart of the victorious Crescents: he's more interested in making the Olympics for fun than the. Rangers for a living Pedersen of Stamford, Connecticut.

PRODUCED BY UNZ.ORG ELECTRONIC REPRODUCTION PROHIBITED Investment and Finance The Gold Decision Was Doubly Agreeable Both Conservatives and Cynics in Wall Street Find Satisfaction in the Gold-Clause Decision Beyond That Afforded by Its Prevention of Feared Financial Disorder

By ROBERT WINSMORE

As a practical matter, perhaps no gold- That the stock market's immediate ad­ Declaring that there is "no need to wait clause decision could have been immedi­ vance in response to the decision was not on foreign nations before we reestablish ately more satisfactory to the financial com­ sustained should not have been surprizing. the gold standard and restore confidence in munity than that which the Supreme Court It was due chiefly to an excited rush of our currency," he said that the action would handed down last week. It wholly preserved short covering by venturesome speculators "put more men to work out of the 12,000,000 the threatened status quo. It was gratify­ who were gambling on an at least tem­ who still remain unemployed than any other ing and reassuring to Wall Street. porarily disturbing Supreme Court opinion. single action." There had been general fear and no little They were not numerous, and their urgent It was one of the few public utterances he actual anticipation of a disruptive ruling—- buying was soon completed. has made since he left the White House. of one that would have called for drastic Ad­ The decision removed a widely obstruc­ Weighing the gold decisions, Walter ministration action to prevent serious un- tive uncertainty, but apart from that nega­ Lippmann summarized thus in the New settlement of the markets and business. tive effect it left the current situation un­ York Herald Tribune: The reliance, however, was never any too changed. In all respects, the dollar remains "The greatest importance of the decision confident. Neither was it ever free from what the Administration made it. Dues will is that it establishes beyond the possibility uneasy suspicion that the preventive mea­ continue to be settled as heretofore. of further dispute the power of the Govern­ sures would themselves produce new uncer­ ment to regulate the value of money, or, tainties and alarms, new obstacles to pro­ Various Uncertainties putting it in the fashionable language of gressive financial and industrial recovery. Various uncertainties remained to influ­ the day, to manage the currency. . . . For Therefore, the decision was doubly a ence the exchanges and to sustain hesita­ modern society, with its myriad transactions relief when, in effect, it exempted the Gov­ tion by speculators and investors alike. expressed in money, its tendency to accu­ ernment from what might have been equi­ With the gold-clause bogy abolished. Wall mulate fixed charges, and its liability to table, but widely damaging, consequences Street promptly found others. violent fluctuations in the value of unman- of partial repudiation of more than $15,- But the Supreme Court's removal of what aged gold or paper currency, can not face 000,000,000 of its gold-payment promises. was, for a month and more, a paralyzing the future without the power of conscious The twin dangers of economic upset and influence seems likely to have wide effect in control over its money. . . . That power is Administration performance to counteract due course. It has cleared the road for now confirmed and impregnably established it were abruptly dissipated. Surprized Wall important financing projects which were in the United States." Street cheered, for a time, lustily. abruptly halted a few months ago. While the nation was digesting the mean­ Press Not Uncritical Not So Surprizing ing of the ruling, Arthur Krock revealed in Reviewing the Supreme Court five-to-four Exemption of private debtors from the the New York Times that if the Supreme division, Frederic William Wile observed possible consequences of nationalization of Court had decided that the Government in the Washington Star: gold and devaluation of the currency dol­ must pay $1,693 for every dollar pledged on "New Dealers would have liked a more lar was not so surprizing. That ruling, in gold-clause securities sold before June 5, substantial margin in their favor, but are fact, was in accord with all but the gloomi­ 1933, President Roosevelt would have ap­ jubilant over the result. There is a dis­ est expectations. Its bald reverse, which pealed to the country that night. position to feel that there are now no more would have increased by 69 per cent, both After weeks of preparation of means of constitutional hurdles which the Roose- the principal and the annual interest charge protecting public funds and public credit veltians will not be able to take." on perhaps $100,000,000,000 of corporate against an adverse decision, he was ready Few carried such unqualified approval obligations, was never reasonable contem­ to explain these steps and to ask public as the Louisville Courier-Journal, which plation. support for the program of safeguards. said: "Clearly the court's action was to But that the Government would be held At the same time, in Tucson, Arizona, on establish the impregnability of the Roose­ liable for 169 per cent, of its own debt in his way home from a visit to New York, velt Administration's monetary policies"; terms of its own new currency had been former President Hoover urged immediate and the San Francisco Chronicle, with: very widely contemplated as a menacing resumption of gold payments and stabiliza­ "The Constitution is safe, and the Supreme possibility, even as suggestive of impend­ tion of the dollar at its present value. Court is still its guardian." ing financial chaos. The gold-clause ruling neither indorsed repudiation of contracts nor sustained arro- gation of power by Congress. While dis­ allowing the various claims arising there­ from, it went very wide of giving approval to the Administration's currency policy. Indeed, it definitely refused a clean bill of health with respect to the future. Moreover, it was only a bare majority that denied redress to holders of govern­ ment bonds, whereas it was an unanimous Supreme Court that held Congress to have gone unwarrantably beyond its constitu­ Apr MayJun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May tional authority in repudiating the Govern­ 1933 1934 ment's gold-payment pledges. Four Indicators of Business Activity Therefore both conservatives and cynics This chart shows in percentage of deviation from the basis of weekly average for 1923- in Wall Street found satisfaction in the 1925, inclusive, steel-ingot production in percentage of total plant capacity, total freight gold-clause decision beyond that afforded by car-loading, bank debits outside New York City, and automobile production. It covers its prevention of financial disorder. the week ending February 16 36

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