sign in sign up
<<
Home , Bunny Austin, Christian Boussus, Fred Perry, Gene Mako, Gottfried von Cramm, John Van Ryn

July 13, 1935 The Literary Digest 35 Red-Head From California Sport Shots Donald Budge's Sensational Play in Wimbledon Stamps Him as Nebraska upset: For three years, a negro Potential Star for runner from New Jersey has been follow­ ing another Negro, Jesse Owens, to the Playing for the first time at Wimbledon, tape in the sprints. Last week, in the Na­ , , - Budge did not know quite what to do. Turn­ tional A.A.U. outdoor track-and-field cham­ ing to Her Majesty, Don waved gaily, pionships at Lincoln, Nebraska, Eulace grinned as he did so. The Queen smiled Peacock, of Temple University, finally over­ and bowed in return. At the end of the took the Ohio State star, won the 100- match. Budge got a big hand. meter dash from Ralph Metcalfe and Owens in the world-record time (disallowed, •' Plenty of Freckles because of a 9.8-mile breeze) of 10.2. The Donald Budge is six feet one inch tall, world record is 10.3. •*A^ has rusty-red hair, and blue eyes. Long Peacock was the star of the meet, winning *Uv of limb, he weighs 168 pounds, sports the 100-meter and the broad jump from freckles on his face, arms, and shoulders. Owens, with a leap of 26 feet, 3 inches. This He reached his twentieth birthday the night surpassed the accepted world mark of 26 that Max Baer lost his heavyweight crown feet, 2^/8 inches made by Chuhei Nambu, to Jim Braddock—June 13. of Japan, but fell short of Owens's pending He started playing tennis at eight, fol­ mark of 26 feet, 8^/4 inches made at Ann lowing the example of his brother, Floyd, Arbor, Michigan, last May. six years his senior. He played, won his Glenn Cunningham took the 1,500-meter first tournament-tennis in 1930 in the Cali­ run, did not approach Bill Bonthron's 1934 fornia State tournament for boys under world record of 3:48.8 made at Milwaukee. fifteen. Next year he won the Slate tourna­ A bad leg, which might have cost him the lie ment for boys under eighteen, repeated in 100-meter dash, did not keep Ralph Met­ : Waved to the Queen 1932. In 1933 he took the California State calfe from taking the 200-meter for the men's title and the National junior title. fourth straight year. His 21 seconds flat, He has won nearly seventy tournaments, a world record, was not accepted because iV-lost popular male tennis-player at Wim­ has an equal number of trophies. of the wind. The meet was won by the bledon, , last week was not the win­ Before his victories at Wimbledon last New York A. C. from the Olympic Club of ner, black-haired —but red- week, his greatest tennis-feat had been a San Francisco, 45—39. haired Donald Budge, twenty-year-old five-set struggle with Fred Perry in finals * * * freckle-face from Oakland, California. of the Pacific Coast tournament last year. Good prophecy: Twenty-three-year-old Unseeded by the Wimbledon tournament With he holds the National Alfred Gwynne Vanderbilt's Discovery, the committee, considered by the United States clay-courts doubles title. four-year-old which was second only to Davis Cup Captain as only a remote possi­ Not a college student. Budge has a job Cavalcade last year, added another victory bility for Davis Cup doubles with his part­ in a sporting-goods store in Oakland. His ner, Gene Mako, young Budge was the sen­ to his owner's long string at Arlington Park, hobby is basketball. sation of the tournament, defeating both , last week, taking the Stars and Until two years ago he was coached by of , seeded eighth, Stripes by six lengths. his brother, Floyd. Since then he has been and H. W. ["Bunny"] Austin, number two Discovery, rated by many handicappers under the veteran eye of Tom Stow. as the best horse of the year to date, and singles player on the British Davis Cup Parade Girl, which was second, on the team. Problem Ahead Fourth of July, to Snark in the Great Ameri­ By beating Austin, whose classic style can Stakes for two-year-olds at Aqueduct, has kept him at number two in the British Budge's Wimbledon victories plunged the brought Vanderbilt's totals for the year to ranking for several years. Budge emerged American Davis Cup Committee into a fifty-one firsts, thirty-five seconds, and thirty as a distinct possibility for singles play in quandary. Picked to oppose the European thirds. Vanderbilt, who trains his number- the Davis Cup matches still to be played. Zone winners—probably the Germans— one horse himself, and Bud Stotler, his Both , who lost in the open­ and Wilmer Allison have not famous trainer, have seen their horses come ing round to Vivian McGrath of , impressed any one by their play abroad this through as predicted (THE LITERARY and Sidney Wood, Jr., beaten by Jack Craw­ summer. Allison and are DIGEST, June 1, 1935). ford, another Australian, disappointed a certainty for the doubles; Budge, by his Discovery, which probably will meet his Americans by their play. But Budge, with victory over Austin, a serious contender for old rival. Cavalcade, several times this year, one of the coolest heads and most blistering singles. set a new record for the mile-and-a-furlong backhands in the game, convinced critical Perry, the first man to take the title in in the Brooklyn Handicap, equaled the Wimbledon galleries that he has a bright successive years since Tilden won in 1920 Detroit mile-and-three-sixteenths mark in future ahead of him. and 1921, proved unbeatable throughout the mud for the Challenge Cup. Two Weaknesses the two weeks of play. His straight-set victory over the Baron in the finals by Put out by Baron , 6—2, 6—2, 6—4, convinced tennis-followers American triumphs: Gerard B. Lambert of Germany, in the semifinals. Budge that there is no one in sight who will be proved himself one of the best Class-J skip­ showed two major weaknesses; lack of in­ able to defeat him for some time to come. pers of the day last week when he piloted ternational experience, and an undeveloped Another high light of the tournament was Yankee to her third and fourth victories in . Not a great player yet, the Cali­ the final between the two Americans from British waters. Yankee was more than fornia youngster shows brilliant promise California, Mrs. Moody, who eight minutes ahead of Velsheda, which and the future should take care of his had dropped out of tournament-tennis for was her nearest rival in the July 3 race. present shortcomings. two years, and her perennial rival, Miss T. 0. M. Sopwith's Endeavour, considered Wimbledon was won not only by his . Their final-round match by many the fastest Class-J sloop ever built, playing, but by his unaffected court-man­ drew a capacity crowd which rooted hard was fourth. Yankee, thanks to brilliant ners. Toward the end of his match with for a successful comeback for Mrs. Moody, helmsmanship, led all the way. Baron von Cramm, Queen Mary entered the who, until this summer, had not played any In another race, on July 4, Yankee beat Royal Box. The crowd stood up, uncovered. important tennis since that day at Forest Endeavour by one and one-half minutes, The German stylist bowed formally from Hills, in 1933, when she had to default to- her fourth victory in nine races abroad. the base-line. Miss Jacobs because of an injured back.

PRODUCED BY UNZ.ORG ELECTRONIC REPRODUCTION PROHIBITED Investment, Finance, and Business Wall Street and Washington Confidence in Chairman Kennedy and SEC Helps to Make the House's Utilities Bill Acceptable; The Senate's Revamped Banking Bill Receives Much Approval

Wiha t seemed the most noteworthy phase far more conservative than the other, and of Wall Street's modest welcome last week far better fitted to meet the conditions and to modification of the Administration's pro­ circumstances which surrounded the Fed­ posed death sentence for utility holding- eral Reserve." companies was that which reflected confi­ Similarly approving, the New York dence in the practical judgment of Joseph Herald Tribune declared: P. Kennedy and the present Securities and "The Glass bill is more than simply a Exchange Commission, of which he is good bill. ... It provides not only for a Chairman. high degree of centralized responsibility In the absence of such confidence, the but for a system as nearly as possible free utilities bill passed by the rebellious House from 'Wall Street' control, on the one hand, would have yielded far less satisfaction to and 'Washington' control, on the other." the financial community. It might have yielded very little. The bill substitutes con­ Banks May Underwrite trol and regulation for threatened destruc­ Of moment to business and industry tion, but as a regulatory law it is variously generally, as well as to bankers themselves, drastic and full of restrictive discomforts is the Senate bill's additional proposal to for utility corporations. Nor is the death restore to depository banks, under restric­ sentence eliminated, but is made discretion­ tions, their liberty to underwrite issues of ary instead of mandatory—a tooth filed corporation securities. down but not drawn. "Must" is changed to Abolition of that former privilege was "may," and the decree is left to the dis­ included in the banking law of 1933,.passed cretion of the SEC. Senator Carter Glass when the whole country was protesting Therefore Wall Street's esteem for the angrily against the disastrous banking prac­ SEC, as at present headed and constituted, Federal Reserve Board, altho reconstituted tises of the boom period. It was thought had much to do with its display of grati­ to be politically independent as well as justified then, but because of it a vast total fication when the recalcitrant House passed bipartizan, is denied power to initiate Re­ of possibly enterprising funds has since its own utilities bill, and with such em­ serve Bank rediscount rates and open mar­ been blocked out of the capital market. To phasis as to indicate that its major pro­ ket operations, as in the Eccles bill. be sure, such funds have not been in de­ visions will ultimately prevail. To be sure, Manipulation of the credit supply by- mand, but they may well become so in con­ there was also some cheering for the rebuff changing reserve requirements is definitely nection with return of normal industrial to the President, but that was sentimental limited, as are loans on real estate and re- activity. and partizan. What counted for more was discounting of loans on securities. Various The greater evil of the boom days was the placement of death-dealing power in other opportunities for banking abuses sug­ the excessive activity of deposit-receiving safe hands, at least for the time being. gested by the Eccles plan are blocked. banks as retail sellers of securities direct Doubtless there would be less of such There is no profession of policy whereby to individual investors and speculators. reliance if Mr. Kennedy's continuation as stabilizing the country's business would be That they should be permitted to return to Chairman of the SEC were not now assured. a duty of the Federal Reserve System. that practise is nowhere suggested. But Wall Street has come to regard him as Thus, the Senate bill, while variously that they should again underwrite new unique among executive agents of the Ad­ corrective, hews to the line of original issues offered to the public by independent ministration and the New Deal by reason Federal Reserve purpose and rejects much agencies whose business it is to do so is of his practical understanding and his that has been proposed as reformatory. In quite another thing. efforts to adapt reform measures to the editorial comment, The Senate banking bill would allow usages and needs of going business. Within said: them to engage in such operations to an ex­ a year he has made the once obnoxious "It should be evident to any reader of the tent limited by their own resources and by Securities Act a reasonably palatable and House and Senate bills that the measure the size of the underwritten issue. At the digestible regimen, and those who have to now proposed by the Senate committee is same time, it would provide that securities abide by it, altho still somewhat in­ credulous, are increasingly appreciative.

Revised by Glass Whereas the House's utility bill was sat­ isfactory to Wall Street only in some re­ spects, the Senate Finance Committee's banking measure was generally so. The interest of the rank and file was largely academic, and the stock market's response was confined to bank-shares. Bankers, however, found many practical reasons for prompt approval of the changes made in Jul AuE Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Oct Nov Dec jan Feb Mar Apr May the House-accepted Eccles bill by Senator 1933 1934 1935 Carter Glass. Four Indicators of Business Activity Proposing no startling reforms, the This chart shows percentage of deviation from weekly averages of ten years ago, 1923- Senate bill as a whole steers directly away 1925 inclusive. The heavy line represents steel-ingot production in percentage of total from centralization of banking under plant-capacity. The other lines show total freight car-loading, bank debits outside , and automobile production. The chart covers the week ending June 29 Federal—possibly political—control. The 36

PRODUCED BY UNZ.ORG ELECTRONIC REPRODUCTION PROHIBITED