G

EORGE GERSHWIN is an extremely fortunate young man. At the age of thirty he finds himself in the position to which the average successful composer is rarely ever able to attain under the age of forty or fifty. Having at a very early age achieved a solid success in the field of musical comedy he finds himself financially able to turn his attention to the study and composition of serious music, and this in an age when the aspirant in the latter field must either have independent means or give up the

game.

At the moment, this brilliant young man in addition to several musical comedy scores, has to his credit three man-sized compositions in the more austere realm of serious music, the "Rhapsody in Blue," introduced to New York by Paul Whiteman in 1923, a Concerto for piano and orchestra, played by the New York Symphony Orchestra under the direction of Walter Damrosch in 1925, and "An American in Paris" which was given its première a few days ago in Carnegie Hall by the Philharmonic Symphony Society, Walter Damrosch leading the band.

It is the last-named work with which we are concerned at the moment. Mr. Gershwin wisely refrains from any attempt to classify the work under any of the more usual forms of musical nomenclature; calls it "An American in Paris" and lets it go at that. As a matter of fact "symphonic piece" would probably fill the bill.

Now while the practice of quoting to any great length the program notes supplied on such occasions is a most reprehensible habit, we find it quite impossible to resist reprinting parts of the amusing "blurb" furnished by Deems Taylor to elucidate the proceedings. According to Mr. Taylor:

"You are to imagine an American, visiting Paris, swinging down the Champs Elysées on a mild sunny morning in May or June. . . . Our American's ears being open, as well as his eyes, he notes with pleasure the sounds of the city. French taxicabs seem to amuse him particularly, a fact that the orchestra points out in a brief episode introducing four real Paris taxi horns (imported at great expense for the occasion).

"Having safely eluded the taxis, our

By EUGENE BONNER

American apparently passes the open door of a café, where if one is to believe the trombones, La Maxixe is still popular. Exhilarated by this reminder of the gay nineteen-hundreds he resumes his stroll through the medium of the second Walking-theme, which is announced by the clarinet in French with a strong American accent."

After several other minor adventures this American winds up somewhere over on the Left Bank. "Indeed," says Mr. Taylor, "the end of this section of the work is couched in terms so unmistak

Underwood

GEORGE GERSHWIN

An extremely fortunate young man

ably, albeit pleasantly, blurred, as to suggest that the American is on the terrasse of a café, exploring the mysteries of an Anise de Lozo.

"And now the orchestra introduces an unhallowed episode. Suffice it to say that a solo violin approaches our hero (in the soprano register) and addresses him in the most charming broken English; and, his response being inaudible—or at least unintelligible

repeats the remark. This one-sided conversation continues for some little time.

"Of course, one hastens to add, it is

possible that a grave injustice is being done to both author and protagonist, and that the whole episode is simply a musical transition. . . . Our hero becomes homesick. He has the blues;

and if the behavior of the orchestra, any criterion, he has them thoroughly.

"Just in the nick of time the com passionate orchestra rushes anoth theme to the rescue, two trumpets pe forming the ceremony of introduction It is apparent that our hero must hav met a compatriot; for this last theme a noisy, cheerful, self-confident Charle ton, without a drop of Gallic blood its veins.

"For the moment Paris is no lo and a voluble, gusty, wise-cracking or chestra proceeds to demonstrate some length that it's always f weather when two Americans get gether, no matter where . blues return but mitigated....; orchestra in a riotous finale, decides: make a night of it. It will be great: get home, but meanwhile, this is Paris

Th

Now how on earth after an interp tation such as that, can any critic expected to embark on the usual sole analysis or discussion customary wh a new work is presented for the fr time. It's out and out disarming. Be let us try to be serious. Gershwin b written a delightful, clever and extre ly amusing little work. To look f profundities where none are intende or to cavil at resemblances here there which narrowly graze being q tations, would be like reproach Beatrice Lillie for not being a Duse.

The thematic material if not of sta ling originality (downright trite in o instance) is quite adequate and though not developed to any very gra extent, is cleverly, even expertly, har dled. The orchestration throughout pungent, witty or sentimental as situation demands.

While Deems Taylor's narratin written to explain in detail the some what ribald adventures of this you scamp, is a great help in one way. feel that it is not absolutely necessar The music, given the title, is suggesti enough to swing its larky way al without further explanation.

alon

Three themes termed "Walking themes" are used in succession; the the sentimental episode (of which Taylor chooses to believe the worst and last of all, following the "blues the triumphant Charlesto sweeping on to a grand smash at th

comes

end.

T

HE 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 AttorneyGeneral'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.

By THOMAS H. GAMMACK

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.

French banking authorities have 1wish to embarrass other countries but i business in that country continues expand the conversion of some of the exchange holdings into gold is inevit ble. The Bank of France's reser ratio is now about thirty-nine per cen only four per cent above the legal lin

It is reassuring to know, though, the our Federal Reserve authorities coul prevent any serious damage as a res of gold loss by purchases of Gover ment securities. Such purchases ha exactly the same effect on the cred market as gold imports.

Any business man and almost at Wall Street speculator is fairly aware of the importance to him of t volume and price of credit. Americ industry and commerce are more e ficient than they have ever been befe and not the least important element this efficiency is their economical us credit. By skillful merchandising. buying only to fill their immediate r quirements, they are borrowing less proportion to their turnover than at a time in their history. They have n however, arrived at a state where the can progress without borrowing—; they never will. Plants and equipme must be expanded to meet the countrys growing consumptive capacity. Usu this expansion must be accomplished the use of borrowed money.

1

Some able bankers and other prad cal economists are fond of saying the money rates never checked busine prosperity or relieved depression. Th is pure hyperbole. If pinned do they would admit that their assertion true only within limits. An advan from four to five or perhaps six P cent in the commercial paper rate pr ably would not have much of and fect but it would be absurd to de that an advance to eight or nine p cent would not block expansion t east might well be carried on in an easi credit market. In other words, bu ness responds to wide fluctuations money rates but not to small ones.

Christmas demands for both curre and credit are largely responsible the current stiffness of the call mo market but the fundamental rates due chiefly to four causes-the activ

of business, the loss of gold since th beginning of the year, Federal Res policy and the demands of the marke