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August, 1929 81 advertising of airplanes and their operation as 150 times her weight in good male pilots can hope to do. Accordingly it would seem that, by and large, women are at least as useful to the aircraft industry as they are embarrassing. The men by this time were feeling that the discussion was a tremendous success. I was surprised when the rather sympathetic remark was offered that it must be admitted that some girls, unreconciled to merely being girls and making the best of it, and moreover sincerely anxious to help the cause of aviation, desired to learn to fly. The men graciously asserted that such women were to be encouraged. Women of this type, it was felt, are rare but possibly for that reason as much as for any other they are to be admired, if not for their flying ability at least for their ambition and their modesty. Curiously enough at this point the discussion began to get out of hand as the men insisted on ignoring the stipulated topic of women as pilots and concentrating their remarks more and more on women as women. Some of the men were married and they said touching things about their wives. "There is a real woman for you," said one. "She knows what flying means to me and never says a word against it." The reminiscing grew fonder and it was significant to note that it concerned itself exclusively with non-flying women. By and by somebody said something which seemed to me to explain a good deal of the psychology of the thing and in a sense to sum it all up: "Any woman, whether she is flying or not, ought to know better than to surpass a man at anything if she wants to be a success as a woman." Who cares whether women can fly or not? The point is, why should they? Leave that to the men. When this idea had been advanced a sufficiently long time and in sufficiently simple language for every man in the group to clearly comprehend what had been said, an atmosphere of peace and good will settled down over the gathering. The women in aviation who do not fly were approved and applauded. The flyers, all friendly now, gave themselves up to memories of the women who stayed at home waiting for their men to return from pioneering a new trans-Atlantic air route; to build better and bigger ships and make aviation at last a real business; to do in short, all the fine and daring and worthy things that women must not aspire to do, and who loved their men anyway and gave them their faith and admiration. In aviation, it would seem, as in most other departments of life, man must have a non-competitive and appreciative audience. Perils of Over Expansion (Continued from page 16) logically laid to the cheek on new bond financing which has resulted from high interest rates. Building propositions cannot draw their capital from stock "rights" as can going corporations. There is a tendency toward overcoming this handicap by issuing building securities which grant the investor a share in the possible future profits of his project in excess of a fixed interest return, but the movement has not become wide enough to check the decline in volume of new building security issues. The result has been an appreciable reduction in building projects begun throughout the country. After showing as much as a 30% decline from 1928 during the early months of the year, building contract figures staged a good come-back in April but the recovery has not been fully sustained. May volume of nation-wide construction dropped back below $600,000,000, or a decline of 13% under last year. For the first six months of 1929 total volume of new building is fully 10% below the same period of 1928. It is only reasonable to expect a continuation of this movement, thought there is nothing to indicate that it will show much further recession from comparable 1928 figures, or any more drastic declines than have already been witnessed. With building and the motor industry running below their previous levels, demand for steel from these lines does not appear to have fallen off alarmingly. In addition, an increasing demand from ship-builders, the railroads and railway equipment makers has taken up much of the anticipated slack. The steel industry has held up much better than was expected, and though operations display a modest seasonal reaction, they are still from 8% to 12% above the corresponding period of last year and the industry is in a definitely favorable position. 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[[image: illustration of an aviation badge]]
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