Hope Star from Hope, Arkansas on December 23, 1938 · Page 7
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Hope Star from Hope, Arkansas · Page 7

Hope, Arkansas
Issue Date:
Friday, December 23, 1938
Page 7
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Friday, December 23,1938 HOPfe STAR, HOPE, ARKANSAS PAGE I ymff. ?s • II John T. Flynn Says: Says'-Hiitchins' Resignation May Mark a New Break ! Between SEC and Exchange By JOHN T. FLYNN ! NBA Service Staff Correspondent Behind the resignation of Robert H. Hutchens, president of Chicago University! from the Board of Governors of the New York .slock Exchange, lies an incident which may mark the end of the brief period of good relations between lhe:Stock Exchange and the Securities Exchange Commission. Hiitchins' resignation came as a bolt from the blue. But behind it is a good deal more than the dissatisfaction 'of one member of the board. The incident was precipitated by the S.E.C. itself. In the investigations • following the default of Richard Whitney, former president of the Exchange, testimony revealed. other 'members of the Exchange knew of Whitney's plight before it-became public. These were men who stand high in the councils of Wall Street and in power in the Stock Exchange itself. Public Obligation-to Itcvcal Facts Among them were E. H. Simmons, another former president of the Exchange, and members of the Morgan firm, which is a partnership firm on the exchange. According t othc S. E. C., it was the duly of these men, at least one of whom was a member of the Business Conduct Commillee, lo nolify Ihe board of governors of Ihe facls wilh- in Iheir knowledge. This, according lo Ihe commission, is looked upon as a c|uty of the most commanding character. Since no one notified the..proper authoriliee.s, Whitney was permitted to continue operating as a broker and also was permitted to .continue to make efforts and in some cases successful efforts to get further loans to the great loss of those who were victimized. Whitney himself was expelled from Ihe Exchange. Later he was convicted and jailed. His firm was broken up. The Exchange itself underwent a revolution. But the S. E. C. has contended the job had not been finished and would not be finished until the higher-ups who failed lo reporl Whitney's defalcations were also dealt with under the rules of the exchange. Apparently the Exchange was per- milling this mailer lo ride along unlil the S. E. C. put the whole subject down on its doorsteps and demanded action. What Will Happen Now? The action considered therefore at the meeting lo which Hutchins refers in his letter of resignation was whether Thomas Lament, Margan Partner, and E. H, Simmons, a member of the Board and Business Conduct Committee, shoiulud have been censured or penalized in some way, for .not "reporting the facts. The commission apparently . looked upon the incident as a test of .whether or not the Exchange can enforce its rules against its most powerfuj njem- bcrs. The board of governors' voted to do nothing, taking the position that no rule was broken by Mr. Larhont and Mr. Simmons. The S.E.C., it is said, feels the test has proven conclusively that the rules are made for the. small fry and not for the big shots. The big question in Wall Streel now is, will the S. E. C. begin to turVi the screws harder and stronger on the Exchange? (Copyright, 1938, NEA Service, Inc.) Paul Harrison in Hollywood Chicago Policemen Turn Bronco-Busters Face on the Cutting Room Floor Is Now Smiling With Success Wrong Way Corrigan Cuts Own Hair the Wrong Way for Film Studio rr r m May 1938:F. D. R. Continued from pnge For Christmas w For New Year JACKS NEWSSTAND Wishing You a Merry Christmas Bob Griffin. Wishing You a Happy New Year I'crry Moses, Wishing You Success and Joy for 1939 Pf J Lester lluckaljce, Feeders Supply Co. Hope, Ark. The Hope Star Is Across the Street. fiva, BAKERY PHONE 320 Home of Blue Ribbon Bread Hope. Ark. ator (he won in May bul lost in? November) and CIO's Thomas Kennedy for governor (ho lost). Pepper's victory pepped up the President's partisans. But in Pennsylvania's primary, G.O.P. Generalissimo Hamilton saw "the handwriting on the wall for the New Deal and its radical and crackbrain allies." 'Wedding' of the Dictators The League of Nations conceded Ethiopia to Italy. Der Fuehrer pitched woo at 111 Duce in Rome, and 2,600 trumpeters played rfhe "Lohengrin" wedding march. Poet Arthur Guiterman wrote that "all Europe now is undertaking diverse, conflicting axis- making." And it looked in May as though war might pop out any day, but the Czechs mobilized and wishful thinkers figured Hitler's bluff had been called. Mexico's President Lazaro Cardenas won a petty war from Gen. Saturnino Cedillo and severed diplomatic relations with Britain while squabbling over oil. And Brazil's President Getulio Vargas, with pistol in hand, saved himself and his palace from allegedly fascistic "Green Shirts." For the first time, a U. S. town, Farmingdale, L. I., was blacked out in a war try-out. "Our Town" became the Putlizer prize play. Norman Thomas had been hustled out of Mayor Hague's Jersey City and two congressmen failed to deliver well- ballyhooed speeches there. Youth in the News • "Love Walked In" was May's hit song. Secretary Ickes and Jane Dahlman, 25, were wed in Ireland. Violinist Yehudi Menuhin and an Australian heiress became engaged. Brides- to-be, too, were his sisters, Hephzibah, 11, and Yaltah, 16. William McChesney Martin, Jr. 31, was chosen as chairman of the N. Y. Stock exchange's governors. (Britain's "Henry Ford" Viscount Nuffield, was nearly but not quite kidnaped. Two- Ton Tony Galento was hailed as the world's best second-rate heavy-weight Sally Rand lectured Harvard's . frosh. And everybody sympathized with six- weeks-old Helaine Golan of Chicago, suffering from glioma, a cancerous tumor that creeps along the optic nerves to the brain. Thirty-five died in an Atlanta hotel fire. Airliners crashed in California and Cleveland. Floyd Roberts, aver- ging 117.2 miles an hour, won/'-'the Menorial day auto race; and Earl Ortman won the Oakland, Calif., air show's main event at a 265.539-.mile- an hour clip. Advises Fossil Hunters to Look in Own Yards CINCINNATI.O. (IP) —Ohio fossil hunters are advised by Dr Walter H. Bucher, University of Cincinnati geologist, to dig in their own back yards. Prof. Bucher said this section ;of the country is so rich in foss'il remains that most home owners need not step from their own property to fincl relics dating back hundreds of years.' 1 , HOLLYWOOD.-Short lakes: The romance of a much-married actress and an aging leading man caused Martin Greene to remark; "Looks like a good match because they've got a lot in common—both of them believe in divorce." Spencer Tracy wrote his first fan letter the other day—to Robert Donat, star of "The Citadel," asking hi'm! to please slay in London so that Holly- woodsmen won't have to worry about their jobs. Dietrich May Be Dietrich Again Marlene Dietrich likely will resume her career here, after all, but under the direction of Frank Capra. But first she may appear in a Broadway show. And Grace Moore, who left here when ehe couldn't find another singing job, now is making an operatic picture in France with the agreement that it will be exhibited in this country. Douglas Corrigan, who seldom had an extra 50 cents .until a few months ago, is still in the habit of cutting his own hair. But he cuts it the wrong way, and RKO makeup men have been laboring to cover the damage. ... In "King of the Turf," Adolphe Menjou will be. seen as a well-dressed hobo trying to be foppish in cast-off clothes. . . . Next, picture for the Dead End Kids will be "Hell's Kitchen to Hollywood," supposedly biographical. Truth is, of course, that none of them came from the slums; they just like to be-' have that way. Paprika Uses Her Thumb Tire trouble Yn'ake Franciska Gaal late to the studio. "I had a blow-up," she explained, "and had to thumb-hike from a ride with a lady." . . . Director Mike Curtiz was discussing a melodramatic script; "It's so exciting it makes your blood curl!!' Three pictures at 20th-Fox are undergoing expensive aterations and additions. An extra $300,000 for Shirley ' Temple's first color flicker, "The Little Princess," will make it cost about a million and a hah". They're putting in some new musical numbers. "Tailspin," the Ab'ce Faye aviation story, has been boosted toward a stratospheric budget. And "The Three Musketeers," with the Ritz Brothers, is to be issued to preview audiences with five different endings to decide which is funniest. (Mussolini, who doesn't think they're ever funny, won't be asked to vote.) Frankenstein's Son Talks of Daughter. ") Boris Karloff has a hard time looking like a grim monster in "TheJSon of Frankenstein." His first chil,d,'a girl, recently was born on his 51st'birthday. He hasn't any lines in. the picture; just grunts. But in mid-afternoon, he and Bela Lugosi, the other monster, pause for tea on the set, and then Karloff brags about Frankenstein'! daughter. There's a hint of a revival in musicals with Fox planning a super-dooper on the life of Lillian Russell, starring Alice Faye. . . . Dorothy Lamour and Jon Hall will be back together again— ' and in sarongs—for Samuel Goldwyn's "Beach Boy." . . . Socialite Elizabeth Whitney lost another role—this time to Ann Sheridan—after extensive tests for the role of the dance hall queen in "Dodge City." . . . Every writer at Warners is trying to think up a story for Jimmy Cagney and Frankie Burke, the youngster who looks and acts so amazingly like him. * His Power Left Him A once-powerful but never-respected executive, who has been skidding into lesser jobs for years, finally has been bounced out of his studio. Said a writer: "He ran the gamut of de- motions." Rudy Vallee has decided that his movie career has been hampered by too many portrayals of hi'mSelf. Hereafter he'll accept only dramatic roles. . . , Charles Grapewin, leaving Merto is playing a villain for the first time in 22 years in "Skids." . . . W. C. Fields and Charlie McCarthy, together before tht camera for the first time, wasted miles of film with their ad-libbing of censorship wisecracks. CHICAGO (IP) —Every once in a- whilo the Chicago police have to lay off bandit chasing and use their ultramodern radio-controlled squad cars as broncos to pursue cattle. Policeman Albert Ledden rode the funning board of his squad ear to lasso a steer that sniffed the grassless Western avenue pavement hopefully, Lcdden's lariat broke so the steer was tied to a fire hydrant with tire chains. Luckman Last Word NEW YORK—Members of the Columbia varsity named Sid Luckman as the greatest football player they have ever seen in action. The Romun Empire brought its official postal system to a high degree of efficiency. MERRY CHRISTMAS Our Sincere Wishes for a Joysome Holiday! HOPE AUTO COMPANY Your Ford Dealer Hope Ark. MERRY CHRISTMAS and our BEST WISHES for the HOLIDAYS Duggar's AT CHRISTMAS TIME as nil throuijh the i/eor K't; H'is/t you cvcnj contentment and hap phi ens! HAYNES BROS. for you who plan to extend out-of-toivn Christmas Greetings by telephone... * The Telephone Company feels that many persons, who have been in the habit of calling out-of-town relatives and friends on. Christmas Eve, would really prefer to extend their Christmas greetings on Christmas Day. For this reason, we are glad to call your attention to the fact that,' again this year, the low night and Sunday Long Distance rates will be in effect all day Christmas.* . To lake care of the increased volume of calls, our switchboards will be "manned" to capacity. Even so, there will likely be periods—especially on Christmas Eve—when it will be impossible to put through calls to a few distant cities with normal speed. If you should be one of those inconven- * icncedliydclay.wcaskyouriiidulgcnccinadvance. Thank you— and a very Merry Christmas. SOUTHWESTERN BELL TELEPHONE CO. * Thelownightrateswill also be in effect all day Monday, Dec. 26; New year's Day; and Mon~ day, January 2. To Our Friends and Customers HALL CLEANERS and HATTERS Phone 385 South Elm St. Kates B&auty Heiioise Miller Kathleen England Carmen Cumbie Vonceil Pritchett Myrtice Spears Gift Shop Marjorie Smith Mattie Wray Florence Wingi'ield Sara Ann Holland Kate Holland Wishes You A Merry Christmas and a Happy New Year 'For Something New—Call 252" MERRY CHRISTMAS And Best Wishes For Happy New Year HOPE FURNITURE COMPANY AND HERNDON-CORNELIUS BURIAL ASSOCIATION

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