The Pittsburgh Press from Pittsburgh, Pennsylvania • Page 1

A 1 -saSBBBgl Si Si ST ST 4 Lilii Complete Wire Reports of UNITED PRESS, The Greatest World-Wide News Service TPh 0 1L 1 Tl. i ii ill ii ii ii i i i rvj ii, -s. i- Complete T.larketo raes-6r -5 FIFTY-TWO PAGES weather cloudy, continued cool. PITTSBURGH, THURSDAY, OCTOBER 24. 1929 in pour one.

THREE. CENTS it i i i i. i i a ii i ii i i. mt JEMMEs CUES? WMraDIE Grundy Defends a i h. mi mm w.

a a PITT, TECH, W. J. COMMERCIALIZE losses Ti is mumm SPORTS, IS CHARGE American colleges and universities are commercializing sports and athletics on a large scale, according to charges made today by the Carnegie Foundation for the Advancement of Teaching. Several schools in Pittsburgh and Western Pennsylvania are named in the report of the Foundation. Briefly, the charges are that universities and colleges are maintaining students through their courses in return for.

their athletic ability. Only 28 of 112 schools investigated are found to be "simon pure" in the matter, according to the Foundation's report, which covers 369 pages. Denial of "athletic subsidy" was made by University of Pittsburgh 'officials, but Dr. Thomas S. Baker, Carnegie Institute of Technology, admits that the sport taken on some of the aspects of big business." Leading Financiers Frantically Call Conference As Sales BreaE( Aft Known Records; Threaten To Close Exchange; Almost Every Stock on List IHlard Ihlit.

By W. W. Forster, Press Financial Editor. In the wildest day stock market history with tickers running over three, hours late, sales being chalked up at the astounding rate of 16,000,000 shares per day and with rumors of the, closing the New York stock exchange, billions of dollars were wiped from security values and huge fortunes literally blown away as market panic reigned today. At 3 p.

m. sales for the day had crossed the 12,000,000 mark and at the close were announced as 12,880900. Indications were that the tickers would not halt finally before 7 p. m. The market closed the day, a battered hulk.

A stock panic surely was in progress and consternation gripped Wall Street, despite a spirited rally in the last hour of trading. While denials were made today by local college and university officials of the charges of Bumors were flying thick and fast and so furious was tne activity on tne noor oi tne JNew yoke exchange that officers of the institution considered halting activities. PANDEMONIUM MARKS SELLING AVALANCHE. There was a literal avalanche of selling. Frenzied traders fought on the floor to sell their holdings at the best available They paid little heed to prices.

It was pandemonium and no mistake. Rumors of financial disaster, of stock exchange firms being in a shaky position, of government intervention and similar stories shook the exchange to its very foundation. A report from the treasury department at Washington that the market's decline was not due to unsound business conditions, had only a momentary effect. The list again plunged down until paper losses stood at a reported figure of $10,000,000,000 RACE RESULTS The seriousness of the market situation was made morel FIRST StlOlY HERE tense when it was announced in the offices of the J. P.

Morgan Co. to take immediate action in the present crisis. These men among the nation's greatest financial giants had been called in to ascertain if possible what is causing the latest break in securities. -MAY CUT REDISCOUNT Thomas W. Lamont, a partner in the Morgan firm, said before the meeting that he thought there might be some consideration of a reduction in the New York rediscount rate.

Word reached The Press from Washington that the Federal Reserve Board met, but adjourned without action. Another meeting was to be held later, it was said. Secretary Mellon, in response to a telegram from The Press this afternoon, said he would make no comment on the situation at this time. Wall' Street took heart at the aggression of the bankers and government officials, who, it would seem, are deeply concerned with conditions as they now exist. Partners of a number of leading brokerage firms were to meet after 5 p.

m. to canvass the situation. This meeting was called by Col. Prentice of Hornblower Weeks. He is optimistic on the outcome.

REGARDS VOmt AS FULFILLING PARTY PLEDGE Senators Listen Unwillingly to Tariff View Exposure. By LEO R. SACK. Pittsburgh Press Staff Writer. WASHINGTON Joseph R.

Grundy, president of the Pennsyl vania Manufacturers who has assigned to himself the duty of personally superintending congressional redemption of Republican cam paign promises, insofar as they relate to upward revisions of the tariff, defended his activities before the Senate Lobby Investigating Committee today. The master-tariff lobbyist apparently had nothing to conceal and to the contrary, regarded his work as a national benefit. The committee, instead of pillory ing the Pennsylvanian, listened unwillingly to an exposition of his tariff views and his indorsements of the Hamiltonian theory of Industrial protection "which he "9 the fountain from which our' national blessings flow." 1 DEFENDS EY ANSON. Grundy defended Charles L. Eyan-son, youthful assistant to the president of the Connecticut Manufac turers' who has been under fire because of his employment by Senator Bingham as a clerk to the Senate Finance Committee, as a national asset." He expressed the opinion that if American prosperity is to continue it is necessary that hundreds of young men like Eyanson be trained to carry on after he is gone.

Grundy is nearly 70. Grundy's appearance was not marked by sharp clashes with the committee such as occurred when Senator Bingham of Connecticut testified. He discussed without hesitation his efforts in Washington and in Harrisburg to protect industries and to get for his fellow manufacturers greatest amount of governmental assistance. CALL EFFORTS DUTY. He regarded his political activities, particularly the collection of huge sums for electioiy expenses, as a part of an impUJu bargain between the dominating political party and the manufacturers who finance campaigns.

His theory was that, the elections over, the politicians had to make good and his job was to see that they delivered. He has entertained this political and economic theory since 1897 when he first began lobbying in Washington in behalf of the Ding-ley tariff bill. Grundy's testimony was not concluded when the committee adjourned at 1 o'clock. He will resume pext Tuesday. Grundy, one of the biggest money collectors attached to either political party, said his continuous presence in Washington while tariff bills were pending in Congress was a "duty" he owed to his people, those who contributed to the campaign.

"Then yqur job was to see that your people got their money's worth?" Senator Caraway of Arkansas, chairman, Grundy said he has been performing this "duty" since 1897, when the Dingley tariff bill was passed by Congress. For 32 years he admitted he has been behind the congres-Continued on Page 7. necting thoroughfares were solid masses of persons. Traffic in Wil- mot st. leading into Schenley Park was paralyzed for two hours.

It was a typical carnival-like throng, all so eager to see the narade and the pageant that they had no complaints to make when jostled ana erowaea. onicers declared. CLEAR STREETS QUICKLY. Despite the vast number. Insoee tor Marshall said that, in accordance with prearranged plans, the police on duty had traffic restored within a comparatively short time aiterne parade had passed.

The downtown district bad been virtually cleared of vehicular traffic in tne arteries through which the parade passed, and most of the con gestion there was on the sidewalks and in the streets leading from Fifth ave. The great assemblage at Oakland was occasioned by the double offering of the jubilee celebration there, the passing of the parade and the staging of the light pageant at Forbes Field. She's 36 ann has; a 19-year-old son but she looks like a girl of 20 and her beauty caused three men to be shot in a row over her. Mrs. Denise Hornsby, above, of Los Angeles, refused a reconciliation with hr estranged husband, Moses W.

Hornsby, 43, and in a fight that Hornsby shot his wife's son, the latter's companion and then himself, all being wounded seriously. She was the widow of a French army officer whom Hornsby- met overseas and now operates a beauty shop largely patronized by Hollywood movie queens. FEAR 50 LOST IN LAKE STORM Two Bodies of Ferry Crew Members Are Recovered. By The United Press. MILWAUKEE The steamship Steel Chemist picked up two bodies of men, believed to be members of the crew of the Car Ferry Milwaukee, 11 miles in and 135 degrees south of Kenosha at 12:45 p.

m. today, according to a wireless report here received by the Grand Trunk Railroad, owner of the Milwaukee. The Racine Times-Call sent out an airplane to fly over the scene where the wreckage was found. The pilot said he would report in less than an hour. Finding of the bodies was accepted by officers of the Grank Trunk as definite proof that the car ferry went down during the terrific storm on Lake Michigan Tuesday night and probably that all of its crew of 50 or more had been lost.

Location of the Steel Chemist south of Kenosha was near enough to the spot off Racine where wreckage was discovered by Coast Guards-ment today that it appeared likely the water-soaked fragments were of the broken-up car ferry. Thomas Roberts of New Castle. was iireman on the Milwaukee, Veterans' Leader Dies, INDIANAPOLIS, Ind. Frank T. Strayer.

42. forme rnational com mander Veerans of Foreign Wars. and assistant U. S. district attorney.

southern District of Indiana, died suddenly at his home here today of a nemorrnage. Li eht 's Parade The biggest traders in the tified with a buying, spurt which became known that Morgan and s'ome of his associates were taking a hand in a near panic 'which began early this week. LIVERMORE ACTIVE. According to one source, Jesse Livermore, a noted bear, was buying heavily and other "bargain hunters- appeared on the floor of the exchange. When questioned, Livermore is NEW YORK Athletes in American colleges are subsidized today to a point where one in every seven receives support because of his athletic ability, a bulletin issued by me uarnegie ounaanun iur uie "Advancement of Teaching declares.

An investigation which took three and one-half years finds few colleges and universities guiltless of the charge of proselyting. Educational institutions from coast to coast are directly accused of persuading prominent athletes to attend, and of paying these boys, directly or indirectly, for their athletic ability. Commercialism in college athletics, declared in the report to be "tljp darkest single blot upon American sport," is charged to more than 100 of the schools which were investigated by Dr. Howard J. Savage, staff member of the Carnegie Foundation, and his associates.

ONLY 28 GUILTLESS. Out of 112 educational institutions visited by representatives of the Carnegie Foundation, only 28 were found guiltless. Washington-Jefferson, Pittsburgh, Carnegie and West Virginia are named by the Carnegie Foundation report in the chapter entitled "The Tecruiting and subsidizing of ath letes." Pittsburgh was dealt with only slightly in a section touching on alleged alumni assistance to athletes, "In the East relations have been established between certain private preparatory schools on the one hand and certain colleges and universities on the other, vhereby athletes varying in number from one to as many as 20, have been wholly or partially maintained at the schools until they are ready for college," the report stated. Pitt was named as being one of these universities. Carnegie, and Washington and Jefferson were also listed.

Carnegie was mentioned in other sections of the chapter. One of the sections dealt with subsidies paid athletes -on the basis of their financial needs or demands." The report stated that the "ele-tnent of barter" entered "frequently in the recruiting." DISPENSE SUBSIDIES. "Alumni SUDSlClies uie uiaycuocvi, the report stated, "sometimes by a of the athletic staff or ome one intimately connected with atnieucs irum black box fund and thus a close i Kfriofirinrifv; ran be supervision I maintained." Carnegie Tech was listed with-; which aid athletes scho- lastically by "profesional tutoring Continued on Page 6. 'inside. TODAY i V.

Page. 2 2 12 14 18 18 18 It Seems to Me Mr. Fixit Returns Sunday School Art Gorman's "Musings Radio Programs Editorials Letters From Readers Tracv on "Bootleggers" wY Barr. "On the Streets" 5ss Cooking School Aviation Army and Nc vy Orders. Questions and Answers Pittsburgh Day by Aliquippa MariTing Squires Rambling with Reichhold.

press Journalism 18 20 23 25 25 27 27 27 28 Mrs. Howe's ljeixer jjoi 30 30-33 31 32 32 Women's pages Dr. Brady on Health I Dare Say Dorothy Dix fashion Forecast 32 Ralph Davis Column Sports Stocks Theaters Sinclair Le-vis on Marion Errorgrams Do You Know? 34 41 43 50 sport comrner cialism hurled by the Carnegie Foundation for the Advancement of Teaching, there was a tendency on the part of Dr. Thomas S. Baker of Carnegie Insti-tue of Technology, and Dr.

S. S. Baker of Washington and Jefferson, to feel that the report will make for the better 1K. T. S.

BAKER. ment of collegiste sports. Among other charges, the Foundation alleges that: Carnegie Institute of Technology maintains a $13,000 slush fund for subsidizing -athletes. The University of Pittsburgh has paid for the maintenance of football players at preparatory schools- until they are ready for college. Washington Jefferson has disbursed "pay checks" to football stats.

The charges are made in a bulletin issued by the Foundation in making public the results of an investigation of the commercialization of college athletics. DUKES NOT MENTIONED. Duquesne University and certain other colleges in Western Pennsylvania are not mentioned in the report of the Carnegie Foundation. Among institutions charged with maintaining athletic scholarships were Geneva, Pennsylvania State College and West Virginia Wes-leyan. Gettysburg, Penn State, University of Pittsburgh and West Virginia are accused of "caring for" an indefinite number of athletes.

Local schools charged with building up a fund to subsidize athletes are Allegheny College, Carnegie Tech and Grove City. "I think slush fund is an unfair word to use in connection with whatever money is used to help these players," declared Dr. Thomas S. Baker, president of the Carnegie Institute of Technology. "It is deplorable that football has DON HARRISON.

taken some of the aspects of big business. It has become a spectacle for the general public rather than a strictly collegiate sport. BAD FEATURES DISCLOSED. "We must know the actual conditions before we can attempt to remedy them. The report of the Foundation has disclosed the bad features of an admirable sport.

It is to be hoped that it has also revealed a remedy, "I believe nil college executives will welcome frankness with respect to present football conditions. I am rr cir Sad- fi glad that gracu't si ager, Clarence! Overend, has made a complete statement of the affairs or his office to the Foundation. Football players at this institution are all bona fide students and are required to maintain a good academic record." DR. 8- NAMES NOT DISCLOSED. Howard J.

Savage, staff member of the Carnegie Foundation for the advancement of Teaching, declared Continued on Page 4. -v L' quoted as saying Tve been buying all day. One agency quoted Lamont as saying that he considers the present situation more in the than a fundamental one. At 2 d. m.

the governors of nounced that no meeting -will be held today to act on closing of the exchange. Reports reached the street that Chicago and that a conference was being held financial community were came into the market after it nature of a technical situation the New York Exchange an PANICKY. become so panicky that they air pockets which sellers found rage LAUREL. First $1,300, allowances, 2-year-olds. mile Panda, 115; (O'Donnell) 103.40.

40.10. 21.50 Flack Cars. US: 8.00, 7.20 Chatterwood. 115: (Erickson) ...4.80 Time 1:13 2-5. Also ran Gallastart, AtAx, PoinHana.

Spantaft. Kai Lo. Valenciennes, Ladyship. Fire Play. Rosern.

Second race. Sl.SOO. allowances. 3-year-olds, 1 mile and 70 yards Sun Hatter, (Legere) 5.10. 5.30.

2.50 Donnatina. 10: (Serio) 12.60. 2.fMr Lisa. 112: 1-5. Also ran Laon Hearted, Faux Pas.

Third race. S1.300. claiming. 2-year-olds. 1 mile Make Hast.

107. QnaUlebaum 15.60 R.30 5.00 rol. Crump. 10R. Arnold .....6.60 X.90 Pins- Coates.

111. Cannon .7.50 Time 1 1-5. Also ran: Hori1a. Motor Ima Queen. Dlverston.

Mnskotree. Fourth race, 82.000. handicap, all area, one mile M. Jane. 112.

Irishman. .5.30 3.40 2.80 Port Harlem. 112. Ambrose 3.80 3.10 Murky Cloud. 105.

Robertson 3.20 Time 1:40. -Also ran: Tinita. Nearby. Recreation. Fifth S1.500.

allowances. 3-year-olds and up. three-quarters mile Balko. 110, B. Bejshak.

.14.50, fl. 30. 4.20 Kopeck. 106, Slat 3.20.2.40 Silverriale. 109.

Ambrose. .3.50 Time 1:13. Also ran Pennant Lass. Sireep Out, Baron Kins. LATONIA.

First race, S1.20O, claiming. 3-year-olds and up. mile Anna Beall. 100: Neal .48.16. 18.34.

9.82 Bruno. 112: C. Meyer! .11,78, 9.84 Prince Bulbo. 112; 8.28 Time 1:18. ATo ran Ashbnrne, Gladys MeClain, Jeff O'Neil.

NicaraKila, Downcast. Rio Pan-chits. Boys Preferred. Relh'ne, Two Colors. Second race, S1.200.

claiming-. 2-year-61ds. 1 mile Copper King-. 112; (C. Meyer) .....23.72.

10.34, 4.88 Wood River. 112; fCrump) 6.32. 3.24 tDunneKan. 107; (Neal) .3.26 Time 1:47. Also ran Chicatro Lad.

Pin On. On Man, Rough Neck, Count Down. Hi-th Spirited, Star Goalcr. Carry Me. Top Hattie.

Third rBce. S1.20O. claiming. 3-year-olds and iid. 1 1-16 miles Frank Fallen.

113. C. Meyer 15.R9 6 ttl 3.08 A. Weil. 108.

Creese 20.64 10.B6 Dr. Fred. 108. McCoy 2.6 Time 1:54 3-5. Also ran: Ton Joe.

Kenlncky Aire. Wood-rain. Fourth race. S1.2UO. allowances.

2-Tpxr- olds. 4 mile Overboard. 112. J. 7.82.

4.74.-3.44 Mutual Friend. 116. Judy. .4.24. 2.8 Tishybo, 112, Roberts i v.

3.70 Time Also- ran Coby. Chero-kees Ridge. Ashtabula, My Carolyne, Tasman. Prince Mexican." Royal Yeoman. tjonoy Fifth race.

9I.40O, allowances, all aces, t'mile and 70 yards Chancellor, 102. Murray. ,7.22. 2.62. out Blackwood.

115. C. Meyer. 2.16. out Cayuga.

13. Neal Out Time 1 Also ran Cheers. Chariot. t. AURORA.

First race. J800. claiming-. 3-year-olds, i-mile Charming- Lady 157 Martin .5.38. S.80, 2.66 Mwruni biiiik.

ii. .5.78. 3.2o Omardale. lot. Marcum 7 Time 1:16 3-5.

Also ran Parisette. Charles B. Jr Betty Bowman. Al Sabath. Precipice.

Shasta Lady, Patricia Clare. Georae Terry. Second 9900 claiming-. 3 rear-olds hp. -mile Wildrke104.

Lora. Blue. Blood. 103, MartfV. Ethel Sherlock, 107.

Cle verier. .6.46 Time 1.16. Also ran -Cady Partridg-e. Kvely.I, Little Asbestos. Rnnolathe, King- Bank.

Third race. ciaiming 2-year-old. 1. mile. Siar Mislretts.

J0, May. 8 82. 5.52, Roherta L. 103. Marcum.

.8.14. 4.74 Nanlar. 108.. Level. Time 1 :17 3-4 Also ran Sethit Jewel.

GnyUtt. 9th Queen, Lead Ookk Oabildo, tariff. Miss Ramsey. Troubanova. Swilt Way, EMPIRE CITY.

First race. 1.600, i mile. claiming. 2 -year-olds. Mane 8.

Ill fSeonedv) 4-1 WoyLona. J0 Catrone) 2-1 Dabte. 106 Also 'ran; Rayo, Torrito. Big Te. Tyal Tree.

Chatmore. Ae Fair. 1 ra. Clemence, Flying Max, Smith era. Col.

Ll-wood. Second race. 91 AOA. Maiming-. 3-year-olds and up.

1 miles-Paula. 107. -10 2-5 Afterglow. 116. Harrer 7-l Clanfter.

18. Sherrr Downfall Accompanies Sudden Drop in Mercury. The first snow of tbe season fell in Pittsburgh today. Shortly after 9:30 a flurry of snow flakes was noticed. Within a few minutes the fall increased, the flakes melting as scon as they struck: the ground.

The snow, accompanying a drop in temperature, is genera! throughout states bordering the Ohio River. Cloudy skies and cold temperatures will prevail throughout the district today, according to Forecaster W. S. Brotzman. The lowest temperature today is -expected to be about 30 degrees.

The present weather prevails generally throughout the states east of the Mississippi. RACE SELECTIONS LAUREL. Selections for fast track.) First Crossbones. Armag-eddon, Tarn. Second Darco, Errant Hawk.

Raspberry. Third A I wington Dolly. Mary Eloiae. Brother Lady Marie. Too Hfffh.

Sun Broom. FiTlh Iollan. Fair Ball. Safety Pli. i Sixth Bagpiper.

Festic, Pruda TI. Seventh Fire On. Fire Opak Bhyne A Reason. One best Iollan. LATONIA.

(Selections for muddy track.) Mrst Governor Pratt, Len Cooper. Lady Swond Hot Shot, Chatterblajck, Jadgw Murphy. Third My No. Dary Entry. Wood River.

Fourth Camp Boss, Monnie. Spanish Jack. Fifth Broadside. Devon. Rolled Stock- imt.

1. Sixth Ttaviil T. Tlmrmn ai. King1 heventh High Stman. Roy, Draha.

One best David L. AURORA. Selections for muddy track. First Macbeth Hopeless. Critic.

Second The One, Manager Seta linots. n- Third Peralta. Roycroftsr. Skirts. Ssddln Fourth Ted Healev KjiTtm.

rum awmuer, Thistle Coot. Coruine Star. Sixth Mollie Wynn.k Dear. Martyr Ague ventfcj-Maioe, Mary McClain. Otilla.

One best Ted Healey. Kid. Last Bite. Grand Bey. DlOna Shakitnn Blabber.

Ra Third race. $1,000. mile claiming, an area. Siegle Str. 114, Reiser.

13-20. 1-4. oot Gay Past. 103. Kurtsinger.

v. 2-1. 7.10 Stiinendous, 117. Catrone. Time 1:10.

Also ran Sun Worship. Panguitch. Puteon Wing II, Jodhpur. Runaway Jaaa. Danish Prince.

Fourth S4.OO0, added, all agea, 1 mile and TO yards Polydor. 115, M. Garner, eat, oat Genie. 1 1. Kelsay out Dr.

rreeland, 112. Schae-fer. 1 :43 4 Also f-an Priscilla Carter. Own Royal. Kieni- and Gun Royal were added starters).

TOM DEST BETS FOR FRIDAY One best Ted Healey, fourth race, Aurora. Best long shot llacSeth, first race, -Aurora. East prlay-Broadslde, fifth race, iAionia; and Lady Marie, fourth race. Laurel. At Laurel One best, fifth race.

At Latonia One best, David sixth race. At Aurora One test, Ted Uzzlzr, fourth race, Baltimore were to consider suspension of business pending adjustment of conditions marketwiseT A. H. Wiggins and Charles Mitchell, chairman of the chase National Bank and chairman of the National City Bank, respectively, were seen together in Wall Street in, the late after noon. One of them said they were headed for the Morgan office.

TRADERS Traders in the street had Creates threw stocks overboard in a wholesale manner and without con Great Traffic Problem sideration of price. Orders swept in from all sections of the United States and again tickers-were utterly unable to keep pace with transactions. Traders at times were unable to execute" orders and wide variations in prices were known to exist. No one seemed to know what was going on. v-' There were rumors of several large brokerage houses being on the verge of a break, but these seemed unfounded.

Thomas Lamont said that "there appear to be no houses that are in difficulty and the brokers report that their financial standing is O. -ir Lamont added that he regarded it as the consensus of opinion that a great many quotations did not set forth the situation fairly because of the numerous Pittsburgh police last night were faced with the greatest traffic problem, ever to occur in the of the city. Thousands of milling and excited residents thronged Oakland and the downtown district to see the parade. In Oakland the throng was especially large all the major arteries in the heart of that district being literally jammed. "I never saw a throng like it In all my life," Inspector of Traffic Ben Marshall, under whose directions police maintained a remarkable semblance of order, said.

"It seem that' everyone of the spectators wanted to fall into line and follow the parade." MANY POLICE ON DUTY. One hundred and fifty police from stations throughout the city and the traffic squad were stationed throughout Oakland. The situation in Oakland was more complicated than downtown on account of a larger number of autos there. Fifth ave. and Forbes st.

In the heart of Oakland as well as con tn many stocks where there were not many bids. The curb market followed the "big board" in point of activity and tickers here also were unable to keep in touch with the markets Wheat prices crashed and securities in Pittsburgh and other large cities tumbled. GAINS LOST AGAIN. A stronger tone became evident around 2 p.m. with the buying being pushed through activity in U.

S. Steel common fehich showed signs of regaining some of its tremendous Joss by word that directors of the corporation will hold a special meeting after the dose today. At that time, it was expected, some action would be taken .1 1 Ceatiasevl. 9 Aim ran: link. Ci si.