The Courier News from Blytheville, Arkansas on October 25, 1949 · Page 7
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The Courier News from Blytheville, Arkansas · Page 7

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Blytheville, Arkansas
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Tuesday, October 25, 1949
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Page 7
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TUESDAY, OCTOBER 25, 1949 BLYTHEVILLE (ARK.) COURIER NEWS 20th Anniversary of Stock Markets Crash Stirs Memories of Prosperity's Tragic End Public's Eagerness ' To Buy Securities • Recalled by Oldrimers By William D. Horjaii NEW YORK, Oct 25, W—Twenty years ago this week the stock market crashed, in a tragic ending to an era of prosperity. The Coolldge bull market died a violent death that shocked and ctunncd this nation and financial lapltals throughout the world. There is no standard by 'which to measure the selling panic which crept Into Wall Street in cat-like silence and ripped the financial district wide open. \^ Described in generalities, the n\ar- AJ?t value of the nation's productive flliachinery plunged. In a mattei of minutes, by billions of dollars, The incline lasted for three long heartbreaking years. In human terms, .the losses coulc be measured in dollars and cents: In the bankruptcy record, the destruction of lifetime savings, In foreclosed mortgages, in pawn shop' lickels. It could be mcatured, too, in the desperate, haggard faces of the new poor, in dead dreams, In the pathetic bewilderment of little people and big people all over the country. Tiie prelude to panic was enougfi to lull the most nstute financial men. Government and business leaders painted the future in rosy colors. Cautious Men Suspected "Don't sell America short!" was the rallying cry for a new world. Everybody knew the market was going up and up. There were a few people who disagreed, but they were viewed with the same suspicion as an ardent support of the Communist Party is today. People begged, borrowed and stole money to buy stocks. Not good stocks In particular, or even bad stocks. Just stocks. Stock prices advanced until many were simply absurd in relation to the ability of a given company to earn money and pay dividends. The first intimations that something was wrong came in the week which ended Oct. 19, 1029. That was R bad week for the market—but not too bad. The next week panic struck. The literally\dropped out of, the market. For a while some sock could not be sold at any price. The ticker (ape, pounding out oblivion for speculators all over the world, ran hours beyond the market's close In order to catch up with an avalanche oj transactions. Nearly 13,000,000 shares of stock changed hands, a recorc will SHOW ST01>I>EIt—Eleanor Dakin uodels a medallion which stopped he show at the nationwide exhibit ii diamond fashions in New York. The "Heart of Texas" medallion has an 85-carat honey-colored stone once owned by the Russian imperia "amlly. It shows a mounted Texas anger with lariat, composed of nore than 300 diamond brilliants, rhe medallion is suspended from a :clt of braided strands of rhodium- finished silver. Miss Dakin also years n marquise diamond necklace .wo diamond border bracelets anc diamond earrings.—(AP Wirephoto). that stood for nearly a week. The city's big bankers got together, finally emerged with an announcement which certainly a masterpiece : of understatement. They little distress while found, it seems, jelling." The market rallied but on Monday and Tuesday, Oct 2B : and 29, the climax was reached Stocks of the country's leading industries collapsed. Sales on "Black Tuesday" totaled more than 16,000,000 shares. The ticker tape rai hours after the close of the market Market Now Protected That was the day the insiders, thi big money men, the millionaires saw their fortunes melt away. The little fellows had already been sol out. The slock market of today ha. come a long way from the marke of 1929. The past 20 years have been Minnesota Official Denies Wrongdoing In Arkansas Bond Deaf 'ST. EAUL, Minn., Oct. 25—</p,_ Counsel for Charles Poster yesterday filed a brief admitting that Foster gave some "incorrect answers" in the Arkansas bond deal inquiry, but claimed that he was "confused, embarrassed and belittled" by the examination directed t him by Governor Luther .Youngdahl. The state executive council hold a spelcal meeting the governor's office today to decide whether Poster .should be fired as secretary of the state Investment board. *• ' Possibility action in the case might >e delayed another week, appeared however, when Attorney General J. A. A. Burnqulst said he would ask a week's time to prepare findings ~i the case. . . The governor charges Foster altered the board records to cover up purchese of millions of dollars worth of Arkansas slate bonds. Carl w- Cummins, St. Paul at- ;orney, turned over to members of the council a "memorandum" deny- Boat Owner Convicted On Negligence Charge SACRAMENTO, Calif., Oct. 23— j—A federal jury yesterday convicted Oakland automobile dealer Phil Davis of negligence In the speedboat accident on Lake Tahoe in which 14-year old Imogene Witt- sche lost both feet. The jury of eight men and four women brought in its verdict after one hour's deliberation. PAGE SEVEN ing tltat Foster was either dishonest or disloyal and making a plea for his retention. . Fourth 'Freedom Forum' Starts at Harding College SEARCY, Ark,, Oct. 24. (API The fourth of the "Freedom Rivu seminars on American ism was to open at Harding college today. Attending the five-day course are about 80 industrialists, personnel managers and executives who will discuss'the principles of the American way of lite. Principal speaker today was to be Dr. George s. Benson, President of the college, who Inaugurated the forums. LADY JUDGE APPOINTED-Mrs, Burhita S. Matthews, right, who was named by President Truman as the nation's first woman federal district judge, smiles happily m a Washington hospital despite a broken wrist received in a fall. Her visitors are Mrs India Edwards, left, chairman oi the Women's Division o( Ihe Democratic National Committee, and Mrs: Ann Dodge Goodbee, Washington attorney. Vaughon Gives Himself New Title: "Shock Absorber for White House' a period of purification, a process L-ften bitterly resisted but never slopped. The stock exchange Itself has been reorganized from top to bottom—after its President went to jail for using money that didn't belong to him. Some old-timers claim that stock trading, like a reformed criminal, Is not quite so Interesting us it used to he—and they may be light. But the Interest of the pubic is protected* now as-it never was before. The Securities & Exchange Commission, created by Congress, Is the watchdog of the securities business. The 1929 crash left a scar on the nation's investors which is still visible. A generation has grown up with a profound dlstruct for the operations of Wall Street. Tlie stock exchang Jn a campaign Is engaged to persuade people that It's a good Idea to buy stocks for investment—not for speculation. NOTICE OP COMMISSIONER'S SALE Notice is hereby given that, within lawful hours, on the Sth day ol November, 19«, the undersigned Commissioner in Chancery, will sell at public auction to the highest and best bidder upon a credit of three months, the following described property situated In the Chlckasaw- ba District of Mississippi County, Arkansas: * All of Lot Number ten (10) In Block eight (8) of Wilson's First Addition to the City of Blytheville, Arkansas. Said sale Is made pursuant to the decree of the Chancery Court of said District and County rendered on September 2«th, 1M9 in the case therein pending wherein W. J. Pollard, ct al are plaintiffs and Robert Flitch arid his wife are defendants. \ ; The purchaser at said sale will be required to give bond with approved security to secure the payment of his bid and a Hen will be retained upon the property therefor. Dated this Hth day of October 1948. HARVEY MORRIS, Commissioner in Chancery. Marcus Evrard, attorney for Plaintiffs. 10-18-49 10-25-49 WASHINGTON, Oct. 25— Oft— aJ. Gen. Harry Vaughan, outspoken Army aide to President Truman, has a new title for himself: shock absorber for the White House. He also says he can qualify as "an authority on Investigations." Vaughan good humoredly hung the titles on himself at s breakfast given by District of Columbia Democrats. At a somewhat similar party two weeks ago, given him by members of veterans organizations, the general described himself as a snipper of government red tape with BIs- datn for those who call htm la- ethical. All these descriptions sprung from the general's i connection with the Senate investigation-of "five per- centers." Vaughan denied from the witness stand that he ever was a party to Influence peddling, and President Truman has shown, unflagging support for him. One development of the hearing was t h e'disclosure that severa Washington notables received home freezers through Vaughan's friend ship with a manufacturer. When critics complain about "trlv lal things," Vaughan told the D« morcats, it's a good sign that "ther Is not a great deal that they can complain about." • "I'm an authority on Investlga lions," he continued. "We've had s many Investigations In the last yea or so that have laid «n egg. seems they are trying to find thlni to Investigate. ' ." - "It's not pleasant to furnish th throat, but I might as well ear my pay by bslng a shock absorbe I as well as being part of the scener Do You Suffer Distress From 'PfKIOOlG' which makes you sa neratis several days before? 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For lliis magnificent new Lincoln Cosmopolitan—with its brilliant new "Salon Styling"— now presents the most luxurious automobile inienors yet fashioned! AD are smartly tailored, superbly nphol- •teted! All hire rich new beo*ddotk». All are exclusive with Lincoln! And all orTer fittings ind «ppointments that Now more than erer, the Lincoln Cosmopolitan is definitely America's mosldutinctiTe car uuirZc as well u outl - - — p rr~ " n™» Incidentally, prices are much lo'*'er thaa are truly the very list word in automotive you may think. When may we arrange a luiury and elegance. special demonstration for you? makes America's most distinctive cars • the While House. Iliicldentally, Vaughin sa.^ ie balcony wlilch president Trulan added to the White House ver some protest Is about "the only art or the house that's not fall- down." ./ Fewer words begin with X than »y other teller. said that'^"' Force ' f A '--' ~ 'Oi Driye against Guard MONTGOMERY, Ala., Oct. 25- vPj—Major Qen. Ellard A. Walsh nccused the Air Force today of trying to wreck Ihe National Ounrd, but he declined the (nu*rd i s |i crc to slay. The president of (lie U. s. National Guard Association voiced his complaint both In iin Interview tnd in a report delivered at the open- Ing session of Hie association's an- runl convention. "The National Guard has no In- lentlon of being read out of the- lai-ty to which It has belonged lo these many years and to whjch It. has contributed so much," Qen. Walsh's report said. 'The National Guard was here first and here we it.lend to stay." STILL & YOUNG MOTOR CO. Walnut at First How Mr. Crosshatch Became A Mellower Man LET'S TAME HIM l«6 EVERYTHING FAIR IN WAR. LOVE OS BOSS TAMING WE DECIDED TO RREAK THE IENSION WirH COFFEE 7IME HEAVEN SENT/ TRV THIS SPECIAL MOUNTAIN OH THE WAY HOME WE S*W A POSTER Of A LOVELY 6IRL WITH AN «MFUL OF FOLSER'S COFFEE. WE TOOK THE HINT AND DASHED FO* OUR GROCER'S. 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