The Courier News from Blytheville, Arkansas on October 27, 1934 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

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Blytheville, Arkansas
Issue Date:
Saturday, October 27, 1934
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Page 3
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_ SATURDAY, OCTOBER 27, 1934 Investment Bankers, .Securities Racketeers Slowed Up By Legislation The Senate investigation of 'it.. fluted Wall Strati tost S250,MO. Just t»-i) weeks HBO, the full Trull of Ilial im'crliiH'iil H:IS Ijurn ulicu Hie SetutUU's Esclaiije Commls- tlon look over f.ujitn'ls!i)n of the nallnn't securillet: markets. Oilier benefits aUo 'are nsvealed in the fo|low!riK arllele,-Ibe fiflli of a series of six written for lliis- ue«s- |japer by Jolni 'j'. rtj'hn, fanieil Economist and Journalist. In preceding artlHre Klynn bas loiikeil backward "at • tbc - stock inarkrl <iuvh a'nil its'causcsj tbe depression Stars- and the c'vciitc leading up lo and set in motion by tluv Ki'nule inquiry. BV JOHN T. Ft.YNX Copyrlglit, 1934, NBA Service Inc. NEW YORK, Oct. 21.-We will now look at the grand results, If any, of all the fierce energy-pin/ Into the Senate's Wall Street investigation. Yon can find lobbyists. Wall Street 'lawyers, snuiB 'reactionary souls who are fond of saying that investigations never accomplish anything. That Is the' most stupid, truthless statement ever uttered. There are abuse:; in society which nothing can reach save exposure. There are germs for U'hich there is no prophylactic save the spotlight. Frequently a little investigation can uncover a multitude of sins; can lake the secrecy out of racketeering; can make powerful pious manufacturers -take off their masks. This investigation was the greatest episode of unmasking in our history. That must be put down as number one among Us fruits. It cost the government S250.COO. That was the best investment' I have ever heard of. The government has recovered at least a mil- The Securities Racketeer _BLYTHEVIliLE, (ARK.) COURIER* NEWS Markets Ncio York Cotton NKW YORK, Oct. 'h (Ul')-Cot,- lon closed barely steady. open high 'low closi- BOC 122s i'.>;io in23 mt mi 12:11 Mar 1231 1234 \'W 1225 1227 May ...... 1.238 1242 .1234 -1234 July ...... 1243 1245 123!) 1240 <Jel ..... '... m5 1238 122!) 1221) Spots closed mitei at 125D, im- clianxed. /V<?iw Orleans Cotton NKW OKU'MNS, Oct. 27. (UP) —'Hie i-olton market opened steady sovernl points higher' on firmness in cables nnd optiiuLtDc ir.ide reports mid • ihen ran into hedging and ll<|i!:<mUiijj. Ciiilns were lost ami prices closed practically 1111- chiiiigert. - . . open lilgli low -close , . IS30 123'2 Dec. Jan. Mar May July Oct. . .Spots closed steady at 1255, mi- changed. 122r> ' 1228 1230 1238 1221) 123) 1241 1244 1235 ]J>3ti 1241 1246 1244 12-tlb ISM 1233 1229 1220 Wheat open high low close Doc. 90.1-2 Q[> :i-4 95 7-8 01) May 06 1-8 % 1-2 05 5-8 95 3-4 Chicago Corn I open high low. elose | Dec 74 5-8 74 7-8 74 1-8 74 3-8 May 70 5-8 77 7(i 3-D 7C 1-2 Him mi SICUHUHS IIUKI u m i;crm>. ror \vhkh there is no prophylactic-save the s t n , ,' C Amc " ran ">- nl: '- v " lnltc S ' J "° " Ot refcl ' tn thrit ' Tllls Is thc nost respectable' citizens. For every dollar' taken by (lie j; - - "-~u.i-.i-n .*v ii-tiai. u inn- George Graham Rices the Ppnzis lion dollars in income taxes brought 1 the Wolves of Wall Street. by'lUe- o light. It will save scores of mil-jgal schemes, ten were taken by the hens through tax leaks plugged up i Insiills. the Krusers Ihe WI°Bins because of the.investigation, jllia Mitchells, the Detroit, bankers' loiver Ihnn - -- — .-.~. ... *....,., i,,,j jn L[iu jnust hidcfcnsi- he bine .sky racket run by black- jlile portion of the act. Tlic Ilonrtl eg'stock salesmen. I speak of the;has since adopted this minimum very respectable security racket requirement and Wall Street 1m '/Inch was operated by some of our 'expressed iUclf exuberantly about """• —'"'-'" - "- the Board's leniency. As a matter of fact lhe.se margins nre lower Ilian these- now fixed by most brokerage houses. This ridiculous provision was forced into the act e act Ule President's Treasury advis Stock Prices NEW YORK, Oct. 27. (Ul>>— Today's short session on the slock ex- dinngc was one of the dullest In more than a decade. Few stocks moved out of a fractional area and selling us - W eli n s buying interest was absent. out of the security business which A. T. and T Anaconda Coppsr Uclh. Steel ...'...'.'... Chrysler '.'.. Cities Service Gen. Electric Gen. Motors int. Harvester ....... Montgomery Ward N. Y. Central '.'. Packard Phillips Pet '.'.'.' Radio Simmons Beds Standard of N. J. Texns Co. U. S. Steel • MeKcsson-Robbins' 110 1-8 . 10 1-2 . 25 . 34 .. 11-2 . 18 . 20 .. 32 1-8 . 27 . 21 1-8 .. 35-8 . 14 .. 83-4 .. i! 1-8 . 39 1-2 20 . 31 7-8 '.': S 5-8 .. 3 5-8 StomuBeaten Sea Wrecks Havoc In Seattle PAGE THREE H 1 5PSi --^^^ ;:^ • Ford Coalers Go to S^les Coufcrcnce they ruled with an iron hand for " ut ullt lllc government in the EO long. . -.-••. jlJiiEinesi or advising you about .3. .Investment bankers can no ~ r :". a ' s an <l stocks. The commission ' I ! llc !lctl '! a « number of e.xcel- iions to put an end to idop.ts two methods, (a) .1. .iim-iimem uanKers can no "•""-• ""« SICCKS. Tlic commission ; - - ••»"i'.^ two nieuiorts (a) longer serve on the directorates of 1™' not lel1 wu what lo buy, when tlla «s. members liable for tecs ""•"""-I-" '-"'"- to buy it or when lo sell. H will sllsta] »e<] by customers because of ..*!.,I.,,:,, tn.l.lf..- M,.r. ,* n ,.,.,. .... HOt HU'O Vflll •) II V Irl.linr. .... t~ . DOOl llpfil'ill,,^ -C .1 joying lulled linten. City entirely separate corporation.- Their i ownership was . evidenced on. the'.. ^nticjjal. Securities an<l same slock"certificate and bothi ' livelnnise Art belonged to the same set of stock-' For Ihe first time In our History holders. Tt was as if the bank-Ml Street'has brer: nniK-xed to were' split, into two corporations.:- nc United.' Stales The "federal , One was called a bank. One was!Government has asserted its ri"ht COi-cni tlie ™ lnm:ss ion is cslnb- lll ' lio "s may «* and j)V. K.,Jtlc.lIMOM) & CO'fi. ^F'i'IiHNOpJ!' fcOTTON t.KTTEIl -'NEW'.ORLB'ANS. Oct: s>7 -Z'Th cotton--iniirket 1 -.' made n fair star today on strong cablas from Llrei pool, first ,,,-ices on this sid running about'5 -points higher bii activity was still lacking an trading/soon lapsed into thc iisua dullness with quotations Eaggin back to lust niglu's level Mini closing practically unchanged .There was nothing in the n»w to supply much incentive, ouisid markets were not active cnougl Jo be an influence and the mar ket was susceptible to the slight •it^ pressure in either direction. Dry goods markets were nuisler than recently, with „ slightly loiv- eM,rlce lendency in some uescrip. pots showed only a fair turn'. with buyers and sellers that has .prevailed for weeks ' Trp basis seemed to be as nrmly held ns ever and there was no inteirup- tton in the movement of new crop icccipts inlo Ihe loan. j\ more Hv ?' SU , C ,"°' C W;ls S0l "" lc " "°'» J»cri;ool. however, with more bus- mcss done in American , '" that market than has "Wed tor so ,ne time. ,,..™ ro SM "» I" be a little more ;"in<lence in market circles pro,ably due to e^orU being !,,a,ie at. Washington to faster a beit-i understanding b . «nd business, ijt been = OVCTnm -" t cott<> " """the latter the bankers werc'eii-'j^nty of teeth were Inl-ei^ out of'' • T/iir« liii" oin nf "it '" (lic ' uio " of treated to do all (he things which !>«« act before it was JiiLd bu[ H'al s !, ! °"' : Tl "' *' ult ^ " f °^>^™n trading range. «hi i . • • "!'"^ra v.erc en- '."•"•>' "' iccin were taken out of' 'nnrninrnur "bled to do all Ihe things which | >>« act before it was pawed, but will s ' °" : lhe law forbade the bank doing. ii'«^-e powers were del-atcd to the ' '' y was_ an. outrageous subterfuseI.Comnilsslori. which can be ns dras ' n ~ — S^uuoid^;^^^^ oT ^ l ±°± Tho.ch.cf•re.^jOsceoIa Seniinoks Are beaten By Marked Tree - --.^uov.j. * uu tillul 1C "f this law nre 115 follows: No exchange may operak- us «:ch after October 1. 1334. imicwj is ndmlttcd to worked VintblU. fees'-oil (he : Am"d"" l " iC "" e ' Tllnl llas hDen ' t °l > 5- An attcmpl.has been made to bring holding company baiikin" under some sort of control, by -forcing holding companies which own banks to submit lo examination. * ' i * There are a good many oilier,...,^,,,, t ,iat it salutary provisions in that act. The authority and ! net was not sponsored by the ad- the rules of the' ministration for some strange ten- T.-aain" on ovrhVmV^'"'""'. ran. H was, I think, because Ihe milted hi niKteo Tec,!?-," 0 " Cr - lYeasnry Department was under: b,.f«ye sccnrU is c^n be I !° S , n " d the dominion of Wall Street. But plication must be ml^ ' np ' following Mr. Pecora's revdatiom commiao„ t, that A" , l< ! tho of the National City Bank and!information n^ th?^^ the Morgans, it was no longer,musl be sunnlleri T „ J - or l )ol : !lll( in possible to slop Ihe passage of the may t !lc n ,,,» TOnimissim, " ls Emitted to registry by the 1 ,V auJso ^. Ark., Oct. 27._OsceCommiEslon: And before it is ad-''I, s<lmil >°lrs dropped a game to "•odoto'wgislry-'it must cotiiply i . Mitl ' tctl " r ™' s "'8'' school eleven H-O.L.e.^Bond Exchange Period Expires Today enforce its to abide by Marked Tree defense. K tried 1,,-n-d but to penetrate thc i 4's to nn 'm- case me Owners' nge of bonds ',?" >s lold " s °f the ™" vefsl t>» at once In goi Alfred C. Nelson. 01 Womirn, a nvc.yc.ir senlejicc at Concord — ^:^j«=y™ WPO.-LS by ornontirmV -r• B KCIOri " : 'ton-. Powerful weapon Inis ta a - , N< ' lsc "' «™Pcd after breaking « '« . lnto Andrev: Ericson's home. They must not be confused. Onc'f Marsins may be fixed i». ,. ', ^ oliTO chicf dories McCaiiley Is called the Securities Act of 19331 Federal Rcscrw n J^ J i " 10 ••!?'? tile court which convicted cent of the lowest, market ' The Securities Act of 1S33 In the Twenties the btefsl racket of nil wns the securilv racket. Thd gangsters we fumed so much about probably got away with 9 hundred million or so. The — .-..^i. ,,,j,,,cl..r vnilrn ha't I , " Cre 101!1 " 1C ln!111 within the preceding; 1C nionih i bl " S " le muscles - VTC '<™* wlio but not more than 75 per cent or ^ " nlcd alld got him ' the current market, value—whirl, I t- ever I., (he higher, in effect Ilk I r,r A" CntIy cnl!cd tllc ^"S"'" - "•- ° L this ' f "' ll »' Douglas spruce stands >lly between nrs and licm- .-._ ... 0 .,..,. ,,i t-iieci. inis menus thai speculators may buy on margins ranging' irom 25 lo 45 per rent: nut »rt Reserve. Board .»j vcLHi-ru nr.S ililQ ocks, an< | is , ow , 1S 0 D V lumbermen. cases. bollds - MEMPHIS. Ten'n. — Pour Ford leaiers left Memphis Wednesday 'it to attend an important .sales onfcrence with w. C. Cowling, cneral sales manager, and other iigh officials of the Ford Motor ompnny. This meeting was held t the Palmer House in Chicago 'linrstliiy and Friday. The party onslstcd of Horace Hull. Hull- Jobbs Co.. Memphis; Herbert U.J.KY iHil' Unwed Mother Found Slain nuy do nnollier "America* frasnily" caso li it been brought to Itglit through Ilic discovery la ••sliullow grave of tho bodies ol Anna Cnrdllu, (above), ]D ol' I'lcasanlviHe, N. J, and lier pro. maturely born Illegitimate cblld Privnto.'Oeorga Stliollg, 21, o tort Wadsworth, Staten Island wlio bad been her sweetheart. was Jiekl Jor iiuostloulng Beautiful . The purpose of tnc inecting wns i lo forimilalc plans for \\\ K , 1935 Ford sales program anil lo get from the de/iler.v iittendlng Jdcns that, will be benelleial In both the. Ford Motor compnny anji its dealer organisation. It is believed that MKKf TUB FAMILY! ; this • is thc first program of this I kind ever instituted by .any aiito- ; mobile company.whereby the dcal- jcrs would make suggestions ns to | the linprovcmcnLs of sales uj am nnd policies of lhi s nnuirc. -. These dealer.i were picked bc- !C«usc o( u,« ngsressive methods "icy hnye used during |h c , mst [H'»r and thc splendid increase in |l)H.snires they luue .shown in (heir territory. , Uy Uiintli- Hetty Thor who Hrst «pn the lltlo ot Miss London, now 'baa been scloeteij at Kngland 3 most' beautiful cJrl and will b« entered Iu Ibe iiiiornatlonal competition (or the selcc'tioii ol Miss- Univerae. 1 Today's ir cent bonds to the owner In of his bank. An adjuslmen of Interest will be paid by (he holder." BUT IT R THAT ONE OP DIDNT SCARE UP A , IT'S QUEEK/-BUT ITS TOO BAD FEZ YOU, CAUSE YA KNOW YA CAN'T MARRY MY LlC WOOTIE TILL YA &IT YERSELF A SPOTTEtV I CAT HIDE TWEAR /SAY-DID YOU TO TH' WEDDING/ ( HEAR T'DAY, AN HOME GITTIM American aitlst born. ^o 1 - ^? rWtt/M _^&IM!J-=Mew \bi^k sub V opened. 19M 'Discover tnan who iias been lost in Afeio\6rk subway

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