The Courier News from Blytheville, Arkansas on April 1, 1948 · Page 7
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The Courier News from Blytheville, Arkansas · Page 7

Blytheville, Arkansas
Issue Date:
Thursday, April 1, 1948
Page 7
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THURSDAY. APRIL ], 1948 Cotton Trader Be Ousted Commodity Exchange Act Cited in Case Against Speculator • • ., By v ' n «"l Bufke Ur, l«« Press SUfJ Corespondent WASHINGTON, April 1. OJP, _. niomas Jordan, fabulous rags-to- tehes collon speculator, today faces he threat of being booted temporally out of the New Orleans mar- The government, it was learned •estcrday, has accused Jordan of ireaking its rules governing spec- da t ion. It has called on him to how cause" why he should not be arred for a temporary period from 11 commodity markets During the cotton price boom two «:us ago Jordan pyramided a small •taKe into an estimated S200000D n paper profits. He plummeted 'in- 0 the national spotlight, in October -946 when Die cotton market sud- lenly crashed. Jordan, who held more cotton ilian any other speculator, lost 'i .ortune in paper profits. Legends sprung up that Jordan had started nit originally with $6C 0 won at a lice table; that he once remarked anybody can make a million dol- .ars in the cotton market." A\ J0rdan retusctl to confirm or de- «*.4y the stories. He took things with 1 poker face and soon was back Ji ihe market ready to try again The government's complaint asainst Jordan is not connected Mlh'lbe 1346 case. Secretary of A»- riculture Clinton p. Anderson has :harged that Jordan last Dee. 16 made a "fictitious trade" in violation of the Commodity Exchan-e Art. Anderson, as head of the Commodity Exchange Commission, quietiy filed the complaint with the Agriculture Department's judicial officer seven weeks ago. Jordan still hns eight days to jnswer the charge. The Commodity Exchange Authority plans to hold ,1 hearing on the case before a New Orleans referee this Spring. Any action it might take against Jordan as a result of the hearing would be subject to court appeal. Jordan's two partners, Edmund H, Crane and Frank W. Van Kirk also are named as respondents in the case! Fictitious Deals Barred The so-called "fictitious trade'' involved 17,200 bales or March cotton and 14,600 bales of May cotton. The complaint charges that Jordan "bought" the cotton from him^.^elf and—at the same time— l 'sold" the cotton to himself. Such deals have been barred for ' years by the Commodity Exchange Act to prevent two traders from conspiring to "establish" a phony price which an unsuspecting trader might use as the basis for his transactions. The government's complaint did not impute any motive to Jordan's alleged "fictitious' 'transactions. BLYTHEVTLLB (ARK.)' COURIER NEWS Getting Along Swimmingly A few minutes after Its birth at Chicago's Urookiield Zen, liiis baby hippo was swimming along like a veteran, paced by its proud • mama. bcbe. Steepfe/ack Thinks It's Safer High in the Air MOBILE, Ala., April 1. (UP)— NEW ORLEANS, April 1. (TJPI — Thomas Jordan, New Orleans cot- tan speculator, yesterday admitted charge.? by the government that he consummated a "fictitious deal" outlawed by Ihe Commodity Exchange Act. He said, however, that, transactions contained in allegations made by Secretary of Agriculture Clinton P. Anderso.n were made last year for the purpose of establishing a profit lor income tax purposes. He added thai Die transactions were made through a misinterpretation of the rules .01 the Commodity Exchange Act. .and that when the sale and of the cotton had been consummated, the, CEA had been notified. Jordan, through his attorney. Harry B. Kellllicr. lias waived a hearing by the Cf-JA. CEA autlioriticji here, and TJiom- ; Jordan and Company, have agreed'as to the facts in the, it s said. Following recommendations to be made to Secretary Anderson, a cor.sciu judgment will he made by Anderson, settling the matter. Both parties agree, it was said. that the alleged violation of tlu Commodities Act did not involve any customers accounts and were related only to Jordan's personal account, and executed in good failh that I hey were permissible under the law and applicable regulations. Air Force Puts Plane Plants on Standby Status WASHINGTON, April 1. (U!'>— ' The Air Force said yesterday !( >j»j withdrawn five major aircraft plants from surplus niut will hold 'hern In a standby stains for • mUlonal j emergency. i Air Poree spokesmen emplmsr«?d ! thai Hie plants are not beliiB lool«l I up foj 1 hmnt'dhilc resumption of j production. But. at least, one of the 1 plains will resume part-time nctivl- ' ty remodeling B-29 bombers. The five plauU withdrawn from | sin plus arc: Uoeing plant nl Wichita. Kan., wilh a jx>ak wartime employment, of M.OOO workers. One large hangar on the flight line will be reopened Immediately for modernization of H-29 bombers, with employment of about, skilled workers. Aircraft assembly plant at Cleveland, O.. standby. Cm-tlss WrlBlil pltint at. I.ocklnnd. O standby. *' Okla y P '"" t OM«, FACT I noldir Mid. "It'would tax* wcelui S, j to repair the damage. Kvon then H North American «t KBIISIW city j ouli/ii'l BC* pui'ul"^!^"'^^^^'? <lo coiiilnue nnrter * seven-year least; to ociiernl Motors.> ike months lo get tlit-in from the | „ l ., will be kept under i c Air Korce owiu'ishl|> former assembly plants al 0111,1- ha, Neb,, and Marlelln, fi« n' re I being used Jointly by Ihe Air Force niUI Navy for atmn K e of machine tool eqiilpinrni. They nlso »r« «- Jiifc! lield on H stnnduy status. Mountain-Mapping Trip Ends in Plane Crash PKIPINO. April i, (UI'l-ciiicaRo nilllloiiiiln; Milton Kcynolds* nliui to map the «ce]iid«t Amne Mnehtn moimlHlu rnniu, of Western C'iilim emlert yesterday when his plaiu- i-rnckcd up In soil earth mi * ' Chinese military airfield. No ()U e was Injured. 'IVie lHi 8 e C-87. piloted by romid- tlic-world-flicr William \\ Odom irnvrllcd only as feet when the' right wheel slipped off ih« brlrk stirfncc of a parking rrvclincnt nnd 5iini)|>rd the wheel ioi'k. "This ends Ihe expedition," fji lAnncd to seek a Western china louiitaln iwalc higher limn (he S Tile wall a Aboard the piano were n UoUnn nd Chlnwc sclenilsls who had - lolliesl to iw mtpped. not Uu With the Courts Chancery f/iiett^ Turner v«. Ollp« a. Turner, sull' for divorce, Oran Junior Johnson vt. VivUn •Wuaoe, »utt <cr tjtiim. In IUr Olll, • minor, pttitkM t* r«nov»J of dlwUUUa •( i COUTH* The Junior and Senior Classes of Burdette Hi 9 h School Present "Here Comes Charley" 3-Act Comedy Thursday Night, April 1,7:30 p.m. Burdette High School Auditorium Adm 25c-50c Richard Walters wished today he could spent! more time nl his job us a steeplejack, high in the air where it's safe. On March •< he wax Injured when he vviis striii.-X- by an .iiitoitioljlle. i He had barely recovered from the i accident yesterday when he (ripped I over an open coal shule on the '. sidewalk and suffered a frai:turecl ! vertebra. i Ask Hatting of U.S. Mail I ROME, April 1, (UP)—Com- j munlsts and left-wing Socialists I demanded yesterday that the gov- i eminent slop a flood of letters froir the United states. ndvisluR jtal- ; iaus how to vote in the forlhcom- i ing ejection, Read Conner News Want Ads. Read Courier News Want Ads Will GIVE YOUR CABMHEWv'PEt WITH A Were's what we do . . . * Clean and adjust swik plujs * Inspect ijnitiwi wires -* Check and adjust carbuielot * Clistk comfressioi * * Ctaek kjitefy; lijhlw obln * Check jeiwrtor awl miuji rejtlatof •* Check fuel system * Clew air duw 'PAKTS EXTRA Siill & Young Motor Co. HoPhones 3479-4333-4334 1st & Walnut BETTER SERVICE IS'OUR WAY OF MAKING FRIENDS A Masterpiece SEAGRAM'S 7 CROWN. 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