St. Louis Post-Dispatch
March 25, 1930

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COMIC PAGR MONDAY, MARCH. 24, 193@ a beled WI TF U | ee The Only Evening Newspaper in St. Louis With the Associated ited Pre 12 PGT. DIVIDEND High Dividend UNO A LIND rA Peoria, once | | ee Brokerage Business Collapsed!) praying pengnn) m/STmLING CENTER| op erie OF YOUNG & BROS i [ACROSS ATLANTIC) ee ~ Official forévast fads ‘ é | ed se Lone and —— i That Lure Helped in Dis- posing of $300,000 in a to the Post-Dispatch, NEW YORK, March 25.—It Preferred Stock of Com- pany Started With $5000 | seems that New Haven, seat of Yale University, is wetter in senti- ment than Peoria, former home of ALL OF FIRM’S | 63 OFFICES SHUT a great distilling industry, New Haven is among the*cities whose vote in the Literary Digest poll, to- Relicensed by Blue Sky” Commissioner in Spite of date, shows a preponderance for repeal of the Eighteenth amend- Protests by Better Bus- iness Bureau. =: ae - * 5 PPTP OU ON EY TREE Re Cem me LOUIS, TUESDAY, MARCH 25, 1930.40 PAGES. ~ a 77 OL. 82. NO. 200, — ͤ— ö — N PRICE 2 CENTS. WALL STREET] STOCKS TURN IREACTIONARY RAFTER NEW HIGHS MADE dvances of 1 to 8 Points Cut Down or Wiped Out and Losses of 1 to 9 Points Shown in List. = — CALL MONEY: EASES, NS ne — Sr TIME. RATE FIRM unset 6:31 Stag h Mississippi i e of the SS1SS1p pi, More Than 100 Issues| feet, à fall of 0.2. Reach 1930 Top Larels h. . NAVAL DELEGATES ws Ticker Falls 45 Min-| ATTEND ROYAL PARTY utes Behind Market. King and Queen Give First Affair of Its Kind Since By the Associated Press. 1928. NEW YORK, March 25.—The FAIR TONIGHT AND TOMORROW, HE HAS ADO LIKE A FOG-HORN ANO LOVES TO Gre CC BS pre 0 ida © » * r to- settled possibly local snows; tomorrow partly cloudy to cloudy, possibly snow in northeast portion; contin- ued cold. Illinois: Snow to- night and possibly tomorrow morn- ing; continued cold. sunrise 2 ——*—ͤ«ĩẽ ³ FSD ment over both the modification and enforcement proposais. Peoria is also for repeal, but not so strongly. Louisville, which likewise had ite distilleries, is heavily for repeal. The latest city tabulation, issued yesterday by the Digest, is: City. Entf. Mod. Rep. New Haven, Conn., 964 2625 4606 Peoria, III. 723 938 1698 Okla. City, Ok.....1479 1078 894 Tulsa, Ok.........1199 973 915 Richmond, Va..... 758 1010 2112 Wheeling, W. Va. 436 770 948 Louisville, Ky.....1479 2362 4458 Portland, Me...... 312 572 541 Wilmington, Del... 897 729 1694 In the listing of incomplete pons of 56 municipalities, including the foregoing, 49 have shown an ex- cess of wet and “moist’’ votes over the dry votes. , U. S. NAVY HEAD SAILS TOY _ YACHTS ON LONDON POOL Secretary Adams Continues His Fa- ROUGH SEAS, STRONG _ WINDS ALL THE WAY modations for 2200 Pas- sengers and Crew of 975. ‘| By the Associated Press, NEW YORK, March 25.—The new North German Lloyd liner Eu- ropa passed Ambrose lightship at 5:54 a. m. today, baving cut 18 minutes from the record time of its sister ship. the Bremen, for the 3100 Atlantic miles between Cher- bourg, France, and New York. The Europa crossed in four days, 17 hours, six minutes. The Europa encountered more fficut weather conditions . than the Bremen. Throughout the voyage the ship fought strong head — -Die Arc — — WEATHERBIRD GONE, (tomor- 11.6 With eight suits for receivership and bankruptcy filed against the collapsed W. H. Young & Bros., Inc., security brokerage firm, founded on a $5000 investment three years ago and expanded until it had sold $300,000 of its own pre- ferred stock and several millions of dollars’ worth of other securities to the public, overnight develop- ments were: : 3 — 5 , . A. + a x 1 5 me D oe ey : AK 64 . > . * ma — : 3 Sy Birnie 2 8 * 3 2 ˙ ele . Se * ’ . 2 eee a RN 2 . ae sre emir ee ~ * A N 5 A * Gain eevee . 9 2 to Avoid Paying Paving Costs. — The application ot the Public Service Co. for permission to sub- stitute trackless electric trolleys for gasoline busses on the Vande- —Photds by George W. WILLIAM H. YOUNG, president | of collapsed brokerage firm at top. Below, Fred ©. Young, viee president. By the Associated Press. ock market turned reactionary in LONDON, March 25.—American e afternoon trading today after delegates to the naval conference earlier outburst of buying had and their wives, with the leaders urled more than 100 issues to | Of other delegations, were among new high levels for the year. Early mins of 1 to 8 points were cut down, or wiped out, and a rather i list of issues, including many de recent leaders, closed with t declines of 1 to ® points, trad- ng was in heavy volume, the day’s nes crossing the 4,600,000 share rk for the second ume this year. ticker, after falling about tes behind the market iidday, was only about 20 late at the close. e the reaction was generally ‘crized. as a temporary cor- of a top-heayy speculative some of the selling also enced bywthe.-weeurrence ness in the commodity mar- HUH, THAT's NLY BREAK POOR GET. a * h Percy L. Crosby, Great Britains richt reserved. King Features Syndicate, Inc. Rearish professionals, taking age of the long ticker re- stocks heavily in the last When word was flashed im the floor to the broker- %s that current prices were, hy cases, several points away nose appearing on the tape, who had built up substan- fits in the recent rise, quick- idated part of their specu- zoldings. \anadium’s Range Wide. dium Steel. which has been etacular - individual per during the past week, | from an early high of a new peak price, to 114, was off 5 points on the ited States Steel common points. net lower at ‘a 8 having established a at 193%. Bethlehem howed a net gain of 35 10786 after having at- new 1930 peak slightly it level. J — Wf, * . Du ne ,, * . q ** 11 ot 71. „ oat 24 fh 57 N tet) Feature ee lee Ureat Britain m nts reserves JIGGS GET READY WE ARE GOING On) A YACHTING TRIP. 22 172 2 if ; | 5 rs i GP nr: ; na t — i iy 1 0 \ N „ Mook 1 bes : : | ne market news, will be age of the tariff bill by the i States Senate, lowering of noney rate from 4 to 3% t and report that operations ‘nited States Steel Corpora- being maintajmed at 890 t of cavacity, the first time weeks that they had not decline, composed the news of the day. Short r also was an important the advanee, particularly of the highepriced_special- ‘which there is a small float- Call Money Easter. ihe call money rate drop- to three and one- ent, indicating the pass- strain incidental to the month Federal ingome end and interest pay- ‘ime money rates held dealers advanced bank- viances one-eighth of one after having made gine reductions of similar he asking rate on call Side was reported as dor cent at the close. ‘he fact that the Feb- oad earnings statements published make unfavor- ‘rison with last year, se- ving continued in the cup. Chicago & Eastern ‘ues moved into new high | on unconfirmed reports | Van Sweringen interests red the Thomas Fortune holdings in that road. ‘lc, Wabash, Frisco com. | high Valley also moved high ground. Mimnodities Are Lower. futures, after an early tour % selling, closing % to & bushel lower. Corn nts a bushel. The cot- ' closed about 60 cents her to 30 cents a bale late selling reported of old crop positions. ‘xchanges displayed a lertone, all ot the lead- ean currencies showing rains. Sterling cables ‘ed around 34.87. prices, with other ta- ad on Pages 110, 120 and — — T 3 3 r . n Per as the 200 guests who attended the royal afternoon party at Bucking- ham Palace today. The party was the first of its type given by the King and Queen since 1928. King George in morn- ing clothes, and Queen Mary wear- ing an afternoon gown, stood at the entrance to the picture gallery. shaking hands with the guests, as they reached the top of the crim- son carpeted grand staircase after their names had been announced by the Lord Chamberlain. This was the only ceremonial and the party afterward took on an informal nature, the King and Queen Strolling among the guests and chatting. TRAFFIC ON LINDELL BY PARK TO BE SEOPPED FOR 3 MONTHS Vehicles to Be Diverted Because of Work on Western End of Des Pe Sewer. Traffic in Lindell drive, on the north side of Forest Park, between De Baliviere avenue and Skinker boulevard, will be stopped for about three months, beginning next week, because of construction work on the western end of the River des Peres sewer. Vehicles will be detoured a short distance to the | south over an adjacent park drive. | Cables for an electric tramway to be used by the sewer contractor will cross Lindell and it would be dangerous to permit traffic beneath it. The iron bridge carrying Lin- | ' | | dell across the stream will be re- moved soon. It was installed be- fore the World’s Fair of 1904. Except for one or two smail steam shovels in the excavation, the sewer contractor, Stiers Bros. Construction Co., will use electrical machinery. This will tend to re- duce noise. EIELSON TRIBUTE IN SENATE Nye Commends Life and Charac- ter of Late Arctic Flyer. WASHINGTON, March 25.—A brief tribute to Carl Ben Elelson, Arctic flyer, who lost his life in the frozen North in an attempt to rescue passengers on an ice- bound ship, was paid in the Sen- ate today by Senator Nye (Rep.). North Dakota. Describing Eielson. who was from North Dakota, as having had “a splendid life and a splendid character,“ Nye placed in the Con- gressional Record a history of the aviator’s life published in a North Dakota newspaper. He also read a letter he had received from Sir Hubert Wilkins, explorer, who de- scribed Elelson as one of the great pioneers of Arctic flying. Nye urged that the Senate adopt as soon as possible his resolution calling for the naming of a moun- tain peak in Alaska after the ex- plorer. Jimmie Was a : Favorite At high school he had been the orchestra. Later he used his music on many occasions, making new friends. Learning to play some instru: ments gives most boys and girls added enjoyment. The Post-Dispatch Classified Columns tell where to find’ in- structors, also used instruments at economy prices— Or call MAin 1111 to phone your Want ad. , in we 4 1 iP 8 1 2 * — n — - | rec Continued on Page 3, 5 52 * — 2 a # ee . ¥, 1 1 re we * * . . Twelve per cent dividends, payable at the rate of 1 per cent a month, constituted the bait for purchasers of preferred stock. Francis Emmett Williams, ap- pointed Federal receiver, took charge of the business today, succeeding W. Blodgett Priest, appointed receiver in Circuit Court at Clayton yesterday at the instance of the company. Business has been suspended at the 63 offices of the company. throwing most of the 365 em- ployes out of work. Re-licensed Despite Protest. “Blue Sky” Commissioner Stockard at Jefferson City re- newed the licenses of thé firm and its salesman as a matter of routine the first of the year. de- spite the request of the St. Louis Better Business Burcau that he hold up the licenses antil he had made an examination of the firm’s books for the protection of the public. Allegations of customers that they failed to obtain delivery of stock certificates for which they paid some time ago. State receiver appointed today for Industrial Holding Corpora- tion, one of several affiliated organizations dominated by the Young brothers. Retention of Williain' Baer. criminal attorney, to defend Wil- liam H. and Fred C. Young, president and vice president of the brokerage house, in the prosecution pending against them in Barton County. Presentation of case to Post- office Inspectors, who will de- termine whether there was mis- use of the mails in the com- pany’s sales campaigns. Reports of lavish expenditures by the officers of the firm, with liquor, cards and dice at the staff's “pep” meetings. The Young brothers absented themselves. from their elaborate suite of offices in the Central National Bank Building, and could not be reached by report- ers. process servers or custom- ers. In their high-pressure sales cam- paigns Young & Bros. featured three attractions: More than 6 per cent.“ Money back if not sat- isfied,” and Safety first in stocks.” ‘More than 6 per cent” was ex- plained by some of the salesmen as meaning that the company’s 8 per cent cumulative participating preferred stock would entitle the purchasers to participate in the firm’s profits up to 12 or 16 per cent. One Per Cent a Month. As a matter of fact, according to Edward I. Siegal, the company's counsel, the firm paid 12 per cent on the stock, disbursements of 1 per cent being made every month until last Thursday when the March payment was defaulted, precipitating the avalanche of liti- gation. The Young preferred stock sales commenced in a big way last-sum- mer and $300,000 worth had been disposed of to the public by the end of the year, President Young informed the Better Business Bu- reau, which received numerous in- quiries and complaints about the firm. The bureau estimates that the company in its three years solid $3,000,000 to $4,000,000 ot its own and other securities, but exact fig- upes are not available. : Catch in “Money Back” Promise. The 12 per cent dividend on $300,000 worth of stock necesgsi- tated a monthly outlay of $3000, which was just “pin money” be- fore the stock crash last fall, but proved too much as the firm's sales continued to drop week after week, with more and more dis- satisfied customers demanding their money back... There was a catch in the * * n | watchman for a nearby construe- _jat 11:30, ‘his family, he remarked that the ALTON BOOKMAKER IS KIDNAPED FROM f= HIS BILLIARD HALL Charles Conley Forced Into | Red Sedan by Two Men —No Ransom Demand, ö Relatives Say. Charles Conley, Alton vbookmak- er, was kidnaped last night under circumstances which indicate that | he is in the hands of extortionists, | held for ransoni. | Although relatives and friends | insisted today that no word had been received from Conley or that any demand for money had been made, unconfirmed reports were current in Alton that the kidnapers had asked for $60,000. Chief of Police Fitzgerald of Alton said he had information which he expected would bring results during the day. Since extortionists began to prey on St. Louis and Hast Side gam- blers several months ago. Conley anticipated that he would be a vic- tim. He accepted his situation philosophically and took no pre- cautions beyond employing a nephew, William Newman, to take him home each night, A passerby glanced into Conley’s Rex Billiard Hall, at 109 West Broadway, a half block from the Alton City Hall, at 11 p. m. and} observed the proprietor sitting alone in a chair tilted against a wall, reading a newspaper. Watchnian Saw Men Leave. Fifteen minutes later a night tion operation saw three men leave the place. We've got him.“ one of the men exclaimed and the con- ter man was pushed into a red- painted sedan. which moved rap- idly away. The watchman called a police- man; who found the poolroom lighted buf desertéd. While—this inspection was in progress. New- man arrived. He had telephoned Conley a short time before and told him he would be at the pool room Alton police immediately broad- cast an alarm to St. Louls and other communities so that bridges were watched and police were on the alert for a red- painted car. Ap- parently the kidnapers had watched’ the poolroom until all of Conley's customers had departed in order to seize him when he was alone, It was assumed that there were at least three or four men in the gang. Conley. 51 years old, lives at 404 Biuff street, Alton, with his wife and two small daughters. A gam- bler and bookmaker for more than 20 years, he is generally thought to be wealthy although he seldom, spoke of his financial affairs. Held Up Three Months Ago. During the recent series of kid- napings in St. Louis and vicinity, which have netted extortionists more than $100,000, he had spoken 2 „ — — —— 5 4 3 <i aid N * 3 7 . et N SOS 3 rg 5 3 2 — 8 . — " . _ 2 0 yes . Mg — 4 * 1 STRIKE THOUGHT 10 BE NEAR END Result of Negotiations Will Be Presented to Union Men at a Mass Meeting Tomorrow. Termination of the strike of 750 employes of the People’s Motorbus Co. appears near at hand with the announcement today, following conferences between Richard W. Meade, president of the company, and union officers, that the result of the negotiations will be present- ed to the strikers at a mass meet- ing tomorrow. Neither Meade nor Robert B. Armstrong, chief representative of the strikers, would say definitely that a settlement had been reached. Meade's only statement was that the conference with unfon leaders. which began last Friday and has continued daily, had adjourned subject to call. | | Armstrong, however, said that a full report of the negotiations would be given the men at 10 a. m. tomorrow at Unity Hall, Grand and Page boulevards. Renewal of negotiations, he said, would depend on the action ot the meeting. The usual practice in labor dis- putes is for the leaders to work out a settlement and then present the results to the membership of the union for approval, the course which apparently is being followed in the present strike. Strike in Twelfth A The strike is in the twelfth day and no effort has been made to operate busses during the period The employes’ demands at this time are for recognition of their union. Local 990 of the Amaiga- mated Association of Electric Rail- way Employes and Motorcoach Op- erators. and the reinstatement of 23 drivers and conductors dig. charged for union acti . In the event the union is recog- nized the question of wages un- doubtedly will be brought up later. of his fears to friends, indicating, Both he would not resist what he regard- ed as the inevitable. Recently, after a trip to Miami. Fia., with woods around Miami were full of ere, : bookmakers hiding out. * A good-natured, affable man who smiled at persons who criti cized his Illegal occupation, Coniey Le has been recognized as a man 2 winds and heavy seas. The Europa closely mbles the Bremen in construction and appearance, the two ships being built under the same broad speci- fications for size and speed. They are, however, the products of dif- ferent designers and different ship- butiders. Both are built low to reduce wind resistance, but the Europa, the construction of which was de- layed by two fires, embodiés a number of changes from the Bre- men design, changes calculated to make the big liner speedier and more comfortable. N * e | by oil-fired is generated by four Diesel-driv- en dynamos supplying ¢urrent to 420 electric motors and an equal number of auxiliary machines, On the sun deck are two large sup- plementary Diesel-driven dynamos, Propeller Vibration Reduced. To reduce vibration caused by the great engines, two of the four propellers revolve inward. All four on the Bremen revolve outward, The speed of the Europa’s turbines also is greater than that of those of the Bremen. Another change is a device on the two squat funnels designed to force the smoke upward. thus eliminating the danger of its being blown on the decks to the incon- venience of the passengers. To the layman, however, the chief difference between the two liners will be observed in their in- terior decoration. The extreme modernistic note of the Bremen has not been followed in the Eu- ropa. The main decorations of the Europa are representations of the mythological Princess of Asia. In some places the figure of Europa and the Bull are treated pictorially and in others the figures are carved. The ship has an overall of 936 feet and a breadth of 101. It has accommodations for 2200 passen- gers and a crew of 975. On its maiden voyage, however. it carried all thotorized and equipped with radio apparatus. They can ac- commodate 4100 persons—25 per cent more than the combined num- ber of passengers and crew. Swimming Pool, Shooting Gallery. Among the features is a swim- ming pool, about 20 by 35. feet, strikingly decorated with bright- colored mosaics. Other featu-es are restaurants, a separate librury for each class and a shooting gal- lery that presents the effect of a forest with moving game. The mander is Capt. Nicolaus Johnsen, commodore of the Lloyd fleet. He has been in the service of the company for more than 30 years and until recently com- manded the Columbus. He is 81 years old and went to sea at the age of 16. A heavy fog settled over the low- er bay just before the Europa passed Ambrose Lightship. At quarantine the German Ambassa- dor, Baron F. W. Von Prittwitz und Graffon, Dr. Karl von Lewinski, power | only 1940 passengers. Lifeboats are ly enforced starting next Sunday. ‘Wealthy in name only, Paul A vorite Sport With Miniature Oraft. Rv the Associated Press. LONDON, March 25.—The chilly weather which continues in En- land has failed to keep American Secretary of the Navy Charlies Francis Adams from his favorite sport—yachting. 7 While the Secretary's last experi- ence with yachts was when he vids- ited Sir Thomas Lipton's Shamrock VI at Portsmouth, he has become enthusiastic over yacht models. Those who stroll along the pond in Kensington Gardens these after- }noons. frequently halt te watch aceftul models perfectly manipu- tated by a small gray-hairea man who operates them with the ex- perience of an old salt. Only a few friends récoghizé him and they remain only a few moments in or- der not to distract his attention. MICHIGAN GOVERNOR DEFIES U. 8, RADIO COMMISSION Threatens to Arrest Anyone Inter- fering With Building of po- lice Transmitter. By the Associated Press, LANSING, Mich., March Answering threats of the Federal Radio Commission in kind, Gov. Green said last night that anyone who attempted .to interfere with construction of a State police radio broadcasting station would be ar- rested. The statement was made after word came from Washington that the commission, which has refused do Frant a permit and a wave channel for the station, had asked the Department of Justice to have its agents in Michigan arrest any- one starting construction of a sta- tion. Bids for bullding the station were opened by the Governor and Oscar G. Olander, Commissioner of Public Safety. SUNDAY CLOSING ORDINANCE TO BE STRICTLY ENFORCED The Sunday closing ordinance for groceries, neat markets, delica- tessens and bakeries will be strict- 25.— Chief of Police Gerk announced to- day, on the request of representa- tives of the Retail Grocers’ Asso- clation, the Meat Dealers’ Associa- tion and the grocery cierks and meat cutters’ unions who called upon the Chief yesterday. Bakeries are permitted by the ordinance to remain open until s a. m. and delicatessens from 3 to 6 p. m. A fine of from $20 to $100 is provided for violation by delica- tessens, groceries and markets and $20 to 880 for bakeries. STOWAWAY’ Million, 26 years old, has venter line, between Chouteau and Natural Bridge avenues, was re- jected by the Board of Public Serv- ice today. Acting unanimously, without comment, the board adopted & rec- ommendation against the trackless trolley submitted by two of its members, Director of Streets and Sewers. Brooks and Director of Public Utilities Rilliet; to whom the application had been referred. The other board members concur- ring were President Kinsey, Direc- tor of Public Safety Steininger and — of Public Welfare Salis- ury. — on the board's ac- lie serving fiat 1 2 belear that the company has no intention of contesting, but will continue to op- erate the gasoline busses on Van- deventer. O K for Feeder Service. The Brooks-Rilliet report sug- gested that the trackless trolley might have a place in St. Louis for extension or feeder service, but not on a line of the character of Van- deventer. This was the first defi- nite proposal of the car company to Jnaugurate what it regards as a modern and economical form of transportation for lines not carry- ing the heaviest traffic. | ‘Three reasons are given in the report. which was prepared by Brooks, following an informai hearing last week dna a display of motion. pictures of the trackless trolley in operation elsewhere. Brooks declared the principa! reason for rejecting the proposed innovation in St. Louis transporta- tion was that the car company would escape the obligation to rey for part of the paving of Vande- venter avenue, although the report., held the proposed form of vehicle “amounted to à trolley system without rails.” Other reasons’ were the éffect of wires on the appear- ance of the street and the fear that the trackless trolley would inter- fere with Vandeventer's growing nues and between the alley south ; of Kennerly avenue and Ashland: avenue, and it is to be widened in EAA ret siti: