St. Louis Post-Dispatch
May 5, 1930

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TO DAY rea US PAT OFF LONDON PM The Only Evening Newspaper in St. Louis With the Associated Frees News Service SPORT F Shock Morbet Cloding Flamm; | and Complete Sales. : ST. LO UIS, MONDAY, MAY 5, 1930.—40 PAGES. ; PRICE 2 CENTS WALL STREET OCKS END RRATIC DAY OF BIG TRADE IRREGULAR “tal Sales Reach 8,279 = 260 Shares, the Largest. Turnover Since the Crash, of Stocks Last Autumn— | Many Blocks | Change Hands. Large ICKER 2 HRS. 10 MIN. LATE AT CLOSE —_—_—_ + Reach | Move- | | otal Industrials New Lows. for ment on Bear Drive After | Midday but Support Is | hrown Into Market and Prices Rebound Sharply. ———— »v.—The stock igh violent con- | viest trading er today, and gular, with sev- z industrials re- , of from frac- | t at 8,279,260 low lev- | inder the | during oon, but} ‘(nd un- strong rallying to | mnarket precipi- short covering in | hour, igain lost in the of trading and did '! final quotations un- two hvuurs and 10 * close of market. that ’ available only as tel- | the floor over brok- added the swiftly which to the Investment Buying. t attracted considera- iving throughout the | leading shares crept cher until the mid- eak, and it was stated | ircles that investment ted by current low | irge volume. ryrations of leading i to represent little ish between profes- | i bears, din brokerage cir- early hours of the | would be likely to | attack before the | t covering their com- ‘out starting a vio- ' the covering move. coincide with orders, which shares into a to OTLIng leading bturn. steel Closes Higher. “tates Steel sold down | of the year at i up to 174, and closed 1's, tadio went ir contortions, Amer- forelgn power broke is to a new 1930 low, a couple of points | Ss closing 2 to 4 points cd American Tele- idated Gas, Genera] \WWarner Bros. ‘West- | ed nearly 7. A long | closed moderately c. & narkets were in-; Wheat futures cent lower, reflect- ‘eather and the weak The May position ‘new low. Raw sugar ider pressure, futures | into new low ground. however, closed ir- hanges were itrregu- | ing currencies steady | ing rugpg a_i little | “punish peseta Was | ‘S Was meager, and | 4 character to inspire Oo: rash bidding up of k-end business and | ‘S pointed to gradual | here and there, and | ‘cd that further unsettle- | ‘imodity prices remain- | ‘pot. Bradstreets com- | © Index for April dis- cline for the seventh | Ore nr ; { Meg (t on Page 2, Column §&. Bw, | ~ k prices, with other tables | » _ irket news, will be found Nee ite 4a i | LO hages 2C and f3C. | York City and Newport, R. ‘day was refused a Supreme Court | brought by | Budlong. ' ‘proceeding of several years changing | ——- /In 1928 a review was refused, but Peroni | October, | tered with a cross-bdill. -worce decree with Against Law to Sell Barrels, Bottles, If Shown to Excite Intention of Making Liquor S. Supreme Court Decision by Justice Holmes Holds Vendors in Such Cases Liable to Dry Law Prdésecution, ’, LOSING BATTLER MRS. JESSIE BUDLONG. ‘MARITAL BATTLE OF THE BATTLING ! - By the Associated Press. WASHINGTON, May 5.—Per- sons who sell barrels, bottles, corks i; when these articles are offered in| 'such a way as purposely ‘o attract | | Pittsburg, | vitz. | possess any ‘signed for the and labels are subject to prosecu- prohibition law, held today, under the Supreme Court tion the purchasers who intend illegally, to manufacture intoxicating liquor. The opinion, delivered by Jus- tice Holmes, decided a case from brought by Ike Dono- No dissent was announced. DECLARES C.U. BECKER HELPED OUT L. .K. Stewart Says State Secretary Rushed Through Application to Meeting the contention that the | containers taken in the case were | not actually used in the manufac- | ture of liquor, the Court said the word “manufacture” as used in the prohibition law, was not to be tak- en in the strictest and most exact sense. “We are of opinion that word may be used in a looser way,” said the opinion, empty containers and~ other | | the | “and that if the) Ob- | jects seized were offered for sale. for the unlawful manufficture, as we interpret the word, they were designed for that manufacture and | er’s assertion that he never inter- | could be seized.’’ Justice Holmes quoted from the, law that it is “unlawful to have or manufacture liquor intended for use in violating | this chapter or which has been so used, and no property rights shall ‘exist in any such liquor, or prop-. BUDLONGS IS OVER, ' disposition as the courts might de- ' cide. For, Second Time, Supreme Court Denies Plea of Divorcee for Review. — _ By the Associated Press. WASHINGTON, May 935.--Mrs. Jessie Margaret Budlong of I., to- review of the divorce proceeding her husband, Milton J. It was the second time the Court had refused to interest celebrated divorce ago. itself in the | Mrs. Budlong contended new evi- ‘dence had been discovered. The decision concludes the mari- tal difficulties of the “battling” Budlongs, who began to fight 923 over the wife’s ambition to break into exclusive Newport so- ciety. The Budlongs have been in court at Newport; R. [, on one cause or another, ever since. Mrs. Budlong sued for divorce in 1923, and Budlong coun- Mrs. Bud- long surprised everyone by dismiss- ing her attorney and announcing in court that she would conduct her own trial. An incident at Hotel erty.”’ A search warrant could be is- sued, the Court said, and the con- | tainers seized were subject to such | Ilowman Hopeful of Results. Assistant Secretary Lowman of the Treasury said that the decision ‘must be carefully studied before | the Treasury could may out its fu- New | ture course. The Donavitz case, he said, was a test. “The Treasury has sought to bring into the courts persons who | i sell beer making devices and malt ‘products to which yeast may be |} nian °? LOw- the added to make intoxicants, said. “So‘far, however, ‘courts have thrown out these cases. ‘There are establishments which sel! every article and product necessary | for the manufacture of home brew. | All the follow directions. . So unable to stop that sort of ‘thing, but the decision today. may | b in | | the vehicle that will enable us to do so. stop the sale of a long list of ex- tracts to which alcohol may be added to make intoxicating liquor. It may be that under today’s deci- lation.” THREE SENATORS CHARGE Plaza in| New York in the summer of 1923 | BY the Associated Press. was cited by Budlong as an act of | ed his wife made for $100,000 she knelt cruelty. He charg a demand upon him and upon his refusal down and prayed God to curse him. | di- | custody of | in October, | Budlong finally obtained his full three minor children 1927. Budlong - a million: aire resident | + seit head of the Paka’ Motor | Car Co. CLOUDY TONIGHT, TOMORROW, THE TEMPERATURES 86 (3 p. m.): low, or OO ~j DUI Clio ma retrrees sterday s high, m.). _— Offical forecast for St. Louis and vicinity: Partly cloudy tonight and tomorrow ; possibly showers tomorrow ; not much change in temperature. Missouri: Most- ly unsettled. to- night and tomor- row; probably oc- casional showers or thunderstorms; cooler, tomorrow in extreme north- west portion. Tilinois: Mostly unsettled tonight and tomorrow; possibly ~showers in south portion; WEATHERBIRD _gooler in northwest portion. Sunset, 6:57; sunrise tomorrow), 4:57. Stage of the Mississippl, feet, a rise of .9 of a foot, 11.4 ie ll i EE es ena ly a ‘naval base. THEIR OFFICES WERE ROBBED McKellar Says Files Were Ran- sacked “Probably by Secret Service Agents.”’ WASHINGTON, May 5.— Three Senators disclosed in the Senate late today that their offices had been entered Saturday and some articles stolen, Senator McKellar | of Tennessee declaring that his files had been ransacked “probably by secret service agents.” , Senators Smoot of Utah and Brock of Tennessee sald their of- | only a few pens and pads were taken. Smooth doubted the Secret Service had anything to do with | the entry into McKellar’s office. McKellar said so far as he knew | POSSIBLY SHOWERS TOMORROW | ! Bene e was stolen froin his office | that it was “‘left in a mess.” ae 40 KILLED, 100 HURT BY EARTHQUAKE IN RANGOON Many Residences in European! Quarters Damaged; Inhabitants Flee to Streets, | By the Associated Press. RANGOON, Burma, May 5.— About 40 persons were killed and more than 100 injured in an earth- quake heer today. Many buildings in the European residential quarter collapsed, and the High Court buildings were badly damaged. The inhabitants, fearing further shocks, fled to the streets and remained out of doors. TERRITORY OF WEIHAIWEI TO BE RESTORED TO CHINA LONDON, May 5.—The British garrison will be withdrawn and the territory of Weihaiwel restored to China Oct. 1, Foreign Secretary Arthur Henderson today told the House of Commons. Weihaiwei thereafter will be- cgme an area of international resi- dence and trade, he said, unless the Chinese Government should decide to use it exclusively as a A formal agreement was signed at Nanking on April 18. /in such a mode as purposely to at- ‘tract purchasers who wanted them | Sell Shares in Subsidiary Now in Receivership. $100,000 IN STOCK WAS INVOLVED | Former Clerk Contradicts | YOUNG BROS. ASHURST CHARGES | | Superior, Who, He Says, | Acted at Blodgett Priest’s “‘POLITICAL STROKE” Request, in Stockard’s Ab- LETTER DENIAL MADE | sence. By a Staff Correspondent of the KANSAS CITY, Mo., May | : Mitchell Says Hoover Didn’t | 5.— | T0_ HELP’ PARKER ‘Demands Lobby Committee | | | economy Strongly urge that any Investigate Reported Of- fers of Office for Votes | for Confirmation. See Communication; Pat- terson Reported Won Secretary of State Charles U. Beck- | liquor or property de- | of | ‘Stockard, who said that Becker, in | Stockard’s absence and without his | knowledge, rushed through an ap- | maker needs to do is to | far we have | ee ee mre to | Young Bros.’ We also have been unable |Stock and had denied conferring | Life Insurance ' clerk, fered in tge duties of his appointee, Securities Commissioner Stockard, kK, Stewart, former clerk under plication authorizing his friends, ‘the W. H. Young & Bros., _ Inc., brokers of St. Louis, to sell the pub- | lic $100,000 of stock in a Young subsidiary, Life Insurance Shares, Lnc. Life Insurance later reorganized | Holding Corporation, ceivership. Shares, Inc., as Industrial is now in re- | Gave to Becker’s Campaign Fund. The collapse of Young Bros. five , weeks ago, with estimated loss of $2,000,000 to investors, prompted Gov. Caulfield to call upon Becker for a complete report on the fail- ure of Becker and Stockard to | protect the public. disclosed that President William | |H. Young and Vice President Fred Cc. Young worked for Becker’s re- election in 1928, with “Bill” Young | | contributing $500 to Becker’s cam- paign fund and receiving a letter |of thanks from Becker. Until today Stockard had _ as- sumed the role of “‘goat,’’ accept- | ing full responsibility for permit- ting the Youngs .to_ sell stock. Becker had denied haadling any applications to with W. Blodgett Priest of Sst. political connections retained : | Young Bros. sion we will be able to seize such | extracts and stop that sort of vio- |} Stockard Didn’t Handle Deal. However, when the Post-Dis- |patch asked Stockard who had handled the application to sell Shares, Stockard said he had not, but “guessed” his Stewart, had. Stewart, Sought out in Kansas City, where | he is now practicing law, made this statement: “On or about July 1, 1929, when I was employed in Stockard’s of- Sane Blodgett Priest brought in an application to gell stock of Life | Insurance Shares, Inc. Learning | Stockard was away from Jefferson | City, Priest immediately took the |matter up with Becker. “Half an hour later Becker sent |for me and told me to look over | the application. I did so, although [ had no authority to authorize |Sale of the stock. Later I took it _back to Becker and informed him that, as far as I knew, the appli- cation looked all right. Says Becker Gave the Order. permit desired by Priest. I sug- | | Sested that the application be held | a “weakling.” He said he was oi sf was disputed here today by Lynn, It has been | “Becker ordered me to issue the. | Attorney Over for Judge. ' | | By PAUL Y. ANDERSON, A Staff Correspondent of the Post- Dispatch, WASHINGTON, May 5.—A dra- ‘by Committee investigate /made by the Hoover administration to secure the confirmation of John J. Parker as Justice of the Su- preme Court was made on the floor of the Senate today by Senator Ashurst (Dem), Arizona, who charged that ambassadorships, judgeships and other important posts were being offered in return for Senate votes. Ashursts accusation brought into the open a subject which has been seething under the surface of the Parker fight for days. The _ ex- traordinary pressure exterted from the White House to line up suffi- _cient votes to confirm Parker has produced an atmosphere of bit- terness that presaged an explosion. Leaders of the group opposed to _confirmation declared today they had definite information that Sen- ator Patterson Rep.), Missouri, heretofore counted as a member of the opposition, had switched ovef {and would yote to confirm the |'nominee. Senator Patterson him- | self declined to say how he would sell | vote, although admitting that he | had made up his mind. Several days’ delay in a vote on ‘Louis, one of several lawyers with | the nomination was reported in by | prospect late today as rival lead- ers insisted upon time to get their | full voting strength back to the | Senate. General’s Letterd Senator Stephens (Dem), Missis- sippi, in a speech defending Park- er, had read a letter,from Attorney- General Mitchell, in which the lat- ter asserted that President Hoover had never seen the famous Dixon letter, in which the Assistant Sec- retary of the Interior urged the ap- pointment of Parker as ‘a master political stroke” calculated to make North Carolina permanently Re- publican. Senator Caraway reminded Stephens that Dixon had expressly | requested Walter H. Newton, “po- litical secretary” to the President, to bring the letter to Mr. Hoover’s attention, and Caraway asked Stephens how Mitchell knew this had not been done. Stephens was unable to explain but was willing to take Mitchell’s word for it. Calis Parker a Weakling. Proceeding, the Mississippi Sen- ator recalled that Senator Ashurst ‘last week had described Parker as up for some time, as had been the | that Ashurst did not seriously con- | practice, the usual procedure be-|tend that the nominee was 4) ing to write to references given in | “weakling” in the sense in which ‘the application and to make a thorough analysis of the statements made by the applicant. “Becker answered that if the application seemed all right and if I thought Stockard would issue, that I should issue the permit at once. I reminded Becker that only Stockard was authorized to sign} permits. Finally, at Becker's direc- tion, I issued the permit and signed Stockard’s name to it.” Secretary .of State Becker was not at his office today when he was called by telephone to com- ment on Stewart’s statement. It was said he was away on a fishing trip., Commissioner Stockard also was ‘away, and his office assistants did not know his whe ts. Records at Jefferson City show the permit was.filed and approved | the same day, last July 2. On that date Stockard was in Boston on official business, he told the Post-Dispatch. Stockard said he had never passed on Priest's ap- it. Robert Burnett of St. Louis, ‘at- plication and knows nothing about | this the word usually is understood. Ashurst, sitting a few feet away, was on his feet in an instant.- “So far from apol«gizing for the use of that term, I want to reiter- ate it,” he shouted. “I want to say that new evidence had been sup- plied which convinces me that this nomination is tainted with rank in- justice to the American people.” “r said the other day that the measure of true statesmanship whick would prompt the President to send the names of good men here for confirmation was not em- ployed in this instance. I repeat my charge that this man is a weak- ling, and.I assert that some of his supporters are approaching the frontier of culpability in their ef- forts to have him accepted by the Senate. : “Call the lobby. committee to- gether, and you will find that, with Judge Parker's consent, Senators are being offered judgeships, am- bassadorships and other high ap- pointments if they will vote for nominee.’’ Stephens, obviously shaken by, | Continued on Page 2, Column 1. | Continued on Page 2, Column 3. ISEOF PATRONAGE. | | economists from 179 colleges: # WASHINGTON, May 5. OLLOWING is the text of the protest against the Hawley-Smoot tariff bill submitted by 1000 American The undersigned American economists and _ teachers --of measure which provides for a general upward revision of tar- iff rates be denied passage by | Congress, or if passed, be vetoed by the President. We are convinced that in- creased restrictive duties would be a mistake. They would op- matic demand that the Senate Lob- | j efforts - erate, in general, to increase the prices which domestic consum- | | ers would have to pay. By rais- | | ing prices they would encourage concerns with higher costs to undertake production, thus-com- pelling the consumer to subsi- dize waste and inefficiency in industry. At the same time they would force him to pay higher rates of profit to established firms which enjoyed lower pro- duction costs. A higher level of duties, such as is contemplated by the Smoot-Hawley bill, would therefore raise the cost of living | | and injure the great majority of our citizens. Few Can Benefit. Few people could hope toa gain from such a change. Min- ers, construction, transportation and public utility workers, pro- fessional people and those em- ployed in banks, hotels, news- paper offices, in the wholesale and retail trades and scores of other occupations would clear- ly lose, since they produce no products which could be cs- pecially favored by tariff bar- riers. i also would lose. Their cotton, pork, lard and wheat are ex- port crops and are sold in the world market. They have no important competition in the home market. They cannot benefit, therefore, from any tariff which is imposed the basic commodities which they produce. They would lose through the increased duties on manufactured goods, however, and in a double fashion. First, as consumers they would have to pay still higher prices for the products made of textiles, chemicals, iron and steel which they buy. Second, as producers their ability to sell their products would be further restricted by the barriers placed in the way of foreigners who wished to sell manufactured goods to us. Effect on Export Trade. Our export trade, in general would suffer. Countries cannot permanently buy from us unless they are permitted to sell to us, and the more we restrict the importation of goods from them by r-eans of ever higher tariffs, the more we reduce the fpossi- bility of our exporting to them. This applies to such exporting as copper, autamobiles, agricul- tural machinery, typewriters and the like fully as much as The vast majority of farmers upon — ¢ culties of these industries are likely to be increased still fur- ‘ ther if we pass a higher tariff. é There are already many evi- ,dences that such action would inevitably provoke other coun- tries to pay us back in kind by levying retaliatory duties against our goods. There are few more ironical spectacles than that of the American Gov- ernment, as it seeks, on the one hand, to promote exports through the activity of the Bu- reau of Foreign and Domestic Commerce, while, on the other hand, by increasing tariffs it makes exportation ever more difficult. We do not believe that Amer- ican manufacturers, in general, need higher tariffs. The report of the President’s Committee on Recent Economic Changes has shown that industrial efficien- cy has increased, that costs have fallen, that profits have grown with amazing rapidity since the end of the World War. ne Already our factories supply our people with over 96 per cent of the manufactured goods which they consume and our producers look to foreign mar- kets to absorb the increasing output of their machines. ther barriers to trade will serve them not well but ill. Many of our citizens have invested their money in foreign ‘ enterprises. The of Commerce has estimated ¢ that such investments, entirely debts, ) amounted to between $12,555,- ; 000,000 and $14,555,000,000 on 5 : aside from the war Jan. 1, 1929. These investors, too, would suffer if restrictive duties were to be increased, since such action would make it still more difficult for thefr foreign debtors to’ pay them the interest due them. Unemployment Problem. America is now facing the problem of unemployment. The { proponents of higher tariffs claim that aun increase in rates will give work to the idle. This bitterness which a policy of higher tariffs would inevitably inject into our international re- lations. The United States was ably represented at the World Economic Conference which was held under the auspices of the League of Nations of 1927. This conference adopted a res- olution announcing that “the time has come to put an end to the increase in tariffs and to move in the opposite direction.”’ ¢ The higher duties proposed in our pending legislation violate | the spirit of this agreement and ther barriers to trade. A tariff war does not furnish good soil ) for the growth of world peace. . plainly invite other nations to compete with us in raising fur- DEADWOOD DICK, LAST OF THE OLD WEST, DES By the Associated Press. DEADWOOD, 8. D., May 5.— Deadwood Dick, 83 years old, pony express rider, Indian fighter and |one of the last characters of the | old West, died at St. Joseph’s Hos- | pital, today. Hero of countless exploits of the Black Hills gold rush, Deagwood Dick, whose real name was Rich- ard W. Clarke, was a familiar fig- ure in fact and fiction In the early days. *He claimed the acquaint- anceship of Wild Bill Hickok, ‘Buf- falo Bill, Capt. Jack Crawford, “Poker Alice” Tubbs and “Calam- ity Jarie.” HISTORIC TEMPLE AT - UXMAL DYNAMITED BY LOOTERS ‘temple was destroyed, constituting a great loss to archevlogy, __ is not true. We cannot increase employment by restricting trade. American industry, in the pres- ent crises, might well be spared the burden of adjusting itself to higher schedules of duties. Finally, we would urge By the Associated Press. WASHINGTON, May 5.—The House bill transferring prohibition enforcement from the treasury to the justice department was ap- proved with amendments today by the Senate Judiciary Committee and will receive early Senate con. sideration. -This is the first of the Hoover law enforcement measures to reach the Senate and Republican lead- ers believe it is likely to be the omy one to become law at this ses- sion. The recent letter of President Hoover urging Congress to enact his program at this session is be- fore the Judiciary Committee, On partments over mdustrial alcohol permits. This provision in the | House bill was left unchanged. Fur- | Department | our Government to consider the | * - COUNTRY’S ECONOMISTS PROTEST AGAINST TARIFF BILL AND ASK HOOVER TO VETO IT IF PASSED Text of Tariff Bill Protest Signed by 1000 Economists «> ft does to farming. The diffi- SAY MEASURE WILL RAISE LIVING COSTS, IMPAIR TRADE Representatives of 179 Col- leges Sign Appeal, Con- tending It is a Violation of World Agreement Made in 1927. ’ ——— FARMERS TO SUFFER "WORST, THEY ASSERT This Is in Casall With Promise to Aid Agricul- ture, Experts Declare in Statement — Senaté Has Yet to Pass on Rates. By the Associated Press. . WASHINGTON, May 5.—More than 1000 economists representing 179 colleges throughout the cou- try joined in a letter to President Hoover and the Congress yester- day protesting against enactment of the tariff bill and asking that it be vetoed, if passed. The Hawley-Smoot measure, the conference report which will be taken up in the Senate after tile Parker nomination is disposed of this week, also was attacked in a statement by Representative Col- lier «Dem.) of Mississippi, who said the bill left the House Satur- day carrying the “highest rates of any bill ever enacted by thie American Congress.” Dr. Clair Wilcox, associate pro- fessor of economics at Swartli- more College, presented the statc- ment on behalf of the economists, who included Irving Fisher, Yalc; Frank W. Taussig, Harvard; Frank A. Fetter, Princeton; Wesley UC. Mitchell, Columbia; Henry Rh. Seager, Columbia; J. Laurence Laughlin, Chicago; Williford lI. King, New York University; M. 1. Hammond, Ohio State; E. M, Pat- terson, University 0” Pennsylvania; Emory R. Johnson, dean of Whar- ton School, Pennsylvania, and I. S. Person, managing director of the Taylor Society. The statement expressed tlic signers’ conviction that “increascd restrictive duties would be a mis- take,””’ and would “increase tiie cost of living and injure the great majority of our citizens.” Cause for Opposition, Few persons can gain from such a change, the statement said, adding that the vast majority of the farmers would lose, American export trade in general would suf- fer, and unemployment would net be lessened. “Finally,” it con- cluded, “we could urg® our Gov- ernment to consider the bitterness which a policy of higher tariffs would inevitably inject into our in- ternational relations,” It was contended the pending bill violated the spirit of the world economic conference agreement of 1927, in which the United States was” represented, and which re- solyed to discourage higher tar- iffs and to “move in the opposite direction.” Collier, a member of ‘the Ways and Means Committee, asserted ali the 15 rate schedules have been materially increased. “The Con- gress was called primarily for the benefit. of agriculture,” he said, ree ° Se oe See Bs pe: Shes Str RAE > ih 7 - _ ‘ ee einen. ‘ y . 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