St. Louis Post-Dispatch
July 1, 1930

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‘FOL. 82. NO. 298. ST. LOUIS, TUESDAY, JULY 1, 1930.40 PAGES. —_— WALL WALL STREET B AccOVERY IN A STOCK LIST HALTED: RAIL SHARES GAIN kvotal Issues Generally Down 1 to 5 Points or More at Close Following Upward Trend Most of i the Day. ALL MONEY RATE IS 3 PER CENT luring Early Hours of Ses- sion Carriers Make Sub- stantial Headway With Advances of .2 to More Than 8 Points. he Associated Press. NE Ww YORK, July 1.—The fifth stantial upturn in share prices ce the stock market started on decline a month ago was cut wrt by what appeared to be an- hear raid in the latter hours Pivctal shares to 5 points or jer today's session. 'nerally ended 1} gre lower. Bulls found some satisfaction in 4 fact that in the last two rallies ‘| market has managed to close her on two successive days. istructive interests, however, {| not taken the upturn toc seri- ly at this time, for short cover- seemed to provide the dominant ketus. Furthermore, business is has as yet provided little upon ch to base a protracted advance. $1,000,000,000 Disbursement, juying of the dividend paying Ss may have reflected in part reinvestment of some of $1,- 5,000,000 being paid out in mid- r interest and dividends, rt covering in Rafl earnings for May, with ctically all reports now in, aver- but little better than those of il. rading showed some accelera- _ Over yesterday, but was Btill tively dull. The announcement Harvey, Fisk & Sons that it id abandon carrying marginal junts was regarded as at least flection of the change in specu- -te sentiment, but Wall Street inclined to interpret it primary in indication that this house decided:-to specialize in an vidual type of business, rather ! as a precedent likely to be tly followed. Call money again o 5 per cent, reflecting with- vals estimated at about $100,- (00 for the midyear _ settle- ts and holiday cash’ require- its, he ecndition statement of week- ‘porting member banks showed ‘op of only $128,000,000 in se- ty loans, but a fraction of the » Of $371,000,000 in brokers’ '8§ during the same period, but ther, or commercial loans, con- bd their recent expahsion with in Of $59,000,000. Rails Lead Rise. -lring the early hours of the on, rails made substantial way, with gains of 2 to more 8 points in several issues, but > were curtailed in the late ‘®. Merchandising shares had made moderate gains, most of h were later lost. Selling of 'uulity shares was particularly y. A recent report from Chi- that electric power produc- , by eight utility companies in rederal Reserve District dur- ay declined 11.6 per cent last year evidently helped the t. has been notable this week _ Stocks have failed to follow novements in leading commo- ' 4 which may indicate that the et has become more profes- 1 since distress liquidation been largely cleared away. is went up while grains went _} yesterday, and vice versa to- | Wheat futures rose about 2 4 bushel. Corn sold up half ich. “The cotton market again tO @ Narrow lange. er selling up about. eight ‘*%, Atchison closed 3% higher, York Central was up 2% at ‘nish and Canadian Pacific, ern Pacific and Pennsylvania 2 point. Ingersoll Rand was h tlyer, up 12.- Cerre de Pas- thich provided a Surprise by & .o cut its dividend, gained : ian 4 points, erican Telephone last about its and utilities losing 2 or 3 fed Consolidated Gas, Elec- Power and Light, American T Works, North Americar’ and « Service of New Jersey. tock prices, with other ta-| * and market news, will be nd on pages 11C, 12C and or | anticipation of. | By CALVIN COOLIDGE First of a series of daily dispatches lwrit- ten for the St. Louis Post-Dispatch and other newspapers by the former President of the United States. r, - 7 ourselves. Yet our government, our physi- cal properties and our industries have changed very little from a year or two ago, when people were fairly content. We have the same country in charge of almost en- tirely the same people, with sub- stantially the same laws and ad- ministration. The most casual con- sideration shows us that this whole structure could not turn sour over- changed. night. But our estimate of it has (Copyright, 1930) NORTHAMPTON, Mass., June 30. —- We need more faith in Largely because of some decline in trade we have set about finding fault with nearly everybody and everything. We are told the President is wrong, the Congress is wrong, the Supreme Court is wrong, and the Cabinet departments, the Federal Reserve Board, the chain stores, the power companies, the radio and even the religious bodies, all are wrong. 2 Our country, our people, our civil and religious institutions may not be perfect, but they are what we have made them. They are good enough so that it has been neces- sary to build a high exclusion law to prevent all the world from rush- ing in to possess them. My countrymen, it is time to stop criticising and quarreling and be- gin sympathizing and helping. CALVIN CO DGE. FAIR TONIGHT AND TOMORROW, NO CHANGE IN TEMPERATURE THE TEMPERATURES. CO~IDUP Wt * im coro »S= S30 Pon P! a Yesterday’s high, 8 (10:30 a. ™.;. Relative humidity at noon, Official fore- cast for St. Louis and vicinity: Fair tonight and to- morrow ; not mach change in temperature. Out- look for - Thurs- day, unsettled, - but mostly fair, with temperature near normal, Missouri: Mostly fair to- night and tomor- row, but possibly unsettled in southwest por- tion ;> slightly warmer tomor- row in northwest portion. Illinois: Gener- ally fair tonight and tomorrow; slightly warmer tomorrow in ex- treme north portion. Sunset 7:31, sunrise (tomorrow) 4:39, & ‘Stage of the Mississippi 12.8 feet, no change. ANTHRACITE WAGE PARLEY REPORTS ‘SOME PROGRESS” Statement Issued by Operators and Miners Says Discussion Is Amicable. By the Associated Press. NEW YORK, July cite coal miners and conferring on a new working agreement to supercede one expiring Aug. 31, issued a statement at the end of today’s meeting saying that “the discus- sion was entirely amicable and some progress has been made.” The formal statement said “opin- ions naturally differ as to plans that may bring about stability,” in the anthracite industry, but that the discussion today centered more about economic conditions in gen- eral and in the industry than on specific matters confronting the conferees. URGES U. S$. TO CLAIM LAND WHICH BYRD DISCOVERED Senator Tydings Sponsors Resolu- tion on Antarctic Findings of Expedition. By the Associated Press, WASHINGTON, July 1.—Presi- dent Hoover would be authorized to claim for the United States, lands in the Antarctic discovered by Americans, including Rear Ad- miral Richard E. Byrd, under a resolution introduced today by Senator Tydings (Dem.), Mary- land. Offering the resolution, Senator Tydings said its purpose was to se- cure for this country what Admiral Byrd's work has brought about. He contended Great Britain had claimed two areas in the vicinity of the South Pole that had been discovered by Nathaniel B. Palmer and Charles Wilkes, American naval officers, in 1820 and 1840, respectively, and said it was time the American Government took some “aggressive steps’’ in the mat- ter. 15 TONS OF STEEL WORK STOLEN Three steel trestles weighing five tons each and a steel beam were stolen from a vacant lot at 2625 Market street, according to a report to police by Andrew Emory, 3652 Fairview avenue, a contractor. The trestles were 42 feet long and the beam 30 feet in length. Po- lice were told by persons living near the lot that a gang of work- men cut up the trestles and beam 67 75 per cent. COOL OFF ~ WITH COOLIDGE, ' 30 POST-DISPATCH WEATHERBIRD 1.—Anthra- operators, Wage and tions last week. and hauled the steel away in sec- STANLEY FIELD'S SUN TAKES HOME A BRIDE Chicagoan, 19, Wed to Miss Frances Batty, 32, Former Reporter, After Cruise. By the Associated Press. CHICAGO, July 1.—Joseph Field, 19-year-old son of the socially prominent Stanley Field, was mar- ried in Philadelphia May 31 to Miss Frances Batty, once a news- paper reporter in Kansas City and St. Louis and daughter of a Waver- ly, Il, grocer and millwright. Mr. and Mrs. Field, who an- nounced the marriage yesterday, said they did nct know of the mar- riage until their son returned last Friday to their country estate with his wife. The bridegroom’s father, who is ‘head of the Field Museum, said the pair met while on a world cruise. At his home last night, Edward H. Batty, father of the bride, said that she is 32 years old; that she is a connoisseur of paintings and that she has traveled to Europe period- ically to purchase art pieces for her clientele. Joseph Field is a grandnephew cf the late Marshall Field Chicago merchant prince. Miss Frances “Batty formerly was a writer for St. Louis newspapers, and was for several years secre- tary of the Newhouse Galleries, 484 North Kingshighway. Her notes and comment on local art displays have been printed in the Post-Dis- patch, She removed to New York about three years ago, and was connected with art firms there. PASSENGER TRAINS EXPECTED ON FREE BRIDGE WITHIN YEAR .Kinsey Makes Announcement After Conference With Officers of Terminal., After a conference of the Mu- nicipal Bridge Commission today with Henry Miller, president, and Thomas Pierce, general counsel, of the Terminal Railroad Association, in the office of Mayor Miller, Pres- ident Kinsey of the Board of Public Service said he expected passenger trains would be running over the Municipal Bridge a year from now. The confercnce was for the pur- pose of discussing steps to be taken to build the five new ap- proaches authorized in an ordi- nance passed last week, the cost of which is to be advanced to the city by the Terminal. Kinsey said the Terminal’s chief engineer would turn over to him the surveys and plans it has made and that his department would proceed with other necessary pre- liminary engineering work this summer and be ready to start ac- tual construction in the fall. Legis- lation to let contracts will be ready for introduction when the Board of Aldermen reconvenes Sept. 26, Kinsey said. COSGRAVE GREETING TO HOOVER BROUGHT BY FLYERS, VANISHES Kingsford-Smith Asserts He gave Irish Free State Head's Letter to Someone in New York. By the Associated Press. WASHINGTON, July 1.—Diplo- matic Washington is mystified by the apparent disappearance of a letter of greeting brought by Maj. Charles Kingsford-Smith on _ the Southern Cross from President Cosgrave of the Irish Free State to President Hoover. Smith said at the White House he had given the letter to “some- one” at a hotel in New York the night they arrived, since he did not know when they were coming to Washington, if at all, At the White House, however, it was said the letter had not been received. Offiials of the State De- partment and William J. B. Me- Caulay, charge d'affaires of the Irish Free State Legation, also said they knew nothing of its where- abouts. It was suggested. it may have gone into the archives of cia as a souvenir. VANDERVOORT GETS FOUR YEARS Marvin E. Phillips, Ex- Cashier, Finally Pleads Guilty After Unexpected- ly Refusing to Do So. | SENTENCE PASSED BY U. S. JUDGE DAVIS Defaulter Had Admitted Falsifying Records. and Taking Funds Which He Lost Gambling. Marvin E. Phillips, former assist- ant cashier of the Séruggs-Vander- voort-Barney Bank, was ‘sentenced to four years in the Federal Re- form School at Chillicothe, O., by Federal Judge Davis this afternoon when he pleaded guilty under an indictment which charged the em- bezzlement of $18,100 and falsify- ing records. During the morning Phillips had entered an unexpected plea of not guilty but later changed his mind again and substituted the guilty plea, Judge Davis withheld sen- tence until C. J. Prince, vice presi- dent of the bank, had been. sum- rffoned for a conference in the Judge’s chambers. After about 15 minutes, Judge Davis returned to the bench and pronounced sentence without com- ment. He declined to discuss the nature of the conversation with the banker. Phillips, who has been in jail, was indicted last week on two counts of embezzlement and two counts of falsifying records. When he appeared in court this morning, Assistant District Attorney How- ard Williams dismissed the charges of falsifying records under the im- pression that Phillips intended to plead guilty of embezzlement. Williams, greatly surprised, re- ceived the Court’s permission to re- instate the falsification charges. Questioned conerning his change of mind, Phillips said his agtion today was on the advice of his attorney, Mrs. Mabel Hinkley. She was not in court. He was produced in court again at 2 p. m., by Assistant District At- torney Stattler who read a seven- page statement describing Phil- lips’ numerous peculations and re- lating that he took money in 1927 to visit a gambling house with the idea that he could win enough to pay a personal debt. Losing the money, he pyramided his losses until he had taken a total of more than $30,000, when he was discov- ered two months ago. : In response to a question by the Court, Stattler said: “I do not think there are any extenuating circumstances in this case. This man is just a plain thief. This thing of taking other people’s money should be stopped.” Judge Questions Him. Judge Davis questioned Phillips about his age, education and ex- perience. Phillips said he was 26 years old and related that he had attended grade school, studied bookkeeping at night and had worked as bookkeeper and teller at two other downtown banks before going to the Vandervoort Bank. His salary as assistant cashier, he said, was $36 a week. “T’'m not satisfied with this case,” the Judge said. “The bank didn’t lose any money, did it?” Stattler replied that the loss was assumed by an insurance company. Judge Davis then asked that Prince be summoned. When he confessed, Phillips re- marked, “I’m not the only. one that’s taking what doesn’t belong to him.” Pressed for details, he gave information which led to the arrest of Oliver D. Chalmers, former manager of mail and ex- press traffic for the Frisco Rail- road, who had embezzled $150,000 by appropriating checks payable to the railroad and cashing them at Phillips’ window in the bank. Chalmers pleaded guilty recently and was pentenced to seven years in prison, DOG IN RAT HOLE FOR 13 DAYS Revived, He Again Takes Up the Hunt. NEW HAVEN, Conn., July. 1.— Nothing daunted by 13 days’ en- tombment in:a rat tunnel two and one-half feet underground, Pete, a terrier owned by Jamés L. Doch- erty, today was sniffing about for new rat holes to conquer. chase led him 20 feet along a nar- row tunnel starting in the cellar of his master's home. There he became wedged in, unable to ad- vance or retreat. Thirteen days after he first sighted his quarry, Pete was dug out by Docherty who had given the dog up for lost until he heard a faint bark . which seemed to come from a rat hole in the cellar. A hot milk diet quickly restored Pete's enthusiasm for }) hunting. BANK EMBEZZLER Pete’s enthusiasm for the rat. JADWIN NAMED TO HEAD\ NEW POWER BOARD President Appoints Retired Army Engineer Officer as Chairman of Reorgan- ized Commission. FIVE NOMINATIONS—~ | TO SENATE SOON With Senator Couzens Before All Selections Are Announced. el By PAUL Y. ANDERSON, A Staff Correspondent of the Post- Dispatch. WASHINGTON, July 1.—Presi- dent Hoover has appointed Lieu- tenant-General Edgar Jadwin as Chairman of the revamped Federal Power Commission. Within a few days the President expected to name the other four men of the re- organized commission. All the nominations will be made in time to permit the Senate to act on them before Congress adjourns. Jadwin is a retired engtueer of- ficer who has had considerable ex- perience in charge of flood contro! work, and in surveying various river and harbor projects involving power possibilities. At present he is chairman of the Interoceanic Canal Board. Among others whose names are being considered by the President for places on the commission are members of various state utility commissions. The White House has been deluged with letters and telegrams urging the appointment of individuals, some of whom have been notoriously opposed to Fed- eral regulation of power, and oth- ers of whom are considered “friendly” to the power interests. It was originally anticipated that the President would seek the advice of Secretary of the Interior Wilbur in making his selections, but there is a pronounced inclination in the Senate to regard with suspicion Wilbur’s attitude on power ques- tions. His anxiety to allot a sub- stantial share of Boulder Dam power to private companies and his defense of F. E. Bonner, whose conduct as executive secretary of the old commission aroused much criticism, has deepened aa aoe opposition. Accordingly, it is understood that Mr. Hoover, before announcing his selections, will consult Senator Couzens (Rep.), Michigan, who is chairman of the Interstate Com- merce Committee, to which the nominations must be referred be- fore they are confirmed. They have already discussed the subject. As Mayor of Detroit Couzens at- tracted national attention by his successful fight for municipal own- ership of the street railway system. He is also the author of the Detroit system of § revocable permits, whereby the city retains control of utility rates and service by refus- ing to grant franchises. Couzens is the author of the bill now pending in the Senate provid- ing for Federal regulation of inter- state power rates. If the bill be- comes a law, such regulation would become the chief duty of the new Power Commission. Consequently, the fact that Couzens will be con- sulted in the selection of the mem- bers is a fact of much significance. ‘The commissioners will be ap- pointed originally for terms rang- ing from one to five years, and. all subsequent appoirtments will be for five-year terms, The salary is $10,000 a year. HOUSE COMMITTEE RESTORES $250,000 WICKERSHAM FUND Enforcement Inquiry Appropriation to Be Presenteil on Fioor Tomorrow. By the Associated Press. WASHINGTON, July 1.—The House Rules Committee tcday adopted a resolution to authorize $250,000 for the expenses during the next fiscal year of the Hoover Law-Enforcement Commission. The measure is to be presented to the House tomorrow by Chair- man Weod of the House Appropri- ations Committee. Wood said the House undoubted- ly would approve the resolution and the item of $250,600 would be re- stored to the second deficiency bill, which will be brought back to the House tomorrcw for action. The Senate had cut the amount to $50,- 000. UNIFORMS FOR DRY AGENTS Regulation Caps and Badges for Men of New Orleans District. NEW ORLEANS, July 1.—Rob- ert E. Tuttle, administrator of the newly-created fifth prohibition dis- trict, arriving here yesterday to take charge, said his agents would be required to wear regulation caps and badges. He doubts that such means of 'eiency of the men, Hoover Eapestell to Confer | SISPEET SOUGHT INLINGLE KILLING CAUGHTN WEST Owner of : Revolver With Which Reporter Was Slain, Arrested by Los Angeles Police. WIFE, 4GANGSTERS _ ALSO IN CUSTODY Grover Dullard, Who Offi- cers Think ‘‘Put Finger” on Victim, Seized During Raid on Gang Hangout. By the Associated Press. LOS ANGELES, Cal., July 1— Frankie Foster, wanted for ques- tioning in the killing of Alfred J. Lingle, Chicago Tribute reporter, is under arrest here. Police Detective Captain Joe Taylor announced to- day the much-hunted man was ar- rested last night and placed incom- municado in the city jail. Foster was booked on suspicion of the murder of Lingle. Blaney Matthews, District Attor- néy’s chief investigator, said Fos- ter had been held in an outlying jail during the night and brought into headquarters this morning. Two Chicago officers have been working under cover here two weeks, Matthews said, and this was why the authorities were wary about giving out information. “It was a big mob,” said Mat- thews. “We didn’t get them all, but every police department in the United States today is looking for the men who slipped away from us.” Others arrested besides Foster were listed as Marvin Apler, alias Hart, Frankie Fisher, George Davis and Herman Walters. Matthews said others of the gang apparently fled when news of the hunt here leaked out. “We have got Foster,” Capt. Taylor said, “and five others we as reason to believe have been plicated in major crimes in Chi- cago.” He intimated the posses- sion of other information, saying “at this time I cannot reveal how much Foster is involved in the Lingle killing.’’ A young woman, registered at an apartment as Mrs. Frank Bow- man, Chicago, continued in tech- nical custody. She was arrested last night but her identity re- mained a mystery. Police at first tentatively identified her as Fos- ter’s wife, 15 Persons Seized in Three Raids in Search for Clews. By the Associated Press. CHICAGO, July 1.— * . * ~~ > ve ~ Bo? ee “ “ : ~— u ek . < ° at gee ye ty “’ * . $ vb Pg et mS ni : Pa y Me rape: AL’: ee aa ee i oe ts