The Wilmington morning star. [volume], December 09, 1947, Image 1

About The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

                
FORECAST:
Wilmington and vicinity: Clearing and
cold today followed by fair weather and
colder tonight; Wednesday, Increasing
cloudiness and colder.
" VOL. 81_NO. 94.
WILMINGTON, N. C„ TUESDAY, DECEMBER 9, 1947
Soviet A-Bomb Plan
Called World Fraud
Warren Austin Says It May Take Years
To Bring Together U. S., Russia On
Atomic, Other Issues
RICHMOND, Va., Dec. 8. —(&)
AV , -. er R. Austin, chief Amer
,,an delegate to the United Na
;':on« tonight called Russia’s plan
tlT enntrol of the atomic bomb “a
on the peoples of the en
■;,Te v;orld.” He said it might take
,.ears to bring together the U. S.
?nr; the Soviet Union on atomic
and other world issues.
“Disappointment awaits him
n.hr, thinks the causes of Soviet
obstruction can be easily or
ouicl" 1v removed,” Austin said in
, speech prepared for delivery
?e!ll,f. t;.p Richmond Council On
Adult Education. “Years of de
termined and patient effort may
be required, he added.
“Debate alone will not do it.
Deeds alone can have the proba
tive force to convince the Rus
sian people that c strength
and the strength of the other
members of the United Nations
is not a threat to their national
existei.ee and welfare.
“We believe that collective ac
tion is the best guarantee of se
curity and progress. As we trans
late that belief into proof, the
foundations on which present So
viet policy is based should disap
pear.”
Austin said that all members of
the 12-nation U. N. Atomic Ener
gy Commission except Russia and
Poland believe that the Soviet
See SOVIET On Page Five
Molotov Demands Repeal
Of U. S.-British Merger
----1
MOSLEM NATIONS
TO FIGHT SPLIT
Egypt, Lebanon Request
Security Council Hearing
On Palestine
1 AKE SUCCESS, Dec. 8—<JF)—
Two Arab nations gave notice
tonight that they planned to
carry the Moslem world’s fight
against partition of Palestine in
to the United Nations Security
Council, starting tomorrow.
Egypt and Lebanon, both
embers of the Arab League
and leaders in the bitter fight
against the U.N. Assembly’s
Nov. 29 decision to split up the
Holy Land, submitted simultane
ous'requests to Secretary-Gener
al Trygve Lie for the right to
participate in tomorow’s 3 P.M
EST) council meeting on the
Palestine question.
This step appaently was the
diplomatic move here in the
ategy of the seven - nation
Arab League, which announced
almost simultaneously in Cairo
that it was taking “immediate
measures" for military and
other action to prevent creation
of a Jewish nation in Palestine.
The two Arab nation requests
See MOSLEM On Page Two
UK RIDGE STRIKE
OFF INDEFINITELY
nion Bows To Govern
ment Request For Walk
out Delay
WASHINGTON, Dec. 8.—W—A
strike at part of the Oak Ridge,
Ten!, atomic energy plant sche
duled for midnight Tuesday
was postponed indefinitely to
night.
The CIO union involved
agreed to a government request
lor an indefinite contract ex
tension.
The CIO United Gas, Coke
and Chemical Workers Union
here announced they had ac
cepted the request made by
Cyrus S. Ching director of fhe
federal mediation and concilia
tion service.
The union had set a strike for
Tuesday midnight, when its
See OAK On Page Five
The Weather
B FORCAST
out;: Carolina—Clearing and colder
uesday ai.d Tuesday night. Wednesday
creasing cloudiness and continued
o°i, probably followed by rain Wed
nesday night.
Carolina—Clearing and cold
: Wednesday increasing
• i. c-A a:-.j continued cold,
meteorological data for the 24 hours
end:. ,; 7 ;3o p. m. yesterday
temperatures
f a' m. 59, 7:30 a. m. 64, 1:30 p.
m. p. m. 64.
'-• Minimum 58, Mean 66,
humidity
-JO a n 83, 7:30 a. m. 79, 1:30 p.
- *• •••30 : m. 84.
T . PRECIPITATION
" ■ the 24 hours ending 7:30
inches.
I inches ' "'Ce the Firit o£ £he ®o»th
if,.- , Tli)ES FOR TODAY
Tide Tables published by U.
oa> and Geodetic Survey)
Wilnanr * High Low
‘ f-7:25 a.m. 1:50 a.m.
Mafo j , ... . , 7:40 p.m. 2-24 p.m.
Lilei „_5:20 a.m. 11:34 a.m.
•unn.e „ 5:29 P-m- 11:41 p.m.
4:15 a - Sunset 5:03, Moonrise
I. "onset 3:10 p.m.
r' wt ATHER On Page Two
Jj shopping days left,
- - - -™ j
Soviet Minister Also Calls
For Four-Power Ruhr
Control
LONDON, Dec. 8.—(&)—Soviet
Foreign Minister V. M. Molotov
— listing part of the price of se
curing Russian agreement to uni
fication of Germany — called to
night for four-power control of
the industrially-important Ruhr
and repeal of the economic mer
ger of the British and American
zones.
He also renewed Russia’s de
mand for $10,000,000,000 in rep
arations from Germany.
However, the fact that Molo
tov stopped saying “no” to say
“maybe” left the three Western
delegations in the Council Of Fo
reign Ministers wondering wheth
er a change in Russian policy on
Germany was in the offing, con
ference informants said.
These sources explained that
U. S. Secretary of State George
C. Marshall—attempting to force
a showdown — asked if accept
ance of the Soviet reparations
claim was a “prerequisite” of any
agreement on establishing cent
ral German agencies, removing
zonal boundaries and other eco
nomic principles.
Statement Puzzles
“The question of reparations is
not a precondition for the solu
tion of the question of economic
unity,” Molotov said. Then, to the
puzzlement of the other ques
ters, he added: "the two ques
tions should be considered simul
taneously.”
Subsequently a British inform
ant said he did not know exact
ly what Molotov meant. Appar
ently the statement left Russia
in the same bargaining position as
before since, if the two issues
are to be discussed simultaneous
ly, Molotov would not necessarily
need to agree on economic unity
until agreement had been reach
ed on reparations.
The Russian demand for agree
ment on reparations before un
derstandings were reached on any
other question wrecked the Big
See MOLOTOV on Page Two
[GROWERS
W1 Ml TODAY
Scott, Caldwell Urge Far
mers To Vote “Yes” On
Marketing Quotas
RALEIGH, Dec. 8—UP) —An ap
peal for North Carolina peanut
growers to vote in favor of na
tional marketing quotas in a ref
erendum tomorrow “for their
own protection” was voided to
day by Commissioner of Agri
culture W. Kerr Scott.
Scott pointed out that although
quotas probably will not be
placed for the 1948 crop, that
there can be no price support in
effect for the 1948 peanut crop
if farmers fail to vote for quotas
by a twothirds majority.
Also, he said, if growers ap
prove quotas it will then be pos
sible for the U.S. Department of
Agriculture to keep the market
ing quota machinery ready for
use in 1949 or 1950 if it is needed.
Caldwell Joins
Harry B. Caldwell of Greens
boro, master of the State
Grange, joined Scott in urging
the peanut growers in 44 coun
ties to vote “yes” on quotas for
See PEANUTS on Page Two
i_——- --
FRED B. HELMS
HELMS TO SPEAK
AT BAR MEETING
Well Known Charlotte At
torney Carnes Here To
morrow Night
Fred B. Helms, well known
Charlotte attorney and former
president of the North Carolina
State bar, will be the principal
speaker at the meeting of the
New Hanover County Bar As
sociation at the Cape Fear club
tomorrow night at 7:30 o’clock.
Helms, who is widely known as
a foreceful speaker, is expected
to address members of the coun
ty association on the subject of
“Proposed Improvements To
the Bar and Bench.”
Educated at the university of
Georgia, Helms studied law at
Wake Forest college and Colum
bia University law school and
following admittance to the bar
of his native state, he entered
practice in Charlotte. From 1925
to 1927, he served as prosecuting
attorney for the city of Charlot
te and served as county judge
in Mecklenburg from 1927 to
1931. He is immediate past presi
dent of the North Carolina State
Bar association, serving in that
:apacity for the years 1946-7.
Admitting to membership of
the “Deep Water” denomination,
Helms is currently chairman of
the board of deacons of Myers
Park Baptist church, Charlotte;
is a member of the North Caro
lina State bar, North Carolina
Bar association and American
Bar association.
He will be introduced by
Frank Hagler, program ch a i r
man for December and the din
ner meeting will be presided
over by H. Edmund Rogers,
president.
SENATE RATIFIES
DEFENSE TREATY
Only One Dissenting Vote
Recorded Against Inter
American Pact
WASHINGTON, Dec. 8. —(U.R)
The Senate today ratified the
inter - American defense treaty
pledging all the American repub
lics to common action against
aggression from within or w ith
out the Western Hemisphere.
The vote was 75 to 1, with only
Sen. Eugene D. Millikin, R.,
Colo., dissenting. A two - thirds
majority was necessary for rati
fication.
The pact, signed by 19 nations
at Rio De Janeiro last Septem
ber, creates an American defen
sive zone ranging from pole to
pole and ocean to ocean extend
ing Westward to United States
island possessions in the far Pa
cific.
Senate ratification after a brief
round of debate made the United
States the third of the 19 signa
tories to accept the treaty form
ally. Mexico and the Dominican
Republic were the first to ratify.
Senate President Arthur H.
Vandenberg. R., Mich., and Sen.
Tom Connally, D., Tex., as the
top Senatorial spokesmen on for
eign policy for their parties,
shepherded the ratification re
solution through on a bi-partisan
basis.
Treaty Hailed
Vandenberg hailed the treaty,
which he and Connally helped
draft, as “the greatest advance”
yet made toward world peace.
Connally said it represented
“a long step” toward guarantee
ing the security of the American
republics, and they both agreed
that it would strengthen rather
than circumvent the United Na
tions charter.
The treaty would require all
American states to take concert
ed action in the event of an at
tack on continental territory off
See SENATE on Page Two
Bucking Plane Tosses
Pilot, Goes “Awinging”
TYLER, Tex., Dec. 8. —W—
A runaway, pilotless plane which
threw its pilot after landing and
soared off into the blue was re
ported crashed about 65 miles
Southeast of Tyler about 1 P.M.
today.
The wayward craft had spent
two hours and 40 minutes on its
solo jaunt.
Trammell Malloy, Timpson
newspaperman, reported to
Pounds Field here that the plane
received only slight damage to
the landing gear and the wings.
Malloy said it had run out of
gas.
W. B. Myers, pilot, suffered a
sprained back when he was
thrown from the plane after
landing.
Jg,ips Rout
"communists
French Government Sends
10,000 Men Into North
ern Coa! Fields
By JOSEPH W. GRIGG, JR
United Press Staff
Correspondent
PARIS, Dec. 8.—(U.R)—Ten thou
sand troops supported by tanks
and armored cars swept through
the Northern coal fields today
and routed Communist st r i k e
leaders blocking a back-to-work
movement. ,
The troops thundered out of
Valenciennes at dawn in trucks
and cars, fanning toward Douai
and Lille, and by tonight were
reported incontrol of most large
pits.
The Parisian Communist
newspaper Ce Soir claimed 50
miners were injured in a clash
with troops at Anzin. The official
report said the operation wa s
carried through without casual
ties or serious fighting.
Six thousand to 7,000 Com
munist “flying command’s,” ap
parently operating under a cen
tra] command, had seized many
pits during the past three weeks
and beat up anti - Communist
miners who tried to go back to
work.
A large force of Moroccan
troops, paratroopers from Indo
China and tank units moved into
Saint Etinne, in the center of
the coal basin, where for two
days 50,000 Communist led
strikers had held government
buildings and vital communica
tions. The town was reported
quiet tonight.
Operation Timed
The full scale military oper
ation was timed to coincide with
a general return to work
throughout France. Less than 1,
000,000 were on strike Monday
and tens of thousands were re
ported ready to go back to their
jobs Tuesday morning.
Communist labor leaders suf
fered another sharp setback
when their call for a 48-h our
subway and bus tie -up in Paris
and a nationwide walkout of
civil servants was ignored by
the workers.
The Communist - dominated
General Confederation of Labor
(CGT) called off the strike short
ly after 11 A.M., but too late
to save face. Subways operated
normally even before union lead
ers told the men to work. Buses,
except for a few instances where
roads were strewn with nails
and glass, ran on schedule. The
government reported that not
more than one per cent of its
employes paid any attention to
the walk-out order.
Benoit Franchon, Communist
secretary general of the CGT,
announced tonight after a meet
ing with Labor Minister Daniel
Mayer that no progress had
been made toward ending the
month-long labor war.
Commies Lose Ground
It was apparent, however, the
See TROOPS on Page Two
WOMEN URGE BAN
ON SEGREGATION
Methodist Group Calls For
Abolishment Of Princif
pie In Church
BUCK HILL FALLS, Pa., Dec.
8—(ff)—Abolishment of the prin
ciple of racial segregation in the
Methodist church was recom
mended today by the Woman’s
Division of Christian Service for
the church.
The division, headed by Mrs.
J. D. Bragg of St. Louis, is the
policy making group for 1,303,452
Methodist women.
The recommendation will be
placed before the church’s gen
era] Congress next April in Bos
ton. It strikes at the organiza
tion of the Methodist church
which set up a separate juris
diction for Negroes when the
Northern and Southern churches
were unified in 1939. The Negro
jurisdiction—designated the cen
tral jurisdiction—is one of six
The other five jurisdictions, how
ever, are based on geographic
boundaries.
Thelma Stevens of Mississippi,
executive secretary of the Wom
an’s division, declared “the cen
tra] jurisdiction embraces two
thirds of the United States. This
See WOMEN on Page Two
Panic Grips Tel Aviv Area
As Arabs Attack In Force;
House Aid Bill Nears Vote
- - - — --
Small Majority
“Saves”Measure
Defeat Of Wheeler Amend
ment Clears Major Ob
stacle To Passage
WASHINGTON, Dec. 8. — VP).
— The House turned down by a
vote of 136 to 109 tonight a pro
posal to ban the shipment of any
relief goods abroad unless the
United States had more of those
goods than it needed.
Thus the House bill authoriz
ing $590,000,000 in emergency aid
to France, Italy, Austria and
China cleared a major obstacle
and headed toward seemingly
certain passage tomorrow or
Wednesday.
Supporters of the foreign aid
bill said the defeated amendment
offered by Rep. Wheeler (D.-Ga.)
and heavily backed by Republi
cans including Chairman Taber
(R.-N.Y.) of the Appropriations
committee, would have made the
entire bill meaningless.
The House approved an amend
ment by Rep. Francis Case (R.
S.D.) which forbids the setting
up of any new agency to run
the stop-gap relief program.
Action on these and other
amendments came as Secretary
of the Army Royall asked Con
gress for an additional $490,000,
000 in occupation funds for Ger
many and Japan.
Royall told the Senate Appro
priations committee that the
money was needed because the
British could not pay their half
See MAJORITY On Page Two
THALIANS PLAY
IS WELL-DONE
Cast Did Bang-Up Job
Producing ‘My Sister
Eileen’, Says Reviewer
With lines picked up at ex
press speed and delivered with
care, and with action popping all
over the stage, and with never
a dull moment, “My Sister
Eileen” was presented last night
by the Thalian association in a
highly hilarious manner. ^
The association Is to be con
gratulated on having secured
Helen Emmert as director. Under
her driving direction, a very fine
cast did a bang-up job of this
comedy by Joseph A. Fields and
Jerome Chodorov. There were
several brand new faces and fig
ures in the company, with a
sprinkling of seasoned Thalians
to complete the whole.
The story is just plain good
“theatre,” and whether or not
such astonishing carryings-on
could have happened in a base
ment apartment in Greenwich
Village is neither here nor there.
What does matter is the fact that
t was a good show, and excel
lent entertainment to boot.
Harry Wellott, Jr., was the as
sistant director, and the techni
cal director was Hester Donnel
ly. The program listed as techni
cal staff, Robert Redmayne, C.
J. Watts, B. M. Jones, Jr., Marion
Redmayne, John Conway, Aldyth
Carrell, Betty Divine, Helen
Jones, and John Powell. Everett
Huggins was in his customary
and important place as stage
manager. Publicity was most in
terestingly handled by Mrs. An
drew H. Harriss, Jr. Properties
were taken care of, and there
were lots of them to be supplied,
by Mrs. Guerard Simkins, Mrs.
William A. Hall, Mrs. James F.
Barnes, and Mrs. Robert Little.
Costumes (and did that include
what the Ramblin’ Wreck wore?)
were handled by Mrs. Lewis F.
Ormond, Mrs. L. W. Preston, Mrs.
George Caplan, and Mrs. George
Lynch. The most effective and
startling sound effects, without
which there would have been no
show in some parts of the action,
were provided by Pete Herring,
who did a bang-up job in every
sense of the word. The make-up
was done by Mrs. Almeda Stew
art Edwards, Mrs. Oliver Hutaff,
See THALIANS on Page Two
Along The Cape Fear
IREDELL’S ESSAY — Wilm-i
ingtonians will have an especial
interest in one of the historic
documents which will be shown
as a part of the Freedom
Train’s exhibit here tomorrow.
This document is James Ire
dell’s “Essay on the Rights of
the American Colonists.”
A number of Iredell’s descen
dants are residents today of
Wilmington. A reader of Along
the Cape Fear has sent in a
list of some of these folk. They
include according to the contri- j
butors, Mrs. William Latimer,
of 126 South Third street, a
great-grand daughter of the
famous author.
Among his great-great grand
children living here now are
Frank J. Harriss, Charles F.
Green, Mrs. W. O. Southerland,
Mrs. Henry MacMillan, Miss
Mary Meares and Mrs. Philip
W. Delane.
James Iredell came to this
country in 1751 and settled in
Edenton. He was one of the
country’s outstanding citizens.
He was one of the
Supreme Court justices under
Washington.
MEANWHILE — Mayor E. L.
White has asked that local citi
zens with flags — particular
ity merchants display them
See CAPE FEAR On Page Five
TESTIFYING IN WASHINGTON before the Senate Banking
Committee, Marriner Eccles, chairman of the Federal Reserve
Board, uses a chart to illustrate a point. He said that there would
be no substantial retreat from the anti-inflation measures recom
mended by the Board. Eccles declared that if the Federal Reserve
Board agreed to withdraw its support of Government bonds, as
sought by ’’certain investment interests,” the results would be
disastrous. ' (International Soundphoto)
Inflation Gaining
Fast, Eccles Says
DEER DAMAGE
SALISBURY, Dec. 8. — VP)
— Mrs. Mattie Meyers of
Salisbury says she can’t un
derstand why Santa Claus
chose reindeer for his mo
tive power.
According to Mrs. Meyers,
she was hanging wash on the
line when “Honey,” 18-month
old deer owned by a neighbor,
approached. Mrs. Meyers
said she tried ti wave the
deer away with a blanket.
She is a patient at Rowan
Memorial hospital where she
is recovering from cuts and
bruises suffered when
“Honey” ’knocked her down
and trampled her with its
hooves.
STATE SPEAKERS
PRAISE PROGRAM
Diversified 0 c c u p a tions
Work Here Lauded At
Dinner Meet
Praising the excellence of the
local vocational education pro
gram, two state supervisors of
the diversified occupations and
distributive education divisions
of the program traced its history
and outlined plans for its future
before members of the local ad
visory council for cooperative
training last night.
In a dinner session at New
Hanover high school George Cog
gin, state supervisor of D. O.,
and T. Paul Brown, state super
visor of D. E., addressed the
group, including local school
officials and representatives of
employing businesses and in
dustrial firms.
Coggin traced the history of
the vocational education pro
gram and pointed out that Wil
mington was one of the first
cities in the state to install it.
He attributed the success of the
program here to the persever
ance of Supt. H. M. Roland and
NHHS Principal T. T. Hamilton.
On the success of D. O., a
native of the south, he said that
of 5,000 school grgaduates from
D. O. work, 80 per cent of them
believed it was the best thing
offfered by the schools. Of the
parents queried 98 per cent
thought the program was a good
thing. And a majority of the
employers endorsed it “with
reservations,” which reserva
tions he said have been overcome
here in Wilmington.
Program Grows
He stressed especially the bene
ficial results of “appplied guid
See SPEAKER on Page Two
Federal Reserve Board
Chairman Urges Tighter
Credit Laws
WASHINGTON, Dec. 8. — <U.R>
Chairman Jesse P. Wolcott, R.,
Mich., of the House Banking
committee, raised new object
ions to President Truman’s
wage-price control program to
day, Federal Reserve Board
Chaiman Marriner S, Eccles
said bluntly that the nation al
ready is in the “advanced
stages” of inflation.
Instead of the compulsory con
trols asked by the President,
Wolcott offered a three • point
“voluntary” program and said
action could be taken on it at
the pesent session. He said that
if it didn’t work he might be
receptive to something stronger.
Wolcott emphasized that he
was speaking only for himself,
although he is expected to ad
vance his plan at the impending
Senate-House Republican meet
ing called to draft a “declara
tion of policy” on the inflation
issue. The session is expected to
be held toorrow or Wednesday.
Meanwhile, Chairman Robert
See INFLATION on Page Two
BUS LINES WILL
GET FARE RAISE
Utilities Commission Clears
Way For Two-Cent Mile
R at e
RALEIGH, Dec. S-W—An
order clearing the way for bus
companies to seek increased
fares has been issued by the
State Utilities Commission, of
ficials of the commission an
nounced today.
As a result of the order, five
of the largest bus operators
in the state have filed tariffs
providing for increased fares
which will become effective on
Dec. 15 unless the commission
orders them suspendd pending
an invstigation.
The commission tomorrow
probably will study the question
of allowing the proposed fares
to become effective without in
vestigation.
Two Cents Mile
Under the Paroposed sche
dules, bus fares generally would
be increase to a level of two
a provision holding bus fares to
a maximum of two cents per
mile was retained.
See BUS LINES On Page Five
Student Pilot Leaves
Notes, Flies Into Blue
KANSAS CITY, Dec. 8—CPI—
A 25year-old flying student was
eight hours overdue on a train
ing flight today, and sheriff’s
oficers began an intensive
search after they found in his
parked car a farewell note to
his estranged wife.
William Holmes, sheriff’s dep
uty, identified the youth
as Grover Nickles, Humansville,
Mo.,( flying student under the GI
training program. He would
complete the course in two
weeks.
Nickels took off at 9 o’clock
this morning in a rented cabin
monoplane for an hour’s flight.
When he had not returned this
afternoon officers found? two
notes in his car. One, addressed
See STUDENT On Page Five
Jews Flee Homes
la Wild Disorder
Tax-Borne Volunteers Beal
Off Two-Hour Drive
In Streets
—
JERUSALEM, Dec. 8. — OT —
Taxi-borne Jewish volunteer*
beat off a two-hour attack by
Arab machine gunners and gren
adiers in Tel Aviv tonight and
then took the offensive in th#
i ercest battle between the two
racial contenders since the Unit
ed Nations voted November 29
to partition Palestine.
For a time as the spearhead of
Ar: fighters knifed into tha
Hatikva sector of the all-Jewish
city, wild panic gripped Tel Aviv
and its residents fled from their
houses in blind confusion.
Hundreds of Jews in the city
responded to the cries of motor
cycle couriers who raced through
the streets shouting “Hatikva ia
in danger. Send help.” One cour
ier ' alted a motion picture per
formance with his alarm and sent
hundreds of persons in the audi
ence hurrying to the embattled
quarter.
Volunteers and fighting squada
of Hagana, the Jewish defens#
army, commandeered taxicabs
and sped to Hatikva In time to
beat off the furiously fighting
Arabs, who drove a wedge into
the quarter from the border zona
which separates the Tel Aviv
from the all-Arab city of Jaffa.
Residents Flee
Eyewitnesses said that as Ha
tikva residents fled in wild con
fusion, the Arabs began tossing
bombs into houses.
The battle which began in th#
Tel Aviv-Jaffa “no man’s land”
mounted as violence throughout
the Holy Land boosted the unof
ficial nine-day death toll over tha
100 mark. The fighting began
November 29, the day on which
the United Nations voted for par
tition of the Holy Land — a mov#
bitterly opposed by the Arabs.
As the Tel Aviv fighting grew
in intensity, many wild rumors
circulated in Jerusalem concern
ing the fate of the city which
may become the Jewish capital
of partitioned Palestine. The first
See JEWS On Fage Two
GOVERNMENT ACTS
TO CURB BROKERS
Anderson Signs Regulation
To Stop “Fictitious’’
Transactions
WASHINGTON, Dec. 8—<*>>—
The government acted today to
halt so-called “fictitious” trans
actions in grain, cotton and other
farm commodities which it said
some futures market speculators
are using for the purpose of
avoiding taxes.
Secretary of Agriculture And
erson signed a proposed new fu
tures market regulation intended
to stop a trading practice which,
he charged last week, 646 mar
ket traders had been using to
reduce, postpone or even avoid
payment of income taxes.
That practice is the “holding
open” on the books of brokerage
houses, a speculators’ offsetting
long and short positions in the
same futures contracts. By “hold
ing open” is meant postponement
of a balancing of one transaction
against another to determine the
results of the two.
Aides of the secretary said the
646 traders were in a position to
avoid taxes running into the
hundreds of thousands of dollar*
and perhaps into the millions.
Under the proposed regulation,
brokers would be prohibited from
carring offsetting transaction*
on their books after results had
obviously been determined. And
erson acted under provisions of
the Commodity Exchange Act,
legislation which gives him po
licing powers over the future*
market.
And So To Bed
One employer member of
the Advisory Council of vo
cational education meeting at
the high school last night af
ter finishing his dinner was
offered a cigarette by the man
sitting next to him.
The man looked at the
proffered cigarette, looked
puzzled for a moment, glanc
ed around furtively to see
what the others were doing,
then accepted the offer.
Then a broad grin spread
across his face as he lighted
up and he called to the high
school principall across the
way, “Mr. Hamilton, I wasn’t
quite sure whether it would
be all right to smoke here in
the high school. I got shipped
for that 22 years ago.”