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The New York herald. [volume] (New York, N.Y.) 1920-1924, May 12, 1922, Image 1

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Fair and cooler to-day; tofresh
northerly wi
Highest temperature yesterday,
Detailed weather reports will be found <
fi.000,000 Pledged to End
' i i nies us Judges Say That
State of War Exists.
)ne Jurist Says Anarchists v
Plot Treason and City I
Fights for Its Life.
Main Slugging- Cost $50 and!
Front Page Job' Cost
Up to $250.
prcial Dispatch to Tub New To?k Hbsald. j
Chicago, May 11. ? Indictments
cuinat "Big Tim" Murphy, head of 1 ^
It: Lias Workers Union; "Con Shea, '
\-convict and head of the Theater
unitors Union, and Fred Mader. !
resident of' the Chicago Building
'rades "Council, and five other labor
aders were voted by the Grand Jury
The true bills charge the defendants I
,-ith the murder of Acting Police i
(ieutenant Terrencc Ryons, killed in j
'nesday night's terrorism campaign. !
T1 e five others named are Isadore j
iraverman, Jerry Horan, Dan Mc- j
nrthy, Robert McCloud and Tom1
"This is the first of a series of legal
mushes that will rock the crooked |
ibor unions from their foundations,"
eclarod Police Chief Fitzmorris.
'Ve'll land every labor crook behind
'intent iary bars before we arc
II ay market I,aw Invoked.
The firpt indictments, it is reported, j
"ere based on the old statute charg-,
tk "inciting to riot," the charge un-'
' r which Haymarket anarchists wcro !
onvicted and under which Sam Cardl-j
elli. leadti of the notorious Cardl- >
t?lli gang of murderers, was found j
uiliy still more recefftly.
Chief Fitzmorris, follow ing the re-:
ui 11 of the indictments, said there was |
con--piracy engiiiecr-eu ov oik inn
iurphy to make himself head of the s
'hicago Building: Trades Council and \
lie dominant figure in Chicago's labor
orld. b
Murphy is also said to have been J1
lotting the (sinister removal from the j f
ibor world of "Mike" Boyle, business j C
gent of the Electrical Workers t'nion, i *
ne of the stnnchest supporters of the i
.andis wage award and the one
tumbling block to Murphy's ascend- e
ncy in the Building Trades t'nion. ?
I.andla Award Ignored.
The award , by former Judge K. M. | r
.andis, acting as arbiter, fixed the b
ages In the building'trades. Some of j "j
he unions refused to abide by It. and f
here followed a scries of bombing outage;
that culminated Tuesday night in '
lie killing of two policemen and the
rtnihinu nf three nlants Involved in the 1
undis award.
This afterwnoon, after two judges had I
eclarid from the bench that a state of1
ar anil terrorism existed In Chicago, it
as learned that a fund of $?.000,ooo
as been subscribed by the Chicago citl- :
rns committee to aid In the prosecution
f the army of sluggers, bombers and ;
unnien imported here to defeat the
.andis award and the open shop plan
acked by the committee.
In questioning one of the sluggers
Icked up in the raids on labor headuartcrs.
which netted ItW prisoners, Poire
Chief Kltzmorrls to-day ran across
ho following scale of prices for bombng
buildings and violence: ,
One stick dynamite bomb. two
tick dynamite bomb. $50; four stick dyumlte
bomb, $100; six stick dynamite
oinb, $2j?.
Menaurrri by Pnhltelty.
Getting on front page of Chicago ;|
rwspapers with headline like this, "Two I
iomU Rock West Side," would bring |'
230, wnile "mere mention of story on | ,
tside pag< " would yield only $50. Y
These values were measured by news- I *
".per pybllclty because, as one of the J
higher ups" said to one of the rank I s
nd file of Chicago's contingent of bomb I
lrowors: "It's the publicity that we J
rt following a bombing that makes it '
isy to make these guys (the employ- .
rs I route across." I
A not Iter of the bomb tessera was told
y his superior "to put a little speetac- ,
iar stuff across. Just blowing out a
itidow Is old stHff for the editors. Do i
imethlng new; these editor chaps are ]
toklng for something novel." |
Ordinary slugging was put down for \
50 with $100 for n hospltHl Job and:
150 for the breaking of arrrV* or legs, i
The sluggers and bombers were, com-1
M-IIrd to give 10 per rent, to the "pay
iff man and $10 a Job to the man who >
anded out the assignments. j
Judges Klrkham Uranian and Joseph |
tevld refused writs of habeas rorpus to
U?ci. T.affe'-tv, \Turphv and Mader.
"Thcrr Is an extraordinary situation ,
xlstlng In the rommttnity." Judge Dean
in said. "I consider we are virtually j
n a state of war. A group of mm
Continued on Page Nine.
The Hc?t Writing Papers : '
are Whiting Paper*.?Adv. I t
Theatrical iitd MnM net! It? I inr:\nt?
.<p. nixing will bu fotiml uii I'ugo I'-.- .tn, .
MM 12192?
AST' < rri"|
morrow fair;
nds. J[_ J
78; lowest, 60.
>11 editorial pas*.
5?DAILY. h
u.if _* 11 ^1
naii or rrivare nomes
in State Are Mortgaged
SpeciabDispatch (oTiib New Yoik HmulcNew
York Herald Bureau. 1
Washington, D. May 11. I
THE mortgage debt on owned
homes and farms in the State 1
of New York, according to
census returns of 1920 amounted to
*1,154,976,168. The total value of j
these properties amounted to $2,646,156,868;
the mortgage debt thus !
being 43.6 of the total value. Rented '
homes, tenant farms and farms
partly owned and partly rented are '
not Included in the tabulation. The
number of homes in New York
State other than farm homeB was
2.240,931, of which 597,753, or 26.7
per cent., were owned by the oeeuDants.
Of these owned homes
329.438, or 55.1 per cent., were mort- I
gaged. J
Inofficial Estimates Put Its
Value at $15,000,000 Up
to $20,000,000.
)n Mrs. Davison's Death Fortune
Is to Be Dispersed
Among Children.
Henry P. Davison's will was filed
esterday In the Surrogate's Court at
lineola, L. I. It consists of seven
ypewrittcn pages and was signed in
i physician's office on April 27, ter
lays before Mr. Davison's death at
lis home in Glen Cove.
Specific cash bequests amount to
inly $40,000. Of this $5,000 is left to
Ir. Davison's daughter-in-law, Mrs.
Frederick Trubee Davison; $5,000 to
lis son-in-law, Art emus Ij. Gates;
20,000 to his secretary. William C.
ieinkel, arid $10,000 to Mrs. Henry P.
Davison's secretary*. Levlna E. Oliilvant.
The widow receives all of her hustand's
personal effects, Jewelry, autoncbiles
and yachts and the contents
if the Davison home at 690 Park aveiuc.
This ends the list of specific
e grades.
All the rest of the estate Is left to the
tankers Trust Company in trust for the
ic-nefit of Mrs. Davison, to whom the
ivome will he paid. lTpon her death the
state will be distributed. The oldest
on, Frederick Trubee Davison, a mem>er
of the New York State Assembly,
illl then receive $4,500,000 and all the
hares of the Peacock Point Corporaion.
which has title to the. Davison counry
home at Olen Cove.
The remainder of the trust fund will
ie divided equally among: the three other
hlldren of Mr. Davison. They are
Tenry P. Davison. Jr.. who is studying
inancc In the office of J. P. Morgan 4"o.;
Mrs. Alice Davison Gates and Miss
"ranees Pomeroy Davison.
estimate* of .Use or EMite.
No authorized estimate of the extent
f Mr. Davison's fortune has been made
r will be made until the State Comproller
makes his appraisal for the purose
of fixing the inheritance tax. and
his will take several months. The beat
atlmate seems to be that the sum is
etween $15,000,000 and $20,000,000.
'Ills would appear to be indicated by the
nown fact that the share of one of the
our children is to be $4,500,000.
George B. Case of White * Case,
awyers, 14 Wall street, who drew and
lied the will, said yesterday:
"There are no bequests to charity or
uibllc works. For many years and until
cry recently Mr. Davison has ronributed
quietly but generously to chartable
institutions and for public pur oses.
preferring to give what be felt
bat lie could afford during hia IifeIme."
Tile will itself says; "Inasmuch as
have otherwise provided for my sister,
darv Davison Be Braz. and for my
die's sister. Alice Trubee Salimon. I
nakn no provision for either of them
inder this my will.
"I have made no provision In this my
i ill for my household servants and emloyces.
Inasmuch as I have expressed
o my wife and to my children my
rlshcs In regard to the matter of showng
my appreciation of their loyalty and
althfnl service to us."
Mr. Davison's unquestioning faith in
1>? Intesritv of ills own business naif
:ers Is Indicated I?> a cluuse In which
i? directs the executrix and executors
o accept as "final and conclusive" any
tntement that J. P. Morgan * Co. may
nakc on to his Interest in the firm or
r.onty due him from It.
Complete Details of Will.
Mrs. Davison Is named as executrix
ind F. Truhee Davison and Henry P.
>avtann, Jr.. as executors. The will folDws
In full:
"f, Henry P. Davison of Locust Val*
ey, Nassau county. New York, do here.
>y make, publish and declare this Initrument
as and for my Inst will and
estament. hereby revoking all other
ind former wills and codicils by me
it any time heretofore made.
"1. 1 direct that all my debts, fulcra!
and testamentary charges shall
>o paid as soon after my decease as
rav he conveniently done.
"I also direct that alt succession or
nherltance taxes which may be levied
ir assessed against my estate and the
rgacles. life estate and devises lierelnifter
set forth shall be paid out of my
esUluary estate.
"2. I give and bequeath to my wife.
<ate Truhee Davison, all of my perianal
effects and Jewelry, wherever
oeatnd. and also tho household fnrnltire
and equipment, pictures, works of
irt, silver, ornaments, brlc-a-brae and
itippllea which are located on the prrmsos
known as No. Wo Park avenue,
torongh of Manhattan, city of New
"ork. for her own use, absolutely and
"I ulso give and bequeath lo my
rife, Kate Truhee Davison, my autonoblles
and all equipment relating
hereto, and my yachts, together with
ill vtheir contents and equipment.
"3. In token of my regard and affocion
for my daughter-in-law, Dorothy
'eabody Davison, and my son-ln-law.
irtemua L. Hates. I give and hequearn
C each of them the sum of to.OOft.
"t flection I I alve and bequeath to
( ontlnued on I'nsc Mix.
tfE NE
COST $218,000,000
Transit Board Would Gird
City, Adding 84-.20 Miles
of Track.
Moving Platform at Fortysecond
St. and B. R. T.
Line to 155th St. v
btaten Island Tube Promised:
Central Brooklyn to Get.
Crosstown Line.
The Transit Commission made pub!ic
yesterday details of its program
for new subway construction, involving
an outlay of approximately $218,- (
| 000,000 for construction and an additional
$100,000,000 for equipment of
the new lines, including rolling stock, .
power houses and signalling devices.
In the advancement of the city's
rapid transit facilities these plans
mark the most important step taken
! since the signing of the dual cont
tracts in 1013. The additional lines ;
projected touch directly the transpor- 1
tation problem of every borough, and. v
whe.i completed, will girdle them all j j
with subway lines. They will add to g
present resources 32.55 miles of new ^
subways, with 84.20 miles of trackage. p
i Since the signing of the dual con- j .
: tracts nine years ago. although these j ^
practically doubled the city's rapid
' transit facilities, the traffic demand, due
' to the city's growth, already has more
than doubled. Hence the commission,
in describing its extensive program, v
emphasizes the vital importance of be- 0
ginning as soon as possible actual work a
upon each of the new routes. To have '
kept pace even approximately with ihv 1
demand, it is pointed out, a compre- a
hensive new construction program j.
should have been begun five years ago. j
Five Months of Preliminaries.
Approval of routes by the city S
ininiatm t inn and its cooncration in V
| financing the vast project are cssen- j
I tlal. Public hearings must be held be- |
| fore the actual letting of contracts mav
| proceed. These preliminaries probably
will consume at least from five to s'v
months and it will require years after
i approval before operation can be begun.
An accurate outline of the seven
' major features of the construction pvoI
gram was presented last Sunday by
[ The Xkw York Herald. As Indicated
then, features of especial interest and
Importance in Manhattan Include s 1
moving sidewalk under Forty-second 0
street, to be extended ultimately from
river to river, and a west side trunk I '
line the entire length of the island, I
chiefly beneath ICighth and Amsterdam I
The last named route, which Is to be ; t
built in sections, will be ultimately the ! (
greatest underground line In the world, j
It is to be an eight track road, operat- r
! Ing upon two levels, with a capacity vir- j 1
! tually double that of either of the pres- | t
ent four track trunk lines. I
Another Important Manhattan feature
Is the extension of the B. K. T.'s Broad- '
way-Seventh avenue subway under Cen- t
tral I'ark West and Seventh avenue to t
155th Street. The eventual removal of
thf PTxth avenue elevated structure, an
well as t ie surface ear tracks In Ten- 1
tral I'ark Wot ? reform that has been
much sab. -d?are forecast. The Forty- r
aceond strer t erosstown surface route ,
also Is marked eventually for the disj
card. r
Brooklyn is to get the facilities she
has clamored for. and a tunnel connec- a
tlon with Staten Island, while Queens ,
profits by having the long sought extcn- fl
alon from Corona to Flushing placed In
a position of precedence In the prospec- v
tus issued by the commission. J ,|
The Statement In Full.
The statement made by the Transit r
Commission follows In full: , I
"I'rovlslon for the building of new h
subways Is one of the most Importar t b
of the duties with which the Transit
Commission is charged. The orders i:
Issued, or to be Issued by the eomniis- /
slon for increasing service on the exist- n
Ing lines as rapidly ns the financial s
condition of the operating companies K
permits will, for the time being, afford e
a substantial degree of relief. Bu' |
these measures are palliatives only nnd <
do not solve the problem. The growth r
of the rstdd transit traffic, which In- q
creases dally, has been upon an enormous
scale, The- new lines provided
I under the dual rontraet.i wnicn more
than doubled the inllenge of the orlgi- :
1 tut I subway and elevated system, have
' been open but ft few years and are
already crowded to capacity.
! "t'nder the highly congested eondi- 0
tlons of 1913. the year In which the "
; dual contract construction was cornmeneed,
the interboroiiRh subway alone "
carried 327,471,010 passenger*. During
llie year ended June 30, 1921, the Inter- *
boroiiRh, old and new lines together, '
carried 639,390,730. The elevated lines r
, of the Brooklyn Bapid Transit Company
In 1913 carried 162,014,050 passen- '
vers, while In 1921. with the system of f
i subways allotted to the Brooklyn comContinued
on Page Eight.
Chancellor Puts Be
by Syracuse Ui
SrnAcrsK, May 11. ? Chancellor t
.Tuines R. Day of Syracuse University, | I
In a statement to-night to the student
body, declared "we have tin need too "
much and are making oursehes r
ridiculous as au educational tnstitu- r
tlon. Everything must have its dance, a
every game, every chapter, every a
class. We have fallen Into n dance e
debauch." d
The chancellor stated that the serl- ! r
ons thing about the dunce riuestlon Is n
1 thai "we are close upon the examlna- |
Half Inch Snow in Maine; P
Heat Death in St. Paul
H OUL.TON. Me., May 11.?Snow
to-day covered the ground
here to a depth of half an
Dbapwood, S. D.. May 11.? With
*u-rt fork* of enntxr fllroftHv fullPll fnl
lowing a terrific rain, bail, thunder
and lightning storm last night,
western South Dakota to-day was \
experiencing one of the worst blizzards
of the year.
St. Pacl, May 11. ? One death
from heat yesterday was reported
here to-day. The temperature
reached 86 degrees. The victim, an
unidentified woman, died on a street J<
Omaha, .May 11.?Three persons
were killed and widespread damage
to property was done as a result of
winastorms in Nebraska yesterday
and last night.
Jtory of Second Theft From
Woman Prisoner Results in
Making' Him Captive.
LEW TO $31,000 PLUNDER w
)iamond Broker Declares He ...
Knew Mrs. Vardeman as a d<
Theatrical Woman.
, ti
Henry Hirach, a diamond broker f'
rith offices in the Loew State Theater 9<
luilding at Broadway and Forty-flfth
treet, was locked up last night In i w
'olice Headquarters on a charge of
rand larceny in connection with the ct
heft of $300,000 in Liberty bonds '
rom the Chase National Bank, for 1X1
rhich two other men and a woman :
re already In custody. j c(
ArtHin* TC PhiiKn HOldiAr of fortune 1
trhose life has been full of adventure
n the plains and mountains of Texas j P1
.nd Arizona, yesterday was held in ;
73,000 bail by Magistrate Corrigan in w
he Tombs Court on a charge of the i
ctual theft of the Liberty bonds when f
le was a guard in the Chase National : c<
Bank. ' c<
James W. Vardoman. formerly * '
[uard in the bank, and hi.* wife are to |
>e extradited from Savannah. <Ja.. ,
trhere they were arrested two days ago. b'
me result having been tHf ree0v?fb of
440,000 wonh of the loot in safe de- 11
iosit boxes in St. Augustine. F>h 11
"base boarded with the Vardemans at
52 West Forty-ninth street in this
Hlrsch was arrested by Detectives
Irown and Mayer, to whom Chase conessed.
He was released this morning
in $30,000 bail furnished by a casualty
Says Part of l>oot Was Stolen.
Chase is alleged to have told Det -e- |
Ives Mayer and Brown that Mrs. Var
Icman. who la known hy the atage
lames of Feme Hollis, La Blanche ?n?J
>u Barry, informed him that ahe went
o Hirsch's offlco a day after the rob- '
iery with the IP.l.OOO worth of bonds.
She ia quoted aa having said she shower)
hem to the Jeweler, who. according to C|
he story, declared he did not have th? it
ash on hand and tol^ her to retort" s'
ater In the day. j
The alleged confession of Chase goe < | rI
in to say that Mrs. Vardeman returned tl
o the tx>ew Building the same da J | w
nd in the hallway was attacked by two ol
nen and robbed of the $31,000 In bonds O
She th?n ran into Vlirsch's office and 1e
caused him of being in league witt ! cl
he robbers, crjing: w.My (iod. is thjre j
10 honor umong thieves?"
Aceording to the detectives, Hirsoh.
iho makes his home at Freeport, I#. I.. f(
enled that Mrs. Vardeman ever had (l|
aken any bonds to his office. He said jr
le had known the woman under the b|
lamea of Mrs. Itollis and Mrs. I.a pJ
llanche for more than fifteen years and (ll
ad legitimate dealings with her in the
iiiying ami selling of Jewelry.
Hirsch's version, as told hy the police. I c<
? that the woman visited his office on w
ipril 15, two days before the robbery.
nd asked him If he eould disvose of j,,
ome Liberty bonds, saying "There is a f.|
;entleman hacking me in a theatrical ,,|
nterprlse and wants cash on the bonds."
te told her to return, and later she did !
o. appearing to be greatly excited, and nl
aylng she nan lost me nonas iiirsen is i
luoted a* raying by the police. ,
Map In Italnhnnr Division.
With excellent references Chase ob- t)
ainetl employment with the hank six- t.i
oen months ago nnrt was paid $30 a II
trek. In the Tombs he said he had been b<
Texas ranger and for three years was pi
member of the Territorial Mounted S'
^oliee of Arlr.ona. Chase Is 4.1 years pi
Id and he volunteered for service In p|
lie I'hlllpplnes and on the horsier. When ti
he Cnlted States entered the world war
le joined the 151st Artillery of the pi
rorty-seeond i Rainbow) Division. hi
"I have not and am not going to men 0
Ion any ludy's name In tills ease." rr
'hase told reporters In the Tombs, where nt
te sat calmly smdklng a cigarette, ai
Continued on Page Six. at
- - ?1 j ^
in on Dancing
xiversity Students ;;
ions and have r.o lime to dance, j J'
Cver.v hour is demanded for work."
"I Insist," the chancellor continued. 0|
that all ?|anclng shall cease for the j
emnlnder of the university year. All ct
lancing hy students on the campus cl
irtd In fraternities and private houses ''
ind boarding houses of every kind. In j T)
ivory place. Is forbidden. Any student ; f
llsobeylng or disregarding this Insist- fr
nee will forfeit the privileges of ex- di
imlnatlon and the semester's standng."
Vail Street Surprised by
Combine Involving $363,682.892
;ach is to benefit
cliwab Concern Gets Rail
and Merchant Mills, Besides
Ore and Coal.
ix Remaining Companies Will
Complete Union Despite
Buffalo Withdrawal.
Negotiations were completed yester- ,
ly for a merger of the Bethlehem
:eel Corporation and the I-ackaanna
Steel Company, involving a
ital authorized stock capitalisation
id bonded indebtedness of $363,682,i2.
Announcement of this step, which
as made by Eugene G. Grace, presi?nt
of the Bethlehem Steel Corpora- !
on, surprised Wall Street, as well as
le big interests in the steel industry, v*
has been known for a long time ' ?
lat negotiations had been on between
lese two concerns, but when the J
ven company merger, including I
ackawanna among others, got under
ay, it was intimated that the Bethhem-Lackawanna
negotiations had
>me to an end.
Wall Street saw in the announcelent
the result of shrewd trading by
le management of the Lackawanna ,,
>mpany, which was being sought by
>th the Bethlehem company and by
le interests behind the seven commy
merger. The price the Bethleem
company will pay for Lacka
anna has not been made public, but
is obvious that the terms were y
tore favorable than Lackawanna
juld hope to obtain in the bigger
jnsolidation proposed.
Statement hy K. ft. Grace. ^
The terms will submitted to the
nards of the two corporations at senrate
meetings on Tucsduy. an<^.
teir ratification will probably be marie
ublic. The statement Issued at Mr.
race's office was as follows : s,
K. G. Grace, president of the Bethlehem
Steel Corporation : Moses Ta.v- \
lor. chairman of the board of direc- ,
tors of the Lackawanna Steel Company.
and the committee appointed
by it to deal with the matter, an- ! ti
nounoe that they have reached an o1
itireriiKiii o.-i .? . ,
to their respective boards of directors
and stockholders fur the purchase by <"
Bethlehem of the Lackawanna prop- di
erties. The transaction involves the ; _
use of Bethlehem 7 per cent, preferred
and class B common stock In "
payment for the properties. The
details are being prepared for prompt \|
presentation to the stockholders of (j(
Lhe respective companies.
""his coup by the l-aekawanna interits.
for as such it was regarded in Wall n'
treet, came as a surprise and somewhat T
r a blow to the banking and industrial tn
iterests trying to effect a merger of
(van larg" independent steel companiea (|
lineup Had been worked out weeks ago 0,
lat Included I-ackawarna. It was de- (i
ared yesterday by those affiliated with -j.
le bigger enterprise that the merger r]
ould probably go through witlt the slg
:.her companies, but It was apparent fj
lat the progress of that deal had at
ast been temporarily halted by the ! 0J
lange. ; ,,,
Two Mfritfr Mrrllnit* rneailay. '*
The six companies will get together m
>r their negotiation* also on Tuesday tl
r next week. The Importance of liav- b<
ir the latekawanna company In the
IgRcr consolidation lay In it* lnrRc an I p'
rofltable rail mill*. The rail business j c<
is been about the most profitable ol cl
te entire Industry In late nontha. tl
Obtaining control of the I^ackaa-anna , Ir
impany will provide the Bethlehem
Ith facilities for the manufacture of fa
vergl Important steel product* not cl
"retofore included In Its output. Prlnpal
among these Is ordinary commer- a I
al bara. It also give* the Bethlehem j m
mipanv structural material and plates tl
>r dlatrlbutloti In New Kngland, a* wt-11 1 o(
? valuable coal and ore propertle*. Hi
When the consolidation la completed , ol
te only products the organisation will hi
rk to make a well rounded ateel plant hi
III be pipe and wire. It In believed hi
lat the company will construct Its own 1 H]
l.? unil nlnn nlflnt .ilomr some oricbuil ?,
nes It linn In contemplation. It ha* m
sen reported that the Bethlehem com?ny
I# negotiating with the Wickwlre- p
pencer Steel Corporatlon for that com- r?
?n>'s assets. Including Important aire ?
lante. Mr. Grace yesterday declined tl
? discus* this report. ' o<
\rqulsltlon of the IjickssAnna ronv
jny by Bethlehem cannot he construed rl
? the absorption of a competitor. Mr. rp
race declared. While both concern* cJ
lake some of the same products, th* u
>arket of Bethlehem Is In the Sotill i w
rid Flast, he said, while I?Ackawannn
eds the North and New Kngland. The "i
lilltlon of the I^ckawanna piants to h'
le Bethlehem chain, he added, was log- 11<
al In view of the Bethlehem policy of <V
mtlnuouslv building up Its org.anlza hi
on In the Kast. Ttiere Is no Intention w
' becoming a western producer or ot a1
iterlng any group of western producers,
r. Grace added, thus disposing of tin
port that this consolidation with (lie
ackawanna wan the first step toward \
iitttng Bethlehem Into the big merger
r several Independent steel companies.
Tlie Lackawanna Steel Company is
introlled by several h!g 'nterests. In- hi
tiding among them Cornelius Vander- jr
III. the Plcands-Mather Company, the
gden Mills estate and Moses Taylor, c.
will he necessary for the Bethleh.rm <?,
ompany to Issue new stock to exchange n,
>r Lackawanna stock to complete the m
sal and any financing as r- suit
(oniinited on rage Five. ft
IRK, N. V.
Sp'i ial Cable to The New York Hehai.u. C
GENOA, May 11.?The Russian i
trust the Soviet good faith,
former governments in prin
pensation of private property holdi
the price of credits during negotiat
It cites various French and Ai
tude, including the Alabama case,
the cost of the Denekine, Kolchak,
Soviet Russia.
The note charges the Allies,
claims, with forwarding "capitalist
system, airrinst collectivism.
It insists that no aid for the i
credits to private traders can be eff<
Government itself, and suggests a <
the financial problems of Russia's s
It chides the Allies for demand
without considering Bessarabia, and
after refusing Russia's request tha
It defends the rights of revoluti
vention of September 22. 1792:
not bound by the treaties of a tyn
not only repudiated the treaties but
It cites many international precede
seizure of enemy property, and for
ments for damages lo property dt
reciprocity on all such obligations '
excepts war debts, for which it says
she disassociated nerseit trom tna 1
unnot Moot New Requirements.
President Cromwell
Jew York Official Voices Opposition
to Laws for Incorporation.
* ,y,.:.
pmal Uispatih to Tim Xrw Yi>?k HitALi).
Pnu.AnEi.PHM, May 11.?When th','
cw York Stock Exchange completes
s present examination of financial '
ports submitted by member houses ! |
iere vill be a hundred less members I |
P the exchange, according to Spy- ; ]
lour I.., Cromwell, president of the .
(change, who spoke to-night at a i i
inner in his honor by the Philadel- i
hia Stock Exchange in the Bellevue- |
trutford <
Other speakers were Melbourne F. |
iiddleton. .fr? president of the l'hila- |
"lphla Stock Exchange; Eugene 1
[eyer, .lr., president of the War Fi- I
ante Corporation, and Erastus T. l
efft, a governor of the New York 1
lock Exchangee. | I
Mr. Cromwell made his assertion when i
r presented to Mr. Mlddteton a copy
r the questions submitted to member
ouses with a request that they reply. 1
he figure* are checked by the ex- I
lanire. I
"These figures will disclose their ^
nanrlal standing,*' Mr. Cromwell said,
and although they will not he put in 1
peratlon for several weeks several
ouses have notfied us they cannot go 11
long under the new arrangements." ,
He pointed out that It would not.
onn a loss of business to theac brokers : '
tat 111 a majority of eases there would '
s consolidations with other houses. 1
Mr. Cromwell expressed opposition to (
reposed legislation to compel the In
irporatlon of tlie New York Stock Kxmnge
on tlie ground it "would n?>t stop '
le had things and would be really an
iterference ulth legitimate business." I
He also said there is a crying need ! f
ir the interpretation of the Stock Ex- j
lange to the public.
After declaring the bucket shops a"e , (
'raid of the Stock Exchange, Mr. Sey- i
our cited what might he the result If i (
re exchange was placed in the control t
' ?"""i""- declared that after ,
ip wires had been removed from the j ,
fices of HuRhes ? Dior about a year ,
jo pressure beRan to If exerted on the
itlwrltles of the cxehHiiRe from many ' ,
Kb quartp-s, and that "polltletans of j ,
I ranks and of various parties seemijd ,
i rush suddenly to Hip defense of these j ,
en." , <
Mr Mlddleton .?<itl members of the t
hiladelphia Stock KxchanRe stand (
adv at all tlmeis 10 work hand in hand t
Ith the New York exchange authorl- i
es to protect the Investors of the
juntr.v. <
Spme day the New York Stock F.x? t
in:iRc will see the hooks of various !
iiestlonable houses that have failed re- i
mtly and then will he able to proceed
rains! Ml) members bavlnc deallnss J
ith themr Mr. Tcfft said.
"In order to proceed." he continued,
s-e must have proof." The exchange,
p declared, stand- only to see the pub- j,
[ X*U a square deal. "It will supply I"
notations to any one who runs his
uslness honestly." lie ssld. "hut others
e will attempt to put out of business
r>d keep them out." I (
4 thrifts llotir n nil Half With ' t
Her Rnclnri Ornit.
Hampton. Vs. May 11 Th army!,
limp A-4 arrived safely at Lanaley j
leld late to-day. after bavin < drifted
ri honr and n half over the in-an off t
ape II nrv with h?r engines deed. The ]
aft. drifted to sea before a f.-tir mile t
arthwest hreep.e until repairs were ,
isde. whin she turned he. nose toward
The . rew of five w ere n me th" worse
i thcli experience J |
Dthe besi
The New York
best of The Su
the whole revita
and sounder ne
opj/iigUt, 192S, bu Tub NfW Tons HttAI.D
note asks outright that the Allies t
though it repudiates the debts of
ciple and characterizes the comsrs
as an act of grace done for
ions, rather than as-a matter of
nerican precedents for this .atti- ,
as making the Allies liable for
Yudetuch and other invasions of j
in advancing private property
ic individualism" as a political |'
reconstruction of Russia through
active without aid to the Russian
committee of experts to examine
ing the return of Rumanian gold ,
demanding peace in Asia Minor J
t Turkey be invited to the cononaries,
quoting the French con- ]
The sovereignty of a people is
int." And says that the French
the public debt of the old regime,
nts. including American, for the
the non-responsibility of governlring
the civil war. and claims
under the Cannes resolution. It
Russia is not responsible because
tvar. (
Will Hold Aloof From Fin-opc
it' Restoration Plans Fail
at Genoa Parley.
Head of Commerce Board Assails
High Tariff and Acts
of Shipping Countries.
- .... i
Sp'tial ( able to Tht. New Turk Hmmi.dCopyright.
lUt. by Tiir New York Hrrai.d. J
?w York Herald Rurran, ) i '
tendon. May II.! ;
II the restoration of European trade >
becomes impracticable, owing to
langles in the Genoli conference. Great '
Britain will meet the situation by <
idoptlng an aloofness toward Europe I
md turning her attention to the Do- 1
ninions. Such was the interpretation t
beard In the lobbies of the House of ]
'amnions to-day following a speech <
ay the Right Hon. Stanley Baldwin, j
president of the Board of Trade. 1
Many Government officials believe
that If Mr. Lloyd George fails to line
jp Europe, the country's only course
trill be something along the lines of
the American pollry?to keep free as
much ps possible.
Mr. Baldwin said: "Tie restora:ion
of Europe is Vital if there is to
r?e a rapid resumption of trade, but if
'he process is delayed, Britain must
nake up for it by intensified dcvelop nent
of her own empire.''
Jl is believed Mr. Baldwin was hitting
it America when lie said: "One curilue
result of the war is the increased
leslro of countries to be self-contained
ndustrtally. This has led to an Increase
n tariffs in many parts of the world i
fact to be viewed with apprehension,
riiere lias also been an attempted ills
'riniinatlon by certain maritime countries
against our shipping. I hope the
iominions will take counsel together be'nre
it in tr?n lute nn Rrltsln enn nr?
ient h united front arrainst any attempt ;
o damage her shipping."
Mr. Baldwin said one should avoid
iptlmism on the one hand and pessimism i
an the other. He said an examination
if trade conditions led one to believe
hat the human race failed to profit by
lie accumulated experience of many
mines through which the world had
Every generation had to buy Its own
utperlenre. lie declared, adding that the
leople of the world were now learning
detnentary economics at an awful cost,
ind he could only' hope that the experience
through which Great Britain was
tow going might burn into the minds
if the generations and so survive for
:he benefit of others, should the counry
ever have them to go through again
He said there was no reason why
'Jreat Britain ahould not resume trade ,
slth the United States, South America, j
Spain and Scandinavia, and that there
were some signs of improvement.
r A / J. C<>>. _?
Ui/mrnvriA mppiuuuo umicrriciu
6y Chancellor of Exchequer. |
Kpnial Cahlr in Tnr N'*iv Y<>?k
ropj/ripM. IfltJ. b)i Tnr N*n Voan Mmm
?w Vork Herald Bureau, ) :
l.ondnn, Mar 11. j '
Sir Robert S. Home's declaration to- 1
lay in the ComrooM, aa <'hanoellor of
Vie Exchequer. thai the Oovernnvit I
ana not prepared to mnke a loan to tht
Soviet Government was greeted with
otitt cheers.
The ffvenittgr Standard aays thnt if
he French and Belgians quit P'-ermc;
I.loyd Oeorgr will remain at Genoa "and ,
ry to work the ship to port with ;>
diorthanded crew."
HOMEMTBAD?Virginia tf? Spring*. Psrfeet
i'o? for fitilf, Trni I" and 'He Cum. Thra
Pullman Bookings Hits-Canton Hotsl.?Adv. I
Herald with all that wan
n intertwined with it, and
ilized, is a bigger and better
wspaper than ever before.
rcii K cents EI.SKWI.:.' r
Italy Joins Britain in
Declaration to Carry
On Until Soviet Problem
Is Settled.
lilies Now Feel Need of
Presenting Solid Front
at Conference. i
finance question open
Russian Suggestion for Board
of Experts to Study It Holds
Hope of Settlement.
Special Cabl' to Tire New Tobk Houra7opyright,
19!t. by The N'bw Yoik Mjiuit.
Genoa. May 11.?The Russian re)ly
to the allied memorandum made
o-day would have smashed the Genoa
onference had the lines of the con
erees been more tautly drawn As it
s. the British delegates declare the
rchitcherin document demands an
inswer, the Italians alone are with
he British, while the French and the
Belgians are plainly triumphant,
laiming that the discursive qualitv
it the Soviet answer justifies all their
aution leading up to the memoran
lum and justifies Louis Barthou's de
nand for a Dlain "Yes" or "No."
As a matter of fact, the reply
merely joins a shrewd issue with the
tllies over just the point about which
he Anglo-Italian and Franco-Belgian
split occurred, namely, the right of
>ne nation to Interfere with the in
ternal organization of another. The
reply does not ?a*e up a single detailed
term as offered in the memorandum,
contenting itself with tvpi
sully TchitcherinesQue argumentation
>ver the general assumption upon
vhich the allied memorandum was
Krrnch Way Withdraw.
The possibility that the French 1m
mediately will withdraw from the*,
onferende remains. They were still
iwaiting word from Paris late to
night, which, if it comes, is expected
o order their unqualified withdrawal
(n that case the course Mr. Lloyd
"Jeorge suggested the night before
ast will be followed, namely, that
he various delegations will consider
:he Russian note with their own ex
perts for a day or two and then ex
'hange opinions informally, follow
ng which formal meetings of the s ib
omniissions will he held and a reply l
Jrafted. \
The Soviets' adroit move in propos 1
Ing that a mixed commission of ex
perts be named to examine the inter
twined financial problems involved In
the Russian situation may open a
way to avoid a rupture in the con
It is in such a contingency that
yesterday's conversations of Lloyd
CJeorge. Tchitcherin and Schanze"
may be expected to bear fruit. Yesterday
they utterly failed in spite of
the utmost efTorts to induce Tchlt
herin to cut out the rhetoric and get
iown to brass tacks. That failure undoubtedly
was due to imperative telegrams
from Moscow received by the
Soviet delegates late last night and
reported to order the delegates not to
retreat from their position.
Possibility of Agreement.
To Mine extent the final draft of
lie Russian note may he read as re
ponding to the need for Soviet prop
ganda demanded by Moscow. Havng
made this point, however, persons
n close tourh with the Russians in
iieate to night that If the Allies still
vlll prove their willingness not to use
?enoa as a means of direct attack
ipon the Soviet system and Govern
nent thf possibility for a detailed
rrangcnient of an agreement re
The Ruasian reply makes an app>>.<
:hat Well may have results in viev.
>f the suspicions on oil concession
iPout Genoa. It suggests that th<
Powers are taking more care of th?arge
proprietors and important con- *
esslonnalres than the small bondhold
*r-c It reiterates that nussia regard'
:he payment of small bondholders us p
ieht of honor; hut reiterates likewise
nanifold citations from history ti
Drove that revolution alwa>s ha*
wiped out both obligations toward the
propertied classes, which were the ol
lect of revolution, and the debts of oM
*ovei nmrnts.
There Is no possibility, of course, o:"
he Powers acreptlng this thesis. Bu'
he tall of the Ruestan answer show*
where an agreement Is possible 01

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