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Henderson daily dispatch. (Henderson, N.C.) 1914-1995, October 12, 1932, Image 4

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—******* Amw 1* 1»4
WNMirmSpaSi go,, no.
■8 18 tmwmm lt»*t
■toiriLDßinn*. Prss. ud Editor
M. U WmCU. Bec-Tr*a* t»4 Bat, Mgr.
UMirtrt Off to*
>ili> Btttor -
Bariiw Off to* 01*
%h* HauSers— Daily Dispatch *■ »
■Mikar of (to Associated Praas, N**i-
Hf*r Enterprise Association, Su«th
•ft Ntvmptr Publisher* Assoolatiou
•M til* worth Carol I** Pr*** Asaocle
'*%• AMoclaUd Pr*** 1* sxclustvely
•*Utl«4 to un (or republlcation all
M*i dispatches credited to it or aot
wlhaiuls* credited In thi* paper, and
also the local new* published herein.
AU right* of publication of special
dispatches herein are also reserved.
Payable Krlrllr ta Advene*^
ON Tear W.—
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IsMsml AdesstlaCag Hepreaeatatteas
Iff Park Avenue New fork City; IS
East Wacker Drive, Chicago; Walton
Building. Atlanta; Security Building,
St. Louis.
Entered at the post office In Hender-
N. C., as second class aiall matter
THE ONLY GOD: Hear, O Israel;
tne Lord our God is one Lord.—Deu
teronomy 6: 4.
1775 —Lyman Beecher. Presbyterian
clergyman, the most widely known and
most influential preacher of bia uay,
father of eminent sons and laughters,
ovm at New Haven, Conn. Died at
Brooklyn. N. Y.. Jan. 10. 1863.
1803—Alexander T. Stewart, noted
New York merchant, bom in Ireland.
Died m New York April 10 1876.
1808 —Victor P. Considerant, the
•French socialist who sought to estab
iah a Utopian ‘■eitlenvent in Texas,
oorp. Died in France. Dec. 27, 1893.
1827 —Josiah P. Cooke, Harvard Uni
versity chemist, founder o its chemi
cal laboratory, born in Boston. Died
at Newport. R. I Sept. 3 1894.
1844—Helena Modjeska, one of tae
most famous actresses on the Ameri
can stage, bom in Poland. Died at
Bay City, Cal., April 8, 1909.
1844 —George W. Cable, no.cd nove
list of Southern life, born in Lew Or
tega*. Died at St. Petersbutg, Fia.,
Jan. 81, 1925.
1889—Elmer A. Sperry, ftraoui Chi
cago and New Yort electrical engi
neer and manufac.u." *>*. born at Cort
land. N. Y. Died June 16, 1930
1808 — Joseph G. Swift, ater to bo
come a general. West Point's first
1870 —Gen. Robert E. Lee. famous
Confederate soldier, died at Lexing
ton. Va. aged 63.
Most Rev. Michael J. Curley, R. C.
archbishop of Baliimore. born in Ire
land. 53 years ago.
Wtlberforce Eain<r.% noted New Turk
Public Library bibliographer, born at
Newark, N. J.. 77 years ago.
Henri F. Lippitt. onetime U. S. ,
Senator from Rhode Island? bom in <
Providence. 76 years ago.
&fa] Gen. William L. Slbert. U. S.
A., retired, of Kentucky, born at Gads
den Ala., 72 years ago.
Howard M. Gore, Went Virginia’s
Commissioner of Agriculture, one turn,
governor and Secretary of Agriculture,
barn at Clarksburg. W. Va., 55 ye*r»
Prter B. Kyne. noted novelist, born
lu San Francisco, 52 years ago.
Rt. Hon. James Railway MacDon
ald. Great Britain's Prime Minister,
" bom 66 years ago.
The child born this day will be a
Tirtijp, It is a masculine nature, and
wjgchever the sex, (he native will take
whether it be on the play
ground ot In the field of work. The
nature is a trifle mystic and studious.
Avoid foreirfpr the opinions against
opposition and seek to rule by argu
ment rather than by commands, ah
much trouble can be thus avoided.
Worthless Stocks
{Still Being Sold
Over This State
Del l y m spate h Rereeu,
la the sir Waited tMotsL.
BY J. C. nt«VKRV|U, ' ,
Raleigh, Oct. 12. — Fly-by-night saiga
men are still trying to sell "blue sky"
and worthless stocks to people ta
North Carolina In spite eof hard
times, and some of them are succeed
ing In doing it, according to Com
missioner Stanley Winborne, in charge
of the securities division of the State
Corporation Commission. Not as many
complaints are being received now as
when times were better and money:
more plentiful.. But the get-rlch-quich
Wallingfords are still operating apd
finding those who are willing to take
a chance on questional stocks, Win
borne said.
Within the past few days a com
plaint has been received from Win
ston-Salem concerning the 'activities
there of two salesmen, W. F. •'Truitt
and Prank Johnson both unlicensed,
who are selling or attempting to sell
stock in the Baird Teteyisionj Com
pany, which tup not been rafistered
Instill Companies Tangled
In Such Intricate Maze
Auditors’ Reports Delayed
“Magic” Power of Utilities' “King' 1 Enabled
Him to Raise Millions on Nothing Even
During Depression
iaHLj p^oi
h monument to the power of Samuel Jnsull--thft Chicago Civic Opera
house. The boxes end tiers of seat*, above, are empty these days.
This Is the third and final story
on the colapse of the Instill "em
Chicago, Oct. 12—Twenty years were
required by Samuel Insull in the con
struction of the largest of the units
making up the huge public utility sy
stem which he created and then lost.
This is the Middle West Utilities
Company SI,OOO 000.000 holding com
pany controlling public utility proper
ties selling gas- electricity and other
service in 32 sthtes and parts of Can- j
a da.
Receivers* auditors already have |
spent five months in untangling the j
affairs o i the company, spread from ■
the Atlantic seaboard to Texas and
have not completed their task.
Maw of Operating Companies j
Thus far. they have devoted their at- j
tention only to the top holding com- j
pany and have made no attempt to j
nnrarvel the nrnae of interlockin' |
transactions between the parent com
pany and the 119 actual operating com
panies in the group.
Although the receivers have assur
ed stockholders there will be no bank
ruptcies in the Mid*J >o Wert system,
and that the group will sue reed under j
capable management, the stockhold- !
crs. i; appears will wa>. possibly years •
b‘-toic even a partial return can be
realised on their inveo,mcn*.
Samuel Instill, it is reported, Was
lelk wd of his connect.Mi with the
-Millie West receivership when it be
"an.e known that he signed vouchers
for nioney to be used by his brother
Mar. in. president of company, in ,
s importing the latter's speculative
transactions in the stock maiket .
Large Sam Borrower!
This is only one of the many develop ,
merits coming under the Attention of
■ e receivers. Another was the alle
gation that Marshall E. Sampson, 1
high executive* in the group, h id bor- J
rowed $400,000 of stock from the
company, giving only his T. O. U. as
Samuel Insuil pioja j'r at } go d.-.wa
in history as the greats* i omy rais
ing gbnios gsodem bus res* lu« Mnun
v; storf vnfoid '.t.e'f In V't covet*
and elaewHerih 1t $e ->•?»** increasing
!v app*refit 'tha* oae of the prime
factak* .fcp Ws.'w«i«ys atid ftjber in his
undoing, was the ease with which ha
■ - ! '.'l. + ■ - ' >
and approved by : the capital issues
department of the Corporation Com
mission, Mr. WJnbome said.
"This stock may be perfectly good
and the salesmen may be entirely
sincere In selling it,” Mr. Wlnborne
said. “Yet they are violating the law
since they are not licensed salesmen
and are selling stock that has not
been registered or approved. Conse
quently every person approached by a
stock or bond -salesman should de
mand at once to see his State license
and also determine whether or hot
the stock he Is selling has been re
gistered end approved by this de
censed and the stock not approved,
ou rad vice Is not to buy it.”
Commissioner Wlnborne would ap
p eclats It If Individuals approached
by unlicensed salesmen handling
questionable stocks would aomxnunl
cate with him at once tod give the
salesman's name, address sod the
name of the stock o$ stocks ha,'ls
selling, so that he caji issue warning
j or Investigate the stocks or companies
} represented, he said,. w
. * L ,J <. •
was able to raise funds to finance his
\arious operations.
‘I his magic power to raise money
different periods aai enabled In
-a.l to squeeze out of tighi pieces on
many of facions and had hr not mis
ludged the length of „t;». present io
reasion it might hive saved him
r.„am. After the depression began
late hi 1929 he was able to raise sev
eral hundred millions through public
He raised $53,000,000 through the
sale of Insull tility Investments, In;,
debentures alome. In addition, he
got $24,000,000 through the marketing
of notes of the Corporation Securities
company. These are the two invest
ment trusts now in receivership.
Banks Continued Lending
Throughout 1930 the borrowings
continued and the public and bankers
evidenced their willingness to lend,
and bankers did not begin showing any
hesitancy to provide new funds until
late In 1930. As security for these
loans, stocks of the various Insull
companies were provided as collateral.
As the stock market continued to
fail, more securities went to the banks
for loans, and about all tSie stocks re
maining in Insull’s hands before the
leans were cut off were a miscellane
ous assortment of securities whose
market value was not readily aseer
And as fast as Insull Was able to
obtain new funds, the money went
back Into tlhe stock market in an at
tempt to stem the greatest decline
the market ever has known.
Stockholders’ RmKHU Hopcte—
The claim* of the debenture holder*
of the tjwo investment cogipanles
amounted to a little less than $32,000.-
000. The.banks had loaned approxi
mately $W.0OO!OOO to the; companies,
and m return got practically all th«
assets. The position of: tfee-stockhold
ers is hopeless.
Now the question has be<f* raised
whether the banks had the right to
take all or nearly ali, of the. assets of
the firms to protect thoir-loans. It
was this consideration) whi<& led Fed
eral Judge Lindley, before whom alt
the recelvemhik proceed In gitare held,
to issue an injqiKtlon. prcvdgHng the
New Tork. banks from: taking legal
possession of the col lateral Jokmedl
ately following the recetveraMp#.
Says Settlement ,
With Sheriffs Is ■>
Need In October
Sally Dlwatet *«i lad ,
la ‘kJlr WjMw Ilft.
ST J. C. kMgrartlM..
Raleigh, Oct. lb —The sheriff* t*
the various oounties should R re
quired to make to complete settle
mssit of ton collections ..to pmsibto and
before the end of this qkMh, Ik the
opinion of Cbarßf. M. di
rector of local government. *«» law
says that sheriffs shall turn over their
tax book* and a full settlement for
their collections on the first Monday
in October and then receive their new
tax books. The postponement of land
Mies for taxes created a difficult pro
blem tn many counties and has made
It Impossible for many sheriff* to set
tle In full this month.
One thing t* certain, however, me*
cording to Director Johnson, and that
Ie that the sheriff* should net b*
given the new lex hooks until they
MHi.wert** oompletd toflimit and
Purpose U To Stop Legisla
tion In Behalf of An Or
ganized Few
Raleigh, Oct. 11. —The North Caro
lina State branch of the National
Economy League, a non-partisan cit
izens’ organisation to prevent raids of
powerful minorities on the public trea
sury, Is sun to get into aggressive
action In the 1933 General Assembly
if legislation is sought to benflt any
of these groups at the expense of the
taxpayers, Frank Page, Chairman,
said today.
Chairman Page said tha# additional
members of the State xecutlve com
mittee will be named soon and or
ganisation will be continued down in
to each of the 11 congressional dis
tricts and the 100 counties of the
Btate. By the time the General As
sembly meets the State organization
expects to have 150,000 members, com
posed of taxpayers of every kind who
will oppose legislation for special or
minority groups.
The Stat« branch was formed at a
meeting in Greensboro September 14,
when Mr. Page was named Chairman,
Senator Silas G. Bernard, Asheville,
vice-chairman; ohn L. Morehead,
Charlotte, secretary-treasurer; Paul
N. Montague, Winston-Salem, execu
tive secretary and national commit
teeman, other members of the exee
cutive committee being former Lieute
nant Governor J. Elmer Long. Dur
ham; Thurmond Chatham, Winston-
Salem; Allen T. Pryr, Greensboro and
J. E. Mills, High Point.
Rear Admiral Richard E. Byrd, not
ed south pole explorer, is chairman
of The National Economy League end
Archibald B. Roosevelt is secretary.
Members of the advisory council aree
Calvin Coolidge, Alfred E. Smith,
Elihu Roet, Newton D. Baker, Gen
eral John J. pershing and Admiral
William S. Sims.
The organization will strive "to re
vive and restore the American prin
ciple of representative government for
the common good” and “to secure the
elimination of wasteful or unjustifi
able governmental expenditures, fed
eral, state and local.”
Mr. Montague is spending much of
his time in organizing the league in
this State and has appeared and will
appear before civic clubs and other
groups to explain the aims and ob
jects of the organization. !
Use Mud To Level.
Highway In State
By Applying Pump
Dally Dispatch Tierce*,
le the IMr Waller Hotel.
Raleigh, Oct. 11.—The State High
way Commission is planning to re
pair its concrete and asphalt roads
with mud. But this mud will be put
underneath the hard surface instead
of on top of it. Leslie R. Ames, chief
engineer, said *oday. In unrig mud
to repair and level out sunken places
in peved roads, a hole is drilled thro
ugh the pavement and the mud pump
ed underneath it. This forces the pave
ment up Into the proper position.
Equipment Engineer B. W. Davis
has juet returned from an inspection
trip to the western part of the State,
where he saw one of these mud re
pair outfits in operation by a main
tenance crew just across the South
Carolina line. Davis expects to built
a similar outfit at the State Highway
Commission equipment shops here.
“All we need is to mount a heavy
duty pump with an old Ford motor
to ru nit, on a truck and we will be
able to use the ‘mud treatment’ on
our roade,” Davis said. “The complete
outfit consists of the heavy duty pump
and hose, similar to fire department
hose, a concrete mixer to mix the mud
two trucks to haul the mud to the
mixer and a neumatic drill to drill the
.necessary holds in the concrete pave
rrtent. We alraedy have tfie drills,
mixers, trucks and other equipments,
*o alt we need to build is the pump.
We can do that for not more than
S2OO I am certain.”
WiH Be HeM At Asheville Oct. 18,
Greensboro, Oct. 19 and Golde-
bore October 21
Washington, Oct. 12. “The Red
Cross In the Present Emergency is
announced as the general theme of
regional conference* of chapter work
ers to be held in Asheville, October
18; Gneenagoro, October 19, and Golds
boro, October 21, under the auspices
of the. American Red Cross.
From national headquarters will
corn* Maurice R. Reddy, assistant di
rector of disaster relief and H. J.
Hughes, legal adviser, to make ad
dressee at all three conferences And
to lead discussions on roll call and
eeftergehey relief matters.
Among the topics which will hold
the interest of delegates are flour and,
cotton distribution, health activities,,
development of local leadership,
Junior Red Cross, preparations for!
the neds of winter, and the approach- 1
ing membership campaign. Each con-]
sere nee will be divided Into morning,,
luncheon and afternoon sessions, with!
the chairman of the host chapters pre- •
siding at the noonday meetings.
Local arrangements are in charge of
J. G. Deshir, secretary, Buncombe
county chapter, Asheville; A. A. Few
kins, chairman, regional conference
attendance committee, Greensboro;
and Mm. L D. Giddens, executive
secretary, and Rabbi Iser L. Freund
ohairman Waye county chapter Golds
turned in their old boohs. Ho men
tioned eases in the past In which
sheriff had made settlements for
t*** B fmsi pest years out of new
tanse collected, pointing out that this
ptaeMoe becoa es impossible if the old
hr* turned in bfore the new
beobg pre giW* to the sheriffs.
If We Dnn’t Give, The Wall Willi
Two Presidents
Carolina Honored
Chapel Hill. Oct . 12 —Tribute was
paid here today to the memory of two
distinguished presidents of the Uni
versity of North Carolina who have
died wtLhtin the last two yeai s. Ed
win Anderson Alderman and George
Tayloe Winston.
Walter Murphy, prominent legisla
tor from Rowan County, and member
of the Board of Trustees of the Great
er University, delivered the memorial
address in* honor of Dr. Winston and
Dr. 11. C. S. Noble, Dean of the
Un.veraifcy’s School of Education,
spoke the tribute to Dr. Alderman.
Dr. Winston was president of the
University from 1981 to 1896. Dr. Al
derman wee president from 1896 to
The memorial addresses were fol
lowed by exercises Ln installation of
tablets of eleven ilhsatriom alumni
and friends Those were tablets
\ mr
• io |p •> |sp ta
M l 5 Wi Ii ,B bd
|i^ ! _._gigP_ _pgp
rs |pP — ■" —IP |p 88
58 —mr w r ~~
I—That thing
3—A town ta Massachusetts
9—At this thns
11— Viscous liquid !
12— Japanese* coin
18— Nothing *
16— Pale • .
17— To talk noamn** J ' '
19— Close-fitting head covering
21—Belonging to - >
2)—Proceeding fro® g point of'
radiation / , «...
24—To exist ■
29—To spoil ' / j
24—To put on
27 Electrical engineer (abbr ).
28— A sped# of deSc: (phnrati.
$0 —Proceed
31—Goal carrier
*2—Plant Juice
84—To tangle
84—Gun (slang)
88— A kind of dog i
89— A vase
41—Bend tbs head
<3—Anno Domini (afc^p.)
44 —A weapon
15 —Toward
1— Within •
2 A measure of weight
4 —Near
f —Adjective suffix denoting
Humans '*'
’ t*rM«if as «m
which have b*»en placed on the walls
on Memorial Hall in ti>e laat two
yeai-s. Governor Gardner read the
citations m tribute to them.
Theae tablets bear the. names of
Charles Manly. Kemp P. Battle
Henry R. Bryan, John W. Graham.
Kerr Craige, Geofrge M. Roee, Rich
ard H. Lewis George T. Winston, Ed
win A. Alderman. Edward K. Gra
ham. Marvin H. Btacy #
Rockingham, Occ. li (AP»—Fox
Ihimters of North Carolina ana adjoin
ing stales tor the 12th
annual field tri«vl? and l »en';h o:
the North F‘*x Hunters As
sociation. Inc., v-'ntJh will be he!d
here October 17 to 1"2
Expert ju. a i and master* of the
hounds fr* m i enne«ee, South Car.t
lina and V.r fe n.i v. s. the per
formance e: » ho itrt* daily The
hunts will hi ruii u*.;*r :h» .-•f
the National F.* H,:r>;cr* Association.
- * r
10—Head covering of false hAir'
12—An island of the Pacific v
14—Once around a racetrack
18— Finn
19— Cardboards
20— Male vole*
24—Marshy greunu
28— Not coM
29 To droop
31— A slattern “ _ ■
33 Inventor of th« rood plfif
34 Wet earth
35 — Exists
81—Small child
3»—One *4 the U 8. (abbr.)
•> 39 —Above
40—A continent
* 42—Accomplish • » . J
Answer Is Previews Pussl*
8 I
BjSt*alH Ease 32
_ j* u *. _
Wife Preservers
Castors made of material! r< • ,-
bling paper may be ha<! ait lin
tionery department of your f.iv. • >
store They are sold in sets in
Mary wrappers. They are u?<* . »
stand water glame*. coffee i *
•U\. on when no table cloth is i.-r
an the table.
Da. K. H. Pattbssos
• fyr Srfbt Sptntha
Iswesssos, N.O.
W. H. Boyd
Regletered Engineer and Surrey
Office in Law Balfding
Office Phone 198 Home I'hone ll
No 13636
Office of Comptroller of the Cure*"
Washington D. t., October 1. #
Whereas by satisfactory e\
•presented to the undersigned. -
been made to appear that "FIRSTN*
the cttly of Henderson in the C
of Vance and State of North <'r ri
has complied with all the * r
of the Statutes of the United So'*
required to be complied with b*f'!* • '
association .shall be 'author::* : *-
commence A* business of Bar.k.: -
NsW ibereftoW’^ ‘ F. G.'Aw:)!' * f '
lng Comptroller of the Ciim-rcy
hereby certify that "FIRST NATI ( ">-
of Henderson In County of Var.v jr
State of North Carolina I? auth-* “
to commence the business of
as provided In Section Fifty or* 5 r.i
dred and sixty nine of the I> V
Statutes of the United States
la testimony whereof. wMn-' Tr -’
hand aM the.’ Seal of office tin? f ‘
das of October. 1832.
Acting Comptroller of the Curr< ; n''
SBALr—of the Comptroller of c
reacy. Currency Bureau, Tr---> ijr
Department. __
Round Trip
> Week-End Fares
Rtelimond 01 C||
Ticket* *©ld for all trains Kri-toV
Saturdays, and mom in? ,r ’ '
Sundays during October. N* ,V,>IC
her and December 2 3 1.
Tickets limited returning !■’ *’
♦n midnight followng Tu* '*" l '
eheoked. stopov- r- •
lowed. Honored in piillm-m , sr '
upon payment of pullman ’^ rr
Pot Information See Atfrut

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