Indianapolis Times, Volume 44, Number 126, Indianapolis, Marion County, 5 October 1932 — Page 12

PAGE 12

‘lO-YEAR PLAN' TO BE BASIS OF CHINA'S REBIRTH U. S. and Geneva Will Be /Asked to Aid in Work of Reconstruction. BY WILLIAM PHILIP SIMMS Srrippu-Howiri) Foreifn Editor WASHINGTON. Oef. 5 —China, it Is learned Authoritatively, almost certainly will request the League of Nations and the United States to co-operate in her internal reconstruction along the lines proposed in the Lytton report. A Chinese "ten-year plan" based on the program worked out by the late Dr. Sun Yat-Sen, already is in existence, and probably will be revised to suit the new conditions and brought to the attention of the league and the associated powers as soon as feasible. The tenth and pivotal point set up by the Lytton commission for China's salvation said: "Since the conditions enumerated above <in the 150.000-word Lytton report) can not be fulfilled without a strong central government, in China, the final requisite for a satisfactory solution is temporary international co-opera-tion in the internal reconstruction of China as suggested by the late Dr. Sun Yat-Sen.

Vast Orders Are Expected Billions of dollars worth of orders for steel, machinery, docks, automobiles and other things will begin to be placed as soon as arrangements can be completed for putting the Sun plan into operation. According to Chinese sources China is "an econorpic ocean" capable of profitably absorbing the surplus capital of the world for many years to come, provided the great world powers are willing to cooperate to put her on her feet, and will deal justly with her. Among other things, the Sun plan calls for a fleet of merchant ships of at least 8,000,000 tons; reclamation of 300.000,000 acres of farmland in flood areas; thousands of miles of railroads and highways, and new factories all over China. It Is estimated thatt 200.000,000 tons of coal and 12.000.000 tons of steel would be required in the first decade. And just as Russia is following her first “five-year plan" with a second, China, it is said, would Just be starting reconstruction at the end of the first ten years. Greatest Potential Market The Sun plan rails for 100.000 miles of railroads; 1,000.000 miles of paved highway; flood control and irrigation systems; a vast network of telephones and telegraph; three ports, each equal in capacity to that of New York—one in the north, one in central and one in south China; vast reconstruction and sanitation projects in the large ctiies; hospitals, water power, mineral, agricultural and reforestation developments on a large scale, and aid in the colonization of Manchuria, Mongolia, Sinkiang, Kokonor and Tibet in order to thin out overpopulated districts of China proper. China's 450,000.000 people are pictured as the world's greatest potential market, if through international co-operation, the living standard of the. masses can be raised and their purchasing power increased. Foreign exploitation, it is pointed out, has kept both of these at a minimum.

ROOSEVELT GROUP TO SPONSOR BROADCAST National Professional Organization Will be on Air. Senes of broadcasts sponsored by the national organization of the Roosevelt Business and Professional league were announced today by Otto P. Deluse. chairman of the league in Indiana. First, of the broadcasts, which will be over the Columbia system, with two Indiana stations. WFBM of Indianapolis and WOWO, Ft. Wayne, in the hook up, will be an address 1 by Governor Franklin D. Roosevelt i at 12:30 p. m. Thursday. The other three broadcasts will be on succeeding Oct. 13, 20 and 27. Each will be for thirty minutes. Deluse announces that county or- j ganization of the league has been completed in Indiana, with more than 4.000 mpn enrolled, and that '• Jesse Isidor Straus of New York, 1 national chairman, reports organization work completed in every state. Sponsor Give-a-Job Drive />.)' f nih il I'rrs* HUNTINGTON. Ind.. Oct. s.—The Huntington Chamber of Commerce is sponsoring a "Give-a-Job" campaign to give employment to the Huntington county unemployed. Solicitors are making house-to-house canvasses requesting property owners to pledge odd repair jobs. Girl, 19. Attempts Suicide Ella Decker. 19. of 2229 Station street, today is in city hospital recovering from effects of a small quantity of poison she swallowed at her home Tuesday night, in a suicide attempt. Her condition is not. serious Reception to Honor Pastor The Rev. E. H. Dailey, beginning his fourth year as pastor of the First United Brethren church. Park avenue and Walnut street, will be honored at b reception at the church Friday night. Injured Officer is Better Rudolph Price, motorcycle policeman. who suffered a skull fracture when he was knocked from his cycle in an auto accident Saturday, was reported improved today at St. Vincent's hospital.

‘Splittinq ' Headachet t y_ *.•/ she learned vhy she was always Until miserable—and found out about NR Tablets (Nature’s Remedy). Now she gets along hne with everybody. This sale, dependable. all-vegetable laxative brought quick relief and quiet nerves because it cleared her system of poisonous wastes made bowel action easy and regular. Thousands take NR daily. It's such a sure, pleasant corrective. Mild, non-habit - formmg No bad after- /<rf7lll7l Mlhh effects At vour M} * druggist -2r>f. ‘TUMS Q twn.'iw2rttmrn C Only I^~

LIVERMORE, KING OF PLUNGERS

$3.12 Profit Started Career That Astounded Nation

Like phantoms from fabulous past, living men and women flit now and then through the news, *!■**. well back of a Page On* they once dominated. Their names miv mean little or less to the younger generation but stir mighty memories among those who know of the Influences they exerted on their times. In a series of articles of which th following is the fifth. William Engle summons these giant' of other years from their present obscurity for a review of the career* that made them famous. BY WILLIAM ENGLE Time* tsfT Corresoondent Telegram Corporationt BEHIND his desk in the offices Harriman Cos., at 1U Broadway, Jesse L. Livermore, bankrupt, sat as unperturbed as though he never had seen a meteor, rising to sputter out. across the sky of Wall Street, and he grinned blandly. “Gentlemen, I have paid them.” he said. All of them. A hundred cents on the dollar. I have paid for my mistakes, too. and one of them cast me $2,000,000." Out, of the welter of exaggeration. out of the legend and the myths, which through twenty years have enveloped the mast volatile speculation of his generation, that sturdy fact stood out. The quiet, undemonstrative man —"The Boy Plunger,” "The Cotton King," "Tho Wizard of Wall Street"—who voluntarily had gone bankrupt in 1915. owing, it was believed, clasp to $3,000,000. had recouped within two years. Not only had he paid his creditors, he calmly revealed at his offices that day. but through following the "war brides" and discounting futures in wheat and cotton, he had amassed, besides, a fortune greater than he had ever had before. Ups and downs, and mighty ones, he has had since he cleared his first market profit of $3.12 on $lO capital. Ups in which he stacked millions. Downs in which he saw them fade. Astounding fluctuations of fortune which leave him today as spectacular in his absence from the present market as he was by his dominance of the markets before the Coolidge bubble burst. But he never kept more strictly in character than he did in those two years in which he played the upswing of Bethlehem and United States Steel, cotton and grain, to turn a s/nali stake into solvency after bankruptcy, and a fortune besides. ana

EVEN in the lush era after the post-war depression, even when as a. youthful, enigmatic towhead with level blue eyes and a penchant, for silence he baffled Wall Street, even when the small fry investors of the continent hung upon every word or rumor that got from him into print, he was no more essentially himself than fie was in the single handed struggle up from the slough of failure. For he has seemed through It all to weather the downs as equably as the ups—and the Street today would not be surprised to see him charging over the horizon. scattering orders to buy, like a ticker tape shower in lower Broadway. Up to that time Wall Street had not been aware of him. For he played a lonp hand. Backed his own calculations. Sought no contacts with the master minds. Then, as news of the brash youngster spread, as tales of his daring got around, almost before Wall Street became aware of It, he began to be a legend. He was the "Boy Plunger." they said, and truly. No single market held him. Prom the New York Stock Exchange he swung operations to cotton futures. In Chicago he was credited with clearing a half million; traders were short and he went long; nearly preciptated a corner 'and he was hailed as successor to Dan Sully, king of cotton, a a a HE was living without ostentation then in Riverside Drive in winter and spending his summers with his p’ife on his steam yacht Venetia. He did not frequent hotels or clubs, and if he had any close confreres in the market no word of it got out. He went his own way, plunging and that way led him after a while into one of the downs—the bankruptcy of 1915. Through no favor of heredity or environment he rose to the stature of a giant. He was born on a farm at West Acton, Mass., son of Hiram Livermore, and at 16 he was marking up stock quotations at $6 a week in the brokerage house of Paine, Webber & Cos. Speculation got into his bjood. He took a chance in the Boston bucket shops. Made that first. $3.12. And when his firm then gave him a choice of quitting the shops or keeping his job, he quit his job. Presently he was making as much as SIOO a week in shoestring

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Henry Ford napping, out Livermore reaped millions. X/ Divorced by his first wife, hi —V—■ 'W ' "* Brooklyn. 23 then, in December AA 1918 They moved in fashionab'.< // IpP|jL\ The press gave spare to any. MEBMgSSmm. %||||i|k\ thin? he would say; he cot th< name in brokerage office' up anc - 1 *piii|pk N - down the country of oracle. f ' I||§i|pv So When in September. 1921 IwfmimS. he spoke the St reel could no I' M: believe jt was his voice. H sail ww fhp ridP nf sow ' A ' as enmi to turn soon. 7 " WMsak t XT EITHER triers nor banker' I ‘ IM though. s f ond wnh him Hi . Mfe"-wnt it alone, a bull once more Ipr Jt 'r~ vkt- rjr ‘IR-- m Jiik ivlpiliipyi? \\ jSSSstim y. W \\ || jgmpr . '% >. i\ Jjjk 'mb Mb&em ' • • MKi n.e Bin Plunger - of 1907. | T JwS A{V- tor-. heafng 'he barker ■ •?>**' **" O'- >' ' • o-x rjami 'r.d bHK| M&fr ifc ■9iv; >:• he fa me on in \>o ' *"..'nci pro;V ny- -1 1 n£ - - -not aga-nst :he goliath that 1 '’4KB ~... feeds hard h* Trinity. S t V '&’’** $ ' All 1 did it as look ahead" "T^. tJf&iP’■ Tim" and again this became JOT his explanation of a coup He got Wf • into coppers in the boom of 1905. followed Anaconda through its huge rise Played the market Iw;-Agifi:, lone '' HE did that. also, two years x la for ctj'ifehorl t.n the short ~———————————————————i—^

As “The Boy Plunger” of 1907. operations, beating the bucket shops at their own game, and in 1903, at 25, he came on to New York with $2,500 profit—his slingshot against the goliath that feeds hard by Trinity. “All I did was look ahead." Time and again this became his explanation of a coup. He got into coppers in the boom of 1905, followed Anaconda through its huge rise. Played the market long. a u HE did that, also, two years later, switched to the short j side, and at 28 he came out of the i shambles of the 1907 panic with $3,000,000. Yet he emerged from that dismal stretch a figure more strangely flamboyant than ever. Paying off the debts, socking away $1,000,000 in Liberty bonds, caught the fancy of the public and the eye of the street. They just had begun to hear from him. The green pastures of the young man with hair so blond it looked gray lay ahead. For between 1917 and 1919 the most buoyant bull market since the trust era of 1901 and before the aberration of 1929 got into its swing. Livermore was in it to the last dollar of his credit. Over night he changed his position from bull to bear. He sold 40,000 shares of Mexican Petroleum short. He went short in Atlantic Gulf and West Indies, American Sumatra and a string of other stocks. The wheat pit lured him next. His detractors said he turned to it after he had fared ill in the securities markets in 1924. but his friends declared he had $10,000,000 clear and made as much more in the Chicago grain markets. tt n u HE got in near the bottom on the long, spectacular rise in wheat in 1924, the same turn in

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THE INDIANAPOLIS TIMES

values that carried Arthur S. Cutten. who was called king of the grain pits, to fortune. Wheat rose to $2 a bushel. There was talk of no top to the market. Then Black Friday, March 3 1925, came a.nd the wheat pit was a place of debacle. Livermore got. out within a few hours. He sold s.ooo.ftoft bushels short, look a ten • point profit, switched to the long side and made another ten point profit, and in the dealing cleared more than a million. tt a tt /COMPARED to the tobogganing since 1929. the post-war crash in 1920, coming to an end as Harding took office, was minor. But in particulars it was equally exciting. It swept the vast General Motors Corporation, which he had founded, out of William C. Durant's hands, and It nearly caught

DR. HAL P: SMITH (Registered Podiatrist) Practice Limited to the Feet Has moved his office in the Marott Shoe Shop, where he has practicced thte past ten years, to his New Centrally Located, Modernly Equipped Offices SUITE 316—MERCHANTS BANK BUILDING Over Hook's Drug Store —Across From Ayres’ OCTOBER Ist, 1932 Dr. Smith and his associates. Dr. C, W. Grinstead and Dr. R„ F. Tanner, cordially invite you to inspect this new office at your convenience. For Appointment—Phone Riley 1688

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Henry Ford napping. But Livermore reaped millions. Divorced by his first wife, he married Miss Dorothy Wendt of Brooklyn, 23 then, in December. 1918. They moved in fashionable circles. The press gave space to anything he would say; he got the name in brokerage offices up and down the country of oracle. So when in September. 1927, he spoke the Street could not believe it was his voice. He said the tide of low prices was going to turn soon. tt tt B NEITHER traders nor bankers. though, stood with him. He went it alone, a bull once more.

Jesse L. Livermore.

He took on a string of Baldwin Locomotive, General Electric and United States Steel. And stocks all the way across the big board began to move up. Investors jumped to the conclusion he had become bearish again. The Street shuddered. Stocks tumbled. Livermore last $500,000 in a few hours, for although he had been 20,000 shares short at the time he had been 80.000 shares long. In the first staggering day after the Coolidge market broke, his name was in the customers’ rooms everywhere; there were whispers that he was behind the break; that he had sold short; that he was ready to drive price levels down and down. But that was the phantasy of a financial world groping blindly for a reason so deeply obscured in economic principles that it then was not seen even in dreaming. Livermore was no more back of the break than the ticker itself.

CONVICTIONS IN GAMING JOINT CASE UPHELD Fines Reduced by Baker, but Sentences Increased in New Trial,

Upholding convictions in a lower court of John H. Earl. 121 East Twenty-third street, and Henry Walter, 2851 South East street, operators of beer resort and gambling house at 64Q0 North Harding street. Criminal Judge Frank P. Baker today decreased fines, but meted longer penal farm terms to both de- ; fendants. Earl, convicted of operating a blind tiger, keeping a gaming house i and devices, was fined a total of 1 S7OO and given sixty days' imprisonment in the lower court. Baker j increased the terms to 180 days and assessed S2OO in fines. Walter, convicted of keeping gaming devices and maintaining a gaming house, was given a 180-dav farm term and fined a total of S2OO by Baker as compared to fines of SSOO fixed by Municipal Judge William H. Sheaffer. Raiding squads at the resort several weeks ago confiscated ten gallons of beer, several gaming devices, and found twenty-six patrons in the place. None of these were arrested. LESLIE, HOOVER CONFER Governor Boards President's Train at Chicago to Ride Across State. Governor Harry G. Leslie planned to board the Hoover campaign special at Chicago today and ride to Ft. Wayne, conferring with the President en route to invite him to come to Indiana later for a campaign address.

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AGED CITY WOMAN IS TAKEN BY DEATH Mrs. Lucy Fnlckemer Lived in Indianapolis SO Years; Rites Are Set. Mrs. Lucy Folckempr. 81. for sixty years a resident of Indianapolis, and the widow of Leonidas Folckpmer. a Civil war veteran, died Tuesday at her home, 515 East Fofty-second street. Funeral services will be held at Ift Friday in the Flanner A- Buchanan mortuary. The Rev. Harry

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_OCT. 5, 1932

G Hill of Cincinnati will officiate. Burial will be in Crown Hill cemetery and will be private G. O. P. Club Will Meet Tpnth Ward Republican Club will meet Thursday night at 2507 English avenue, with Judson L. Stark, candidate for county prosecutor, as s he speaker. A card party will follow. Puerto Rican to Speak Ricardo I. Castillo of Puerto Rton will speak at the. weekly dinner of the Club Espanol de Indianapolis toinehr at 7:30 at the Washington.