Indianapolis Times, Volume 44, Number 300, Indianapolis, Marion County, 26 April 1933 — Page 5

APRIL 26, 1933

CITIES SERVICE PROBE RESULT IS SENSATION Extensive Trading in Own Stocks to Boom Market Is Revealed. BY RUTH FINNEY Time* Special Writer WASHINGTON, April 26.—Extensive trading in their own securities by companies in the Cities Service utility group played an important part in the speculative orgy of 1929 and the stock market crash that followed, the federal trade commission reports in one of the most sensational chapters of its utility investigation. ‘Henry L. Doherty <fc Cos., managers of Cities Service Company, furnished the great bulk of demand for that latter company’s stock that was expressed in purchases on the New York Curb Exchange up to 1929,” says a report just filed by Dr. Thomas W. Mitchell of the commission's economic division. “Thpy were enabled to do this by applying to these 'market purchases’ a large proportion of the funds and orders that were obtained through cash, short-time, and installment sales to investors in every nook and corner of the United States.” Price Rose to Great Height. The company claimed that these purchases were made to maintain a resale market for investors. Dr. Mitchell comments: ‘‘However, the volume in which these market purchases were made was not merely sufficient to support and steady the market price, but was such that the market price rose to a great height, from which it crashed in October, 1929.” He continues: “This organization's market activities constitute an outstanding example of what is believed to be a general practice in modern finance and stock market control. The practice has far-reach-ing effects upon the welfare not only of the investing and speculating public, but of the entire general public." Purchased Own Stock. Cities Service Securities Company did the purchasing of stock v'ith money furnished by Henry L. Doherty & Cos. Dr. Mitchell summarized the Cities Service developments in 192829 as follows: “The records of Cities Service Company show that from Nov. 1, 1928, to Oct. 5, 1929, that company issued, exclusive of stock dividends, new original issues of common stock to the extent equivalent to 5,763,850 shares of the present non-par variety, for proceeds amounting to $86,789,125. During identically the same period the Doherty management, as agent for the securities company, spent $389,248,248 in the purchase, mostly on the curb exchange, of the equivalent of 12,071.692,812 non-par shares of Cities Service Company common stock. Boom Prices of Shares “Os course, all the shares so purchased and several millions more were resold over the counter by Henry L. Doheny & Co.’s stock salesmen and through other channels. “During that period the market quotations for the stock rose from the equivalent of about $17.69 to $61.75 per share. “Tire contribution of those market activities to the price elevation may be inferred from the fact that those purchases amounted to 73.5 per cent of the entire reported demand on the curb exchange.” GIRL. 14, INDUCED TO LEAVE HOME: 2 JAILED Man and Woman are Sentenced to Sixty Days In Prison. A man and a woman charged with inducing a 14-year-old girl to leave home each were sentenced Tuesday to sixty days in jail and fined $1 and casts by Juvenile Judge John F. Geckler. Beatrice Bland and Jack Shroyer, of 1357 North Delaware street, were found guilty of contributing to delinquency of the girl. Aided by Shroyer, who drove the two fifty miles on their way to Louisville. Miss Bland is alleged to have accompanied the girl there. Miss Bland and the girl were arrested and confined seventy-three Jnays in a Louisville detention home |bofore being brought here for trial, ’police officers said. CITY SAFETY MEETINGS SPONSORED BY POLICE Series Preparatory to Spring Campaign. Opening Saturday. Series of safety meetings sponsored by the accident prevention bureau of the police department is being held this week preparatory to opening of the spring safety campaign Saturday. Meetings will be held today at School 55 at 11 a. m.; Thursday, School 66. at 9 a. m.; School 69. at 10. and School 1. at 11:15; Friday, School 76 at 9. School 86 at 10:15 and School 87 at 11 a. m. Two parades, followed by theater parties, will open the spring campaign Saturday. One parade, at 9:30 a. m.. to start at Thirty-eighth street and Capitol avenue, will end at the Ritz theater. The other, starting at Orange and Shelby streets at 1 p. in., will end at the Fountain Square theater. STATE PARK JOBS ARE GIVEN TO DEMOCRATS Only Spring Mill Custodian Held Over; Salary Cut Ordered. Custodianships of all Indiana state parks were shifted to “deserving Democrats” Tuesday by the McNutt administration. Announcement of the change was made by Virgil (Skits) Simmons, conservation department head Only Colonel John S. Fishback, Indianapolis, is held over from the old regime. He remains in charge of the Spring Mill state park. Salary cuts of 25 per cent were ordered for all custodians. Maritt L. Carr, 25 West Seventysecond street succeeds C. A. Doland at Cilty Falls.

Bushman, Once Idol of Movie Fans, Is Broke

Jr** *'' V .//WWtar. j|| I *

Francis X. Bushman ’ll/ 7 imrs Special CHICAGO. April 26.—Once the idol of film fans, and then hero of a comeback, Francis X. Bushman is broke. Reputed to be worth a million in his great day, Bushman listed SIOO in clothing as his only assets, in a bankruptcy i °tition filed here Tuesday. Seventy-five creditors are named. A judgment of $62,000 to Mrs. Josephine F. Bushman, his first wife, remains unpaid. Bushman married Beverly Bayne, leading lady in many of his pictures, in 1918. They were divorced in 1925.

U. P. OFFICIAL HITS PROPAGANDA SPREAD Millions Being Spent, Says Furay in Talk. Bn Times Special NEW YORK, April 26.—Propaganda is being spread throughout the world by several nations of Europe and Asia, on a scale without precedent, it was asserted today by James H. Furay, vice-president of the United Press Associations, addressing the Latin-American section of the National Foreign Trade Council in convention here. Nationalistic viewpoints are being stressed by so-called official news agencies, Furay continued. He estimated that nine European countries are spending $24,000,000 a year on propaganda. No estimate was given for countries in Asia. The nine nations mentioned by Furay were Italy, France, Germany, Great Britain, Rumania, Poland, Hungary, Czecho-Slovakia and Jugo-Slavia. <j He declared that newspaper men in countries where the press is untrammeled hold the view that no so-called official news agency faithfully can serve the government which pays it and at the same time serve the cause of complete news objectivity, accuracy and truth. Effect of such propaganda. Furay declared, is that “only a part of the news will be given to the world by the propagandizing countries and that the news of the world as presented by each of the countries will be diluted and ‘watered’ until it is almast unrecognizable as the real product.” ADVISES AUTOIST; FINDS •OTHER DRIVER’ IS COF The “Kibitzer” in the Party Learns All About Arguments. Judgment was withheld Tuesday in the “Was my face red?” case of Ben Barger, 1904 Meredith street, heart! by William Henry Harrison, municipal judge pro tern. Barger was charged with interfering with an officer, Detective Donald Bushong. He accused the detective of cursing him, but no comment was forthcoming when the evidence showed Bushong had said: | “Get the hell out of here.” Bushong was hurrying to a south I side address on a report of a burg- : lary when the police car he was driving narrowly missed colliding; with a car driven by a friend of j Barger's. The officer stopped to discuss j matters with the motorist and Bar- ; ger appeared. He did not recognize! Bushong, who was in plain clothes as an officer, and advised his friend that he was in the right. Finally Bushong pulled a police badge from his pocket and arrested Barger who was taken to head- i quarters in the police car. In the scuffle the burglar report ! was forgotten. Mexican Treaty Ratified Bp I'nited Press WASHINGTON. April 26.—The ; senate late Tuesday ratified a { treaty between the United States | and Mexico for the ratification of the Rio Grande channel in the El Paso-Juarez valley. The treaty was signed at Mexico City Feb. 1, 1933. DON'T FORGET—If you are mov- I ing. that The Times may Rental; Guide may be obtained free at any ; Haag Drug Store Saturday.

Found ANSWER TO UGLY PIMPLES g’pV'EN when she knrv, • L -‘ that unsightly, blemished skin was hurting her popularity she could find nothing that helped —until a friend hinted ‘‘constipation” and advised NR Tablets (Nature's Remedy). They toned and strengthened e entire eliminative tract id her system of poisonrastes thoroughly, natuSoon skin blotches vansle cheeks glowed again, safe, dependable, allaxative and corrective tonight. NonKVSSi ftt "Quick relief for T U > timi. heartburn. Onl>

EVANS' nsm FOR ALL PURPOSES

II 5c METAL POTI sc& 10cNotions Men’s, Women’s, > CURTAIiTif I' C'¥ IT A MFD C I Richardson's Silk Actual 15c to 25c Values! _ {>< round sack i laundered and O Anr I|B I V< Ju Eu r\ Ae ELt Am CS I Ihre.ii *.A m . . , . MM Ki • Men: It dish tow- *m \M mJ f/ _ I sewin* thread hook* V Ist Quality Boys'& Girls’Anklets JM X fop Cc M C Ist Quality Men's Rayon Hose Q for 2S C h^v 1 ;^ ZM.C 1 ’/ ** I ‘" n< - Quality Ladles' Rayon Hose tStejr Pr. W Br m 11/•M4I WhJH w 'Mas w a w am am /# •Ta WSk itfff t wf a v t 1 I,ra *W • w Ji # / 'l’m rjl /•Bf n/ j llf . ■ jg I Bought Entire Stock of BERGER DEPT. STORE, CHICAGO, ILLINOIS B NATIONALLY ADVERTISED MERCHANDISE ON SALE! I T ® * G S 6 1 You’ll find the following brands: E. W. and Arrow Shirts for Men—Tom Sawyer and Kaynee Shirts for Boys—Allen lo *° n tlC¥^^72** A, Phoenix, Eiffel and Burlington Hosiery—Munsingwear Underwear and Vanta Underwear for Infants on sale, to-B -^^^rhu™'1 '"f'|l£D rA —B gether with our own great stock at UNHEARD-OF LOW PRICES. Come early! Bring the family. B „ •■* v* oor —* m SILK DRESSES AND M j! SES ’ NEW Newest Spring Styles gj|U SpPlllg X C | You'll meet all the 8 UQ ™ B ftl’T AG® ’to fbSLfTnew I $5.95 and $6.95 01 I UV CP , m llTiTf ? ' f J* Values! g g W dots. 14 $ s€jM JSsSS-r^r^o^tcl Second Floor ' Values! polo Coats, Superb ® ** ~ I, New Tweeds. Expert- Second af| Sf?* mfiLc I mgmf so DRESSES 81/?Fijpir- ■ I W o nilnso you to ho lipro before our • mSGft 1 WjßWtKfeajßeJßilpr .A. I doors open for there will be a rush |BS| All sizes, 14 to 46. , npt i, JS&k for .hose drossos HHhfellr Spring and Summer HATS '"" "rril | t||f g I Every hat just unpacked! A riot of Ji U "jH-SL o n ,i lioor. lew colors and smartest shapes. Chic I B J| ® V 'hate.' m Women’sNew DRESSES JL I Blouses 1 =.r.~153.S JIR 1 w\ m \~) hi sh as sl. puff mtr \n e ruff ily Wmm 1 N,,in ■ ea- vS:. Bh . sleeves. pleated uayon ’ r " .Now pastels, plaid prints i s.eeies and or- flr nd flared skirfs. /g&f oi/, yards y | NM T> \I4SOk. Bsndy trims are 1 rrlm, ..... ,01,1 g M jM || *l| MTFII ■efl H i P are cute collars and puff A& ® fe: tUred in sheers - ■ b and 7to 14. gf W ..M , ors Each •J? sleeves. Si/.es 14 to 40. P rUltS ’ broad- M. SproI1(1 , !oor BB HB T , | C ' gff #• % / \ Sizes 14 to 20, 38 Jf ( _ . , e 9c Values, 40 ~MIl| J C Women's to 44 and 46 to 52. 1 Sale 5,000 Yards B HI >1 j f 1 SmC {|||H W ASH FABRICS I gUj*j>y Bfe\ S HOSIERY I ' ' m PR y TID RAS T I * TE E With Pi cot AIT new MRS W .'’■r K' PRINT BROADCLOTHS B M ’ ,i " V><>< I spnns shades in all sizes. w ¥A m ,'■/ o, ' W PRINTED LAWNS WBk MM B I eluded.. a irreulars ln ‘ HR iC £ I Second Flw > r C SHANTUNGS-YD. H wflf H other 1 i— M Floor ■ Values to SZ.SO, Men’s ■33ZKZZEH pELT 4Sk 39 1 Dress Pants B# y*’ Shi r i * anj sh ort g% l -* p **H iTTiTri f hi|lts a •• ->- ■- 1 -- B Iffig mfl£*>Q S _ n.jwil s %A C g tmm Cheviots. I WH 69c ‘Big Yank’ Playsuits 0% jb tVnVnii LMi ”"I. '£& j ra —B IHBHi Ca S SlmereS 41 HI Sizes 2to S. (irrec I O.hor i|c 6”, °to% - Si " S V dons WfrS /KM %QC I ' || I " ain ri "'- J —-*tr cttiTS t I Kll f* zcs 30 “f| #i,i.Ph.-h, u hirt. Z 3 Men’s 49c DRESS CAPS, 24c I— UNION ®W * A SB IWmB 4- Light I Main Blue Chsmbrdy Shirts fBS s spriiiK patterns. Full leather sueatband. SSL fl fc „Ued. Main m „- M l and dark ‘gpM Floor F , r bpy , ~ sjzos t 0 14 . 1 " .U.bHy I|| | fj\ - Men’s Dress AB I ■ I I L Jl|l f Jj|l Ul nil uinnu a,lo K--- - - c Shirts Tfl I nii WORK PANTS " - v„ U e S #|f I PB/|i Coverts, cottonmles, pin stripes o ny .' ffi qr T W a P H Qhrke uine broadcloth, gm '• fk ..,„ h „nd ft 1 mj U and khakis. Well made with 31.3d 1W660 013CK3 in white only .OH Ng ”: ra \\K . 1 x ChltltS H fi MB s e , '! , a r ?*- “ BHS& Gray and brown mixtures. All S H .17 Cellophane WM SM jIV Ev ~JSI B B pockets £1 sizes, Sto 20. 2nd Floor. A wrapped. Sizes |Lm tjf 1 y. 4 <'/I I ~ * Vl " <,r | Right Reserved to Limit Quantities | " \ tirlT° C I Women’s Novelty Footwear 8 <|iir> ISi .B v :'7l w ' 9 e S AA r t Ri an , e *’*-1 C Brand New Spring Pumps B|B C MU| , embroidere>h Ar^ • Smart New Sports Ties HH H H Well m ade dress oxfords A l|an ,v r A tin I ngmkx Clever Spring Oxfords with composition soles /h ■■ n_ KX Children’s Straps WOMEN’S BIG BOYS’ FrUa J! "| j 1 jIJ jAphol I ° XJ !Tl S v^^f a,s foot WEAH OXFORDS 1 SI.OO values Values to 5195 and edds /uintmum - T A p A Rars CLc H Patent leather and Smoked Elk taken from our regular stock. * 1.50 Values j gjf m AItVG A* 79 and Gun Metal leather and com- All sizes in the lot. Hurry for , oa nL nV forHQ with B Dallll BC ... H position soles. Sizes SH-8 and these sensational values! companion ‘'soles and rubber HALF A I nll , 1 [ K- JT.ar no

THE INDIANAPOLIS TDIES

PAGE 5