Indianapolis Times, Volume 47, Number 244, Indianapolis, Marion County, 20 December 1935 — Page 10

PAGE 10

STOCK MARKET ‘SCIENCE' IS NOT SUITE PERFECT Is Still to Be Made Exact, U. S. Securities Commission Finds. B;i S^ripp*.Howard .Yrv/tpoprr A Vinner. WASHINGTON, Dec. 20.—Despite the slaughter of the lambs in the 1929 market crash, people of apparently sound business sense on other matters still buy stocks on a hunch-and-tip system that smacks of the supcrstititions of stump water and the left hind foot of a rabbit. The Securities and Exchange Commission trial of Michael J. Meehan, the New York speculator, has revealed that the so-called insiders and men who have played the market for years buy and sell with less reason than they require for laying a bet on a horse. SEC lawyers have showed, through a series of witnesses, how the random “tip" is started, how it speeds by word of mouth, and how men buy on the basis of a rumor which has little to do with the fundamental business and earning power of the corporation whose stock is being gobbled up. The SEC has charged that Meehan organized a tip system to push up Bellanca Aircraft stock, and that other persons were involved in the operation, either innocently or knowingly, but the inquiry has gone far afield to show that men here and there, well known in business, need only a tip to take a flier. And Here’s the System How closely related are horserace betting and stock market gambling, even today, was exemplified in one witness who appeared before tile commission, Mathew Frank, a bookmaker, who does a “little liquor” and a “little real estate” business on the side. Here’s his system of stock-buying es related to the SEC: “When I hear something I just go to it and get it over with. Who knows how I buy stock? I don't know myself. I realize it’s a tough answer. If I have a bad day I do anything.” He said he bought Bellanca stock because he heard Meehan tell a friend over the phone that (lie trader was putting money into Bellanca. Over and over this story is repeated until you can almost visualize Dame Rumor buzzing about in Wall Street and La Salle-st: "Meehan is negotiating. Meehan is putting up his dough. Meehan is getting into Bellanca.” James F. McConnichie, president of Good Humor Ice Cream Cos., a successful Meehan enterprise, said he had recommended Bellanca stock to numercu people partly because Clarence Chamberlin flew to Europe after Lindbergh in a Bellanca plane and because he heard Meehan was refinancing the company. Not a Question Asked He knew nothing about the reported refinancing, nor about the company, and was told at the hearing that Bellanca had suffered heavy losses in all but one year <1933. when it showed a profit of $53,000) since its organization in 1928. He spoke vaguely of export figures on airplanes, of congressional appropriations for aircraft, but knew nothing of what Bellanca might get out of this. And then he admitted he had obtained a Bellanca catalog 10 days before he appeared here to look up something about the business. SEC lawyers said this was to enable him to show some familiarity with the company when he testified. This ignorance is duplicated in numerous other cases. There was, for instance, Stewart Sperry of the firm of DcVoe, Dyke Sperry, who advised a couple of persons to buy because he knew that Meehan had visited the Bellanca aircraft factory and he knew that Meehan was negotiating for Bellanca stock. He admitted he knew no details of Meehan's negotiations and nothing whatever about the company's condition. And the two bought, asking no further questions. One was an electrical wire manufacturer, the other a member of a stock exchange firm. Rotarians to Hold Frolic Christmas frolic of the Rotary Club is to replace the usual program at the luncheon meeting Tuesday in the Clavpool. Christmas tree and music are to be features.

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DANCE DIRECTOR

New Year’s Eve ball and entertainment is to be given at the Severin by Indianapolis Elks lodge for the benefit of its charity fund. Frank W. Spooner (above) is entertainment committee chairman. Dr. Paul C. Beckner is master of ceremonies.

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FORMER MINER RETS TASK OF UNIONREFORM John Brophy Campaigns for Organization Along Industrial Lines. BY FRED W. PERKINS WASHINGTON, Dec. 20.—John Brophy, trouble shooter for the United Mine Workers, is at grips with his biggest assignment. When he finishes, the Committee for Industrial Organization, of which he is director, either will have reformed the A. F. of L. along in-dustrial-union lines or the A. F. of L. will have suffered deep scars and probably lost some of its most important affiliates. The platform of Mr. Brophy and his boss (John L. Lewis, head of the U. M. W. and the new C. I. O.) is a simple one: The American labor movement, they say, will be inexcusably weak until its organization embraces the many millions of unskilled workers for whom the craft unions have no place. Mr. Brophy was bom in Lan-

THE INDIANAPOLIS TIMES

cashire, England, a little more than half a century ago into a family whose men had been coal miners for at least four generations. Although English-born, he has an Irish brogue. His father was an Irishman. The family emigrated to the Phillipsburg mining region of central Pennsylvania in 1892, and young Brophy started in the mines at 12 as a helper to his father. Working hours were long in those days, and for years 90 per cent of all young Brophy’s conversation was with his father as the two, alone, dug deep in the mines. That’s why he has the Irish planted in his speech. The elder Brophy belonged to the old Knights of Labor, and the son became active in the United Mine Workers in the early years of the organization. Asa youth he was president of a local union and was blacklisted for strike activity. In all, he spent 21 years In the mines, including three as a check weighman —and he worked in lowa, Michigan and Illinois as well as Pennsylvania. On National Staff From 1 1916 to 1927 he was president of Mine Workers’ District 2 (Central Pennsylvania). Once he was an unsuccessful candidate for the international presidency, which Mr. Lewis seems to have nailed down indefinitely. For a time he was separated from the organization, but for the past two years he

has been attached to the national staff. Mr. Lewis, in Mr. Brophy’s opinion, symbolizes the power and drive of one of the most energizing movements that has shown itself in recent American labor history. He declares the result will be unification rather than division of labor’s forces. By next fall’s convention of the A. F. of L., he hopes, sufficient progress will have been made to demonstrate the wisdom as -well as

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the strength of the drive. Progress, he thinks, will be made in two ways—first, by convincing the craft unionists who now dominate the Federation of the need for more efficient organization: second, fanning the interest of unorganized groups and spreading the information that a substantial group is ready to help them. Average income of the last czar of Russia was approximately $25,000 daily.

SUCCESSOR TO FRENCH EXECUTIONER SOUGHT Guillotine Operator, 68. Would Like to Quit Official Post. By United Prcm PARIS, Dec. 20—Henri Deibler. who has chopped off more than 300 heads, would like to be retired, but the government can’t find any one to take his place as official operator of the guillotine. Deibler, son of an executioner, Is

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.DEC, 20, 1935

68 and lives a lonely life with his wife, daughter and two nephews. Ho is ostracised by theaters, restaurants and neighbors. “I am merely a disciplined functionary. a citizen like all others,” he complained against the ostracism. “I am a calm father of a family. I never get angry’, I don’t know an enemy in this world. I don’t know what hate is.” The population of the world is increasing at the rate of more than 12,000,000 annually.

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