The Bismarck Tribune Newspaper, June 24, 1936, Page 8

SiY0UTIS WNDIP (Greatest Speculator in Grain Markets Is Dead CLUB ENCAMPMENT Delegates From Four Counties | Attend Three-Day 4-H Sessions Here Eighty-four 4-H club members from four Missouri Slope counties ‘wound up their three-day encamp- ment at the Bismarck Indian school ‘Wednesday with a trip to the Man- dan Great Plains station in the morn- ing and a general business meeting in the afternoon. Counties represented by 4-H dele- gates were Emmons, Kidder, Morton and Burleigh. Features of the encampment in- cluded talks and demonstrations by E. M. Lee, state game warden; Miss Clara Dugan, district home demon- stration agent; H. Earl Hodgson, rep- resentative of the Agricultural col- Jege extension division; Russell Reid, head of the state historical society; (Mrs. Themar Simle, Girl Scout lead- er; Miss Bessie R. Baldwin of the state library; Anthony Erickson from the state game and fish department, and Henry O. Putnam, Burleigh coun- ty agent. Putnam, assisted by Robert Heine, directed the camp activities, which included a tour to the capitol, life- eaving instruction and swimming in the municipal pool, recreational ames and educational lectures. Attending the camp were: Roger (Liedtke and Joe Subart, Robinson; (Mavis Strand, Helen Aune, Rosebud 6trand, Barbara McCullough, Ade- dine Schatz, Janet Little, Mrs. How- ard Watkins and DeElda Little, Re- gan; Delmar Becker, Blue Grass; Nila Lewis, Ruth Nelson, Margaret (Ness, Adel Hatle, Ione Johns, Louis 6chlabach, Clara Baker and Barbara Schlabach, Driscoll; Jean Danielson, (Mary Pearson, Bennevi Pearson, Mar- garet Law, Viola Thor, Hilma Thor, (Mabel Magnuson, Ruth Magnuson, (Nellie Wynenko, Maryland Johnson, Leona Sundquist, Ethel Holgerson, Helen Holgerson and Mrs. A. B. John- 60n, Wilton. Eugene Strewing, Katherine Hughes, Bernice Bliss, Margaret Bliss, Eva ‘Tryge, and Alice Easton, McKenzie; ‘Willie Kelsch, Russel Haibeck, Elea- mor Heinze, Frances Heinze, Alice 6mith, Mildred Selland, Ida Smith, Hazel Bertelsen, Helen Mode and (Mabel Smith, Steele; Pelmer Rothi, (Maynard Schuette, Alton Schuette, Vern Boynton and Leo Boynton, Braddock; Lillian Kaelberer, Judson; url Ellis, Harry Rehm, Gilbert Rehm end Albert Bratzel, all of Hebron; Verna Kress, Harriet Kilgore, Ione Kelly, Esther Miller, Richard Wyn- garden, Fred Dekrey and John Ed- ‘ward Dekrey, Tappen; Mary Fae Jar- vis, Jennet Melin, Glenn Collins and ‘Wilston Walpert, Kidder; James Kaczmoiski, Howard Hillstrom, Ed- gar Hillstrom, Marvin Vogel, Loren WNeeswaay and Delmer Steinhouse, Pettibone; Betty Jo Wildfang, Wilma and Irma Wahlman, Ster- ling; Arlyne Phelps and Florence Hannon, Flasher; and Lois Haines and Irene Lux, Tuttle. {Evans to their suite in the Edgewater Arthur W. Cutten Made and Lost Millions in Sensation- al Operations Chicago, June 24—(#)—Arthur W. Cutten, 66, who amassed a fortune measured in millions in 30 years of spectacular market trading, died sud- denly early Wednesday. “The little giant of the wheat pits” as he became known during the; teeming twenties era—when he held title to more of that grain than any! other man in the world—was stricken | with a heart attack at 1:30 a. m. | His wife, the former Maude Boomer of Chicago, called Dr. J. Phillip! Beach hotel but the internationally We trader succumbed 20 uae jater. Cutten had been in feeble health | for several months—but pressed a! successful fight by proxy against a grain futures commission order bar- ring him from the nation’s grain pits. Charged With Manipulation i} He was brought before the com- mission Jan. 11, 1936, charged with | failure to report holdings of 116,000,- ; 000 bushels of wheat futures worth about $50,000,000 in 1930 and 1931 for the purpose of manipulating prices. He was ordered out of the pits for two years but carried the case through the U. 8S. circuit court of appeals to the U. 8. supreme court. The high | tribunal ruled in favor of Cutten last | May, sustaining the appeals court de- cision that the words “is violating” in the grain futures act could not apply by a federal grand jury on charges to alleged transgressions that oc- curred more than two years pre- viously. Last March 10 Cutten was indicted of failure to pay $414,425 in taxes on 1929 income. He was accused of at- tempting to evade payments totalling $229,944 on 1930 and 1933 income in another indictment returned last April 28. The charges were still pend- ing at the time of his death, Fortune Estimates Vary ‘The fortune of Cutten—during the litigation government counsel termed him “the greatest speculator the coun- try ever had”—was variously esti- mated from $50,000,000 to $100,000,000. Arthur W. Cutten balanced the world’s need for breadstuffs against the world’s precious supplies of them, calculated the result, added the wiles of an expert market trader, and con- verted the mixture into a tremendous bank account. He did it so unerringly and so often that he made himself a legend. To the initiate in the nation’s market Places he was the personification of astuteness, a figure cloaked in mys- tery, an oracle who spoke seldom, but weightily. He had a small office across La- Salle street from the Chicago Board of Trade. His name was not lettered Your Last Chance to get a Free opportunity to receive the PORTERFIELD AIRPLANE June 26th is the final date. Any 50c purchase or like amount paid on accounts, new or old, at our station will entitle you to a FREE opportunity ticket to receive tickets to the Bismarck Air Show and the new Porterfield Airplane or $1000 cash. You'll have te hurry. June %th absolute deadline. Molly’s Service Station Bismarck Believe Us—We Appreciate Your Business 4th and Thayer Phone 427 eet lt BISMARCK TRIBUNE, Ky WEUNESDAY, JUNE 24 1936 rie ree sifowea ibis and he pride himself on being an habitual “bull,” meaning that he was a buyer, rather than a seller, of stocks and grains. ‘Nerve and Knowledge’ The trader had a softer side, hows ever. In April, 1931, after serving less {than a year of his sentence, Simon Rosenberg applied for a parole, Sev-/ eral of his former business associates in. Cleveland pleaded for him; so did Cutten. Simon was released. In the interviews he granted but rarely, Cutten was wont to say that nerve and knowledge were the most important requisites to big successful trading. His corn coup in July, 1924, was made in the face of a general opinion ARTHUR W. CUTTEN on the door. There was nothing to indicate that behind it were issued orders that profoundly affected the prices of commodities and of stocks and, indirectly, many lives. First Job Paid $7 Cutten’s first job in Chicago paid him $7 a week. That was on his ar- rival as a youth of 20 from Guelph, Ont., Canada, where he was born in 1870. In 1890 he was a highly ambi- tious youth, freshly graduated from Guelph College. His first job at $7 a week was merely a stop gap. Soon he occupied a book- keeper's stool in a broker's office. By 1896 he had acquired a working know- ledge of grain trading and at least $600, for he then paid that much to- ward a seat on the Board of Trade. In 1906, he married Maude Boomer of Chicago, and began trading “on his own” with a stake of $3,000. Yet for 15 years he was a comparatively ob- scure figure in the maelstrom of the grain pit. He was prosperous, but not noted. His spectacular coups began in the years immediately following the World war. One of his most famous was in July corn in 1924. His profits were estimated at $1,500,000 to $2,000,000. On ‘Ground Floor’ He transferred his attention to the Stock market, getting in “on the ground floor” before the peak of hys- teria in 1928 and 1929. He headed a trading group known as the “Big Ten,” which, with another syndicate, frequently was credited with buying and selling half of all the stocks turned over on the New York Stock exchange on some of the days when trading volume hit record peaks. Single deals earned Cutten as high as $10,000,000, it was said. Like all the great market plungers, whose success depends upon secrecy, Cutten said nothing. Nor was he any more loquacious con- cerning his philanthropies, said by his intimates to have been considerable. Today citizens of Guelph play golf on & municipal course donated by Cut- ten in the years when a million was a bagatelle. He retained Charles (“Chick”) Evans to lay it out. The congregation of the Anglican church which Cutten attended as a boy are called to worship by a carillon he imported from Europe at a cost of more than $30,000. The Cuttens were childless and Mrs. Cutten, eschewing society as such, devoted much time to infant welfare Projects. She gave generously to or- phanages, day nurseries and similar institutions. Their city home on Chi- cago’s “gold coast,” the Lake Shore Drive, was used only occasionally for entertaining. Cutten abhorred the popular belief that he was a speculator or manipu- lator of market prices. He termed himself a “cash grain merchant and dirt farmer” and in the western sub- | urban district of Chicago bred blooded stock on an 800-acre place which, he insisted was not an “estate,” but a farm that paid its own way. In the markets, he said, he was an that corn was due for a drop. He be- gan buying at 70 cents a bushel, he re- vealed after the pit battle was over, a | ¢———______________» | Additional Sports | \Legion Juniors Take Game From CCC Team Bismarck’s Junior American Legion baseball team came from behind to defeat the OCC team, 8 to 4, Tuesday night at the city ball park. Beaten by the OCC in two previous starts, the juniors found their batting eyes Tuesday night and pounded Myhre, OCC pitcher, to earn most of their runs, Monday night the juniors defeated Mandan 8 to 7, also coming from be- hind to win, In a game at Harvey Sunday, how- ever, they were less fortunate, being | and frenzied sellers discovered Cut- ten had the corn they suddenly found they needed. He sold at $110 bushel. Shortly afterward, he stated pub- licly that wheat was a bargain at the then current price of $1.70 a bushel. The public took his tip, buying orders swamped the market, and the price zoomed. How much wheat Cutten bought, how large were his profits, remained his secret, but within a month, the grain went to $2.05. The following year—1925—he paid the highest income tax of any individ- ual in the Chicago district, $540,000. Invades Wall Street In 1926, Cutten unobtrusively trans- ferred some of his by then enormous funds to the stock market, where the Cutten legend has it he had taken “a trimming” speculator, Wall street soon felt the influence of his sweeping deals. In the closing months of 1926, Cutten and several associates began buying Baldwin Locomotive. In January, 1927, after a dizzying market battle, his profit in the stock was said to be $10,000,000. During the boom his group earned the title “Big Ten,” although it was said actually to comprise a greater number of the biggest plungers in the country. The “Big Ten” dealt in U. S Steel,; ‘Montgomery Ward, International Har- vester, Radio Corporation of Amer- ica, and other stocks with sensational results. Cutten’s profits in Montgom- ery Ward early in 1929 were reckoned “conservatively” at $18,000,000, and by the less conservative at the dazzling sum of $35,000,000, Cutten, as usual, was noncommittal, but in 1933, when the banking com- mittee of the federal senate investi- gated the boom, Cutten testified he and a group of friends had made $12,000,000 in Consolidated Oil com- pany stock. In September, 1929, Cutten posed for a portrait. The sittings kept him for some time. was finished, a friend praised it. Cut- ten’s reply, a perfect key to the spirit of the day, was: “It was too expensive—it cost me $10,000,000. Although he spent a lifetime in in- timate association with the grain market, and those who made it, Cut: ten had no love for it. In an inter- view given while he was at the height of his power, he unbent to say: “If I had a son I would keep him far away from the market. I wouldn't let him touch it with a 10-foot pole. Because they are so many wrecks down there.” Compressed Air Line Explosion Kills One Bufallo, N. June 24.—(7)—One man was killed and 15 men and wo- men were injured Wednesday in the explosion of a high pressure com- pressed air line in the Trico Products corporation plant here. The explo- sion blew out windows and ripped partitions apart on the fifth floor of the factory, where it centered. A spark believed caused by a loose piece of metal was blamed for the blast, | Small depositors in England now have $1,736,650,000 in the Postoffice : Savings Bank, $898,345,000 in trustee |savings banks, and $2,432,500,000 in investor, trading on the basis of sta- savings certificates. let down with four hits and losing 4 to 0. In a previous contest here Bis- marck defeated Harvey 5 to 4 in 11 innings. Thursday night the Legion juniors will clash with the Jamestown juniors at the local ball park at 6:30 p. m., and Sunday they will play the Minot Juniors as part of a dowble-header in which the game between the Bis- marck senior club and the Cincinnati Tigers will be the main event. Baldwin Team Hands Regan 17-4 Setback Baldwin, N. D.—Converting 17 hits into an equal number of runs, Bald- win trounced Regan, 17-4 here Sun- in his early days as a{09¥ with A, Dutt limiting the vist- tors to seven safe blows while fan- ning 13. G. Becker led the attack for the winners garnering two doubles and two singles in five trips to the plate. J. Longmuir and E. Lenihan each belted three-baggers for Bald- win and R. Stolz got three bingles in six times up. Wold and Cox, Regan pitchers, were nicked for 17 hits, Eight Baldwin runs in the fifth in- ning put the game.on ice. Score by innings: RHE Regan ... + 031 000 000— 4 7 5 Baldwin . 010 085 2ix—17 17 2 ‘A. Dutt and G. Becker; Wold, Cox and Schatz. New England Juniors Trim Dickinson, 17-1 New England, N. D., June 24.—New England’s American Legion Juniors blasted out a 17-1 triumph over the Dickinson Legion team here last Thursday. romped away with the game, getting a total of 94 bases. Austin, New Eng- land moundsman, allowed eight scat- tered hits, issued four walks, hit two and fanned 11. Tobin started on the away from the ticker for short periods| mound for Dickinson and gave up When the painting |three hits and four walks before he was replaced by Kenny Wieland in the third. Riggs led New England at the plate, getting three hits in four trips to the plate. Score by innings RHE New England ... 404 310 5-17 12 3 Dickinson - 001 0000—1 8 3 Austin and Sattler; Tobin, Wieland |. and Agnew. Wausau Win Drops *Peggers to Fifth St. Paul, June 24.—()—Wausau's 2-1 victory over Winnipeg in 10 in- nings featured Tuesday's Northern League games, and gave the Wiscon- sin team sole possession of fourth place Wednesday. The Maroons dropped to the top of the second division by losing game. The leader and runner-up, James- town and Fargo-Moorhead, won their contests, the Twins downing Duluth 4-2 on the margin of Wiklund’s homer ‘with a man on in the sixth. Jamestown scored three runs in the last inning to nose out Superior 11-9, in a game called in the eighth because of darkness. Eau Claire likewise rallied in the final inning, scoring twice to beat Crookston 6: Legion Tourney to Be Conlon, P. Denton, B. binge tg managers, A. Gunderson, and R. sper, cheer leaders, C. Burda, and A. Lish, | Sports Round-Up i aeteht Bismarck World War Veteran to Be Buried at Fairview Cemetery Friday New York, June 24.—(#)—Extra: Joe Louis wasn’t doped for the Max Schmeling fight... . That wild yarn started acute heart attack. Funeral services will be held at 2 Be shack ibs Ree WA The New Englanders|. dist Episcopal church with Rev. Wal- ter E. Vater, pastor, officiating. In- Fairview hats-had been will be WAKE UP YOUR are Lo in try. . Neither is Joe ina hospital here. He's somewhere in Michigan nursing Cochrane, Mgr. a swollen jaw, & pair of sprained thumbs and wonder- ing what happened to him... This may keep down a flock of queries to sports desks. Al Weill, manager of Lou Ambers, has taken over Jimmy Leto, flashy Tampa welterweight. . . Gus Uhl- mann, N. Y. Post cartoonist, hes tuurned wise cracker... He says Max administered “Schmeling salts” to the boxing game. .. We hope all the “I told you so’s” who pafned us for picking Louis had their dough on Schmeling. ‘This may not be true. .. But they say Joe Louis was getting pretty hard to handle at Lakewood. . . He wanted to give orders instead of take them... . He didn’t went to skip rope, punch a bag or do some of the other training routine. . . If the story is on the level, no wonder Jack Blackburn was moan- ing. . . If Joe was getting swell- headed, that licking may do him a lot of good. . . Tony Galento, slugging Newark heavy, has been suspended for life in New York for showing up for & fight in poor condition. Might be a good idea to confine entries for the next Poughkeepsie re- gatta to Molec and presi! Frank Matzek, soft-spoken slot ithird and final of the interna. man on the evening Bulletin at Prov-|tional series. sal idence, didn’t. fall for the Louis ballyhoo and won $50 at 5 tol... Latest dope is, Madison Square Gar- den may trot out Max Baer, instead of John Henry Lewis, as an junson was a World War vet- ving € April, 1918. He was discharged in August, 1919, ee te: it, 1898, at Gladstone, ‘The eye is an organ you can’t afford to neglect. Dr. H. J. Wagner opposite the G. P. Hotel since 1914, Phone 533 Bismarck, N. D, ... will be glad to help you with your shipping problems Fast Dependable Service “SHIP BY RAIL” field, Jesse Burkett, Billy Hamilton and Billy Bergen, all former big by z N. Brown, president of the school. Drive . . . and discover this HUDSON BONUS! earscaveowyve! seg CUHere B2R-4°4EPT Pee e—@oetd® 2@Foer°vi<en Played at Napoleon EXTRAS other Eights DON'T HAVE : Napoleon, N. D June 24.—The R process of selecting the best Amer- : e . ican Legion junior baseball team in - ania = the fifth district will get under way | here Saturday when teams represent- é z é ing Emmons and Logan counties will : % clash in the first game of the sub- ” district tournament. The winner will Se : é f ‘ oe play the Kidder county entry on Sun- 3 m day for the right to participate in the f : zs F 2 district finals, to be played at Bis- e z marck July 17 and 18. : ook te Fs Playing in the district tournament \ " 9 will be the Bismarck Legion juniors, ‘ alone in the central sub-district, the tor THE GREATEST TRUCKS FORD EVER BUILT! Second Round Match Wimbledon, Eng., June 24.—(7)— spotting his rival one set, Bry- “Cora ore like hes paps te oh et thems all”™ ' Read the list at the left. 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With 2 Ford V-8 truck on your job you can Ever since its introduction ia 1932 the Ford V-8 truck has been mak- ing truck history. The 1936 Ford ‘V6 truck is a big, ragged, fast and powerful haulage unit which fully meets todsy’s trucking needs. Yet haul more tons, more miles, with its price, upkeep, and operating more satisfaction, and at less cost. AUTHORIZED FORD. DEALERS FORD V-8 TRUCKS UNIVERSAL MOTOR COMPANY Set De Sat eae Ren me ried COOLING@—with 9-in. fan: type hood fat eabe 8 sod fa inforced cast F sog-scoring dreams. MEAVY-BUTY CLUTCH — consi. Saree ectica lacreases capscity from RIB-CODLED BRAK E6—self. 4 § shoes, rei eRogeeothT E he ‘Wate 00 00 Te