Evening Star Newspaper, July 26, 1932, Page 3

U.S. COMMISSION REBUKES GRAINPIT Declares Carey’s Reply to Closure Order Will Mis- lead the Trade. Sharply rebuking Peter Carey, presi- dent of the Chicagd Board of Trade, for public - statements made by him which- “are calculated to mislead the public as to the situation,” Federal offi- cials who ordered a 60-day suspension of the board for its grain market ac- tivities have issued a formal statement ©of reassurance to business. “The officers of the Board of Trade and their lawyers know quite well that in the end the operations of the board need not be suspended,” it was said in the statement, which was signed by Attorney General Mitchell and Secre- taries Hyde of Agriculture and Lamont of Commerce, who form the commission created by the grain futures act. “Statements reported in the press to have been made by the president of the Chicago Board of Trade are calculated to mislead the public as to the situa- tion,” the three cabinet officers declared. As this statement was issued, Carey ‘was telling traders in the wheat pit “no cause for alarm” existed. He also was mapping out against the suspension a court fight that will chal- lenge constitutionality of the grain futures law. The suspension order followed a com- plaint that the Farmers' National Grain Corporation—largest co-operative spon- sored by the Farm Board—had been de- nied clearing house privileges. Commission’s Statement. The statement, issued through Attor- ney General Mitchell's office, discussed in’ detail the legal pyocedure involved in administering the idtures act. “It is hardly to be expected,” the commission said, “that the Board of Trade would choose to suspend busi- ness rether than obey a court decision sustaining the right of the Farmers Wational to membership. * * * “It is to be hoped the board's presi- dent, to discredit the administration of the law, or to satisfy some antagonism, has not gone so far as to make un- founded predictions creating business uneasiness. “Statements reported in the press to have been made by the president of the Chicago Board of Trade respect- ing the possible effect on the grain trade of a suspension of the operations of the Chicago Board of Trade as a result of the recent decision of the commission under the grain futures act are calculated to mislead the public as to the situation. “The officers of the Board of Trade | and their lawyers know quite well that in the end the operations of the board need not be suspended. If they are! making any public statements on the | subject they should reassure the grain | trade instead of creating uneasiness by | statements as to the injurious effects of suspension of the board's operations. “It is to be hoped that the board'’s grfildent‘ to discredit the administra- ion of the law or to satisfy some an- tagonism, has not gone so far as to make unfounded predictions creating business uneasiness.” “Congress has provided,” the state- | ment said, “that grain exchanges must allow farmers’ co-operative associations of producers full privileges of tradin; on such exchanges on_compliance wil certain conditions. The commission SPECIAL NOTICES. THE ANNUAL MEETING OF THE STOCK: holders of the Potomac Insurance Compas of the District of Columbia will be held the office of the company, 900-906 F st. n.w., ington. D. C. on Monday. August 1, 11 'a.m. Books for the transfer of stock will be closed from July 20 to August 1, inclusive. ALEXANDER K. PHILLIPS, Secretary. RY P. LORADO_BUILDING, Washington, D. C.. executor of the estate of Mary C. Priest, who died February 27, 1929, certifles that cert. No. 5312 for 100 shares preferred, cert. No. 5313 for 50 shares pre- ferred, cert. 5221 for 45 shares common, cert. No. 5222 for 90 shares common of the capitai stock of the National Mortgage & Invest- ment Corporation, dated October 4, 1926, in the name of Mary C. Priest, and cert. No. 37 for 1 share, cert. No. 38 for 149 shares of the capital stock of the George M. Barker Company. Incorporated, dated October 1926, in the name of Mary C} have never been cancele n located by the executor and a. to be lost. Notice is hereby given to all persons to show cause why new certificates P. BLAIR. Executor THERE WILL BE NO MEETING OF BRICK- layers' Union. No. 1, D. C.. until furiher no- Order of 1.'U. Executive Board Y. 5-LB. CAN. PURE, 90 DELIVERED. foiks who can't eat sug INEY POT. West 065 1 WILL NOT BE RESPONSJBLE FOR ANY debis other than those contracted for by Apt. 9. 1008 Webster ey JOUTE 1 WILL NOT BE RESPONSIBLE FOR ANY Gebts contracted by any one other than my. self. WILLIAM H. BUHLER, R. F. D. No. 1, Benning. D. C. SONAIRYON, Benning Bta., Route 1D, Piano Tuning & Repairing 26 years with DeMoll Plano Co. and Ma- :4:2,5 Hamlin, Boston. Victor Nnr“nl.zgi.ll. 7 | movement period” would demoralize all r | markets, close hundreds of banks and THE EVENING STAR, WASHINGTON, -Exchange Native Languages MEXICAN OLYMPIC STAR STUDIES ENGLISH. 4 5 ke g LYMPIC athletes at Los Angeles are learning the languages of other nations ss they mingle between practice workouts. of the United States women's Jean Shiley (left) track team is studying Spanish with Senorita Eugenia Escudero. Mexico City fencer. and the latter is trying to learn English. The “English” ‘oh yea, you bet, okeh,” and other similar expressions. mastered by the senorita so far is —A. P. Photo. after a hearing found on the facts and the law that the Chicago Board of Trade had illegally denied trading privileges to the Farmers’ National Grain Corporation. “Congress has directed that in such cabe the commission shall do one of two | things, 1. e., either permanently termi- | nate the operations of the Board of Trade or suspend its operations for not exceeding six months. The act of Con- | gress might have appeared less drastic if instead of providing for penalties it | had provided merely for a commission order requiring the Board of Trade to grant membership to the Grain Co- operative, with power in the courts to enforce the order by mandatory injunc- tion. However, for practical purposes, | the result is the same. ! “The law allows an appeal by the Board of Trade to the courts to review | the commission’s order, and if appeal is | taken, the order does not become effec- tive unless sustained by the final de- cision of the courts. If the courts set aside the order, the operations of the Chicago Board of Trade would not be interrupted. “On the other hand, if the courts sustain the commission’ and hold that the Farmers’ National Grain Corpora- tion is entitled to membership, it is to be assumed that the Board of Trade will bow to the conclusion of the courts and grant full trading privileges to the Farmers’ National and thus open the way to an application by the Board of Trade to the commission to mitigate the penalty. Provision for such an application is made in the commis- sion's decision.” CLOSURE ORDER ASSAILED. Hyde and Farm Board Scored at Shannon Hearing. KANSAS CITY, July 26 (#.—C. D. Sturtevant. president of the Trans- Mississippl Grain Co.,, Omaha, told the Shannon House Committee today that enforcement of the order closing the Chicago Board of ‘Trade “at this crop “bring on a panic of good proportions.” “But these things, one is forced to believe, are of but minor import to Secretary Hyde and the Farm Board,” the witness declared. He described the order to close the Chicago exchange for 60 days as a re- prisal for its barring of the Updyke Grain Co,, trading unit of the Farm- ers’ National Grain Corporation, “be- cause of persistent and glaring viola- tion of the exchange rules.” This order was attributed by Sturte- vant chiefly to Secretary Hyde. “Secretary Hyde, as ex-officio mem- ber of the Farm Board, was really a fort of & defendant in the Updyke case. But in this land of bureaucracy he found it possible to turn from de- fendant to prosecutor, judge and jury. So Hyde constituted himself. a mem- ber of a commission of three and ruled that the Central Grain Market of the World should be closed for 60 days. “He no longer was Dr. Jekyll, but 100 LEPTERS. $1.25: 200. 31.75. Circulars, notices, étc., 55 ! Ace Letter Service, District Nat..Bank Bids, DAILY TRIPS, FULL AND PART LOADS; 3 ¥ Unexcelied NATIONAL DI ¥ assoc. e 1317 New_ York Ave. Local Moving Also. CHAIRS ~_POR . SUITABLE PCR BRIDGE PARTIES, banquets. weddings and meetings, 10c L day each: new chairs. Also_invalid rolling chairs for rent or sale. TUNITED STATES STORAGE CO. 418 10th Metropolitan 1844 WANTED—LOADS TO NEW YORK . . st. n.w. and west. “AG Ve aiso pack and ship ANS anywhere, SPER & STORAGE CO., Phone North 3342-3343. N.W. YOU CAN TRAVEL —a long, long way and still feel safe about that roof at home if we get your order for repairs. Call us up before clos- ing house. Save worry and dollars. ROOFING 8t —devoted to high-class, distinctive print- ing that. gets results. Consult us now. ‘The National Capital Press _FLA. AVE, 3rd and N. NE.LIN. 6060. VACATIONISTS _THE DAVIDSON TRANS- FER & BTORAGE GO.. Jone-distance Mov- Toe specialiats. have daily " mi service handling trunk: OL0T _ express e, baby car- ringes, etc. to all Jersey Call National whge: Plumbing and Heating. Repairs, remodeling, new inst rienced men, low rates, fre iberal terms are featured. HEFFRON C $67.50 Our sale of firty styles of West of Eng- land Buitings is on. re points. tions. Ex- timates and 220 LSt N.E, s Line. 3623 There are three welghts. Summer—all the year around—and winter welghts. Among them we include our celebrated West of England Biue Berge, Remember this quality, which is now $67.50 for a few days only, Pormerly sold for 3125.00. Tatlored in our best manner. G. WARFIELD SIMPSON 209 Hill Building, 37th and Eye Sts, N.W. became Mr. Hyde, the prosecutor, judge and jury.” An amendment to the general tax bill placing a 5-cent tax on every $100 value of future commodity trades was de- scribed by Sturtevant as another act of retaliation for the barring of the Updyke company. _ “C. E. Huff, president of the Farmers National Grain Corporation, called into consultation his Washington lcbbyist, M. ‘W. Thatcher, so late at night, when the Senate was half empty,” the wit- ness related, the amendment was “slip- ped through.” “This was a 400 per cent increase, and brought new disaster to the grain farmer.” Armed with voluminous briefs, grain | men charged before the committee yes- terday that wheat prices would be much higher if the Farm Board had not en- tered the field. Issuance of a Federal restraining or- der to prevent collection of county taxes on 22,000,000 bushels of co-op- erative wheat in storage in Kansas was said by Prank A. Thels, Kansas City grain man, to constitute an admission the Government was in the wheat busi- ness. ‘Theis, former president of the Kansas City Board of Trade, asserted the Farm Board's complaint of overproduction was unjustified. “Wheat production in the United States averaged 830,000,00C bushels annually from 1922 to 1929,” he sald. “The average virtually remained the same in 1930 and 1931 and the world production remained at its average of 3,000,000,000 bushels. It cannot be argued that we raised any more wheat in Farm Board years than we did in the previous ones.” Theis sald that wheat now would be selling for $1 a bushel but for the Gov- ernment’s activities in connection with the disposal of surplus grain. James N. Russell, president of the Russell Grain Co. here, testified the sit- uation brought about by the Farm Board had almost destroyed his busi- ness of more than half a century. “If this sort of ruinous competition with the Government in business is not checked, we of the regular old line com- mission firms may as well close up shop ml?‘l seek Federal employment,” Russell said. WELCOMES COURT FIGHT. SHENANDOAH, Iowa, July 26 (#).— Commenting on the Federal order closing the Chicago Board of Trade, C. E. Huff, president of the Farmers' National Grain Corporation, in a speech last night said chaos would not result in case the board should be closed. “The condition there would be no | worse than in any other industry,” Huff declared, pointing out that packers do not have a futures market. “There is no danger of the Board of Trade com- mitting suicide,” he added. Chicago Board of Trade he likened unto “organizing salvagers, who, when they started to build-lighthouses off the British Isles, objected to them because they -had made substantial profits off wrecked cargoes.” A BANG-UP BIRTHDAY PARTY means plenty of hospitality . things to eat and drink. When you make a good and hospitality means lot of preparations, naturally you want good re- sults. Alwaysuse BUDWEISER MALT and you'll get results, BUDWEISER uniformity is due to two things— 75 years’ experience and the finest ingredients that money can buy. ALL SET... for Dad’s birthday —EA HOP FLAVOREP udweiset iy MALT S H Wipuser-BUSS, IVES UP TO ITS FAMOUS NAME v g Cucdue ey MAL 3-lbs. in the BigRed Can LIGHT OR DARK L CONGRESSVOTED BLLINSINRELE 'R. F. C. Is Spearhead of Its | Legislative Attack on Eco- nomic Emergency. Edifor's mote: Following is the first of a series of three stories reviewing the comprehensive work of the last session | of 'Congress. | By the Associated Press. Literally, billions of dollars in Federal cash cr credit were dumped into the hands of the executive branch of the Government by the recent Congress indirectly to aid individual sufferers and turn the tide of business upward. The rapid-fire fashion in which Con- gress turned out one relief law after another left millions of Americans ccn- fused as to how far the Government was going in the use of its vast resources | to save them from economic disaster. Frcm the time it gathered last De- cember until it adjourned 10 days ago the legislature devoted most of its time to the existing emergency. R. F. C. Is Spearhead. The spearhead of its attack was the statute ~creating the Reconstruction Finance Corporation with a capital- | ization of $500,000,000 and borrowing power of $1,500,000,000 to lend to finan- cial institutions and railroads. Almost the last bill passed and signed | was to give this financial giant power to borrow an additional $1,800,000,000 for unemployed relief loans to the States and for construction loans to speed up empjoyment. This same law carried appropriations of $322,000.000 for a public works pro- | gram to give more jobs to the idle. One of the biggest of the many jobs facing the executive branch as a result of the new batch of laws is the organi- zaticn of a system of home loan dis- count banks, authorized by Congress in its final hours. | Sponsors of this legislation claim it | will create millions of new credit for | home owners whose mortgages are due | and for new home construction. In this same law Congress provided for a possible expansion of the cur- rency by $1,000,000,000. Sponsors of | this claim it’ will do as much as any- thing else to ease the situation. A total of $125,000,000 in additional capitalization of the farm land banks was provided to give more liberal credit on farm mortgages. Glass-Steagall Dxw Passed. When foreign raids threatened the stability of the dollaf, Congress prompt- ly approved the Glass-Steagall law put- ting to work for America all available old. 5 This law also loosened the volved credit facilities of the Federal Reserve | system and allowed an expansion of currency. In its most direci action, Congress early in the Winter authorized the Red Cross to use 40,000,000 bushels of wheat held by Farm Board agencies for relief | of_destitution. When this was nearly exhausted, it turned over an additional 45,000,000 bushels and also 500,000 bales of cotton for_clothes. Recognizing the economic situation was_international and not purely do- mestic, approval was given the Hoover plan for a year’s postponement of inter- governmental debt payments to give the world a breathing spell. Many less cnnstglcuou.s laws were ap- proved during the session to relieve smaller spots on the nation's economic map. Gen. Hines to Speak. Brig. Gen. Frank T. Hines, adminis- trator of veterans' affairs, will address the Lions Club on “What the Veterans’ Buresu Has Done for the Ex-Service Man” at the group's weekly luncheon meeting tomorrow afterncon at 12:30 o'clock at the Mayflower Hotel. © MOTOR OIL. BEST OIL IN THE WORLD" Get rid . . . of spend- thrift motor oils. When you buy inferior grades of oil, you are only starting to pay! You must pay for spendthrift oil that is just wasted, and in- ferior oil means extra cost for repairs. Autocrat Motor Oil gives maximum performance, better piston ring seal, bet- ter compression, and great- er mileage. S SO o S SR w N L TSV AN HIE U S E R-B vy 8 ¢ H | for its present holdings. | plan, it has been said, is based on the | with two major railroad executice, but A QUART BAYERSON OIL WORKS, COLUMBIA 5228 D. C, TUESDAY, RATL HEADS WEIGH MERGER [lBSIAElESl ' r Meeting Today in New York in Effort to Iron Out Differences. By the Associated Press. NEW YORK, July 26.—A conference of heads of the four major Eastern rail systems figuring in the consolidations approved by the Interstate Commerce Commission was called for today at the | Pennsylvania Railroad offices to con- sider the commission’s plan. Gossip in rail quarters suggested sev- eral obstacles to the carrying out of "“‘1 commission’s scheme. One of the major | differences was said to involve the pro- | posed control of Reading by Baltimore & Ohio, a step which the New York Central, according to report, is not pre- pared to mccept without a struggle. Central is a large minority holder of Reading stocks, and is represented as opposing any exchange of securities of an enlarged Baltimore & Ohio system Pennsylvania’s chief objection to the commission’s requirement that the road surrender its holdings of the New York, New Haven & Hartford. CONFER WITH HOOVER. Willard and Aishton Refuse’ to Talk About White House Results. President Hoover conferred yesterday details of neither conference were dis- closed. Daniel Willard, president of the Balti- more & Ohio, had luncheon with Mr. Hoover and talked for half an hour afterward befcre the President returned to his desk. R. H. Aishton, president of the Amer- ican Railway Association, conferred with the Chief Executive during the after- noon, but merely shook his head when asked the reason for his visit to the White Hcuse. Both Willard and Aishton are vitally interested in the rail merger plan re- cently approved by the Interstate Com- merce Commission. LABOR FIGHTING MERGER. Railway Workers Entirely Unprotected, Robertson Declares. By the Associated Press. CLEVELAND, Ohio, July 26.—Rail- road labor, with a half million mem- bers unemployed, is organizing_battle lines to oppose the merger of Eastern railways into four systems. David B. Robertson, hurrying from one conference of labor executives to another, took part of his luncheon time yesterday to outline the position of the 22 railyoad labor organizations, for which he is spokesman on*the proposed four trunk systems recently authorized biy the Interstate Commerce Commis- sion. Labor will oppose the realignment with the same determination it has op- posed them in the past, he said. Its new fight will center in hearings before the Interstate Commerce Commission when the New York Central, Pennsyl- vania, Chesapeake & Ohio-Nickel Plate and Baltimore & Ohlo petition for ac- quisition of the various roads assigned them under the approved plan of con- solidation. ‘The statement of a rallroad execu- tive—Daniel Willard of the B. & O— that 80 per cent of the operating econo- mies resulting from the proposed merg- ers would be made through reductions in numbers of employes, was cited by Robertson as the reason for labor's op- position. “No_railroad,” he saild, “should get control over another railroad unless it is in the public interest.” “We will oppose the mergers so long as the rights of the workers are unpro- You will drive longer upon AUTOCRAT than you have ever dared to drive upon any other oil, and it drains from the crank case with all the “look” and “feel” of an oil that has gone hardly 100 miles. AUTOCRAT—THE OIL THAT IS DIFFERENT FROM ALL OTHERS Beware of Substitutes Try Autocrat the next time you need oil, and judge its advantages for yourself. At the Better Dealers 0¢ JULY 26, 1932. e R District’s Heroes in the World War Compiled by Sergt. L. E. Jaeckel. A Service Cross for extraordinary hero- S recorded in the official cita- tion, Leo P. Kelly, first lieuten- ant, 9th Infantry, 2d Division, American Expeditionary Force, was awarded the Distinguished | ism in action with the enemy near| Vaux, France, June 6 and 7. 1918 During a night at- tack made by his battalion, Lieut. Kelly, the battalion adjutant, voluntar- ily left his dukout and went to the front line positions through the intense artillery fire. There he successfully maintained liaison with the advance troops and the ar- tillery in the rear by means of sig- nals sent from his exposed position. His absolute disre- gard of his own safety contributed largely to the success of the engage- ment. Residence at appointment, ‘Washington, D. C. Lieut. Kelly’s present address is Har- vard Hall Apartments. He is connect- ed with the Legal Department of the Interstate Commerce Commission. (Copyright, 1532.) tected. We believe the consolidations should not be used to increase unem- ployment and should not be used to the disadvantage of the workers by a large aggregation of capital preventing the workers from organizing and bar- aining. B ®ihe merger as proposed goes through, thousands of workers will be forced to move, to sacrifice their homes. Those who benefit by the mergers should pay that bill, not the railroad workers. “If the county needed men for other work, if it needed to make economies in labor to have enough workers to go around, then it would be time to talk of_consolidation. “But right now, it seems the most {ll-advised thing that could be brought forward when every one is doing every- thing possible to give employment to idle workers and to feed those who are unemployed.” Robertson, president of the Railroad Labor Executives' Association, forecast that if the four-system plan finally is adopted, other mergers will be made in the West, Southwest and New England and the total of railroad labor disposed of would run into six figures. DROUGHT AD RATE * REFUSAL CHARGED Berryville Breeder of Race! Horses Sues N. & W. for $10,000 Damages. By the Associated Press. B. B. Jones, wealthy race horse| breeder, and owner of the Audley Farm at Berryville, Va., today sought $10,000 damages from the Norfolk & Western Railroad because he was denied drought relief freight rates on feed shipments | in_1930. | | _The complaint was filed with the| Interstate Commerce Commmission by | Jonathan C. Gibson, Washington at- | torney, now representing former Gov.| Henry C. Stuart of Elk Garden, Va., in a similar case. Charges Discrimination. Jones charged the cancellation by | the Norfolk & Western of half-rate per- mits previously issued to him and the | railroad’s refusal to issue him more | constituted “unjust discrimination.” ‘The cancellations were made on the grounds Jones was not a needy farmer, but the operator of a racing farm. The American Rallway Association, which acted as agent for the railroad in pub- | lishing regulations governing the rates, | declared race horse owners and breed- ers and farm hotels for horses were | not within the definition of the term “needy farmer.” Declares Act Violated. | The interstate commerce act, Jones |said in the complaint, was violated by | the alleged discrimination made opera- tive against him. In the Stuart case, now before the | commission for decision, the former | Governor produced testimony to show |that he was denied the rates because he was “wealthy.” B — Germans Honor Washington. DARMSTADT, Germany, July 26 (). | —The new George Washi Square | was officially dedicated yesterday in the presence of the consul general and the Lowrie Beethoven Choir of New York. Oberburgomaster Mueller made the eech of dedicatiol folding chairs FOR RENT OR SALE UNITED % STATES STORAGE CO. €18 10th Street Metrepolitsn 1843 1319-1321 F Street Bostonian _Sho;a Open 7SAtur'dnyl till 8_'3. Challenge! —to “éhop” anywhere and see %% A—3 STREET IMPROVEMENT VOTED AT KENSINGTON Town Council Also Passes and Signs $6,250 Budget Adopted at June Meeting. By a Staff Correspondent of The Star. KENSINGTON, Md., July 26.—The immediate improvement of three thor- oughfares and the adoption of the town’s budget for the new fiscal year was voted by the Kensington Town Council at its monthly meeting here last might in Howitzer's Armory. It was decided to grade Dietrick ave- nue and Kent and Farragut streets at once and to improve the three thor- oughfares with a “prime” coat, while completion of the road and street im- provement program for the new fiscal year was deferred until the August meeting of the council. The '$6,250 budget approved by the council upon its introduction at the June meeting was passed and signed. The budget items are: Street and road imrovements, $2.700; lights, $1,200; sal- aries, $1,500; Fire Department, $400; Kensington Library, $100, and con- tingents, $350. YOUR Mattress We will make it germ-free — huckle- berry the dirt that invariably gets inside —cover it with charm- ing new ticking at a cost of 34 to $9. All work guaranteed. All work done in one day. 903 E St. N.W. NAtional 9411 if you find a suit VALUE to equal what we offer, at our price Many Hundreds of St. Albans Suits Coat, Vest and Trousers Of Summer and Fall Weights *15 The Extra Pair of Trousers for $2.50 Buy only the three pieces if you wish, but the extra trousers, to match, will double the life of the suit and the four pieces were formerly priced at $45. Just figure that bargain! 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