Evening Star Newspaper, January 25, 1937, Page 23

ECONOMIST BARES SPECULATIVE EVILS Flynn Hits Discretionary Powers of S. E. C. in Town Hall Talk. How Mr. Jones, average citizen. could be victimized in the stock mar- ket was illustrated during a Town Hall lecture last night by John T. Flynn, popular economist, for the benefit of an audience he flattered by estimating each member of it might have,$10,000 with which to play the market. Jones, Flynn told the group of men and women at the Shoreham Hotel, reads a great deal in the paper abcut the activity of the Koaster stock. He watches it mount swiftly from 60 %o 170, decides to buy at 75, holds it even when it reaches 90 a few days later, and then to his chagrin sud- denly finds it has made a swift de- scent to 20. What Mr. Jones did not know, Flynn said, was that a certain Mr. Spreckels had obtained 25,000 shares of the stock, given an option to two pro- moters, who bought and sold in the Koaster shares so feverishly that its quotations went quickly upward to 90 when the original holders unloaded at a big profit. Flynn cited the plight of the myth- fcal Mr. Jones as a graphic argument for the outlawry of all speculation In securities, which he contended “curses and corrupts most of our busi- ness.” A necessary step toward the eradica- tion of the pooling operation, the type of speculative promotion which lost | Jones his money, is to put teeth in | the securities act by depriving the Securities and Exchange Commission of its discretionary powers, Flynn said. “Stock market regulation should proceed,” he said, “on the theory that | speculation in stocks is a bad thing| and ought to be extinguished as much as possible. “There ought to be a rigid enforce- ment ot a law against these men. They think they have a right to run ! the world. They have got to be dis- abused cof that notion. The . E. C. has got to stop this gigantic crap game.” Flynn bitterly criticized the policy of staffing the S. E. C with men from | Wall Street “who will return to Wall Street” and assailed particularly the | choice of John Kennedy, a broker, as the first head of the commission. Recalling that when Kennedy resigned | his official post to return to the brok- | erage business, Wall Street men com- | plimented his work in Washington, he | remarked: | “What would you say if J. Edgar| Hoover went out of business with a| set of resolutions from the gangsters | for his good handling of his business?” | Eugene Meyer, former chairman of | the Federal Reserve Board and now | publisher of the Washington Post, sug- | gested to Flynn that some speculation | serves a useful purpose in that most of the money for financing new enter- | pnses comes from speculators. | “Speculation is & grave menace when abused,” he admitted, however, | “put it is not confined to the stock market. If you want to attack specu- lation as an evil, you will have to at- tack all gambling.” | Senator Robert Bulkley, Democrat, | ©f Ohio, and Meyer made up the panel. | “My advice is that none of yuu: should play the market,” was Flynn's last word. — DR. COVILLE ESTATE EXCEEDS $150:000 A petition for probate of the will of " Dr. Frederick V. Coville, well known Government scientist, who died Janu- | ary 9, has been filed in District Court, | Tevealing an estate in excess of The petition, which was filed for Dr. | Coville's widow, Mrs. Boynton Coville, and the Washington Loan & Trust Co. | as coexecutors, by Attorneys Arthur | Peter and W. H. Baden, valued his personal property at $144,892.63. The court was told the family home at 1836 California street is assessed at $11,690. No valuation was placed on two farms Dr. Coville owned:in New | Hampshire. Dr. Coville's will, which was filed a week ago, gave the real estate to Mrs. Coville, made cash bequests to two sons and directed that the rest of the estate be divided among four children. The children are Cabot Coville, who is attached to the United States Embassy at Tokio; Frederick Coville, Atkinson, N. C.; Staley Co- ville, Atkinson, N. C.; and Katharine C. Woodburn, Des Moines, Towa. | In addition to their share in the residue of the estate, Frederick and Cabot receive $7,300 each. Night Coughs Relieved You can have rest tonight. Coughs caused from colds need not disturb you and members of your family. all’s Expectorant, a pleasant, sooth- ing syrup, quickly relieves irritated membranes and tickling, helps expel mucus, and warms throat and chP~t Makes you feel better promptl, cough bothers_tonight, take %z] Expectorant. There’s nothing like it. Bold by all druggists. Three sizes: 35¢ ~60c—8$1. Halliexvecrorant CONSTIPATION HEADACHE VVE TAKEN LAXATIVES BUT I STILL HAVE CONSTIPATION = HEADACHES % YOURE LAXATIVE-STALE { AND NO WONDER-7 OUT OF | A 10 LAXATIVES ARE REALLY u ALIKE! YOU NEED BEECHAM'S PILLS, THE PURELY VEGETABLE COMPOUND. £174s A £100LE NOW NEVER WAS MORE REGULAR — BEECHAM'S PILLS sure ARe DIFFERENT / THE EVENING STAR. Star Glow by Frances Denney . . . for your starlight hours—matched lipstick and rouge—in little white cases, gleaming with stars. Especially smort in the new True Red shade. Dry Rouge, $1 Creme Rouge, $2 Lipstick, $1 T¢ iniries, AISLE 13, First FLOOR. Of the first magnitude Two New Evening Stars in McCallum Hose Anticipating evenings when you will play Queen of Hearts, McCallum named these exquisite two-thread chiffons Coronet and Coronation. Coronet—reveals, at your san- vdal’s open toe, rainbow stripes of regal purple, red and gold. Evenglo Coronation—in Evengdlo, Peter Pan or Swagger—is topped amusingly with shell pink____ HosIEry, Arsie 19, Fmst FLOOR. Featurec_i in Voguc Forstmann’s Porosa $3.95 yard . « « the clever new hard-twist woolen that keeps its crispness so long—and drapes in such easy flattering lines—re- sisting stretch and sag. In inspiring new colors. 54 inches wide. WooLEns, Ssconp FLOOR. JEAN ABBEY, Woman's Home Companion Radio Shopper, will tell you of the outstanding values in our Semi-Annual Selling of Furni- ture—over station WJSV, ‘at 9:15, . tomorrow morning. SHINGTON. D. C. MONDAY. JANUARY 25. 1937. WOODWARD 10™ 1™ F AND G STREETS ., NEW STORE HOURS beginning Monday, February Ist— 9:30 AM. 10 5:45 P.M. daily kfiow how many fabncs wnh-an—eye-to‘Spnng are Sanfonzed-Shmnk—so we have plarmed Four ’Fashi'on ZShdws‘ _of Fabrics Sanforized-Shrunk modeled by mannequins in frocks made from Vogue Patterns Tomorrow and Wednesday - at 100 and 4:30 o'clock. in our - Cotton Dress Goods Secuon Second Floor “Sanforized-Shrunk” fabrics mean frocks that will refuse to shrink annoyingly ofter they have been mode to hr you perfectly. “Sanforized-Shrunk” fabrics include linens, cottons and _synfheflcs, in engoging va- . for playu-‘@r bfingmg—-for dayflme — evening — and ~ even a very feminine negll- gee will be shown. Corrons. Seconp Prook. & LOTHROP PHONE DIstrICT 5300 FUR COATS Mid-Winter Savings An outstanding fashion, presented at sub- stantial reductions—in furs ranging from lapin to mink. Misses’ and women'’s sizes. pi ---$69.75, $79.75, $95 Seal-dyed Rabbit ~-L_$78, $98.15 Beaver-dyed Rabbit Pony Caracul Jap Mink Safari Alaska Seal - - Persian Lamb ___ Muskrat ___ Squirrel __ Dyed Fitch Black Alaska Seal- Leopard _ Kidskin __ Advertised Subject to Pnor Sale Furs, THIRD FLOOR. e e It is none too early to predict Suit Successes $49.75 .+ . with these two types indubitably slated for prestige and popularity. Shown in misses’ sizes. The Brief-jacketed, Single-breasted Suit—'"mascu- line” in fabric only, with “pocket” parade and Paisely-patterned scarf. The Three-piece Suit, in navy with vivid green bo- Iero-type.jacket, or brown with honey. Misses’ Surts, THIRD FLOOR.