Evening Star Newspaper, August 2, 1937, Page 5

THE EVENING STAR, WASHINGTON, D. C, MONDAY, NEW SMALL-LOAN BILL INTRODUGED Palmisano Measure De- signed to Put Teeth in Present Law. A new small loan bill designed to put “teeth” into existing ]aw was in- troduced today by Chairman Palmi- £ano of the House District Committee. The measure was referred to his com- mittee for consideration. The proposed legislation was drafted by the Commissioners as a substitute for identical small loan bills intro- duced several months ago by Chair- man King of the Senate District Com- mittee and Representative Allen, Dem- ocrat, of Delaware. The Commissioners’ plan provides for amending, rather than completely overhauling, existing loan laws, and fixes the maximum rate of interest on all loans of $200 or less at 1 per cent & month. Interest on such loans would be computed on the unpaid principal and no deductions would be allowed for investigations, exam- inations and insurance. Small loan operators also would be licensed on an annual basis under the proposed plan. The King and Allen bills would allow a maximum interest of 2 per cent a month on small loans. Other small loan legislation proposed in the Iast five years provided an interest rate ranging from 1 to 3!, per cent| & month. Meehan (Continued From First Page.) national securities exchanges of which he is a member.” Meehan is a member of the New York Curb Exchange, the. New York Stock Exchange and the Chicago Board of Trade. MEEHAN NOW ILL. Wage-Hour Bill Answers Workers Who Receive Less Than 40 Cents an Hour Affected; Penadlties for Employers. By the Associated Press. Here are answers to questions about the wage and hour bill which passed the Senate. The House may make some revisions. Q. What workers would be affected by the wage and hour provisions? A. Potentially most of those who | now receive less than 40 cents an hour or who work more than 40 hours a week and are engaged in preparation of goods to be shipped across State | lines. Q. Who would be affected by other provisions? A. Children employed in production of goods for interstate shipment. They would be barred from such work until 16 years old, and in hazardous indus- tries until 18 Q. Would the bill affect the wages and hours of workers in a factory which sold the bulk of its products in the State where it was located? A. Yes, if the goods were found to| be competing to a “substantial extent” with industries engaged in interstate commerce Persons Exempted. Q. How about persons employed in service trades, such as laundry work- | ers, barbers and other purely local oc- cupations? A. Proponents said the bnll would | not affect them exclusively to State regulation. Q. Would any occupations be ex- | cluded specifically from tion of the act? A. Yes. Agricultural labor, railroad workers, seamen, the opera- most executive, administrative, professional or local retailing capacity would not They would be left | be covered. Some purely seasonal occupations, motor transport drivers and air transport pilots would not be subject to hours regulation. Q. Would eligible workers immedi- ately be entitled to a wage of 40 cents an hour and a maximum work | week of 40 hours if the bill becomes law? A. No. There would be no compul- sory change in existing wages or hours until ordered by a labor standards board created to administer the law. The board could not compel payment of a wage higher than 40 cents an hour. It could not impose a work week of less than 40 hours. Penalties for Employers. Q. How soon would such orders be made? A. The board could not meke a labor standard order for any industry until it appointed an advisory com- mittee composed of representetives | of employers and »mployes. A public hearing then would be required. No order could become effective until 120 days after passage of the bill, Q. What penalty would be imposed for failure of an employer to estab- lish standards directed by the board? A. His products would be barred from interstate trade, and he would be subject to fine and mmprisonment Q. Are there any conditions under which an employe might work longer than the number cof nours specified | by the board? A. Overtime work ordinarily would | be permissible if paid for a a time- fishermen | and persons engaged in a bona fide | and-one-half wage. The board could modify its orders to meet special circumstances, such as work cf a seasonal emergency nature. Spectacular Broker Reported Recov- ering After Breakdown. NEW YORK, August 2 (£).—Michael J. Meehan, spectacular broker who | made millions on the meteoric rise of | Radio stock before the 1929 slump and who was found guilty of stock manipulation today by the Securities and Exchange Commission, is rec ering rapidly from a nervous break- | down, close associates said | He has been away from his office | since last Spring. Within a few weeks, one friend said, he will be recovered Brokerage house messenger a‘ 16, then a cigar salesman and a Broad- way theater ticket agent, Meehan in four years became one of the best known speculators and brokers Wall Street has known in recent years. with a reputation rivaling that of Harry or James R. Keene In the old d | Managed Ticket Agency. | As he described himself, he had | “the map of Ireland all over his | face,” and when, during the war years, he was the manager of Mc-| Bride's Ticket Agency in lower Broad- ‘ way, he knew every one and was | known by them Tips came his way from clients, and close | completely | in 1918 he had made enough to buy | hearing of the charges, which ended |} He has been under the | his first brokerage seat, on the Curb | Exchange. | Two years later, in 1920, he had | realized his ambition—he bought a seat on the New York Stock Exchange. | The traders on the floor paid little attention to the red-headed youngster his first day. There was plenty else to think about. William C. Durant was trying to hold on to General Motors, the Nation was in the throes of post-war deflation. There were | & few friendly greetings for the former ticket broker—but that was about all. Attached Himself to Radio. | In 1924 the stock of the Radio| Corp. of America was listed on the | exchange. Like Meehan, it was a newcomer. And Meehan attached himself to Radio—as Keene did to railroads three decades before him. A “bull” from the beginning, he had a difficult time in selling Radio at first. One of his friends bought it at $47 a share and sold at $58, boasting of his profit. Meehan told him he was crazy: that he should have held on for a $300-a-share profit. “You're the one who's crazy,” the | friend said. But Radio made that much and more. Finally, just before the Octo- ber, 1929, crash Radio hit a split- share value of $570 a share. Whether he was “caught” to say. But in “the street,” is hard they say quite a few millions. At this time, Meehan was only 38 years old—and, like so many others who have had the same sobriquet, he was known as “the boy Wall Street.” He is 46 today. Firm Held Seven Seats. wizard of | In the “boom days,” Meehan's firm | han & Co.—had seven seats on the ex- change. Today, his firm has five The other partners who hold ex change memberships are Genrg: F Garlick, E. Coyne Maloney, Harold J. Higgins and William M. Mechan, a son who was given his seat as a present from his father on his 21st birth- | day. At the Securities & Exchange Com- mission, the commission—manipulating the | stock of the Ballanca Aircraft Corp. in the Summer of 1935—named only Meehan, personally. and did not apply to other members of the firm who kold | | exchange memberships. Meehan's collapse came after the last Winter. care of physicians for some months, | but associates said he “should be out | on the street again in a few weeks.” KILLED BEFORE BRIDE New Orleans Man Is Struck by Hit-and-Run Driver. NEW ORLEANS, August 2 (#).— | Waldron J. Bowers, 28, a bridegroom | 0. five hours, was knocked from the grasp of his bride and killed yesterday by an automobile as he led her to his home. The car failed to stop. Bowers and Miss Elizabeth Fisher, 22, a stenographer, had eloped to Gretna, La., across the Mississippi River, and had just stepped off a street car when the tragedy occurred. | —the brokerage house of M. J. Mee- | it was said the charges of | COLLEGE FOUNDER DIES Dr. Henry H. Cherry, 72, Suc- cumbs at Bowling Green. BOWLING GREEN, Ky, August 2 | (#).—Public and private funeral serv- ices will be held here tomorrow for Dr. Henry Hardin Cherry, the man who founded Western Kentucky Teachers' College 30 years ago and | had served as its president ever since. Dr. Cherry, 72, died at his home | here yesterday of cerebral meningitis he got out in time to make himself | The widow, a son and a brother sur- vive. —— Two Stab, Rob Victim. FORT WORTH, Tex,, August 2 (A —Two masked robbers wielding a meat cleaver and ice pick yesterday set upon Albert Sutton, 58, poutry house night manager, hacked his left wrist to shreds and stabbed him 10 times in the chest. The pair escaped with $100. WE NEED | USED CARS IN TRADE ON NEW PONTIACS FLOOD MOTOR 00. 4221 Comn, Ave: “It Soothes and Stimulates the Kidneys” writes a physician. He refers to Mountain Valley Water, the nat. ural aid to weak, faltering kid- neys, doctors have prescribed for 75 years. Let us send you a case. Just telephone MEt. 1062, MOUNTAIN VALLEY MINERAL WATER From HOT SPRINGS, ARK. 1405 K St. NW. Phone MEt. 1062 AUGUST 1937. * A-S TODAY! TOMORROW...SAVE! A SPECIAL PURCHASE 700 RALEIGH QUALITY *19.753%25.00 TROPICAL SAVE UP TO $36 on your WINTER OVERCOAT Sale now in progress . . e X | R R T ©1849 $3.00 AND $3.50 SHIRTS Of Fine 2x2 Pima Broadcloth White and solid color broadcloth. Collar- attached and neckband. Broken sizes. $]-95 $2.00 AND $2.50 SHIRTS; white, plum and patterned . .. $l 59 $2.50 AND $3.00 SHIRTS; patterned ____ ___ $1.00 AND $1.50 SPORTS SHIRTS; white, plain, WORS ©® r - o \J including 300 suits from our own stocks! $1 5.85 There are still more than six but for manufacturers the Summer s the maker of our Ra been able to obtain one has sold for $19 have added 300 su suit is of standard wearing worsteds. weight porcu we Tl"e <eo=cns sm .. . regulars, shorts, weeks of Summer weather le eason has drawn to a rsteds must clear h $25.00 and $27.50 SUMMER SUITS ___.________$21.85 $29.50 to $35.00 SUMMER SUITS_____________$26.85 $8.50 to $15.00 SPORT TROUSERS.__. $15.00 SPORT COATS Further Reductions! $5.50 to $6.50 RALEIGH "8" SPORT SHOES 83.9.) Further Reductions! $3.50 to $4.00 KNOX STRAW HATS 81.95, fancies __ 88C $1.00 NECKWEAR crepe, foulard and Sum- 686 mer fabrics _ $150 & $1.65 NECKWEAR mogador’ and wool $2,$2.50 & $3.50 NECKWEAR; imported silk, $| 48 crepe, foulard e $1.00 BOW TIES; foulard, mogador, figures and 78C stripes 35c AND 50c HOSE; light or dark grounds__ 50c AND 65c HOSE; wi patterns $1.00 HOSE; hand clocks and light and dark 690 patterns _ 50c FANCY PHOENIX EVERUPS AND SLACK 39¢ 49¢ Extraordinary values like these prove that this is a mighty unusual event! Think of it—our fine type Knox Straws at less than you'd pay for unknown quality. Cool, smart and comfortable. All sizes Here are America’s finest popular- priced shoes—at tremendous reduc- tions. Included are plenty of all whites, black-and-white, tan-and- white and ventilated models in plain, fancy or straight toes. Richard Prince & Fashion Park New 1937 Suits—Top Coats—O’Coats Every garment is “hand” picked, an accurate interpre- $3.00 DUNLAP STRAWS _ $5.00 AND $7.50 KNOX STRAWS $5.00 AND $6.00 RALEIGH $6.85 AND $8.00 RALEIGH “8" BUCKSKIN $ SPORT SHOES $8.75 TO $10 STA- tation of distinctive autumn styling. Truly the biggest groo'g:r?HgléngmN value event of our history, and offering you exceptionally $10 AND $12 ARCH PRE- handsome savings. SERVER SPORT $7.50 AND $8.00 KNOX PANAMAS $10.00 KNOX SUMMER-WEIGHT SHIRTS AND SHORTS, PONGEES AND MESHES SHORTS OR SHIRTS 75¢ FINE QUALITY SHORTS OR SHIRTS $1.00 AND $1.50 UNION SUITS; nainsook, V neck style $2.50 AND $3 PAJAMAS; mercerized fabrics $3.50 AND $5 PAJAMAS; sateen and imported fabrics ___ ___________________ R $5.00 WASHABLE SEERSUCKER ROBES; plaids and stripes $10 AND $12.50 SILK FOULARD, JACQUARD $7 98 AND TERRY ROBES e $1.00 AND $1.50 SUSPENDERS 50c SINGLE-GRIP GARTERS $1.00 SPORT BELTS; new colon and Ly et e SR P LS B ST 35¢ AND 50c FANCY 4 for HANDKERCHIEFS ____ $12.50 TO $14.50 HANAN BUCKSKIN SPORT SHOES A $5 deposit will reserve garment until Nov. 1st. Semi-Annual Sale! Semi-Annual Sale! $11.50 to $1450 HANAN $6 & $7 RALEIGH “8" FALL & WINTER SHOES FALL & WINTER SHOES 9.85 $3.33 A few styles, $10.85 ® Your Charge Account Is Cordially Invited ® RALEIGH HABERDASHER chLb-,t«'; Fnest Mmiwm Stwe 1310 F STREET 83c Furnishings—Hals—Shoes - Reduced! Convenient Charge Accounts Reduced! Store Hours, 9 to 6; Courtesy Saturdays, 12th & E Sts. 9 to3 F at Eleventh