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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 9, 1933)
MEDFORD MArt" TRIBUNE. MTsIdFOKD, OREGON, THURSDAY, MARCH 9, 1933. PAGE THREE Stock Exchange Flayed For Alleged Inequities By Old Foe, Untermyer "Most Powerful and Despotic Institution On Earth, " Says Renowned Lawyer In Talk to U. S. C Alumni LOS ANOTiT.TB, Mar. 9. JPi Dm crlbed as the moat "powerful and despotlo Institution an earth," the New York Stock Exchange was bela bored anew today by an ancient ad versary. bent on reform. He was Samuel Untermyer of New York, world-renowned . corporation lawyer, speaking before the law alum ni of the University f Southern Cali fornia. : - He expressed the hope and con viction that the Impending specially convoked congress will do what he has sought to have done as early as 1913 put stock exchanges under government regulation and make them answerable to the courts of law. -Bankers Criticized. Criticizing the country's bankers as "unsafe advisers," as a rule, he rec ommended that the senate banking committee of the coming special ses sion broaden the recent banking In quiry to Include a thorough Investi gation of stock exchange activities, the banking phase to be suspended temporarily. The question of how long the .stock exchange should remain closed, he said, "must no longer, as at present, pest with the members of the ex change." declaring that "there must be some official authority to approve or disapprove decisions of such vital Importance. Sees Special Privilege. "Of all the anomalous and Incon gruous evidences," he said, "that ours Is not an orderly government of laws but a government of, by and for the favorites of finance and special priv ilege at the expense of the masses, the fact that In the face of It long history of crimes and misdemeanors the stock exchange continues Im mune from all legal regulation, re striction and control, la the most conclusive proof. "It makes Its own lews, sometimes contrary to the laws of the land, as for Instance when In case of the bankruptcy of a member, the seat Is sold by the exchange and the pro ceeds divided among his co-member creditors to the exclusion of the de frauded customers. "It Is absolutely free from all ac countability to the public for lta acts or omissions. "Crooked Game.- "It has been In past years the one and only known aafe, lawful, respec table, crooked confidence game, and one that can be and has been prac ticed with Immunity every day in h vear except Sundays and holi- v. bv the most devout of Its . members." Mr. Untermyer listed a few stock exchange principles and practices, which he variously deemed censur able and needful of curbing legisla tion. One of these is that the exchange membership Is "limited to a few hun dren chosen Individuals who deter mine for themselves without right of review or appeal the price the public must pay for the service they render and the conditions on which it may be performed.'" He decried the fact that members of the stock exchange as so-called "specialist" In certain securities, are in a position to know the extent of buying and selling orders In these securities, yet are allowed to trade in them for their own accounts. He said this "swindling game" was prac ticed for years before being exposed. No Public Protection. And yet," he said, "there was no authority lodged In the law to pre vent it, and the moral tone of the exchange was, I regret to say, In that respect so low that It aaw no occa sion for protecting the public." Predicting that leaders of the fi nancial world eventually would ap plaud government regulation,. Mr. Untermyer said: "Experience has taught us that these financial leaders are far from omnipotent In their Judgments. "Our bankers are, a a rule, largely blinded by self-interest to the pub lic weal. Experience ha proven them to be vlslonless and unsafe advisers. "Hereafter, the public will do well to tum for advice away from them back to the despised ecoriomlsts who regard banking as a science and not as a mere trade, and who are at least disinterested, even though It has been contemptuously, and I think errone ously said of them that they are theorists, as though that were a fault. Economists' Advice Honest, "Their advice has at least been honest and could not have possibly been less Intelligent than that which has led us on the road to ruin. "Since my address to you on Mon day of last week, on railroads. In which I protested against the pro visions of the recently enacted Glass bill, allowing five years to dissolve the affiliates to national banks, the National City bank announces In this morning's, papers that it Is taking proceedings Immediately to dissolve Its affiliates." OF P SPEAKER DUE R SERIES. SPEECHES .19 Harold Singer of New York, one of . the noted speakers of the allied forces and director of the national organi zation of allied youth, will visit this city on Sunday, March 19. He will address the Everyman's Bible class at the court house at 9:40 a. m. This announcement was made by Rev. Mr. Balrd, teacher of the class. "This being temperance Sunday In all the Sunday schools throughout the na tion we ore Indeed fortunate in hav ing Mr. Singer address the class on the general theme of 'beverage alco hol as It affect society'," stated Mr. Balrd. At three o'clock Mr. Singer will ad dress a mass meeting at the Presby terian church. Arrangement for this meeting 1 In the hands of Gerald T. Latham. "Thla meeting," states Mr. Latham, "Is primarily In the Interest of the national educational campaign being conducted by the allied forces. Every person interested In education should attend. His toplo will be 'Alcohol and My Generation'." At 6:30 Mr. Singer will meet with the Westminster Guild In a confer ence with young people. At 7:30 a trm Arilirnttnnftl TAllV Will be held In- the Presbyterian church at Phoe nix to be addressed by Mr. Singer. Mr. Singer has been long an out standing leader of young people. He recently completed a speaking tour of 600 cltlea. The object of Mr. Singer's visit Is to stimulate Interest In the study of the temperance movement on the basts of beverage alcohol and Its ef fect. ' 1 Wedding Bells L. M. Phillips of Trail and Mnj. Nellie Napper of Portland were mar ried in Ashland Saturday, with Rev. L. E. Penton of the Ashland Free Methodist church officiating. The Phillips plan to make their home at Trail. Tomorrow Murray's Celebrate Their First ANNIVERSARY Society and Clubs Edited by Eca Nealon Hamilton Dessert Bridge Lovely Wednesday Affair. Mrs. Dolph Phlppo and Mrs. W. M. Van Bcoyoc were hostesses yesterday afternoon at a charming party, open ing with dessert, followed by five tables of contract bridge, played In a setting, where spring's arrival was emphasized by pussywillows and aca cia. PrlEes at cards were awarded Mr. R. W. Sleeter, Mrs. Walter Mundy and Mrs. Bert Noblltt. Guests for the afternoon were Mesdames Pennington, Sleeter, Pipes, Hogan, Morrow, Collins, Harris Janes, Carlton Janes, Mundy, Cowgill, W. A. Gates, Dlllard, Arnsplger. Noblltt. Aya, Thayer, Humphrys. Butler, How ard and Lee. S. A. E. Banquet ' Event for Tonight. Members of Sigma Alpha Epsllon from the southern Oregon district will meet here this evening for a fra ternity banquet at the Hotel Med ford. Elaborate plans for the affair have been completed by a committee composed of Harold Brown, Max Pierce and w. A. Frazler. There will be several guests In attendance from Klamath Falls and all Medford 8. A. E.'s are urged to be present. Junior High P.-"t.aT To Meet Friday, The regular meeting of the Junior High Parent-Teacher association will be held Friday afternoon, March 10 at 2:30 o'clock. At that time Dr. C. I. Drummond, county physician, will speak on the health of children In Junior High school. All parents are Invited to attend the meeting re gardless of membership In the Parent Teacher association. Mrs. Blddle and Little Granddaughter, Guests. Mrs. M. B. Blddle and her little granddaughter, Betsy Parker, are guests of Colonel and Mrs. Gordon Voorhies for a fortnight, having ar- rioed the first of the week from Yamsl ranch in Klamath county. Mrs. Bld dle Is Mrs. Voorhies' sister. Meet In Central Point. St. Mark's Guild will meet tomor row afternoon at the home of Mrs. B. H. Paxson of Central Point. The gathering Is scheduled for 2:30 o'ojack. according to the announcement. Past Noble Grands to Meet Thursday. The Past Noble Grands club will meet Thursday evening at the home of Mrs. E. D. Scrlpter, 71B Cedar street. A large attendance is urged. Altar Society " Sale Postponed. Postponement of the St. Ann's Al tar society sale, announced for the week end, was reported yesterday. Dates for the affair will be released later. Torn! Ins Home From Stay In South, Mr, and Mrs. John Tomlln returned Tuesday from southern California, where they spent several months of the winter season. P. E. 0. to Elect Officers This Evening. Chapter AA, P. E. O. will meet this evening with Mrs. R. W. Clancy for election of officers. Annual reports will also be given and all members are urged to be present. McMahon-Turan Wedding Announced. NEW YORK Bernard Frank Mc Mahon, 30. engineer, formerly of Medford and now of 38 West Ninety fourth street, New York, and Miss Julia Turan, 31, of 676 Columbus avenue. New York, will be married here today. Mr. McMahon was born In Med ford, the son of Bernard McMahon. Miss Turan, who Is the daughter of Andrew and Julia Turan, Is o Beth lehem, Pa. Pocahontas Ixxlge Dance Is Friday, Members of the Redmen una Poc ahontas lodges and Invited fr.'ends are anticipating & delightful vnlng of dancing Friday, when the Poca hontas will entertain at Redman ball. Music for dancing will be played by Dickey's orchestra and refreshments will follow dancing. College Women Meet With Mrs. Can ode March 1L The home of Mrs. George B. Ca node on Berkeley Way will be the meeting place Saturday of the College Women's club. Miss Ora Cox will as sist the .ostess In entertaining and Mrs. Edwin L. Knapp will review "New Deal" by Stuart Chase. Knights and Sisters to Meet Sunday. All Knights of .Pythias and Pythian Sisters are urged to meet at the K. P. hall Sunday morning, March 13, at 10:30 to attend, In a body, morn ing services at the Presbyterian ohurch on South Holly. Mrs. Bracklnreed ' Hostess at Tea, Mrs. Alan Bracklnreed was a charming hostess of Monday after noon, entertaining informally at tea for a group of friends. SALEM, Mar. 9. (fPi The person nel of the new state emergency board was completed her etoday by the ap pointment of additional members by tihe president of the senate and the speaker of the house. The measure creating the new board, Instead of having the board of control function in that capacity, was passed two years ago and Is comprised of tfhe president of the senate, speaker of the house, both chairmen- of the ways and means committee and one .senator and two representatives. The board the next two years will be made up of Fred E. Kiddle. Earl Snell, H. C. Wheeler, W. F. Allen, Isaac Staples, Dean Walker and Ro meo Gouley. . Bishop Appointed VATICAN VTTY, March 8. (AP) Monslgnor Lulgl de Rosarlo was ap pointed bishop of Zamboanga, Phil ippine Islands, today. Monslgnor James Hayes was appointed bishop of Cagayan, In the Philippines. Undergoes Operation Mrs. Frank Glfford underwent a major operation at the Community hospital Wednes day morning and was reported to be getting along nicely later In the day. OF GOLD MINING HERE SATURDAY (By B, t. Shurtleff.) Arrangements are now under way for a mining demonstration to be held on the Southern Paclflo lot. across the track from the Chamber of Commerce. Saturday at 3 p. m. R. O, Adams, a university exten sion worker from Salem, will be pres ent and, with the cooperation of the Southern Oregon Mining association, will supervise the program. Gold-bearing gravel will be brought in from Jacksonville to use for pan ning, rocking and demonstration purposes. Various gold-saving de vices will be shown In actual opera tion. Panning contests will be staged and prises offered for the fastest and cleanest panner. - Mr. Adams wil sign up students for a course of free instruction in panning, making rockers, prospect ing and general gold recovery from placer desposlts. The course Is en tirely free to all students. Here is a chance o learn how to work Intelligently at a Job that will make you a living. Gold Is money and there Is still a lot of it In Jack son county. Come and learn how to provide your own payroll. The co operation of the Southern Oregon Mining association is given at all times. The regular weekly meeting of the association, at which all members and al others interested are urged to be present, will be held at the Chamber of Commerce on Friday night at the usual hour. Come and get all the information of the field day event. Be correctly corseted by BTHHLWYN B. HOFFMANN. Sixth and Holly. Desirable houses always In first class condition for rent, lease or sale. Call 105. Oh. those mornings when the coffee is good ! Why not every morning? Try Schilling Its Wtngs of tJu Morning to a million men. For ' Percolator or coffee pot.. mm Specially prepared for any DRIP Maker. ViUcr papers in each tin. a-S PICO EXTRACTS -TEA- BAKING POWDIR In appreciation of the generous patronage we have enjoyed during our first year, we make this aston ishing anniversary offer to acquaint more women with our superior service. Z1 Who eall at thl. shop to morrow, March 10. mil set one of Murray's "Personal Permanents' for Luckies Pender ana Body repairing, races 4 " -r-'ti H. 11 1 right. Brill Sheet Metal Works. M&r dJr-WSSi I .aWM .bbbv 1 fV r.wy ok Oil ,.,.,.....,..,,,, ,;,...T,., , ISSUED BY THE LOCAL ' k- M ! ... t merchants 1 - I 'j Luckies have character ... - West Side r m j Luckies are mild. And there's j Pharmacy j g f Xs l) ? a reason for hoththe Cream f i V delicious. " j It's toasted" I - agfj '' ' ' a 4fxmtV I In every comer of the world, both htft ind owmii, nvrriat.1131 T. Syf f, 9 mW ,4i A f wherever you find jojr in life. "In Ilwijrj-Ljijlim Dsuj" First 100 Women y2 MURRAY'S 41 S. Central Friday Saturday Monday Values Values For March 10-11-13 THE LARGEST VARIETY OF LENTEN FOODS Can be found at Pay'n Taklt. Shop here to save. Plan your menus from our shelves, it's so easy to do. MILK All popular brands like Carnation, Borden's, Sego, Pet or Max-i-mum Can 4y2c Olives California Ripe Tall Can Sardines Booth's Large Oval Cans Peas Coquille Valley No. 2 Can TOMATOES Josephine Solid Pack Rogue River Tomatoes Lge. Can KRAFT CHEESE ttie Quality Cheese V, Lb. Pkg. All Varieties Except Swiss, 9 8v2t 10c 14 Beans Fancy Small Whites Buy 'Em Now to Save 5 Lbs. 17- 10 Lbs. 29 Coffee AIRWAY . The Good Coffee.' at a Low Price Lb. NOB HILL World's Finest Coffee Lb. 22. 27 11 Oysters Miss Lou Fanoy Paok B oz. Can Clams F. A. B. Brand Fancy Minced Yi size Can Salt Max-i-mum Extra Quality gC 2 Lb. Crtn. Jell-well For the Perfect Dessert All Flavors Pks1 Sunbrite New Quality Double Action Cleanser Can 5 Salmon Gold Seal Brand Columbia River pack 1 Lb. Can Matches Favorite Brand Best Quality 6 Box Crt. Raisins Fancy Seedless; an Extra Value 2 Lbs. 10 19- 9 Butter Pay'n Takit , . Fancy Creamery H 1 Q Lb. dm I Crackers 24c Salted Wafers Grandma's 2 Lb.Box BANANAS Extra Fanoy 3 pounds CARROTS Green Tops 2 bunches Re FOB O WE ARE TRADERS COME IN AND SEE US WHAT A NICKEL WILL DO t lbs. Broken Bice 10 oz. can Rltters Pork A Beans 10 oi. can Bitten Tomato Jutca S lbs. Corn Meal Small packajra Qnaker Oats 1 lb. Brown or Powdered Suear Yonr Choice f In Our Meat Department FREE Bam Sandwiches and Coffee Berred Free, Friday, Saturday - and Monday Come In and try our delicious Baked Ham Sandwlchea Puritan HAMS Hickory Smoked Half or Whole lb 15c Beef Roasts Z. ib 6Hc BACON Sugar Cured PURE LARD 4 lbs 27c PORK CHOPS ...lb 10 c Beefsteaks Z ib8Hc Pork Roasts p, ib6Hc Smelt Columbia River 6 lbs 25c HAMBURGER ....lb 5c BACON BACKS lb 10 Rolled Roasts ib 11 He SHORTENING 3 lbs 21c OYSTERS . . . Quart 35c i Phone 363.
