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
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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.