NEWS REVIEW OF CURRENT EVENTS Tremendous Fall in Prices of Stocks Checked by Buy- ing by Bankers. By EDWARD W. PICKARD {JETER collapse of prices regardless of intrinsic values made the first three days of the week the wildest the stock exchanges of the country ever had experienced. Paper profits of many billions were wiped out and pany thousands of amateur specu- lators who had been reveling in “easy money” for months were g¢liminated completely, The professional bears grimly hammered away and the hys- terical public dumped thelr securities in such a flood that on Tuesday the total of shares sold on the New York Exchange was more than twenty-six million, By Wednesday prices had reached so low a level that the big bankers, insurance companies and individual capitalists began buying heavily, and the immediate result was a recovery and steadying of the market. This buying was given the appearance of benevolence, to a certain extent, but the fact remains that the market did not receive such support until stocks had become a profitable investment. President Hoover, and after him Julius B, Klein, assistant secretary of commerce, gave out statements insist- ing that the prosperity and the in- dustries of the country were unaffected by the stock collapse and still abso- lately sound. Business men generally did not bemoan the great readjust- ment in the stock markets. For a long time they have been suffering because so many citizens have been using their money In speculation instead of in the purchase of commodities, The working staffs of the exchange and brokers’ offices were so exhausted that a short session of the exchanges was held Thursday and they were closed up on Friday and Saturday to give the traders and <lerks a chance to recuperate. The securities markets abroad adopted the same measure, It was generally felt that the crisis was over and that the confidence of the public was restored, and those who had any money left began picking out bargains In stocks, HEAT prices having fallen too low, according to Chairman Legge of the federal farm board, who said this was due to the fact that a large part of the year's supply was being marketed too rapidly; the board came to the rescue with a statement that 100,000,000 were immediately avail. able to farmers to ctabilize prices. The board set the minimum prices on which loans will be carried until the end of the marketing season. The money will be lent to wheat co-opera- tives qualified as borrowers under the €apper-Volstead act. Under the plan announced, the farmer can get more than 90 per cent of the value of his whent without selling it. Much of the money available already has been loaned. The Farmers’ National Grain cor poration, organized under the auspices of the farm board, came into legal existence with the filing of its papers of incorporation in Wilmington, Del, It started functioning at once, with headquarters in Chicago. The launch- ing of this corporation, which is ex. pected to solve the wheat problem of the Central states, is considered the most important step yet taken by the farm board in carrying out President Hoover's farm relief policles as set forth In the agricultural marketing act, The concern Is expected to give the farmers control of their market. ing and also to stabilize grain prices at a high level, h - OME of the old guard Republicans in the senate, led by Reed of Pennsylvania and Edge f New Jer. sey, have given up hope that a tariff biil acceptable to the Republican ma. Jority and the administration can be passed by the special session and want te bring about adjournment by the middie of November, Probably this group would like to have the bill en- tirely sidetracked In the regular ses- gion opening In December. However, I'resident Hoover directly asked the senate to pass the bill “within the next two weeks,” and though the leaders didn’t think this possible, it seemed likely the special session would continue until the end of the month. OSEPH R. GRUNDY, head of the Pennsylvania manufacturers and veteran of many a political and tariff fight, was before the senate lobby In. vestigating committee for three days, and proved to be the most entertain- ing witness the senators had yet heard. He undertook to justify In every way his efforts to keep the tariff high, was apparently frank and open in his statements, and quite uncon- cerned whether or not the committee classed him as a lobbyist. More than that, he delighted his unofficial hear- ers by his spirited attacks on what he classed ns the “backward” states and thelr representatives in congress, asserting that they should “talk pretty darn small” on policies affecting the states that “form the tax reservoir of the country”—Pennsylvania, for In- stance, Pressed to name the “backward” states, Grundy declared to Senator W, E. Borah that the latter's presence In the senate Is proof enough for Grundy of Idaho's backwardness, Similarly, he bluntly told Senator T, H. Caraway that any state which, like Arkansas, showed such little Interest in a sen- atorial election that only 30,000 votes were cast must be backward Grundy listed as “Backward” states Arizona, South Dakota, Mississippi, Arkansas, Idaho, Montana and Geor- gia, and he didn’t think much of Wis- consin and Norih Dakota, The sen- ators from all of these states, he thought, shouldn't “put up any roars.” “How would ytu silence Senator Borah and myself?” asked Senator Walsh. “lI should think sour intelligence would suggest silence on such mat- ters,” retorted Grundy to the delight of the hearing room crowd, which roared with laughter. Senator Bingham of Connecticut, whose employment of C. I. Eyanson to aid him in tariff bill work was severely criticized by the lobby com. mittee, started a bitter debate In the senate by declaring the committee was packed against the administration and that its members were playing poli- tics, ENATOR BLEASE of South Caro- lina, some ministers of Washing ton and various other persons have been loudly blaming President Hoover for the liquor and vice conditions prevalent in the national capital and demanding that he clean up that city. The Washington Times has been publishing articles exposing the liquor traffic there and its city editor, being called before the grand jury, gave a list of sixty speakeasies and bootleg gers, Three Times reporters who were supposed to have purchased liquor at these piaces in the course of their Investigations were summoned by the grand jury and refused to give that body the names and addresses of those from whom they had bought the drinks, declaring this would make them dry snoopers and cause them to lost their positions. Judge Peyton Gordon thereupon sentenced the re. porters to jall for forty-five days for contempt of court, N ITS legislative elections the province of Ontario, Can., piled up a huge majority In favor of the Con- servatives and of the policy of gov- ernment controlled liquor sales for which they stood. Fremier Howard Ferguson's governmen: won 93 of the 112 seats in the legislature, Fergu. son himself doubled his majority of the last election; W. KE. N. Sinclair, Liberal and moderate dry leader, barely escaped defeat by a govern. ment candidate, and John G. Leth. bridge, bone dry Progressive leader, was beaten In the ordinarily dry rid- ing of Middlesex West which he has represented for ten years, DOUARD DALADIER, the radical Socialist who was invited to form a new government for France, could not persuade the Socialists to par ticipate, and therefore he was forced the task. Then Etienne Clementel, president of the senate inance committee, tried and failed, and the difficult job was undertaken by Andre Tardieu, ta give up HINESE government pushing rapidly forward In a wide area in Honan province and engaging in heavy fighting with the rebel troops which were sald to be retreating Gen. Chiang Kalshek himself, presl dent of the republie, went to the front to lead the attack, The civil war conditions in the Yangtse valley were considered so serious in Wash from protect ers were ordered Chinese waters to lives and interests, American IGHTY-SIX American soldiers who expeditionary officers and wore the force at Archangel to Michigan, bodies, re commission, are on their way back their home state. The trieved by the graves were conveyed on board the France, whence they brought to the United States by an American battleship. Sixty-two of the dead have been Identified. were members of the Hundred and Thirty-ninth infantry. enth anniversary with much eciat, an address to 00.000 Black Shirts In lowers the country was hands off, RAGEDIES on Lake Michigan cost a number of lives. The liner Wis consin from Chicago foundered In a storm off Racine and fifteen persons, among them Capt. Douglas H. Mor rison, drowned despite the heroic ef forts of life guard crews. Sixty others were saved. Later In the week the steamship Senator and the ore boat Marquette collided north of Milwaun- kee, the former going down with a dozen persons, and the Marquette barely reaching port. OREMOST in the week's death list is the name of Theodore E. Bur ton, United States senator from Ohlo, who passed away in Washington after a month's illness at the age of seventy seven years, He had served a total of forty-four years In congress, After many terms in the house he was sent to the senate, Later he returned te the house, and finally went back to the senate. He was one of the leaders of the Republicen party. Funeral services for Senator Burton were held in the senate chamber in the presence of President Hoover and other high offi clals and ten senators accompanied the hody to Cleveland, Other notables claimed by deatt were Rev. E. 8. Shumaker, superin tendent of the Indiana Anti.Saloon lengue; Sir Graham Balfour, Britist author and biographer of Stevenson: Prince Bernhard von Buelow, forme: chancellor of Germany; Rev. Johr Roach Straton, fundamentalist Baptist preacher of New York, and Edwin B Parker, arbiter of international World war claims, HEN the jury in Washington foun< Albert B. Fall, former secretary of the interior, guilty of accepting » bribe from Edward Doheny for a naval reserve oll lease, it was announce that the oll magnate himself would be put on trial early In January. Th verdict was a most painful surprise tc Mr. Fall and his relatives and friends It made him liable to a maximum sen tence of three years in prison and » fine of $300,000, but the jury recom the aged and infirm man would be sent to prison, Out in Los Angeles another jurs brought in a verdict of guilty against Alexander Pantages, theater magnate who was accused of assaulting Kuniee Pringle, a young dancer. It recom mended that he be sentenced to the penitentiary but asked that the court extend leniency, (@ 1929, Western Kewspaper Union.) WINTER CAR CARE ROUTINE OUTLINED Autos in Storage and in Service Need Attention. To assure automobile owners of maximum sutomoblle comfort and ef clency during the coming cold months service experts have prepared a list of suggestions which cover the essential points of pre-winter car preparation, MWhere a motor ear is not to be used during the winter, the experts advise storing it in a dry, evenly heated and not too light place, The enr should be washed and dried, all oil and water drained off, wheels jacked up to lift welght from tires, the tires partly de flated, and unpainted metal parts conted with heavy oll or vaseline to prevent rust or corrosion. Qil Should be Added. To prevent rusting of rings and cylinder walls the spark plugs shouid be removed and one gill of engine oil poured into each cylinder. Then dis. tribute the oil by turning the engine over a number of times and replace the plugs. Where it Is intended to keep the ea In commission changes In operating conditions enll for attention to certain important details It is Important that cars be in good operating condi tion to overcome the rigors by cold weather. Whenever possible owners are urged to use the facilities of service For prefer to condition their these suggestions should be imposed those who awn ours followed : slations lemove all accumulated from the oil pan and refill with oll of quality. Frequent oll during the winter, with proper adjust. ment wiil safeguard oll Lubricate the chass Change oll in the transmission and differential. In. spect and clean the siudge good changes of the erankense ventilator, circulation, is completely. generator re the bat. recharge the electrical sys Check tery and tem If necessary Clean Starting Motor, Remove and tor clean the starting mo- replace worn parts. Clean connecting cable terminals of elee stem and grease those at the battery, generator, starting motor and sturting switeh Clean and distributor and spark plug points, In spect cables and replace if necessary. Reset timing Clean adjust gasoline and vacuum gas lines and carburetor, buretor to proper Tighten water hose replace worn hose if NECesKNTy. in anti-freeze mixture. If used check specific gravity weekly to prevent freezing of mixture, Align wheels to prevent tire wear, Tighten body bolts and spring clips, Adjust clutch, brake pedals and brakes for cold weather driving. tanks, Adjust car winter mixture, connections or Pour alcohol is the FPP E PIII PI PPP EIETTe AUTO FACTS FPP FVIPP PLP OI PPPOE 00 More than 97 per cent of the farm. ers in Garfield county, Okla, own pas. scoger automobiles, * . . Many Paris policemen are linguists, but the American traffic cop can say enough in one langnage, - . * “Here,” said the Vain Optimist, “is a trafic regulation scheme that will not pain a great many people.” * . » Yon can beat some of the trains to all of the crossings: all of the trains to some of the crossings, but you can't beat all of the trains to all of the crossings, * . » Pennsylvania has approximately 27.000 gasoline retailers. Each dealer is required by law to file a bond, In amounts upward of $500, to insure collection of the fourcent gasoline tax. » MOTOR QUIZ How Many Can You Answer? Q. Why should a driver allow a reasonable space between his car and the one ahead? Ans, To avold an caused by a sudden stop, also delay on account of being un- able to get around the car ahead in cage It becomes stalled. Q. How can the strain caused by rough spots In the street, un- even car tracks and other ob- structions, be avolded? Ans. By releasing the and allowing the car to over these places. Q. How often should the ign. tion cuble be replaced and why? Ans. About once a year, Cables become leaky and cause loss of electrienl current. €Q. What is the average life of a spark plug? Ans. Ten thousand miles. accldent clutch const Eyesight of Motorists Found to Be Defective Dr. Edwin H. Sliver, prominent Washington optometrist and chairman of the motor vision commission of the Optometrist soclety, has declared that 30 per cent of all automobile dents in the United States are due to feel Dr. Edwin H, Silver. defective of motorists. Re from an trip in Europe, Doctor Silver says France and Germany far ahead of the United States in safeguarding the rights of pedestrians and regulat. ing the issuance of motor During 1928 the motor vision cosnmit tee has succeeded in securing legisla. tion in nipe and the of Columbia requiring eyesight for motorists, Annual Automobile Cost Is Estimated at $418 An average of $203 was spent by each motorist in the United States during 1928 in the operation eyesight cently returned are states tesis figures compiled by the American Mo- torists association. or 34 per cent, was expended for fuel and lubricants, this being the largest item in the motorist's annual opera tion and maintenance bill, account depreciation, The average life of a passenger automobile, cording to computation of the federal government, is years. During 1928 the average retafl price of passenger cars in the United States was $875, which, based on a seven-year life expectancy, would mean an average $125 per year, From this figure, plus the average maintenance of $203, it will be seen ation, plus depreciation, was $418 per year, or approximately $1.14 per day. The comparable figure for 1927 shows that the average cost of operation, plus depreciation, was $3065 for that year, or §1 per day. EXPENSIVE Stomach In the same time it takes a dose of soda to bring a little temporary relies of gas and sour stomach, Phillips Milk of Magnesia has acidity complete ly checked, and the digestive organs all tranquilized, Once you have tried this form of relief you will cease to worry about your diet and experience & new freedom In eating. This pleasant preparation is just ge good for children, too. Use it when. ever coated tongue or fetid breath signals need of a Physl- cians will tell you that every spoon- ful of Phililps Milk of Magnesia tralizes many volume 'nuine, the name Imitations do not ac gweelener, same ! Milk of Magnesia Longlived Bushmen Centenarians South niess persons are consid. are comp ly ov ne hundred their age Is Ary A dered on dred He iz still ut is rath Are Been Was Your Grandmother's Remedy For every stomach end Intestinal {il This good old-fash- loned herb home remedy for consti pation, stomach ills and other derange- ments of the sys- than in your grandmother's day. Grandma's Victory President Bizzel of Oklahoma university recently gald at a uni- abol- dinner in the hazing Norman ; “When the new generation old tackle one anotherthe new gen usually wins, Sometimes, though, it's the other way about, “A grandmother tackled her grand daughter about an evening gown: she and the “You know, grandma, I wouldn't be seen in the kind of dresses you wore when you were a girl’ “You wouldn't be seen, eh? sald the old lady. ‘Well, certainly, not so much of you would be seen” Children’s Friend Joseph Lee of Boston has earned the affectionate appellation, “father of the playground movement” in America, There are now more than 12.000 play- grounds and athletic fields in daily use in the United States and Canada.
Significant historical Pennsylvania newspapers