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THE AUBURJC crTIZBN. VOU IS. No T.J»«

THE AUBURN BULLETIN. VOL. ••. No 18.396
THE AUBURN CITIZEN. AUBURN, N..Y., TUESDAY, OCTOBER 29, 1929.
Wednesday
TUB ItBATBWI.
' Ckrody.probebly rata ta W a t »n4
rate or m o * In F a n tonight' anfl

PRICE 3 CENTS

BILLIONS LOST AS STOCK CRASH CONTINUES T

LAKE MICHIGAN STORM TAKES TOLL IN LIFE AND PROPERTY

PASSES DIVIDE
WINTER HITS ROCKY
MOUNTAIN AREA, STORM
* RIDES LAKE MICHIGAN I E N STEAMER GOES TO
BRISK RALLY FLASHES Denver, Col., Oct. 29.—(JP)—Winter paid a real visit to the Rocky
Mountain region last night, leaving a general snow from Montana to New
j Mexico. Parts of Montana, Wyoming, and Colorado and New Mexico report­
ed snow up to five inches.
OF
Over Three Score Rescued,
Airmail transportation on the transcontinental lines was paralyzed

Street's Bank Leaders when mountains between Salt Lake City and Cheyenne were blotted out by
fog and snow. Airmail was sent by train through the storm-bound region.

Lend Support, Conference

Highways were reported open and passable, though some in Wyoming were
slightly drifted.
Called by Morgan Firm Chicago, Oct. 29.—(JP)—The storm
king rode Lake Michigan again to­
day, dashing 30-foot waves against
a shore line still scarred by last
(By Stanley W. Prenosil, Associated Press Financial Editor.)
week's gales.
New York, Oct. 2t».—(JP)—The crest of the flood of selling, which has
Temperatures tumbled and waves
griped out at least 2 5 billions of dollars in the quoted values of securities in shook the shore almost before the
the last week .appeared to have passed in the New York securities markets government's storm warning was is­
early this afternoon when a brisk rally followed another disastrous* decline j
which had carried scores of issues down 910 to $70 a share.
An indicated turnover of 10,000,000 shares was seen in the announce !
1 BANKERS SEE sued. Rain or snow was forecast for
today and tomorrow.
Portions of the damaged shoreline
were flooded before emergency crews
Many Maddened by Horror
fenses, dangerously weakened by last
week's and other recent storms.
The waves climbed over the Lin­
and Exposure to Storm
coln Park sea wall in some parts and
washed across the drives. The outer Kenosha, Wis., Oct. 39.—(JPy—Between 10 and 13 men went down
drive, adjacent to the shore, has been
with the lake steamer Wisconsin in a severe storm off the Kenosha shore
closed since a part of it was swept
away last week, but it was feared early today.
that even the inner drive, a consider­ More than three wrore were saved, many of them maddened and sonn*
able distance inland, would also have
to be closed if the storm increased in
intensity. Such action would deprive
Chicago of its principal artery to the
near death from the horror and the exposure of hours in the wind whipped
sea. The three passengers aboard were rescued.
Captain Dougal Morrison, bound to his duty and true to the tradition

INVESTMENT
ment that sales to 2 : 1 0 p. m. were 13,838,000 shares, with the ticker 8 2 i could be recruited to bolster the de­ entire North Side. of the sea, remained aboard his ship to the last and went down with a score
minutes behind the market. of shipmates. His body was picked up later by Coast Guard crews.

Senator Burton of Ohio,

Chief Engineer Judas Buschmann of Manitowoc, Wis., clung to a life
New York, Oct. 39.—(JP)—Wall Streets most stalwart banking institu­ raft as the steamer up-ended, rolled over and sank. Rescuers tried to haul
tions are lending strong support to members of the New York Stock Ex­ him from the water but, crazed by his plight, he fought them off and died.
change in order to keep in hand the financial crisis arising from the enorm­
Veteran Statesman Is Dead,
Complete
ous liquidation of stocks, it was learned after another conference of lead­ Kenosha, Wis., Oct. 29.—(IP)—
With 10 or more persons of a crew

Hoover to Attend Funeral

ing banking executives at the offices of J. P. Morgan and Company today. of 60 believed lost, the steamer Wis­
The conference broke up soon after 1 o'clock this afternoon, planning New York. Oct. 29—(tf1)—Leading consin sank off Kenosha early today
to convene again after the close of the market. Thomas W. Lamont, senior bankers today believed investment
Morgan partner, received reporters but said there would be no formal state­ buying; would salvage a demoralized
stock market, wrecked in. a country­
in a storm that caused damage all
along Lake Michigan shores for the
second time in a week.
Rest for ;
Rockne
ment until perhaps later in the day. Washington, Oct 29.—(Jp)—The White House announced today that
wide cyclone of selling that swept The officers of the Wisconsin's
Jn addition to "Mr. Lamont. those 114,009,000,000 away in quoted President Hoover will attend the funeral services for the late Senator Bur­ crew stuck to the craft until it sank
attending the conference included values ton of Ohio at the Capitol tomorrow. and were taken from life rafts by
Charles E. Mitchell, chairman ot the A stampede to unload sent stock rescue boats, a dozen of which were
National City Bank; Albert H. Wig-
1'iti, chairman ot the Chase National t BANKS IN BANKRUPTCY * ' prices
. crashing again yesterday in
6
Washington, Oct. 29.—(JP)—The national capital today mourned the rushed to the steamer after Keno­
d e a t h of o n e
South Bend, Ind., Oct. 29.—(JP)—
sha Life Guard had taken off most Knute Rockne, famous Notre Dame
Bank; Seward Prosfaer. president o t i ^ {four
l u rdays.
^ ^ TTotal
^ V Ssales
L ? for " ' ^the
! day
2 ? of
X °< *«• ■ • " loved and r e j e c t e d legislator,. Senator Theodore of the crew. One man was reported football coach, probably will be lost
Die Bankers Trust Company, a n d ' #
George F. Baker, Jr., of the First,-.
IS SEEN BY B R O O M 9,212,goo shares were exceeded only Burton of Ohio to have fallen overboard as the res­ to his team for the rest of the 1-929
Washington, Oct. Z9.—{/P)-~ by the record of last Thursday when After a long life, devoted largely to public service and the advance­ cue was in progress, and five others season because of a dangerous in­
National Bank. ,"]<• Senator Brookhart, Republican, ♦ , 12.894.6<">0 shares were sold. were unaccounted for. fection in his right leg.
It was learned that the so-called ♦ Iowa, predicted today that if ♦ j Although the volume was lees, the ment of world peace, Senator Burton died late lat>t njght at the age of 77. Several persons brought from the Fearful lest the blood clot la bis
A show, while before his death, President Hoover had called to .inquire
banking pool organized last week the' severo decline of stock — ♦ , net "losses were, greater, many lead- ship by the life savers were uacon- leg spread sufficient!* to affect hi*
had been a heavy purchaser of stock prices to Wall Street con- ♦ , ing issues shrinking 10 to 60 points as to his condition. Messages of condolence and sympathy and hope for his scigns ..from Exposure when 4hey heart, his paysiciaa has -ordered
both yesterday and today, and was UnueiL "hanks -all—over -the *-j with closing- prtceB~at the~lH>ttom 'ery had been received from rrime MfnTiler~TUmsay InacbonalcTof reached shore; but they soon revived. Rockne to complete rest. He has re­
continuing to take huge blocks at <• country•" would go into bank- ♦ , The ticker was two hours and 47 Great Britain and Secretary of the Treasury Mellon as well as from numer­ There were no women aboard. signed himself to his condition and
buccessively lower levels, in order to <• ruptcy. ■ | minutes late at the close. has promised bis physician he will
prevent complete demoralisation of} ♦ ous members Of the House and Senate.
The Iowan, who has bills ♦ j The group of bankers who last Fulfilling the senator's own wish, Milwaukee, Oct. 29.—(JP)—The not disregard orders, as he did last
trading on the New l o i k Stock Ex­ * pending proposing radical re- ♦ week acted to stabilize the market freighter Waukegan which early this week, when he attended the Notre
burial will be at Cleveland. Mem­
change. ^. * vision of the Federal Reserve ♦ ! met after the close yesterday in the bers of Congress, anxious to honor timate of Theodore E. Burton of morning was reported to have issued Dame-Carnegie Tech game at Pitts­
Without thiB banking support it * law and prohibition of loans by *» offices of J. P Morgan and Company. Ohio, it must turn for its most color­ an S. O. S., weathered . the Lake burgh, further aggravating the con­
v.as said that sening orders would ♦ banks for speculative purposes, * They were Charles E. Mitchell, chair­ one who they not only respected as ful chapters to his untiring efforts in Michigan storm and arrived here at dition.
^o outnumber buying orders that ♦ said a large percentage of ♦ man of the National City Bank; Al- m a statesman but valued as well as a behalf of world peace that climaxed 6:20 a. m. The Waukegan plys be­
f He n- na/ | W U «.„♦>,«>.. * « m M M V i„ *\J1
v i1n
trading would be practically at a ♦ money advanced to brokers ♦ (.„-. u
bert H. Wlggin. chairman of t B e ! g e n a t'a C o a mgather
TX»I__4_ „».<,<_.L„.. «# *v- tomorrow in the more than two score years of inter­ tween Chicago and Milwaukee.
bcr for publIe funeral mittent public life.
Grundy Is
Etandstill. < came from banks outside New <t i Chase National B a k William y > , H H n C.
It was further stated that the < York, who would los>e t-o«w,„ A ' P « M ^ ~ , ,A ♦ * i . " ^ ; services. The body will lie In state At the age of 68, when most men Racine, Wis., Oct. 29—(JP)—The
tremen- ♦ , Potter, president of the Guaranty „. » h - r«ni»«i »),; n „.i,»,,t +t,» ^ . »
/ banking pool was not interested in ♦ dous amounts of money >ney if +1 Trust Company; Seward p r o , ^ / , » t t h e Capitol throughout the day. are looking forward to retirement, freighter Waukegan, out of Kenosha
clemming the panicky selling which ♦ prices for stocks continued to «»I chairman of the Bankers' Trust ,_ S e n i o r Burton fully realized that he returned to Congress to round out for Milwaukee sent out an S O S
poured into the market from all cor-1 <• go down
ners of the country and from abroad, 1 <-
♦ Company, and Thomas W. Lamont. b e c o u l d n 0 t recover from the malady an active life by seven years of serv- early today saying she was in trouble
He added that what he de ♦ ! partner in J. P. Morgan and C o m - ' t n a t ?riPP«Q b l m several months ago, ice in the House and Senate devoted .between Wind Point Light and Mil­ Again Called
leeling that the selling m o v e m e n t . * scribed as the "panic in Wall ♦ ' pany ' a n d expressed several desires which 1 almost entirely to the furtherance of waukee, in the steamer lane four
■was to a large degree psychological, * Street'' might lead to a "gen- * | w111 b e miles off shore.
and would have to be allowed to ♦ eral business panic" of far- They issued no formal statement. I carried out in arrangements international amity. The Milwaukee Coast Guard Crew, Washington, Oct. 29.—(Jp>—For a
for the
spend itself. <• reaching consequences. ♦ j A spokesman for the group said that I funeral. Among these, he re- j By his return to both Houses of on its way to aid in the rescue of second time Joseph R. Grundy, who
♦ 1 important investment interests were j l a s t e d that the funeral sermon F. be Congress the veteran statesman es- persons aboard the wrecked Goodrich was interested in tariff legislation
A leading banker, however, ex­ * ♦ « • « « « • * * * * v ♦ # ♦ ♦ a preparing to enter the market imme-1 preached by Bishop William ~ tabli8hed a precedent. No other
pressed the view that stocks today ped $7.62 Vj> to $17.50 and Cities I diately as large buyers of j i g h ^ r a d e McDowell, of the Methodist Episco­ American had ever served flret in t n e 4 a t e a m e r Wisconsin, changed its long before, most of the membership
were reaching levels where an in­ Service-opened" with a~T>loek of 115,-^stocks: pal Church, an old friend, and that House, then in the Senate, returned course to stand by the Waukegan of the house and Senate entered Con­
creasing amount of strong invest­ 000 shares at $ 2 4 . 8 7 ^ . I The bankers also said they were, the Knights Templar conduct the to the House and again served in the The Waukegan. a bot 01 approxi­ gress, appeared today before the Sen­
ment buying was being attracted, t Some Selling took place on the j adhering to the plan announced last service at his grave, Senate. mately 1,400 gross tonnage, did not ate Lobby Committee and declared
he was in Washington to see enact­
and added that he felt the bottom j first rally, but strong resistance was I Thursday to help maintain an order- After serving first as a Republi- Until Burton, John Quincy Adams indicate what its trouble was. It ment into law of Republican Party
\.ould be reached today. j apparent at the opening levels, and ' ly market. At that time it was stated! can member of the House and then with service in the House, then in was not believed she carried any pas­
campaign pledges on the tariff.
tew of the leading issues broke j unofficially that a $100,000,000 pool I In the Senate. Mr. Burton decided the presidency and again in the sengers. At the outset the questioning of
New York, Oct. 29.—(JP)—The through their initial prices had been formed for that purpose. I in 1914 not to stand for reelection. House, and William E. Mason of Ill­
$60,000,000 bond sale which the Cities Service on the New York They said they had no intention of and withdrawing from public life inois with service first in the House, Veteran War Nurse Dead. the 72-year-old president .of the
City of New York was to have held Curb Market was a conspicuous ex­ exerting any influence to prevent a made an opportunity for Warren G. then the Senate, and once more in Schenectady, Oct. 29.—(JP)—Anna Pennsylvania Manufacturers' Asso­
tn the office of Comptroller Charles ception, calling to $22.50 a share, or decline, and that any such idea was Harding to come into national the House, had held the record. M. McGee, nurse and veteran of ciation was conducted by Senator
W. Berry tomorrow was called off less than one-third the price prevail­ a misconception. Borah, Republican, Idaho, who had
today by the comptroller because of ing less than three weeks ago.
prominence. Burton's second period of servfee three wars, died at her home here much to do with writing the Repub­
With small investors and specula­ At the close of the World War, in the House started as American last night. Miss McGee, about 60 lican platform at the Kansas City
the present condition of the finan­ The action of the market indicat­ tors driven out in last Thursday's he emerged from his retirement and troops were returning victorious years old, saw her first military convention.
cial market. ed that bankers stood aside until the debacle and previous declines, it was became a candidate for the House. from France and a war weary world nursing service in the Spanish- "I take it your interest in coming
Washington, Oct. 29.—(JP)—Julius worst of the weakened speculative The big operators who were caught in He was elected and entered the sen­ was sighing for perpetual peace. He American War, under an appoint­ to Washington was for the tariff
Klein, assistant secretary of com­ accounts had been cleaned up, and the avalanche yesterday. Many of atorial campaign of a year ago and first advocated the abolition of ment made by the thexCol Theodore bill?" Borah asked.
merce, will speak tonight at 10:30 then threw supporting orders into the wealthiest men In the country was given a majority of more than poisonous gas in warfare; then Roosevelt. She also served in nurs­ "In the interest of enacting the Re­
o'clock over a nation-wide radio the market to prevent a complete took paper losses running into hun­ half a million. He is the only man threw his force behind a move to ing corps accompanying United publican platform." replied Grundy.
hookup of the Columbia Broadcast­ demoralization of the market. dreds of millions. in American history to serve in outlaw the aggressor nation in inter­ States troops in tqe Boxer Rebellion
"Have you taken any interest in
ing Company on Business Conditions Two significant developments took George F. Baker, chairman of the House and Senate, return to the national strife, and thirdly clashed and the World War. the enforcement plan of that plat­
in Relation to the Stock Market. place before the opening. The official First National Bank, took a paper House and then again hold member­ with his party leaders in the House Miss McGee was appointed head of form?"
call money renewal rate, which is loss of $6,600,000 on his 22,000 ship in the Senate. in their contest with Calvin Coolidge the American Hospital in the Philip­ "I have been interested in the
New York, Oct. 29.—{IP)—Direc­ usually announced after 10:30 a. m., shares of First National" when the This latter phase of his public in 1926 over the appropriation of pine Islands during the Spanish- platform. |
tors of the Cities Service Company, W^f i 3 6 1 *,*♦£ p e r , c e n t ' tetore the price dropped $300 a share. It was career was devoted to the cause of funds to start the last three of the American War by President McKin-
the stock of which has dropped vio­ opening of the market, as against a quoted at about $6,000. 1 He also international peace. Entering the eight 10.000 cruisers authorized two ley. She had been active in public k
lently during the current wave of se­ renewal rate of 6 per cent yesterday, owns 64,000 shares of American Tel­ House as American troops were re­ years previously. health work in this city for 10 years Domestic Drama Shifted.
curity selling, will meet tomorrow to and F. B. Keech and Company, one ephone and Telegraph which lost 34 turning from France, the aged Chicago. Oct. 29.—(JP)—The Irene
In this dispute between the presi­ preceding her death. Bordoni-Ray Goetz domestic drama
take action on and possibly withdraw of the large commission houses, an­ points. Ohioan threw himself heart and soul dent and Congress Burton late one
the offering made recently to stock­ nounced that margin requirements has moved for the moment from New-
Others who took huge paper losses into the effort to make the Ideal of Winter afternoon held House mem­ Sandino Again Heard From. York to Chicago, with the French
holders to buy additional common had been reduced to 25 per cent, as were Fisher Brothers of Detroit, Ar­ perpetual peace a reality. bers in their seats long after the Mexico City, Oct 29.—(JP)— After actress seeking 111 Illinois courts an
stock at $45 a share. a result of the recent break. thur W. Cutten of Chicago, John J. He advanced the abolition of poi­ lights had been turned on in plead­ Irving for several months in Yucatan, annulment o( her marriage to the
Cities Service common has sold as These developments helped to re­ Raskob, William C. Durant. Harri­
son gas as an implement of warfare, ing the cause or disarmament as a Augustino Sandino, Nicaraguan rebel Broadway producer. Goetz has'hied
high as $68 a share on the New York vive confidence which had been badly son Williams, Public Utilities Mag­ Joined in a movement to outlaw the means of world peace. leader, lias planned a visit to this suit for divorce in New York.
Curb Exchange this year, but fell to­ shaken as a result of the disastrous nate, and Sidney Mitchell, head of aggressor nation In any international He said he was looking out over a city with the hope of being received
day to $20 a share. J breaks in the last few days. Miss Bordoni, appearing in a "nju-
the Electric Bond and Share Com­ conflict, opposed in 1926 the appro­ horizon far beyond the controversy by President Portes Oil, according to iscal comedy." filed the annulment
Wall Street has never witnessed pany
priation of funds to begin the con- between the White House and Con­ an announcement by his friends suit yesterday, alleging that at the
New York. Oct^ 29.—(JP)—J. P. such a wild opening as today's. Prac­ Wall Street operators expressed : truction of three cruisers previously gress and thinking of other years here. Preparations are being made
Morgan & Co. issued the following tically all of the leading issues the opinion that the slump in stock authorized, and sponsored the move and to him it appeared a question of for Sandlno's arrival late this week time
s
18,
of her marriage to Goetz, Oct.
1928, in Jersey City. Goetz had
statement at 11.15 a. m.. Opened with blocks or 10,000 to prices would not affect business gen- which led to the Kellogg treaty re- whether the most powerful nation of or early next week.
50,000 shares, with the average de- been divorced less than a year from
'It is learned this morning that - „- - erally, but predicted that the condi-1 nouncing war as an instrument of the world was to lead the way in Sandino left Nicarauga some time his former wife, Mrs. Ethel Johnson
many of the leading institutions, in- c l , n - e 8 r u n n > n g close to $5 a share. tion of the market might be reflected ! national policy, limiting naval power, to his mind the ago and, having been granted per­ Goetz.
eluding the following: J. P. Morgan Severe declines also took place in in a slowing up of the purchase of j ^ vigorous proponent of the lim- aggressive power of any nation. mission to reside in Mexico, took up
& Co., National City Bank. First Na­ the prices of bank stocks, which are luxuries. The first Mrs. Goetz was granted a
J nation of naval armament, the Ohio Burton lost in this contest, funds quarters in Merlda after a brief divorce here in April, 1928. She
tional Bank, Chase National Bankr traded "over the counter." First
There is speculation whether auto- senator died in the satisfaction of were provided; but the goal on visit to Vera Cruz. He avoided com­ named Miss Bordoni corespondent.
Bankers Trust Co., Equitable TTUst National Bank . stock dropped $300 mobile stocks can maintain their knowledge that the nations are which he kept his eyes .reduction of ing to 4^0 capital at that time.
a 8ha
Co.. New York Trust Co.. Irving a n d r 6e . <10 berng quoted at $6,300 bid present dividend rate which is has- j t h en i m b l e in London in January in seapower. at the hour of his death R H
Trust Co.. Bank of America, are * ■' offered, t0 ID 4^0 «* ^ *~i * Wreman Killed.
ed on prices to yield between 5 and • . n a n e f f o r t t o a t t a l n t h i 8 objective. apparently was nearer with the great Wall Permit Uranted. Chattanooga. Tenn.. Oct. 29.—<*>>
stating to their customers that for m aGeorge F. Baker, veteran chair- 10 per ceSit whil* good industrial naval powers preparing to gather in
the present they plan to require the. n o l dn °* , J l e board, is understood to stocks are selling on a yield basis of Precedent Established London in January to consider such mission Washington, Oct. 29.—(Jp)—Per-
was asked of the Interstate —Forrest Aderholt. fireman on a
maintenance of only 25 per cent t n a t 22,000 nia
shares in this stock, so less than 5 per cent. When time shall write its final es- a step -, Commerce Commission today by the passenger train on the Alabama-
margin on their street demand ! overnight loss in paper Another phase of the situation Many of Burton's friends have New York Central Railroad to ac­ Great Southern Line, was killed and
loans." profits in this tsbue alone runs which is being watched closely is the thought that he overtaxed his wan quire half Interest in three West Vir- several passengers were injured
. The total stock sales in the first' S6.000.00U. Mr. Baker is also re- effect of the depression on invest­ the market to hit the bottom before | Ing strength in his efforts in both j ginia railroads now controlled by when five cars and the locometive et
r half hour wer* 3.259.800 shares, or hPUted too f hold more than hft.000 ment trust? whi~h ha've placed be­ bnying extensively. this direction-and in taking a leading; the Chesapeake and Ohio Railway the train left the tracks at New Eng­
larger than any previous full hour's , h a r e s American Telephone, tween two and three billion of dol­ Some of the favorite issues were part In the Hoover-for-presldent land, Ga., 12 miles from here, short­
sales on record. j which dropped $34 a share yesterday lars worth of securities in the mar­ among the hardest hit. United States I mot e prior to tho Republican Kan- mistrial Declared. ly before 7 o'clock this morning.
Wide open breaks also took place a n d 12 more today, or a shrinkage ket during the past year Steel Cotton declined 17 H ; General sas City convention. | Tampa, Oct. 29.—(JP)—A mistrisl Henate in Adjournment.
on the New York Curb Market. Elec-, in the quoted values of his holdings Heads of these organizations re­ Electric 4 7 H ; United States Indus Burton was one of those to initiate,'was declared here today in the case Washington. Oct. 29.—(jPV—The
trie Bond and Share, which ran up of that issue of nearly $3,000,000. fuse to discuss the situation but trial alcohol 3 9 ^ - the Hoover move for the Ohio dele- of Sidney J. Catts. former governor Senate today adopted a resolution
close to $$00 a share in the recent 1 National City Bank stock dropped some of the managers of the larger Of the estimated paper lose of gation to Kansas City. After Hoover'of Florida, who had been tried on a expressing its "profound sorrow"
wild orgy of speculation, opened with l$47 a share; Chase National $20; ones said they were in liquid condi­ $14,000,000,000 the New York Mar­ had succeeded in winning many off charge of aiding and abetting coun- over the death of Senator Theodore
a block of 60,000 shares at $5.25, off ' Equitable $10; Central Hanover tion and thst they had bought some ket accounted for $10,000,000,000 the delegates. Burton entered thejterfeltlng, when the Jury reported in E. Burton of Ohio and adjourned af­
S34.76, and then rebounded to $70 a f 15; Corn Exchange $47 and Manu- stock in the decline, but for the moet with the best distributed among race for the Senate and won by more [Federal Court it had been unable ter a three-minute session out of re­
bhare. American Super-Power drop- Ucturers True* $15. part were standing aside waiting for other exchanges over the country. than a half million majority. i t o agree. spect for the dead legislator.

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