San Bernardino Sun, Volume 53, 10 February 1947 — Page 2
SAN BERNARDINO
LA. Attorney Dies LOS ANGELES, Feb. 9 W Frank Graham Finlayson, 83, pioneer Lot Angeles lawyer and former judge, died of pneumonia today. , THE AMERICAN NATIONAL BANK Monday Morning i'omments Sometimes it seems as if :l;e people who read this column are not very serious minded. At least, whenever I write what The Boss calls nonsense we get a lot of comments and when I try to explain banking to you no one pays any attention. Aren't you interested in learning how to be a banker? I believe you would rather read about the Black Dahlia or a cat up in a tree. TJiere is at least one other person as vague about business as I am,, and this column is strictly for people like us who are sometimes baffled by business terms. No one else needs to read it and if you are one of the smart ones you will stop right here. This friend asked me to explain the difference . between Common Stock, Preferred Stock and Watered Stock. I was flattered and promised to look it up, so here it is. Suppose someone' wanted
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fifty thousand aouars. ne hasonly twenty-five thousand dollars and some way he has tosraise twenty-five thousand more. There are several ways ne could do this (see The A.N.BVfor further v details). One ofthje things "he could do would be to issue twenty-five thousand, shares of Preferred Stock. All right, you buy some of the stock. .(Go ahead, it's going. to be a fine company.) This stock you bought is called Preferred because you are promised a certain rate of dividends or interest on your investment say six percent and it must be paid to you before the owners of the company pay themselves any dividends. If the company makes a great deal of money, the owners of the Common Stock may make twenty or thirty percent on their investment while you continue to draw only your regular six percent In other words, you trade your chances of making a big profi- if the company is very successful .for the security of always having your claims paid first if it is only mildly successful. Usually you are not entitled to vote your Preferred Stock, unless they fail to pay your dividend. In most cases, the owners retain the right to buy back (or retire) the Preferred Stock in a certain number of years at the prevailing price of the stock or at an agreed upon figure. As to Watered Stock, that is what people usually end up papering the parlor with only nice to look at. Some place I have heard that the name came from an old custom of filling the cattle with water before taking them to be weighed and sold. Could be. Anything else you would like to know just write to The American National Bank on E Street at Court. They will think up some kind of an answer. At least, they always have an answer for me especially when I mention a raise. And it will give me something to write about Monibef TtAtnl Depwlt Xnturance Corporation
DAILY SUN Mon., Fet. 10, 1947
Young Officer Breaks 5-Man Holdup Gang Four Arrested After Patrolman Refuses To Yield to Guns SAN FRANCISCO. Feb. 9 (UP) A young patrolman, who studied for his police examination while he was an elevator operator at the hall of justice. today was credited with smashing a five-man holdup gang believed responsible for a long series of hotel and apartment robberies. The officer, John McNamara, 32, was drivine home with his wife early today when he became suspicious of two men whom he spot ted coming out of the darkened doorway of an apartment house carrying suitcases and several fur coats. DRAWS OWN GUN McMamara jumped out of his car and approached the men, only to find himself looking down the barrels of two guns. Without hesitation he drew his own service pistol and ordered the men to surrender. The suspects wavered for a second, then dropped their guns and fled. McNamara pursued the fugitives and succeeded in overtaking one of the men, later identified as Albert Hosking, 21, a, Army deserter. Meanwhile, the officer's wife, Maxine. ran to a telephone and called police headquarters for re inforcements. Police inspectors from headquarters entered the apartment and found the occupants of two apartments bound with neckties and nylon stockings. THREE OTHERS HELD Thp victims were Donald McNeil, Mrs. Ghunda Dallas, Audrey Dallas, and Mr. ana Mrs. Andrew H. Hollaway, of San Luis Obispo, guests of the Dallas family. After questioning Hosking, police later rounded up three other members of the asserted eane. The suspects, all of whom were taken at their homes, are Gene Cooper, 21, Richard Murphy, 18, and Joseph Murphy, 22. Police said they believed the group were responsible for numerous other recent hotel and apart ment jobs, including the $26,000 jewel robbery at the Hotel Empire last week. Boy Born to Train Wreck Victim Dies FRESNO, Feb. 9 UP A boy born by Caesarean section to Mrs. David F. Bermel, one of the 100 passengers injured and burned Tuesday in the Southern Pacific streamliner accident at Kingsburg, died yesterday shortly after birth. Surgeons said Mrs. Bermel's burns made natural birth impossible and the Caesarean operation was performed to save her life. REAL ESTATE COURSE TO START FEB. 12 The third leision of the Re:' Estate School will start Wednesday evening, February 12, 7:15 P.M. at the Skadron College of Business, corner Fourth and H Street, Telephone 331-32. The college was established in San Bernardino in 1907. Men and women will again be trained for the State Examination for a broker's or salesman's license in eight weeks. The class will meet every Wednesday evening from 7:30 to 9:30 P.M. The course wilt be in. structed by Mr. Ferris E. Wil. kmson, local licensed Real Estate Broker and Title Officer -of the Security Title Insurance and Guarantee Company. Mr. Wilkinson is well-known in San Bernardino real estate circles, having had twenty ears' ex. perience in real estate, title in surance and escrow work. The training will consist of practical instruction on convey, ancing, the legal effect of deeds, mortgages, land contracts, and leases; land economics, ethics, escrows, principal and agent, real estate practice, real estate law, G. I. Loans, new construction, mathematics and salesmanship. In addition, there will be lectures by outstanding real estate men who are authorities in their field. One session will be devoted on how to get started in the real estate business and at the end of the course a test similar to the State Examination will be given. Students who have previously taken this course have success, fully passed their examinatlont and are now actively engaged In the Real Estate Business. This course will prove valuable to those who wish to qualify for the State Examination, practicing ealesmen and brokers who wish additional training and others who desire a knowledge of real estate for their own businesa. There will be a reasonabie tuition, which can be paid in Installments. Prospective students are Invited by the Skadron College to attend the opening session on Feb. 12 without charge or obligation. Application blanks will be available for those who wish to apply for the State Examine, tion.
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OLD, NEW FACES David Ruge of Chicago was called the "ape boy" when his face looked like this (top), and' below is how he looked after plastic surgery and a new hair-do. Dr. Ferris Smith of Grand Rapids, Mich., performed the operation free of charge after news stories revealed Ruge had attempted extortion to finance the face alteration. Colorful Duke Dies in Britain LONDON, Feb. 9 (tP) William Angus Drogo Montagu, the gay duke of Manchester who lost three fortunes in a colorful career that included boxing and bankruptcy, died at Seaford, England, today at the age of 69. From 1900 until 1931 the duke, whe held one of Britain's oldest titles, was married to the former Helena Zimmerman, American heiress, of Cincinnati. She bore him two sons and two daughters, all of whom survive. Plump, affable, ruddy-faced and smiling, the extravagant nobleman moved in sporting, theatrical and highest social circles on three continents. He was hounded by creditors irj London, Paris and New York. Son of one wealthy American woman, husband ot another, he has been living quietly since his second marriage in 1931 to Kathleen Dawes, London actress. Santa Barbara Clerks Plan Token Strike Today SANTA BARBARA, Feb. 9 (TP) Members of the A.F.L. Retail Clerks union 899, with jurisdiction in Santa Barbara, Ventura and San Luis Obispo counties, today voted to take strike action against food store operators in a wage dispute. Union officials indicated one store probably would be struck tomorrow, but would not say which it would be. The union's secretary said a general walkout of food store employes would not take place. "COtP GOT YOU ALL Get MENTHOLATUiVi
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Government by Television Urged For Atomic Age Senator Wiley Wants 'Push-Button' Plan In Case of Attack y WASHINGTON, Feb. 9 WV-
Senator Wiley, Wisconsin Republican, today proposed a "push-button" emergency government to function by television in case "one atomic flash" wipes out the president, his cabinet and congress. The chairman of the senate judiciary committee sent his suggestions to President Truman in an "open letter," terming Truman's own proposal for a new line of succession to the presidency "inadequate" in an atomic age. The president asked congress last week to make the speaker of the house next in line when there is no vicepresident, instead of cabinet members. "We know that in an atomic war, it would be practically impossible for the congress to assemble in any given spot," Wiley said, but televisibn, radio and other inventions "would make an assembly possible even though legislators were separated by great distances." LEGISLATURE VITAL "It would be vital to constantly have a legislature in session in an emergency of this kind to operate as a check and balance against any would-be dictatorminded executive," he continued. Even if all senators and representatives were "eliminated by an atomic attack on the capitol," Wiley said, many states could immediately replace them through appointments by governors. He urged that states which do not now allow this, but require special elections, should amend their constitutions "to provide for such an emergency." The senator suggested that the armed services should encourage decentralized factories, including housing for workers, "in mountainous and other relatively inaccessible spots"; that sufficient defense appropriations be continued for "bacteriological, atomic, and guided missile research and for a worldwide intelligence system superior to any other power's." Flaws Developing In 'Black Dahlia' Murder Confession (Continued from Page One) mais is held, under threat of expulsion from Fort Dix. Soldiers in the orderly room said they were sure that Dumais had been signed in on the morn ing report of Jan. 11 as being present on the post. They also said they had seen him around the post during the next few days after that. Other soldiers, who would not reveal their names, said that they had seen Dumais on the post in mid-January dressed in an officer's uniform and that he "stuck out like a sore thumb." It was reported that he was arrested once for wearing officer's clothing, but the only apparent upshot was that he was transferred to the military police. He reported to the M.P.'s for duty on Jan. 17. Hf STIRLING rggjjjB STREET BtIG" STUFFBD UP ? When that nasty old "Cold Bug" clogs up your nostrils, has you gasping for breath quick, Mentholatum! Just spread in nostrils. Instantly it starts to lessen congestion, thin out thick mucus, eoothe irritated nasal membranes. Soon you can b-r-e-a-t-h-e! Don't let the "Cold Bug" keep a strangle hold on your breathing get Mentholatum.
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Riol Breaks Up Anti-American Rally in China Economic Crisis Likely Will Force Government Change
SHANGHAI, Feb. 9 () China's deepening economic crisis results today in an anti-American rally which broke up in a riot and brought a prediction from a high quarter of an imminent government reorganization. In Nanking Generalissimo Chiang Kai-shek ordered a new five-year economic plan started immediately, but its nature was not disclosed. The Shanghai mass meeting was called by employes of various Chinese department stores to instigate a boycott against American imports as a means to "save Chinese industry from bankruptcy." LEFTEST MAIN SPEAKER Kuo Mo-jo, a prominent leftist writer who last year was received with great honors on a visit to Moscow, was billed as the principal speaker. The meeting had barely gotten under way, however, when a signal from an unidentified man in the crowd started a riot. Kuo and the other speakers escaped in the melee, but at least 10 persons were injured. Mayor K. C. Wu subsequently told, correspondents he had no objections to encouragement of' do mestic industry but could not agree with a boycott of American goods, as this obviously would have undesirable political implications. PRICES SOARING Observers regarded the incident as symptomatic of the growing unrest caused by the country's steadily deteriorating economic condition, which has sent prices to new heights and the exchange value of Chinese currency to recora lows. The American boycott idea grew out of a Chinese government plan to tax imports 50 per cent and use the money to subsidize exports 100 per cent This sub sidy, announced Wednesday, would have given Chinese exporters 6,700 Chinese dollars for each American dollars worth of goods, approxi mately the black market rate of that time, compared with the official government rate of 3,350 to 1 The black money market react ed immediately, however, and yeeterday was offering more than 11,000 Chinese dollars to $1 U.S The U.S. consulate also sent ship pers an informative notice that American tariff law required that subsidized goods pay additional levies equal to the subsidy. That knocked the subsidy plan on the head. Since Wednesday, retail prices have doubled and there has been a rush of speculative buying, with gasoline a prized item.
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Soviet Says Allied Reparations Ffim Germany Already Exceed 10 Billions Demanded by Russia
MOSCOW, Feb. 9 W) Russian economist D. Melnikov declared today that the United States and Britain already had received more than $10,000,000,000 worth of Ger man reparations a sum equaling Soviet claims against Germany. In an article published in the magazine New Times and the Communist newspaper Pravda, Melnikov also asserted that the two western nations had hampered shipment of German materials to Russia and were seeking "to obtain key positions in the economy of western Germany and make her permanently dependent on Anglo-American monopolies." The economist said that the $10,000,000,000 figure did not in clude assets seized by the Ameri cans and British from "so-called neutral countries." (In Berlin, Lt. Gen. Lucius D. Clay, U.S. deputy military gov' ernor, called the allegations . "too ridiculous to be worthy of com ment." Senators Battle Equipment Deal Given to Russia (Continued from Page One) would contribute 21 per cent of the value for these administrative expenses now, 2Vt per cent would be knocked off of what Russia owed when they negotiated the final settlement." Russell asked whether similar agreements were made with other countries. "Russia is the only one," Fisher relpied. "The others were as suming the burden." "In the case of taking the 2'i per cent from Russia and deduct ing it in the final settlement," said Russell, "that would clearly have been a subterfuge to escape the intent of congress? "Yes," Fisher replied. Bridges said that in the case of Russia that would mean "taking 2V4 per cent from nothing, because they have not paid anything on lend-lease." "That is true," Fisher said. The committee previously had received testimony that Russia had ignored all American requests for a settlement of $11,260,000,000 in wartime lend-lease aid. When Fisher testified that the Russians would have 30 years to pay the $35,000,000, Senator Tydings, Maryland Democrat, said he thought it was "an awfully bad contract." Even so, however, he questioned the wisdom of breaking the contract because of interrational complications. DICTATING MACHINE HEADQUARTERS Arrowhead Typtwrittr & Adding Machine Co. Charlie Dometrlui "Sine 1927" 384 D St., San Bernardino, Ph. 5863 Sale Still Going On! 49 V 49c h. DRAPERY 98C yd.
(James F. .Byrnes, then secretary of state, said last July that the Russians had received directly or : indirectly $14,000,000,000 in
reparations from Germany. He said that under the Yalta agreement Russia received land east of the Curzon line for which it com pensated Poland with German ter ritory having a taxable property value of $11,500,000,000; and that Russia received land in the Koenigsberg area worth $2,500,000,000. In addition Russia as received many German factories, including plants in the American zone of occupation which were transferred intact to the Soviet Union.) Melnikov said -the United States and Britain had blocked the "just claims" of countries "which suffered German occupation," even though these claims were agreed on at Potsdam. "It is well known that the reparations claims of the Soviet Union $10,000,000,000 are not equal to one-tenth of the damage caused 100-150 Die in Dance Hall Fire (Continued from PageOne) was that people who had got out through the main exit didn't seem to be moving but standing there watching the fire rather than mak ing way for those fighting to get out. "Several women who fell were trampled to death. Others who were standing there were naked because their clothes had been torn off in the scramble. "Some still stood trying to get their coats from the cloakrooms, one of which was near the door. I was pushed right by this cloak room and out the door. Outside we heard the screams of those trapped within. Many were jammed in the main exit, trying to get out alive. It was the most terrible thing I've ever seen." A British fire brigade arrived within a few minutes and six Ger man fire trucks appeared, but they could not check the flames. The cold hampered the firemen. It was three hours before the blaze was controlled.
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in this country by invasion,1 he said. Reparations demands of Poland, Czechoslovakia and Yugoslavia also are "extremely modest," Mel-, nikov added. He said while the two western nations "hindered" sending plants and equipment to Russia from the western zones of Germany, they shipped such material to their own countries with the . "greatest dispatch." "The most important enterprises,' incidentally, were dismantled in the American zone," Melnivok said. EXAMPLES GIVEN Citing foreign press reports as his authority, Melnikov gave these examples what he termed "reparations" seized by the two countries from current German production: Sent to Britain 300,000 tons of lumber in the second half of 1946; "many million tons of coal" during January; fountain pens manufactured in 20 factories; machine equipment manufactured at the Printz-Mueller works during the second half of 1946; almost all turbines and parts produced toward the end of last year by the Siemens-Shukket plant. Sent to the United States small parts valued at $26,200,000, 12,000 tons of aluminum, 95 per cent of the cameras made by Afga. He said that both countries had seized German patents, removing about 200 from the western zones, and . also had taken about 170 tons of gold from Germany. "Finally, the United States, Britain with her dominions, and France have received 470,000 tons of the German merchant fleet," Melnikov said.
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