08 Jan 1948
Page 1
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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jan 08, 1948
Page
1
Former Treasury Secretary Morgenthau says he held 195000 bushels of corn on the short side and lost money. In a New York statement, he denies profiting from higher food costs and notes his trades ran March 16 to August 11, 1947 as selling futures only with no inside information.
Washington reports Henry Morgenthau Jr former Treasury secretary appears on a government list of commodity speculators but he says he lost money and had no inside information He had traded corn futures after resigning in 1945 with his name listed by the Agriculture Department as a June 30 1947 Chicago Board of Trade speculator under a congressional inquiry into insiders.
The list, released today, shows Edwin W. Pauley an assistant to the Secretary of War since last September. Four Pauley relatives are listed with long Chicago market corn holdings as of June 30 1947: Edwin W. Pauley 350000 bushels Harold R. Pauley 100000 Elbert L. Pauley 50000 Ai-
Officials noted a Des Moines concern named Pioneer H I Bred Corn Company in the April 30 1946 corn market with a financial link to former Vice President Henry A Wallace. The firm produces hybrid seed corn and was reported to hold 195 000 bushels on the long.
On June 30 1947 Gov H B Maw of Utah held 10 000 bushels on both market sides, joining public officials in wheat trading. Morgenthau apparently lost money while on the short side in September 1947, and Pauley stood on the long side of the market as officials described the volatile conditions.
The Senate Appropriations Committee released a list showing 5,357 wheat futures traders on the Chicago Board of Trade for a three day period in September. Don Ameche, identified only by state California, appeared on the list. In Los Angeles the actor refused to acknowledge trading and declined comment.
Plainview sees a deadly highway crash as Homer A. Rook 50 faces negligent homicide charges after a multi-vehicle collision that killed Dallas Alford 30 Wayland College music head. Six injured include Borger drama student Wanda Haney and Fort Worth musician Mary Gaston. Funeral set for Alford. Wayland classes dismissed.
Rescue efforts by American and Japanese vessels to save the 780 passengers aboard the Russian ship Dvina continued off northeast Japan. A B-17 crew reported decks awash and lines failing to reach the stricken ship amid poor visibility and 30-degree listing.
A Coastal Airlines C-47 charter plane crashed into a Savannah River marsh in Georgia, killing 17 of 26 aboard and injuring nine. The dead include pilot Alvino An, with co-pilot Raymond Eick among survivors. Passengers were Puerto Ricans from New York bound home. one girl died on a rescue boat.
Dr William Richardson White pastor of the First Baptist Church at Austin accepted the Baylor University presidency effective February 1 1948 in a telegram to Dr W W Melton chair of the board of trustees He becomes Baylor s 10th president succeeding Pat M Neff who retired December 31 White 55 said he aims to advance the university scholastically and broaden its role in world reconstruction. He was chosen at a January 3 board meeting.
Moscow reports a nationwide stand against displaying Hollywood star photographs. Evening Moscow cited the Union of Artists and Co ops ordering ban on trashy portraits of Gable and other American cinema figures. Barber shops and beauty parlors were noted as common display sites.
Maj. Gen. Emmett O'Donnell Jr. receives appointment by President Truman as the U.S. Air Force member on two hemisphere defense organizations. The item notes his leadership of the first Superfortress raids on Tokyo. Kellogg American Air Compressors at Herberg Bros., 213 Taylor.
A 1948 New York Post column notes that politicians wear three hats the inner hat is worn in private and the ring hat is worn during campaign and the talk hat when addressing the public. The piece argues that bad candidates win when good citizens abstain from voting.
Robert L. Jones former Dallas police chief 1935 to 1939 was charged with murder in the fatal shooting of his son in law George A. Vadere a private detective at a downtown jewelry store Vadere tried to flee but was shot Jones surrendered turned over his pistol and said I just had to do it Jones 51 Vadere about 35 Jones had resigned in 1939 after a feud with the city manager.subtitle
John Charles Thomas concert set for Saturday night at Municipal Auditorium. Tickets available from 9 to 5 daily at Panhandle Concert Bureau with prices 3.60 3.00 2.40 1.80 and 1.20 for students. Good seats remain in most auditorium sections.
In Baltimore Mrs Mil dred McQuaid finally stops waiting for a plumber after thieves steal a 100 pound sink she bought two months earlier. She had struggled to find a craftsman to install it, and the loss ends her fruitless search.
Maj. Gen. Bennett E. Meyers pleaded not guilty to six counts alleging perjury before Senate investigators about wartime private deals and payoffs. Judge David A. Pine set the trial for February 16. LaMarre, a key witness, pleaded guilty to three perjury counts and claims Meyers was the real owner of Aviation Electric.
President Truman urged a flat $40 annual tax cut for all income taxpayers and dependents, funded by higher corporate taxes, as part of a 10 year program to stamp out poverty and promote peace. Republicans denounced the plan as political and vowed to push their own tax cut.
A juvenile inmate at Potter County jail joined a prayer meeting with peers. After the session a cigarette pack projected from a worshiper’s hip pocket was found missing and later recovered by deputies from the youth.
Weather Bureau notes continue fair conditions for Amarillo and nearby areas Thursday and Friday with a slight drop Thursday and little change Friday. West Texas stays fair though Panhandle and South Plains grow cooler Thursday. Highs range 45 to 65 degrees, with temperatures yesterday showing a high near 47 and a low around 47.
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