Stocks and staples rise to new highs on brisk trading
The New York market surged on May 11 with stocks and principal staples reaching new highs amid strong buying. Rail shares led the gains with Union Pacific up over five dollars, Norfolk Western around three, and Santa Fe about two. Other notable moves included Allied Chemical, U S Steel, Dupont, General Motors, and Chrysler advancing several dollars each as wheat and cotton futures climbed.
MENTIONED IN THIS ARTICLE
New York
Union Pacific
Norfolk Western
Santa Fe
Allied Chemical
American Telephone
U. S. Steel
Dupont
American Smelting
Consolidated Gas
General Motors
Chrysler
Wall Street Wizard Mitchell Faces Tax Fraud Trial
Charles E. Mitchell, famed Wall Street figure, goes on trial in federal court charged with financially manipulating income for 1929 and 1930. Prosecutors allege he created apparent losses by selling and rebuying securities at misvalued prices to dodge taxes, including transactions with his wife.
MENTIONED IN THIS ARTICLE
New York
Charles E. Mitchell
Wizards of
Wall Street
Max D. Steur
Steur
Mitchell
Henry W. Goddard
Germany Delays Acceptance Of World Economic Armistice
London reports Germany rejects immediate assent to the draft tariff truce text delaying formal acceptance. The Reich sticks to studying proposals delaying the world economic conference armistice. Norman H. Davis remains in London awaiting Berlin's reply as Britain and America urge action.
MENTIONED IN THIS ARTICLE
London
Germany
Reich
Berlin
Washington
Norman H. Davis
Roosevelt
Corner Rounded Belief of Prosperity Spreads Among Industrial Leaders
Industrial leaders report orders piling up for the first time since 1929 and cite a series of wage hikes employment gains and production increases across sectors. Wholesale prices rise on May 6 while Pacific coast retail trade climbs and auto output improves. Steel unfilled orders grow 23 500 tons since October 1932 and dressmakers in Philadelphia win a 10 percent pay raise with shorter hours. Wages rise for Lane Cotton Mills New Orleans Pepperell Mills Lindale and Zan Broom Portland. Textile and silk mills expand payrolls and 24 hour shifts are planned at Butterfly Silk Mills Sidney New York.
MENTIONED IN THIS ARTICLE
United States Department of Commerce
Pacific Coast
United States Steel Corporation
Philadelphia
Maryland
Lane Cotton Mills
New Orleans
Pepperell Textile Mills
Lindale
Cresswell Shirts, Inc
New York
Connecticut
Butterfly Silk Mills
Sidney
N. Y
Ashland
Texas Textile Mill
McKinney
Tex
Zan Broom Company
Portland
Ore
Merchants Test Sales Tax in Raleigh Legislature
In Raleigh on May 11, after adopting several minor amendments the House passed a bill and sent it back to the Senate. The measure concerns a biennial school machine tax policy under consideration by state lawmakers.
MENTIONED IN THIS ARTICLE
Raleigh
House
Senate
Cotton Carnival Highlights Rising Prices Across South
In Memphis the third annual cotton carnival marked a continued rise in cotton prices. Planters and brokers, citing an average crop of 12 million bales, estimated that price gains added over 135 million dollars in value to the South's main crop in the last month. C
MENTIONED IN THIS ARTICLE
Memphis
Tenn
C. G. Henry
Mid- South Cotton Growers Associations
Gandhi’s Wife Freed From Jail in Civil Disobedience Case
Mrs Gandhi, wife of Mahatma Gandhi, was released unconditionally in Poona after a six month sentence for non payment of revenue. The move comes as Gandhi’s last three weeks of protest were underway. The physician noted a rapid decline in the nationalist leader’s health.
MENTIONED IN THIS ARTICLE
Poona
India
Mathama Gandhi
Mahatma
Roosevelt Moves to Draft Broad Employment Bill
In Washington on May 11 the Roosevelt administration outlined a sweeping employment bill to link industry and government. It envisions re-employing millions and includes a government public works program with a tentative cost of 3,300 million dollars.
Military bases in South Carolina face drastic cuts
May 11 report shows Charleston navy yard dependent on new construction funds, Parris Island marine base to be drastically curtailed, naval radio station to close, and hospital and prison reduced to maintenance status as the navy aims for a $270 million budget reduction. The eighth naval district headquarters move is noted.
MENTIONED IN THIS ARTICLE
Washington
Charleston
S&s
Navy Yard
Parris Island
S. C
Swanson
Charleston Yard
Naval
Naval Hospital
Naval Prison
Navy
Eighth Naval District
New Orleans
Cherokee County Fights Turlington Act In Local Bill
Cherokee County lawmakers clash over a local bill to regulate law enforcement under the Turlington prohibition act. The measure, sponsored by Representative Cover, is recalled from the senate, debated on suspension, and finally killed 53 to 23 after an oral vote.
MENTIONED IN THIS ARTICLE
Rale
Cherokee County
Turlington
House
Cover
Moss
Nash
Senate
Raleigh
Cherokee
Barden
Haven
Hamilton
Carteret
Lown
Taylor
Mecklenburg
Dover
Only Ashes Remain After Book Fires
Berlin reports that thousands of books by German and foreign authors were burned on pyres last night. Among those condemned were works by Jack London Franz Boas and Helen Keller as enemies of the new German spirit.
MENTIONED IN THIS ARTICLE
Berlin
America
Jack London
Franz Boas
Helen Keller
Rogers Lauds Chicago World Fair Opening Soon
Chicago editor Will Rogers writes that the upcoming fair is a nationwide association event not city funded. He praises its scope and influence, notes admission is 50 cents, and suggests teachers may seek compensation from the organizers. He predicts broader public interest as President Roosevelt advances policies.
MENTIONED IN THIS ARTICLE
Chicago
Roosevelt
Levee Breached by Dynamite Near Belzoni Mississippi
Three dynamite blasts opened a 50 foot crevasse in an unguarded levee near Belzoni Mississippi about a mile south of town. National guardsmen and convict labor rushed to slow the breach while the big Atchafalaya levee further south drew attention. The blast shattered windows up to half a mile away.
MENTIONED IN THIS ARTICLE
Belzoni
Miss
Here
Sennett
Atchafalaya
Silver City
Bill proposes cash depositories in Greensboro under state bank rule
Representatives Hoyle and Moore of Guilford introduced a bill in the house to permit cash depositories to operate in Greensboro under the direction of the state banking department.
MENTIONED IN THIS ARTICLE
Raleigh
Hoyle and Moore
Guilford
Greensboro
State Banking Department
Japanese Plane Drops War Warning Over Peiping
A Japanese bombing plane released handbill warnings of war over Peiping. The notices urge Chinese forces to cease opposing Japanese and Manchukuans and to break from Chiang Kai-Shek, warning of the Kupeikow tragedy if ignored. Chinese and American residents faced anxiety as the high altitude attack produced no physical damage.
MENTIONED IN THIS ARTICLE
Peiping
Forbidden City
Chiang Kai-Shek
Kupeikow
Tientai
Chiang
Tientein
Chiang Kai- Shek
Congress rushes Roosevelt program on tax and public works
Washington May 11 Congress presses forward with Roosevelts program. The tax bill calls for one cent a gallon gasoline tax for a year and lowers local postage to two cents while dividing the electricity levy. House and Senate push farm relief inflation and rail reorganization as Rainey delays signature.
MENTIONED IN THIS ARTICLE
Washington
House
Senate
Rainey
White House
Industrial Consumer and Power Company
Independent Offices
Wagner
Democratic House
Carl R. Gray
Unoin Pacific
Donald Richberg
House Commerce Committee
Congress
Ohio
Reverend James M. Hayes Resigns from Lexington Church
The Rev. James M. Hayes, pastor of the First Baptist Church since January 1, 1028, announces his resignation to accept a call to the Baptist Church in Beckley West Virginia, effective June 1.
MENTIONED IN THIS ARTICLE
Lexington
James M. Hayes
First Baptist Church
Beckley
W. Va
Spot cotton hits nine and nine quarters in Concord
Spot cotton in Concord on May eleven quoted at nine and nine quarters cents per pound, the first time the staple reached this price since September, signaling a price uptick for the market.
MENTIONED IN THIS ARTICLE
Concord
Burlington Mills Raises Pay for 4000 Workers
Burlington Mills announced a five percent wage increase for its four thousand employees as part of the national development program.
MENTIONED IN THIS ARTICLE
Burlington
Burlington Mills
South Carolina names 1924 track team captains
Columbia May 11 AP Thomas Jefferson Craig of Central 8 C is elected captain of the 1924 University of South Carolina track team. Bryant Hutt of Florence sprinter is named alternate captain.
MENTIONED IN THIS ARTICLE
Columbia
Court approves Pomona Mills operation under receiver decree
Judge H Hoyle Sink signs a decree authorizing Pomona Mills Inc operation by receiver N A Boren until further court orders. The provision vests management with the receiver to continue activities under supervision.
MENTIONED IN THIS ARTICLE
Greensboro
Pomona Mills, Inc
N. A. Boren
H. Hoyle Sink
Father's Anger Ends in Tragic Family Shootings
In El Reno Oklahoma Ed Etheridge, 40, killed his daughter Berenice 12 and wounded sister Elinor 13 before taking his own life after a car joyride dispute with two boys he opposed. Elinor cited upset over the outing before dying at a hospital.
MENTIONED IN THIS ARTICLE
EL Reno
Okla
Ed Etheridge
Berenice
Elinor
Raleigh outlines revenue bill final passage and tax tests
The biennial revenue bill with a three percent general sales tax won final legislative approval. The State Merchants Association warned the tax's constitutionality would be tested. The house advanced the school machinery act amid amendments while other measures, including tax and public utilities bills, faced adjustments and committee reports.
MENTIONED IN THIS ARTICLE
Raleigh
State Merchants Association
Willard Dowell
Senate
House
Harris
Graham
Cherokee County
Turlington
Ewing
House Committee On
Union Pacific Declares Dividend of $1.50 A Share
New York May 11 Union Pacific Railroad Company today declared a dividend of 1.50 a share on the common stock unchanged from the payments made in each of the four preceding quarters.
MENTIONED IN THIS ARTICLE
New York
Union Pacific Railroad Company
Farm Bill Awaiting Speaker Rainey Signature Delay
The farm relief inflation bill waits on Speaker Rainey's return to sign before President Roosevelt and Vice President Garner can affix their signatures. Burns cited weather delays in Columbus Ohio as the reason for the postponement with a possible brief meeting tomorrow to complete the action. Secretary Wallace prepared to launch price lifting steps within 36 hours after signs are affixed.
MENTIONED IN THIS ARTICLE
Washington
Burns
Rainey
White House
House
Garner
Roosevelt
Columbus
Ohio
Wallace
Boston
Mr. Roosevelt
Also Mentioned on This Page
Immer
Een Mitchell
Es Lee
Max Steuer
N., Y. Court
Associated Press
Gandhi
Charleston Navy Yard
Turlington Act
Will ‘Rogers
Will
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