EELJE.E 2 1 LOWELL THOMAS . PaKe BROADCAST FOR THE ~ LITERARY DIGEST, 1 3 4 5 6 7 8 9 10 11 12 13 14. 15 16 17 18 19 20 21 22 23 24 25 GOOD EVENiNG, EVERYBODY: There were important developments da today -in the Economic situation* This * comes as the result of the formation of the Owen □. Young Banking Committee. The » function of this committee wi II be to V • release t he -idle billions--not hundreds,- but biI I ions--now lying in banks and to help the Federal Reserve system in its policy of easy credit. f I | 1, I f m ti hen the $>tock exchange opened this morning the stocks cose, then there was a siic'ht reaction later in the day'. ' • ' - — .-o u— . 11 On top of this came a statement from Speaker Garner criticizing the restrictions on the Reconstruction Finance Corporation. Mr. Garner declares that these restrictions have hitherto prevented the Board from helping w hat he calls the Great fvl id d I e Class of producers.* Clinton Gilbert telegraphs the New York Evening Post that apparently both the Senate and the House are on 'he verge i P i li t i 1 ! ' _ 3-l-32 SM 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 M-S 5M S£LJLE-__££ Page_ 2. 1 of act ion v/hich will put the government into t H b business of financing industry. There has been severe criticism of the banks of the country for their failure to expand their loans to business. Though the banks have been in a position ' l: 4 i: i1 I j| I ! 4! if I l]■ If n to increase the credit facilities of the.; country by nearly 74 bill ions, no expansion has yet taken place, says Sx Gilbert. Instead, he says there has been a shrinkage of loans. The task of the Young Committee is to correct this condition and make it I possible for business men to get money. And it has the full support of the administr ation. On top of this news;H»BX®K President Hoover today signed a bill to widen the powers of the Federal Intermediate Credit Banks. This will give them greater latitude in financing the credit needs of farmers. The new law authorizes these banks to accept drafts drawn on them by cooperative 8i marketing associations. M Page____ "3 fn© n c;\ i i i 8 o r fv = 3. yo r J i mm i © 1/8. I lor was c;u i te unexpectedly injected into the turbulent waters of the Lindbergh case today. It came about in this curious fashion. 1, M 1 ii t II i Th e He w Yo rk T i m es car r i e d the folio vv i n g pub l ic no x ice this mar n i ng : Citizen - Guarantee absolute confidence. Si gne d, J i mm i e . J v\. y. According to theALvening Post^ this advert! semant was finked with a statement from a high authority that the Itayor had received a letter promising information on the crime. There was this str ing to the promise, however, th r the v/ri ter wanted a guarantee of safety. Around City Hall the gossips declared that x he letter The Honorable Jiirmiie, himselr, however, denied authorship ox that curious advertisement. He turned to I I I A! I ^ LIMCBI2SH_ - ^ Page £ y ;Jo I i oe Gomrn i s s i on er tv.u 1 roo ney w ho was w i th him in his office and as ke d: 11 Have i ever received such a letter. Comm i ss ioner?11 uif you have, youTve certainly been double-crossing me,11 replied f*,r • tv! u I r coney. Cut an official close to the mayor remarked that if confidential negotiations were being considered, it was ha rd I y I i ke I y that th e I ay or wo u Id a d m i t i t. / publicized ‘’Jaffsie11 was before the Bronx County Grand Jury this morning for tv o hours and a half. Tne aged school t e a c h e r told a detailed s t or y o f the fantastic negoti ati ons which culminated in his throwing Col. Lindbergh!s S50,000 xcstK over a cemetery wa I l . \ \ —b-y—-f o-n-r— p o 14 n ry m q n j T h e—cor pop a-4—wa- o oittman^ o-i —i-u-i -vQ—beoa-uer-e er-. S-etrtr-OH w —aee—epcn d z h e Iv-eanwhi l evDr . Condon, the much KXKIMKSMX EflLLQ^.LlMQB^EGja Page____ Jt Apropos o~f this i't is i n 16 r e s t i n g "to P6-Cs.ll loti . "t i l is just "fiv© y©sps ago today that Col. Lindbergh started his historic flight from Roosevelt Field to Paris. It so happens that May 20, 1927, was Friday, just as today. The Colonel^, at that time an obscure mail pilot of whom few people had ever heard, took off in the Spirit of St. Louis- at 7:51 A. M. Q 1 d«sr^- and Wft S-^o-r:a-z-y-.—i-ffi-a4 e U '"fri~!a""c:h at—3==4=tefe£S3E&d—t o—one g=8=€f%- Trie w ho i a worId knows now that he Ianded at LeBourget,Aon Saturday afternoon, 334 hour s Iater. ftn-# 4s though to celebrate this anniversary, two spectacular attempts . Vv^rvO c * to fly the Atlantic are In fact, both parties are in Newfoundland waiting for decent weather. Amelia Earhart, knov/n S»~the family hearth as Mrs• Putniam - she was the first woman k to cross the Atlantic - landed at Harbor 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 EQLLyIi_LlNDD_^GH - Page pr nl 111 Grace this morning at Stan dard time. : 3 I Eastern 11 I if Bernt Balchen flew the plane from (UV ■is ■ JL j i - i ^ i. ^ m ^ n „ .. — - * • ' ■ John, New Brunsw i ck ,"^t o Harbor Gracey^ Miss Earhart narrowly escaped 111 I a crack-up on the very first leg of her flight. For several anxious seconds the crowd of spectators was afraid the plane would, suffer the same fate that overtook Ruth Nichols when xta her machine crashed into the woods at St. John last summer, so we learn from a United Press dispatch in the Washington Daily News, but a clever manipulation by^Balchen averted disaster. Miss Earhart, in addition to her present laurels, is gying to try to be the first woman tothe Atlantic soly Balchen declares that her chances are S9 out of a hundred. Of more vital importance will be the attempt of the Dormier DO-X, The big twelve motor flying boat I,angled thirty miles southwest of St. Johin^T^3'-morn ' n0 • It will make first for.the Azores, a distance of 1300 miles, as a stooping off place on the way back to Germany. if! If 1 I I 3-1-& 5M —r 3& chs 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 ' 20 21 22 23 24 25 -'•1-32 SM Page 1 An intern sting revelation about stocks was mad e to c he Senate Banking Committee today- Walter E. Sachs, President of the Goldman oachs Trading Corporation . . . . , was principal witness. He A told t he Committee that his Corpor ati on--an Investment Trust--had paid twenty three and a half million dollars for a company whose visible assets were no more than a million seven hundred fifty thousand dolIars . To be sure, it also owned a patent for a quick freezing of food. But this patent was of indeterminate value. It was written down on the books of the company as worth one dollar and subsequently sold to a n ot her c or p or at ro n for Nine hundred thousand dollars in stock. Mr. Sachs adm it tedu that the st ock of his corporation was sold to the public A * /v. is now quoted at Sc>fherefs another nice wad of money of which I d id n 11 get even the glimmer of a si ice. I I ;' i ii i ■T ii 1 ■I ! I f J /V for $52. a share. It a I it tie over a dollar. At the $52. priC£ the oubl ic coughed up ninety million f or Goldman Sachs stock. JJililGS-SiiULSMM Page 8 Announce p Hov/o,pd P6*tpi© H rs b q ©n telling you about the GigestTs Junior Sale srnen. ^ell , on looking through sorne of the letters from parents I find one particuI arIy interesting idea. Most of the parents tell us that they really don!t need the money. Their Kpi principal reason for encouraging their sons to deliver the Literary Digest is that it gives them a taste of reality. By doing this work they not only earn this pocket money, but they come in contact with some of the bumps that they Ml have to face sooner or later on the hard road of experience. Then hereTs a letter from a upstate kew York. She enclosed of her son. HeTs fourteen now and has delivered the Digest since he was eight. He saved over a hundred dollars besides buying most of his scout camp equipment and paying most of his camp expenses for two years. This year heTll pay all. He and his two small er brothers are patiently waiting for a pair of boxing gloves as their next premium. Iady i n a snapshot 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 Page, It's come to open war between A 11 a I f a Bill Mur r ay , t he p ic tu resque Governor of Oklahoma and his principal adversary. Alfalfa Bill is in New York plugging his own candidacy for the Democratic Presidential nomination. In his absence the: Lieutenant Governor who has the poetic name of Robert Burns, is acting Governor. You may recall that Alfalfa Bill i^MKr Jbcwj establ ished martial over 30,000 of the richest oil wells in Oklahoma. Today the poetical ly named Lieutenant Governor threw down the^ gauntl et and I ifted thai- martial rule the oil fields. defied old Alfalfa Bill 4 3 I » 5M £QII2M-JI£E& Page____ ItL By the way, this is National Cotton Week. The purpose of this celebration is to call attention to the position of cotton in many lines of industry. According to oovorat' accounts, it was a great success last year. Cotton has burst into the fashion world in a big way, it seems. At any rate, sq7the ladies tell me 1-Eig not A. - A , an authority on women's fashions. S'ojd&i? -fe txU X&Jt <^ke~A d«. -&U - III B LlSfil This ought to make a lot of men jealous- The news came out today that the very easy to look at Libby Holman - I believe she was the first as well as i.he most famous of the Torch singers - has bisen married several months. The wedding ha.d been kept a secret ever since last November, the date when it occurred. L i boy ' s husband is 3 m i't h Rsynolds, & n f; he r s heir c o one of the big Am er i c an tobacco fortunes. In fact, he *s so rich that he was able to make a million dollar settlement on his first wife. Reports of the engagement of Miss Holman and Mr. Reynolds have been current for nuite a While. In fact, it was even rumored that he threatened to kill himself if she would not marry him. According to the story in the New York Rorld— Telegram, the you-ng% groom is on | y twenty y ears o I ^ tL© c.-<nct A. t a aaiiiiG Page i i Here's an important thine for tHe followers of boatracing. The tv, i d - rti’ier i ca Grew Races will be held tomorrow afternoon at Marietta, Ohio. The crews of the University of Pennsylvania, the University of Wisconsin, and of tviarietta ^ I Co I I ege will race on t he^ Ohio River. All over that section of the country and among boat racing fans in cieneral there will be the keenest . ^.n O ‘fairing interest in this event. .It is called the David and Goliath race of the rowing world. Marietta is a far smaller college than either of. the others, but her record in this sport has become sensational in a short time. TTS^gallant race against the famous Huskies of Seattle, Washington, last ye ar is still being t al ke d a bout. The stronqer and more experienced Washington crew won by a quarter of a i i lenoth*. The contest was so keen that both crews established a record for the _ _ crews distance. Marietta has been known s i n ce*4 as the Little David of rowing colleges The sporting p ag eserf jaapers tomorrow afternoon will b^ es^e c i a 11 y interesting news of this race. 11 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 mo. Page_ ,* k v 6 s s 6 I c am & i n x o N 6 v/ York Harbor to ray with a brand new sea story Ih atf s ha r c l o believe, but I 1ve heard a lot of them m vs e I an d I 1ve never heard the like of this 31-32 sm While the mo tor ship g i ty of New York was on its way back to the States from South African ports, an unusual cry was heard. It was not Man Overboard. It was Dog uverboard. The master of the vessel declared it was the first time in his seagoing career that he ever heard of a ship being stopped and out about to save a dog. named l-^an V/hat's more Moby Dick. He is the dog i: Alsa^ean ool ice dog, and is the pet of a y/v rich lady doctor of Philadelphia* ,,811, Moby Dick suddenly flopped into the sea. Apparently he had not done it just for a swim, but fell by accident. He came darn near being caught in the swirl of the shipTs propel lers. A-t-4 an t i-Q—p~as s en-g-e-p sh+ps —Ln— ! 11 DOG — 2 Page 14. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 The Captain turned the ship about and for the first time In marine history a liie boat was lowered to rescue a dog. When they found Moby Dick he was gaily swimming along in the direction of the ship. He didn’t know there were sharks and he didn't know the ocean was deep. The chief officer said he must have been swim­ ming for almost half an hour. Maybe that dog wasn't glad to see the lifeboat. They say he was so anxious to get back to the ship that he tried to jump from the lifeboat and start swimming again. It seems that Moby Dick was booked as a passenger. He was only paying half fare. Moby Dick's owner was so grateful that she treated the entire ship's crew and forty passengers to a pa* y the night of the rescue. m - m - sm I2£LA!i2 Page / 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 1 The squabble between John Bull and the President of the Irish Free State, took another step today. The Ren 'b|j can 'ill to abol ish t he oa th of allegiance to the British Crown was approved by the lower House of the Dublin parliament, 77 votes to 69. It v/as accordingly sent on to the senate. iViembers of the opposition party of the former President Cosgrave expect that the bill will lose out in the Senate. They prophesy that Mr. de Valera wiII have to go to the country in a nev-.- general election on this ouestion. Mr. de Valera, on the other hand, said the constitution v/as purely a domestic matter, and declared that the government al ready had a mandate from the oeople to take the oath out of the const itut ion. 24 25 31-32 SM 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 HAI Page. 15 •I II, that hat story I told you last week seems to have put the lid on things. I ;ot a I I sorts of letters and comments from it. It seems that i n my art I ess 1 i tt I e . way I um i I I ingly and unwittingly offended the hat trade. Go much I learn from one wing of my correspondence from customers. But another result of the yarn T he r e ' s a wa s i o ar ouse comp as si. on . gentleman in ! rook I ynAsays - If you1re as ha rd up as a i I that I 1 I I buy you a hat. . h i ch he did. In my remorse - and also in response to loud complaints from the family, I ditched my old last yearTs strat hat and v/ent out and bought me a new one. But I have a little ckxxk & x Ehg&Kx message of cheer here tor the hat trade. I^.iade several bets on the outcome of a he forthcoming political conventions next month, oaoh one of And ttereTs w i sh t o those bets involves a hat. w here* t h e c h e e r comes i n . 3-i-n 5 m 1 1 2 3 4 5 0 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 3-1-32 SM HAI - __ ----------------------—_ 2 Page- _MJz- inform the hat trade that I've never won a bet yet, so don't say I'm not your f r i en d . V/ith which remarks I'm reaching for my new bonnet^Sa say*y- Go long until to m or r o w .