The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-06-21
BUCKET SHOP
CHARGE Tres
DRY BISHOP
Nothing Dishonest in Stock
Transactions, Cannon
Declares.
BELIEVED FIRM O. K.
Political Mud Singing
Reply Hurled Back
by Cleric.
BIZ Tnitfd Pres

81 JHittf Press
WASHINGTON, June '21.-Bishop
James Cannon Jr., of the Methodist
Episcopal Church South, has issued
a statement explaining he sees
nothing dishonest or unworthy in
the stock transactions he carried on
through the now defunct firm of
Kable & Co., New York brokers.
Commenting on New York news
paper dispatches disclosing such
transactions, Bishop Cannon said
today that during the last presiden-
tial campaign, when he was oppos-
ing Governor Alfred E. Smith in
the south, Senator Carter Glass
Dem-, Va) and the New York
World, told him they had the in
formation which has just been
printed for the first time.
why, out Of all the countless
millions of stock transactions dur
ing the past two years." Cannon
asked, have these in my name been
selected for comment by Senator
Glass, the New York World and
now other secular papers?
Certainly the times especially Sc
Iected for the attacks-during the
national campaign last fall and now
the beginning Of the Virginia cam
palgn-are sufficient proof of the
real motive underlying the threat
enlng telegram last October and the
publications of today.
Calls 1t Mud Singing
What bearing did my private
STOCK transactions have upon the
question Of the defeat or election of
Alfred E. Smith and what have they
10 do today with the issue of Ras-
kobism and southern Democracy.
or prohibition and lawlessness?
The resort to understanding, the
effort to besmirch my character and
to weaken by influence by publish
ing to the world that I have pur
chased and sold stock indicates the
desperation of the enemy and de-
serves the contempt of all decent
men and women"
Cannon said he bought and sold
stock through Kable 81 Co., believ-
ing it to be a reputable firm, lust
as he has always carried on private
business.
For forty years I have engaged
IN business transactions of various
kinds" he said.
L openly have bought and sold
houses and lots, timber stumpage.
coal, cotton and bank stocks and
bonds listed on the New York Ex-
change, first in Richmond from my
personal acquaintance, Colonel
John P. Branch and Mr.. Langbourne
M. Williams, both Christian gentle
men at the head Of the Richmond
Stock Exchange houses.
Lost by Firms Failure
81 learned of the monthly INSTALL
ment purchase plan of Kable 81
Co. I thought the firm to be
a reputable firm, and bought and
sold some stocks through it.
Il was surprised greatly when I
heard Of its failure, but I received
a personal letter from the firm ex-
planning why it had filed volun-
tary petition of bankruptcy owing
to inability to meet its contracts,
that the affairs of the firm would
be settled in the usual way. and
that I would doubtless receive a,
dividend when the business was
wound up.
"Of course, I regretted the fail
ure of the firm, but accepted nv
loss as an incident common in BUSH
ness transactions.
Cannon made public all the teIe-
graphic correspondence with Glass
and the New York World regarding
his stock transactions. It purports
to show that on Oct. %, 1928, Glass
asked if he could deny charges
which had come to him on Can
mons behalf and that on Nov. l.
1928, the World asked for an ex-
PLANTATION. Cannon replied in both
cases that he had dealt with Gable
& Co., making full Ior partial pay
ments, just as other business men
do" but did not regard his private
business as any concern of the pub
lie.