The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-06-25
On the InStallment Plan

NNCW LUX uuGS
On June 20, 1929, a statement from Bishop James
Cannon, Jr, was given to the press. It was called out
ny the publication OF certain stock transactions OF his
culated to leave In unrcgenerate minds the impression
that the bishop was doing a considerable business in the
buying and selling of stocks on the strength of q cash
deposit of some $4,000. The most interesting part of the
bishops statement was a telegram dated Richmond,
Oct. %. 1928. It was an answer to Senator Carter Glass,
who had telegraphed the bishop on the same day that
~affidavits had just been put in his hands relating to al
legged stock gambling by you on margin with the late
ing q considerable period and to the extent of several
hundred thousand dollars"
an Sno such Mr. srae aaass as9y The The oi ssse1t,, participation ss19 af tb in
bishops reply is:
l have bought and sold stocks and bonds and
other kinds Of property for many years. but in
such transactions, SO far as I knew and believed.
with only reputable brokers and not with bucket
shops, which I understood had been banned by
law years before for the protection of the public.
The bishop was deceived. He had been dealing with a
bucket shop. The bishop was mistaken as to his habit,
full or partial payments on the stocks in which he
invested" The theory that he was buying on the In
stsiiment plan and for investment he had sedulously
cultivated. His correspondence with Kable g. Co. yes
terday printed by the senate lobby committee shows
once more that plan in action. We see the bishop, even
wncn absent on piouS tasks, at sea, on land, in Brazil,
buying. selling. inquirine, %scurrying hard to freshen his
margin; Sell Lehigh ITO. Rebuy good reaction. OPP
terick, Texas, Porto Rico, Westinghouse all gain 10
points promptly, but none realized yet" At Bahia. Sac
au4o' Tto JdueUO, Oh the steamer, the bishop Is busy
about his installment plan.
Yet on his native soil he had not been and was not
to be less busy. At Richmond, Dec. 10, 1927, he has
managed after a hard struggle to send $40O." Eight
days earlier his brokers on the partial payment plan
had asked him to send $4,000. Feb. Is, 1928, he has mo
money in sight now until -Aarch !. when salary check
Tor $4,000 will come in" And so on. A letter written
on the sacred paper Of the Anti Saloon League of Vir-
ginia is of especial interest, not only on thu. account,
but because 1t shows the conservative nature of the
bishops part-payment plan:
IT I had been free when Texas went down
to q. I would not have hestated to have bought
1000 and sold it at % or 33 Ia and bought it
back again II conditions indicated. I was dis
gusted to see today that Continental Baking A
had tumbled down one-third. Continental Bak-
ing B, of which I got 700 shares, has gone down
to A."
No new light is thrown on the bishops installment
plan by the correspondence. His adventures in the
bucket shop were sufficiently Illuminated last year. The
bucket shops books showed, among other details Of the
part-paynent plan, that on April 10, 1923, the bishop
sold $4,000 worth of stock and bought $4,000 worth.
These and other pleasing details were brought out late In
June, 1929. In May OF this year the Methodist board Of
bishops gave absolution to the bishop after he had con-
iessed to speculation conviction Of his error or sin
IN defending his stock transactions as conducted on the
partial payment plan having apparently been borne in
upon him. He is a good man. pursued by licked enc
mics. His transactions have been forgiven, if not alb
snlutcly blcst. This late malice Of the lobby committee
Is important.