Word: leas
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Three days' vituperative debate last week preceded a vote in the Tennessee House of Representatives on Impeachment Article No. 1 against Governor Henry Hollis Horton. The charge was that he had conspired with Col. Luke Lea, newspaper publisher, and Rogers Clark Caldwell, financier, to manipulate State funds for their private profit in building up an economic empire in the South (TIME, June 8). In four defunct banks, subsidiaries of the bankrupt Caldwell & Co., Tennessee had some $6,400,000 in public funds tied up. Governor Horton was depicted as bowing to the dictation of Messrs. Lea & Caldwell in return...
...year after the 1929 stockmarket crash, the Lea-Caldwell enterprises tottered along, then suddenly collapsed. Their banks went under one after another, stripping thousands and thousands of citizens in and out of Tennessee of their deposits. Three bank officials committed suicide. Lea-Caldwell newspapers were thrown into receivership and Messrs. Lea and Caldwell were indicted in State and Federal courts...
Last week the legislative investigating committee finished its work, reported that Governor Horton was virtually a Lea-Caldwell dummy. Fifty of the 99 House votes are required to impeach. By a vote of 71 to 25 the House named another committee to study the investigators' report and from it, if necessary, prepare impeachment articles. Chairman of this committee was Representative Tipton who, a day after his portentous announcement, brought in his first article with more to follow. Described in a 65-page accusation was a Horton-Lea-Caldwell conspiracy "to commit acts for the personal aggrandizement and pecuniary gain...
Boss Crump has long been itching to smash the Horton-Lea-Caldwell combine. The Lea-Caldwell collapse gave him his chance. But he is not popular in rural Tennessee where he is denounced as a "boss of a city machine." To this his henchmen reply: "Why, Ed rode into Memphis from a Mississippi farm at the age of 18 on a bull calf...
...Between Judge Robert Worth Bingham, publisher of the Louisville Courier-Journal & Times, and James B. Brown, editor & publisher of the Herald-Post. Publisher Brown is president of National Bank of Kentucky which, involved with the Caldwell-Lea crash (see p. 19), was closed along with other local banks. Now to reopen, it promises payment in full...