On trial in Manhattan last week for using the mails to defraud were Lynn E. W'olfe, onetime auditor of Joseph Pulitzer's estate, and Murray Olf, stock promoter. They were charged with mulcting investors in Southern Cities Supply Corp. of $1,700,000. An unexpected witness against them in Federal Court was Illinois' white-maned Representative Henry Thomas Rainey, Democratic floor leader of the House. Democrat Rainey's story:
In 1928 he was induced to buy 200 shares of Southern Cities Supply stock for $15 each on the assurance that they would soon be worth $33. He was told the company was building a great...
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