Indianapolis Times, Volume 44, Number 135, Indianapolis, Marion County, 15 October 1932 — Page 3

OCT. 15, 1932.

DEMAND COURT END FIGHT OVER DOG OWNERSHIP Twenty Witnesses Called , in Families’ Dispute Over Pet. If a policp dog had known an old proverb—one can not serve two masters—he might have saved at- < tcrneys and Municipal Judge Dan V. White a lot of trouble Friday.' Instead, the dog answered the call of two men, each claiming to be his owner, and complicated the fight between two families for his custody. By markings artd tricks enough to start a side show, Charles M. Stephens, salesman of 5354 Guilford avenue, hopes to prove the dog’s name Is "Fang" and belongs to him. j Likewise, E C. Yount, broker, of 4736 Washington boulevard, defendant in a replevin suit brought by Stephens, hopes to identify the dog as his own pet, ‘ Fritz.’’ No Witnesses Called Twenty witnesses were to testify before Judge White decided the case today. Stephens contends he bought, j ‘Fang” when a pup, from David M. Jordan, an Irvington resident. “It looks like the dog we sold to Stephens in 1931,” Mrs. Jordan testified. A police officer, called when Ste- [ phens found the dog at the Yount home, Sept- 30. supported Stephens’ testimony he had taught the dog many tricks. In Custody of Son *T saw the dog, at Stephens' ' command, open* a door, bring a ! newspaper, go to the basement for a can of dog food and carry a pan from the yard into the house,” the officer declared. Stephens alleges his dog ran away ! three times. Last time, he charged, j the dog was found at Yount’s home, but broke loose and jumped intp his own car when he went for it. ’ Until the trial ends, the dog will be in custody of Charles Stephens .Ir„ who brought it into court. The dog was in quarantine several days when Yount supposedly had obtained an order from the health board. The quarantine ended when health authorities said tlie order was not official.

FRANCE WINNER IN ARMS PARLEY PACT By l nilrd Press PARIS. Oct. 15.—Great Britain and France agreed today to hold a four-power conference at Geneva with Italy and Germany to allow j the world disarmament conference to be resumed with German participation. the foreign office announced. The foreign office communique stressed the French victory in the London negotiations. It is Prime Minister Ramsay MacDonald agreed, on Premier Edouard Herriot s insistence, that the conference be held within the League of Nation's halls, rather than at London. CITY YOUTHS IN BAND Six Indianapolis Students Listed With Indiana U. Musicians. By Tiirs ,special BLOOMINGTON, Ind., Oct. 15. Wendell B. McKissick, 14 North Jefferson street; Ben Nathason, 3540 North Meridian street; Frank H. Snyder, R, R. 17; Dick S. Van Fleet, 530 East Fifty-seventh street; Lawrence Swearinger, 1717 North Tark avenue, and Kenneth I. Wagner, R. R. l, all Indianapolis students, have been chosen members of Indiana university’s "all-Amer-ican" marching band. V. E. Dillard is musical director of the band and Captain Lawrence C. Jaynes. Indiana university R. O. T. C., is (he officer in charge. Mr. Dillard and Captain Jaynes have chosen 101 university students to make up the personnel of this year's band. LIKES BOYS •LITTLE BAD’ Prison Manager Says That Type r Has Most Promise. By Vnited Press NEW ORLEANS, Oct, 15.—Making good “boys" out of bad ones isn't such a bad job as some people think, according to Robert L. Himes, general manager of Louisiana state prison, wh says he likes prisoners who are "just a little bad” and have some ' gumption.” “Give me a boy with a little bad and has some spunk and I can make something of him,” said Himes, a former college professor. •‘l’ve been training boys all my life, and throughout it all, I've been more interested in the boy who is just a little bad. That kind of a lad has more steam in him. and oncp he Is given the right direction. he invariably winds up at the

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Automobiles reported to police a t stolen belong to: Gladvs Simmons, 1280 North Holmes avenue Oldsmobtle coupe, 82-061, from 929 North Pennsylvania street Watson Wythers. 3080 Broadwav. Essex coach. 105-132, from 500 Indiana avenue

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Stolen automobiles recovered by police belong to: George Perkinson. 1433 Gilbert street, Chrysler coach, found at 309 East Michigan street. * Mrs. Benjamin Smith. Stockton. Cal., Buick coach, found at Cruse and Washington streets. E. A. Leigh. 2854 North Dearborn street. Essex coach, found at Twelfth street and Sherman drive. Graham Paige sedan, 883-939 Ohio, foand m front of 805 North Illinois street. Paul Million. Shelbyville. Ind , Whippett coach, south of Coffin golf course, stripped. Emmett Whitehouse. 509 East Tenth street. Chrysler touring, found at 800 Ft. Wayne avenue. Ted Ross, 4058 Boulevard place. Plymouth sedan Union taxi cab No. 55. found in rear of 8159 Broadwav Leroy Lane R. R. 7. Michigan road and Flftv-n!nlh street. Chrysler sedan, found at Park Bvenue and St. Clair street. Virgil Garrison, 40 Grace street. Ford road Mer. found at Str.nlev and Nelson at 'efts. Edward Bailey. 217 West North street. No. 18. Marmon sedan, found at 40 West St. Joseph. .

INSULL ROUTS ‘UPSTART’ RIVAL

Titanic Battle Waged With Belgian for Utility Rale

—• " 1 | j until Loewenstein h.ad played BEflflfc \:j \ * Insull lt his head. That is 'till! ' ' V ■ ill the settled opinion of Chicago !' i Ills l,||t r || jj I ba^ ,liers although ”• B‘ is ia i Cvr.s S taiyjfliSjSk' V * Hf wgfime' Bf J? HR J tmw iSBHr >. : mS j in FORRES! lIUI' IBP Time* Staff Writer ■ ■ jvriitht. 1932. bv the New York World- Samuel Insull photographed I % I . , Teteeram Corporation.i Th e late Captain Albert Low- ! A h rT 8 eranitiC H natUre Salle street office before a back- 1 1 Be, < f l ? n nancier ’ >nth of economic sorcery where- 8 * MMjp $ . ' DUT worse than that —victory Mr. Hoover won the presidency teased the curiosity of Sunday the no doubt, sincere, prom- eidtors everywhere on the old con- Hi F -. v ""*1 headstrong, and when the next ’to abolish poverty, Insull be- tin , \ <*% sandf and subtler challenge came along mt^anv ** Loewenstein converted wartime j ** ,? ov f ed as ' a fnqueror into the mpany of romantic adventurers pxn]nsivp D]ant , to the ma kine of I tncky terram of new era finanio swallowed whole the dogma Piosi\e plants to tne maxing oi g„ £ xing. . perpetually expanding pros- ™ y ° n ' Theprofitswere athle jfejfe '#*"******% | He disposed of the incredible rity - 523?- “fj; Tmment £ # Loewenstein. with his HarrimanDutwardly. the power king, near- jf like dream of a world-wide power ? 70, seemed much .the same nificance of power m developing A trust, but Eaton would not be rd-bitten. realistic utilities op- industry. 'W'Tf, handled so easily. %*.. ”We are W in the power age. And Insull began to fancy himChubby now, gray hair thin- as we are leaving the age of se if a fi nanc j er og the hard, imperious lines transportation,” Insull said at ■ggk , f "He always was the greatest toed deeper into his shrewd about that time. HHIk |B| money raiser I ever dealt with,” To a P peared mellower. a a a lllllijlfpi v ; - said the private banker who disho ~oc y ; ll h T ass ° ciares ' Belgian acted on that as- ' r ' 4 posed of all the Insull senior se£T„W^’4LT de T d -1 sertion. He gobbled powder curities. "It may be money-

Loewenstein. the Beleian: Cyrus S. Eaton, of Cleveland—these were the financial eiants who first challenged Sam Insult's nower in Chicago. How he fought back, how he defended his empire and the results of his methods. Forrest • Davis describes in today’s article. • BY FORREST DAVIS Times Staff Writer iCopyright. 1932. bv the New York WorldTelegram Corporation.! SAM INSULL'S granitic nature had undergone a decisive change by 1928. In that twelvemonth of economic sorcery wherein Mr. Hoover won the presidency on the, no doubt, sincere, promise to abolish poverty. Insull became a plunger; he joined the company of romantic adventurers who swallowed whole the dogma of perpetually expanding prosperity. Outwardly, the power king, nearing 70, seemed much , the same hard-bitten, realistic utilities operator.. Chubby now, gray hair thinning, the hard, imperious lines etched deeper into his shrewd face, he yet appeared mellower, more kindly to his associates. He was, indeed, softening. Few of the men who came along the “road to mastery with him survived. Few remained to call him "Sam.” He was “S. I.” now, younger intimates adopting the American business executive’s fondness for the initialed address. Scarcely one dared question his judgments. He had selected and advanced nearly every man near him. Perhaps that modified his asperities. A glutton for detail, he still made It an invariable rule to be at his desk in the CommonwealthEdison skyscraper at 7:30. He indulged associates and employes by tn hour, but If they were tardy at 6:30 he was pleased to be annoyed. Insull seldom jested. In fact, the only raillery his personal attorney for 20 years ever heard him utter, dealt with the subject of early hours. "We heard that joke repeatedly,” the lawyer recalled. "At legal conferences Insull would purr: ‘Well, gentlemen, you are the only ones who are able to lie abed all day and still make a living. I warrant none of you gets down before 9 o’clock.” HUH EARLY-TO-WORK, punctuality, those were fetiches with the aging power king. “I get my desk cleared and a day’s work done before the others show up.” he bragged. A sure way to his regard was for a youngster to keep his long hours. Outwardly, he seemed the same. Fleeringly censorious of blunders, intolerant of advice, a hard master; a relatively benevolent utilities operator, enjoying more and more his role of “civic leader, patron of the arts and community trouble shooter.” He saw himself as the builder without rival; he bore light and power into village and countryside in half the continent; he apprehended, with considerable vanity, that he, the five-shilling-a-week apprentice clerk who was. had become the first of the super power kings as there had been railroad, pat ting, harvester, steel and oil king, before. His energy remained unabated as he approached the beginnings of his crisis. Henry Justin Smith. Chicago journalist, observed him one morning as he stepped springily across the sidewalk to enter his building. Insull was, Smith reported, "a stocky, pink-faced man . . . full of steam and aprently glad that early hours were invented." It required a challenge to bring out the inner weakness and the profound collapse of the Insull empire four years later to expose the dismaying extent of his folly. Fear drove him to excesses—the gripping fear that first one. then another, younger adversary would hurl him from his throne. MUM Alfred loewenstein, the sensational Belgian adventurer. supplied the first challenger, as Cyrus S. Eaton, the former Baptist divinity student, steel magnate and Cleveland financial wizard, would furnish the second and successful, test of Insult's power. First. Loewenstein. whose disappearance from an airplane over the English channel on July 4, 1928. convulsed European stock exchanges; then Eaton drove the Power King iflto La Salle street, plagued him into fighting on their grounds and, in the end, helped persuade him that he was a master of money, of finance, as he had known himself to be of utilities operation. Loewenstein. one of post-war Europe's ‘'mystery men,” a Jew who embraced the Church of Rome, a pioneer i- the rayon industry. rose from poverty in 1918 to an even more glamorous industrial peak in Europe than Insull occupied over here. With Sir Basil Zaharoff. munitions king; Hatry. the English promoter; Hugo Stinnes. who bought up halfhf Germany during tlie grpat inflation, Loewenstein

Samuel Insull photographed leaning on the desk In his La Salle street office before a background of the teaming city of Chicago. teased the curiosity of Sunday eidtors everywhere on the old continent. Loewenstein converted wartime explosive plants to the making of rayon. The profits were enormous. He sensed, with his agile trading mind, the immense significance of power in developing industry. "We are how in the power age. as we are leaving the age of transportation.” Insull said at about that time. n j* THE Belgian acted on that as - - sertion. He gobbled power companies throughout Europe, in Africa, South America. He came to own 300 corporations engaged in electrical and gas production and transit. Here, indeed, was a power titan. In the early part of 1928 Leowenstein’s abounding ambition brought him to Insull’s doorstep. Pyramiding profits and credit, he undertook to buy control of the core of Insull’s empire—Common-weath-Edison. People's Gas and Public Service of Northern Illinois. Waves of buying orders passed through his brokers in New York and Chciago. The prices of these gilt-edged common stocks advanced steadily. Noting the brisk market, Insull sent for the auditors wtoo kept then, and do now, a close check on ownership of the voting stocks in these companies. Inquiries were set up. While Insull, highhanded and never easy under fire, fumed and fretted, word finally was brought to him that the heavy purchases had been made for Loewenstein’s account. . • LaSalle street seethed with gossip. Insull, taking no counsel, fought back. He hypothecated his own, his wife’s, Martin's, his sons holdings, and bought furiously in the open market for more stock ownership. The double attack brought prompt results. CommonwealthEdison, People’s Gas and Public Service vaulted upward on the Chicago exchange and, in the case of the gas company, in New York. The prices rocketed to 300, 320. steadily upward until they brushed 360. n n CHICAGO banks, as I was assured by the president of one. w r atched the duel with interest. When the stocks passed 300, prudent bankers sold shares they were holding in trust funds; dumped thousands on the market. Insull reveled in the collision. He would show this foreigner that he couldn't horn in on Chicago's own utilities. Friends, associates, employes assisted him, many of them taking satisfying profits. It became a patriotic privilege to repel the Belgian Chicago against the world. Finally. Loewenstein, finding the job of gaining control harder than he had imagined—impracticable, in fact—decided boldly on a truce. In New York, he flew to Chicago. He called on Insull. It was the day the trans-Atlantic fliers of the Bremen were welcomed to Chicago. The encounter may well be Imagined. Loewenstein, suavely forceful, polite, but arrogant, insull edging his courtesy with irony, speaking fair, as he well know how to do when expediency dictated. They wasted no time. “You know, naturally, that I have been buying for control of your operating companies,” Loewenstein very likely said. "Do

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THE INDIANAPOLIS TIMES.

Cyrus S. Eaton, Cleveland financier, who challenged the Insull power.

not be alarmed. My purchases will not jeopardize your position. I should like to have you remain as operating chief in any event,” Then some compliments .. . "you are reputed to be the ablest power man in the world . . . these companies are a monument to you.” # H INSULL, I am told, restrained himself admirably. He wanted to pitch the whippersnapper out on his ear. Instead, he thanked his caller with icy charm, made no commitments and bowed him out. Loewenstein gained nothing net by his visit; he left an old man aflame with angry humiliation. The crown rested on an uneasy head that day. The vanishing of Ixiewenstein swiftly removed the threat, if, indeed, a serious one existed at all. The bankers who settled his affairs gladly sold the Insull stocks. Friends of Insull believed he acted foolishly. They point out the enormous sums required to buy control in the open market of corporations in which nearly $700,000,000 had been invested, especially on the runaway new era market. The duel might, they say, have ruined Insull. It helped finish off Loewenstein assuredly. And all that the power king needed to do,

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they nufinAn, was to sit tight until Loewenstein l\ad played himself out. Insull lo6t his head. That Is the settled opinion of Chicago bankers now, although in 1928 and 1929, with the prices of these blue chip stocks ever mounting until the approximated $450. it would have required something like prescience to see that the power king was riding for a fall. "He paid double what the stocks were worth on an earning basis," a banker pointed out.

The late Captain Albert Lowenstein. Belgian financier, who also opposed Insull. BUT worse than that—victory' made him more self-assured, headstrong, and when the next and subtler challenge came along he moved as *a conqueror into the tricky terrain of new era finanxing. He disposed of the incredible Loewenstein, with his Harrimanlike dream of a world-wide power trust, but Eaton would not be handled so easily. And Insull began to fancy himself a financier. “He always was the greatest money raiser I ever dealt with,” said the private banker wtoo disposed of all the Insull senior securities. "It may be moneymaking came too easy for him. He had been going overboard in Maine, where his Middle West Utilities, hemmed in by the hostile Chase-Harris-Forbes interests extravagantly had bought and built textile mills, shipyards and a larger paper mill to supply water power customers. That was risky business and contributed to the downfall. He had paid excessively for the Emmanuel and Fitkin interests —the National Electric Power and National Public Service—which extended his domain into the central Atlantic and southeastern states. But the critical transactions precipitating his utter collapse were more foolhardy than these. Fear caused him to defend his empire in La Salle and Wall streets. His training hadn’t fitted him to wrestle evenly with stock exchange marauders. Insull, attacked by Eaton, discovered the handy device of investment trusts, and the money poured in. The tale of that dizzy adventure will be related next. A forestry professor at Cornell tells how to distinguish real mahogany. An examination of the wood through a simple hand lens or reading glass will show a very dark reddish brown gum visible in the pores of true mahogany, and lines of soft tissue, light colored and conspicuous.

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HOOVER GIVEN ADVANTAGE IN PARTSOF EAST But General Situation Is Like Rest of Nation, ‘Ready for Change.’ BY RAYMOND CLAPPER I'nited Press Btff Correspondent (Copyright, 1932. by United Pressi WASHINGTON. Oct. 15.—Presi- j dent Hoover is given the advantage*in several eastern states reporting in the United Press national political survey. He is reported to have a reasonable chance of recovering Massachusetts. one of the two states in the north which he lost to Alfred E. Smith four years ago. Rhode Island, the other 1928 Smith state, is reported less certain for the Democrats than it was four years ago. Anti-Roosevelt feeling is an important influence in both states. Smith’s forthcoming speeches in that territory, however, may improve Roosevelt chances. Anti-Hoover Feeling Strong With that exception the situation in New England and the big easteim states is described in the confidential reports in much the same language found in reports from the farther west. In the east, as elsewhere, economic issues and anti-Hoover feeling dominate. Os the New England states, with their total of forty-one electoral votes, the hardest fighting is over Massacuhsetts, with seventeen votes. Smith, four years ago, had a plurality of 17,000 votes out of a total of 1,600,000. "An extremely important factor in Massachusetts is the unpopularity of Governor Roosevelt,” one report said. "This is not so mudi antiRoosevelt as it Is strong proSmith.” Roosevelt soon is to make an address in Boston. Smith and the Democratic candidate have made peace. But reports state that the wounds still are unhealed. Democrats are trying to make their fight an anti-Hoover one rather than pro-Roosevelt. Thomas to Get Votes / Mill workers, many of them resentful of the treatment of Smith, are expected to vote for Norman Thomas, the Socialist candidate. A large vote for Thomas is feared by Democrats because it would cut directly into them. Maine is expected to be close. Democrats are trying to hold the small margin by which they carried the state in September. Rhode Island is listed as doubtful. Reports also list Connecticut as in doubt, with Roosevelt favored. Contrary to expectations some weeks ago, those reporting the outlook in New York now believe Roosevelt will carry his own block of forty-seven votes. Pennsylvania in Doubt New Jersey reports also favor Roosevelt on economies, rather than the prohibition issue which is traditional in that state. In Pennsylvania Democrats are seriously going after that block of thirty-six votes which has been almost as sure Republican hitherto as Arkansas has been Democratic. Delaware’s three votes are reported in doubt, but as word has

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been psssed that some of the most powerful Dupont influence is going toward Mr. Hoover. Republicans expect to pull through.

BONUS VIEW 'HEIR' By Vnitr4 Prr# HAMMONTON. N. J.. Oct. 15. Franklin D. Roosevelt will announce his attitude toward immediate payment of the bonus in “the near future,” he said Friday in a letter to Thomas B. Delker. editor of the local newspaper. Roosevelt’s letter was in response to one from Delker, asking his position on the question. Roosevelt said he was “distressed” by the bonus incident in Washington.

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STATE TREASURER’S KIN ENUS UWN LIFE’ By Vnitrd Pre*s SCOTTSBURG. Ind., Oct. 15 —A self-inflicted bullet wound Friday caused the death here Thursday night of Mrs. Lillian Harrison, 70, mother-in-law of William Storen, state treasurer. Mrs. Harrison had been ill two years and shot herself while in bed. Besides Mrs. Storen. the widower and another daughter survives her. Storen returned here from Indianapolis shortly after receiving word of the death.