Indianapolis Times, Volume 44, Number 259, Indianapolis, Marion County, 9 March 1933 — Page 7

MARCH !), 1033

ROCKEFELLERS, MORGANS WAGE BANKING FIGHT Solution of Present Crisis Brings Great Houses in Conflict. /(;< f nitcd I’rrnt NEW YORK. March 9. The Rockefeller interests were lined up against the Morgans and other powerful financial groups today in seeking a way out of the bank crisis. VVinthrop W. Aldrich, chairman of the Chase National bank, largest in the world, proposed Wednesday night a drastic bank reform program which in effect would break the power of the overlords of finance. Aldrich, brother-in-law of John D. Rockefeller Jr., and former attorney for major Rockefeller interests, is regarded as a spokesman for the oil family. Aldrich's program would disrupt, the board of directors of almost every major bank in New York, including his own. and would force absolute separation of commercial banking and investment banking. It would prevent banks from underwriting foreign loans or domestic industrial issues, and thus remove all temptation for a commercial banker to encourage speculation. The Aldrich program was announced in a long statement which revealed that the Chase National was preparing to divorce its investment affiliate, the Chase-Harris-Forbes Corporation, largest bank investment affiliate in the world. Thus Chase follows the lead of the National City bank which announced a similar separation of bank and securities affiliate Tuesday night. Divert Bankers of Control Under the proposals of Aldrich, the entire method of operation of such firms as J. P. Morgan &; Cos., would have to be changed. Since the Rockefellers always primarily have been industrialists rather than bankers, the move was regarded as a sharp intensification of the feeling frequently in recent months among the industrialists that bankers should be divested in some way of their great measure of control over major industries. The Rockefeller interests became dominant in Chase National after the slump of 1929. Since 1939, Aldrich has taken a prominent part in Chase affairs, but it, was not until Jan. 10 of this year that lie, replaced Albert Wiggin as its chairman. Wiggin had been a strong defender of the practice of affiliating banks and securities companies. The Glass bill, which contained provisions for separating commercial aid investment banking, and W'hich was opposed generally by bankers as being too far-reaching, actually does not go far enough, Aldrich asserted. Smaller Boards Urged His proposals. In brief, were: 1 No corporation or partnership should be permitted to take deposits unless required to publish the same statements as commercial banks, and no corporation or partnership dealing in securities should be permitted to take deposits even under full banking regulation. 2. No officer or director of a corporation or member of a partnership dealing in securities should be permitted to be an officer or director of a commercial bank, and' vice versa. Most of the many partners in J. P. Morgan & Cos. are directors of commercial banks. 3. Boards of directors of commercial banks should be limited by statute so as to be small enough to enable members to be familiar with bank affairs and in a position to discharge their responsibilities as directors or partners in securities houses. Aldrich himself is a member of the executive committee of Chase-Harris-Forbes. Since Aldrich’s statement struck as hard at the practices of his own bank under the Wiggin rpgime as at those of other New York banks, it was taken to presage changes in the Chase organization beyond those directly involved by the divorce of Chase-Harris-Forbes. CHEMIST TO TALK HERE Dr. C. A. Mills Willi Address Society at Butler. Members of the Indiana section of the American Chemical Society will hear Dr. C. A. Mills of the University of Cincinnati. Friday at Butler university, according to Auburn A. Ross, program chairman. His topic will be “The Influence of Climate on Man.” Other features of the meeting will be an inspection tour of (he Butler science laboratories, under the direction of Dr. Guy H. Shadinger. and a dinner at 6:30 in the Butler Campus Club. Assisting Dr. Shadinger in entertaining the guests will be Dr. Karl S. Means and Dr. E. C. Payne, both of the Butler chemistry staff. REPORT ON PARK INN Eight Tons of Chickens Eaten by Turkey Run Visitors. Eight and one-half tons of chicken were consumed by visitors at Turkey Run state park inn last year, according to a conservation department report. The inn is operated by William B. Guthrie and his expenditures arc listed to show what the business means to the community in which a state park is located. More than $24,000 was paid in wages to employes at the hotel. $40,000 for foodstuffs and $l,lOO taxes, eleven times the amount oaid on the land before the park was established, the report shows. Seek R. F. C. Poor Relief Loan It'j I mtul Prats ANDERSON. Ind.. March 9- Aid of Goverpor Paul V. McNutt in securing a Reconstruction Finance Corporation loan for Madison county was sought today by Albert Hupp, county auditor. The money would be used to retire poor relief claims of $102,000 against the county, now held by grocers, Hupp said!

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Fw si 7 "% Dr. Everett Dean Martin “Our Faith in Progress’’ will be the subject of Dr. Everett Dean Martin, speaker on the Town Hall lecture series, at English's at 11 Friday morning. Dr. Martin has been director of the Cooper Union Forum of New York, a center for free discussion of political and educational subjects, for fifteen years. Among the books he has written are “Liberty,” a Book-of-the-Month choice; “Behavior of Crowds,” “The Mystery of Religion” and “The Meaning of a Liberal Education.” Following the lecture, Dr. Martin will be guest of honor at a luncheon at the Columbia Club.

HIT-RUN AUTO VICTIM DEAD Sixth Traffic Fatality Here in Week; Year’s Toll Is 23. Sixth auto death in Marion county in less than a week occurred early today at city hospital when William Griffith, 50, 534 East North street, succumbed o injuries incurred Sunday night when he was _ struck by a hit-run car ' J at 600 Massachusetts f"w avenue. His death raised the "Oiinty’s traffic toll since first of the year to twentythree. Three-day search by police for driver of the car w ! as pressed today by accident prevention bureau heads although i ’ews were lacking. Griffith, a pedestrian, stepped into the pa i -> of a car which witnesses said w r as a taxi. The driver did not slack speed after striking Griffith, and was out of sight before any identification marks could be were told. Griffith reskull fracture, internal injuries and extensivj body bruises. Griffith, a waiter in a lunchroom at Fifty-fourth street and College avenue, lived at the East North street address, a rooming house, for the last eight years. Friends said his only survivor is the widow, from whom he had been separated. She left the city and her present residence is not known. Arrangements for the funeral have not been made. Hit-run drivers were responsible for three other deaths occurring since last Friday. Two of the victims w’ere hitch hikers and the third a Negro woman. Drivers blamed for both deaths have been arrested by police. Struck by a car driven by Henry Rood, 71, of the Spencer hotel, at Capitol avenue and Washington street Wednesday night, Mrs. Mamie L. Weir, 59, of 2111 Lexington avenue, was bruised on the legs and body. She was treated at city hospital. Mrs. Grotendick placed a want ad in The Times Saturday to sell a child's bed. Before 9 o'clock Sunday a Times reader had purchased it. The cost for the ad was only 38 cents.

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NEW CHAIN TAX BILL MAY GET M'NUTTS VETO Governor Unwilling ‘to Kill Goose That Lays the Golden Eggs.’ Governor Paul V. McNutt will not sign the new chain store tax ! bill which would increase rates on chains of more than tw’enty stores from $25 to $l5O, it was indicated itoday. Following a conference with Representative Fred Galloway (Dem.. : Indianapolis), co-author of the bill. ! the Governor was considering its ; veto. Whether he will merely not sign | it, and thus let it die by the "pocket ! veto” route or actually veto it, with a message giving his reasons, remained problematical. He told Galloway that had Galloway permitted the top rate to remain at $75, as the senate amendments provided, he would have signed the measure. "We do not want to kill the goose that lays the golden eggs,” the Governor explained. It is believed that the $l5O rate might not stand a court test and if it did, the larger chains would dissolve and reorganize in smaller units to lower the rates, it was ; pointed out. Following his announced intention ' of Wednesday, McNutt signed the I "skip election” bill, postponing j municipal elections until 1934. They l were scheduled for this year.

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THE INDIANAPOLIS TIMES

Big Bankers Turn to U. S. for Help Like Hurt Child

President, Not Financiers, Must Lead Nation Out of Finance Crisis. Bit Bcrippr-Hoxcari y-i espaper A.llinnc€ WASHINGTON, March 9 Asa little child turns to its mother when it is hurt, so the nation's bankers and financiers have turned to Uncie Sam in the present monetary crisis. In that contrast with methods of alleviating previous crises lies material for a heavy book on the growth and change of the United States. Instead of J. P. Morgan and George F. Eaker, it is President Franklin D. Roosevelt and Secretary Will Woodin who bear the burden of getting the country out of the mess the "money changers" have made. The night-and-day conferences for immediate remedy have been held at the White House and treasury rather than in an office at Broad and Wall street. The bankers themselves seem to admit that they have fallen down, as Mr. Roosevelt charged in his inaugural speech. Ten days ago, when terrific withdrawals in New York were leading to the Roosevelt proclamation, one of America's greatest financiers was appealed to. All he could suggest was that the big banks raise SIOO,000.000 for weaker institutions. By that time the total of withdrawals for the week had gone above $200,000,000. and the proposed rescue sum was only a drop m the bucket.

Then the bankers turned to Washington. It is not strange that this should be so; it is not due solely to individual incapacity in the face of new and mighty forces. For one thing, the federal reserve system has supplanted great private institutions as the nation's principal banking structure. For another, the United States is a creditor nation, and must depend upon its own self-reliance. Thirdly, the industrial and financial structure has been enlarged many times since 1907. Lastly, the revelations before senatorial committees have led to popular distrust of bankers. Ironically, the temporary breakdown of the old system of banking, in the opinion of more far-seeing bankers, is a piece of luck for Mr. Roosevelt in his task of rebuilding the banking structure. URGES IDEALS OF YOUTH Many Lose Early Zeal, Is Statement of Lenten Speaker. The Rev. Frederick P. Houghton, speaker in noon Lenten services at Christ Episcopal church Wednesday, urged men and women to keep the ideals of youth. “The number who begin life with high motives and wholesome ideals is comparatively large,” Mr. Houghton said. “Afterward many of this number lose the vision and zeal of youth, and become seekers of their own.”

LEISURE HOUR PLAYJLATED Special Program Will Be Given Tonight at City Hospital. TONIGHT Christian Park romrminitr hou. Ft. Wayne and Walnut Club. Fletcher place community house. Municipal Gardens community house. Michigan and Noble Club. School S. at 740 East Vermont street. Oak Hill Club, School 3JI, at 3030 Winter avenue. Nebraska Cropsev, School 23. at 1251 South Illinois street. School No. 5, 612 West Washington street. School No. IS, 1801 East Sixteenth street. School No. 34, Kellv and Boyd streets. A special Leisure Hour program will be given tonight .at city hospital for nurses and internes. The program will be a safety play, presented by Sergeant Frank Owen. Each member of the young woman’s division of the NebraskaCropsey club is expected to bring a guest Friday afternoon, when the club will hold its second meeting. Miss Mary Houseman, 1349 Union nreet, will be hostess. On March 17 the club will meet

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in the home economics room of School 22. Following a short St. Patrick's day program, the sewing class will meet. The program will be in charge of Miss Rv.ih S. Martin. Mr* Hazel Maurer, 101 Wisconsin street, and Mrs. Thelma Lewis. 11l Wisconsin street, are in charge of membership for this division. Reducing exercises will bo demonstrated tonight at the Crispus Attucks high school by members of the gymnasium class. A fifteenminute basketball game by members of the girls’ team of the school will be played. Frank Brown, accompanied by Harry Campbell, will lead community singing. Seek SIOO.OOO for Poor Relief By I n itrd l’r< rs HUNTINGTON. Ind . March 9 - County council approval of an ordinance permitting borrowing of SIOO,OOO for poor relief administration was sought Wednesday night b\ county commissioners. County Attorney Kreig suggested obtain.ng the funds from the Reconstruction Finance Corporation.

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PAGE 7

BOY. 3, CRITICALLY HURT Cun Over by Street Car; Leg la Severed, lingers Crushed. Critical injuries were received today by 3-year-old Frank Fletcher Jr.. Negro. 1427 Roosevelt avenue, when his right leg was severed and fingers of one hand crushed beneath the trucks of an east bound Brightwood street car. The accident occurred in front of his home.

COULD NOT GET A NIGHT'S REST Tired Every Morning— Lydia E. Finkham’s Vegetable Com* pound Helped Her to Sleep “ I could not get a good night’s sleep for over twelve months. Every morning I was very tired. Since I took the \ cgetable Compound, I sleep much better, and get through my work more easily. I am sixty-one years old and I look after a sixteen room rooming house beside doing the cooking for myself and husband.”—Mrs. A. Halliwell , 517 So. Main St. .Fall R iver, Mass. If you are restless and nervous, take Lydia K. Pinkham’s Vegetable Compound. It quiets the nerves and brings back sound, refreshing sleep.