Indianapolis Times, Volume 44, Number 292, Indianapolis, Marion County, 17 April 1933 — Page 2

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ROOSEVELT IS FACING FIRST TEST OF FIRE Growing Revolt May Force Roosevelt to Strike With Both Fists. BY RAYMOND CLAPPER, I nitfd Pry** Staff l orr.sonnd.nt WASHINGTON, April 17. The time is near when President Roosevelt may reveal whether he merely Is a fair weather leader or is ready to roll up his sleeves and strike with bare fists for the revolutionary program which he believes necessary to conquer depression. For the first six weeks he had the gallery and the players all with him They spurred on his fastmoving program. But those days are numbered. Over the week-end, Senate Leader Robinson and House Leader Byrns complained bitterly over the increasing hesitation of congress. Powerful interests who fear their toes will be stepped on are beginning to pull the strings to halt the submissive dance of congress. G. O. P. Papers Revolting Republican newspapers are showing their first signs of rebellion at the scrapping of their traditional party doctrines which favor loose reins on private business. Industries which have snuggled behind high tariff walls are registering alarm over President Roosevelt's plan to ask blanket power to discuss with Prime Minister MacDonald. former Premier Herriot, and other foreign statesmen, who begin arriving this week, mutual reduction of tariff barriers to revive two-way international trade. President Henry I. Harriman of the United States Chamber of Commerce, a private power executive, circulated his membership, registering strong protest against the Roosevelt program for developing Muscle Shoals and later other areas through government-operated power projects. Bankers Slow Reform Bankers have slowed down reform measures designed to make banks safe for depositors, and to protect the public against unscrupulous sellers of stocks and bonds. Stock exchange interests are attempting to thwart proposed federal regulation. Real estate interests are apprehensive of plans to build cheap dwelling, through government aid as part of a vast public works program. Railroad executives are faced with the probability of taking cuts in their SIOO,OOO salaries under the temporary national management of the railroads through a federal coordination which President Roosevelt is expected to propose this week. On the momentum of popular acclaim after his inauguration, President Roosevelt was able to defy powerful lobbies. He put through his veterans’ cut, brought back beer and reduced salaries of government employes, overriding strong organized minorities each time. Real Test Is Looming But as his program expands and reaches out into its more fundamental purposes, the opposition rises. It is this rapidly developing situation that is expected here to put the Roosevelt leadership to its test of fire. The backbone of the program calls for spending from $3,000,000,000 to $6,000,000,000 in replacing slums, building grade crossings, sewage systems, bridges and running cheap electricity into farm houses. Those close to the President believe that a program on this scale is the only alternative to further deflation. Many close to the President feel that rather than subject the country to several years more of deflation, it would be far better to embark on an era of social invention applying the same boldness and resourcefulnes sthat science has used to transform the modern world. Ceremony to Be Held The Past Matrons and Patrons Association of Marion county, Order of Eastern Star, will present an obligation ceremony Wednesday night at Southport, for Southport chapter. Mrs. Mona Thomas of Brookside chapter, will act as worthy matron for the ceremony.

WATCH REPAIRING Swiss Bracelet Watches Our Specialty ROY F. CHILES 530 Lemcke Bldg. NOTICE: Turn your riis-l _ C \\\.V __ carded jewelry.! CV old witches. den-B ,CL\ V tal bridees, etc. G \l V* into cash. WOLF SUSSMAN. Inc.l A TONIC IN TABLET FORM A Body Builder Keloidal Iron and Cod Liver Oil Extract Tablets. Mrs. Laura Oberton, 602 South Noble Street, says: ••Koloidal Iron Tablets simply amazed me. After using only two boxes of them my nerves were quieted and I slept soundly. Any one troubled with nervousness, underweight or loss of pep will find these tablets highly beneficial.’' Koloidal Iron and Cod Liver Oil Extract Tablets, a builder of Nerve and Muscles.

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Mr. and Mrs. Frank L. Glass Mr. and Mrs. Frank L. Glass, 1143 Hoyt avenue, held a reception at their home Sunday in observance of their golden wedding anniversary. The Glasses were married April 18, 1883, and have lived in Indianapolis nearly all their married life, residing in their present home for the last forty years. Mr. Glass, a native of Rush county, is 76, and Mrs. Glass, a native lowan, Is 72. They were assisted in receiving friends by their children, Walter Glass, Miss Ella Glass, Mr. and Mrs. F. E. Glass and two grandchildren, Marjorie and Robert Glass.

MOVE EXHIBITS TO HOME SHOW Preparations Are Made for Opening of Twelfth Annual Exposition. Exhibitors are moving products into display stands at the manufacturers’ building at the state fairground for opening of the twelfth annual H.me Show. The show will be held April 22 to 29. List of show exhibitors follows: Adams-Rogers Company. L. S. Ayres <fc Cos., Hugh J. Baker & Cos., Bash’s Seed Store, W. H. Bass Photo Company, Brown Abstract Company, Burnet-Binford Lumber Company, W. H. Barnard, Capitol Glass Company, Central Supply Company, Chambers Corporation, Cinder Block and Material, Colonial Furniture, G. F. Cram Company, J. D. Eastman Company, Ehlers & Son, Crane Company, Gibson Company, Griffith Victor Distributers, Guarantee Tire and Rubber Company, Indiana Bell Telephone Company. Indianapolis Coal Company, Indianapolis Lumber: Company, Indianapolis Paint and i Color Company, Indianapolis Real | Estate Board, Johnson-Maas Lumber j Coffipany, Kiefer Stewart Company, j Kingan fiz Cos., O. F. Brooks. J. H. Makin, E. B. McComb, L. B. Mosiman, Muesing-Merrick, Nor-! clay, M O’Connor, Pearson Piano Company, Peerless Foundry, Philgas, Pierson Lewis Hardware, Pittsburgh Plate Glass, Ralph Reeder, Rvbolt Heating, Schwitzer-Cummins, Sears Roebuck, Singer Sewing Machine, D. C. Steele, Stolte Stoker, Travelers Insurance, Union Title, Waterlox, Wood Conversion Company, Wilkinson Lumber Company and Hamilton Weatherstripping Rolscreen. OFFER SCHOLARSHIPS Twelve Awarded for 1933 and 1934 by Arthur Jordan Conservatory. Twelve scholarships will be awarded for 1933 and 1934 by the Arthur Jordan Conservatory of Music, it was announced today. Nine will carry a year’s complete , tuition to the conservatory. Another will be for a year’s w’ork ! in dramatic art. The remaining ' two, each $l5O, will pay lor a part j of year's work toward the bachelor of music degree. Applications for scholarships will j be received until May 17. Winners \ will be announced at the conserva- ! tory's spring concert at Caleb Mills hall. May 27. BIRTHDAY CELEBRATED Festivities Honoring Mrs. John Offinga Are in Second Day. Two-day celebration of the ninetieth birthday of Mrs. John Offinga, which started Sunday, continued today at the home of Mrs. Elsie Baker in Golden Hill. Open house is being held. Mrs. Offinga, who is ol' German descent, was born in Indianapolis. She still is an active member of a number of German societies of the city. CLINIC COURSE OPENED Physicians from Six States and Canada Are Here for Study. A two weeks’ course in study of the head and neck and a clinical study in otolaryngology opened today at the Indiana university’s school of medicine. Dr. John F. Barnhill and members of the school's staff are directing the study. Physicians from six states and Toronto, Canada, who specialize in ailments of the eye, ear, nose and throat, are attending the clinic. POLICE SHOOT FUGITIVE Second Bullet Shatters Window of Home Nearby. A scream from a fleeing burglar rewarded the marksmanship of police early Sunday when they saw a man run from the Hiway service station, 1701 West Michigan street. One of two shots fired is believed to have wounded the prowler, who escaped. The other bullet, according to Edwin Rice. 1805 Wilcox street, broke a window in his home and he wants the city to pay for it. NAB FATHER AND SON Pair Charged With Attempt at Burglary in Grocery. Police arrested a father and his 19-year-old son Saturday night after they say they found the youth hiding in the icebox of a grocery at 2844 North Rural street. The pair, both charged with vagrancy, are Henry Bowdy. 39, of 2626 North Oxford street, the father, and Charles Bowdy. Police said S4O worth of groceries had been piled up, ready for removal from the store.

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MIGHT! HOUSE OF MORGAN IS GRIM, ALOOF Heir of Elder J. P. Bearing His Name, Rules With Iron Hand. This Is the first of six stories on the House of Morean. again to be the subject of a senate inquiry. BY WILLIS THORNTON, NEA Service Writer NEW YORK, April 17. Once again the mysterious and mighty House of Morgan must stand, as it stood twenty years ago, before a congressional inquiry and the judgment of the American people. Once again we try to lift the lid and peer into the greatest private banking institution in the world, the house that has dominated American finance for nearly seventy years, that has become synonymous with money and the power that goes with it. Is this house a financial octopus, crushing into its greedy embrace all money, all industry, all the financial life-blood of the nation? Its enemies say so. Is it an admirable banking institution. rooted in character and trustworthiness, conservative anchor in times of bad banking, reorganizer and doctor of sick industries? Its admirers would have you believe so. In Severe Setting To the tourist strolling through the narrow canyon of New York's Wall street, it is a squat, severely plain building set into the corner of Broad and Wall streets, directly across from the sub-treasury and within a stone’s throw of the stock exchange. Towering buildings overhang it on all sides. The plain, massive door-lintel bears no inscription. Letters coming from that office bear no legend but ”23 Wall street.” In the financial section it is known simply as "The Corner.” To the business visitor, the interior is equally strange. There i& a large room on the main floor. Ranged in rows suggesting a schoolroom are the desks of the twenty Morgan partners. Little is seen of the nearly 1,000 employes of the firm. Most of them are in an adjoining building. At the far end of the room on the side facing Broad street, behind a low glass partition, is the desk of J. P. Morgan. An open fire burns on the hearth; an oil portrait of the elder J. P. Morgan looks down. Pace Is Killing

There are conference rooms on j the floor above, but most of the conferring is done simply by stepping from one desk to another There is seldom so much as a secretary in evidence, and never the slightest sign of confusion. Though these Morgan partners j work at a pace that has killed many of them prematurely, there is noj sign of activity here beyond that; of any quiet, well-run banking room. | To the student of organization, the House of Morgan offers an in-1 tcresting problem. Its precise or- j ganization is unknown, for it is a i private partnership, unincorporated. ■ Though in some respects it is the j greatest bank in the world, it is not i a bank at all under New York state law. No Reports Made No reports ever are made of the firm's condition; reserves, resources, and deposits are unknown. Wall Street generally estimates ■ a Morgan partnership to be worth ; a million a year; to some of the senior partners millions. Any ! dispute among partners is referred to Morgan, who settles it. Any partner may withdraw on i three months’ notice, and the interest then due him is determined by Morgan, who also can compel re- 1 tirement of a partner. The partnerships run for definite periods, usually about three years, renewable at expiration. Thus the partners are in a sense merely employes. The name J. P. Morgan & Cos. must be discontinued fifteen years j after a descendant of the elder J. P. Morgan bearing his name ceases to be associated with the company. The ; firm is a member of the New York 1 Stock Exchange. The number of Morgan partners varies. At present it is twenty as follows: J. P. Morgan, Edward T. Stotesbury. Charles Steele, Thomas W. Lamont, Horatio G. Lloyd, Thomas Cochran, Junius Spencer Morgan Jr., son of J. P. and greatgrandson of Junius, founder of the house), George Whitney, Russell Cornell Leffingwell, Arthur M. Anderson, Francis Dwight Bartow. William Ewing, Harold Stanley, Henry Sturgis Morgan, second son of J. P.), Thomas Stilwell Lamont (son of Thomas W.>. Henry Pomeroy Davidson (son of Henry P.>, Thomas Newhall, Edward Hopkinson Jr., Seymour Parker Gilbert and Charles Denston Dickey. Each Partner a Specialist Close connection with the London and Paris affiliates of the firm, Morgan, Grenfell & Cos., and Morgan et. Cie, is assured by member- ; ships of many of the partners in | those firms. Each partner is a specialist in a | field of finance. As such he holds many directorships. But not as ! many as you might think. For in- ! stance, J. P. Morgan, head of the I house, holds far fewer directorships I than many well known Wall street ! men. j The only important ones are: j United States Steel Corporation, , Pullman Company and Pullman , Corporation, First Security Com- | pany tN. Y.i, Aetna Insurance ; Company and Discount Corporation of New York. He is listed as a director in seven other corporations, but they are all church or philanj thropic connections. Even Morgan's personal fortune | is not so great as you might imagine. When the elder J. P. Morgan died, his son inherited only $19,000,000 from him, of which $3,000,000 had to be paid in cash for federal taxes. Many men, perhaps even some of his own partners, have greater per- : sonal fortunes. The Morgans are dealers in, not possessors of, money. There is little doubt that the present house is greater and more powerful than ever it was under the elder Morgan. It repeatedly has j carried on operations on a larger scale than ever before. NEXT: How Miles Morgan came to America 300 years ago to seek his fortune, and how that fortune j prospered. -

THE INDIANAPOLIS TIMES

id CUdved OowndtauAd fan' It NEW DEAL” on ME-FURNISHINGS rs Ayres’ Downstairs Store has given a “new deal” to its customers in things to wear! \Ve*ve id entire families with apparel of extraordinary quality and fashion, at lowest possible prices! we are equally well prepared to render the same service for your HOME! For months we have s home furnishings markets for the BEST merchandise to offer our customers . . . and we are i complete line of FURNITURE, RUGS, CURTAINS, DRAPERIES, LAMPS, and LINOLEUMS possible quality ... in tasteful assortments ... at lowest possible prices! Truly a “new deal!” Fred Payment Terms Can Be Arranged to Suit Customer's Convenience— The “Carrying Charge" Is Nominal! Special Purchase of Beautiful New erican Oriental Rugs .pt-95 |jfl , Broadloo. Carpet i#r&rrrsrwr'rrir’~ * 1 C* JI • p jnr* opeciat belling or Fine ||| New Curtains |||ui|j S9®p* I mm Vli \ f Choice of three popular styles: (1) Priscilla curtains of fine marquisette i '\\ I I "ith an attractive square, self-color woven dot —in cream or Paris made 1 fill with wide ruffles, tie-backs, and wide Priscilla valance—readv to hang. Each ■ Im-kA .llf N panel 32 inches by 2Y 4 yards. (2) Tailored glass curtains to match above | ' f Ilf - Priscilla style. (3) Bathroom curtains of colored cushion-dot marquisette in green, gold, rose or blue dots; l>/ 2 yards long. ‘ ° THER BEAUTIFUL CURTfIINS ’ 59c Pfi,R * * * 9S' i MADE TO YOUR ORDER! Choice of: i|| tjt Pinch-Pleated Summer Drapes | | °riscilla Ruffled m I | We’ll make drapes for you—pinch pleated and W- ml Vi ready-to-hang—in any of these fabrics: .")0-inch A m m I V glazed chintz; 36-inch glazed chintz, cretonne. ,-I Wtjm 1; I printed satine, damask, or 10-inch plain color Eg - Q t ailored (jlass % | spiral weave rayon. Over 100 different bolts to Curtains .* | choose from. First orders delivered in two days. |S ™" bathroom B, #f FI LLY LINED RAYON DAMASK DRAPES, ■ PAIR Curtains READY TO HANG, *2.50 PAIR. -Downauir, at

DOWNSTAIRS at AYRES

■ APRIL 17, 1D33