Indianapolis Times, Volume 44, Number 293, Indianapolis, Marion County, 18 April 1933 — Page 8

PAGE 8

SHAKEUPS FACE INSTITUTIONS BY W'NUTTORDERS Wholesale Changes Begin in Personnel: Many Heads to Be Chopped. Wholesale changes in personnel of state institutions, including many institution heads, is [fanned by Governor Paul V. McNutt, it became evident today. Having changed the guard at the Indiana state prison, replacing a host of Republicans by "deserving Democrats," the Governor Monday made numerous shifts at the Indiana state farm. All routine jobs are being handled by his secretary, Pleas Greenlee, but the Governor will make the major shifts. Asked regarding a speech he made soon after election in which he said that state institutions would not be interfered with, McNutt explained that changes are being made slowly and "in the interest of economy . nd efficiency.” Under the reorganization law the chief executive has complete power over all institutions and departments, but McNutt said he is going to retain the bi-partisan institutional boards for the present. These boards must do what the „ Governor desires, however, or he can * abolish all, or any part, of them. - Fifteen changes, including blacksmiths, clerks and guards were announced at the state farm at Putnnmville. In each instance the Republican was replaced by a Democrat from the same town. Garret Beal, Indianapolis, was njpned to replace W. E. Irwin, as a guard. JURY DEADLOCKED IN ROLLO WALTER CASE Fails to Agree After Deliberating Charges All Night. m ßy I Hil(d I'rrsx ANGOLA, Ind., April 18.—A Steuben circuit court jury failed to reach an agreement today in the case of Rollo N. Walter, former state senator and former official of the closed La Grange County Trust Company. •* The jury was given the case at noon Monday, but announced that 2it had failed to agree after deliberating all night. Walter was charged with embezzling money from a . ward, Wendell Kline. The former senator is under sentence in state prison on charges out of the bank’s closing, ~but is at liberty under bond pend- - ing a review of the case by the supreme court. COUNCIL ACTS SWIFTLY Passes Two Ordinances in One of ‘ Shortest Meetings on Record. One of the shortest sessions on record was chalked up by the city * council Monday night. Only two ordinances were considered and Z Authorization was granted the ~city controller to dispose of approxi.rmately three hundred copies of the - last codification of the city ordinances which have become obsolete. The other passed called for appropriating $57.40 from the 1932 gen- * eral fund balance to the city plan

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Three Brothers Arrived in 1636: Start Made on Indians’ Land. This Is the second of six stories on the House of Morgan, soon to be the subject of senatorial inquiry. BV WILLIS THORNTON NEA Service Writer VTEW YORK, April 18.—There is something solid and permanent about the House of Morgan, something like the old feudal dukedoms of the Middle Ages. Its descent from father to son, its survival of panic and depression down through the years of the country's history, make it unique. More than 100 years ago, the forebears of the Morgan clan was a j wealthy man, and nearly 300 years { ago the founders of the family came to America. Miles Morgan arrived in Boston i in 1636, accompanied by his brothj ers John and James, to seek fortune in the new world. Gets Land From Indians Miles immediately set forth as a member of an expedition to found a settlement in the wilderness, and was able to claim his shares of land purchased from the Indians (at Springfield, Mass.) by suppressing the fact that he was a minor when lots were drawn for land. That was the first Morgan business deal in America. Miles fought the Indians, and a descendant of his fought in the Revolution as a captain. But the story of the House of Morgan really begins with Joseph Morgan, who, about 1800, turned from farming to become an innkeeper. He did well, and, moving to Hartford, became the proprietor of stage-coach lines. Seeing the coming of the railroads, Joseph sold out just in time, and led the foundation of the Morgan fortunes. Cashed In on Alarm He was one of a number of business men whose notes were the sole capital (no cash) of the Aetna Fire Insurance Company. Suddenly a disastrous fire swept New York. Nervous note-makers, who were also the stockholders, felt they could never pay off the claims. But Joseph Morgan was not nervous. He saw that if Aetna did contrive to pay its claims quickly, it would get most of the future business. So he formed a pool, bought their stock from the nervous ones, paid the claims, and cashed in on his courage. He made of this what was then a glittering fortune—slso,ooo. But greater in his eyes than this fabulous success was his son, Junius Spencer Morgan. The boy should be given a head-start in the world, Joseph vowed. So at 23, a partnership was purchased for Junius in the Hartford dry goods firm of Howe, Mather & Cos., for $50,000. Becomes Merchant Prince It was the day of the “merchant prince.” The banker as we know him today did not exist; the stock promoter was a peddler; boys turned their eyes in youth to the great merchants in whom was concentrated the wealth of the day, whose capital stood piled upon the shelves in bolts of cloth. The Kuhn-Loeb, Seligman, even the Rothschild fortunes were built on dry goods. It was 1836, and, established as a rising merchant, Junius Morgan married Juliet Pierpont, daughter of a zealous army chaplain, preacher and poet, veteran of a dozen crusades for social justice. In the little brick house where i

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they set up housekeeping, a son was born in 1837, John Pierpont Morgan. Junius, whose abilities were esteemed, rose rapidly. He was soon offered a partnership with George Peabody, banker, who was rapidly becoming the representative in Europe of American enterprise, selling the securities there which brought British and continental capital over the sea to develop America. The Morgans went to London when John Pierpont was 17. H? studied at Goettingen in Germany, as was the fashion then, and showed pronounced talent for mathematics. He was a member of Bismarck’s student corps, and, joined heartily in the student life, unbending his naturally aristocratic disposition as never again. Missed “Great Chance’’ So pronounced was John Pierpont’s talent for mathematics that his old Goettingen professor, feted during a New York visit by his old scholars in after years when Morgan was a financial titan, pathetically regretted that Morgan had not continued his studies. “If you had stayed,” the professor speculated humorlessly, “you might have become my assistant, and perhaps at my death even succeeded me as professor.” Just as the panic of 1857 broke, Junius sent John Pierpont back to America to take a clerkship with Duncan, Sherman & Cos., the American correspondent of Peabody. There John Pierpont learned bookkeeping thoroughy, and saw the havoc of a panic. He never forgot either. Deal Stains Name Duncan, Sherman & Cos., faded cut in the panic of 1857. and a new’ firm of Dabney, Morgan & Cos., took its place. France was an empire then, Germany a motley array of small states, America’s great west crossed only by prairie-schooner. The new firm was moderately successful in foreign exchange and the sale of securities. In 1861, when north and south were coining to

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From an oil portrait by Daniel Huntington, Junius S. Morgan

grips, came a nasty little deal which was repeatedly thrown in J. P. Morgan’s face the rest of his life. Two men bought 5,000 condemned carbines from the government for $3.50 each, and immediately resold them for $22 each to General Fremont for his Western army. The carbines were useless and dangerous, and lawsuits resulted. It developed that Morgan’s money had been used by the speculators in swinging the deal. It is likely that Morgan was not aware of the contemptible nature of the transaction. Allied With Drexcls During the war, however, Morgan indulged in speculation in gold and other commodities in a loose manner totally out of key with his later operations. He was still a beginner at the money game. In 1871, when j. P. Morgan was 34, he formed an alliance with the Drexels of Philadelphia. With his close tieup to his father’s firm in London, now become J. S. Morgan & Cos., and in close touch with British sources of capital, the way was clear for expansion. The failure of Jay Cooke & Cos., financiers of the Civil war, left Drexel, Morgan & Cos. the natural firm to refund the government’s immense war debt. Help to Restore Credit They did it successfully, and beyond question helped greatly in restoring American credit, public and private, in Europe, where for forty years it had been mistrusted, with reason. The House of Morgan stood at the threshold of the period when America was to become great. It was prepared to take full advantage of a golden opportunty. Next—The House of Morgan grows great with the railroads, am; rescues the government’s own credit in a crisis. The book bindery at the University of Michigan has salvaged $l5O in gold by smelting the sponge rubber erasers used to wipe off excess gold leaf from newly lettered bindings. MOTION PICTURES

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THE INDIANAPOLIS TIMES

MOTION PICTURES ■ AMUO WHERE BIG PICTURES PLAY! LAST 3 DAYS I or k Till ■ Popular Prices I Starting FRIDAY '.fgl Too big for one theater. The I only picture to play both ’ I Radio City and RKO-Roxy I at the same time! I Roht ’ BbS Atm- ,-s£r wiimm|H strong j||# Wf v. rov | TERMINAL— Illinois at Market 4-Star Picture with REGIS TOOMEY 15® “Soldiers i°H r E Storm” Pin* LOUIE LOWE BAND IN PERSON A Sparkling Musical Treat

PAIR REACHES FINAL ROUND IN PUZZLE EVENT ✓ Two Win Out in Leisure Club Eliminations in Times Contest. LEISIRE HOI R CALENDER TONIGHT Garfield Park community house. Mt. Jackson Club. WEDNESDAY Brookside Park community house. J. T. V. Hil! community house. Rhodius Park community house. THIRSDAY Crisous Attucks high school. FRIDAY Christian Park community, house. Fletcher Place community house. Municipal Gardens community house. School 5 at 612 West Washington street. Michigan and Noble club at School 9, *SO East Vermont - street. School 12 at 733 South West street. School 16 at 1 *O2 West Market street. Nebraska Cropsey Club. School 22 at 1251 South Illinois street. School 26 at Sixteenth and Martindale streets. School 34. Kelly and Bovd streets. School 37 at 2425 East Twenty-fifth street. School 51 at 2301 Olney street. Two entries have been registered from Leisure Hour clubs for the final round in The Times-Leisure Hour Viking Picture Puzzle Weekly contest to be held at Tomlinson | Hall Monday night. They are John Minatel from School 38, and Clay Elmore from Crispus Attucks high school. Both were winners in the .elimination matches held Monday night by these clubs. Practice puzzles furnished by the manufacturers of the Viking Picture Puzzle Weekly, through the courtesy of the Indiana News Company, are being used in the elimination con* tests. Other matches scheduled for this week include those tonight at the Michigan and Noble Club, 633 East Michigan street; Garfield Park Community house; Mt. Jackson Club, and at Municipal Gardens Community house Wednesday night. The Michigan and Noble Boys’ Club will play music tonight at the Garfield park community house. Other features will be Hawaiian music by Richwine and Rader and a one-act play by the Chatterbox Dramatic Club. The Sering Trio will give a program of songs, dances and ukulele music tonight at the Mt. Jackson Club. Other music will be furnished by William Rutter and the Winding Creek Ramblers. Girls of the Michigan and Noble Club met this afternoon from 3 to 6. KEY WITNESS RELEASED Milo Stockberger Freed of Vagrancy Count in Suicide Attempt, Vagrancy charges against Milo Stockebreger, 511 North New Jersey street, state key witness in the Lafayette Jackson murder case, who attempted suicide by gas Sunday, were dismissed Monday in municipal court. Stockberger had been placed in city prison to prevent him making another attempt on his life. He told detectives he feared bengeance of friends of Louis Hamilton and Charles Witt, condemned Jackson slayers. Detective Fred Simon said he believed Stockberger’s worry over being jobless was the only reason for the suicide attempt.

Jake Fleagle, Father of Killers, Dies in Kansas By Unitr/I Prt titi GARDEN CITY, Kan.. April 17.—01d Jake Fleagle. 75, father of one of the most famous bandit broods of recent years, will be buried here Wednesday beside his sons, Ralph and Young Jake, whose crimes cost their lives.

Unlike the violent deaths of these two. the father died here in a hos- t pital bed from a kidney disorder and J the ravages of old age. His son Ralph was hanged at Canon City, Colo., for his part in the 1928 Lamar (Col.) bank robbery. Young Jake was shot fatally while attempting to flee officers at Branson. Mo., in 1930. Both took part in the Lamar robbery and were accused of countless other slayings and holdups. The Lamar robbery netted the bandits $219,000 in money and securities and cost the lives of five innocent men. A. Newton Parrish, president, and ! his son John, cashier, were slain de- j fending the bank. B. A. Kessinger and E. A. Lundgren, two tellers, were kidnaped and slain later in j cold blood. Finally a physician. Dr. William Wineinger, Dighton. Kan., was lured to the bandit rendezvous and slain after treating Howard Royston, a wounded bandit. A fingerprint carelessly left on the window of the slain physician's sedan proved the downfall of the bloody band. Albert P. Ground, clerk from Detroit in the bureau of investigation of the department of justice at Washington, identified the print a year later as that of the index finger of “Young Jake.” P.-T. A. TO CONVENE Health Club, 4-H Club Activities Mill Be Discussed. Summary of health work, home economics developments and 4-H Club activities will be discussed at a meeting of teachers and parents of the Warren township schools at 10 Wednesday at Warren township high school. Plans for a summer roundup will include efforts to stimulate all committees of the township parentteacher associations so inspection of pre-school may get anaearly start. Speakers at the Wednesday meeting will include Dr. Russell Hippensteel. Mrs. John Askren, Mrs. Charles Dawson and C. E. Nash.

Jfil To acquaint 100,000 people with our nmlersellinK policy. HundrPfU /nl VI " of other haricninn too numerous to mention in tlii-. id. All mer- ; MBIf (BA H chandise rodueed. //mi BCURT AIN mmm Receive" ~*S o 11 SEWING THREAD II fOSr TVpm B r and New Curtains tg| 1 % Spools fjA irne f° r Housecleaning M ITT* II §§mA 1 pMB | 49c /J'- Priscillas, 4 and 5 pe. ruffles, mar-H wC quisette panels, filet panels, in aliM ( ( m Wash Fabrics 7ic|L a "i BL ? j A sensational rash purchase of 10,000 JHSI JL CIH yards of shirtings, cretonnes, broadcloths H gHI |H and new prints and voiles. 2nd Floor ■ YD ■■l 111 itnlid ;|||(| |fg|f Jg 500 Yds. I.asf \||l = .i "V"TTT fj HftSlT V f Unbleached 1 GIGANTIC CLEARANCEI *&> } MUSLIN I rfj 500 WOMEN’S NEW SPRING I liPjliV * large •.election nf H MSg 7 1 "' from our H M. While ■. 1 regular hto c k of WH ]jn *ft ■ M omen* sm, II Last i drool 1 1. formerly sold UU LU ■ p II n rß3dS I • ,p h A| > ■ I wIOVCS II for women and misses. ■ *1.99 I Women's Kelts. U I I 1 nr\ 1 Bm lAt-’"i io..r jnk l \ f• *r ill*.f6c Yd'" T ~ ONAL SALE J ik MigSß fitafc. o Lb. m a * fro tit full /!■ I I J I I ■ I I I I I I I I Ml A 1 [ , I 4 Jl|\ Ml ■JL holts. Ijt ll y I il II I 'l* J|l II 1 ]K|\ q# Jm rlo ° r Main Floor I IB ’° IH /aEllkb. v large In oliiles. HI HI - V |H I biomis, kills M HI n IH in HJI rHI r.fKmptirs SI ■[wash cloths IL £ )\ 1 fii nr isi powder, 159 Imo' V and Girls' HH| v “ n, .'T * *' fl^H K a strap OQ I tennisKJreVs^e.^-JH i SHOES /Hcl SHOES / / d&T I I ' M •' ,l 1 1 M-iiii I !....r B Reserve the Right to Limit Quantities J

CONTEST ENTRY DEADLINE SET Model Home Judges Will Be Announced Today; • Prizes Added. Announcement was made today by the Model Home contest committee that all entries must be at the state fair ground not later than Saturday morning, April 22. The committee —Ray Monaghan, local architect; Ted Brown, Indianapolis Electrical League; Larry Holmes, secretary Indianapolis Real Estate Board; Ernest Spickelmeir, local builder; Fred Snoke, Chamber of Commerce—will meet today to announce names of judges and the remainder of the prizes. The contest, open to all Indiana high school students, is a part of the Home Complete exposition to be held at the fair ground the week of April 22-29. Special interest in the contest has been aroused by the added award which will he given by exposition officials. This is a large silver trophy, to be awarded' to the school receiving the most honorable mentions. First prize is a week’s trip to Washington, D. C., with all expenses paid. It was won last year by Wilbur Metz of Tech. This is donated by The Indianapolis Times. Competition among schooLs has developed an intense rivalry and a record entry list has been received. John Ferger received more than twelve calls from his unfurnished apartment ad in the Times Want Ad section.

APRIL 18, 1933

WINS S2OOOO DAMAGES Awarded by Drfault to Lafayette Man in Superior Court Here. Damages of $20,000 for injuries received in an automobile accident near Lafayette in February, 1930, were awarded by default to Horatio N. Smith, a Lafayette insurance agent, in superior court two Monday. Smith sued the Interstate Motor Freight Corporation of Indianapolis after his automobile collided with an unlighted truck owned by the freight company.

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