Indianapolis Times, Volume 44, Number 294, Indianapolis, Marion County, 19 April 1933 — Page 9

APRIL 19, 1933.

DARROW WINS FIGHT TO SAVE BOY MURDERER McWilliams Death Sentence Commuted to 99 Years in Prison. Hu I nltr/t Press JOLIET. 111., April 19—Russell McWilliams, 18. who three times Was saved on the brink of death in the electric chair, was happy today, though his life for ninety-nine years must be spent within prison walls. The youth, who shot to death a street car motorman in a gin-in-spired holdup, was prepared to dedicate his career to make himself worthy of the vigorous twentymonth battle with Clarence Darrow and other liberal leaders made to save him from the electric chair. “Thank God!” exclaimed McWilliams, a typical American youth in appearance, when word that Governor Henry Horner had commuted his sentence was brought to his cell. McWilliams’ happiness over the Governor’s order was shared by prison officials, who had looked with reluctance toward the execution of the youngest boy ever sentenced to death in Illinois. The execution of McWilliams had been set for Friday. The Governor acted upon the recommendation of the pardon board after the state supreme court twice had remanded the case for retrial aft'w the death sentence had been imposed. “The crime.” said Horner in his letter commuting sentence, "was the brutal killing of William Sayles, an unarmed street car conductor during a holdup. McWilliams at the time of the commission of the crime was just a few days past 17. The commutation is not intended by me to establish any precedent.” McWilliams is eligible for parole after thirty-three years under the ninety-nine year term.

AMOf i|^|i ANDY IN PERSON Sat. arid Sun. Only LAST TWO DAYS! —On Screen — NANCY CARROLL in “Child of .Manhattan” with JOHN BOLES -—On Sla</c — The INGENUES Girl Band -£ INDIANA- - Tl— n nny mhrr 1 I Ihoutre ‘ 2.1 c Until 6r. M. V la this Jk LAST (2) DAYS HELEN HAYES I CLARK GABLE I in the M.G.M. achievement I “THE WHITE SISTER’’ I STARTING FRIDAY M JOAN QtMUKHtft CARYCOOPfR FTOBERT YOUNG FRANCHOT tone A Hetro-Goldicijn-Mayer Picture

ill WHAT 111 is THE SECRET OF l| MUSSOLINI'S 111 cijCCESS T II 5 S ||l 5 But you can 111 man of today w son become ■ 1 How did a blac s done? I) a modern Caesar? What n what II what explains his meteoric n* |1 is Mussolini’s secret? l| Se. *** lfcJl II'MUMOUNI

Morgan Enriched by Railroad Deals; Saves Treasury of U. S.

This it the htird of six stories on the House of Morran. soon to be the subject of senatorial inquiry. BY WILLIS THORNTON ME A Service Writer NEW YORK. April 19.—The house of Morgan has its roots deep in international finance. The first big opportunity of Junius, the founder, came to him as a partner in a firm engaged in foreign exchange and international security business. He proved his pre-eminence in that field when, even as the Prussians thundered at the gates of Paris and the Emperor Napoleon 111 was a captive, Junius bought an issue of bonds from the refugee French provisional government at 80 and immediately "floated” them at 85. It was a big profit, but it was a big risk, and Morgan, when those bonds rose shortly to par, was regarded as a great fiancier by his customers and in fact, by all Europe. This European connection was undoubtedly what set John Pierpont Morgan, his son, on the road upward. Up to that time he had been just a smart, efficient banker, inclined to speculate, but a trader, never a mixer in industrial affairs. The Railroad Era just was flowering. Tentacles of trackage were wriggling westward. It was an era oi loose financial morals and reckless buccaneering with money. Gould, Fisk, Vanderbilt, Sage, Huntington, Drew, were names connected with manipulation of railroad stocks rather than with developing and running the roads. It was with Jay Gould and Jim Fisk that Morgan, at 32, first tangled in a rough-and-tumble battle for control of the Albany & Susquehanna, which the former pair wanted as an adjunct to Erie. Court battles in crooked Tammany courts being Indecisive, the principals resorted to actual physical battle over the property. Gaudy "Jubilee Jim” Fisk personally led a gang of roughs to seize a railway station on the line. Morgan met rough stuff with rough stuff, and there were pitched battles between hired thugs of the two factions up and down the line. Service w'as disrupted, the public suffered, and the Governor had to call out state troops to control the rioting. Years of law suits and injunctions followed. Morgan won in the end. By 1884, then, the House of Morgan was not only predominant in the foreign loan field, thanks to its London connection, predomiant in the domestic government loan field through succession to the position of the failed Jay Cooke & Cos., but was well on the way to “Morganization” of the railroads. One after the other, railroads which had been exploited, bled, watered, and juggled, came to the House of Morgan for reorganization. William H. ("The public be damned!”) Vanderbilt was the first to yield a major railroad directorship (New r York Central) to the House of Morgan in exchange fjr services in reorganization. Each time not only handsome fees for servies, but partial or complete control of the roads (or at least great influence over them) came also to the House. The nineteenth century w r as coming to its close, and as the new century drew near and dawned, two more incidents set the House of Morgan on a pedestal that became almost a throne. They were the saving of the United States treasury when it was

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' within one day of being utterly | drained of gold, and formation of | the first billion-dollar corporation, ; United States Steel. The treasury incident showed masterful Morgan at his best. At the beginning of 1895, panic conditions were leading to steady withdrawal of gold for shipment abroad. By the end of January, the government's gold reserve had fallen to forty millions, far below the “safety point.” The end of the gold standard, the crash of government credit seemed inevitable. Congress backed and filled, hesitated, remained impotent. Silverites blocked every move to put cash in the treasury. Morgan jumped on a train for Washington, uninvited, risking an opeh rebuff from President Cleveland, who disliked him. He was met at the station by a message from the White House that Cleveland would not see him. Replied Morgan: “I am going to the Arlington hotel. I shall wait there until the President is ready to see me.” In his hotel room, Morgan sat, playing solitaire, brooding. Cleveland relied on congress until the last minute. It did nothing. At breakfast one morning, Morgan received word that the President would see him. Striding across Lafayette Square to the White House, Morgan found the President in conference with anxious government officials. Reports ticked in from New York, revealing the continuing drain of gold. At last a yellow slip was passed to Treasury Secretary Carlisle. It told him that just nine millions of gold remained to the United J States. And there was one check outstanding for twelve millions! Then, and only then, did the President turn to Morgan. Morgan was ready. A solution had come to him over his game of solitaire in the hotel room. He had recalled a Civil war act em-. powering the government to buy gold coin with its' bonds or notes. It opened the way out. Cleveland agreed, with the stipulation that Morgan procure half the gold from abroad, and guarantee that the gold the treasury received for its bonds would not immediately be withdrawal for foreign account and shipped abroad. Morgan did not hesitate. “Mr. President,” he said simply, “I will so guarantee.” The conference broke up. Morgan headed a syndicate which raised $65,000,000 in gold for the government, taking its bonds for $62,000,000 in exchange. Next—Midwife to United States Steel, the House climbs to a pinnacle as banker to a dozen nations.

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THE INDIANAPOLIS TIMES

John Pierpont Morgan I is shown here as he appea red at the height of his power, when he saved the U. S. treasury.

TIMOTHY SEXTON IS SUED BY ESTATE HEIR 1 County Treasurer Named Defendant in Probate Court Action. Timothy P. Sexton, county treasurer and former administrator of the estate of Eugene Corrigan of Richmond, was named defendant in a suit filed in probate court Tuesday to reopen the administration of the estate. The suit, filed in the name of a son, Joseph Corrigan, charges that $791.50 of the estate funds were in- ! vested in building and loan stock without court authority. Tire stock is in the Prudential j Savings and Loan Association of j which Sexton is treasurer. The es- j tate was closed in November, 1931. | Corrigan has refused to accept the ! stock on the grounds that its value has depreciated because of inability to obtain par value in cash. Sexton today termed the suit “absurd.” He declared the action was instigated by J. Ogle Hoffman, local attorney. FOREST CHIEFS NAMED Civilian Conservation Corps Heads for Midwest Area Picked. Three appointments in connection with the President’s forest army project were announced today. Crosley A. Hoar, Milwaukee, was named to co-ordinate and direct work of the civilian conservation corps in Indiana, Kentucky, Ohio and West Virginia. E. W. Tinker, Milwaukee, regional forester, wall have charge of requisitions for men for Indiana and eight other states, while E. M. Bruner, Louisville, has been named forest service representative for Indiana and six other states. SLAP~DOWN~^BAP"~MAN’ Belligerent Negro Faces Series of Charges; Still Is Found. Arrest of a Negro “bad man,” on j whom police had to use a “slapstick” ! to subdue, led to the seizure of a ten-gallon still Tuesday night. The still, a barrel of mash and | two gallons of whisky were found | at the home of Harry Henderson, j Negro, 39, of 1557 Yandes street. j Police encountered Henderson near Columbia avenue, armed and belligerent. After being “slapped down,” he was charged with carrying concealed weapons, drunk and disorderly conduct, illegal possession i of a still, blind tiger, and resisting arrest.

In government tests of preserving strawberries by the frozen pack method, an unnamed eastern strawberry seedling, U. S. 660. was pronounced exceptionally good. NEIGHBORHOOD THEATERS NORTH SIDE Talbot at 22nd Family \ite Marian Marsh “STRANGE JUSTICE’” Noble Br j Family Nile -,eo Carrillo “OBEY THE LAW” HNHRMPpH 1500 Roosevelt l-IlllqA.llVll'S Family Nite BILL BOYD in "LUCKY DEVILS” TIM McCOY. "FIGHTING FOR JUSTICE” WEST SIDE Wash. & Belmont Family Nite ■■■MaMMaHQi Barbara Stanwyck ' BITTER TEA OF GEN. YEN” 2540 W Mich. St. U >7ll Im A Family Nite Joan Bennett “ME AND MY GAL”

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