Indianapolis Times, Volume 45, Number 17, Indianapolis, Marion County, 31 May 1933 — Page 3

MAY 31, 1033

'MONEY TRUST' PICTURE IS LIKE 20 YEARS AGO First J. P. Morgan Probe Failed to Bring Change in Banking System. (Continued From Page One) Lindbergh. Later they began offering substitute resolutions of investigation to forestall his. In February, 1912, a resolution by Arsene Pujo was adopted, and as an earnest of good faith the house banking committee employed Samuel Untermeyer. whose speech "Is there a money trust?" had attracted general attention. The committee hired Untermeyer, and then let him alone. He summoned the witnesses and conducted their examination uninterrupted. Elder Morgan Is Witness Robert L. Doughton, now chairman ot the house ways and means committee, is a veteran of that investigation, and so are Ftenators Hubert D. Stephens and James F. Byrnes, then members of the house. At last J. Pierpont Morgan was summoned to testify. It was a great sensation, the climax of the inquiry. Hundreds of people jammed the capitol to hear the money king. "I do not see how you ran get on without qjeort selling,” Morgan said. “It's a principle of life, I guess.” “I thought it was a desirable thing for the situation,” he said, when asked why he had insisted on purchasing control of the Equitable Life Assurance Society when its owners, Ryan and Harriman, had been unwilling to sell. "Yes," he said when Untermeyer asked “you would let speculation run riot?" Controlled Many Corporations The inquiry disclosed that the House of Morgan was fiscal agent lor many railroads and other corporations, which meant that these groups could sell their securities only through Morgan. That Morgan controlled many corporations through voting trusts; the Morgan firm named three trustees and the trustees named the directors of the corporations. That the United States Steel Corporation and many other powerful corporations were required, through Morgan dominance, to deposit all their funds with J. P. Morgan <V Cos. That J. P. Morgan & Cos. exerted wide influence over banks by redepositing these funds with favored ones. That the House of Morgan constantly was organizing buying and selling syndicates, and kept a list of persons to whom stocks were offered. That partners of the House of Morgan were made directors of firms whose stocks were underwritten, and that, they served on a large number of boards. Report on Money Trust That the Morgan company frequently bought up new concerns to Stifle competition threatening some of their companies. The house committee reported: "If, therefore, by a money trust is meant "An established and well-defined identity and community of interest between a few leaders of finance which has been created and is held together through stock holdings, interlocking directorates, and other forms of domination over banks, trust companies, railroads, public service and industrial corporations, and which has resulted in a vast and growing concentration of control of money and credit in the hands of a comparatively few men . . , your committee, as before stated, has no hesitation in asserting as the result of its investigation up to this time that the condition thus described exists in this country today . . . "It is a fair deduction from the testimony that the most active agents in forwarding and bringing about the concentration of control of money through one or another of the processes above described have been and are: J. P. Morgan & Cos.; First National Bank of New' York; National City Bank of New York; Lee, Higginson & Cos., of Boston and New- York; Kidder, Peabody & Cos., of Boston and New York; Kuhn. Loeb & Cos.” • Forget Recommendations A commentator who watched the investigation throughout, Dora B. Haines, wrote of its results: “ ‘The invisible government* and thp seat of its power, which before this country had been talked about, suddenly, and in concrete form, were brought to light. “Along with this disclosure came the realization that not only the economic welfare of all classes of people was dependent upon the attitude and activities of these kings of money and lords of finance, but that

Death Comes in Wake of Billman’s Great Moment

City Race Driver Realizes Ambition at Speedway; Pays With Life. Waving of the starters flag Tuesday at the Indianapolis Speedway was the happiest moment in the life ol Mark Billman, 26, Indianapolis race driver, who finally had accomplished his lifelong goal of driving in the 500-mile race. A few hours later, his body torn and bleeding as result of a crash, he lay dead in the Speedway hospital. While drivign a steady race whiph gate promise of placing him near the top of the winning list, fate stepped in during the seventyninth lap. Traveling low on the southeast turn, his car, which he had qualified at 112 410 miles an hour, skidded, the tail striking the inside retaining wall. Careening across the track, the car struck th# outer wall, tearing out a large piece of concrete, and bounded into the air upside down, throwing out Billman and his mechanic, Elmer Lombard, 433 North Colorado avenue. Lombard fell outside the track, on th gnu* hut Billman fell inside

Speedway King Reaps His Reward

Louis Meyer of Huntington Park. Cal., the record-breaking two-time winner of the Indianapolis Motor Speedway classic, was swamped with congratulations when he received the checkered flag Tuesday afternoon.

STATE SENATOR HURT IN CRASH Fred A. Egan of Gary Is Injured; Turns Over Four Times. Fred A. Egan, 29, Gary, a state senator, incurred a fracture of the right leg and Dave Bain, 39, also of Gary, suffered injuries of the chest today when an automobile in which they were riding turned over four times in a plunge down an embankment. The accident occurred in the 4200 , block of road 52, the result of failure ' of the car to go around a cure which has been the scene of numerous accidents. EXPOSURE KILLS MAN Falls in Ditch; Lays Helpless for Four Days. By Ttlilfd Pirns LEBANON, Tnd., May 31.—Suffering from exposure w-hen he lay helpless four days in a ditch along j Eagle Creek near Zionsville, Samuel Mayfield, 71, died Tuesday in the hospital here. He left his home in Zionsville Friday. When he failed to return, a search was begun. A fisherman stumbled over him Monday night. A heart attack w'as believed to j have caused Mayfield s collapse. The ! widow and five children survive him. there could never be a complete attainment of democratic aims and ideals until the controlling influences in money and banking were properly subordinated to democratic institutions.” But no action was taken on committee recommendations for federal regulation of the stock exchange. No action was taken to force clearing houses to incorporate. Private bankers were not forbidden to continue as depositaries. National banks continued to organize security affiliates. A federal reserve act was passed w'hich Representative Lindbergh thought was iniquitous, and even it was amended, year after year, removing the safeguards it contained. Legislation was adopted aimed at interlocking directorates, and it, too, was whittled away by hostile amendments till nothing was left. Today, twenty years later, the circle is complete. There are a few changes in the picture, but only a few'. Different men sit behind the committee table and a different attorney marshals his evidence to prove that money-changers must be driven from the temple. The name of Charles A. Lindbergh appears on the list of those who buy stocks from Morgan at bargain prices, instead of on resolutions and bills directed against the Morgan power. But another J. Pierpont Morgan apparently with the same outlook upon affairs, the same confidence in his power and rightness, asserts his beliefs in almost the same words that were used by his father.

the track. His car dropped on him and bounced again, landing astride the wall. Billman was pinned to the wall with the front wheel. Billman died a short time later at the track hospital. Lombard's condition was reported not serious. Billman had raced on dirt and wood tracks in many cities for the last eight years, having won more than fifty races, including ten last year. He had been in only one other serious crash. That was in 1928 at the Funk speedway, Winchester, where his hip was broken. After graduating from St. Anthony’s Catholic school and Our Lady of Lourdes Catholic school, Billman worked several years at the Ford Motor Company plant, driving his first race, when he was 18. at the old Hoosier Speedw-ay on Pendleton pike. He was the son of Nick and Anna Billman, 2225 Villa avenue. The father is Sarah Shank golf course groundkeeper. In addition to the parents, he is survived by two younger brothers, Luke and Paul, and three sisters, Mrs. Monica Tate. Miss Fedalis Billman and Miss Modasta Billman. Funeral services will be held at 9 Friday at St. Catherine’s Catholic church, of which he was a member.

At the left he is shown between his wire ana his father, Louis % Meyer Sr. Lawson Harris, 2918 | West Sixteenth street, his meI chanic, is at the right of the j photo. J

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THE INDIANAPOLIS TIMES

With the crown of speed king in his possession, Meyer and Lawson are shown in the center of the surging crowd after they crossed the finish line. Meyer also won in 1928.

SEVEN KILLED IN MEMORIAL DAYJCRASHES Two Brothers, Wife. Young Son Are Victims in One Auto Smash. Six Indianapolis persons and an Anderson man are dead today, victims of automobile accidents during the Memorial holiday. Frank Murello. 34; his brother Charles, 28; the latter's wife, Mary, 28, and their son, Rosario, 3, are dead as a result of an automobile collision followed by fire Tuesday night on U. S. road 31. three miles south of Scottsburg, Ind. The baby would have been 4 Thursday. Miss Margaret Jones, 19, of 862 Eugene street, and Ralph Whitmire, 20, of 6402 West Washington street, w'ere killed Tuesday when automobiles collided at Sixty-second street and Keystone avenue. Homer Leatherman, 23, Anderson w T as injured fatally at Thirty-eighth street and Sutherland avenue w'hen an automobile overturned on tracks of the Indiana railroad. The Murellos were in a car whirl collided head-on with one occupiec by three Lexington <Ky.) men returning from the Speedw-ay race The men w-ere Irvin Wallin, 29; Gui Collis, 40, and A. P. Bryan. The; suffered minor injuries. Frank Murello, w'ho leaves hi: widow, Mrs. Eunice Murello, lived ai 664 South East street, and Charle: at 541 East Merrill street. Witt

their brother Tony they operated! a stand at the south side market.! Another brother. Joseph, 30. is cn-1 gaged in the fruit business at Anderson. There are two sisters, Mrs. Lena Mulnaro. 517 Warsaw street, and Mrs. Josephine Ganta, Chicago. Mrs. Mary Murello leaves her parents, Mr. and Mrs. Patrick Walsh. 435 Shelly street; two sisters, Helen and Anna Walsh, and two brothers, Timothy and Patrick Walsh, all of Indianapolis. The brothers who were killed, accompanied by several members of their families, including their mother. Mrs. Margaret Murello, were returning to Indianapolis, after a strawberry-buying trip. Frank Murello, his sister-in-law and the child were killed almost instantly. Charles Murello died a few hours after the crash in a New Albany hospital. Both machines in the collision burst into flames. Miss Jones, who w*as a graduate from Technical high school in June. 1932, and Whitmire, an employe of the Standard Nut Margarine Company, were riding in a car accompanied by her sister Miriam and

♦ Realizing Its Civic Obligation to a Great Institution, The Indianapolis Morris Plan Company Will Gladly Aid the Financing of Stock Purchases in the American National Bank of Indianapolis Loans May Be Made Following the Usual Morris Plan Procedure, Repayable Over a Period of Twelve Months.

Thomas Engles. 337 Barton avenue, who were injured slightly. The other car was driven bv George M. Spencer of Muncie, who was accompanied by his wife. They were not hurt. Arrest of Spencer was ordered by Dr. E. R. Wilson, deputy coroner. Francis Whitmire, cousin of Ralph, was killed on Thanksgiving day. 1932, in an automobile accident. He leaves a sister, Florence, 14, of Chicago. Besides her sister. Miss Jones leaves her parents, Mr. and Mrs. Marion Jones, and a brother, Manford. Three other persons who were in the car with Leatherman are in critical condition at city hospital. They are his wife, Mrs. Geraldine Leatherman, 22; Mrs. Mildred Massey. 23. and Clyde D. Pigg. 21, Vincennes. All incurred skull fractures. Women Killed in Crash GARY, Ind., May 31.—Mrs. George Gardner, 64, Chicago, was killed, and five other persons were injured in a head-on collision between two automobiles near here Tuesday.

PAGE 3

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