Indianapolis Times, Volume 45, Number 43, Indianapolis, Marion County, 30 June 1933 — Page 2

PAGE 2

‘PETS’ OF BIG BANKERS MAY BE QUESTIONED Industrial Leaders Who Accepted Favors Face Senate Questions. BY NED BROOKS Tim** Special Writer WASHINGTON, June 30.—Broadening of the senate banking inquiry to Include questioning of railroad, financial and industrial leaders, who received favors from big banking establishments was under consideration by cofnmittee members and their investigators today. The banking committee expected to complete the present phase of its Inquiry by tomght and adjourn until Oct. 3. During the recess the committee and its counsel, Ferdinand Pecora, will consider the advisability of summoning as witnesses those persons shown to have been on the benefit lists of J. P. Morgan & Cos. Evidence that Kuhn, Loeb & Cos. extended favors to prominent railroad and insurance company executives was developed Thursday in the questioning of Otto H. Kahn, arts patron and senior member of the firm. These “tokens of appreciation, ’* as Kahn referred to them, were participations in syndicates which the company organized to market its security issues. Railroad Principal Clients Evidence also showed that railroads were the principal clients for whom the banking firm floated securities, while insurance companies were among its leading customers. Members of the syndicate, testimony has disclosed, usually put up no money of their own, merely turning over the issue to a selling group and collecting the syndicate profit. In the case of the $90,000,000 Chilean mortgage loans, which were floated in this country and which later defaulted, the syndicate profit averaged about 1% per cent. Differ in Conferring Favors The Kurn-Loeb system of conferring favors on a select few differed from the Morgan practice, although the results were the same. The Morgan firm allowed members of its “select list” to purchase securities at figures lower than the market price. The Kuhn-Loeb system of conally never saw the securities, and often passed them along to the selling group within a day or two. In most instances the sale to the distributors was pledged in advance. The list included twenty-seven security issues underwritten by KuhnLoeb. Mr. Kahn explained that the'syndicate participants were men from whom the banking firm frequently sought advice. “In all cases the actuating motive was a little token of courtesy and good will for their advice,” he told the committee. “Not that the money meant anything to them—” May Call Big Names Summoning of the Kuhn-Loeb beneficiaries would bring before the committee such nationally-known figures as Percy Rockefeller, F. H. Ecker, president of the Metropolitan Life Insurance Company; Newcomb Carlton, former president of Western Union; Samuel Rea, former president of the Pennsylvania railroad; L. F. Loree, chairman of the executive committee of the Delaware & Hudson railroad, and U. W. Robertson, chairman of Westinghouse Electric and Manufacturing Company.

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TRIES TO DRESS ON TRUCK; TOPPLES OFF One Leg In, One Leg Out, Bather Falls, Fracturing Wrist. Chester Maddux. 20, of 2326 East Forty-fifth street, found out Thursday night that haste not only makes waste, but sometimes makes an injury. Maddux had been swimming at

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Millersville road and Fall creek and was en route home, still in his bathi ing suit, in a truck driven by Otto Welch, 1815 Bast Forty-fourth ! street . . Maddux stood up in the rapidlymoving truck to put on his trousers. With one leg in, and the other out, Maddux fell out of the truck, fracj turing a wrist and suffering abrasions.

THE INDIANAPOLIS TIMES

INJURED IN CREEK DIVE Swimmer's Head Hurt When He Strikes Rocks. Diving into rocks in Big Eagle creek near Michigan street, Mike Olinski. 12, of 735 Concord street, suffered head injuries Thursday afternoon. Joanne McWhirter. 5, of 1107 North Keystone avenue, suffered a

perforated lip at Brookside park late Thursday afternoon when she fell from a slide on sharp stick. Farmer Drowned in Tippecanoe By United Pre ROCHESTER. Ind.. June 30.—The first drowning in Fulton county in several years occurred Thursday when Jessie Undley, 40, farmer near here, succumbed to the waters of the Tippecanoe river.

DEATH STRIKES PASTOR Ft. Wayne Minister Dies Suddenly of Heart Attack. By United Pre* FT. WAYNE, Ind., June 30. -rFuneral services for the Rev. Arthur J. Folsom. 58. will be held at 2 p. m. t Sunday at the Plymouth Congregational church here where he served as pastor. Burial will be at

Lindenwood cemetery. Mr. Folsom died suddenly Thurs-

INDIANAPOLIS & SOUTHEASTERN LINES | JULY FOURTH EXCURSION FARES Excursion Tickets sold at Week-End Rates June 30, July 1 and 2, will be honored for return trip on all coaches July 2. 3 and 4, 1933. For Rates and Schedules, call Agent. Phone RI. 4501.

JUNE 30, 1933

day afternoon from a heart attack induced by heat.