Indianapolis Times, Indianapolis, Marion County, 12 August 1938 — Page 2

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AAs a RETA i 4 I

zt clusive, his ‘income was:

Pn rma SONAR, gf RATT

PAGE es

. ames Roosevelt Publishes ~ Tax Returns, Calls Charges |

‘Lie—Rather Cowardly Lie’

.- White House Job Boomed |

- Teddi, ‘Author of Article Says.

WASHINGTON, “AWE. 12 (U. PP): _. —James Roosevelt, “eldest son ‘and

<. - secretary of, President Roosévelt, re- -. plied today with charges of - “liar—

“. a rather cowardly liar” to recent

-“ intimations - that He had ‘obtained |

large insurance premiums as a result of his connection with the

- Roosevelt Administration. In an interview granted a Collier’ Ss

'»- magazine writer and published in

the current issue, young Mr. Roosevelt declared that he had stood on his own feet. as an insurance broker and solicitor. Since becoming a secretary to the President, he said, “I have not solicited nor attempted Ato ‘solicit—neo, and I haven't ac- ~ cepted—a single dollar of insurance * from anyone, anytime, anywhere.”

8 “Anything to the contrary, ” "he

: added, “is a miserable lie.”

nt The interview was a reply to a re-

cent Saturday Evening Post article, «Jimmy's Got It,”

“ness at somewhere between- $250,000

2- and two million dollars a yéar. That |

.article had drawn a broad intima-

“tion that young Mr. Roosevelt's in-

surance firm had obtained fat pre-

: miums as a result of his relationship

“to the President and his official po-.

5 “sition at the White House.

Tax Returns Shown.

¢° The replying Collier's article re-

_ produced photostatic copiés of James “’Roosevelt’s income tax returns, ~~ showing that from 1933 to 1937, in-

$21; 714.31 . $49,167.37 . $33,583.37 . $44,668.60 $23,834.38

This, James Roosevelt said, ‘was

-“not all derivéd from the insurance

business. Part of it represented re--“furns from sale of writings, and in-

< come from a trust fund.

He said that since being employed as secretary to his: Presine Wl his $10,000 Government salary had been augmented by a “share ‘of the earnings of the in- : ‘surance firm of Roosevelt & Sargent. There remained on the books of that firm, when he became White House secretary, he said,

business that ‘would continue to:

bring in yearly income. “I had helped place that business on the books,” he said. “So John ~-Sargent and I agreed that I should “resign as an officer and director of - the corporation and that there-

< after the income hé and I had en-

I Joyes as salaries ‘and bonuses

.-should be paid to us as dividends. |

‘And we always split the net profit _ —Ccarry nothing over.

‘No Trick Giving’

: “Triat ‘sounded - fine until our _ lawyer showed us that the laws of “+ Massachusetts gonsider. Gividends “of any kind to be unearned income and taxed such income at a far higher rate than straight salary.. “My lawyer assured me that it was perfectly proper to give my: wife irrevocably—irrevocably, mind —no trick Indian giving or anything like that—to give her irrevocably one half of my one-half interest in the Roosevelt & Sargent Corp., which would redyge my. State tax by a very small sum, my ‘Federal tax, too. - 3b wag a darned small saving.” ol Mr. “Roosevelt admitted that he had been able to get into ‘places he never would have if he had not been the son of the President, but he added: “But son or no son, I got tossed out a lot, too. Prospects don't wilt just because you're the son of the President.” He says he did not want to be “naive” or “to seem falsely modest.” “Perhaps it’s so that my name—

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‘written by Alva | 2: Johnston, who estimated “Jimmy’s” - earnings from the insurance busi-

the prestige of my father—helped Certainly father gave me no ect aid. I had never asked him to speak for me. And anybody who ‘Says or suggests that he would have

‘{aided me in any questiondble way,

had I asked him to, is, of course; a {iar—a rather cowardly ‘liar whom I'd: like personally ‘but briefly. to ' meet. -. Tr Denies Whisky Charge : “Being the son of the President, they'd ‘have been ‘calling me a crook no matter what. business 1 had entered, provided, of course, that- I had been successful. : “If T had graduated from Boston University law school and had’ practiced law privately or in the Government service—well, . use . your imagination. If I had opened a neat: little corner grocery store and ‘was making anything above, the rent they'd have been saying that relief money would have to be spent in my store, or else.” Replying to assertions that his insurance firm is one of the. largest insurance writers in the country on ‘imported whisky, young Mr. Roosevelt said: “Whoever started that is either purposely lying or Just didn’t want to investigate. - “Neither Roosevelt and Sargent nor either of us as individuals has

much as a bottle of whisky imported inta the United States. - Nor have we ever attempted to. . To goa bit’ further, neither Sargent nor I nor our company is in any way affiliated with any agency that insures any whisky imported ' into this country. Is that plain enough?”

Business Boomed in White House, Is Reply

NEW YORK, .Aug.:12 (U. P.)— Alva Johnston, magazine writer who

{ started the controversy over James

Roosevelt's insurance business, commerited on Roosevelt’s reply in Collier's magazine “today by quoting

EARLE ASKS ARREST BUT FOE:REFUSES

HARRISBURG, Pa, Aug. 12 (U.

quest - that he be:arrested immediately so that charges of graft, extortion and coercion against his Administration could be aired .in. public, was ignored today by District Attorney Carl B. Shelley. Mr. Shelley was holding out for a grand jury investigation of the

Governor and 13 associates, and Gavernor Earle was trying to have

make the investigation. The Legislature, dominated by Democrats, had | passed four laws superseding the grand, jury end setting-up a committee to make the investigation of the Democratic Governor, but the State - Supreme. Court. had ° created

vestigations until it “rules fiext

month on the constitutionality of the new laws.

Court are Re Bbiics Shelley. Pp ns, as is Mr.

directly or indirectly insured so:

P.).—Governor George H. Earle’s re- |

a/ friendly Legislative : Committee | |-

an -impasse by” forbitifig” both ‘in |

The majority of the Supreme |

[ew figures “showing that his business boomed when he went to the White House as secretary to the President.” Mr. Johnston's original article in ‘the Saturday Evening Post said that other insurance men estimated the" President’s son was profiting from $200,000 to two million: doHars a. year in commissions on insurance sold to firms which wanted President Rosevelt’s good will. “The statement of James Roose-

respect except ‘as to the size of his income. . In that respect he is not doing badly. His figures indicate that his firm has obtained more than $50,000 in commissions from greaf - corporations - which, because of their relations to the Government, are especially subject to political pressure. His figures show that his net income would have heen more than $60,000 last. year except that he split it for the purpose; so he admits, of avoiding higher income-tax brackets. “His statement shows that his business bomed when he went into the White House as secretary to the President. His firm’s gross -income is reported-at- $108,000 in 1936. It jumped to $128,000 in 1937, his first year. as secretary to the President. One. of his 1937 policies was obtained from Harry F. Sinclair while Sinclair's company was involved in the Madison oil case. A - Federal indictment against E. W. Sinclair, brother of Harry F. Sinclair, was dismissed on June 2 of this year. Another policy obtained by James Roosevelt's firm in 1937 was from a large publishing house which during 1937 got a stock issued through ‘SEC (Securities and Exchange Commission).”

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