Indianapolis Times, Indianapolis, Marion County, 13 March 1943 — Page 5

i ho $e t

| ~~ by President Roosevelt.

That's One of Most Debated Features of Post-War

Plan by NRPB.

This is the second of a series

explaining in detail the more im- |

portant phases of the post-war and social security program drafted by the national resources planning board and sent to congress

* By MERRIMAN SMITH : United Press Staff Correspondent _. WASHINGTON, March 13.—One of the most controversial portions of the broad post-war ‘economic program drafted by the national resources planning board was the recommendation for giving labor a share in management. Long advocated and urgently sought by some sections of organized labor, the proposal to let the ‘men and women at the factory machines have a share in management of the plant was regarded as “fantastic” by e members of congress, particularly among those who have tried to place strict federal curbs on labor union operations. In a summary of its recommendaAlons for post-war America, the board spoke of the need for certain “essential safeguards of democracy.” Included in the safeguards recommended were “measures to uphold the right of labor to collective bar- ¥ gaining, fair wages and hours, healthy and effective working conditions, responsibility in organization and sharing in management.”

Want Labor’s Gains Protected

Repeatedly through the report the board stressed its belief that vigorWOUS steps should be taken to protect ‘labor gains after the war. It did not elaborate on the “responsibility in organization and sharing in management” advocated for labor, but it was apparent that union “sharing” in management would go far beyond any labor laws or government “regulation now operative. In looking toward “D-day” when war industry will start the painful process of converting back to a peacetime basis, the board made several proposals which undoubtedly would receive the backing of many farmers, as well as industrial wage earners, “D-day” dismissal wages were recommended for discharged members of the armed forces to tide them over until they can find jobs.

Ask Continued Wage Controls

“Measures to maintain the fair share of the farmers in the benefits of an expanding economy with opportunity for higher standards of living and greater security” also were suggested by the board for presidential and congressional cone eration. For a time after the war ends, the said, wage controls will have to be retained. Organized labor ‘has generally opposed what it has criticized as the inelasticity of the present wage stabilization program. The board added, however, that the

£- controls probably would be mini-

~ Penator George were Senators Alben|

mum, rather than maximum levels. “In the transition period,” it said, “the supply of labor will be such that in the absence of positive controls the labor standards built up over the years by collective bargaining and by legislation will be in danger of being seriously undermined

“Vigorous enforcement of protective labor legislation will be necessary.” 2

MONDAY—Jobs for everybody.

Senate Appoints :

Post-War Study Group

WASHINGTON, March 13 (U.P.). «The senate today turned over to a committee of six Democrats and four Republicans the task of drafting post-war economic policy. The committee will consider the recommendations of the national resources planning board sent to congress this week by President Roosevelt. Chairman Walter F. George (D. Ga.) said it would also consider an “almost unlimited” ber of other problems such ‘as riff rates, freedom of the world’s airways, international trdde agreements and domestic employment. Named on the committee with

‘'W. Barkley (D. Ky.), Carl Hayden (D. Ariz), Joseph C. O’Mahoney (D. Wyo.), Claude Pepper (D.Fla.), 'W. Lucas (D. TIL), Charles L.

§ “McNary (R. Ore), Arthur H. Van-

denberg (R. Mich.), Warren R.

Austin (R. Vt.) and Robert A. Taft

INDUSTRY ASKED |

Son Junius (top center), and son

He Lost

John Pierpont Morgan, the fabulous financier who died this morning at Boca Grande, Fla., was the dominant figure in J. P. Morgan & Co. but in 1938 it was shown by securities and exchange commission figures that he had contributed only 9.1 per cent of its capital. 1 " His share was greatly exceeded by Thomas W. Lamont whose contribution was 342 and the estate of Charles Steele, a former partner, which was down for 36.6 per cent. Nevertheless it was Morgan who directed the affairs of a firm which at one time reached through directorships into 89 corporations with assets of $20,000,000,000, acording to testimony before a’ senate committee .

And’ it was Morgan who uttered

. |the final word on policy and settled

all business disputes among his partners, each a specialist in a phase of finance. The term House of Morgan was distasteful to Morgan and in February, 1940, when the great institution, then the largest private bank in the world with assets of about $650,000,000, gave up its private banking business, word came from “The Corner,” as the.squat Morgan building was knowh, that a gragual decline in utilization of the phrase would be welcome,

Became Trust Institution

Abandonment of the private banking business by J. P. Morgan & Co, was preliminary to its chartering by the state as a trust institution, ° This was the second drastic change in the business of J. P, Morgan & Co. which at the height of power engaged in private banking, securities flotation and other enterprises. In 1934 the firm gave up its security writing business because under’ federal law it had to choose between this and its private deposit banking. This move placed the firm

_ {under the state banking laws for

the first time. The story of the House of Morgan largely was the story of two men, as is the story of Morgan himself. The great financial institution bore, and still bears in a measure, the mark of J. P. Morgan Sr. And Morgan’s early career was dwarfed by the shadow of his illustrious father. Morgan the younger greatly resembled his father in mind and physiognomy, however, and when he assumed the mantle of financial leadership in 1913 it was not long before he had proved himself capable of carrying on the dynasty in his own right.

Multiplies Legacy

Morgan inherited from his father much less than the public believed —-probably about $16,000,000. But he multiplied his legacy several times over, and 1929 estimates ranged from $100,000,000-to $500,000,000. Morgan was born on Sept. 7,

(R. 0.).

Urge Buying of

1867, at Irvington, N. Y., the only

Tax:Savings

| | Notes fo Pay Federal Levy

. +Hoosiers who purchased war bonds are happier now during their “budget emergency” because of increased income taxes now due, war

that they be redeemed for taxes. The treasury has. periodically offered series A tax savings notes for this specific purpose, notes which can be turned in for taxes without the intermediate cash-in step. Buch notes again will be available in April during the government's

His Frosty Austerity When a Midget Sat on Knee

Henry joined Morgan in the field of

of the famous, including Lord Halifax (bottom center) in 1941. Morgan’s

: These photographs represent the high spots in the career of John Pierpont Morgan. Fresh out of Groton and Harvard ('89), mustached | - young Morgan (upper left), spent 12 years in London learning the business of banking. In 1913 he succeeded his father as head of the House | of Morgan, engineered a $500,000,000 loan for the allies to run world war I, and emerged as a legendary post-war figure (lower left.). The public got its first. informal peek at Morgan in 1933 when he posed with a midget plopped on his knee by a circus press agent at a senate inquiry. finance, and in recent years “J. P.” visited and conversed with many frequent camera dodging, he confessed, was from a fear of filashbulbs, His sartorial perfection, as when he greeted the visiting king and queen here in 1939 (lower right), was befitting a man of millions.

[Leaders Give Warning 2s | | Demands Are Refused

| NEW YORK, Marcr'13 (0, P).— | Threats of a strike by 585000 soft

coal miners. that would tie up bi-

| ruminous production developed to-

day after both northern and south-

| |e. operators refusec: demands by _ |the United Mine Workers for wage

| The threats were made by sev-

eral district presidents of the union

| and local officials meeting here with ~ |company representaiives- and at-

tempting to negotiate a new contract. The present agreement expires March 31. ~ James Mark, president of district

'|9. charged the mine operators were

“hiding behind the skirts of the war labor board,” and warned that “no matter what the labor board says lor does, if the men don't get a contract by April 1, they won't go into

By New G. 0.

son of J. Plerpont Morgan and Prancis Louise Tracy Morgan, -His schooling was: conventional—Groton and Harvard. And at 23 he married Miss Jane Norton Grew of Boston who bore him four children. Mrs. Morgan died in 1925, a bereavement that deeply affected him. For eight years thereafter the great ballroom of his New' York mansion was unused until, in 1934, he reopened it to hold & dinner dance for his grandchild, Louise C. Morgan. Morgan's eldest son, Junius Spencer Morgan—father of Lo —took his place in the family line by becoming a Morgan Co. partner. The other son, Henry Sturgis Morgan, is the driving force behind Morgan, Stanley & Co., the securities house established when the banking laws first forced revision of the company’s activities in 1934. There are two daughters, Mrs. Paul G. Pennoyer and Mrs. George Nichols. Once his son was out of Harvard the elder Morgan immediately set about preparing him to take the place for which he was destined in the world ‘of finance. He sent him to London to Morgan, Grenfell & Co., where he worked for 12 years and distinguished himself in inter national finance,

Called Back Home

In 1901, the younger Morgan was called home to assist in the titanic battle for control of the Northern Pacific—a contest that created a Wall Street panic. His sagacity in behalf of the Hill-Morgan group against the Harriman-Standard Oil consortium was commented upon favorably and in 1907 he again was credited with quelling a Wall Street uproar, A few years later—1913—the elder Morgan died, His son dropped the “Junior” and took abtive control of the great enterprise. The world War gave him an opportunity to prove he was a worthy successor to his father, 3 Shortly after the outbreak of hostilities a commission of British and French officials and bankers came to the United States to try to arrange a loan of $500,000,000. Literally billions passed through Morgan’s hands in the 1st World War. From 1917 to 1926 the partnership lent $1,700,000,00 to the allied governments, After the war Morgan occupied himself with rehabilitation of foreign governments. One $100,000,000 loan to France was credited with halting the fall of the franc. : : Inevitably the spotlight turned to Morgan & Co. and in 1933 Morgan and his partners appeared in Washington to reveal for the first time the intimate behind-the-scenes secrets of the famed partnership. The investigation threw a new, human light on Morgan and, in fact, it marked a change in his attitude toward the public and newspapermen. He became jovial, rather than sternly dignified. And where he once termed newspaper articles “the usual idiocy” he now explained that he hadn't known newspapermen very well. He added that he had objected to photographs because he was “scared to death” of the flashlight apparatus.

Morgan and the Midget

At the hearing an’ audacious press agent placed 'Lya Graf, a midget, on the austere financiers knee and the stunned hearing EE —————————

Adolescent Pimples

press agent.

room saw Morgan dissolve into an affable host.

“I'm only 20,” said the midget

while photographers registered the scene for posterity.

“You don’t look it,” replied Mor-

gan gallantly. “Where do you live?”

“In a tent, sir.” ; “Lya, take off your hat,” said the

“Don’t take it off,” interposed

Morgan. “It’s pretty.”

When all the photographs were

taken Morgan turned to a cameraman.

“Why do you want my picture?”

he asked.

“A thing of beauty,” smiled the

cameraman, “is a joy forever.”

In 1935 Morgan began

of other art objects and real estate to save his heirs the trouble, he said, from the government after my death.” miniatures for $350,000, six paintings for $1,500,000 and some real estate on Long Island for $650,000. It was assumed that Morgan was placing his estate in more liquid condition. |

“of buying them back

He sold his collection of

Socially Morgan was seen only in-

frequently.

...because the need is DOUBLE!

@ Last year,

sponded readily to the appeal for

War Fund.

J=—10 a. m. to 5 p. m.—in his New

‘word. Help when you can. Be

the mines.”

John L. Lewis, president of the

TU. M. W., would not comment.

Northern operators first refused

demands for a wage increase of $2 ‘a day with a minimum of $8 a day for all miners, adjustments in work- + |ing conditions and inclusion of 50,000

- minor bosses in the agreement.

Like all the Morgans, he loved | the sea and spent much time on

The Southern operators rejected

the demands yesterday.

his huge sacht Corsair, ans ef the) MF) |A RODEFELD,

the world. Morgan kept regular office hours

York establishment, with tea served in the afternoon. ‘His formula for success was brief. He revealed it when receiving the gold medal of the National Institute of Social Sciences. It was: “Do your work. Be honest. Keep your

fair.”

REVEAL 4 HOOSIERS PRISONERS OF JAPS

"Four Indiana soldiers are among 170 more held as prisoners by the Japanese in the Philippines, the war department announced today. They are: :

Box 44, ¢ at her

Frank; Breedlove, Indianapolis; a son, Roy, Tyler, Tex.: seven sisters, Mrs. Mary Busch; Hebron, Neb.; Montfort and Mrs. Lucy Snider of Indianapolis, Mrs. Alice Dickman, | Mrs. Lula Bosse, Mrs. Elizabeth Westerfeld and Mrs. Clara Seringhousen, all of Batesville; a brother, {George Ceas, Chicago, and two

R. R. 6, BOX 44, DEAD Mrs. Amelia Rodefeld, R. R. 8, ty line, died yesterday ne. She was 73. Mrs. Rodefeld was born in Bates-

ville, Ind, and lived here 57 years. She was a member of the Second Reformed Evangelical church: and the Royal Neighbors of America.

She is survived by her husband, a daughter, Mrs. Ethel

Mrs. Dora

Pfc, William A. Johnson, Mt. grandchildren.

Vernon; Pfc. Robert L. Mullen,

Funeral services will be held at

R. R. 1, Farmland; Pfc. Kenneth 3:30 p. m. Monday at the G. H. R. Parks, R. R. 1, Brook, and Pfc. Herrmann Funeral home with burial

John R. Riley, South Bend.

{in Crown Hill.

patriotic Americans all over the Nation re-

a $50,000,000 Red Cross

That amount was raised fo pay for the good work the American Red Cross has been doing throughout the ‘world.

Our local citizens, here in Marion County, did their part, too...

contributing $350,000 . . . the quota

1942 Fund.

assigned to us for the

This year, the need is double! And you can understand why!

The National goal is $125,000,

is $715,000.

000 . ++ the Marion County quota

Every dollar of that amount is necessary . . . urgently needed,

for the Red Cross to carry on all its many help our fighting men somuch, =

2! 17

war, activities that

A Re Cros War Pd wor wil call you i mon. Be

prepared to give generously . . . at least double what you gave =

last year.

giving valuable time, as well

HIN A EE

‘28 money, to thie great cause.

By NOBLE REED . ‘Ward chairmen of the regular Republican organization, who were figuratively “outlawed” from the party yesterday by city hall forces, were being contacted today in efforts to convert them to the new G. O. P. “harmony” committee, is Announcement that Sidney Miller, city corporation counsel, had been

named chairman of a new Republi- |

can committee to “promote harmony,” disclosed that practically a whole new rival party had been organized from the ground up. . The move was designed to ease out of active leadership Henry E. Ostrom, the regular Republican county chairman, and his ward chairmen whom he inherited from James Bradford, ex-chairman. : : The whole “rump” movement, climaxed by the election in Mayor Robert H. Tyndall's office Wednesday, was inspired and spark-plugged by original Tyndall supporters who fought Bradford forces in the primary last May but compromised with them in the fall election. The “harmony”’ label placed on the new committee headed by Mr. Miller was a misnomer since Chairman Ostrom was not even invited to the conference which resulted in formation of the new group. Also ignored in the new setup was Prosecutor Sherwood Blue who has been warring with city hall over law enforcement tactics. (Blue was

ke ; A, ney

aligned = with the old Bradford Ostrom forces). > ‘Two of the regular organization ward bosses, Samuel Blum and Leo Brown are deputy prosecutors. tested what they described as almost & complete shutout against them: in city hall patronage two months ago and the fight has been raging ever since. At least three of the regulars were contacted yesterday and today by city hall Republicans who asked them to “talk over” some compromise patronage matters, ostensibly in a gesture to convert them to the Miller committee. : One Ostrom ward chairman said a city hall emissary suggested to him a “deal” involving a possible

|change in the top brackets of the

city family. . “I don’t know how reliable the offer was, but this ry said that if I could find a place on the attorney general's staff in the state house for a certain city official that I could have something to say about filling the city vacancy.” Other rumors of tempting offers were circulating around town free: ly ‘today, indicating a wide-open scramble fo either get the Ostrom machine under the fold of the new leadership or kick them out entirely as party “outlaws.” : How they all will line up in the forthcoming scramble is anybody's guess right now.

Action Delayed In Rahke's Case

ARRAIGNMENT OF Emil K. Rahke and 23 other persons on charges of operating lottery enterprise was postponed in criminal court today until March 27 upon the request of attorneys before Judge W. D. Bain for froe more time to prepare their cases. Included among those who were to have been arraigned with + Rahke was Charles (Buck) Sumner, former Marion county sheriff and ex-partner in Rahke’s four operatnig companies whose plants and offices were raided by County Prosecutor Sherwood Blue Feb. 19. Paul Rochford, Rahke's attorney, indicated he will file motions to challenge the legality of all 24 cases before the arraignment date. : Mr. Blue said Rahke’s companies formed the headquarters of

vast lottery syndicates grossing a million and a half dollars receipts

annually.

AIR GADET'S FATHER IS KILLED AT PLANT

Lee D. Waldon of 1035 Dawson st., father of an air cadet at Maxwell

Field, was accidentally killed yesterday while at work in a defense plant. He was employed: in the mainfenance department of the Bridge-port-Brass Co. While at a machine, he was struck by a piece of material on which he was working, sustaining a skull fracture. He died almost instantly. : Mr, Waldon was born in Aurora, Ind, in 1895 and had lived in Indianapolis since he was 14. He was formerly in the coal affd ice business and entered the employ of the ordnance plant last May. He is survived by his widow, Mrs. Ella Waldon; a daughter, Mrs. Gus Howard of 751 Kappes st., and two = sons, Edward, at Maxwell Field, and , Lee Jr. of 1035 Dawson st. ; Services will be conducted at the J. C. Wilson & Co. funeral home at 3 p. m. Monday and interment will follow in Memorial Park cemetery.

/ 4