The Daily Alaska empire Newspaper, May 24, 1933, Page 1

THE DAILY ALASKA EMPIRE" ‘ VCL )\LII., NO. 6348. “ALL THE NEWS ALL THE TIME” jUN[:AU ALASKA, WEDNESDAY .VIAY 74 I933 MEMBER OF ASSOCI ATED PRESS e PRICE TEN CENTf? SECRETS BARED IN HOUSE OF MORGAN ROOSEVELT IS READY FOR FIGHT WITH JAPANESE PRESIDENT T0 USE DIPLOMACY, FRIENDLY KIND Will Attempt to Dispel Objections Over Arma- ment Reduction DELEGATION HAS EXPRESSED VIEWS Aggressor Nation Is Re- sented in Plan—Spokes- man Gives Statement WASHINGTON, May 24—Under the leadership of President Roose- velt, everything is aimed at full American influence in bringing peace in the Far East and to dis- pel Japanese objections to reduc- tion of armaments, with friendly diplomacy. President Roosevelt today turned to face the delegation of Japanese officials, whose chief has already expressed disagreement with the President’s definition of an ag- gressor nation. Two hours after the Japanese delegation arrived in Washington, former Foreign Minister Kikijiro Ishii told the newsmen he would not accept the President’s defini-! tion of an aggressor as applied to the Orient. Ishii said the formula should not apply to China because it is not a responsible govern- ment. The President in his recent plea for international peace said an ag- gressor nation was one that allow- ed its armed forces to encroach over the boundaries of another nation. STOCKS GIVEN GREAT BOOST, TRADING TODAY New High Levels for Year| Reached by Many Leading ssues NEW YORK, May 24 — Stocks! rushed forward to new high levels for the year today with gains of two to around five points, which were shaded by profit taking late in the trading. The close was firm. The session was the most active one of the present upturn period, transfers totaling about 4,800,000 shares. Trading Enthusiasm Fresh trading enthusiasm is at- tributed partly to renewal of the inflation psychology in addition to the strength of most commodity prices which continued as a result of optimistic reports from business and industry. i Some rail shares came forward, Union Pacific reaching par for a. gain of more than six points. Santa Fe was up around two points. Wet Group Popular The wet group was again popu- lar. National Distillers was up around five points but yielded. Issues up around one to three points included American Tobacco B, Liggett and Myers B, National Steel, Crown Corn, United States Steel, Bethlehem Steel, Dupont, Crucible Steel, Case, American Smelting, American Telephone and ‘Telegraph. American Can was up two points. CROSING PRICES TODAY NEW YORK, May 24—Closing! quotation of Alaska Juneau mine/ stock today is 14%, American Canl 86, American Power and Light 8%, | Anaconda 13%, Bethlehem Stee 26%, Calumet and Hecla 5%, Ar-| mour A 6, Fox Films 3, General Motors 24%, International Har-| vester 34%, Kennecott 17%, Armaurt B 3%, Packard Motors 4%, Chrys-| ler 22%, Standard Brands 13%, United States Steel 50%, Timken Roller 24%, Continental Oil 12%. Da;) llght Saung me.' Sot Clocks One Hour Ahead at Midnight Tonight;Sure Now ‘Tonight a goes on daj hour f midnight ht sav than Pacific Juneau |night was the decision of the time, one !Council at the session last Friday Standard | night. = All ral offices, aska lopt the new time Residents along the high- will do the same. clock ahead at mid- k. If you don't ) tune with the re bt L e . !than midnight nigh! :n you arise in the |clock ahead any old hml" !the one hour. Daylight s | be to _4 the | same date on wt t witeh- |es back to Pacific Standard Time. xrnNNlb QUE_EN SEEKS NEW LAURELS earlier n (hA ut of 3 1 of th midni The switching to time and the wurning one hour ahead at Mr. and Mrs. Frederick Moody, jr., at San Francisco's Ferry build- ing from where they started on a journey, she to Europe and Moody to New York. Mrs. Moody will defend her tennis crown at Wimbledon. Bhe expects to return to the United States in time to compete at Forest Hills. (Associated Press Photo) Securttws To Be Sold, 0 pen | Markct First Trial ot Controlled Credit, Inflation, to Be Launched WASHINGTON, May 24— The Federal Reserve System will open | a market for Government wyun-‘ TAHIFF TRUCE IS DEMANDED tions Takes Stand, U. S. Leadership GENEVA, May r i | - | state ‘Council ot League of Na-| ;TflM MOONEY - ACQUITTED BY JURY; ABRUPT ENDING, TRIAL BULLETIN—SAN, FRAN- | CISCO, May 24.—The trial of {Tom Mooney ended abruptly today when the jury, carry- ling out Judge James Louis | Ward’s instructions, brought |in a verdict of* acquittal after Mooney took pdl‘l in his own | defense. Mooney was on trial on an; lold indictment in connection | with the bombing of the Pre- paredness Day parade 16 years ago. SIX MEN; SAN FRANCISCO, Cal, —A jury of six women SIX WOMEN May 24. and s men has been obtained and sworn | in to hear the Tom ‘Mooney case but the scope of his immediate case is destined to be curtailed by determination of the pleLCulN)ll to produce no evidence Mooney's 83 - year -old mother arose and ki d him this forenoon when the handcuffs wese removed and he seated himself with his attorneys. Mooney said Gover r of the don regardless of the present lrml REPEAL VOTED | - TWELVE TO ONE NN, Y. STATE C(;nvcnlion to Ratify Ex- | pression Will Be Held on June 27 | - ALBANY, N. of New York by 12 to 1 pre:zsed itself for repeal of Prohibition laws, espacially ‘Lx ghteenth Amendment. w be mere he would k the State for a par- the outcome th. th held on formality convention Tt Jdr‘AA 27 will be a | adding this state to the others which ; have alr vvly committed themselves GENEVA MEET ~ ™~ KEEP FIRIN CHINA FRONT | | | 24—The position ties launching the first trial of con- !the world gives American leader- 'Renewed Flghtlflg ]s in trolled credit and inflation pOWers | ship was again demonstrated tbday when the members of the Council| |of the League of Nations ])rahe(l n] newly conferred upon the Presi-| dent. Securities, such as the law auth- | President Roosevelt's initiative orizes, will be bought up to three|suggesting a tariff truce in billion dollars to ease dit and|nection with the world release currenc | conference in London next month.! con- economic‘ ‘ Progress Despite Re- ports of Truce PEIPING, May 24.—Advices from {Tungchow, 13 miles east of here The Council urged all nations to| said renewed fighting' is in pro- ! f\llthi’r dPld\ $, 000 FIRE CORDOVA, Alaska, May 24.—Fi Monday destroyed the home T0 WESTWARD CORDOVA MAN e szt PASSES AWAY, Two large gasbosts Mmoo r ed| CORDOVA, \;axk,xv May alongside the net house were towed ‘Admm‘m J. Adams, pioneer to safety. of the original The loss mm.:“ Cordova town: than $5,000. npmd.:: night following a p A fire occurred at the same place | 1D€SS three years ago. M' 24— own- is estimated at longed was owner of the s Service and inter- in many enterprises in Cor- Annual Mine | Assessment Work Is Suspended WASHIN G TON, May 24— Precident Roosevelt has signed the bill providing for suspension of the annual assessment work on mining claims, B FAIRBANKS MERCHANT I GOING HOME FROM ‘Abe Simson, Fairbanks merchant, is on his way to his home in the Interior. Mr. Simson passed through Juneau on the way to the Westward on the Aleutian, Alas- | died | adhere to the truce withoul anyigress in the eastern outskirts |that town despite reports of a Chi- nesz and Japanese truce in tI |North China war zone. Im peachment of | I WASHINGTON, May 24—R ‘fientame Louis T. McFadden, Re- publican of Pennsylvania, took th> floor in the House late ve: ) to impeach Secretary of Treasurs |Woodin and 24 other present former Federal Reserve officers |charges. of “high crimes and m demeanors. The resolution was referred the Judiciary Committee. | Former Secretaries Andrew Mellon and Ogden L. Mills among those charged with and severally having robbed of Y., May 24- Tln-’ Nll. Gauging tie Giant’s MORGAN’S—-The Bank on the Corner Strength J. P. Morgan (left) di ter, in association with a list of head of the House of Morgan. giun(s of New York’s financial ca BEN BULLARD, TAKU RANCHER, PASSES AWAY |Well Known Pioneer of| Alaska Dies in Sleep at River Home Benjamin Buuard, 83 and one of the oldest and best known residents of this part of Alaska, passed away Monday night his ranch on the Taku River,| where he was found on Tuesday morning by Barney Conrad. H apparently died in his sleep, accord- to Mr. Conrad, who had talked him on Monday evening and found him seemingly in the best of health. The remains were brought to Juneau on Capt. William Strong’s iver boat, the “Jenny” this morn- 1g and are at the C. W. Carter mortuary awaiting funeral arrange- ments. years old Born in Michigan Ben Bullard, who was born in he state of Michigan in 1848, was ken by his family to Califs when he was a boy and the mining districts c ia during the gold hat state. He was educat in mining engineering and became one the big operators on the Con- imnes River until the passage of (Continued on Page Two) Wany Are up Califor- rush days of Sought by McFadden;Makes Charges on Floor of Hou nited States Government and eople of hte United State =ft and sale of gold United States.” McFadden charged om of currency w enefit private for overnments and sentral anks of the issue of vh( Bank International Settlements The Representative asserted nose charged allowed unlawful ex- ort of gold reserves to for countries and “used to benefit fc € ers for speculative purposes e as stopped to The sketch shows how the ornia | gold redemp- |, SYU(.K 4 £XCHANGE (B ts the establishment founded by his father, the late J. P. partners that includes Junius S. small nyons with the Stock Exc ’ SAS EDITORS strong is the House of Morgan? How wide-spread its influen This is the second of three ar- ticles dealing with these and related question: By J. R. BRACKETT (Copyright, 1933, By The Associated Press) er of the |* There House of Morgan 0 of mea 1of J. P. Morgan and Co., ures to show the amoun: loans, none on the private jof Morgan or his partners. To Wall Street the stranger poi is that hese facts, publicly, at lea |in Wall Street nearly always Ibody, some place will esumdt(’ a imost anything for you. {1 i One little known fact is that Morgan’s veluntarily files a statement with the Federal Re- serve Bank of New York. It does not have to file such a statement by law, nor is the bank subject to examination by legal authorities. | Thus, despite the fact that sta {tistics on Morgan's are not a |able to the public, they are in ti {hands of the constituted author ties—meaning that the aut hun" know the power (from the stati cal viewpoint, at least) of Mo Influencé Reputed Tremendous It is taken for granted that ti influence of the house is tremen dous. Those close to the say it probably always exaggerated. At ‘any rate, has bee this is th pr before of partners are congressional vate banking The investigaters have a the- ory that power as great as Mor- gan's is reputed to possess is so beund up with public interest that the public should know in seme detail what the power is. Winthrop Aldrich, president the Chase National bank, the commercial bank in the wor ; urged that private banks be d to publish statements if t depos The commer argument Is that in banking mup 1ld be stibject to regulation. Some Oppose® Investigation Opponents of the at private banking private. A person or cory hat deposits money with bank does so with fu to t inve! y tigation ept n vate the (Continued on Page Seven) NOTE: How NEW YORK, May 24—The narer- are no statistics dVd']“b"' to the public to show the deposi no one has ever estimatec irm will | prime reason why Morgan and his | larg investigations is just ] POWERFUL UNIT OF FINANCIERS REVEALED NOW 'Senate Investigators Are Bringing Out Import- ant Transactions | LOANS ARE MADE TO v.s. suB- TREASURY Morgan (cen- Morgan (right), son of the present Morgan building nestles among the ange and sub-treasury ifs neighbol . 0. BASSETT ASKS DIVORCE: ~ CASE IN RENO A{Echo of Mamage in An- chorage on Christmas Heard in Nevada ts | s | ns| RENO, Nevada, |ard O. Bassett, J ntlyvorce action again 1 charging married May 24.—Rict , has filed a di- Barbara Bas- desertion. The Anchorage, Alaska, cou- in 1- of the ment providing for alimony to August $100 a month there- 1934 and - DU PONT TAKES OVER REMINGTON -ARMS GOMPANY ‘Important Deal Is Made in East—Cash Is Report- ed Be Involved NEW YORK, May 24.- he ly Dodge, Chai i-of the Remin; announced y: Du Pont de he i- es v e n- n| al H. Hart the Board s Company involved dis- is und amount Iclosed but it of |a cash sale While Du Pont the active managem ingt is not tood it was take over Rem- latt ated as a and Dodge will the Board. an of , - Py HARRIET TREAT ON WAY TO VALDEZ TO LIVE MRS. Treat is a passen- on e Aleutian. is interested in the ch Mine noas t Sxe may make her perma- residence in Valdez, | Mrs. H st | ger for Vald s a ™ a1 { that mine inent near Valdez, ® > old Granby" PROMINENT PERSONS ] i Morgan Rosumes Tes- timony on Stand in Present Hearing WASHINGTON, May 24—J. P. Morgan, who took the witness stand yesterday in the investiga- tion of his banking house and told of not paying any income tax in 1931 and 1932, and that his house had deposits of a quarter of a billion dollars, took the stand again today. Morgan also revealed to the Sen- ate Banking Committee, conducting the hearing, heretofore unrevealed transactions, among them loans to other bankers, and partnership ties binding twenty powerful men into a powerful financial unit. Receives Loans sixty bank officers and who received loans from Morgan and Company in recent years, include Norman H. Davis, Ambassador-at-Large, now attend- ing: the Geneva Disarmament Con- | ference, was placed before the in- | vestigating committee by Morgan {who identified the list. | The amounts of the loans were not made public. | Other names on the list include Charles G. Dawes, Harvey Gibson, Mortimer Buckner, C. E. Mitchell, Myron Taylor and Richard Whit- ney, President of the New York Stock Exchange. In an interview preceding the opening of the second day of the hearings, Morgan denied reports he will retire at the conclusion of the Senate investigation. Some Pay, Some Don't Records of those receiving loans, showed that Dawes and Taylor paid off their loans. Mitchell, now facing trial for alleged income eva- sion, has not paid his loan of $6,000,000, which is still outstand- ing. The loan was larger than now. George Whitney, of the Morgan firm, testified that some of the partners were indebted to the firm itself. About directors Favored Few Secretary of Treasury Woodin and Senator McAdoo, of California, are listed as being among the fav- ored few allowed to purchase stocks through special arrangement by Morgan and Company. Late this afternoon the Senate investigators again dug deeply in the Morgan banking secrets de- veloping objections from Morgan that private banks be put under regulations as applied to commer- cial banks. The investigators also obtained names of officials to which Morgan money had been lent, finding out where more is deposited, ete. Whitney also testified that the firm's members paid out about $11,000,000 income tax for 1929, Morgan who yesterday testified that he paid no income taxes in 1931 and 1932 in this country, said he had paid such a tax in Eng- land. Dogs on Highway Are Reported Becoming Pests Dogs, either homeless or allowed to stray without re- straint, are raising havoc with gardens out on the highway and gunning parties are being planned, accord- ing to announcement from scme of the irate residents. Many complaints have besn registered about dogs in the past ten days and today Mrs. Robert Simpson added her protest. Her garden look- ed this morning as if a drove of elephants had e roamed over it. ‘2 990000000900