Evening Star Newspaper, January 29, 1929, Page 23

THE EVENING STAR, WASHINGTON, D. C., TUESDAY, JANUARY 29, 1929, | PUBL GETS VIEW OF O STRURGLE Despite Publicity, Traders Expect Future to Be Veiled in Secrecy. Dy the Associated Press. NEW YORK, January 29.—For the | first time in Wall Street's memory the | time-honored mystery of a financial struggle has been abandoned and the publc given & peep at two titans of in- dustry in mortal combat. | The outcome of Col. Robert W. Stewart's fight to retain control of | Standard Oil of Indiana in the face of | active opposition from John D. Rockes feller, jr., will remain in doubt until the | proxies are polled at the annual meeting | March 7, but the public has been | granted spectators’ privileges at the pre- liminary proceedings. As is natural, the public is taking a keen and, at times, active interest in these proceedings. Times Are Different. The alarms and excursions of former | financial frays have been elaborately | shielded from the light of day. Stealth | ‘was thought necessary to the strategy ol the Canadian interests which bobbed up one day with control of International Nickel. Arthur F. Cutten apparently kept his eyes averted from Baldwin Locomotive until control was in his pocket. But those were actual struggles for stocks. These days are different from the day of James J. Hill and his hidden office | where raflroads were bought and sold like So many dozens of eggs. The most famous battle of all time probably was the contest between Hill and the Mor- gans, and Harriman and Kuhn-Loeb. ITO DANCE AT BOARD OF TRADE FETE | Some of these questions asked Sinclair | ! | related to his personal affairs, the brief | asserted, contending that the commit- tee had no right to pry into his private | affairs. Other questions, the brief added, related to the leasing of Teapot +| Dome nmll the nc‘::v:lti;s of his N{‘::é 2 2 2 mouth Oil Co., whicl ad been clo ! Will Determine Congression- 1o the commitee when a civil suit had . |been instituted in the Federal District al Committee’s Powers in |Court in Wyoming to cancel the lease Probing Private Affairs. | on the ground of fraud. The brief asserted that Sinclair had never declined to testify or produce books and papers until in March, 1924, after the Senate inquiry had been closed The United States Supreme Court will | by referring the controversy to- the | review the case of Harry F. Sinciair, | courts. It declared Sinclair had put >ntenced to three months in jail and | his refusal to testify on the ground that a fine of $500 for refusing to answer | the committee had no further right to questions put to him by the Senate oil | prosecute its investigation after referring nvestigating committee, to determine | all civil and criminal questions de- the exact extent to which a congres- | veloped in the inquiry to the courts. sional committee may delve into the | Sinclair had a clear right to con- private affairs of a citizen. ==t Counsel for Sinclair yesterday filed a 7 | | and also to save time, the highest court | |'decided to pass on the whole contro- | [ versy instead of answering the specific | questions. | propesed to be brought by the Govern- | ment that committees of Congress had clude that Senator Walsh, a8 examiner | for the committee, had no other pur- pose in questioning him, the brief con- tinued, than to probe into the questicns involved in the litigation pending and ment against Sinclair and his com- panies. | ‘The matter having been sent to thei courts by an act of Congress, the Sen- ate committee, the brief added, should have stopped the investigation. De- cisions of the Supreme Court were cited in the brief to sustain the argu- no right to interfer: in any way in matters pending in the courts. = 42 Hurt in Train Crash. NORTHERN COAL FIRMS AND ROADS FIGHT CUT Briefs Challenge Jurisdiction of Three Judge Board to Fix Rates. By the Associated Press. Northern railroads and Northern coal companies with the Pittsburgh oper- ators’ lake rate committee and others interested in maintaining the position 23 |terday filed briefs in the Supreme | Court. | The cases, four in number, which aim to set aside an order by a three- judge statutory Federal . Court at Charleston, W. Va., permitting South- ern carriers to reduce rates 20 cents a ton on lake cargo coal. are down for |oral argument in the Supreme Court, | February 18. ‘The briefs filed yesterday challen the jurisdiction of the three-judge court, and denied, as did the Govern- ment brief filed Saturday, that the commission’s order was aimed to equal- ize indystrial conditions and offset the #dvantdge of lower production costs enjoyed by the Southern mines. In 1829 the Postmaster General was CHICAGO, January 29 (®).—Forty-|of the Interstate Commerce Commis- |elevated in rank and made a member two persons were injured, most of them women, and scores of others were badly shaken up when a Rock Island suburban | train crashed through a bumper at the | La Salle station here yesterday. Most | of the injured were tramped in the panic of passengers that folloved th: crash. | 124-page brief with the Supreme Court, | advancing arguments in asking that his | sentence for contempt. be set aside. | The matter was brought before the Supreme Court when Sinclair asked i the District Court of Appeals to set aside the verdict and that court asked the Supreme Court for instructions on law questions as to the rights of con- gressional committees in the examina- tion of witnesses. | At the request of the Government 1219 ConnecTicuT Ave fl.PASTRM Final Reductions Before Inventory Women’s and Misses’ Apparel Extremely Re- duced to the Lowest Prices for an Immediate —if you like Your Dance Music plenty Hot—try Swanee The Original Clearance. Early selections are advisable, for these bottom prices will effect quick disposal. Typical Pasternak Fashions in Quality, Furs, Materials and the usual superior workmanship: at savings that are the best ever offered. sion in the lake cargo coal cases, yes- 'rflunz MAR of President Jackson's cabinet. a=uen AT SLOAN'S ART GALLERIES 715 Thirteenth Street ESTATE SALE (By Catalogue) Steinway and Kimball Baby Grand Pianos, An- REGISTERED ture. uable Pai Prints, and Objects of To Be Sold at tique and Modern European and American Furni- A Wonderful Assortment of Oriental Rugs in all sizes, Sterling Silver and Sheffield, Val- @mgs, Jewelry, Luxurious Upholstered Davenports and Easy Chairs, Chinese l’uin'tinn, Art, Decorative Mirrors, Cut Glass, Bric-a-Brac, etc. Public Auction Within Our Galleries 715 Thirteenth Street Tuesday, Wednesday, Thursday and Friday Jan, 29th. 30th, 31st, and Feb. 1st, 1929 The stock at stake was Northern Pacific, and, with the fight going on, it soared to dizzy heights. On the day shares reached $1,000 an agreement was effected and a securities | company formed to lock up the stock. | The market fell immediately to $325 and a panic was precipitated. The hec- tic day still is remembered as having set a record of 3,000,000 shares of vari- ous- stocks traded. Th\s th“k has been ssed many times since then. m’l'he yaur{ger Rockefeller is credited with inaugurating the publicity cam- paign which has attended his fight| on Col. Stewart. He has applied the | same methods to his own affairs and 1s believed to have engineered the pub- | annual Midwinter banquet session of the Board of Trade. After-dinner speeches Two of a group of the Albertina Rasch dancers, who, with other profes- sional entertainers of New York, have been engaged to appear in the program to be staged at the Willard Hotel Saturday evening in connection with the are banned at the meeting. holdings of ccmpany officials, most of |a way of rushing in when earthquakes whom he has created, and of common |are imminent. Every one posted be- shareholders, whose loyalty he claims |lieves thai something will occur fol- by virtue of enormous dividends paid | lowing the annual meeting, but no one during his administration. ’appflnrs to have a definite idea of the The elder Rockefeller is reported to |direction in which the stock will move. have allled himself with his son, nndJ In spite of the publicity being given it is believed that his representatives | the struggle, the impression of traders will conduct the fight on behalf of his |is that events of the future remain as son, who is traveling in Africa. The in- | carefully hidden as in the days of fluence of these two is not being under- | barred doors, assumed names and blunt McWwilliams Orchestra knows how —and how! All sales final At 2 P. M. Each Day From a Promineat Lozal Estate (name witkheld by request) together with additions from other sources On View SATURDAY and MONDAY January 26th and 28th TERMS: CASH lic appearance of his father, once the | estimated by the Stewart faction. denials. bitter antagonist of newspaper men. | o far neither side is credited with | * 8 g raiding the market for actual stock. - 1 !P:‘:':g:’oz';'a"u“;':“‘:fi): - "_‘Th? Aeht Stll 1s for proxies rather than | Board Probes Marine's Death. : 5 <o | fOr shares, of which there &re 9.126,618| MANAGUA, Nicaragua, January 29 A RO 3 Tt ue | outstanding. Standard Ofl of Indiana | (). —Private David Haroid Chester, U. | et Qr. Rockefeller wants Stewart | s been extremely active of late, but |S. M. C,, of Logansport, Ind., died yes- ousted because of his testimony before | N0 _more so than a number of other[tsrdly from a wound inflicted by the the present senatorial committee of in- [Stocks on the curb market. | discharge of his own pistol. A board is | e e S ckoteher. interests | o MOSt of the activity is laid at the |investigaiing the circumstances of his | ey iy _p-pmtmmm]y e Moot of | 400F of the general public, which has death. He was stationed near Tipitaps. ; el e bt el sl el B el S el ) Indiana stock and are fighting, not for stock control, but for voting proxies with which to carry the annual meet- _ The Hecht Co. Half Yearly Sale Everybody is saving in this sale. Large families . . . small families . . . newlyweds . . . bachelors . . . bachelor girls, Many of them visit “Home Sweet Homz” first, where they gather ideas for home decoration . . . then they make their purchases accordingly., And lots of them are buying through Thz Hecht Co. 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