Evening Star Newspaper, May 29, 1933, Page 4

UNLIMITED MORGAN PROBE IS ORDERED President Believed Satisfied With Pecora’s Work in Inquiry. | | (Continued From First Page) than they had made “gepression years e ey paid in the boom year 1929, when th an income tax of $11,000,000. 1930 Profits $6,730,000. The totals for the three years, in-: eluding the Morgan Co. and Drexel & Co.,, its Philadelphia affiliate, in round figures, were: 1929—$2,936,000. 1930—$ Jgo.ggg. 931—$3,131,000. xluorgan officlalstestified in the in- vestigation last week that all together they paid only $48,000 income tax in 1930 and none in 1931 or 1932. Profits for 1932 were not included in the fig- ures presented by Flndixmnd Pecora committee counsel. e Cands for changes in the income tax laws have echoed in Congress since the revelation that the Morgan part- ners have escaped payments during the st two years. “‘Tm‘ House in passing a new tax bill st week eliminated the carry-over loss provision of the law, and Repre- sentative Vinson, Democrat, of Ken- tucky, announced yesterday that the Ways and Means Committee, of which he is & member, will soon begin an investigation to find and close other " phols in the statute. cora’s figures showed that for the five-year period, 1927 to 1931, inclusive, the Morgan firm made more than $18,- 000,000 from the sale of securities. Morgan partners testified during last week's inquiry that the investment business was a comparatively minor art of their operations. Pt Crddition to thelr profits from the sale and underwriting of securities, the Morgan partners reported to the com- mittee profits running into the mil- 0 (‘7‘1‘ /ndicates. but the total was untabu- Jated. In 1930, they reported a profit of $1,853,959 from one of these opera- tions alone, in Procter & Gamble stock. Also the profits from underwriting ventures were not_complete, because in many cases the firms retained blocks of stock, which were not estimated in cash. The records, drawn from hitherto se- cret Morgan files, disclosed that in 1929 the firm made $1,272.000 from issues it managed, and $774,000 from issues man- aged by others, while Drexel made $195,000 from issues it managed, $43,000 from issues managed by others, and $652,000 from underwritings. In 1930 Morgan made $4,074,000 from issues it managed, $516,000 from issues managed by others and $1,189,000 from underwritings, while Drexel made $684,000 from issues they managed and $267,000 on issues originated by others. Figures for 1931 The figures for 1931 showed these profits, respectively, for Morgan as $1,261,000, $260,000 and $75,000, and Drexel as $1,381,000 and $154,000. ‘While these figures were coming out, Pecora and his staff were in New York preparing for resumption of the open investigation. ‘The reports now before the commit- tee show that three more favored client lists were sold stock at bargain prices by the Morgan firm, besides the two already made public, which included some of the Nation's best known fig- ures, among Secretary. of the Treasury ‘Woodin,- who, after & -boat wrip yesterday with President Roosevelt, ahnounced he will stay in the Treasury despite clamor in and out of Congress for his ouster. Little information about the cus- tomer lists is given in the Morgan re- ports. For instance, in telling of their operations in Standard Brands, Inc, which they sold at bargain prices to| many, including former President Cool- ! idge, they merely said: “On or about September 5, 1929, 22,600 shares were disposed of at 32 to a selected list.” Moves for Probe of Davis. The report disclosed, however, that in January, 1929, the Morgan firm sold 315070 units of United Corporation stock to 291 individuals at $75 & unit, when testimony has shown it was sell- ing on the market at $99. At the same time 202.930 shares were disposed of at the same price through Bonbright & Co. and 82,000 through Drexel & Co. Meanwhile Tinkham announced he would introduce today his resolution calling for an investigation of the busi- ness relations of Davis. The Massachusetts Representative, d as » big game hunter, charged t Davis “has been under personal obligation to J. Picrpont Morgan & Co., the fiscal agent of the British govern- ment.” The stock syndicate and joint ac- count operations of the Morgan firm were submitted to Pecora in answer to a question put forward by him at the be ng of the inquiry, but the Teply became available Saturday for the n Thousands of Shares Involved. Pecora foint_accounts which either Co & Co.) or asked for “lists of all pools, and or syndi-ates in a affiliate, Drexel entatives participated. mes of securities involved, icipants. and all details P o the amount of the p and profits and losses therein erations reported adelpt from operations in joint accounts | said firms (Morgan & in | Reported chief ameng French aim: Conference is stabilization of the En | stages of the sessions. ASSEMBLY CLOSED BY PRESBITERIANS Montreat Gathering Adopts Series of Resolutions Without Discussion. By the Assoclated Press. MONTREAT, N. C., May 20.—The Church in the United States adopted several Tesolutions, most of them with- out discussion, before adjourning its seventy-third session today. W. Va, the moderator, ruled out of committee on social and moral prob- lems. The assembly, early in the ses- sion, adopted a resolution to create such a committee, but later reconsidered and rejected the proposal. A resolution was adopted commend- ing secretaries and other employes of the denomination’s Executive Commit- salaries. Without opposition, the Assembly adopted a Tesolution setting forth that salary cuts yoted last week be made on the basis of the 1931-32 scale. D. Charles Clarke of Comanche, Tex., offered a resolution calling for “earnest and increasing prayer” for a general revival. It was adopted. Stronger churches were requested to assume the support of individual home missionaries in another resolution ap- proved. The Assembly indorsed plans for the sesqui-centennial celebration at Old Stone Church, Louisburg, W. Va. in August and named Dr. Ben R. Lacy, president of Union Theological Sem- inary, Richmond, Va. as its official representative. FAMOUS TUB.ERCULOSIS SPECIALIST SUCCUMBS Dr. Edward O. Otis, 84, Interna- tional Authority on Pulmonary Diseases Dies. By the Associated Press. EXETER, N. H, May 20.—Dr. Ed- ward O. Otis, 84, an internationally fa- mous specialist on tuberculosis and other pulmonary diseases, died at his home here last night. Dr. Otis was graduated from Har- vard University in 1871 and from the medical school six years later. He be- gan his career with the Boston Disperi- sary, with which he was connected at the time of his death. In addition to his hospl’ . work he was professor of pulmonary diseases at Tufts Medical School and was the au- | thor of many documents on pulmonary | subjects. {" He was the founder of the National Tuberculosis Association, a member of the Massachusetts Tuberculosis League !and consulting physician for numerous sanitariums, He was a delegate on several occa- sions to tuberculosis congresses in Lon- don and Rome and was the recipient of honorary degrees from Tufts and the University of New Hampshire His widow, a daughter and four sons survive. tion were of a minor | volved thousands iggest others some of the Nation's the biggest was the “bankers sh of 1929 in which it was aturday the total profits to were reported as $1,067.355. investigators are inquiring jon further, to determine, ¢ the trading was done 1,146,609 shares traded ned S. Moseley & Co. had a 30 per cent <t in this account, in which 186, es were traded. of the operations d 1929, the peak vear stock market, and were closed out that game year. nbab organized after the were con- Larger Operations Summarized. A summ: American _Super-Power _Corporation Inited Corporation, 1929; profit to , $3034226, Asiel & Co. the ary of the larger operations Anaconda Copper Mining Co. stock, . profit, $113,765, divided equally the Morgan and Asel com- smmonwealth and Southern Cor- ration common stock and & number other i 1929; profit, $78,228 Morgan and Asiel each getting $31,291 and United Corporation, Morgan sub- sidiary, $15645. Fleischmann Co. common stock, 1929: profit, $124,613, divided equally between Morgan and Asiel. General Motors Corporation, 7 per cent preferred, 1927; when the account was closed Morgan obtained 2,819 shares at $125 plus, and Wood, Struth- ers & Co. 940 shares, at the same fig- ure United Gas Improvement Co., 1929; rofit, $138,890, divided equally between dorgan and Asiel. United Gas Improvement, acccunt No. 2, 1929; profit, $130,503, di’ ided equally bet Morgan and Asicl. . . 2 x !h.l ti tock, M1929; ALGTRAD o, S965930; Morgup, 60 pes on the | | Graduates to Hear Attorney. ! LEONARDTOWN, Md., May 29 (Spe- | cial) —J. V. Morgan, Washington at- | torney and formerly of St. Marys | County, has been selected to be the | commencement speaker at the Margaret Brent High School, which will be held June 10 at 8 p.n | i icent interest in the account; Guaranty | Co.. 40 per cent Congoleum-Nairn stock, 1926 to 1928; 1 Morgan profit, $124,812 Crosley Rad received, $642,317; sha United Corporation | profits. $93,941 Most of the accounts were formed to deal in “rights” to shares already held |and_complete rcports were not made |on disposition of the original stock in {many cases. They were characterized as “joint arbitrage accounts.” In some instances, Morgan apparently suffered a loss, as in a special account in Bethlehem Steel in 1929, in which the firm reported: “Our final liability, 3,081 shares, which we took up at a cost of $116.0459 per share.” The report did not show whether this stock was ever disposed of, and if | s0, at what figure | Other reports were not complete, { For_instance the report of an account |in Celanese Corporation of America, 7 per cent cumulative prior preferred | stock, said | “September 1, 1929, account formed ‘b)' J. P. Morgan & Co. and Clark, | Dodge & Co. to purchase 7,550 shares (left over from a previous account) at average cost of $93.698 per share. Sum- mary “Cost of 7,550 shares, $707,422,30. “Sales, 410 shares at average price $78.439 per share—$32,160.06." No report was made on the disposi- tion of the remainder. It is such reports about which the Anvamfnon are -eekllg Additional formation for presentation in the investigation. 29; cash d, 5.618 1929, Morgan | | Georges Bonnet (left), French finance minister, is scheduled to succeed Premier | Edouard Daladier (right) as head of the French delegation after the imitial General - Assembly of the Presbyterian | Dr. Ernest Thompson of Charleston, | order a proposal to create a permanent | tees for voluntarily cutting .their own | Wenl s at the approaching London Economic glish pound and the American_dollar, STABILIZED MONEY IS GOMLOF FRANCE Also Seeks General Use of Gold as Standard at London Parley. Editor’s Note: This article, describ- ing the position of Framce at the World Economic and Monetary Con- ference in London, is the second of iz concerning the aims of the prin- cipal participating nations. It is written by M. K. Whiteleather of the stafl of Associated Press writers as- signed to the conference. BY M. K. WHITELEATHER. PARIS (A) —Two main problems will | occupy the Prench at the World Eco- nomic Conference which meets in Lon- don on June 12. They are, in brief: 1—Stabilization of the dollar and sterling. 2—General use of gold as a monetary standard. g On these two questions the French delegation is expected o center its ac- | tivitles. On other subjects a more pps- | sive role appears likely. Stabilization French Need. Prance would gain by stabilization and by return of the gold standard, for wide fluctuations affect the franc when it fights for world markets in the same ring as the dollar and the pound. Heretofore the franc was a bantam- weight in the commercial prize ring, while the dollar and sterling were heavyweights. But since the dollar, on April 19, | followed sterling off gold the franc spurted to the front as a world me- | dium of exchange. This sudden pre | tige, however, did not help French bus- |inest, since’ American and British goods were better able to compete with French products in and outside France. Would Lift Disadvantage, This disadvantage the French would 1uke to overcome by getting England and the United States back on gold. | On almost all other questions the | French sre expected to sit and listen while delegates from other countries talk, for official quarters foresee that on most of them much will be asked of France. Experts have figured that three chief concessions will be suggested to the French: 1—A more liberal lending of money | abroad 2—Abolition of the quota system of regulating imports, 3—Lowering of tariff rates. Caution will be observed on these subjects, government quarters say. The government has been seeking a freer hand in commercial matters so as to have stronger negotiating powers at London. In spite of this official reserve, & strong. body of opinion is demanding that the delegation, headed in_the ini- tial stages by Edouard Daladier, premier, and later by Georges Bonnet, finance minister, join the represent- atives of other countries in an active attempt to pull down barriers to com- | merce. Caillaux Attacks Production, Joseph Caillaux, the eminent finan- | | cier, has proposed, for example, that | France lead the way in measures de- signed to limit production of basic com modities so as just to meet world con- ! sumption and prevent the collapse in | prices that accompanies accumulation of stocks. “Unless the world decides to do this,” M. Caillaux said, “the conference will be condemned to sterility and we shall not get out of this crisis.” Exporters and importers, hit by a 60 per cent drop in foreign trade in recent vears, also are demanding action. They have pointed out that income from American tourists alone fell from $200,- 000,000 in 1928 to $71,000,000 in 1931. Government Deficit Problem. The public cash box has reflected this slump in business. The budget deficit of 13,600,000,000 francs has kept suc- cessive cabinets busy since last Autumn trying to make ends meet ‘While the conference moves along the French will be seeking settlement of the war debts which they owe to the United | States and to England. The subject has been omitted from the London pro- gram, but the French say it must be disposed of before the conference ends. | J. P. Morgan Pas Collection Plate at Church on Return By the Associated Press, LOCUST VALLEY, N. Y., May 29 —The senior warden passed the collection plate at the Epis- copal Church of St. John's yes- terday He had had a busy week at Washington, but he returned Saturday and assumed his regu- lar duties as warden, just as A though his name had not been blazoned in headlines across America for days. The senlmi‘ \:'rdsen of the lfrul- copal Churc] t. Jahn's P. Morgan. G STAR, WASH ITINKHAM TO ASK PROBE OF ENVOY Norman Davis, Geneva Stand and Morgan Findings Will Be Cited. By the Associated Pre: Representative Tinkham, Republican, ! of Massachusetts, today planned to in- troduce in the House a resolution calling for congressional investigation of the business relations of Norman H. Davis, President Roosevelt’s Ambassador at large, as the outgrowth of testimony at the Morgan inquiry. ! Tinkham made known his intention last night in a statement which de- clared that Davis “has been under per- sonal obligation to J. Plerpont Morgan & Co., the fiscal agent of the British government.” Cites Geneva Stand. “Norman H. Davis, chairman of the American delegation to the General Disarmament Conference with the per- sonal rank of Ambassador, and member of the Organizing Committee of the Economic Conference soon to be held in London,” Tinkham asserted, “hag just announced in Europe that the Unfited States sha!l no longer be an independent | Nation and exercise such sovereignty as I belongs to such a nation. “He has officially proposed the termi- nation of American neutrality, the cur- tailment of American freedom of the seas, and the assurance of American coercive action to enforce article 10 of the League of Nations, which article guarantees the present political bound- aries of the world. He has announced that European nations are to be allowed to supervise American defense in the setting up at Geneva of a bureau for the supervision of arms. “The same objectives have long been sought by American international bank- ing and international business inter- ests. It therefore becomes of the ut- most importance to know what rela- tions Mr. Davis now has or has had with any international banking or in- ternational business interests.” Refers to Morgan Probe. Tinkham referred to disclosures be- fore the banking committee that Davis was on the list of favored Morgan cus- tomers and that he borrowed a size- able sum from the Morgan firm several years ago, which still is partially un- liquidated. Davis also was listed by Tinkham as a member of the board of the Coun- cil on Poreign Relations, Incorporated. This organization, he asserted, is “con- stantly attempting to influence the foreign policy of the United States con- trary to the best interests of the United States.” “Mr. Davis,” Tinkham said, “is also a trustee of the Carnegie Endowment for International Peace, the founder of which repeatedly declared himself to be in favor of the surrender of the independence and sovereignty of the | United States and its reunion with| Great Britain.” In his draft resolution, which will be referred to the Rules Committee by Speaker Rainey, Tinkbam said in part: “The United States is in peril of | having its foreign policy controlled by | international banking and international | business interests for their benefit and contrary to the best interest of the United States.” PROBE OF MORGAN RECALLS 1913 EXPOSE Says Conditions” Duplicate Disclos- Untermeyer “Disgraceful ures in Pujo Report. By the Associated Press. NEW YORK, May 29.—Samuel Un- termyer, counsel to the Pujo committee in its investigation when the late J. Plerpont Morgan was examined, said in o statement yesterday that what he termed “disgraceful conditions” dis- closed in the Senate's present inquiry duplicate those exposed in the Pujo report, “The responsibility for the continua- tion of the system that is now under | investigation rests primarily with Con- gress,” the attorney said. “It was not only advised, but warned, of these abuses by the testimony and report of the Pujo committee. “The evils of that system were then pointed out as due to freedom from regulation and publicity. Congress could uot. however, then be stirred to action.” Untermyer called for legislation to | carry out two recommendations of the | Pujo report—regulation of stock ex- changes, clearing houses and private bankers. and reinstatement of the law | on_interlocking directorates. The statement concluded with a | tribute to Ferdinand Pecora, counsel to the present investigating committee, as | “a good fighter * * * doing his duty in a just cause. MARINE DIES IN CHINA Second Lieut. Harvey Dahlgren | Suffers Heart Attack. SHANGHAI, May 29 () —Harvey Earl Dahlgren, second lieutenant of the 4th Regiment of United States Marines, died here Saturday of heart failure. Lieut. Dahlgren, born in 1807, came to Shanghai from Vallejo, Calif., in December, 1931. His wife survives him. ‘The body will be sent home. | Party to Aid Firemen. FORESTVILLE, Md.. May 29 (Spe- cial) —A card party will be given in the fire house of the Forestville Volunteer Fire Department Thursday at 8:30 o'clock, under the auspices of the Mel- wood Club for the benefit of the Fire Department. District’s Heroes in the World War Compiled by Sergt. L. E. Jaeckel. 8§ recorded in the official cita- tion, Timothy J. Kelleher, com- mander, U. S. Navy, was awarded the Navy Cross for exceptionally meritorious and distinguished services in a position of great responsibility in the line of his profession as com- manding officer of the U. S. 8. Jen- kins, engaged in the important, ex- acting and hazard- ous duty of pa- trolling the waters infested with enemy submarines and mines, in es- corting and pro- tecting vitally im- portant convoys of troops and sup- plies through these waters, and in of- fensive and de- fensive action vig- orously and unre- mittingly prosecut- ed against all forms of enemy naval activity. Witn, rank of E(;;z;nnnder. he serves w e Bureau Engineering Washington and resides at 2400 Six-' teenth street, northwest, iTO. { of money, “is there for them! DENIES COX IS MAN ALOOF T0 MORGAN Pecora Declares He Is Not Ready to Disclose One Who Spurned Stock. By the Associated Press. NEW YORK, May 29.—Ferdinand | Pecora, counsel to the Senate banking | investigation, said today that he was | not yet ready to make public the name | of the man who refused for ethical rea- | sons to be & favored client o J. P. Mor- | gan & Co. He denied a published re- | port that the man was former Gov. James M. Cox. “Many may have refused the favor,” Pecora sald, “but we have evidence of only one. I am not yet ready to make the name known, but it was not Gov. Cox.” The muscles of Pecora's jutting jaw hardened as strong teeth clamped on a black cigar; under a bronze forehead eyes gleamed. Suddenly, the cigar, released and mangled, swept downward between thumb and forefinger. My _record,” said the inquisitor of J. P. Morgan and other mighty men They e to search for any flaws— are welc or w By “they” Pecora referred to un- named persons who, Senator Couzens of Michigan charges, are conducking a “subtle campaign” to discredit Pecora in kis work as counsel for the Senate fiommfltee investigating banking prac- ces. Pecora, a former immigrant boy who got his start as inquisitor during 12 years in the New York County district attorney’s office, bade defiance to critics and said the disclosures at Washington, which have bullt headlines around the world, would go on. “Any one,” he said, “who imagines that our inquiry, with its sinister corre- lated problems exundlnf into business and professional life, will be halted by a threat to investigate the investigotor is mistaken.” Pecora, home for a Sunday rest in dressing gown and slippers in his River- side Drive apartment, tossed aside a book in which he sought relaxation to tell reporters emphatically that he was seeking no public office. “No,” he said, in answer to a ques- tion, “I haven't the mayoralty or any other job in mind. If I'm being groomed for mayor. who's grooming me?” The Daily News quoted him as de- claring that he would call new na- tional figures, including noted educators, for questioning. “I expect to pay considerable atten- tion to the power interests of the bankers,” he was quoted as saying, “and I expect to devote considerable time to the reported connection of professors and other leaders in American educa- tion with propaganda for the power people throughout the United States. “Other notables will come in for scru- tiny in the power branch of our in- vestigation, and we plan to go into short selling and kindred brokerage practice and into the floating of foreign and domestic bond issues.” | ACTION TO IMPEACH JUSTICES IS ASKED Pinchot Urged to Call Iegiulature‘l to Probe “Preferred Cus- tomers” of Morgan. By the Assoclated Press. HARRISBURG. Pa, May 20— War- | ren Van Dyke, Democratic State chair- | man, today urged Gov. Pinchot to call an immediate special session of the Legislature to consider impeachment of Supreme Court Justices William 1. Schaffer and John W. Kephart, whose names appear on the J. P. Morgan “pre- ferred customer” list. “Gov. Pinchot last week asked the two justices to resign and they refused,” Van | Dyke said. “Therefore the only thing left to do is to convene the Legislature in special session to consider impeach- | ment proceedings.’” Van Dyke said he was speaking only for himself and that he has not dis- | cussed the proposed impeachment with members of the Democratic State Com- mittee or Democratic members of the Legislature. Schaffer and Kephart asserted there was nothing illegal in their transactions. They said the stock was purchased through their brokers. Schaffer said he sold his stock some time ago at & loss, and Kephart, who still has his stock, said it is now worth $600 against the $6,000 he paid for it. | BANKERS ‘MEETING BERLIN, May 29 (#).—A conference | of creditors called recently by the| Reichsbank began at the institution | today with Dr. Hjalmar Schacht, presi- dent of the bank, presiding. Forty foreign bankers from six coun- tries, including the United States, were present for discussions of transfer (foreign exchange) methods. All sessions will be strictly private. They probably will take a week. IN PIANO RECITAL Miss Helen Miller presented two young pianists Priday evening in Cyng- | ham Hall of the Washington College of | Music. Heard in ensemble, the “Pirani Gavotte” performed by Frances Stabler and Miriam Pisher as an opening num- ber for their evening’s program was ap- propriately precise in its rhythmic markings and nicely balanced in phrase contrasts, Miss Stabler in her solo groups played two Bach inventions, a Haydn sonata, a Chopin group and two compositions in modern idiom by East- wood Lane, “Crapshooters” and “Gringo Tango.” She also seconded Miss Fisher in the duo piano, “Rolling Fire,” by Duvernoy. Miss Fisher's Bach was the seventh three-part invention, her Beethoven the sonata, Opus 2, No. 3, in both of which she did some excellent playing. Her Chopin group revealed still further tistic capabilities. The Macdowell “Czardas” was played in effective style. Both performers were the recipients of enthusiastic response from their friend- ly though discriminating audience. PRUDENTIAL 5% Savings Plan Shares 6% Full Participating Shares Deposited_in_the Mone PRUDENTIAL Building Association Loaned Only on First Morlnxu on Homes Under Supervisién of the Comptroller of Cdrrency of the United States Treasury WRITE FOR CIRCULAR 1331 G St N.W. Siiite 305, 2nd Bank Bidg. |2020. C., MONDAY, MAY 29, 1933, In D. C. Group NORTH CAROLINA SENATOR FILLS LAST VACANT POST. SENATOR ROBERT R. REYNOLDS, Democrat, of North Carolina, was ap- pointed a member of the Senate Dis- trict Committee today. The appoint- ment was announced in the Senate by the Democratic leader, Senator Robin- son of Arkansas. ‘When the committees were reorgan- ized on March 4 the Democrats left two places vacant on the District Com- mittee. One of these seats was filled several weeks ago by the appointment of Senator McCarron, Democrat, of Nevada, and the selection of Senator Reynolds completes the roster. Senator Reynolds is one of the young- er members of the Senate. He will be 49 years old on June 18. He was edu- cated in the public schools of Asheville and attended Weaverville College and the University of North Carolina, where he was captain of the varsity track team and a member of the foot ball squad. He studied law and began prac- tice in 1907. He has traveled around the world and is the author of two travel books. SIX MORGAN BONDS MATURE IN 2000 Practice Severely Criticized by Couzens in Last Ses- sion of Congress.. | By the Associated Press. Documents in the hands of the Sen- | ate investigators show J. P. Morgan & Co. and its affiliate, Drexel & Co., have sold six bond issues during recent years which do not mature until after the | year 2000. This practice was severely criticized at the last session of Congress by Sen- | ator Couzens, Republican, of Michigan, | who was then chairman of the Senate | Interstate Commerce Committee. Rail- road officials defended the procedure, saying many investors want securities which will insure return for many years to come. | The list, carried in documents filed | with the committee by the Morgan Co., | follows: Clssues managed by J. P. Morgan & 0. Cincinnati Union Terminal Co., is- | sued November 19, 1931, first mortgage, 5 per cent, $12,000,000; issue price, 97%2, | due July 1, 2020; selling profits, $59,793. Same company, issued September 25, 1930, first mortgage, 41, per cent $12,- 000,000, issue price 102;, due July 1, Profits, $64.000. Louisville & Nashville Railroad Co. | first refunding mortgage, 4! per cent “C,” issued February 7. 1930, $15,000.- | 000, price 95, due April 1, 2003. Profits, | $113,360. ! Morris & Essex Railroad Co., issued | October 21, 1927, first refunding 3%5 per | cent $9,871,000, price 85, due December 1, 2000. Profits, $40,869. | New York Central Railroad Co., i sued March 10, 1931, refunding and im- provement 4!, per cent, $75,000,000, price 100, due October 1, 2013. ~Profits, $400,403. | Issues managed by Drexel & Co.: | Lehigh Valley Railroad Co. general | consolidated mortgage, 4 per cent, is- | sued December 28, 1927, $12,686,000, Yssue price 92%, maturity 2003, Profits. $54,822. DRYS GIRD FOR BATTLE | Pennsylvania Session to Select 15 Delegates at Large. HARRISBURG, May 29 (#).—Armed with lsts of suggested names, Pennsyl- vania's prohibition forces gather here today to select 15 delegates at large for the State’s convention on prohibition repeal Summoned by John A. MeSparran, State secretary of agriculture and a prominent dry, and Rev..Omer B. Poul- son of Huntingdon, representatives of organizations. pledged to fight for reten- tion of the eighteenth amendment con- verged on this city from each county. Inciuded are representatives of the ‘Women's Christian Temperance Union. Anti-Saloon League, State Council of Churches and other organizations and individuals. Delegates .to the repeal convention are to be elected next November. The convention meets in December. i America’s Greatest | have not resign | trips abroad. WOODIN T0 STAY DESPITE CLAMOR Roosevelt to Keep Official Family Intact During Crucial Time. | By the Assoclated Press. | President Roosevelt is going to keep | Willam H. Woodin at the Treasury | despite the clamor for his ouster since his name was found on & list of J. P. | Morgan & Co.'s preferred customers. | Purthermore, the President intends to keep intact his whole official family, cabinet and assistants, to administer the unparalleled powers conferred on him and them to combat the economic emergency. Mr. Roosevelt views the immediate future as the crucial time as far as the Government's own anti-depression steps go. He trusts his present aides to ad- minister the vast regulation or control of industry, business, railroads, banking and agricuiture which is gradually be- ing forged, and he does not want to make shifts. Does Not Argue Case. All this, and specifically the news on Mr. Woodin, developed at the end of | Mr. Roosevelt’s week end cruise down the Potomac, during which the two held | earnest converse., As he stepped ashore, Woodin was met by newspaper men, who had just one question, He answered them: “I ed.” It did not take long to learn that he had not been “fired,” either, and was not going to be. ‘The smiling, public-shy Woodin was not inclined to argue his case nor to ask support. It was quite clear he had made known to the President that if his con- tinuance in the Treasury would hinder the definite upward swing of affairs which he believes to be in progress, or might diminish public confidence, he was willing to return to his own af- fairs. There was also an intimation that when the Morgan inquiry is ended and the public is ready to judgment he is going to make a statement. Many others were on the Morgan preferred lists, but, like Woodin, they were not at the time in Government service. ‘The view of observers here is that Mr. Woodin intends to resign as soon as he feels he has served his part in the emergency and that meantime Mr. Roosevelt is standing by him as a friend and aide. Woodin was emphatic last night about his confidence in the business pick-up. He said: “All lines of business and trade are improving. Railroad loadings are in- creasing. It is a real thing. It is every- where. Farmers are feeling better. The | people are spending money. There is| confidence.” He left no doubt that he regarded | | Mr. Roosevelt's leadership as the main- spring behind the trend of affairs, S e e WILL CLOSE TERM After today's session the Supreme Court will close its present term and will not be in session again until 01:<l tober 2. Most of the members of the court | are planning to leave the city without delay and several are contemplating Every possible effort will be made by the eourt to render opinions in all of the 17 cases it has in hand for decision and carry none over to the| next term. ROMANCE The romantic Rhi 'SUGEESS IS SEEN - FOR WORLD'S FAIR Opening Day Admissions About 175,000—Ex- pect 75,000,000. | By the Associated Press. CHICAGO, May 29.—The Century of Progress Exposition settled into the routine of its 157-day life today while | officials moved to erase minor operation | laws apparent during the first 48 hours of the show. ‘This seventh international exposition in the history of the United States, opened by dignitaries of nations and states and by the light of a distant star, became the mecca of a steady flow of | visitors who descended upon Chicago | from all directions. | Attendance figures, although incom- plete and unofficial, showed more than a third of a million persons witnessed the World's Fair during its first two |days. Balmy weather and spectacular |opening ceremonies brought nearly 1200,000 to the grounds the opening day |and almost as many during Sunday. Even larger crowds are expected for | Memorial day. | Actual paid admissions for the open- ing day were revealed to have n about 175,000. This figure, however, was incomplete because electrical tabu- lators on turnstiles in each of the six | large entrances could not be connected. | The fair has been constructed to | accommodate a grand total of 50,000, 000 visitors during its five-months’ run. Figures from other world's fairs, how- | ever, have led the management to ex- | pect as many as 75,000,000 admissions. | A gate of a little more than a third of this huge total would insure the finan- cial success of the venture, officials | estimate. The exposition today entered a week which has perhaps the lightest program of any of the Summer. Saturday, how- ever, the first State's day is scheduled when Alabama day will be celebrated in the Court of States which flanks the | Federal Building. Kentucky, Oregon and Tennessee will be honored next week. —_— Russia’s second flve-year plan calls for theproduction of 280,000,000 pairs of shoes in 1927, compared with 87, 500,000 in 1932. REDUCED PRICES ON ENGRAVED BUSINESS STATIONERY ‘BrewapD Engravers and Fine Printers 611 TWELFTH STREET Don’t Run The Ri t of offend- e with perepiration odor. A dtb of Eirmicss snow-white crenm, ! gave ing others with | Odor-Sweet, a clog functions . . . . Drug Stores. at 35c. ODOR-SWEET DEODORANT the glorious Black Forest, the picturesque Bavarian Alps. Walled towns, ancient eastles. OLD WORLD GLORY Great cathedrals, magnificent palaces, medieval splendor, his- toric cities, famous museums, colorful folk festivals. SPAS AND SPORTS World fomed German spas. Re: stful mountain and sea resorts. Golf, racing, tennis, wonderful motor roads. MUSIC AND ART Wagner Year Festivals. Brahms Anniversary. The Bayreuth and Munich Festivals. Theatres, concerts, galleries, exhibitions. IDEAL VACATIO Low prices, comfortable travel, N fine hotels, excellent food, en- joyable drinks, courteous hospitality, make Germany your ideal vacation land. Write for Bookiet W. 8. GERMAN TOURIST INFORMATION OFFICE 665 FIFTH AVENUE, NEW YORK - "