Evening Star Newspaper, June 1, 1933, Page 3

OF THE O and directors of the Orlental Build- Association. N will be held at the e gt e tioh, 600 ¥ st. n.w.. on 18§ elocit oon And 6 eclock P o % bl s " 2 wfi?fil‘ retary. { WILL NOT BE RESFONSIBLE FOR ANY jebts other than those contracted by my- 1f. JOHN G. KUHN. 447 G st. n.w. 2% NOT BE RESPONSIBLE FOR ANY ‘contracted by any one other than my- §'. . ©, KNOTT, 403 Chander, st. WILL NOT BE RESPONSIBLE 400 “Guner than those contracted by ‘m3- self. A. M. BELT. Kensington Md. 1° G-DISTANCE_MOVING “Service since 1896, Da- nster & Storage Co.. 1117 B AR T RS THE ANNUAL MEETING OF THE METROP- olis Bullding Association, for the election of directors and such other business as may pioperiy, come before the mesting, will be eld 8¢ the office of the association. Wednes- gex, June 7. 1033. " Polls open from 2 to o'clock p.m. EDWARD A. TRIPP, Secretary. SPECIAL RETURN-LOAD RATES ON FULL and part loads to all points within 1,000 guaranteed service: lo- hone NA. 1460. NAT. 1317 N. Y. a miles; padded vans, eal moving also. DEL._ABSOC.. INC NO ONE IS AUTHORIZED TO COLLECT any of my bills uniess they have an suthori- gation signed by me. FRANK J. MILLER, 212 Kennedy st. n.w. “ § WILL NOT BE RESPONSIBLE FOR ANY debts other than those contracted by myself. MAJ. L‘!'IHMAN W. MILLER, Fort l'!xllm- va. 3¢ MORRIS BLUMENFELD. he w"llc)lh Repair Shop, formerly 13th . phreys Owner of Jocated at ave n.w NOTICE OF_SALE TO ENFORCE LIEN POR CHARGES. To whom it may concern: Notice is hereby siven that on Saturday, the seventeenth day 33, at the hour of nine o'clock, eeding Wi now at 1734 Pa. nw. ngton. A Columbia. the undersigned will sell at public suction the described personal roperty, ving room furnish- ngs, bed room furnishings. dining room furnishings, kitchen furnishings, planos, per- sonal eflects and miscellaneous household ®oods_stored in the names of and for the accounts of Mr. James Brown, Mr. Theodore G. Buehler, Mr. James Butler. Mrs. Ruby Coleman. Miss' Grace Ri s . . Mrs. Myrtle Jackson. Mrs. P. Jones, Mr. or Mrs. Melnicove. Miss Mai Beatrice Payne, ) Mr. George E. e, Mr. . H. am, Miss Emma Smallwood. Mrs. A. B. Stoutenburgh, Mr. Churles G. Williams. Said auction and sele will be made under and by virtue of on. 33 of an act of Congress spproved 5, 1910 (36 Stat., Part I, X 301). nown s the Warehouse Receipts Act. and Zor the Durpose of Satistying the lien of the undersigned on said personal property for Storage: charges end other lawful chages in connection with caring for and safe- eping the said personal property together with costs of sald sale. AMERICAN STORAGE & TRANSFER CO., L. P. WARING. Sec'y-Treasurer. NEED A ROOFER? Slag_Roofing. Tinning, Repairs. Roof Paint- ing. Let us estimate on anything in the line. Thorough. sincere work assured. Call us upi ROOFING 933 VSt. N. COMPANY North 44 Treasury Department Office of the Comptroller_of the Currency Weshisione Dy € May 20, 1933 Notice is hereby given to_all persons who 8y have claims against “The Commercial ational Bank of -Washington,” District of ‘Columbis, that the same must be present: Robert C. Baldwin, Receiver, with the 1 proct thereof within three months from 83 or they may, be disaliowed. Comptroiler ‘of_the Currency. VILLA STOCK PROMOTER SENTENCED TO 120 DAYS Charles F. Degner Pleads Guilty of Using Mails to Defraud Public. By the Assoclated Press. ST. PAUL, Minn,, June 1.—Pleading guilty to using the mails to defraud in sale of stock in a company to recover oot he said was hidden in Mexico by the late Pancho Villa, Charles F. Deg- ner, Chicago, was sentenced in Federal Court_yesterday to four months in the work_house. S Officials said Degner told Minneapolis residents to whom he sold $4,000 in stock he had learned of the location of the treasure from a physician whose case he investigated when he was a Los Angeles Coupty deputy sheriff. The physician, Degner said, told him that as a captive of Villa he had cured the Mexican leader of a serious illness and in gratitude Villa revealed the| treasure hiding place. The treasure was said to include 1,467 bars of gold, 1,100 bars of silver and 24 ammunition cases of jewelry. Federal Judge M. M. Joyce imposed light sentence because Degner has been in jail since February 1. Irish Trade Nil. The Irish Pree State sold 1.800 trac- tors to the United States in 1931, but not one in 1932, INUTE YSTERY Can Yo S You, |IUSTICE ROBERTS ON MORGAN LIST W. W. Atterbury Also on Fourth Roster of Pre- ferred Stock Clients. (Continued From First Page.) | Corporation deal. Whitney said it| was correct. He directed ridicule at the figure as a “surmise” of what might have been : | done, but wasn't.” Whitney had testified yesterday that if the firm had sold the securities it turned over to the United Corporation, in forming that concern, it would have made a profit of $57,000,000. Only a few Senators were present for the public hearing, which again at- tracted an overflow crowd to the huge| hearing hall. ‘The committee voted, 11 to 3, in favor of publishing the original part- nership agreement made in 1916 with- out subsequent collatcral agreements. The three, Chairman Fletcher said, Senators Couzens, Republican, of Mich- igan; Norbeck, Republican, of South Dakota, and Costigan, Democrat, of Colorado, voted to publish everything. Fletcher said under the committee's decision the original 1916 agreement will be placed in the record with the names embodied in it. Subsequent agreements when part- ners were added or dropped will not be made public. “The committee thought they were| not of any public interest” he said, “end that the public interest was con- | fined to the basic agreement itself.” Some members of the committee held ba | it was important to publish the agree- ent because it might have a bearing on | the income tax question. ‘They held that if the partnership was actually a contract of employment, rather than co-partnership, it would prevent the members of the firm from making certain income tax deductions. Asked if the agreement was really a partnership, Fletcher said: “The articles say it is a partnership. I don’t know what will arise later.” Uses “Suppositions.” With Whitney on the stand, Pecora resumed the questioning by referring to a statement put into the record pre-‘ viously by Whitney showing “the value of certain holdings at acquisition and at the high market price of 1929.” “By these figures,” Pecora said, “I understand that had your firm not| transferred these utility securities to the United Corporation, but had held <a | them until the Summer highs of 1929, you could have sold them at prices yielding a profit of $57,387,379.” “That is correct,” Whitney replied. “You had said we could have sold our grl:)l&d option warrants at a $68,000,000 “That was entirely a suj tion. I thought that we would us‘e’p:;lme sup- positions ourselves. Those figures are entirely suppositions just as your ques- tions regarding possible profits were suppositions.” “You did sell 200,000 warrants for $8,400,000 and were left with 1,5I%,000 w..r;nnfa. %n't yl?u?" asked Pecora. “Yes. profit, suj ing we had sold at the high, wou}’me g‘ simple matter of arithmetic.” In answer to a long series of ques-| tions, Whitney said the high for United common stock “so far as our records 80" was $68% in July, 1929. Pecora sald, “we have information that it sold at $75 on September 25, 1929.” He added that the option war- rapts sold over $40. ‘Now 1f you sold the 1,200,000 shares of common stock at $70, you would have received $84,000,000, wouldn’t yog?" Pecora asked. If you are going to surmise on what would have happened, yes,” Wnitney sald. “But that wouldn't have been our profit.” “That's the 'Now, if you had sold the 1,714,200 in optl.gn warrants at $40—they sold higher,” Pecora continued, “you would have received $68,568,000.” “Guessing Contest.” “Still surmising on what would have happened, yes.” “The total for the common stock and the option warrants would have been $15§;568,0007" Lh‘; counsel asked. “You are not including the preferred stock in this guessing contest,” Whit- ney said. “No, but I'm willing to,” Pecora said. Whitney was obviously irritated at the questioning, and some of his an- swers were a bit sharp. “Now, didn't we pay $25 a share for the common stock?” he asked Pecora. “Is that what you want me to say?” “I want the facts,” the counsel an- swered. “We paid for it in blocks,” Whitney said. “I assume the figure you want {nzro g%socog\mcn %u $25. At that price ;200,000 shares of common w been_$30,000,000.” sk Whitney explained to Senator Town- send, Republican, of Delaware, how the Morgan firm had received blocks of P Dr. Pordney is protéssor of criminology at a famous university. His advice is often sought by the police of many citl ¥hen confronied with particularly Tling cases. . This problem has taken from his casebook covering hun- dreds of criminal investigations. Y your wits on jt!_ It takes but ONE M to readl Every fact and every clue necessary to its solution are fn the story itsell—and there i one answer. How good detectlv you? Fordney and the French Police. BY H. A. RIPLEY. ELL, M. Fordney,” remark- ed Dr. Renault, the great pathologist of the French Surete, as he completed the autopsy, “this poor girl died from a stab wound in the heart.” Six hours before the charred body of Marie Dupont had been dragged from the flames of her small cottage on the outskirts of Paris. The police were confident she had been burned to death, as was the first viewed dy. As the two men left the autopsy room, Fordney, who had been working with the French police for several weeks, was handed a report by a gendarme. It was to the effect that the police had, & few moments ago, intercepted a black- mailing letter addressed to Leon Mer- cler, ithe dead girl's sweetheart. The writer, who signed himself merely X X, that he knew Marie had died 532‘. “stab’ wound in the heart and not from burns as the fool police be- lieved. It further zmwd that unless Mercier left 20,000 francs at a desi ‘mated spot, he, the writer, would in- Tt . the police of the cause of death— flh% m:cler's guilt. “The Surete after this had Mercier, a ent physician, trailed and when e received a second blackmailing let- ‘or, intercepted without his knowledge, ~2spite his unquestionable alibi, they al him. They said were he inno- cent why hadn't he reported the black- mailing letters? Volla! He must be 1 tull’gqu. however, disagreed Wwith DO YOU KNOW WHY? United Securities in return for certain utility securities it had turned over w“United. plus $10,700,000. ‘'We immediately resold 600,000 units (a unit consisting of one share of pref- erence stock and one of common) at $75 each and at no profit to us,” ‘Whitney said. “These figures are all a speculation. It is a case of if we had done none of the things we did do, this is what we might have done.” “You said the profit on the securities turned over to the United would af top prices have been over $57,000,000,” Pecora said. “I want to show the other side of the picture—that if you had sold your | United Securities at prices not at the peak you would have made a profit of 312?1.‘;25,000 ol “That checks with my es,” Whitney assented. e Fletcher asked when the 200,000 shla;u of United Option warrants were sold. “From July to September, 1929,” ‘Whitney said. “Didn’t _you sell 294,000 common shares?” Pecora asked. “From that day to this we sold 294,- 000 shares.” ‘The witness thereupon told Fletcher the 1929 prices for option warrants ranged from a 47 high to a 40 low, while prices received for common stock that Summer ranged from 73% to 67. H> outlined sales and purchases in United since at declining prices, the last falc of 1,700 in January, 1933, going at 9% As Pecora went over the oft-repeated figures, Morgan rested back in his chair but followed th= testimony closely. Only three or four committee mem- bers were on hand. and they did not inclvde Senator Couzens, who has taken a main part In the inquiry. Glass Brings His Mail. Senator Glass, Democrat, of Virginia. took a seat next to Pecora. He carried a heavy brief case, apparently contain- ing his mail reaction to the attitude he | has taken during the inquiry. ‘The crowd, including scores standing around the wall, listened in silence. “How many sets of minutes of the books of the United Corporation are kept?” Pecora asked. ‘Whitney whispered to Leonard Keyes, Morgan office manager, and said: “I'm told only one ccmplete set.” “What was the market value of the securities turned over to the United on January 11, 1929?" Pecora asked. “$64,000,000.” “They were set up on the books of Um;cd at $50,000,0002" Perha, have a story or problem Ra {&: to submit to Prof. Pol’do; re “Why?” I Whitney told him that the “simple reason” was that the prices at which the securities to be put on the books were determined before Jgnuary 11 and i | 1629, asking Keyes how the options Morgan 3 “A financial statement of United after this Initial transaction would have shown a profit of $14,000,000 as a result of setting up these securitics at a price of $50,000,0002" the counsel inquired. “No,” Whitney replied. He produced a statement of the company’s financial | condition to the stock exchange in May, | 1929, to show that the market value of the stocks was not added to the $50,- 000,000. The statement was of the firm's condition at the end of April 23, 1929. “These prices show the book value, prices at which the stocks were taken in” Whitney said. “How were the options set up on the | United books?” asked Pecora. “Non-Ledger Liability.” Whitney asked Keyes to answer for him, and Keyes said the option war- ranfs were carried as a ‘non-ledger liability.” “Was there any advantage from that set-up?” “I don’t know of any disadvantage,” Keyes said. Pecora _introduced & letter from George Roberts, dated January 30, were carried on the books. Roberts was the first president of the United. Then he read a memo- randum dated January 31, nmwm’lm;1 Roberts. This said the preference stock was carried at $50 a share, the common at $5 and “the balance of the considera- tion received for the common stock and the consideration received for the op- tion warrants shall be credited to sur- plus.” It added: “It will be noticed that no dollar values appear in the account. When and as option warrants are exercised, an entry will be made debiting cash at $27.50 per share and this debit will also include a memorandum debit entry to the option account for such warrants as are exercised. Credit would be made for the common shares issued at $5 per share and the balance credited | to paid-in surplus. “The advantage of the bookkeeping | following the lines aforesaid is the fact that the entire proceeds are credited to either capital or to paid-in surplus and the paid-in surplus amount is thor- oughly identified at all times. “Should it be necessary in the future to make a distribution to stockholders and of paid-in surplus, such paid-in surplus may be determined as a return of capital to the stockholders and not as a taxable dividend. “T also believe the method adopted correctly reflects the true position of the option warrants at any time.” No Pecunary Return. “Would there be any pecuriary return for the method of keeping books that you refer to?” Glass asked. “None, Senator,” Keyes replied. “In your written reply you called attention to certain advantages,” Pecora reminded. Keyes added that the $1 which Mor- gan paid for the option warrants was not taxable. “Any receipts from the issuance of securities is carried as capital, not in- come,” Keyes said. “Why was the common stock ac- quired for $25 a share set up at the out- set at §5 and the balance credited to surplus?” Pecora asked. Keyes said that was permitted by law and that it would have made no differ- ence so far as income taxes were con- cerned. Keyes, manager for Morgan for 16 years, gave his answers in a crisp, pre- cise voice without hesitation. “If T may be allowed to ask another question,” Glass said with a look at Pecora, “may I inquire what was paid by Morgan & Co. under the capital issues provision of the internal revenue “I don’t kkxlmtw." Keyes sald. “T'd have to get that.” “The gmve:tment. bankers of the country,” Glass said, “have begged Con- gress to repeal this law.” “Do you know that the Government has collected $1,075,440,000 from this provision?” the Virginian inquired. He added without waiting for a re- ply that if “the Government is to col- Ject this immense amount of money be- cause of the tax, do you feel the tax- payer has the right to write off losses if his holdings depreciate in value?” Keyes nodded. Glass sald he was interested in deter- mining whether in the seven years of the capital issues provision of the se- curities act J. l; ‘ltvlorg:n has made or lost by reason of it. “nguld it be advantageous or dis- advantageous to repeal it,” he wanted to know. “I think it would be advantageous to repeal it,” Keyes said. “The drop in values on the exchange has been so great as to wipe out the base for otherwise taxable income.” At this point, after the suggestion of John W. Davis, Morgan counsel, Keyes gave the total income tax paid by Morgan partners from 1917 to 1929 inclusive as $51,538,074.75. Keyes said 1929 was the largest year, “Do you have the total taxable in- come for those years?” Pecora asked. “No, sir,” Keyes replied. $20,000,000 Paper Profits. Testimony before today has shown that buyers on the three lists so far laid before the committee could have realized profits of $20,000,000 on the basis of market prices prevailing soon after they acquired their stock. How many did sell has not been shown, but Whitney told the committee yesterday these clients had been invited to buy the stocks in order to spread the risk of underwriting the issues, pre- sumably with the idea they would hold them. This statement drew the warmest cross-examination to which he had yet been subjected. The crowd of spectators tittered as Counsel Pecora recalled that Whitney had made no such explana- tion previously, and the Morgan partner replied that was because “I wasn't wise enough to appreciate the impression that would be created in some quarters by these lists.” “When did you first become aware of the impression?” Pecora asked. “When I read the newspapers,” Whit- ney smiled back. “In view of your emphasis on the business aspect of these transactions,” then asked Senator Costigan, “Why did you write one of those invited to sub- scribe: ‘We want you to know we are thinking of you.'” “Thinking” of Raskob. That was John J. Raskob, the former Democratic National Committee chair- man. “We would have to think of him to get him on the list,” Whitney retorted quickly. | Pecora attempted to bring out the difference between a sale and an under- writing agreement, and finally, Whitney, with a show of impatience, said: “I have said they were a direct sale. But what I'm trying to convey is that they had the effect of an underwriting arrangement. We wanted to divide our risk and did divide jt.” But Pecora would not let go. He pointed out that trustees of Phillips Exeter Academy and Andover Academy were on one of the lists. “You wouldn't ask the trustees of those educational institutions to take part in the underwriting of common stock?"” “No,” Whitney replied, “but let me say that preferred stock was included in the United Corporation units.” Senator Reynolds, Demnocrat, North Carolina, recalled that Whitney had testified none of the clients on the spe- cial lists were public officials at the time they purchased the stock. ‘Whereupon a long exchange between the two brought out the names of the ht W. Morrow, then a for- mer, Morgan partner and Ambassador the Sepublicsn National Commitee & and Raskob, as well as Charles G Dawes, who was listed not as a pre- FULLER T0 0PPOSE CLIENT OF MORGAN Announces for Governor in Comment on Naming of Bacon in Inquiry. By the Assoclated Press. BOSTON, June 1.—Former Gov. Al-l van T. Fuller last night announced his candidacy for Governor of Massa- chusetts at the next election on being asked to comment on reports from ‘Washington that Lieut. Gov. Gaspar G. Bacon's name was mentioned in the Morgan inquiry. “I have always considered Gaspar Bacon as an ultra-conservative, one who stood for special privilege,” Fuller’s statement said. “The Republican party cannot win with such a candidate. I can win and I can render a service to my fellow citizens by standing, as I always have, for rigid economy and the enforcement of all laws without fear or favor.” As Governor during the Sacco-Van- zetti case in 1927, Fuller attracted Na- tion-wide and international attention. When told yesterday that the name of Bacon was included in a list of selected customers of the banking firm of J. P. Morgan, as disclosed by a sen- atorial inquiry, the Lieutenant Gov- ernor had no comment to make. However, he said it had been the custom of his family for a great many years to seek investment advice from J. P. Morgan & Co. He said his father was once a partner in the firm and that his brother-in-law, George Whit- ney, now was & partner as well as co- trustee of his mother’s estate. He said that in January, 1929, he and Whitney had invested family trust funds in 1,400 units of United Corpora- tion at $75 per unit, “the price at which the units were then offered.” ‘The trustees still hold as an invest- ment all the stocks then purchased,” he asserted. “The market price of these units today is $44 per unit.” Sport Equipment Stolen. While Earl Russell, manager of the Federal A. C. base ball team of the Capital City League, and Aldin E. Davis, catcher for the team, watched the double-header at the ball park yes- terday, 13 base balls and a glove were taken from Davis’ machine, parked at Fflflflh and Q streets, they reported to police, CIRCUS MIDGET SITS IN J. P. MORGAN’S LAP; PHOTOS ARE BANNED (Continued From First Page.) agent, Miss Lya Graf—who has seen 31 years, but grown hardly a mite—gave a real circus touch to the investigation scene. Senator Glass, complaining against past procedure, said it was like a circus. Tiny Miss Lya headed through the crowd for the Morgan group, while it waited for the hearing to begin, shook hands with several and then walked to the dignified head of the firm. Laughing, he rose, took her hand and sat down again. Then unexpectedly the press agent placed the midget on the banker's lap. Morgan looked non- plussed, but submitted gracefully at the start. Soon his face became stern as pictures were taken. Notified quickly of the incident, the Senate committee warned photographers that if the photographs were used, those taking them would be barred from future hearings. Before Miss Graf was placed on his lap, Morgan chattec amiably with her. “Where do you live?” he inquired. “In a tent, sir,” she replied. Morgan told the midget that he “had a grandson bigger than you are.” “But I'm older,” Miss Graf said. He asked her age and she sald “20.” He commented that she didn’t look t. Later Miss Graf gave her age as 31. After once being on the banker’s lap, the midget slid slowly down and then climbed back. Spectators roared with laughter; and before long Morgan also was in good humor, again chatting with his partners, ‘The circus agent finally piloted the dimunitive Miss Graf away. “Oh, yes, I like Mr. Morgan,” she squeaked as she left to rejoin her circus comrades. Chairman Fletcher of the committee made a public appeal against publica- tion of the photographs. “While the committee was in execu- tive session,” he said, “I understand that some photographers made a pic- ture here of Mr. Morgan with a midget in his lap, or something of the sort. “I ask the newspapers not to publish such pictures. It is an imposition on Mr. Morgan. I consider it a shame and an outrage. I appeal that these pictures not be published.” ‘There was a quick outbreak of ap- plause and Morgan nodded and smiled. ferred purchaser, but as a borrower from the Morgan firm while Ambas- sador at London. Senator Costigan came in then with an observation on the power of such prominent men to influence public opinion, an idea which Whitney said did not impress him use “they must be of some prominence to have the financial capacity to take the risk.” “Risk” Challenged. The word “risk” was quickly chal- lenged by Senators pointing to the much higher market quotations imme- diately the stocks appeared on the markets. Whenever he could get in between the senatorial questions, Pecora wound through the intricate stock deals that led to formation of the United Cor- poration, but he never reached his climax. He developed from cross-examining Whitney that in December, 1928, Mor- ban bought from the General Electric Co. stock in the Mohawk-Hudson Power Co. for $23,000,000 that had & market value of $26,000,000. The sale was consummated, Whitney said, through a memorandum signed with initials representing each party to the deal, on the basis of a verbal offer by the General Electric earlier in the year. By the time Morgan paid, in January, the value of the securities had reached $35,533,260. When the day was over, Pecora had shown the Morgan firm in forming United Corporation turned over to it $62,000,000 worth of securities and $10,- 700,000 in cash for 600,000 shares of preference stock, 1,200,000 shares of common and 1,714,200 option warrants to_buy common stock at $27.50. The Morgan house sold the prefer- ence stock and 600,000 shares of the common to associate companies and a selected list of clients for $45,000,000, Eng 200,000 option warrants for $8,400,- 00. Whitney testified the option war- rants. which the firm acquired for $1 each, were sold for from $40 to $46 and agreed that, mathematically, his firm at that rate could have $68.000,000 on those it retained. No disposition had been shown of the remaining 600,000 s of common stock, which at one time reached a price on the market of $73 a share. In the third list of al clients revealed yesterday as ha’ been sold units of United stock for $75 that were quoted on the market a little later at Morgan List Additional Names Intro- duced in Hearing Be- fore Senate Group. By the Associated Press. Here is the latest special list of cus- tomers introduced at today’s investi- gation into J. P. Morgan & Co,, it deal- ing with those allowed to buy units of United Corporation stock through Drexel & Co.—Morgan affiliate—in 1929 at $75 a unit although the units soon commanded a $99 price on the public market : Hiester S. Albright, 100; Edgar Alle- gaert, 100; J. Howard Arthur, 25; Thomas G. Ashton, 300; W. W. Atter- bury, 2,500; Charles T. Back, George Barker, 100; C. D. Barney & Co., 2,500; Thaddeus R. Beal, 1,000; Charles G. Berwind, 200; Henry A. Berwind, 300; Anthony J. Drexel Bid. dle, 100; Cordelia Bradley Biddle, 100; Eugenia L. Biddle, 100; Livingston L. Biddle, 100; Thomas B. Biddle & Co., 2,000; Bioren & Co., 1,500; George H. Blake, 50; Morris R. Rockius, 500; Mat- thew R. Boylan, 100; Francis B. Bracken, 500; Henry G. Brengle, 200; arah H. O, Bright, 100. Clarence C. Brinton, 100; Alex Brown & Sons, 2,000; Edward Browning, ir., 100; Robert J. Brunker, 200; James R. Calhoun, 6; Cassatt & Co., 2,500: E. W. Clark & Co., 2,000; John A. Clark, 100; John L. Clawson, 100; M. Worthington Clement, 100; Morris L. Clothier, 1,000; B. Dawson Coleman, 300; Thomas Con- 50; | DENY IMPROPRIETY Bespite Unfavorable Reac- tion, Demands for Resig- " nations Unheard. By the Associated Press. Despite wide unfavorable reaction to jdisclosure of official names among |those given a chance for quick profits jso far have uniformly insisted there was no impropriety in their actions. Demands for resignations have fallen |on deaf ears. Willlam Woodin, special target be- cause of his position as Treasury head, has said merely that he is not now re- signing, but is ready to if his presence in the cabinet becomes an obstacle to return of prosperity. Two Pennsylvania judges whose resig- nations were demanded by Gov. Pinchot scoffed at the idea. Both John W. Kep- hart and Willlam I Schaffer denied Pinchot's charge they had “utterly dis- qualified themselves” for further service on the State’s highest bench and said they lost on their stock purchases. Edgar Rickard, mining engineer, for- mer director of the-American Relief Ad- ministration and often described as financial agent for former President Hoover, issued e statement showing . imore concern for Mr. Hoover's name ;|than his own status. Dragging in Mr. Anne L. Croasdill, 30; Samuel M. Cur- wen, 300; Agnew 'T. Dice, 300; William | C. Dickerman, 5,000; Emily P. Dickson, 50; Anthony J. Drexel, 400; Mary Thompson Drinker, 50; John C. Dunn, 25. Prederick W. Edmonson, 50; George D. Edwards, 25; Elkins, Morris & Co., 2,000; Eleanor Mayo Riverson, 1,000; Florence L. Etting, 25; Julian L. Eys- mans, 100; Edgar C. Felton, 200; Philiip H. Gadsden, 300; John K. Garrigues, 100; Jay Gates, 400; Thomas S. Gates, 1,000; C. H. Geist Securities Corpora- tion, 2,500; General Coal Securities Cor- poration, 100; William P. Gest, 600; Robert Glendigning & Co., 2,100; Ger- trude C. Clover, 25; Herbert W. Good: all, 200; Graham, Parsons & Co., 1,500. Alfred M. Gray, 100; Albert M. Greenfield, 1,000; John H. Gross, 50; Harry J. Haas, 100; T. Truxton Hare, 100; Jonas S. Harley, 100; Harrison & Co., 1,000; Charles V. Henry, 100; Wil- liam M. Hollanbach, 200; John Hop- kins, 100; Edward Hopkinson, jr., 1,000; Daniel Houseman, 100; Thomas W. Hulme, 100; George H. Huston, 200; Fred S. Hutchings, 1,008; James T. Hutchings, 100; Charles Ingersoll, 500; Albert A. Jackson, 250; Janney & Co., 1,000; Archibald T. Johnson, 50; Arthur Jones, 25; Edith Bolling Jones, 200. Moorhead C. Kennedy, 100; Reid Kennedy, 50; Florence M. Kephart, 100; John W. Kephart, 200; Henry H. King, 50; Leonard H. Kinnard, 200; William T. Kirk, 100; William W. Kitzmiller, 50; Charles Z. Klauder, 200; Louis J. Kolb, 500; Walter D. Larzelere, 100; Willlam A. Law, 300; Van Antwerp Lea, 100; Edward B. Leisenring, 100; Francis A. Lewis, 200; Charles F. Lineaweaver, 200; | Horace P. Liversidge, 200; Eleanor M. Lloyd, 100; George F. Lloyd, 50; H. G. Lloyd, 1,000; H. G. Lloyd, jr., 250; Stacy B. Lloyd, 300; Walter E. Long, 100; Ed- ward E. Loomis, 500. Uzall H. McCarter, 450; Edward Mc- Donald, 50; George H. McFadden & Bros,, 500; Willlam J. McGlinn, 100; John W. McGregor, 25; Andrew J. Maloney, 288; Caroline F. Maloney, 12; Donald Markle, 300; John C. Martin, 1,000; John H. Mason, 300; Sidney Mason, 100; Willlam Clark Mason, 200; Joseph B. Mayer, 100; John O. Miller, 50; John W. Minds, 1,100; Montgomery, Scott & Co., 100; C. Eldridge Morgan, 200; E. Corliss Morgan, 200; William R. Morgan, 100; Marshall 8. Morgan, 100; Effingham B. Morris, 500; Effing- ham B. Morris, jr., 500; I. Wistar Mor- ris, 200; Arthur V. Morton, 200; Cath- arine T. Munson, 300; Jonathan C. Neff, 100; A. E. Newbold, jr., 500. W. H. Newbold’s Son & Co., 1,500; C. Stevenson Newhall, 100; Willilam A. Obdyke, 500; Charles S. W. Packerd, 200; Joshua A. Pearson, 200; George Wharton Pepper, 200; Henry C. Place, 100; Charles Raymond Potts, 100; Francis X. Quinn, 200; Evan Randolph, 200; Catherine C. Rapley, 25; Mary ‘Thompson Reath, 50; Edward B. Rob- inette, 2,000; Alexander C. Robinson, 50; Mery D. Robinson, 200; Owen J. Roberts, 100; Benjamin Rush, 300; Fred J. Rutledge, 200. Silvester B. Sadler, 200; Bernard J. Samuel, 25; William I. Schaffer, 500; Charles H. Schlacks, 200; Frank C. Schroeder, 25; Garfield Scott, 200: Arthur W. Sewall, 200; George Siefert, jr, 25; J. Willison Smith, 100; Harri- son Smith & Co. 1,500; Alfred G. B. Steel, 200; Samuel J. Steele, jr., 100; Stone, Webster & Blodget, Inc., 2,000; E. T. Stotesbury, 1,000; Morris W. Stroud, 200; Stroud & Co., Inc., 3,000; Jeremiah J. Sullivan, jr., 300; John J. Sullivan, 300. Walter Lamar Talbot, 100; Clyde C. Taylor, 25; Frank H. Taylor, 50; Wil- liam H. Taylor, 200; Paul Thompson, 200; John B. Townsend, 100; Joseph B. Townsend, 100; Townsend, Whelen & Co., 500; Lewis H. Van Duzen, 200; T. Wilson Van Middlesworth, 50; Alex- ander Van Rensselaer, 200; Sarah Drexel Van Rensselaer, 200; Samuel M. Vauclain, 600; Robert Von Moschzisker, 400; C. D. Waddell, 100; Edmund W. Wakele , 200; Charles C. Walbridge, 1,000; Philip Wallls, 25; Clarence A. ‘Warden, 1,000 William G. Warden, 1,000; Samuel D. Warriner, 600; Joseph Wayne, 1,000; Joseph W. Wear, 500; John E. Weaver, 300; West & Co., 1,000; John L. Wilkie, 1,000; James M. Willcox, 300; Parker 8. Williams, 300; Asa S. Wing, 50; Clement B. Wood, 200; Wendell J. Wright, 50; Frederick 8. Wynn, 200; Edward H. York, jr., 100; Percy S. ‘Young, 200; Richard R. Young, 100. Total, 90,061. PERSHING’S NAME ON LIST EXPLAINED BY WHITNEY General Was Included by Morgan for Friendship With Late Dwight Morrow. By the Associated Press. Gen. John J. Pershing was on the select list of Morgan customers because of his friendship for the late Dwight Morrow and another member of the firm, George Whitney, & Morgan part- ner, said yesterday. ‘Whitney testified that during the war “Morrow and another Morgan part- ner got to know Gen. Pershing quite well. They became the general’s in- timate friends.” “After the war, Gen. Pershing told them he knew little about business and asked them to assist him with his investments. As a result, he was given an opportunity to take part in these various underwritings. It was a purely personal thing. Having asked them to advise him, Gen. Pershing naturally accepted when he was offered opportunities to buy stock. MARRINAN TO KEEP POST Persuaded by Pecora to Remain as Morgan Probe Adviser. jr., E. Hoover’s name in Senate Committee tes- timony, he said, . was “outrageous.” Senator Kean, New Jersey, Republican, volunteered that his firm was on a Morgan list and said he had “taken an interest in Morgan offerings” ever since he was a young man. In Boston yesterday, former Gov. Al- van T. Fuller attacked Gaspar G. Ba- con, Morgan customer, as an “ultra conservative” who stood for “special privilege.” Bacon replied it was his family’s established custom to seek vestment advice from J. P. and Co. Norman Davis, American Ambassa- dor at large to economic and arms con- ferences at London and Geneva, issuea a_statement early in the hearings ex- plaining occupation with public service was the reason he had not paid off a loan received from the Morgan Co. Senator William Gibbs McAdoo of California, ex-Treasury Secretary, de- nied being a preferred client of J. P. Morgan and Co., said he bought stock through friendship with Russell Leffing- well, Morgan partner, lost $2,565 and had not dealt with the firm since. WHERE TO DINE. 5oc Sea Food Dinners WEARLEY’S Friday Special Served 11:30 AM. to 9 P.M. COLD SEAFOOD DINNER e or Shrimp Cocktail Clam Juice lmfll ‘old Fresh Picked Shrimp Choice of Potato Salad. Coleslaw. Cold A”lllflllv Quartered Tomatoes Mixed Salad Bread and Dutter Coffee, Tea or Beer 418 12th St. N.W. The Distinctly Different 5 1634 Connecticut Ave. NEAR 20th ST. Our popular Terrace is open for the Summer Season Delicious Dinners of All Home-Cooked Foods and Strictly Fresh Vegetables Served Luncheon—12 to 2:30 Dinner—5 to 8 1 ) SEA GRILL SPECIAL for FRIDAY Soft Crab & Scallop Platter 207ESt. NW. ., A A FRIDAY ONLY Tenderloin - STEAK Dinner S pecial TLLLLLELILEL LT SCHNEIDER e CAFE Since 1886 427 11th St. N.W. When folks really want the BEST in delicious SEA FOOD, carefully selected and prepared, and aftractively served, their thoughts naturally turn to SCHNEIDER'S. Just as good today as 47 years ago!! DINNER Friday Special. . ... 50&: old “"1."‘-“‘ Crab Cake Rerned Foam. Rolls Butter Real Beer 11 AM. to 1 AM. by J. P. Morgan & Co. the beneficiaries | statement here yesterday in wnnectlmw STOCK CONNECTION DENIED BY HOOVER Secretary Says He Had No Interest in Rickard Transaction. By the Associated Pross. PALO ALTO, Calif, June 1.—Paul Sexson, secretary to former President | Herbert Hoover, issued the following | with the mention of Mr. Hoover's name | at the Senate Committee investigation | of J. P. Morgan & Co. “Mr. Hoover has no knowledge of or interest in the transaction referred to. “During his term, both as Secretary of Commerce and President, he re- fused at all times to have any owner- ship or dealings in stock, directly or indirectly, in any shape or form.” Mr. Hoover's name was brought into the investigation by a member of the committee 4n connection with that of Edgar Rickard, New York mining en- gineer, named as a Morgan customer. Chevy CHase Park The New Shannon & Luchs Development Co.’s Distinctive restricted suburb, is the sort of community you- should demand for your heme place. Studio living room homes or a Cape Cod or Virginia Colonial—3 and 4 bed rooms, 2 and 3 baths. $10,250 to $16,000 The Greatest Dollar Values About Washington Among recent purchas- ers are an Architect, an Engineer, Building In- spector, a Real Estate Family, Government People, Lawyers and Business People. To inspect—Drive out Connect- icut Ave. past Chevy Chase Club to Leland Street. Turn left two squares to office. DO IT NOW ! All price quotations, subject to change after thirty days SHANNON & LUCHS lopment Living Up to B ago. It is consistently sustained quality and character, and that’s why we feature them in our stock, There isn’t anything better., Now MARSHALL - HO The Emerson and York Ifilrbm', Mfinfl‘, g, e n. GOLE. York Cowntry . PV s Super Valspar Varnish §5c 95¢ $1-7 int pint juart PEE GEE Pure Lead and Zinc Paint vers More Surface ost Co: Wears Longer Than Most Paints Qt. Gal $2.80 Twenty-two Shades. .. .90c Outside White, 90c 3.00 Porch & Floor Enamel ...90c 3.00 Expert Paint Advice Free MUT 710 13th Street N.W. Store Hours: 7:30 to 5:30, a Reputation ANISTER SHOES have the same superiority today that gave them the lead in Men’s Fine Footwear years Black, Tan and Sports Shoes Caring for feet is better than curing them. Fitted with the help of our X-. Burt’s . . Ray Machine. 1343 F Street Park at the Capital Garage at Our Expense 311 7th St. N.W. 3146 M St. N.W. Friday and Saturday Specials Veal Shoulder Chops=10¢ BUTIER . Every EGGS—EGGS Ghemiesd 150 Pure Creamery 1b. 2 5¢ VEAL SHOULDER ROAST . 10¢ Frying Chickens Fresh Killed » 23¢C SLICED BACON FRESH PORK HAMS .. 1 12 PORK LOIN ROAST . . 12%ec Ham or Bologna .~ FRANKFURTERS . . 1b. lzl/zc g‘x‘ Ib. lzl/zc Breast for Stewing b. 5¢ . 10c Margarine %t b 1275¢ <% ».10¢ FRESH GROUND SHOULDER CHOPS BEEF = ](c LAMB .]215¢