Evening Star Newspaper, December 21, 1934, Page 4

R.F. . BANK SUIT DISMISSAL ASKED Stockholders Say U. S. Court Lacks Jurisdiction Under lllinois Statutes. By the Assoclated Press. CHICAGO, December 21.—Attor- neys representing 100 stockholders late yesterday filed a petition in Fed- eral courts asking dismissal of the Reconstruction Finance Corp.’s suit attempting to determine liability and to collect from stockholders of the Central Republic Trust Co. for an overdue R. F. C. loan. The suit filed yesterday, claimed that the Federal court has no juris- diction in the R. F. C. suit, arguing that the suit is based on liability of stockholders under Illinois statutes. The R. F. C. suit stated that about $60,000,000 in principal and interest ‘was unpaid on two loans totaling $80,~ 000,000. The capital stock of the former State bank was $14,000,000. The R. F. C. suit seeks to determine stockholders’ liability on that amount. The petition pointed out that the majority of stockholders owned less than 30 shares and could not have liability of $3,000. R. F. C. has instituted similar suits in Nebraska and New Haven, Conn, against stockholders of the bank. BARUCH ASKS U. S. LAY IN VAST TIN STORE FOR WAR (Continued Prom First Page.) that all business men are crooks, not to be trusted, and that no one should be allowed to get rich.” Baruch said the War Industries Board found there were many things not produced in this country that ‘were necessary to the war program and industrial progress. One of these, he said, was tin. Would Store Supplies. Asked his choice among three pos- sibilities—buying and storing tin, ac- quring a tin mine in some other country or making an agreement with Great Britain, which now controls the world supply—Baruch replied: “If it is a question of preparedness, I say be prepared against everybody and have it right here in storage. “Making an agreement with Great Britain might be a good solution, but | I'd rather have it here, and I'd be | prepared against everybody, even my best friend.” Chairman McReynolds, Democrat, of Tennessee, tecalled suggestions that the United States accept tin in pay- ment of war debts and asked Baruch’s reaction. “By taking tin for the debts, I think we would be helping things,” Baruch answered. James E. Watson, former Repub- lican leader of the Senate, appeared voluntarily today before the Mun'tions Committee. He said he resented the implication in previous testimony that he had been “influenced” to support & post-war embargo on dyes. A War Department spokesman also told the Munitions Committe> that drafting industry in time of war would “add to the confusion and not eliminate it.” Col. Harris conceded, under com- mittee questioning, however, that he could run the Du Pont Powder Co. under such a draft. Warship Costs “Amazing.” ‘A sweeping inquiry into what Chair- man Nye called “amazing increases” in recent costs of warships was ordered earlier by the Senate munitions inves- tigators. They said they wanted to determine if there had been “collu- sion” in bidding. ‘The investigators said they had evi- An unusual view of the Coast Guard cutter Champlain (right) maneuvering for a position from which to shoot a line across the bow of the disabled freighter Severance, 60 miles south of Long Island. The 8. 8. Waukegan may be seen in the background, standing by. Cutter finally dence that bids of private companies for the construction of naval destroy- ers doubled between the Fall of 1933 and the Fall of 1934. Meanwhile Pierre du Pont, of the Delaware munitions firm, called for “exhaustive study by the wisest” minds to devise a practicable plan to elimi- nate excess profits in war-time. He said the Du Pont company already was on record as favoring such elimi- nation. Calling for a study now “to avoid hasty and inefficient measures later,” he told the Associated Press: “The regulation of war-time profits must apply to every business and every individual. It must not impair the efficiency, productivity and inventive- ness of American industry.” Although the committee had in- tended to bring up the question of warships costs in public hearing today, it put the matter off till after the holidays to make more detailed in- quiry. Huge Increase in Cost. Investigators said data gathered by their agents showed that in the Fall of 1933 the low bid on a certain cruiser type was $8,000,000, but that a year later it was $16,000,000 for virtually the same ship. They said increased costs would not account for the dou- bled price. “The committee,” Nye announced, “had expected before adjournment for the holidays, to lay the preliminary ground work for its important January inquiry into the amazing increase in recent costs of naval armaments and the methods of purchase and sale. “But our studies have developed the necessity for such a broad inquiry and involves such vital implications and conclusions that the committee has decided to postpone any public hear- ings upon this phase until it can deal with it continuously and conclusively | next month.” Watson, Republican leader of the Senate when defeated for re-election in 1932, asserting he was a protec- tionist long before the lobbyists, told the committee: “Not one cent of Du Pont money ever came to me or any campaign committee of mine.” ‘Then, as the committee members and spectators laughed, the jovial Watson added: “I think some times they were a little remiss in their opportunities.” Watson appeared voluntarily before the committee. He said he was “net- tled” by statements that he had be- come “involved” in the munitions in- vestigation. A letter from Du Paont filles pre- viously placed before the committee quoted former Senator Penrose, Re- publidan, of Pennsylvania as telling ‘Watson in 1920 to “give the Du Ponts what they want just as far as you can without getting into & row.” The Du Ponts and other chemical manufacturers were seeking at the time to get an embargo to protect the domestic dye industry. The current inquiry into the Du Pont Powder Co., which has occupied four weeks, was concluded yesterday with evidence that the concern made $228,731,000 profits from 1915 to 1918, inclusive. 1t showed the profits were left, after Federal taxes had been paid, from a business amounting to $1,157,000,000. Testimony also was presented that Alfred I. du Pont, large stockholder in the powder company, had a gross income of $29,586,000 between 1920 and 1926, but paid no income tax be- cause of losses, largely through a Nemours Trading Co. These losses offset his income, so that he had no taxable income left. Had to Sell Senators. On the matter of chemical tariffs, letters from Du Pont officials spoke of having “had to sell the Republican Senators who don't know anything about it.” A letter from Carpenter, former company vice president, to Irenee du Pont, introduced yesterday, brought in the names of the then Senators Frelinghuysen of New Jersey, Watson and Henry P. Fletcher, now chairman of the Republican National Committee. It suggested the establishment of & Washington office by the Du Ponts as a “hiding place for the legislation” if necessary and as a contact point for sales to the Government. Car- penter said he thought a stenographic error had changed “hiving place” to “hiding place.” It says “hiding place,” Irenee du Pont interrupted, “and we can’t go beyond that.” ‘The letter, too, said Watson criti- cized Du Pont legislative methods as “handled the worst of any corpora- tion in the country.” It suggested that Du Pont “get in touch” with someone who could give advice. POLICE ARREST 5 LOITERING NEAR “JIMMY’S” PLACE (Continued From First Page.) 1 said his vlrm men would employ succeeded in getting cable to Severance and started towing her to New York Harbor, 75 miles distant. —Copyright News Syndicate Co., Inc., from A. P, ENGLAND ENJOYS “BOOM” More Money in Circulation Than in Many Years. LONDON, December 21 (#).—Eng- 1and has gone spendthrift this Christ- mas. PFinancial experts said today that more money was circulating than at any time since the boom years. ‘The bank notes in circulation have risen to £401,990,743 (about $2,010,- 000,000), smashing all records since 1928, when Bank of England notes and treasury note issues were com- bined. The total is about £12,000,000 higher than at this time last year. G. 0. P. COMMITTEE MEMBERS OPPOSE LIBERALIZED PLAN (Continued Prom Pirst Page.) Republican National Committee not to upset the G. O. P. apple cart at this time. “The Democrats will make plenty of issues for us,” said Senator Dickinson. “They always do. It is merely a ques- tion of time. There is to be one change in the Republican headquarters set up hére, however. Chairman Fletcher an- nounced today that Mrs. Ellis A. Yost of West Virginia had resigned as di- rector of the women's division. The headquarters statement continued: “Mrs. Yost has contemplated for some time asking to be relieved of her position at headquarters, but she con. Christmas sented to remain at her post during the last campaign. “In announcing Mrs. Yost's retire- ment Chairman Fletcher expressed the highest appreciation of Mrs. Yost's loyal co-operation and effective work as director of the women's division and his regret at her desire to relinquish her duties.” No announcement was made of & successor to Mrs. Yost as director of the women's division. MR.JACK You need a flat founda- ton for tree gardens, trains, etc. We recom- mend— PLYWOOD t, ll‘fll 7, that makes a perf ndation. 24 inx72 in, 720 Phone your order and we will deliver without extra charge, Free it Lum) e Miliwrre on Lumber Shopping LATE! tactics resorts in the mm“;mmu by question- numbers others :m patrons to pick up s, gun toters and ‘wanted. - Numbers slips were found in the car of one of the patrons halted out- over to the United States attorney’s The tearing down of the fence yes- terday exposed “Ji 's” to public view for the first time in many years, Hitherto its activities had been cleverly screened by a large inclosure which almost completely circled the place. Although only 90 feet of this was on the District side, removal of this was sufficient to expose the large white house and large parking place to the view of motorists on Bladens- burg road. The one good road to the place from the District side also was re- moved and this blockade will remain effective while steamshovels are set to grading the stretch of Eastern ave- nue. ‘Those in charge of the resort got around this—although not very suc- tearing out a small por. £, B i il Fiea E iéa 8 4] g? 5 E i) 111 § policemen on the scene to question persons entering or leaving the es- tablishment. Hazen said, however, he would be glad to co-operate with Maryland au- authorities and hoped the place could be closed. He insisted, the other hand, it would be “futi] or the ceasfully—by tion of the fence about 25 yards over _trict to attempt to close the place A Bank for the INDIVIDUAL The Morris Plan Bank offers the INDIVIDUAL the facilities of a SAVINGS BANK with the added feature of i lan to Amt. of Note , which enables the borrower to liquidate his obli- || gation by means .of weekly, semi- monthly or monthly deposits. $120 $180 $240 $300 $360 $540 $1.200 $100 $6,000 $500 It is mot meces- sary to have had onthly @n account at this for ll‘ Months $10 $15 $20 $25 two after filing application—with few exceptions. MORRIS PLAN motes are usually made for 1 year, though they may be givem for any period of from 3 to 12 months, MORRIS PLAN BANK Under Supervision U. S. Treasury 1408 H Street N.W., Washington, D. C. “Character and Earning Power Are the Basis of Credit” — emphasized the problem was one for the Maryland authorities to work out. Plans of the District to tear down sections of the fence about “Jimmy's” property standing on District-owned property were revealed early last Summer in The Star. At that time, it was disclosed, bids would be asked shortly for the construction. Several days ago, Hazen said this morning, a reporter for & morning newspaper sought to arrange a big event for the fence razing and asked that a steam roller be used to knock down the fence. This plan was rejected by the Com- missioners who said the work would be done in a “regular and orderly wi FANNIE MA Fresh Homemade CANDIES 60c Ib. 2-ib. box ¥ l Made FRESH daily here in ington by Our Own Fannie May Girls Over 50 Famous Varieties. lanniy Homemade Candies —are recognized as America’s Finest Homemade Candies. They taste different, look dif- ferent, and are entirely superior to the commercial factory made box candies. Mailed Anywhere in the U. S. 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