The Key West Citizen Newspaper, May 17, 1933, Page 1

Adsociated Press Day Wire Service VOLUME Liv. No. 117. , Approved: By: House For | Homestead Exemptions —< Renting Storage Batter-) PLAY BIG PART IN CONFERENC MacDONALD CLAIMS SUCCESS OF WORLD MEETING WILL DEPEND LARGELY ON DEBT +«NEGOTIATIONS (By Associated Prese) U '7.—The Senate moved swiftly to relieve By HERBERT PLUMMER (hy Anageinted Prenn) WASHINGTON, May .17.—In-: 7: ? Sistent teports, and reiterated -be-~ Foreclosures. .. Weer ckig }liefs that war -debts will play an A short.time later the senate ing world economic conference at London have given rise to interest- ing speculation in. Washington political circle: Ramsay MacDonald upon his re-! turn to Great Britain from. dis-! ® general election next year. ‘pon the house. commit- cussion ‘here with President Roose. velt told the house of commons that success of the conference de- pends on concurrent war debt important. part:in the forthcom- | Key West Citben KEY WEST, FLORIDA, WEDNESDAY, MAY 17, 1933. Sevcccsccccccccossoces By J. R. -BRACKETT (Capyright, 1933, By The ciated Press) - NEW YORK, May .17.—The power of the House of Morgan . . There are no statistics available to | the public to show the deposits of J. P. Morgan and Co., no figures to show the amount of its loans, none on the private means of Mor- gan or his partners. To Wall Street .the stranger! point is that no one has even es- timated these facts, publicly, at Teast, and in Wall Street nearly always somebody, some place, will | estimate almost anything for you. i One little known fact is Mor, voluntarily fi a stat with the Federal Reserve: Bank of New York. «It does: not have to file such « statement by law, nor is the bank subject to. exami- nation by’ the legal authori- ee SOMSOSTCSOSLOOSSOSHOHOHSOOOSEOHOENOES200C0 ti { Thus, despite the factthat sta- isties on Morgan’s ‘are not’ avail- ble to the public, they are in the} hands of the constituted authori- ties—meaning that the authorities know the power (from the statis-| _ viewpoint) of Morgan’s. nce Reputed Tremendous | It is taken for granted that the) influence of the house is tremen- ‘dous, Those close to the firm | will. say it probably always has| At any aed | t | been exaggerated. J. P. Morgan (left) directs the establishment founded by his father, the late J. P. Morgan (cen- 00000000000 SCL0O00000000S0S0 09S OSOOOSOOOOODSOESOCOOOOECOE TELE SOOEOOOOOSOSLOOVEOLEES ‘The Bank On The Corner 1/ Roosevelt To Relieve International negotiations. France, with a pay-| this is a prime reason why Morgan ment due the United States on'#d his partners are to testify be- June 15, is reported. as urging fore the congressional investiga- guch debt discussions warmly. tion of private banking: "The question then arises, if the| The ‘investigators have a debt question is to be gone into at; theory that poweras reat as London, will provisional powers| Morgan's is reputed {to pos- for Mr. Roosevelt be necessary, ay pene oaprer wp wlth com during the time that congress is in ic interest that): the ;pablic -recess, and if so, will congress| should know in some detail Gonsent to give him such powers?| What the power is. The London conference promises| | Winthrop Aldrich, president of to be a long and drawn-out affair,| the Chase National bank, largest Some have estimated that it will|¢ommercial bank in the world, has Jqui statements if they accept deposits. The com- mercial bank argument is that . ‘With opinion abrodd as it is on this question and in the face of the known attitude of the senate|*® Similar regulation. fo ae od acta in general, the Some Oppose Investigation wi ing: idedly delicate. Opponents of thi i ‘The problems involved cannot! rh 2 ep aoe be solved by men merely sitting | down together and working out a ot longs = Ske them 2 and just. import- ant question, “What do the peo- ple back home think of this?” in- arises, "The angen th x ¢ principal rea- that war debts haven’t gone far ‘to date in. the discussion stage in Washington. ‘There have been PLAN REPAIRS TO LIGHTHOUSE ON EAST COAST ter), in association with a list of partners that includes Junius S. Morgan (right), son of the present For 53 Years Devoted to the Best Interests of Key West PRICE FIVE CENTS Hitler Favors Plan Of MANY CHANGES IN ROOSEVELT PROGRAM SEEN PRESIDENT BECOMES FULLY DETERMINED TO BRING ALL AMERICAN BUSINESS INTO RECOVERY PROGRAM By BYRON PRICE (Chief Of Bureau, The Associated Press, Washington) President Roosevelt’s effort to swing American business into line behind the administration’s re- covery program appears to be en- tering its most important phase. Day by day it becomes plainer that the president is fully deter- mined‘ to see certain changes ef- that—private. poration that deposits money with a private bank does so with the full realization that the bank i: subject to no official regulation and that its operations are not public. A person or cor-|tions, large or small, and wealthy! ters the Morgan firm declares that; individuals. Most of the deposi- {tors realize that Morgan’s, while not officially limited to the type of its resources, follows much the same s as to liquidity as com- mercial banks follow. d of the House of Morgan. The sketch shows how the small Morgan building nestles among the | fected in the conduct of industry. giants'of New York’s financial. canyons with the stock exchange and sgub-treasury its It is no secret that the things pro- posed appear to some industrial it utilizes its own capital, as in| leaders to be far too sweeping. | the case of the United States Steel] The next few weeks should | sorporation, organized 30 years pring this situation to a difinité ago by the late founder of the issue, one way or the other. If Present house. United. corpora-, bosiicebe dteelt shaware tion jighbors. | Such depositors are persons or} | institutions of means. generally, | private banks under the New York \state law is $7,500. since private banks are in banking| competition they should be subject, hold that private banking is just; But, generally. speaking, the depositors accept the for the minimum set for deposits}; mame of the house as suffi. ‘in’the case of Morgan’s-and of alt; ¥ eteut-serety.--Some: of therm (may recall the testimony of. the late H. P. Davison, Mor- gan pértner, before the Pujo commi in 1913 wh he made ‘plain that the how seeks always to keep its af. fairs in shape to pay off its obligations on demand. ‘For such underwriting as it en-| The. depos- itors are secured entirely by the. chi ter of the banker and by his repute for handling. his busi- ness prudently, and they know it. Nations Among Depositors Morgan's customers range from. great nations to business corpora- tion, a great holding company for the minority interests in certain public’ utilities, -was organized with the cooperation of the pres. ates a Maw Has Majority Control Morgan’s has organized other’ business units and today is credit- ed with holding large interests,' but never majority control, in ;them, No one not in the partner- ship knows, of course—or will « |say publicly—the extent of those; interests. Roosevelt Presents Public | Works Program To Congress Bis of course, who have intimat- Chro-| ed drastic readjustments will ser-jhave tobe made. But usually i at} when it came to a showdown they Private of “Things Have Changed a large clientele, He » But the situation is far different city attorney of Key West! now. President Roosevelt has the charter which provided) heen given powers by congress! ~}which a year ago were undreamed Spade gran Mrs.j of. The emergency banking act. > the farm bill with the inflation Maloney jr., and one} amendment, and the economy act Mrs, Elisabeth Faller. |——to mention only a few— have DATE SET | Ssperys ree him vast permissive Congress has put into his hands the weapons to do what it is ad- delinquent, This, says Ladd, tax collector, is ac- voted otherwise. President Hoover's failure to have the. commission recreat- 931 was a. weather eEF752 pepled Sey i mitted they were unable or willing to do. Will they be willing! to put the debt question ‘into: his! hands? | Whatever he might do would, in the end, have to be approved by ~< congress. But with provisional! on structures in the harbor, wi powers he might at least have a chance at reaching a |.f agreement on the question. Con- gress could reserve the right to approve or reject later, A tropical disturbance, appar- ly of slight intensity, is cen- jin the Gulf of Mexico about STRAND TODAY —Deuble Festure— RALPH MORGAN in HUMANITY 20,000 YEARS IN SING SING Matines, 10-150; Night 15-25¢ {eral overhaul of the engine gen- i* workable! jeave tomorrow with Carl Rom, {senior radio electrician, who will (By Associated Press) WASHINGTON, May 17.{to inaugurate the $3,300,- —President Roosevelt today! 900,000 program, he asked sent his all inclusive public works industrial supervision program to congress where huge Democratic majorities were planning expeditious action. Requesting full authority EXTENSIVE WORK To BE CAR- RIED ON AT FOWEY ROCKS; IVY TO TAKE FORCE THERE FOR OPERATIONS legislators to decide next week on taxes to un- derwrite the project. If congress undecides he will submit his own recom- early Extensive repairs are to be done within a brief time ‘at Fowey Rocks lighthouse, and the tender Ivy is expected to leave tomorrow with a working party to begin| the operations. Thirteen men will be taken by the tender. They will at ‘once be- gin the work of installing 14 heavy foundation tension rods. The engine generator room and the ine storage room are to be fireproofed and other minor re- pairs Wve been ordered. Harry Shaw, machinist, will leave on the vessel to make a gen- mendations. Thirty Reported Killed During Fighting In Cuba ese tern ceenemneiengeme esi (ity Associated Preas) MILLIAM A. FAGAN | vaix"Steyit— DIES THIS MORNING dispatch from Santa Clara} make repairs to the engine gen-| FUNERAL SERVICES TO BEjly 30 casualties on the out- 1 CONDUCTED TOMORROW AFTERNOON rators, which is done periodically. The tender Poppy, now at work |return to port this afternoon and today reported approximate- skirts of Sancti Spiritus, 210 miles southeast of here, be- tied at | tWeEN rebel bands and fed- William A. Fagin, 60, 0 o'clock this morning in the| €ral forces residence rear of 618 The The S, S. Florida arrived yester-| street, after an illness covering a| {day morning 9 o'clock from Tam-| period of several months jartillerymen to the scene. jpa and sailed 12:50 o'clock for) ; Havana with 20 passengers from} .Feséral services will be held) Tampa, 21 from Key West and} 4 o'clock tomorrow afternoon from a | r under Colonel [18d auake of veal s.nosthe chapel of Lopes Funeral Home, a9 Arsenio Orti. ferry Parrott came in ie s sui | eNiock with TS sucks SC/aunlh, Wah ts Oo MaereemS. J~ of SE} | miscellaneous cars, 19 carloads of Mary's Star of the Sea Catholic pineapples, 6,970 crates and one) charch, officiating. | passenger. |} The deceased is survived by one} Freighter Comal, of the Clyde- brother, John Paul Fagan, of Gal! Mallory lines, is due tomorrow | yeston, Texas; one sister, Mra. Jo-! {night from New Orleans, ehroute! sephine Collins, of Tampa, Fia,/ ‘to Miami and Jacksonville. land numerous nieces and nephews. last night. Fleming} government sent 56) OPENING TOMORROW ISLAND CITY MARKET Bahama and Plieming Streets Fresh Fraite and Vegetables Daily—Prices Very Reasonable H. McDONALD The rebels are said to be}! = he 2 | { } ‘ journey. JAPAN OPPOSES SUGGESTION ON ARMED FORCES MAKES EXPRESSION AGAINST ROOSEVELT'S IDEAS TO AB- STAIN FROM SENDING ARM- ED TROOPS OUT OF BORDER + (By ‘Associated Prewey TOKYO, May 17.-A-war.of- fice. spokesman declared today that Japan, because of her present operations in North China would be embarrassed by President | Roosevelt's suggestion that na- tions abstain from sending armed forces outside of their borders. “Japan is second to none in lov- ing real peace,” he said, “but if assurance of peace means main tenance of status quo regardless of cireumstances, Japan would be to revise its practices, it will have Crisis ment Problem Outstand- ing In Economic Recon- struction (By Associated Prexs) BERLIN, May 17.—Chancellor Adolf Hitler in an impassioned speech before the Reichstag to. day gratefully endorsed President Roosevelt's plan for relieving in- tervational crisis and promised co. operation with Roosevelt's efforts. The chancellor agreed that with- out a solution of the disarma- ~ ment ' problem, _ lasting economic reconstruction is unthinkable, In behalf, of the entire notion, and especially the young nazi movement, he pledged that Ger- many would go as far as any na- tion in disarming even to the ex- tent of scrapping: her entire mili- tary equipment, provided other powers did the same. He practically offered ‘to re- frain from any claims for instra- ments of aggression so long as other nations scrapped theirs. He denied that Germany con- templated invasion of France or Poland, emphasizing that his na- tion is devoid of ail instruments administtation cooperation. If it|of aggression. does not, a history-meking =< Piles snp tape: chancellor said, ‘ over restrictive legislation “is ri any non-ageres. entitely pousible. ©" ston ork weadientivs ‘The things he has in mind have] high-minded of the Amer- been outlined in general terms by|erican president.’ To inject the Mr. Roosevelt. He objects to, mighty United States as a gueran- speculation with other people’sitor of peace in Europe would ~ money, to the sort of unrestrained} mean a great tranquilization for competition which produces peren-| all who desire peace.” nial surpluses, and to debased| Hitler castigated the treaty, of wage scales and lowered standards| Versailles and deiiaidéd for the of labor. German people, “the right to live.” Those who oppose his ideas de-| “It is not wise to: rob the people nounce as radical and socialistic} of economic possibilities of exis. any attempt to prescribe in detail | tence without taking into account how business shall conduct its; that human beings are depending daily life, how much it shall pro-|thereon, now, as before, to exist’ duce, or at what cost in terms of|#* 8 factor demanding # right to wages. live,” said Hitler. “The idea of This is the basic point, about/ rendering service to other people which the country probably will|by destroying economically, his hear a-great deal in the near fu- people of sixty-five million is so at thattin ture. The Roosevelt Formule It is in accord with Mr. Roone- velt’s customary processes of thought that he is prepartd to’give; industry an opportunity to make voluritarily the connections ‘he cori- siders necessary, Last September,-- speaking ‘at: Portland, Ore., he laid: down. this formula with respect to public utilities: 4 “I might call the right of the people to.own and their owr, utility ‘the birch rod in the cupboard,’ to be taken out and used only when the child gets be- yond the point where a mere scold. ing does any ae While he might not call it “seolding” in this instance, the President has let the leaders of absurd, that nobody can dare to- day openly to expose it. Even more absurd was it to try to ef- fect this destruction by methods which, according to law of cause and effect, sooner or later had to, mee Yietors into _catastro- ation ee filled "imposed obligations despite, _ tise foteseen with fidelity that was troly suicidal. The international ec- onomic crisis is unimpeachable proof of the correctness of thix assertion.” munist overthrow; second, leading millions of unemployed back to unable to subscribe to the sugges-| industry know rather dafuaitely| productive laber; third, reestab- He expressed a belief, however, that Japan might agree not to in- crease armaments until a proposed conference could be held. tio (CRUISER SEAWARD VESSEL ARRIVED IN PORT YESTERDAY FROM CLEAR- WATER The howseboat cruiser Seaward hich attived from Clearwater, Fis, yesterday morning and dock- C. . terminals wharf, sailed this morning for New York. While enroute from Clearwater north the vemsel encountered beary weather and wap forced to lay at anchor for some time. When ready te resume the’ * i voyage the anchor fouled and was|*OsTe™, ost. A new anchor was purchas [204 if if may be necessary! ed in Key West and the vessel was equipped te continue her} that he considers a revision trade practices imperative. He put it in the form of a “re- quest” when he addressed the ne- tional chamber of commerce, and) he has put it somewhat more forc- ibly in talking with individaals. Two or three separate groups of business leaders have beer in session at his suggestion, seeking of} | What special “birch rod” does the President now have in reserve, should business fail to take volun.) tary action? That is a question Mr. Roose- velt never has anewered directly, but mang industrialists, particular. ly those whe fear inflation, doubt. lens read with interest one sen- tence in the addres: of May 7 to the American people. “These powers," ssid the Presi Gent with reference to the infle- tionary suthority voted him when, Those little words, “when, and if” would seem in this to cover let of territory, lishing stable authority of govern- ment, STATE DEPARTMENT GIVES ITs VIEWS WASHINGTON, May 17.-—A state department official today de- seribed the speech of Chancellor Hitler on disarmament 8 en- couragingly a Wi armed force was the interpreta- tion officials placed upon Hitler's words, Official Washington noted on the other hand Hitler's ad- deus sone aoe thet pressure ageinst Germany would never susceed in its subjection. FRANCE IN HEARTY