IX delegates and nineteen experts
are on their way to London to
represent the United States in the in-
ternational economic conference from
which so much is expected In the
ry wns Way of finding a path
| EEN & out of the world de
4 ] pression. Secretary of
State Cordeli Hull
heads the delegation
and his associates as
: announced by the
: White House are:
James M. Cox, vice
chairman, former
governor and Demo-
cratic Presidential
candidate in 1020;
Senator Key Pittman
of Nevada, Demo
crat; Senator James Couzens of
Michigan, Republican; Representative
Samuel D. McReynolds of Tennessee,
Democrat. and Ralph W. Morrison of
Texas, retired banker. Chief of the
experts are William C, Bullitt, execu-
tive officer; James P, Warburg, finan-
Fred K. Nielsen, legal
and Herbert Feis, chief tech-
under 1
Rep. 8. D.
McReynolds
im} vigor
cial adviser:
adviser,
gOrve
whom will
“brain
nical adviser,
smbers of the trust.”
the delegates the one
sistent
McRey nolds.
house © 3
and his
potent in the
conservative
He
gation. Senator Couzs
publica member,
has considerably modifie
expectations of what the
nplish, and now re
prospect
ao not in
of internal public expenditure.
An agreement on progressive re
moval of restrictions on exch Ie,
The int
ove fr
t
Ha owe
war debts to the United States failed
in their effort to the debts in-
in the nda for the economic
but their delegates enter
conference with the cancellation
or drastic reduction of the debts their
chief aim. The Roosevelt administra.
tion Insists that the war debts, how-
ever Important they may be, were not
a major cause of the depression and
are not a major remedy. Consequent-
ly the parleys in London are almost
certain to develop into a great battle
of diplomacy,
President Roosevelt has flatly de
nied that be intends to negotiate new
settlements of the war debts without
recourse to congress. This was made
necessary by dispatches from Wash.
ington published in London, ‘saying
Mr. Roosevelt had offered to accept
from Britain £10,000,000 as part pay-
ment of the $£35.000,000 due June 15.
It seemed fairly certain that the
British government would make this
payment in full. This will be easier
than before because of the devalua-
tion of the dollar. Britain can either
pay In paper dollars, which cost about
Z per cent less to buy than gold dol
lars, or in American securities, which
can be bought with paper dollars at
a discount and turned in at par,
have
cluded
conference,
the
HAMPIONS of the gold standard
in both the house and the senate
had little chance as the administra
tion forces pushed through the
Fletcher-Steagall resolution for the
abrogation of the gold clause in all
governmental and private contracts,
both present and future. The meas
ure, asked by the President to legal
ize action already taken, was first
passed by the house by a vote of 2583
to 07. Twenty-eight Republicans and
all five of the Farmer-Laborites joined
with the Democrats in favor of the
resolution. Representative Luce of
Massachusetts, who led the small
minority, denounced the measure as a
breach of faith on the part of the
government : but Chairman Steagall
of the banking committee sald It was
esgentinl for the recovery of national
prosperity.
JRYEsTICATION of the banking
house of J, PP, Morgan & Co, was
resumed by the senate banking com
mittee, and a new list of Important
persons who had recelved bargains in
stocks was produced. Ferdinand Pe-
cora, the committee's counsel, was
persistent In his probing, but was
compelled to tell the senators, In ex-
ecutive session, what evidence he pro
posed to introduce and what he ex-
pected to prove by it, and to con-
vince them of the propriety of his pur-
pose. Senator Glass was still deter
mined that Pecora should not bring
out matter outside the committee's
Jurisdiction or irrelevant to the in-
quiry. Mr, Glass sald he had re-
ceived a number of anonymous
threats by mail and what he termed
“blackguard telegrams” because of
his stand.
Though Willlam
was on one of the Morgan
“preferred” customers before he be
came secretary of the treasury and
hence demands for his resignation
were made by various men In publie
ife, Mr. Woodin declared he had not
resigned. His statement left no doubt
that he
office if his presence there In any
hindered the
H. Woodin's name
lists of
would be willing to quit his
way
but
that
on,
return of prosperity,
uterpreted to mean
1 to hold
More geri
it also wns
Mr. Roosey
at lea
wished |
sent.
rossions
dealin
vith international
i ORE interests,
rting that Mr. Davis has
va in “repud
Hation oF
MITH WILDMAN BROOKHART
Iowa, has a
and serves un
N. Peek
work already.”
“1 have gone into the mat
with including the
Soviet representative, Boris Skvirsky
He's a pretty fine fellow and I've had
several talks with him.”
Mr. Skvirsky is not a trade repre
sentative of the Soviet, nor has he
connection with the Amtorg corpora-
tion, organized by the Soviets to
transact business In America. Mr.
Skvirsky sald that he is a representa.
tive of the Soviet foreign office,
rator George
“I've done a lot of
he said
ter
people here,
ERMANY has refused to accept
an unfavorable report of the
League of Nations on her treatment
of the Jews and virtually told the
league that the affair Is none of its
business, The league council, how-
ever, referred Juridical aspects of the
issue to a committee of jurists with
the understanding that the matter
will have a complete airing.
HEN President Roosevelt the
other day selected Arthur E. Mor-
gan, president of Antioch college at
Yellow Springs, Ohio, as director of
the vast Tennessee
valley conservation
project, there were
many derogatory re
marks about the ap-
pointing of just an- |
other professor for a
big job. But the skep-
tical ones did not
know about Morgan.
Since 1002, when he
was just out of high | ;
school, he has been
active In engineering ur 8.
work and has planned
and supervised construction of about
seventy-five water control projects.
These include the important reclama.
tion work in St. Francis valley in Ar.
kansas and the Miami conservation
project at Dayton, Ohio. He was chief
engineer In the Pueblo (Colo) econ.
servancy district; he drafted the re.
vised drainage codes for Minnesota,
Arkansas, Ohlo, Mississippl, Colorado
and New Mexico, and has been con
sulting engineer on drainage and flood
control projects all over the pation,
He ix entirely familiar with conditions
in the Tennessee valley,
EVERTING to the matter of the
gold standard, dispatches from
Vienna tell of how, In the seventieth
congress of the International Chamber
of Commerce, the United States was
bitterly denounced by Charles Bolsse.
vain of Holland for what he called
its “immoral” monetary course. He
condemned the behavior of those nae
tions which abandon the gold stand-
ard “although unquestionably in a po-
sition to maintain i.” He condemned
also what he described as the “repudi.
ation” of the gold clause In contracts
by the United States.
In the transportation section. Ira
Campbell of New York defended Unit.
ed States shipping against what he
termed an international attempt to
rule it off the seas. American mer-
chant marine cannot exist without sub-
sidy, he sald, and an International
agreement to abolish subsidies would
mean the abolition of American ships,
W. L. Runeiman of Great Britain
objected to his argument that the
American marine Ig needed for nation.
al defense, asserting such argument
Is out of place In a commercial eon.
gress,
War debts also eame up for discus.
slon, W, H. Coates, British delegate,
asserting that they must he settled
before it would be possible to Improve
world economic conditions,
N ILITARY representatives of Ja
4 pan and China signed a formal
armistice in the warfare in north
China at Tangkn, where the negotia-
gions took place under
the guns of Japanese
naval craft. The tru«
provides for den
1 tion of the
the
wail on the north
Peiping-M
area
bounded by great
I ANSING nitentiar 4
4 Leavenworth, Kan. was the scene
sational escape of 11 convicts
ed by Wilbur Underhill, a
of the most
Southwest,
Warden
were
and one desperate
During a
Prather and
used as
accompany the
we of the
baseball game
two guards seized,
shields and forced to
fleeing convicis over the wall
guards disarmed and the
got away in the car of the prison
farm superintendent, keeping
prisoners with them as hostages un-
tii hours later, when they were re.
leased in Oklahoma, In their flight
they commandeered two
were men
set free near Pleasanton, Kans,
IX bandits held up the State Ex.
change bank of Culver, Ind. and
fled in an automobile with £16.000.
But the men of the town had been
trained as vigilantes and, receiving
word of the crime, they mobilized im.
mediately under command of Captain
Obenanf of the Culver Military acad-
emy and went into action. Result:
AH six bandits were captured, one of
them beigg fatally wounded, and the
loot was recovered,
NE hundred thousand spectators
saw Louis Meyer of California
win the 500-mile automobile race at
the Indianapolis speedway in record.
breaking time, They also saw a
series of fatal accidents that sadly
marred the great spectagie. Three
men were killed and three others were
badly injured. Mark Billman of In.
dianapolis was crushed to death when
he lost control of his car and It
crashed into the retaining wall, and
Elmer Lombard, his mechanle, was
hurt. Later the car driven by Mal
comb Fox of New Jersey lost a wheel
and skidded into the middle of the
track where it was smashed by the
car of Lester Spangler of los An.
geles, Spangler and G. IL. Jordan,
his mechanic, lost their lives, and
Bert Cook, Fox's mechanic, was in
Jured,
In a test run the day before the
big race Willlam Denver and Robert
Hurst lost their lives,
Meyer completed the run in 4 hours
and 48 minutes, his average speed be
He won
$12,000 first prize money and $1,150 in
lap prizes,
©. 1927, Western Newspaper Union,
i
1
Washington.—It begins to appear
lke the summer will be hot insofar as
the prohibition con-
Battleto troversy is con-
cerned. Indeed, as
Wax Hot the situation now is
neither prohibitionists nor
antl-prohibitionists propose to allow
any grass to grow under their feet,
The motto of each side seems to be:
“now or never”
Observers here belleve that Post-
master General “Jim” Farley, continu.
ing the political astuteness of the last
campaign, rather caught the prohibi-
tionists taking a nap. I mean that the
prohibitionists were plodding along
throughout the country with their ef-
forts but were putting forth no real
campaign attacks, Mr. Farley broke
out suddenly with a brand new idea
and ald the pressure of the Roosevelt
administration on the movement to
repeal the Eighteenth amendment
Of course, when Mr. Farley told the
country that by ratification of the re
peal proposal It would automatically
end the extra taxes that
levied under the public works bill, he
was favored by a condition not avall-
He
offer
outlined,
had to be
able to the prohibition supporters,
wns, therefore, Wy to
some inducement iot been
presented far
prohit
new elemen
I ads
ill be ren
ition n
ert to shi
Drys Are
Not Idle
Pantist
the Northern Bantis
convent
convent
in the
RR resojut
wl the delegates agreed to
avold patronizing ling
beer. The vote to adopt such a policy
was lopsided, but one of the ministers
told me he had some difficulty in find
Ing a place to eat In the Capital City
where no beer was sold
the Impracticability of such a polley
does not avershadow the fighting spirit
that Is displayed,
Another illustration : scattered
throughout the auditorium where the
resgions were held were signs and post.
ers which read “No quarter to the
Hquor interest: thousands of quar
ters to fight them.” or words to that
effect,
businesses sel
Nevertheless,
constitute evidence of what is going
on throughout the country. The In.
stances were with reference to only
one church, but there Is much the same
attitude on the part of all the churches,
Thelr leaders and those who, though
not participating directly in the church
movement, are sincerely dry, are not
going to be licked while they twiddle
their thumbs, [I recall having written
in one of these letters several months
ago that the question of repeal was
probably going to be decided around
the firesides of hundreds of thousands
of homes In the land. The circum.
stances now developed convince me
more strongly than ever that such
will be the case.
0
The wets are claiming buoyantly
that they will win repeal. Dry lead:
ers here are just as certain that they
can stop repeal. On the side of the
wets Is the gigantic vote they devel
oped at the Chicago convention of the
Democratic party and the compromise
poeition forced on the Republicans in
convention In the same city. The Re
publicans did compromise, because the
resubmission plank did not represent
the original position of either faction.
On the other side, the drys point to
the fact it is necessary for repeal to
fall In only thirteen states to defent
the proposal that restores liquor con.
trol to the states. And shen you look
over a list of states, you will pote a
good many of them that have voted
dry over and over sgain.
But we must not forget the power-
ful leverage that Mr, Farley exerted in
the matter of taxes, I think it is a
fact that there Is not a state in the
union where taxes are not the subject
of complaint, The taxes laid by the
federal government also have been
criticized plentifully during the depres-
gion, Bo when the President says and
are necessary to pay for public work
to stimulate business recovery, it is
not unnatural that & mighty howl was
heard, It always Is easy to complain
about taxes and it is easier to com-
plain about them in hard times
Mr. Farley waving the magle wand,
promptly told congress and the coun-
be repealed If prohibition would be re-
pealed. They went be In
month longer than the
amendment, sald the administration.
Taxes from liquor than
offset the levies lately pr
for the records
taxes In
amendment was
will more
that
the
CONEress, show
liquor
Eighteen
the dave before
adopt ed
HK.
were yie gomething lie £7
O00 ans The present addition to
the tax li will produce only an esti
ProbeMorganun
Secrets
ile the ea
been cut by a senate {
that
pate Is not entitled to be praised
h for After all, It may
asked properly what has been se
House
seems to me, however, the
its Soh,
complished, It the
of Morgan, it is true. It showed that
Jd. P. Morgan, the and the
present head of the firm, escaped pay-
ment of income taxes in two years,
and it got oodles of publicity for Indl
“ye xposed ’
younger,
as smearing the names of gome
known persons because they once had
dealt with the House of Morgan, It
showed as well that Mz, Morgan had
used his brains to comply with the
very tax laws congress enacted and
yet had escaped tax because he had
received no income as congress had
defined that word,
. "0
One result may be, and 1 believe It
12 the only one, that thére will be some
revigion of the tax
Tax Revision laws to prevent a re-
Likely
the country’s richest men escaping in-
come tax, It is difficult to foresee
anything else of a helpful nature that
can come from the “show” staged by
the senate committee. The reason is
a practical and simple one, As ex.
plained above, the House of Morgan
is a private banking firm which by
long and honest operation has builded
a confidence among the people of
wealth who deposited their money with
the private firm, It erestad good will
Just as the local merchant in your
town has done, by preserving to those
who were its customers the rights they
were entitled to have. That local mer
chant, by the way, could accept money
on deposit If he wanted to and his
customers wanted to make them.
There ia nothing to prevent him
from it.
Thus, through the years, the Morgan
partners continued to receive funds on
deposit until at last reports there was
something like $255,000000 on deposit
with them. Like other Liz banks, the
House of Morgan made much money.
It made vast profit doing what com-
mercial banks could not do without
having another corporation handle the
transactions, and that was sell securi-
tien,
© 1938, Wertern Newspaper Union,
Howe About:
Martin Johnson
Virtue Among Kings
Railroads
By ED HOWE
LTHOUGH born in a country town
in Kansas, there is a famous and
rich man named Martin Johnson, All
be had to start with was a good desl
of natural sense (as wost people have),
and good parents and hbors to
teach him the importance of
ness, fairness and industry
Probably at first he was
to fight Indians and hunt buff
was soon able to underst
ney
polite
Happening on a book about
determined to go there to take moving
pletures of big game animals
them alive for sale to parks and
now lives in
wonderful adventures
and
audiences in
people,
Anyone who
Johnson because
body, Is a cad.
decency
Johnson's ax
has been a
{ who
And I like his wife Oss
from Kans
them :
wonder
qd
The movi
about all the money
feals are not 2
vide with poor ; t
made on manufacturers and other
fn! persone who haven't ans
One “movie” man In He
lately authorized his
broadeast the statement
come from salary
million 8 year,
The class one raliroads
group comprising all
lagt year lost more than a
and fifty million dollars
suggest
the demand is
use
lirwood
Dress
that his In
agent to
was half a
alone
{meaning a
the best ones)
hundred
A agninst
of sixteen million In 10381
the year of this terrific
deficit, the class one railroads gave
employment to hundreds of thousands
does not join the government
and courts in efforts to further impov-
But how the “movies.” of no use to
It Is another exhibition of the Amer
ican spirit, unintelligent and dishonest.
that must be changed before the coun.
try can again get on its feet.
© - -
Nothing is ever seftled. When ©
wae & boy I heard quarreling which
greatly disturbed those taking part.
I have heard the same quarreling
about the same subjects within an hour,
now that I am in my eightieth year.
If, after death. I am restored to con-
sciousness 1 shall be surprised. but
whether 1 land in the bosom of Abra.
ham or in the clutches of the devil T
think I shall appreciate once knowing
positively where I am at.
- - -
Everyone knows you are a weak
creature; you will finally admit it
yourself after reaching considerable
age. I can offer no advice here except
that everyone become as strong as pos-
sible. Emergencies are always coming
up, and a little strength and sense will
be found of great value in considering
them,
*. » -
It hans actually been proposed that
the government do something te pre
vent earthquakes: several congress.
men have bills ready as soon as they
beelh campaigning again,
“E1923. Pell Syndicate. 1 NU Borviee