OCR Text |
Show ' -. : : : , .. , ....... ', ..,-. ..,- Uv.if'' . ' .: ', . J " I News Review Events the United States Pledges Aid for Peace and Security J. P. Morgan Questioned by Senate Committee-Plan Committee-Plan to Finance Public Works Program. By EDWARD RESPONDING to ft demand for ft clear statement of the policy pX th United States In the matter of peace to? disarmament, Norman TL Davis, ambassador-at-large, announced to the disarmament conference In Geneva Gene-va what seems to many a revolutionary revolution-ary departore from traditional . American Ameri-can policies Apparently Ap-parently It means that the United Statea has aban-d aban-d o n e d Isolation, neutrality rights N. H. Davit and the freedom of the seas. Specifically, Spe-cifically, Mr. Davis pledged his government gov-ernment never to Interfere with International In-ternational action agalnBt a nation that has been satisfactorily Identified Identi-fied as an aggressor, and to partlcl-. pate In "effective, automatic and continuous" con-tinuous" International supervision designed to make certain that the nations carry out their promises In disarmament, "President Roosevelt's message," he said, ls a clear Indication of the fact that the United States will exert full power and Influence and accept Its Just share of responsibility responsibil-ity to make the results In disarmament disarma-ment definite, prompt and effective." After announcing that the United States was willing to consult with the other states in case of a threat to peace, Mr. Davis set forth the American policy In these words: "Further than that, In the event that the states, In conference, determine de-termine that a state has been guilty of a breach of the peace in violation of its International obligations and take measures against the violator, then, If we concur In the Judgment rendered as to the responsible and guilty party, we will refrain from any action tending to defeat such collective effort which these states may thus make to restore peace." Asserting that there must be real accomplishment In the way of disarmament, dis-armament, or a reversion to race In arming, Mr. Davis proposed drastic dras-tic arms reduction, and promised that the United 8tates would , go as far In this as the other states. Orest Britain, Germany and Italy were highly pleased with Mr. Davis pronouncement, but France remained re-mained dissatisfied, both with the security offered by the - United States and with the Davis proposals for armament reduction. The more the French get, the more they demand, de-mand, and their obstinacy la exceedingly exceed-ingly Irritating to the other nations. Foreign Minister Paul-Boneonr told the conference that France would not reduce her armaments unless a definite system of mutual assistance Is created, supplemented by genuine supervision of armaments. The supervision, su-pervision, he said, must especially cover armaments which are manufactured manu-factured In private factories. INVESTIGATION of the private banking firm of J. P. Morgan & Co., greatest of Its kind In America, Amer-ica, was started by the senate bank ing committee with J. PlerpODt Morgan, senior partner, as chief witness. Tbs proceedings were conducted by Ferdinand Ferdi-nand Pecora on behalf be-half of the committee commit-tee and attracted ft throng of spectators. specta-tors. John W. Davis, former Democratic Presidential candidate, candi-date, was there as J. P. Morgan counsel for Morgan, and the banker was several times relieved from nagging questions of Pecora by the protests of Senators Glass and Mc Adoo. Most Interesting to the public pub-lic of the facts brought out was that no Income tax whatever was paid by Morgan or any of his nineteen partners for 1931 and 1932 and that they paid an aggregate aggre-gate of only $48,000 in 1930. This was because of heavy losses sustained sus-tained by the firm. Morgan could not recall whether he personally paid sny tax In 1930, but counsel for the Investigators said be did not Morgan repeatedly answered "I do not know" to Pecora'a queries about a $21,000,000 loss written off his firm's books on January 2, 1931, In addition to other deductions which already had wiped out taxable tax-able Income. Finally the banker asked Leonard Leon-ard Keyes. office manager of the firm, to explain the matter. Keyes said the Involved transaction transac-tion was the Inevitable result of a revaluation of assets made necessary neces-sary by the admission of a new partner, S. Parker Gilbert, on January Jan-uary 2. UOl. Pecora hammered away with quest bins, but Keyes, a methodical appearing man who spoke ( rlsply and without lioSIt.atI.on, repeated his account ac-count over and over, lie testified that the ?,J1.hh).(ki loss could, as the law then stood, have been de V of Current World Over W. PICKARD ducted from the firm's taxable Income In-come In 1931, 1932 or 1033. Three or four million dollars of the $2L-000,000, $2L-000,000, be said, was deducted from profits " In .HOT.--C . ' la which the partners paid no tax-but tax-but none In 1932, when the firm "had loss enough." On the second dsy the senators heard about Morgan k Co.'s "preferred "pre-ferred list" of friends to whom the firm sold Alleghany Corporation common for $20 a share when the market price was $35. In this list were msny well-known names. Including In-cluding William EL Woodln, now secretary of the treasury: Charles Francis Adams, ' later secretary of the navy; Senator McAdoo, Newton New-ton D.. Baker, John W. Davis, Gea John J. Pershing, John J. Raskob, Silas H. Strawn and Col Charles A. Lindbergh. Another list revealed Included the names of bank officers and directors di-rectors to whom the Morgan firm had made loans, Some of these loans had been repaid, but many had not, and In the latter category the largest was little over $ft,000y. 000 to Charles E. 'Mitchell, former president of the National City bank of New lork, whose trial for alleged al-leged Income tax evasion was going go-ing on in New York city. FEDERAL JUDGE HAROLD Louderback of California was acquitted In the impeachment trial In the senate, but he escaped by a narrow margin. On the fifth and most comprehensive charge 43 senators sen-ators voted guilty snd 84 for acquittal ac-quittal But under the constitutional constitu-tional Impeachment procedure two-thirds vote, la necessary for conviction. IF THE administration and Its supporters in congress have their way, the $3,300,000,000 national recovery re-covery bill, providing for regula tion of Industries and construction of vast public works, will be financed by Increased Income and gasoline tax and higher Income Imposts on stock dividends, as well as the continuation continua-tion for one year of all the nuisance taxes levied In thb r e v e n o e bill of 1932. That was the Hugh 8. Johnson way It was reported to the house by the ways and mean committee, and though theRepubllcana and some others objected to these taxes and fought for a sales tax, that Is the wsy It Is likely to become law. The sum of $220,000,000 annually annual-ly will be needed for Interest and amortization of the public works bond Issue, and the committee decided de-cided this should be raised by: L Increase of the normal Income In-come tax rates from 4 to 0 per cent on the first $4,000 of net Income In-come snd from 8 to 10 per cent on all above $4,000. This levy Is estimated es-timated te raise $46,000,000 a year. 2. Extension of the new normal Income tax rates to dividends now subject only to surtaxes and taxation taxa-tion at the source. Estimated to yield $83,000,000 a year. 8. The addition of another three-fonrths three-fonrths of a cent to the present 1 cent ft gallon federal tax on gasoline. gaso-line. Estimated to bring in $02,-000,000 $02,-000,000 annually. These additional taxes, the report re-port said, "are temporary In character char-acter and may be eliminated by proclamation by the President when operating revenues exceed operating expenditures, or when the repeal of the Eighteenth amendment amend-ment opens a new and ample source of revenues to the government" govern-ment" To administer the Industry control con-trol features of the measure when it becomes law, President Roosevelt Roose-velt has selected Hugh 8. Johnson of Mollne, I1L, and he has been busy getting an organization la shape so be can go to work promptly. prompt-ly. He had a large part In formulating formu-lating the bill A close associate of Bernard Ba-ruch. Ba-ruch. Democratic leader and New York financier, Johnson was a member of the old war industries board. He was also bead of the first draft board during the World war and since then has had extensive exten-sive experience In manufacturing. He was born In Kansas In 1882. He turned to the army for a career and was graduated from West Point In 100X When he retired In 1010 he wns a brigadier general. EXPANSION of credit rather than of currency has been started by the Kiveniinent under the powers jriven the President fh the farm net. He relary of the TrouMiry W'ondln nniinuined that the federal reserve banks had tnade HTl Itiilial inrrh:w f .y..'. ', ' 1 1 . of t'eVerililiel)', III'1;,. is n t,.. ,, M market. That Is the start of an Inflation. ary step," Woodln said. "It is being be-ing done to inject something into the market In other words, to keep things moving along." Woodln said additional purchases would be "entirely dependent npon conditions," The new law authorises author-ises the reserve bank to buy up to $3,000,000,000 of securities. When the reserve banks buy bonds, cash balances of member banks are Increased by equal amounts. The administration hopes that the banks, with these additional addi-tional funds on hand, will advance them to Industry. WHEN President Roosevelt ssked the nations of the world to agree to a tariff truce pending the outcome of the London economic econom-ic conference,' the administration thought It would not be In sccord with good faith to assess now the processing taxes en wheat, cotton and perhsps corn and hogs provided for In the farm relief act But Secretary of Agriculture Wallace thought otherwise, and after a conference con-ference with Secretary of State Hull he was permitted to go ahead with thla undertaking. Probably there will be protests from Europe snd Canada, and then the diplomats must get busy. Secretary Wallace and George N. Peek, co-admlnlstrators of the farm relief act selected Guy O. Shepard of Evanston as administrator In charge -of the packing house products prod-ucts under the act He will hsve genera charge of trade agreements between packers and between producers pro-ducers and processors relative chiefly chief-ly to hogs and their products. Mr. Shepard was formerly vice presk dent of the Cudahy Packing company. com-pany. To handle the cotton work under the farm act C. A. Cobb of Atlanta, Oa., was named. He Is editor of the Progressive Farmer-Rurallst Both he and Shepard rank alongside along-side of Prof. M. L. Wilson, appointed appoint-ed administrator some time ago. NEW YORK state came to the fore In favor of prohibition repeal re-peal In a manner that surprised even the ardent wets. The vote was sbout twelve to one throughout the state, and In New York city It was sprpoxlmately forty to one. The 150 delegates elected to the convention conven-tion sll are pledged to repeal, and they will meet In Albany on June 27 to execute the will of the people. The Empire state will thus become the sixth to ratify the repeal amendment amend-ment to the Constitution. WITH a stately parade down Michigan, avenue, speeches by ostmaster General Farley and oth ers and much picturesque ceremony, A Century of Progress, Chicago's World's fair, was formally thrown open to the public, and thousands of men, women and children entered the vast exposition area and marveled mar-veled at what had been accomplished. accom-plished. By high pressure work, the fair was already virtually completed. com-pleted. The most thrilling and dramatic part of the proceedings came at nightfall, when through a "hookup" of three astronomical observatories s ray from the star Arcturus was caught by telescopes, transmitted to the exposition grounds and used to put Into operation the gorgeous lighting system of the fair. According Accord-ing to the scientists, the ray started from Arcturus Just forty years ago, at the time the fair of 1S93 opened. The fact that Chicago has created this exposition during the depression depres-sion Is ss Impressive as the fair Itself. PEACE In Cuba seems to be a long way off, though the government govern-ment continues with vigor Its efforts ef-forts to wipe out the revolution ists. And, according accord-ing to the latter, President Machado is using more than vigor. -Operations against the opposition opposi-tion are being directed di-rected by MaJ. Ar-semo Ar-semo Ortiz, Macha-do's Macha-do's chief military strategist and he Is pursuing the same Major Ortla tactics with which he terrorized Orl- ente province In 1931. In Santa Clara and Camaguey provinces he has been hanging captured rebels to the trees along the highways and In the towns, and It was reported that he held as hostages the family of Carlos Car-los Leyva, who led a rebel raid on Tacuasco, threatening to kill them unless Leyva surrendered with fifty followers. Then Ortiz returned to Sanctl Splrltus, and It was believed he would pursue the same rutblest methods In that section. REPORTS from China, confirmed by the foreign office Id Tokyo, said that an agreement for a Chinese-Japanese truce In the north China zone had been reached and was about to be signed. The Chinese Chi-nese defenders of Pelplng already bad withdrawn from that city and the Japanese were only a few miles away. It was understood that the-truce the-truce recurred the Chinese troops to remain south of a line running from the (,'rea'r Wall north of Pel-pi'fli Pel-pi'fli ' houlheat to I nt:ii on the eon -it, the. Iitie p.'ix!!u: north of I both I'i.-i.JtiiT and Tiei (tin. I'e-;.:!,. the re...,rte. iruee there vi .w H ,; : vi : : 1 1 i .,, .,,.,11,., ' "' 'I 1" ir v.. ,.,,sj ,,f Pe::.i.r. . . C. n :. ft, f.t,m n i. Intcrountain News Briefly told for Busy Readers FOREST ARMY ABKIVES DECLARE CRICKET WAR TEST IDAHO BEER LAW NO MORE. FACULTY CITS SUSPENDS MINING WORK COEUR D'ALENE. ID Av The second test of tbe Idaho prohibition law as regards to 3.2 per cent beer was Initiated ia the Kootenai county coun-ty district court here, based on the arrest of Paul Miller, of Wallace, on a charge of possession of Intoxicating Intoxi-cating liquor. BOISE, IDA. Training orders hsve been received here for &3 Ydft: ho reserve officers who will go Into camp June 11 with tbe National Guard In Boise. NORTH SALT LAKE, UT. The last few weeks have seen choice beef selling st the highest prices received re-ceived for two years on this market BOISE, IDA. It has been announced an-nounced here that no further reductions re-ductions are contemplated In the faculty of the Idaho State university. univer-sity. POCATBLLO, IDA. Ten units of the citizens conservation corps have arrived here for work In the Idaho forests. TWIN FALLS, IDA. Twin Falls county lamb pool directors sold the county's first wool pool 30,000 pounds of wool for 22 1-2 cents a pound. BOISE, IDAv Assistance from the conservation corps lu combatting combat-ting an outbreak of crickets on the south fork of the Boise river has been sought by the state commissioner commis-sioner of agriculture. AMERICAN FORK, UT. The American Fork Gold Mining company com-pany has resumed operations at the old Pacific property situated at ! the head of American Fork canyon. BOISE, IDA. Reports received here state that President Roosevelt Roose-velt has signed a bill for suspension of annual assessment work on mining min-ing claims. BINGHAM CANYON, UT. The town board has decided to retain all regular employes on a basts of 18 dsys a month. This spplies to the police snd water departments, BOISE, IDA. Advance payment of taxes due the state have been promised by counties to meet a $300,000 treasury note Issue due on July lthe state auditor has announced. an-nounced. PLEASANT GROVE, UT. The major festival of the year for this city, Utah Strawberry day, will be held June 21. Because of the delayed delay-ed season, the twelfth annual festival festi-val will be held ten days later than usual, but will not lack in any of the features which In the past have made it an outstanding Utah celebration. cele-bration. Free strawberries will be served as usual. TWIN FALLS, IDA Idaho American Legion department will . Invite Geo. H. Dern, secretary of war and former governor of Utah, to attend its state convention in this city next August 24-26. BEAVER, LTV-The local relief committee has hired 12 teams and a crew of men, to go Into Fremont pass, 18 miles southeast of Beaver, to open up a road leading Into an area of good dry wood. PRICK, UT. Carbon high school band is making arrangements to enter en-ter the national band contest at Evanston, I1L, June 8, 9 and 10, In connection with the Century of Progress exposition st Chicago. SALT LAKE CITY, UT. Utah will ship approximately 75 carloads or 1,500,000 pounds of broiler chickens chick-ens to the eastern and mid western states this year. The 1933 shipments are expected to show a 30 per cent Increase over the crop of 1932. SALT LAKE CITY, UT The last date to apply for loans for summer sum-mer fallowing and winter wheat planting has been extended from May 31 to June 17. Tbe maximum for loans in Utah and Idaho la $1.-50 $1.-50 an acre. Not more than $300 will be loaned to any one applicant The applicant must agree to plant not more than 70 per cent of his 1032 wheat ncreage. Loans will mature on August SI, 1934, and will bear Interest of S 1-2 per cent per annum. an-num. They will be secured by first Hens on wheat to be harvested in 1934. HALT LAKE CITY, UT. Utah farmers who have in the psist several sev-eral years made loans upon their farms through the Federal Land hank will not be required to pay upon the principal of their loans during the next five years, but will be required to continue their Interest Inter-est payments, according to Wlllard D. Ellis of Berkeley, California, president of the Eleventh Federal Land Hank district. MeCAMMON, IDA. By taking advantage of favorable weather, farmers in this district have succeeded suc-ceeded In planting practically all of the spring wheat acreage planned. SALT LAKE CITY. UT. Nearly lm men from VlfKitila hnre nrrU'ed In t"! ill to work in the forest army campi. l'K(io. I'T.. ert in Tit-- I!i m si. I' ' '' 1 1 ,fleil t Yi.l'ihi. i - i W.ir!; Scenes and m ;w V ; M :7tM ' 1 W : ' 1 CoL Edwin M. Watson, selected to be chief military aide to President Rooserdu In Berlin msklng a huge bonfire of books collected from libraries and private owqm as "un-German literature." & Some of the many Gold Star mothers about to sail from Ketl Ident Harding for tbe first of this year's pilgrimages to the graves of their sons who fen, On th Banks of the Floods Ct Recent heavy rains have caused property and crops. This photograph WINS GENEVA TRIP Sidney Q. Levy, seventeen-year-tld Buffalo (N. Y.) high school student stu-dent who was declared the winner In the seventh annual competitive examination for high schools on the League of Nations. Ills reward will be a free trip to Geneva this summer as the guest of he League of Nations association. MAY RUN FOR SENATE ( , f Mrs. Gertrude Bowler ot Rhebov- gan, Wis., Democratic national cora-uittee cora-uittee womnn, who has oeen asked by Milwaukee county Democrats and Democrats from other Wisconsin Wiscon-sin counties to become the candidate candi-date for United States senator In opposition (o Senator Itobert M. Ln Toilette In the I03-I election. More Male Bather Drowned ,l"ri' 'ban six times as many inile bathers us fcuiaiiw are !---ii. ,1 while l.mhjng i n,t. L'mied l'!ll' !i e:e,l year. insih the Current New, i-L record flood tides along the Wabash river with cooilfaL shows a typical scene la Yincennes, Ind. j Living Buddha Tries a Plan: v His holiness, the Panshan Lama (the living BudM assisted from the American plane In which be receatlje trip In the air, at Pelplng, China. The plane wai p!; lean airman, Julius Barr of Utah. ' Italian Submarines at B: ---- -;MU - - l-'.ii' 1" ti -Ut - v- .-if ;- . "1 '-.i-..-V r t Sr? '7: : g-t -, , Thuu t.it-- i , ,)n;i.i toi photogrnphed at the Boston navy yard as they wer fuel. They came over to patrol the Atlantic 1"rinfL of Italian phines from Italy, to the World's r"lr ln - Impreitinf PeopU "It Is easy to Impress the people," said 111 flo. the sak-o of Chinatown, "but they are often like children lw love the promise of sweet it nnd become fretful If there uru not buIII-clent buIII-clent lo satisfy theiii" ... , T , r -- 'Vi if' r. : ' (h i i ' V"V. y . f t - r I, Green fJ oak; !heHneJf tlirC C"li i v varies ft t . :- .'.-:'v-v--iW A;; : : y . |