The Indiana Gazette from Indiana, Pennsylvania • Page 12

EVENING GAZETTE, TUESDAY, MAlT 23, flWANIANS HEAR MORTICIAN Members Also Edified by Music and Standards Talk. Arthur J. Robinson, mortician- member, had charge of the program At the weekly supper-meeting of the Kiwanis Club in Moore Hotel Monday evening. He had as his guests his father and brother, J. and H.

T. Robinson of Salts-burg, and George Reatchless, Pittsburgh branch manager and Daniel F. Mumn, display manager of the National Casket Company, of Pittsburgh, and George D. Leydic, a fellow mortician and a member of the firm of the Indiana Floral Company. Silas C.

Streams, also an Indiana mortician, was unable to be present. There were two other guests of the Gibson, brother Member Wilbur P. Gibson, and Kenneth Walker, guest soloist. Music in a "big way," was under the baton of Beryl L. Seanor.

Mr. Walker delighted with two "Eligie," by Massanet and "Sing Me a Song." The latter was a poem by Robert Louis Stephenson, set to music by Miss Carolyn Gessler of Indiana. The accompanist? Miss Mary St. Clair King. Preceding the literary program Ralph Rowland, chairman of the Business Standards committee, made i brief report and outlined the Itandard objectives of the Kiwanis £lub.

They follow: shall not steal, lither by old or new methods. Kiwanis urges a keener sense of fundamental honesty and a more courageous application of the Eighth Commandment to business and professional evils. Kiwanis condemns the abuse of bankruptcy laws, cancellation of contracts without mutual consent, commercial bribery and misleading advertisements. Fair merely the letter but the spirit of fairness. Kiwanis should strive to eradicate not only those forms ot unfair competition which have been branded unlawful but also those countless weapons of deception and injury which are so questionable as to conflict with the spirit of Kiwanis Ideals.

Kiwanis specifically con" demns such sharp practices as slandering competitors, hiring employes ot a competitor to obtain trade secrets, price favoritism to special buyers, unfair disclosure of bids, glowing promises which cannot be ful- and hidden, defects in merchandise. LAW and standards mean fewer laws. Business and professional men should voluntarily develop Impose upon themselves standards of conduct which are above Just criticism, which will the full light of publicity and will tend to avert oppressive legislation. Business and professional men should observe existing laws, and where vicious practices persist, should support vriew legislation to protect society; they should exert only a wholesome influence upon lawmakers to the end that present harmful legislation be repealed that fewer and better laws be enacted. Impartial court of first resort.

endorses both commercial and industrial arbitration in principle and urges business men to expand the types of disputes which they are willing to su'bmit to such settlement. Kiwanis supports the following constructive measures: The incorporation of arbitration clauses In contracts; the establishment and promotion of arbitration facilities; a readiness on the part of members to serve on arbitration committees; and, when parties to the dispute, a willingness to abide by the decisions of the commit, tee. Improving Employment Relations the human factor. Employment should be as nearly continuous as possible at wfge rates which encourage efficiency and permit a rising standard of living. Management should recognize labor's right to adequate working conditions, progressive methods of selection, training, supervision and promotion, and facilities to adjust grievances promptly.

Waste total asset; it has no liabilities. Business itseli' should war against waste of human resources 'by the adoption of public and private health policies, accident prevention aids, and ways to create and improve industrial morale. Material resources should be fionserved by improving bur- getlng and cost accounting practices, by Increasing operating efficiency, by enlarging flre prevention activities, by wise habits of consumption and judicious use of simplified and standardized practices. Business Stabilization Steadying prosperity by balanced produc- tfw. To smooth the ebb and flow of business requires self-restraint in pricing and profit- taking during boom times and careful gauging of consumer demand and production schedules.

Business men should encourage long range planning of public and private construction, wise control of credit against reckless speculative use and further research in business administration. Mr. Munn's Speech Munn had for his subject, of the Funeral Directing Scout Leaders To Be Graduated The closing of the Scout Leaders' Training Course that has been in progress at State Teachers College for the past eight weeks will feature the annual commencement dinner and program in Mrs. Wachob's dining room tomorrow evening. The program will be under way at 6:30 E.

S. T. The program will include the sublime as well as the ridiculous. The various Scout Patrols have been working to make their particular portion of the prbgram as interesting and educational as possible. Each patrol will vie with the others for supremacy.

The Pine Tree Patrol of Heilwoocl will furnish all the music for the occasion. This particular feature will be worth the price of admission alone. The valedictorian will be William R. Davis, Scoutmaster of the Mclntyre troop. Mr.

Davis has been rated as the Cicero II. Stan Enterline will give the class poem while the scribes of the troops will act as the historians. A real program has been set up that will provide amusement for an hour or more. The principal address of the evening will be delivered by E. M.

Sanders of the college faculty who will discuss "The Measures of a Good Scoutmaster," "The Measures of a Good Troop" and "The Opportunities of a Scoutmaster to Build Character and Train for Citizenship." The certificates of credit will be presented to the students at the close of the program. Much fine work has been completed by the men. Each one has enjoyed the course to the fullest. The co-operation of the college faculty has been the means of attracting many men to the courses that have been offered. Each one of the students feel indebted to the officers and faculty of the college for the interest that has been shown in their behalf.

Mrs. Wachob will serve dinner in the Y. M. C. A.

dining hall on the second floor at 6:30 promptly. Morgan Sallies Forth To Defend Himself Industry," with especial attention to UM advance in the manufacture and bution of caskets. It was a ra- sombre subject and one which necessary a solemn and deli- discussion. It was so handled tfle speaker and he developed a of interesting points in fu- facts that everyone should Jpw. (Continued From Page One) Only once before has the government of the United States had the to summon a Morgan to witness stand, and that was years ago, under Woodrow Wilson, when J.

Pierpont Morgan, Morgan the magnificent, took the stand before the Pujo committee. The committee room where the hearing will be held, a hearing which can scarcely fail to be sensation, which can scarcely fail to unearth extraordinary angles of high which, indeed, may irove the death knell of private tanking in the United crowded from wall to wall. Newspaper correspondents will be there ready to flash to millions the latest Dulletins of the give and take between Pecora and Morgan. United States Senators and representatives will be by virtue of their duties, others thru sheer curiosity. The lawyers for big business will be there, with their majestic fronts and their polished language.

The telegraph wires will sizzle with the purport of Pecora's rapier-like thrusts and Morgan's studied replies. These two men, so utterly different in origin, upbringing and point of view, are among the most interesting personalities in the public eye today. Pecora, witty and resourse- ful, was born in Sicily fifty-one years ago and came to this country as a boy of four. He by no means looks his fifty-one and would pass for an easy forty-two or three, even though his once coal-black hair is graying. Except for his, olive skin and his flashing black eyes and his surname you would class him with any intelligent-looking, handsome American that is what Ferdinand Pecora is produest a real American.

He made a fine reputation in the district attorney's office in New York, but was passed over by Tammany when it came to nominating a successor for Jacob Banton, since Tammany looks coldly upon young men who exhibit too much force and independence. And now the United States government, obviously bent on finding an answer to the old question: "Is there one law for the rich and another for the poor?" Has called him into service to get at the innards of this whole banking arba- cadabra. As for J. P. Morgan, who, all his life, has regarded his banking affairs as private and personal business, and who has always shunned public appearances of any sort, the ordeal can only be distasteful and trying, one which must call upon all his reserves of self-control and restraint.

He believes honestly that his huge bank is his business and none of the public's. He has always discouraged interviews and interviewers, though not quite so militantly in recent years as his choleric father was want to do. And to be placed upon the stand, in front of gaping crowds arid popping flashlights and a nervous jitteration of rapid pencils will be hard for this man to endure, He is a man of extraordinary determination and known courage, who probably cares little enough what anybody thinks of him, so long as he is not forced out into the hme- lig-ht. He did not hesitate to sell his father's great art collection to the Metropolitan Museum of Art, but he did not even take the trouble to explain that the sale was necessary in order to provide a very large sum in cash required to pay inheritance and other taxes. He reveres the memory of his father and is passionately devoted to the prestige of his bank, and sixty-six he retains the rugged health built up by a life-time of careful habits.

He retains, also, principles upon which his banking career have been moulded. That duel today and in the days following, likely, will cause the sparks to fly "Many shall run to and fro end knowledge shall be increased." Chamber Builds Home Out Of Coal Walls of the ne.w Chamber of Commerce building at Williamson, W. are constructed entirely of native coal, mined in nearby fields. Members onated the material; much of the labor also donated. OBITUARY Mrs.

Nancy Tamb Cole Mrs. Nancy Tomb Cole, widow of J. L. Cole, died yesterday at her home in Derry, aged 71 years. She was a 3aughter of John D.

and Lucinda (Hutchinson) Tomb and leaves three children: John Cole of New York City, Mrs. Kuth Shiry of Latrobe and Miss Laura Cole, at home. She also leaves five grandsons, and a brother, Hugh Tomb of Armagh. Funeral services will be conducted in the Presbyterian Church at Derry Wednesday at 3:00 p. standard time.

Burial will be in Cole cemetery, Derry. Adam Franklin King Adam Franklin King, aged 82 years and six days, died Monday morning at 9:45 at the Indiana County Home. He was born in Grant township and had lived there practically all of his life. He leaves his widow, Mrs. Margaret M.

King and these children. Charles, Austin Town, Harvey Hillsdale; Harry Stallstown; Maylon, York Kun; Mrs. Marshall Langham, Hillsdale; William, Lemont Furnace; Ollie, Chicago, and Mrs. Guy Dunlap of Ebensburg. He also leaves 31 grandchildren; six great-grandchildren and a sister, Mrs.

Martha Jane Kanarr of Indiana. Funeral services will be conducted Thursday at 2:00 p. standard time, in East Mahoning Baptist Church, by the Rev. Rex. Brickell of Hillsdale.

Bux- ial will be in the church cemetery. Mrs. Emma Gaston Mrs. Emma Gaston, a life-long resident of Rochester Mills, passed away at her home at 9:30 a. m.

Monday, following a lingering illness. To her first marriage with Manuel Shaffer there were born four sons and a daughter and to her second marriage with Charles Gaston, a son. She leaves these children: Earl Shaffer, Mineral Point; Frank Shaffer and Annie Wolf, Indiana; Walter Shaffer, Knoxdale and Led- sil Gaston, Rochester Milk. She was preceded in death by a son, Wallace Shaffer. Funeral services will be conducted in the Fairview Church at 2:00 p.

m. Thursday. Wilson Douthitt Wilson Douthitt, a resident of Punxsutawney for the past SO years, died at his home 'on Ridge avenue Sunday morning at 11:20 at the age of 78, of complications following an illness of a week. The deceased was born November 9, 1855, in Jacksonville, Indiana County, a son of Samuel and Margaret Douthitt. He was united in marriage 52 years ago to Miss Annabell Swan.

The couple moved to Punxsutawney soon after their marriage. The deceased was a devout member of the Reform Church of Punxsutawney. He was employed as janitor of the R. R. Y.

M. C. A. until a short time ago. Mr.

Douthitt was one of the city's highly esteemed residents. He was a kindly, industrious man, whose death is sincerely mourned thru- out that city and vicinity where he was well known. He is survived by his widow, one son, Elmer, and one grandson, all of Punxsutawney. One sister, Mrs. David Shirley, of Indiana, also survives.

The body of the deceased lay in state in the Reform Church this afternoon from 1 o'clock, and funeral services were held at 2, with Rev. George officiating. Burial was made in Round Top Cemetery. Funeral of H. S.

Keith COLVER, May services for Harry S. Keith, 50, who was injured fatally Saturday afternoon in a railroad accident at Nanty-Glo were conducted at 2 o'clock this afternoon at the Colver Presbyterian church by the Rev. J. R. Millin.

Interment was in the Lloyci cemetery, Ebensburg. Surviving Mr. Keith are his widow, Mrs. Jennie Gibson Keith; three children, Misses Gwendolyn and June Louise Keith and Harry Keith, all at home; four Anna Gray, West Grove, Chester county; Mrs. Betty Weiland and Mrs.

Myrtle Bable, both of Youngstown, 0., and Mrs. Stella Ambrose, New York four brothers, James H. Keith, Conneaut, 0., and Clarence, Daniel and Joseph A. Keith, all of Colver. Sir Malcolm Campbell's 'Bluebird' used a gallon of gas every quarter- mile in its record run at Daytona Beach this year.

Thomas Hill of Mancelona, is said to be the oldest automobile driver in the world at an age of 112. He always drives in second ear "NEXT OF KIN" TO FIGHT WILL (Continued on Page Two) The Monech murder was virtually forgotten when the double-killing of Ridley and Weinstein occurred. A week ago last Wednesday about 10:30 a. m. Lee Weinstein's brother, who operates a garage, telephoned the Ridley place-of-business.

He told Joseph Fidaccia, an em- ploye, to tell Lee he wanted to see him later. But Fiddaccia promptly forgot all about it. Again at 2 p. m. Harry phoned him.

Fiddaccia rushed into the office in the sub-cellar. His astonished eyes saw two men dead on the floor, Weinstein's body well back in the office and "old Ridley's" near the door. Ridley had been beaten, his skull crushed, his face mutilated and part of his white beard pulled out by the roots. Weinstein had been shot seven times. Several .32 calibre cartridge shells were scattered on the floor.

The police, by means of ballistic experts, established the fact that Lee Weinstein and Herman Moench had been slain by bullets fired from the same .32 automatic. Ridley evidently had been beaten to death with heavy instruments, including the high office It was stained with blood. Today, almost two weeks after the double murder of Ridley and Weinstein, the police were still groping for "leads" that would enable them to pin the crime on its perpetrator. They are convinced: the person or persons who killed Moench in January, 1931, also killed Ridley and Weinstein. 2.

That revenge, deep hatred Ridley and Weinstein, was the motive, probably as the result of some business transactions. Ridley's supposed will, found in one' of his old-fashioned safes the day after the murder, provided the chief clue upon which the police have since been working. It left $200,000 to Weinstein, who also was named as executor, on the condition that Weinstein was alive at the time of the testator's death. It developed, however, that this will was fraudulent. "Old Ridley" was really worth about $4,000,000.

Two arrests brought about tho revelation that the will was fraudulent and proved to the satisfaction of police that Weinstein had been systematically robbing the old man for a long time. George Goodman and Arthur J. Hoffman, accountants, who at the instigation of Weinstein had worked on "Old Ridley's" accounts, were the pair arrested. They are being held, charged with conspiracy ana grand larceny. Goodman and Hoffman confessed they aided Lee Weinstein in robbing the eccentric Ridley, who since he retired from department store ownership had been a real estate operator, of about $210,000 over a period of nearly two years.

They also admitted that the will left by Ridley was fraudulent, the result of a conspiracy between them and Weinstein. "Old Ridley" signed the document without realizing it was a will, they said. It included a bequest of $200,000 to Weinstein. The latter had agreed to give them $50,000 apiece. (Editor's phase of the amazing murder mystery will be written by Mr.

Kilgallen tomorrow.) fantastic Puzzle Uy PIXIE) 'tlGHK INS Staff Correspondent NEW YORK, May Let the law find the murderer of Edward A. Ridley, NEW York's 20th century Midas, an.d his turncoat secretary, Lee Weinstein. To the women who knew these men there are questions more important than "Who is responsible for their death?" the fantastic puzzle is pieced into legal perfection the law may well boast its answer. ask the women of this weird-angled mystery, is the answer to their broken faith? Where the solution to their future, if their lives must be spent shadowed by an emotional question mark? A home that has been bruised by the sud.den way of disaster needs no arrow to point it out. It is marked by the grJef from within.

Without, it is braided by the morbid who turn its dorrsteps into a gallery for the curious, its garden into a parade ground for the prying. And so the house in. East 35lii street, Brooklyn, where the mother sister of Lee WeinsteJjj once lived in substantial, trusting comfort, has been shaken by the cyclonic fierceness of inexplicable murder and its aftermath of accusation and doubt. Along the block where the Weinstein's live, front doors yesterday had been swung open to allow the dusk breeze to sweep coolingly through their houses. Only the Weinstein door was closed.

They have shut it on the public and Its cry themselves in to ask, 'How dare they call hi.n a can we believe he was married?" The mother of Lee Weinstein opened the door timidly. And yet her face for all its grieving, skeptic marks, was Out of this mystery Mrs. Weinstein has had a two-fold miserable revelation. The murder of her son Lee, ghastly enough In its finality, developed his implication in a plot to defraud Ridley; then she learned that her son was reported to be secretly married. Late yesterday another son, Harry, was booked on a charge of child abandonment.

It is not fear that has caused this heartbroken woman to refuse to talk. Her faith is as lasting as her life. "I can't talk about By her side stood the dead man's nephew, eager to defend, and not easily silenced by his more cautious elders. He said with adult feeling: "We do not have to defend him against knew him." And the mother of the dead man nodded her head in approval. As to the marriage of Lee Weinstein, this, they cannot believe.

"No one who knows my uncle believes he would have kept his marriage from his mother. Why, he lived right here with us. He was home every night." Again the murdered man's mother nodded her head quickly, eager to reassure herself that this was sound. That the story of her son's secret marriage to Norah Deacey must be a lie. There was distinctly the feeling that the sharpest of her grief came from the feeling that if the story of his marriage is true, then her son had failed her, cheated her of part of his life.

If it is true she is faced with the realization that he lived another life away from her, one he did not share. Yes, let the police solve the murder mystery. But, where is the answer to the question that prostrated Lee Weinstein's widow. "Why did he marry me under a fictitious live this dual life?" And is she heiress to the $200,000 which Edward A. Ridley bequeathed to her husband? What of the wives of Arthur J.

Hoffman and George Goodman, who confessed to a complicated system of robbery and trickery of Ridley? One of these women has left her apartment and sought the seclusion and the sympathy of her sister's home; driven from what she believed the unchanging security of her own home. FRANCE LAUDS DAVIS' SPEECH ON U. S. STAND (Continued from Page One) there has been no radical departure from America's traditional policy by judging for itself in world affairs. Irrespective of what interpretations have been placed abroad' on the speech of Norman H.

Davis at Geneva yesterday, Washington has its own interpretation, and it differs materially from the screaming headlines of Europe, which proclaim American abandonment of an historic policy. Stripped of diplomatic niceties, what Davis proposed was: The United States is willing to enter into a pact to "consult" with other ewers in the event of a threatened war. The United States is willing to cooperate with oth'er powers for international supervision of armament. The United States is willing to forego certain neutrality rights in the event of war, provided that we agree as to who is the aggressor. All this in exchange for drastic curtailment of armament.

There are many "ifs, ands, and buts" in the proposal which Davis layde before the Geneva conference. The heart of his offer was contained in the following: "We are willing to consult the other states in case of a threat to peace with a view to averting conflict. Further than that, In the event that the statesfl, in Conference, determine that a st- 1-0 been guilty to A breach of the in violation of 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 make to restore peace." Thus, If the League of Nations, for example, should determine that Japan Is the aggressor In its warfare with China, and decided to Impose an economic boycott as punishment, and If Washington concurred In that verdict, the United States would not Insist upon Its right to trade with Japan. Washington chooses to emphasize the "If we concur" part of the proposal. Tn that phrase, administration officials contend, Is contained the safeguard of America's traditional pollc yof Independent Judgment and conclusion In matters of world policy, tl Is, they admit, further than other administrations have ever gone, save Woodrow Wilson's, but at the same time they insist that America's historic Indepen- dence'of judgment Is securely, maintained in that "if we concur." As for the consultative pact, the United States is already In one to all Intents and purposes.

We participated In the consultations of the League advisory committee In its consideration of the Slno-Jap- ane.se war, but still preserved liberty ot action. Much will depend, It was agreed, upon how this and future administrations interpret America's duty under the proposed agreement. Currency Stabilization WASHINGTON, May In a move which may mean American leadership in world currency stabilization, Professor O. H. W.

Sprague, financial advisor to the Bank of England, has been selected by President Roosevelt as economic advisor to this government. Announcement of the appointment was anticipated today. Prof. Sprague is regarded as one of the world's foremost authorities In International exchange. With a man of Sprague's training and knowledge of the intricate na-' ture of international exchange movements, the United States would be in a position to enter a stabilization plan with safety.

An effort may be made to take steps at stabilization prior to the London economic conference. Whether Sprague would be one of the experts to attend the London conference was not disclosed. Officials admitted he would be well equipped for such a task. New, Continued Taxes WASHINGTON. May The administration's industrial recovery bill, suddenly expanded to include nearly $700,000,000 in new and continued taxes, will be passed by the House tomorrow or Thursday under a program being framed by Democratic leaders today.

Approved by the Ways and Means Committee in record time the measure was to be formally reported to the House by Chairman Doughton (D) of North Carolina before night. The bill carries a $3,300,000,000 bond issue to create jobs, and creates a partnership between the government, business and labor to fix minimum wages, shorten hours of labor and outlaw "cutthroat" competition. A blunt warning to the American people they must either repeal the 18th Amendment or business must improve vastly before federal taxes are lowered, is carried in the bill. The President can suspend $221,000,000 new taxes levied to finance the bond issue if the prohibition amendment is repealed or business improvement lightens the treasury burden. Despite violent opposition to the new taxes proposed to finance the bond issue, the bill is expected to pass the House, The Ways and Means Committee yielded to an unexpected demand by Director of the Budget Douglas to continue for another year all the mipcellaneous excise, or sales taxes voted in the $1,000,000,000 budget- balancing tax bill last year.

These taxes were scheduled to expire July 1, 1934. They include the special sales tax on automobiles, trucks, jewelry, radios, sporting goods, furs, cosmetics, tires, movie admissions, stock exchange transfers, soft drinks, matches, telephone and telegraph messages, pipe lines and checks. In approving the industrial recovery bill, the committee rejected proposals to include the "dictatorship" bill of Secretary of Interior Ickes. The bill emerged from committee carrying an amendment by Rep, Watson (R) of Pennsylvania requiring use of American materials on public works projects. MODIFIED BANK LAW FORECASTED has (Continued from Page One) "If I may be permitted to speak of the firm, of which I have the honor fc be the senior partner, should state that at all times the idea of doing only first class business, and that in a first class way, has been before our minds.

We- have never been satisfied with simply keeping within the law, but have constantly sought so to act that wo might fully observe the professional code, and so maintain the credit and reputation which has been handed down to us from our predecessors in the firm, Since we have no more power of knowing the future than any other man, we have made many mistakes (who has not during the past five years?) but our mistakes have been errors of judgment and not of principle. Another most important duty of the private banker is to take special care that his banking position in regard to his deposits is at all times sufficiently strong, knowing as he does that none of the aids provided by the government for incorporated banks, such as the Federal Reserve System or the Reconstruction Pi- nance are at his disposal. "The private bankei- has at least one other duty; he must be ready and willing at all times to give disinterested advice to his clients to the best of his ability. If he feels unable to give this advice without reference to hig own interests he must frankly say so. The belief in the integrity of his advice is a great part of the credit of which I have spoken above, as being the best possession of any Arm.

"So far as the will on to of private These geem to be to be closely related to the fact that, as they are risking their own money and doing their own work, they may properly undertake certain respon- slbilitiee and businesses whcih the management of an incorporated bank might not be justified in dealing with. Subject to the paramount need of keeping their banking position toward their depositors sound and liquid, they can in a very prompt and effective way assist in the development of the industries and productions of this largely m- duetraliied world. They can also come to the aid of a general situation or of their friends and clients, in times of panic and distress, to an extent that an incorporated bank might well feel it had no right to do with its stocyholders' money. "Another very important use of the banker is to serve as a channel whereby industry may be provided with capital to its needs for expansion and development. To this end the private banker can serve well.

Since, as he has at stake not only his clients' interests but his own reputation, he is likely to be especially careful. If he makes a public sale and puts his own name at the foot of the prospectus he has a continuing obligation of the strongest kind to see, so far as he can, that nothing is done which will interfere with the full carrying out by the obliger of the contract with the holder of the security. To accomplish this it is frequently desirable that the private banker should be a director of the company, the securities of which he has sold. "As to the charge as is frequently and as I believe, carelessly made that bankers force their way into boards of directors, I can only say that, in my experience of over forty cannot remember any partner of the house taking a directorship except at the earnest request of the board of directors of the company in question. It is often useful for the directors of a company who are not financial experts to have an expert of that sort, in whom they have confidence at hand for consultation.

This is why I regret the tendency of so much present day legislation which endeavors to prevent bankers from being directors of one thing or another; or which throws on directors such liabilities for errors for which they could'not be responsible as to make it too dangerous for any man of experience or means to assume such responsibilities. "We must not lose sight of the fact that a steady supply of capital for Industry Is an essential of our system, and that anything which may hinder the flow of such a supply, or'needlessly diminish the confidence of the Investor in the safety of his Investments, is undesirable. At the present moment, owing to the destruction of confidence In this time of depression, there is no flow of capital Into industries, and consequently no Investment possible for the savings of people which are turned over daily to savings banks and insurance companies to be invested. Just at present these are the only sources from which industry can obtain Us needed capital, as the savings ot the Incomes of private persons have been so greatly reduced by the depression and by the extreme weight of taxation on incomes and estates; and as the depression for the first time so far as I know In the history of the world, is so widespread, no country can len.d money in any other. "Though at the present time there Is no demand for capital for industry, this condition will pass, and we should not by any means force the organization for distribution of securities out of business, lest, when there is again a legitimate demand for capital, it be found that the machinery of distribution has disappeared.

No private banker, whether he Is (as we are) a wholesale merchant of securities, or deals, directly with the ultimate could continue in the business if he had no other sort of business to fall back on in such times as the present. "The question has been raised whether a private banker should be permitted to accept 4eposits. The laws of the State of New York very wisely, as I think, and. under careful restrictions have sanctioned the practice. Those strlctiona prevent, among other things, our holding ourselves out as depositaries for the public and from paying interest on deposits of less than $7,500.

The bulk of our deposits has come from our having done work for some client, because we are the paying agents for coupons, or the custo.d- ians of sinking funds. If we, for instance, should be deprived ot the right to reecive deposits which clients wish to leave with us, we should verv probably have to disband a large part of our organization and thus would be less able to render In the future that important service in the supply of capital for the development of the country which we have rendered in the past. "In regard to the presence of private bankers on the boards of directors of other banking institutions, I believe it to be true that none of the directorships held by any private banker in other banking institutions is held at his request, but because of the strong desire of those in charge of the institution of which he becomes a director. This certainly is the case in our own office and I believe in other cases too, although of course I cannot speak for anybody but our own firm. Personally, I have always been averse to banking directorships for my partners, but I felt constrained reluctantly to consent, because of my belief that it is one of the duties of a private banker to be of use in the general affairs of the community, and that the only way people can be helped is in the way they wished to be helped.

Therefore, if friends in whom we have confidence ask us to serve them by advising with them, we are bound to give them the best advice we can. No law could prevent any one from discussing problems with, and seeking advice from, friends in whose judgment he has a confidence which is the result of years of experience and co-operation, and I do not see any need for legislation which makes such consultation more difficult. private banker is also useful in offering a sort of neutral territory where, at times, the management of the incorporated banks may meet and discuss the general problems rivalry or competition. I believe if you were to ask the heads of all the great banks in New York who have had experience of BINGHAM RIDES IN ROYAL STATE American Ambassador Presents to King George. LONDON, May Robert W.

Bingham, new American Ambassador to Great Britain, presented his diplomatic credentials to King George in a formal cereniony at Buckingham palace today. Accompanied by other emb officials, he was conveyed to palace by an imposing cavalcade of three royal semi-state coaches provided by command of his majesty. The stately procession, which went from the chancery in Grosvenor Gardens, entered the palace gates at 10:50 a. m. It was the first time since the regime of former Ambassador Houghton that the King had provided royal coaches for an American ambassador.

A small crowd, mostly Americans, took pictures of the glittering scene as the maroon coaches, replete with coachmen and footmen in red coatB and cockaded hats, blue knee breeches, white stockings and black, silver- buckled shoes, began the short journey. It was understood the King received Bingham with utmost cordiality and displayed great friendliness during the 15 minute audience. REPEALIST GIVES VIEWS (Continued from Page One) to taxation relief from liquor venues following repeal, that the force of his administration will exerted to bring any doubtful southern states into line. 1 Cassat pointed out that voters themselves will hasten repeal because of the burdensome tax problem. "If it is necessary for an already sadly burdened people to bear additional taxes, whether in the form of increased income taxes, sales tax or any other plan that may be adopted, then certainly the voters everywhere throughout the country will want to hasten repeal," he explained.

Warning against over-confidence, Cassatt said: "In Pennsylvania we expect to work unceasingly right up to November 7 to make certain that Pennsylvania will roll up such a majority for repeal as to influence any other states that have not yet voted on the issue. To this end we appeal to our friends in all parties and all factions to give us their complete co-operation in getting out the full strength of the repeal vote. "We must roll up huge majorities in every state," Cassatt declared, "in order to prove for all time that the people are opposed to putting police regulations into the constitution." both good and bad times, you would be assured that the private by offering that neutral ground have served a very useful purpose, and would have been much missed had they forced out of business by law, either state or federal. "To sum up, I state without hesitation that I consider the private banker a national asset and not a national danger. As to the theory that he may become too powerful, it must be remembered that any power which he has comes, not from the possession of large menas but from the confidence of people in his character and credit, and that that power, having no force to back it, disappear at once if people thought that the character had changed or the credit had diminished financial credit, but that which comes from the respect and esteem of the community." SITTING ON TOP OF THE WORLD This lucky man Is said to be A wizard at He's learned that the cheapest price, didn't guarantee the greatest saving, Summer Sport Shoes Florsheim's $8.00 Bostonians $5 $6.50 Booth's $3.95 $5.00 MOOR-HEAPS Indiana's Quality Store.