1933-06-03 — Page 1

MASON'S

SAUCE:

Hongkong Daily Press.

Registered as a Newspaper at the General

Post Office in the United Kingdom.

ESTABLISHED 1857.

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is unequalled by

any other Tyre

in the world

Single Copy, IU čiš. Per Month, $3.

No.

29350.

號拾伍佰叁仟叁萬弍第

HERAGEX HONG KONG, SATURDAY

JUNE 3, 1933 #

日叁月陸年叁卅佰玖仟麼英 Price

MORE REVELATIONS IN MORGAN INQUIRY

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THE

CYMA

BELT WATCH

IS A NECESSITY

FOB

THE SPORTSMAN AND THE BUSINESSMAN

DURING SUMMER DAY

SENATE COMMITTEE ASKED TO FILE

CHARGES AGAINST MR. PECORA

FURTHER FAVOURED CUSTOMERS

{THROCON BEUTER'S ADENCY. I

WASHINGTON, June" 2.

Hudson stock.

tured the progress of the inquiry.

President Roosevelt told members of the banking committee to-day

An exhaustive account of the prospects of the different caudi- dates racing at Happy Valley"on' Monday will appear in the Daily Preg on Monday together with selections by " Morning Dew,"

that he wanted their investigation individual could be critized for buy- of J. P. Morgan and Company anding a bargain.

other "private bankers "pushed to: The point in mind with those de- the limit. The committee resumes manding his retirement, however, its inquiry on Wednesday.

is whether it is wise to have a secretary of the treasury, who is indebted to one of the largest finan- 'cial institutions in the country for..

past favours.

A further list of favoured cus. tomers of J. J. I. Morgan and

In an official source it was as Company has been issued, in con-

serted to day that the President nction with the sale by the com-renewed his expression of the pany of 50,500 units of Niagara desire that the investigation go through without limit, and indicat The large issue was sold by Mored his complete confidence in the gan's at twenty-nine dollars per committee." share in 1999 when the market price was $30 per share, giving them an immediate profit of por share.

The list of favoured customers in this transaction includes Mr. Owen D. Young, Mr. R. B. Mellon, and Mr. Harvey Couch, who is now n director of the Finance Recon struction Corporation.

WOODIN OFFERS HIS RESIGNATION

WASHINGTON, May 28. Secretary of the Treasury Wil- llam H. Woodin has offered to re- sign from the cabinet if President Franklin D. Roosevelt, desires, it was learned to-day after the two

Without

Critics of former Secretary of the Treasury Andrew Mellon objected to his incumbency, broadly speak- Committeemen observed that they ing, for the same reason. regarded this as an indication that presuming to charge Mellon with the President was satisfied with any act of impropriety, they assert the manner in which Ferdinand led a man with so much wealth as Pecora, committee counsel,, was Mellon, in the course of his official conducting the investigation. duties, was frequently called upon

cisions directly affecting himself. to pass upon matters and make de

cruise

of confidence came after he had President Roosevelt's expression spent the week-end on The down the Potomac with Secretary of the Treasury William Woodin, in the course of which they dia- cussed the inclusion of Wocklin's name in the list of special clients who obtained stock from the Mor gan firm at bargain prices.

Beturning to Washington last night, Woodin announced that he had no intention of resigning."

Many practical-minded persons point out that the ethics of the question involved, if pursued to the greatest possible refinement, would make a large portion of capable men in the country unavailable for public office.

It is almost impossible for any man achieving public office, they say, to disassociate himself from all abigations, political or other wise, hence the point is to "select

warped by personal interested

The cry for Woodin to step out of the cabinet, has thus far come wholly from the Republic side of

speat a two-day cruise together of FAVOURS IN PRIVATE LIFE men whose judgement will not be

the yacht Sequoia,

WASHINGTON, May 29.

podin made the offer wishing to save Roosevelt embarrassment Over the revelations at the senate inquiry into the affairs of J. P. Morgan and Company, where it was brought out that Woodin on two different occasion was given the privilege of purchasing stock from that Brm at figures well be low the murket price.

When the Sequoia returned Woo-H. Woodin. din declined to comment further than to declare:

I have not resigned. That is

all I can say."

Asked if he intended to resign, Woodin told the United Press:

Ask the President.”. Meanwhile Congressman George

#ongregs.,

While Washington was waiting for a resumption of the senate in-

The Morgan hearings revealed quiry into the affairs of J. P. Morgan and Company, speculation that Woodin, among a list of other was continuing to-day over the prominent, persons, was privileged prospects of the retirement of Seto buy at below market price from cretary of the Treasury William the Morgan firm issues of Standard Brands, Inc., and Alleghany Cor. porabion, which could be turned at

immediate profit.

Several persons close to the ad- ministration expressed belief that Woodin night retire after the pub lic reception to the revelation that he has accepted favours in private life from the Morgan firm had cool ed off.

It was evident from the

The outery against Woodin, and

Davis was started by Congressman Frid. Britain, of Illinois, who de- manded they resign.

Senator Arthur Robinson of In- diana said that Woodin had outliv altered his usefulness.

fact

week-end Brip, floosevelt declared. Before leaving on the two day.

H. Tinkham of Massachusetts join that nothing. transpired ed the cry against the big names Woodin's week-end trip with mentioned in the Morgan inquiry ident Franklin D. Roosevelt that when he criticized Norman Davis, no immediate action was to be he wanted the Morgan, inquiry to America's sador.

disarmament: ambas taken.

go on, regardless of whom it hit Friends of Woodin were confid.me member of the committee Fain The Morgan hearings revealed ent that he would not quit under Davis obtained a large personal fire, as such would be acceptance loan from the Morgan firm.. of unwarranted, reflections.

Tinkhara said he would offer a resolution Monday for the inves tigation of all business relations

מן

-No Misconduct, Woodin's resignation has been

gress because it was shown that on

Norman Davis had in international demanded by Republicans in con. banking and business since 1917.”

Additional fireworks were prospect when the committee hear two occasione the House of Mor- ings resume next Wednesday as a

gan gave him the privilege of buy- result of hostility, between Senator ing securities well below the mar- Denby's political scalps, although ed were the Alleghany Corpora

ket price. The securities mention- they ultimately resigned. Fall was tion and Standard Brands, Inc.. prosecuted.

Observers generally consider rE- There is no implication of mis" velations in the Morgan inquiry conduct in the fact that Woodin, have been quite mild as compared as a private citiren, accepted the with the findings of the late Bena-votrs mentioned. tor Thomka J. Walsh's probe of It is merely a question of ethics the oil cases. The Morgan inquriy whether one to whom Morgan had has raised an ethical question, but shown favours should be in the in- no legal question.

portant secretaryship.

Whether Roosevelt wishes Wood-

More recently when the criticism of former Secretary of the Trea- in to leave or not, there is ample suy Andrew Mellon waxed waim, précédent from the Republican side after demands for his impeachment of the fence for a leisurely deciding were made, former President Herof the matter,

bert Hoover served notice on the It was recalled that during the country that he had full faith in pll cases which originated in the Mellon by taking him from the Harding administration and hung controversial treasury post and over until the Coolidge regime, naming him as ambassador to Lon- there was no harts, to unseat form- don.

er Secretary of the Treasury Al- hert Fall, former Attorney General Harry M. Daugherty and former

Some have speculated whether Roosevelt might seek the same 80

presented to him by the Woodin

IN HONG KONG TO-DAY

CLOUDY; BAIN

YESTERDAT WEATHER REPORT, FORECAST AND REMARKS, 1880ED BY THE ROYAL OBSERVATORY AT 5 -P.M.): STATED :→

PRESBURE REMAINS. HIGHEST IN THE PACIFIC TO THE KABT 07 JAPAN, WITH DEPRESSIONS OVER SOUTH CHINA AND TO THE EAST OF FORMOSA

LOCAL

FORECAST: B.W. WINDS, MODERATE, CLOUDY 00- CASIONAL RAIN.

DIARY OF LOCAL

EVENTS

TODAY

JUNE

(Y. Moon, 11th Day) Whitein Eve

King George V. born 1965, King's Birthday Parade, Cano-

lution of the issue which has been Secretary of Navy, Edwin on taph. 10. a.m.

case.

While speculation was thus pro- ceeding regarding Woodin's posi- tion, Senator Robert M. LaFollette introduced a new angle in the Mor- gan case when he charged, that Morgan groups were blocking the ratification of the St. Lawrence waterway treaty." ---

Has Confidence in Committee.

President Coolidge, with Ary coolness, waited out the public demand for Daugherty's and Carter Class of Virginia and Ferdinand Pocora, the committee's investiga

tortor Duncan U. Fletcher said

Senator the Glas Pecora feud would not influence the continuation of the inquiry, Glass protested last week that Pecora was "badgering " Morgan.

A

President and Members of Ser- geants Men (H.K.V.D.C.) Home" to friends, 11.30 am.

Whist Drive, China Light und Park, 9 p.m. Power Recreation Club, King's

The WASHINGTON, May ..

transactions between the President Bopserelt's announce Morgan firm and Woodin wore, while ment complete confidence" Woodin was in private life and be in the men 16 Banking committee for it was évén supposed he would

vestigating the firm of J. become a cabinet member.

Theatres, King's "Man About Town."' Queen's: "Madison Square

Garden." Central: Men of Chance!! World" Unholy Night,” Oriental:"Sniede Fleet,” Star: "American Madness." Majestic: "Girl of the Rio,”

Dances. P. Morgan and Company, and Se. No one could criticise: Woodin Tea Dances at King's Restaur asetary of the Treasury William for taking advantage of a bargain ant: Hong Kong Hotel; Glouces Woodin's, zesection that he will not; any more than any other private ter Building; and Majestic Danc resign his post in the cabinet, lea Oontinued on next Column). ing Academy.

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