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05300000 loan outstanding to Char-

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PAGE TEN

"u... a . '-..- w . . u...

lHE CHARLOTTETOWN GUARDIAN

Senate Committee Continues Probe IntoMorganHouse

Startling RGVCF

tions Are Made

As Committee Names Men. High In Public Aida Business Life.

(By Nathan Roberison, Associated Press Staff Writer)

WASHINGTON, May 24~—The -a:.nnes of men high in public and business life were put into the rc- oord of a Senate Committee today in the presentation of a 11st of pre- ferred customers of J. P. Morgan and Company.

Among them were William H. Woodin, William Gibbs McAdoo, Charles Francis Adams, Owen J. Roberts, John R. Nutt, John J. Raskob and Newton D. Baker. None of them was in public office, however, at the times they were recorded as having been sold stock by the Morgan Company at pre- ferred prices.

As list after list of prominent men were put into the record, the imperturbable head of the com. pany, J. P. Morgan, told the com- mittes under questioning that he had paid income taxes in England for the years of 1931 and 1932. He. previously had testified that be. cause of financial losses, he did

‘not pay tax 1n the United States In those years.

Under the British laws, losses of capital generally cannot be deduct- odfrom income taxes returned in Great; Britain. Such losses may be deducted under the United States laws.

There were also these high points in the day's proceedings:

Submission of a list of 60 bank officers and directors who obtained‘ individual loans from the Morgan

firm during recent years, some of ‘

_which have not been paid off, and some of which are under-collater- uiized.

fistllnorly that membe of the Morgan firm paid a. total income tax of about $11,000,000 in 1929, though only $48,000 has been paid Office, all in 1930.

Testimony by George Whitney, g, Morgan partner, that some Mor- gan partners are indebted to the (inn. Their names were not dis- closed,

Disclosure by Whitney that the

les E. Mitchell, former chairman of the National City Bank, is un- der-coiiateraiized, but is backed by a. special reserve and that 818.000,- 000 is set aside to guard under. collateralized loans.

Submission of a. long list o! banks with which the Morgan house and its affiliate in Phila- delphia, Drexel and Company, maintain deposits of more than l30.000,000.

Presentation of the list of "fav- ored customers" who obtained stock from the company at less than the market price threw the investiga- tion into an uproar. ~

No effort was made to maintain order in the committee room as Seirge Whitney identified a list of people known from one end of America to the other as l. record of those to whom Allegheny Cor- poration stock was sold at $20 at a. time when it was then selling to the public at from $35 to $37 a glare. It now is selling for around

Though the evidence showed William Woodln, now Secretary of thc United States Treasury, ac. qulred 1,000 shares of the stock in 1920, long before he took office, the disclosure immediately drew a statement from Senator Borah, Idaho Republican, that tho Ameri- ¢fll1 People "are entitled to a Sec- rotary of the Treasury who like Caesar's wife should/be above aus- picion."

Whitney identified the letter which offered the stock to Woodin and Pecors placed it in the record.

"We are reserving for you 1,000 lhsrcs at $20 a share if you would 11kg to have it," ‘the letter said. , , . I believe that the stock is selling in the market around $35 to 33'! a. share, which means very little except that D00?“ V!“ w speculate.

"we have kept for our own in- vestment come of the comm . stock at a. cost of $30 I Ill!!!- IM- llthough we are making no offer- ing of this stock, as it is not the class of security we wish to 0"" publicly, we are asking some of our close friends if they would 1"" some of this stock at the memo price it is caltinl us. namely. m.

"w. just want you in know that woarethinkindofyoilin this connection and thought you mllht likotohovcnlitticoftficatockat the ssmvprlcc we on Darius fol‘ it." .

"We bad no desire (ohm any

committee. Some of the more prominent on the list of “favored customers" and

follows: General John J. Pershing, 500; George F. Baker, New York banker, 10,000; E. H. H. Simmons, former President of the New York Stock Exchange, 1,000; R. B. Mel- lon, brother of Andrew Mellon, 2,- 000; John J. Raskob, 2,000; Charles A. Lindbergh, 500.

OLD AGE PENSIONS

(Continued from Page 1)

inion Old Age Pensions Act. (sec- tions 8 and. 8) under which a per- son may becomc eligible for a pension are:

(a) Is aBritlsh subject, or beluga widow who is not a British sub- Ject, was such before her marriage.

(b) Has attained the age of seventy years.

(c) Hus resided in Canada twenty years.

(d) Has resided in the province in which the application for a pension is made for the last five years of the twenty year period.

(e) Is not an Indian as defined in the Indian Act.

(f) If not 1n receipt of an in- come of as much as $365.00 a year.

(g) Has not made a voluntary assgnmmt or transfer of property for the purpcse of quulflyiisg for a1 pension.

for

Payments Author red

The maximum pension payable under the Darrfnion Act is $240 yearly. Under the Nslllations a- dopted by all theProvinces so far participating, this amount has been reduced to a maximum of $180 yearly, subject to reductions by the amount cf the income of ‘ the pensioner in excess of $125 a year. 4

The Commission has frequently been asked whether a man and wife may both receive pensions under the Act. The answer is that bath are qualified, but they can only be paid '75 per cent of the gross amount to which individually they would be entitled.

Under‘ the Parents once Act. a con or er having sufficient means 1s bound to provide for the maintenance of a. dependent par-j ant, and the Old Age Pensions Act will not relieve s son or daughter from this Obligation.

Monten- daught-

Pcnsioners Not Disqualified

1t is provided under the prov-in- oiai statute that thi receipt of a pension shall not b7 R8811’ 19°11- stituto s disqualification from voting at any provincial or muni- cipal election.

Applications for pensions must be made direct to the Old Age Pensions Commission (P. O. Box 400, Charlottetown), and Inuit b‘! in the forms supplied by the Cm- misson, which then gives its dec- ision in writing on each 811D“!!!- tion.

Each applicant must complete a. fur-m of appilcstlon and a declara- t'on fcrm filled in by w ooquofllt- sncc covering 19171111111?! "'1' dsnce ici- the moi’- iwrnt-y years and must also supply o birth w‘- tiflcate or other proof of 08¢-

The gdmlnisttatlfill 0f the Act. by amendments passed at the lasi- session of the lAxi-llsturo. il "m!" The Minister of Health and Edu- cation. The Commissioners all‘ pointed are Messrs. W. J. Gibwll. Manhfieid, (chairman). Roderick mcmiim. or. Georgel. Ind John r, Arscnault, Union Corner. The duty of these is to pass on the merits of all applications received. The ghgcking up of information and all other work in 6011096111011 with the administration of the Act is in charge of Mr. Ifvlno G- Mgomren, superintendent of Old u; Pensions, who has already ylgitgd every section of the Prov- ince and has made s thorough sur- vcy and report to the Provincial Government of the whole situation. Problems lflll-"I under the Mi will be dealt with in accord with precedents established in other Provinces.

The establishment of old I86 pensions wli bring Frill“ 54"" Island in lino with cruel-rm o!

the amounts of their purchases‘

“Em-ML mumm“ i Delivers Address I On Acadians

Of Louisiana

._- .__ This column in renewed for Queen's County new: of local ink-rent but nd- vctilnlng of n rlewuy nature may hr lnnerfad nt 4 ci-nls a vlord ntriutly lylylhlc in advance. ~—————- Recent Quebec nGWSPBW W11- tain extended accounts of Mr. Jus- ltice Arsenaultis address last week

‘before "the Junior Bar of Quebec

LEFT FOR HOSPITAL-Friends of Miss Andrey Harvey, Linkietter, will regret to leum that she left on

Tuesday for the Royal Victoria I-Ios- District, lpltal. Montreal. whore she will uu-l Mr. Justice Arscnalllt was intro- dergo treatment. She was accom- duced by Mn Horace phflippqn.

pnnied by her sister, Mrs. Milton . preskien; o; me Junior Bar, Among Cartel‘. City- ~the audience‘ were Mr. Justice Scvigncy, Honorable I-Ionore Mer- “SITING BROTHER_MY- 5- ‘7- ‘clcr NIiillSliT of Lands and For- MacDonald (M. E. I. C. Mcm. Inst. ‘Estsy M1; Jugiipg Qibsqne, ML Jug. C. E.) formerly of Vernon, has ,flcc Golly. Mr- Jllsuce Choquette, Ybson spending a low days with his l Mr. Justice Demcrs and the Bat- bmther- M!" A- Brenw" MMYDWI- V onnicr of the Senior Bar. Mr. Jus- ‘ald of that place. Mr. MacDonald me ,1, E, cmplcqu, K. C, is proceeding to London, England} L'Ei'i’lli‘illf‘llb from which we early in June where he will be as- ' quote says: “Honorable- Justice “elated with Sh‘ 519x Gibb flllllArscnault is one of the leaders Partners, the internationally known f gmQng me Acadians, He wgg 10,-. consulting engineers.

ney General and is now a. Judge

BRILLIANT MT. A. STUDENT- of tile Snplcme Court in his Prov- Amcng students receiving the dcgrec l incc. He is also a former p1 ident oi’ B.A. at Mt. Allison on Tuesday,‘ 23"! imi- Wso Mr- Evuosb Pod-midi Czilllltlil and thc United States. Weeks, son o1 Rev. E. S. Weeks, M-AuB-D-.SaIl$b1II'Y.N<B-.50111191137 has the polished manners of this province. He also won first gentleman of gulhu-c and has the C1855 h°n°urs i" E°°“°m1°5- carry‘ lhigh estccnr ‘of his acquaintances. m3 ‘m’ a prize i“ "mney m” Pm‘ He speaks a French of great pur-‘

ficlency in that department. Thisfity m“, n ‘Try slight English ab‘

oun a h l.d tbrll. l - .

gareoilu; 2. stausdellt 3x32315111’ illlldlil: ' Cont‘ As a lcmuer he has an‘

hating dffllllfltlCSiilllilll501121‘; ctilbr agreeable manner’ speaks simply ' _ and naturally and supplements his

.f§£1eigcz1‘1t;‘iti°2 bflfilflllmstled sewn‘: subject with ‘charming and inter-

fl C C‘ J Q (181115, Silt u "t, .' _.‘-.

was President oi the Little lllciltrc 65.1.2: 5113211,: of the audience were

c; ihii rm d". , ' “ '

SZ?Zf.§£§.-‘£Z...E2iI‘§ w by M-

the Governor General abt O-ttawa ll) ‘vhecxcr DuPont’ member o: the

‘ i t .

April last. In that drama he took 1mm” B“ '

the leading role As he is Rhodes. After the luncheon all the Judges;

scholar for Ncwaarunwicg he “in 1 present. shook hands with Mr. Jus-

emer oxford University icnnland jllce Arsvnilult and complimented

next m“ ' “ ' him oil his interesting address.

and will srudy Political Science and Economics and prob- Y“ NI -.SES

ably Philosophy. Mr. Weeks is re- (cantlnucd from Page l) ,

garded as one of the most brilliant‘ students Mt. Allison has hurl in rc- cent years. His sistlr, Miss Peal-i Weeks, Vice-principal of Georg -

difficulty will increase, and unless

town School, received the degree ti some radian; Change takes ma” B-A- l“ 192$ the lot of the nurse will be hard. I am painting what appears to PERSONALS

be a rather blue picture but I as- sure you I'm not voicing my own Mr. William Reid, student at Mt. opmmns when I predict such a pom. 5mm“ University’ arflved h°me 135:, outlook for our efficient nurses. evenum [The trouble 1.s an economic one land not a labor problem. There isl need for evcly nurse we have and‘ many more than can be graduated for years to come to combat the disease and distress that still de-

Hon. Dr. W. J. P. McMillan, Acting Premier, returned yesterday from Sackville where he attended the clsslng exercises at Mount Al- um“ University’ at which he Pm‘ mands such tribute from our popu- semed Pwfeswr Steele o“ the °°‘,lat1on. Practically the onlyqleopic 0551011 °1' the latter refill/mg m5 ' from whom our nurses at the pres-

Ll. D. degrfc- ent time can get employment are from the rich and the well to do. BIRTHS T7193’ are only a small portion of

MACPIIERSON-Born in this city‘ May 23, 1933, to Mr. and Mrs. J. A. MacPherson, a daughter.

DEATHS

our population and naturally the number they can employ is limit. ed. If everyone who required a nurse could get one I wonder how- quickly the present supply would be exhausted and the demand. would greatly exceed the ability of the profession to supply for years to come. i

ls it Utopian to think or to sug- fftsl. ihflfi everyone in need should? receive not only medical but nursU 1H8 attention and that no one, should be allowed to suffer or die‘ without every effort being made to} bring them comfort or to save‘ them. It is certain that the nurse‘ cannot be expected to cater to this

PETRlE-Jn ths city on May 4. 1933, Ernest Petrie, aged 2 years.

PETRIE-In this city on May 8. 1933, Alison Petrie, aged 9 months“ son of Mr. and Mrs. Alex Petrlei

DOUGLAS—Sudden1y on Wednes-l day, May 24, at Central Royalty, Luther George Douglas, aged 56 years. Funeral notice later.

mcrly Prune Minister and Attora

of the Acaiiien Notional Societyi

“He is highly distinguished and it with pleasure for the reason that of a we know it is behind us.

ill. Woolner, Miss Mary E. Lambc.

silver or gold for it deals with hu- man lives and saves the provider rather than provide for those left in sorrow and grief.

ready at a moment's notice to give

‘Qfgflflllfid and incorporated to lock ' after the sick and tho need)’ 81101114 be supported by a comparatively

few citizens. Everyone should con-

govemment enactment that this can be accomplished. We sincerely trust that our begging days will soon be over and we will receive the recognition that we feel we deserve.

The operation oi’ thb hospital has this year been most difficult. "The poor ye have always with you" has been very strongly exemplified in our returns. The proportion of charitable patients has been great-- iy incrcased and the collections ‘ from the pay patients has been dif-

ficult and disappointing. It has been duc entirely to the economy " exercised and the low price of com- moditlcs that we have been able to keep our heads above water and “have weathered the gale which I sincerely trust is abatlng. It. is a downright pleasure to me to con- gratulatc the internal management of the hospital on the magnificent manner in which they have co- operated in this most difficult year. It has been one of worry and of stress and we all look back upon

It is also a very great pleasure to me to congratulate Miss Mabel

Miss Ruth E. Coughlan and Miss Annie C. McKinnon, our graduat-

tribute and it is onl! through a

the number of non Pa? "d 71'" hours. This speaks for itself and explains more plainly than word-l the reason for the troubles thlf have beset us durin! tho 1'9"-

We are not discouraged however. but are optimistic as we look into the future, believing that the 11°!" -

SAVE

PHONE 219.

For You

pital is an established institution with a great and lasting work to perform and that it will continue to expand and grow and 81W ill even better service in the full!“ than it has in the past. Some tell us that the iuturs is all a gamble and I suppose we must accept this definition. >A gamble, however, a1- ways gives you two chances and applied to our own existence, as far as disease is concerned, wecan figure it thus. We halfe one chance of getting the germ and one of not, and if we get the germ we have two chances, one of getting the dis- ease and one of not, and if we do

- Smokers Speclal i $1.00 DE LUKE KOLA BRIAR AND PACKAGE OF PIPE CLEANERS ouuz is cams.

Candy Special ! ORCHID FRUITS TRUE FLAVOIIS

Delicious Confectionery

ONLY 35 CENTS POUND

get the disease we have two

chances one of dying and one of GENUINE l

not, and if you die, well we still Thermos o“ e PINT SIZE

have two chances! .

I think this should close this talk ONLY 79 GENIE

a: ouNcu norrta or MILK OF MAGNESIA For 75c

16c GIANT

Kruschen Salts 69 CENTS.

PEPTONA

THE TONIC THAT PEPS YOU UP. $1.00 BOTTLE.

MOTH BAGS caoamzno Lance SIZE

slur: orrzmuc 49d T0 85c

.._________._..

of mine, but before doing so I want to express my appreciation of the very tangible assistance given us by thc Ladies Aid and to publicly thank them, as well as all those who have contributed to our wel- fare during the year. We hope in fact we have the temerity to be- lieve that the hospital has merited your approval, and if it has I sin- cerely trust that this approval may

l 32 OUNCE

oss-Dru

ing nurses. They have run their race and have finished their course and are ready and willing to takcI on the responsibilities that their. profession demands. Wc express the hope that their careers will bc both happy and profitable. |

0n a previous occasion I drewx your uttclfion to the fact, that thci hospital was to an extent similar, to life insurance. It will not be‘ amiss ‘to elaborate on this idea.| Life insurance is a great provider; that tempers to some degree at] least the worries and misgivings of;

‘the afflicted and palliates ic some

extent the sorrows of death. The hospital is your life irlsurance. available for one and all at no cost if you have not the where“ withnl with which to pay. 0r at a very small cost if you have. It pays in a. currency more valuable than

,'I'he hospital is your protector

of its best, equipped with modern facilities for combatting disease, manned by an efficient staff and capable nurses. It is your assurance ofhcalth protection, increasing in value year by year as it grows in knowledge acquired through ex- perience. It is ever ready to serve you and therein lics one of its chief attributes for you do not know at what moment the grim reaper may threaten your very ex- istence.

Have I said enough to give you a realization of the importance to you of this institution and to im- press upon you the necessity oi giving it not only your moral but your financial support. Life insur- ance demands an annual premium, are we asking too much when we suggest that you pay us an annual contribution so that we may not only hold to the efficiency that wc have already acquired but still fur- ther improve it?

assume the form of active support in the future. ,

A V0681 trio by Mrs. Jack Mc- Leod, Mrs. Roy Sliliphant and Miss Alcorn, “Moon Rise," was most de- lightful. '

Dr. W. B. Howatfs address to the nurses:

Mr. President, Graduate Nurses, Ladies and Gentle-linen,

It is my privilege to address the graduate nurses on this 00085101‘ and I assure you that I feel par- ticularly honoured.

First of all I want to congratu-

siilnlls PRUMINENT AT culviqilml

Seven P. E. I. Students

late you on having obtained your Graduated From Mt- pagt almbgtionl-ttrhilt 01f‘ gradutiatipn. Anlson Thursday ..._ o ou t a oug your ra n-

ing you have looked forward to this Dr‘ G‘ D‘ steel Hon- occasion. For the past three years OIIYCds

it has been your goal and you have - __,__,___

always considered it with the hap- piest of thoughts.

Finally the time has arrived and what, do you find? I

Do you not feel that along with your rejoicing and happiness there is something apparently missing? Certainly you doi

Up to the present time you have never considered particularly the things that are associated with graduation. _

First you are going to mis all the old friends thatyou have ac- quired in and about the hospital during your training days.

Second you are going to miss the hospital routine which has seems‘- so tiresome at times to you. Thirdiy you are going to miss the‘ institution itself which you have considered as home for the past three years. Graduation sometimes

Seven Prince Edward Island stu- dents graduated from Mount Allis- on University at the Convocation on Tuesday, and Professor G. D. Steel, vice principal of Prince of wales College, received the honor- ary degree of Doctor of Lezws, on the same occasion. The latter was presented by Hon. Dr. W. J. P. Macli/iiilan. Minister of Health and Education, who outlined Professor Steel's record of service and accom- plishments.