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The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, October 15, 1932, Capital Edition, Image 3

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OCT. 15, 1932.
Twenty Witnesses Called
, in Families’ Dispute
Over Pet.
If a policp dog had known an old
proverb—one can not serve two
masters—he might have saved at
< tcrneys and Municipal Judge Dan
V. White a lot of trouble Friday.'
Instead, the dog answered the
call of two men, each claiming to
be his owner, and complicated the
fight between two families for his
By markings artd tricks enough
to start a side show, Charles M.
Stephens, salesman of 5354 Guilford
avenue, hopes to prove the dog’s
name Is "Fang" and belongs to him. j
Likewise, E C. Yount, broker, of
4736 Washington boulevard, defend
ant in a replevin suit brought by
Stephens, hopes to identify the dog
as his own pet, ‘ Fritz.’’
No Witnesses Called
Twenty witnesses were to testify
before Judge White decided the
case today.
Stephens contends he bought, j
‘Fang” when a pup, from David
M. Jordan, an Irvington resident.
“It looks like the dog we sold
to Stephens in 1931,” Mrs. Jordan
A police officer, called when Ste- [
phens found the dog at the Yount
home, Sept- 30. supported Stephens’
testimony he had taught the dog
many tricks.
In Custody of Son
*T saw the dog, at Stephens' '
command, open* a door, bring a !
newspaper, go to the basement for
a can of dog food and carry a pan
from the yard into the house,” the
officer declared.
Stephens alleges his dog ran away !
three times. Last time, he charged, j
the dog was found at Yount’s home,
but broke loose and jumped intp his
own car when he went for it. ’
Until the trial ends, the dog will
be in custody of Charles Stephens
.Ir„ who brought it into court. The
dog was in quarantine several days
when Yount supposedly had ob
tained an order from the health
board. The quarantine ended when
health authorities said tlie order was
not official.
By l nilrd Press
PARIS. Oct. 15.—Great Britain
and France agreed today to hold a
four-power conference at Geneva
with Italy and Germany to allow j
the world disarmament conference
to be resumed with German par
ticipation. the foreign office an
The foreign office communique
stressed the French victory in the
London negotiations. It is
Prime Minister Ramsay MacDonald
agreed, on Premier Edouard Her
riot s insistence, that the conference
be held within the League of Na
tion's halls, rather than at London.
Six Indianapolis Students Listed
With Indiana U. Musicians.
By Tiirs ,special
BLOOMINGTON, Ind., Oct. 15.
Wendell B. McKissick, 14 North
Jefferson street; Ben Nathason,
3540 North Meridian street; Frank
H. Snyder, R, R. 17; Dick S. Van
Fleet, 530 East Fifty-seventh street;
Lawrence Swearinger, 1717 North
Tark avenue, and Kenneth I. Wag
ner, R. R. l, all Indianapolis stu
dents, have been chosen members
of Indiana university’s "all-Amer
ican" marching band.
V. E. Dillard is musical director
of the band and Captain Lawrence
C. Jaynes. Indiana university R.
O. T. C., is (he officer in charge.
Mr. Dillard and Captain Jaynes
have chosen 101 university students
to make up the personnel of this
year's band.
Prison Manager Says That Type
r Has Most Promise.
By Vnited Press
NEW ORLEANS, Oct, 15.—Mak
ing good “boys" out of bad ones
isn't such a bad job as some people
think, according to Robert L. Himes,
general manager of Louisiana state
prison, wh says he likes prisoners
who are "just a little bad” and have
some ' gumption.”
“Give me a boy with a little bad
and has some spunk and I can
make something of him,” said
Himes, a former college professor.
•‘l’ve been training boys all my life,
and throughout it all, I've been
more interested in the boy who is
just a little bad. That kind of a
lad has more steam in him. and
oncp he Is given the right direc
tion. he invariably winds up at the
Gone, but Not Forgotten
Automobiles reported to police a t stolen
belong to:
Gladvs Simmons, 1280 North Holmes ave
nue Oldsmobtle coupe, 82-061, from 929
North Pennsylvania street
Watson Wythers. 3080 Broadwav. Essex
coach. 105-132, from 500 Indiana avenue
Stolen automobiles recovered by police
belong to:
George Perkinson. 1433 Gilbert street,
Chrysler coach, found at 309 East Mich
igan street.
* Mrs. Benjamin Smith. Stockton. Cal.,
Buick coach, found at Cruse and Wash
ington streets.
E. A. Leigh. 2854 North Dearborn street.
Essex coach, found at Twelfth street and
Sherman drive.
Graham Paige sedan, 883-939 Ohio,
foand m front of 805 North Illinois street.
Paul Million. Shelbyville. Ind , Whippett
coach, south of Coffin golf course, stripped.
Emmett Whitehouse. 509 East Tenth
street. Chrysler touring, found at 800 Ft.
Wayne avenue.
Ted Ross, 4058 Boulevard place. Plym
outh sedan Union taxi cab No. 55. found
in rear of 8159 Broadwav
Leroy Lane R. R. 7. Michigan road and
Flftv-n!nlh street. Chrysler sedan, found
at Park Bvenue and St. Clair street.
Virgil Garrison, 40 Grace street. Ford
road Mer. found at Str.nlev and Nelson
at 'efts.
Edward Bailey. 217 West North street.
No. 18. Marmon sedan, found at 40 West
St. Joseph. .
Titanic Battle Waged With Belgian for Utility Rale
—• " 1
| j until Loewenstein h.ad played
BEflflfc \:j \ * Insull lt his head. That is
'till! ' ' V ■ ill the settled opinion of Chicago
!' i Ills l,||t r || jj I ba^ ,liers although
”• B‘ is ia i Cvr.s S taiyjfliSjSk' V
* Hf wgfime'
Bf J? HR J
tmw iSBHr >. :
mS j
Time* Staff Writer ■ ■
jvriitht. 1932. bv the New York World- Samuel Insull photographed I % I . ,
Teteeram Corporation.i Th e late Captain Albert Low-
! A h rT 8 eranitiC H natUre Salle street office before a back- 1 1 Be, < f l ? n nancier ’
>nth of economic sorcery where- 8 * MMjp $ . ' DUT worse than that —victory
Mr. Hoover won the presidency teased the curiosity of Sunday
the no doubt, sincere, prom- eidtors everywhere on the old con- Hi F -. v ""*1 headstrong, and when the next
’to abolish poverty, Insull be- tin , \ <*% sandf and subtler challenge came along
mt^anv ** Loewenstein converted wartime j ** ,? ov f ed as ' a fnqueror into the
mpany of romantic adventurers pxn]nsivp D]ant , to the ma kine of I tncky terram of new era finan
io swallowed whole the dogma Piosi\e plants to tne maxing oi g„ £ xing. .
perpetually expanding pros- ™ y ° n ' Theprofitswere athle jfejfe '#*"******% | He disposed of the incredible
rity - 523?- “fj; Tmment £ # Loewenstein. with his Harriman-
Dutwardly. the power king, near- jf like dream of a world-wide power
? 70, seemed much .the same nificance of power m developing A trust, but Eaton would not be
rd-bitten. realistic utilities op- industry. 'W'Tf, handled so easily.
%*.. ”We are W in the power age. And Insull began to fancy him-
Chubby now, gray hair thin- as we are leaving the age of se if a fi nanc j er
og the hard, imperious lines transportation,” Insull said at ■ggk , f "He always was the greatest
toed deeper into his shrewd about that time. HHIk |B| money raiser I ever dealt with,”
To a P peared mellower. a a a lllllijlfpi v ; - said the private banker who dis
ho ~oc y ; ll h T ass ° ciares ' Belgian acted on that as- ' r ' 4 posed of all the Insull senior se
£T„W^’4LT de T d -1 sertion. He gobbled powder curities. "It may be money-
Loewenstein. the Beleian: Cyrus S.
Eaton, of Cleveland—these were the
financial eiants who first challenged Sam
Insult's nower in Chicago.
How he fought back, how he defended
his empire and the results of his
methods. Forrest • Davis describes in to
day’s article. •
Times Staff Writer
iCopyright. 1932. bv the New York World-
Telegram Corporation.!
SAM INSULL'S granitic nature
had undergone a decisive
change by 1928. In that twelve
month of economic sorcery where
in Mr. Hoover won the presidency
on the, no doubt, sincere, prom
ise to abolish poverty. Insull be
came a plunger; he joined the
company of romantic adventurers
who swallowed whole the dogma
of perpetually expanding pros
Outwardly, the power king, near
ing 70, seemed much , the same
hard-bitten, realistic utilities op
Chubby now, gray hair thin
ning, the hard, imperious lines
etched deeper into his shrewd
face, he yet appeared mellower,
more kindly to his associates.
He was, indeed, softening.
Few of the men who came
along the “road to mastery with
him survived. Few remained to
call him "Sam.”
He was “S. I.” now, younger
intimates adopting the American
business executive’s fondness for
the initialed address. Scarcely one
dared question his judgments. He
had selected and advanced nearly
every man near him. Perhaps
that modified his asperities.
A glutton for detail, he still
made It an invariable rule to be
at his desk in the Commonwealth-
Edison skyscraper at 7:30.
He indulged associates and em
ployes by tn hour, but If they
were tardy at 6:30 he was pleased
to be annoyed.
Insull seldom jested. In fact,
the only raillery his personal at
torney for 20 years ever heard
him utter, dealt with the sub
ject of early hours.
"We heard that joke repeated
ly,” the lawyer recalled. "At le
gal conferences Insull would purr:
‘Well, gentlemen, you are the
only ones who are able to lie
abed all day and still make a liv
ing. I warrant none of you gets
down before 9 o’clock.”
EARLY-TO-WORK, punctual
ity, those were fetiches with
the aging power king.
“I get my desk cleared and a
day’s work done before the others
show up.” he bragged. A sure
way to his regard was for a
youngster to keep his long hours.
Outwardly, he seemed the same.
Fleeringly censorious of blunders,
intolerant of advice, a hard mas
ter; a relatively benevolent utili
ties operator, enjoying more and
more his role of “civic leader, pa
tron of the arts and community
trouble shooter.”
He saw himself as the builder
without rival; he bore light and
power into village and country
side in half the continent; he ap
prehended, with considerable van
ity, that he, the five-shilling-a
week apprentice clerk who was.
had become the first of the super
power kings as there had been
railroad, pat ting, harvester, steel
and oil king, before.
His energy remained unabated
as he approached the beginnings
of his crisis.
Henry Justin Smith. Chicago
journalist, observed him one
morning as he stepped springily
across the sidewalk to enter his
building. Insull was, Smith re
ported, "a stocky, pink-faced
man . . . full of steam and ap
rently glad that early hours were
It required a challenge to bring
out the inner weakness and the
profound collapse of the Insull
empire four years later to expose
the dismaying extent of his folly.
Fear drove him to excesses—the
gripping fear that first one. then
another, younger adversary would
hurl him from his throne.
Alfred loewenstein, the
sensational Belgian adven
turer. supplied the first challenger,
as Cyrus S. Eaton, the former
Baptist divinity student, steel
magnate and Cleveland financial
wizard, would furnish the second
and successful, test of Insult's
First. Loewenstein. whose disap
pearance from an airplane over
the English channel on July 4,
1928. convulsed European stock
exchanges; then Eaton drove the
Power King iflto La Salle street,
plagued him into fighting on their
grounds and, in the end, helped
persuade him that he was a mas
ter of money, of finance, as he
had known himself to be of utili
ties operation.
Loewenstein. one of post-war
Europe's ‘'mystery men,” a Jew
who embraced the Church of
Rome, a pioneer i- the rayon in
dustry. rose from poverty in 1918
to an even more glamorous in
dustrial peak in Europe than In
sull occupied over here.
With Sir Basil Zaharoff. muni
tions king; Hatry. the English
promoter; Hugo Stinnes. who
bought up halfhf Germany during
tlie grpat inflation, Loewenstein
Samuel Insull photographed
leaning on the desk In his La
Salle street office before a back
ground of the teaming city of
teased the curiosity of Sunday
eidtors everywhere on the old con
Loewenstein converted wartime
explosive plants to the making of
rayon. The profits were enor
mous. He sensed, with his agile
trading mind, the immense sig
nificance of power in developing
"We are how in the power age.
as we are leaving the age of
transportation.” Insull said at
about that time.
n j*
THE Belgian acted on that as - -
sertion. He gobbled power
companies throughout Europe, in
Africa, South America. He came
to own 300 corporations engaged
in electrical and gas production
and transit.
Here, indeed, was a power titan.
In the early part of 1928 Leow
enstein’s abounding ambition
brought him to Insull’s doorstep.
Pyramiding profits and credit, he
undertook to buy control of the
core of Insull’s empire—Common-
weath-Edison. People's Gas and
Public Service of Northern Illi
nois. Waves of buying orders
passed through his brokers in New
York and Chciago. The prices of
these gilt-edged common stocks
advanced steadily.
Noting the brisk market, Insull
sent for the auditors wtoo kept
then, and do now, a close check
on ownership of the voting stocks
in these companies.
Inquiries were set up. While
Insull, highhanded and never easy
under fire, fumed and fretted,
word finally was brought to him
that the heavy purchases had
been made for Loewenstein’s ac
count. . •
LaSalle street seethed with gos
sip. Insull, taking no counsel,
fought back. He hypothecated
his own, his wife’s, Martin's, his
sons holdings, and bought furi
ously in the open market for
more stock ownership.
The double attack brought
prompt results. Commonwealth-
Edison, People’s Gas and Public
Service vaulted upward on the
Chicago exchange and, in the case
of the gas company, in New York.
The prices rocketed to 300, 320.
steadily upward until they brushed
n n
CHICAGO banks, as I was as
sured by the president of
one. w r atched the duel with in
terest. When the stocks passed
300, prudent bankers sold shares
they were holding in trust funds;
dumped thousands on the market.
Insull reveled in the collision.
He would show this foreigner that
he couldn't horn in on Chicago's
own utilities.
Friends, associates, employes
assisted him, many of them tak
ing satisfying profits. It became
a patriotic privilege to repel the
Belgian Chicago against the
Finally. Loewenstein, finding
the job of gaining control harder
than he had imagined—imprac
ticable, in fact—decided boldly on
a truce. In New York, he flew to
Chicago. He called on Insull. It
was the day the trans-Atlantic
fliers of the Bremen were wel
comed to Chicago.
The encounter may well be
Loewenstein, suavely forceful,
polite, but arrogant, insull edg
ing his courtesy with irony,
speaking fair, as he well know
how to do when expediency dic
tated. They wasted no time.
“You know, naturally, that I
have been buying for control of
your operating companies,”
Loewenstein very likely said. "Do
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Cyrus S. Eaton, Cleveland fin
ancier, who challenged the Insull
not be alarmed. My purchases
will not jeopardize your position.
I should like to have you remain
as operating chief in any event,”
Then some compliments .. .
"you are reputed to be the ablest
power man in the world . . .
these companies are a monument
to you.”
# H
INSULL, I am told, restrained
himself admirably. He wanted
to pitch the whippersnapper out
on his ear. Instead, he thanked
his caller with icy charm, made
no commitments and bowed him
Loewenstein gained nothing net
by his visit; he left an old man
aflame with angry humiliation.
The crown rested on an uneasy
head that day.
The vanishing of Ixiewenstein
swiftly removed the threat, if, in
deed, a serious one existed at all.
The bankers who settled his af
fairs gladly sold the Insull stocks.
Friends of Insull believed he acted
foolishly. They point out the enor
mous sums required to buy control
in the open market of corporations
in which nearly $700,000,000 had
been invested, especially on the
runaway new era market.
The duel might, they say, have
ruined Insull. It helped finish off
Loewenstein assuredly. And all
that the power king needed to do,
Vagabond Cruises
Roaming the Mediterranean for less than wjm
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Each year the popularity of these / \
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romance, glamour and historic -
interest with the beauty of
Greece, the glory of Rome and ,
the mystery of North Africa?
Who hasn’t sighed to visit Egypt
and the Holy Land. All in all.
a visit to the Mediterranean is
a great treat.
Complete details may be obtained frrom
The Leading Travel Bureau of Indianapolis
Bunion trusts
120 East Market St. Riley 5341
they nufinAn, was to sit tight
until Loewenstein l\ad played
himself out.
Insull lo6t his head. That Is
the settled opinion of Chicago
bankers now, although in 1928
and 1929, with the prices of these
blue chip stocks ever mounting
until the approximated $450. it
would have required something
like prescience to see that the
power king was riding for a fall.
"He paid double what the stocks
were worth on an earning basis,"
a banker pointed out.
The late Captain Albert Low
enstein. Belgian financier, who
also opposed Insull.
BUT worse than that—victory'
made him more self-assured,
headstrong, and when the next
and subtler challenge came along
he moved as *a conqueror into the
tricky terrain of new era finan
He disposed of the incredible
Loewenstein, with his Harriman
like dream of a world-wide power
trust, but Eaton would not be
handled so easily.
And Insull began to fancy him
self a financier.
“He always was the greatest
money raiser I ever dealt with,”
said the private banker wtoo dis
posed of all the Insull senior se
curities. "It may be money
making came too easy for him.
He had been going overboard in
Maine, where his Middle West
Utilities, hemmed in by the hos
tile Chase-Harris-Forbes interests
extravagantly had bought and
built textile mills, shipyards and a
larger paper mill to supply water
power customers.
That was risky business and
contributed to the downfall. He
had paid excessively for the Em
manuel and Fitkin interests —the
National Electric Power and Na
tional Public Service—which ex
tended his domain into the cen
tral Atlantic and southeastern
But the critical transactions
precipitating his utter collapse
were more foolhardy than these.
Fear caused him to defend his
empire in La Salle and Wall
His training hadn’t fitted him
to wrestle evenly with stock ex
change marauders.
Insull, attacked by Eaton, dis
covered the handy device of in
vestment trusts, and the money
poured in. The tale of that dizzy
adventure will be related next.
A forestry professor at Cornell
tells how to distinguish real mahog
any. An examination of the wood
through a simple hand lens or read
ing glass will show a very dark red
dish brown gum visible in the pores
of true mahogany, and lines of soft
tissue, light colored and conspic
• In a few short months the
-Gillette BLUE BLADE Km
won a position of indisputable
dominance. This is an amazj
ing tribute to the blade’s
outstanding quality and sen
sational performance. Get
incomparable shaving comfort.
Try the Gillette Blue Blade.
But General Situation Is
Like Rest of Nation,
‘Ready for Change.’
I'nited Press Btff Correspondent
(Copyright, 1932. by United Pressi
WASHINGTON. Oct. 15.—Presi- j
dent Hoover is given the advant
age*in several eastern states report
ing in the United Press national
political survey.
He is reported to have a reason
able chance of recovering Massa
chusetts. one of the two states in
the north which he lost to Alfred
E. Smith four years ago.
Rhode Island, the other 1928
Smith state, is reported less certain
for the Democrats than it was
four years ago.
Anti-Roosevelt feeling is an im
portant influence in both states.
Smith’s forthcoming speeches in
that territory, however, may im
prove Roosevelt chances.
Anti-Hoover Feeling Strong
With that exception the situa
tion in New England and the big
easteim states is described in the
confidential reports in much the
same language found in reports
from the farther west. In the east,
as elsewhere, economic issues and
anti-Hoover feeling dominate.
Os the New England states, with
their total of forty-one electoral
votes, the hardest fighting is over
Massacuhsetts, with seventeen
votes. Smith, four years ago, had a
plurality of 17,000 votes out of a
total of 1,600,000.
"An extremely important factor
in Massachusetts is the unpopular
ity of Governor Roosevelt,” one re
port said. "This is not so mudi anti-
Roosevelt as it Is strong pro-
Roosevelt soon is to make an ad
dress in Boston. Smith and the
Democratic candidate have made
peace. But reports state that the
wounds still are unhealed. Demo
crats are trying to make their fight
an anti-Hoover one rather than
Thomas to Get Votes /
Mill workers, many of them re
sentful of the treatment of Smith,
are expected to vote for Norman
Thomas, the Socialist candidate. A
large vote for Thomas is feared by
Democrats because it would cut di
rectly into them.
Maine is expected to be close.
Democrats are trying to hold the
small margin by which they car
ried the state in September.
Rhode Island is listed as doubtful.
Reports also list Connecticut as
in doubt, with Roosevelt favored.
Contrary to expectations some
weeks ago, those reporting the out
look in New York now believe
Roosevelt will carry his own block
of forty-seven votes.
Pennsylvania in Doubt
New Jersey reports also favor
Roosevelt on economies, rather than
the prohibition issue which is tra
ditional in that state.
In Pennsylvania Democrats are
seriously going after that block of
thirty-six votes which has been al
most as sure Republican hitherto as
Arkansas has been Democratic.
Delaware’s three votes are re
ported in doubt, but as word has
O A Year
And Up
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By Vnitr4 Prr#
HAMMONTON. N. J.. Oct. 15.
Franklin D. Roosevelt will announce
his attitude toward immediate pay
ment of the bonus in “the near fu
ture,” he said Friday in a letter to
Thomas B. Delker. editor of the
local newspaper.
Roosevelt’s letter was in response
to one from Delker, asking his posi
tion on the question. Roosevelt said
he was “distressed” by the bonus
incident in Washington.
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Since 1874—with a background of more
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SCOTTSBURG. Ind., Oct. 15 —A
self-inflicted bullet wound Friday
caused the death here Thursday
night of Mrs. Lillian Harrison, 70,
mother-in-law of William Storen,
state treasurer.
Mrs. Harrison had been ill two
years and shot herself while in bed.
Besides Mrs. Storen. the widower
and another daughter survives her.
Storen returned here from Indian
apolis shortly after receiving word
of the death.

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