The Washington times., 1933-05-25
Continued from Page y

the stock was selling on the
market far above 80; why the
house Of Morgan saw fit to offer
virtually a cash present to these
CLOSE friends who happened to
occupy powerful place or enjoy
special influence-men like Will
liam G. McAdoo, now Senator
from California; William A.
Woodin, now Secretary Of the
Treasury; Owen j. Roberts, now
an associate justice of the United
states Supreme Court; John J.
,RaSkob, then chairman of the
Democratic national committee
and many more.
But cody and invariable "Icicle"
whitney made reply that friend
Ship-friendship of the purest
ray Serene-dictated the Morgan
generosity.
Pecora, slashing ahead, pressed
Whitney about John J. Raskob
asking If he knew what post
&SaSkob then occupied, but Whit
ney blandly countered with the
question:
Wasn't it something to do with
che Democratic party?" To which
Pecora, with a voice like a file,
shot back:
"YOu ought to know! He was
your close friend, wasn't he?"
The whole atmosphere of the
nearing this afternoon is bitter
and venemous. Underneath the
thinnest overlay of courtesy is ap-
parent the determination of Pc
IEora to paint Morgan as the head
devil of Wall Street." and the
HouSe of Morgan as the abode Of
ANlckedneSs.
PecOra'S Purpose
i Under the surface and now
breaking through, with Pecora's
biting queries as to why Morgan
handed over such lovely stock
bargains to Raskob, McAdoo,
Charles D. HilleS, Joseph R. Mutt,
and others who were powers in
tthe councils Of their political
parties is obvious the intent of
Pecora to eStabliSh-if only by in
Herence-that the House of Nor
gan was out to rule and dominate
1.-The United States of America
iAoolitically, industrially, and finan-
DiaQy.
'IrOn- Handed Gar"
Underneath it all and exploding
In lightning flashes and claps of
thunder, is Pecora's determine
tion to paint j. P. Morgan as the
overlord of the American people
. financial dictator of the des-
tinieS of a hundred and twenty
million people-and not an altru-
dstic and unselfish overload, but
an iron-handed czar.
AS the afternoon proceeds
Pecora, glaring at young Whitney,
while j. P. Morgan, with hand
on the back of Whitney's chair,
looks on anxiouSly, rips through
the list of "close friends" who got
Allegheny benefits. Name by
name he attaches to them some
post of political power or indus
trial or financial eminence which
might have been useful to Nor
gan-and mostly with emphasis
on the political angle. So much
SO that Senator Goldsborough of
Maryland protests against "all
this political Notwithstanding
it bluntly, Pecora is asking and
intimating: "Were you people
trying to buy up the nation? Try
ing to buy up everyone presum-
ably useful, then or thereafter, to
the purposes of j. P. Morgann &
Coz" He doesn't put it in so
many words, of course, but the i'm.
port is as high as mountain and
as deep as a valley.
The whole savage duel this aft
Arnoon between Whitney and
Pecora is a conflict of two dia-
metrically opposite and conflict
ring estimates of the character
and methods of the House Of
Morgan. On the one hand is
George Whitney calmly asserting
the integrity, fair purposes and
patriotic vision of his house. On
the other is Pecora, asserting or
hantimating, that Morgan and all
his works constitute peril and
n danger to the people and the
republic.
It is striking and dramtic, this
hammer -and-tongs struggle be-
tween two brainy men-one calm
and cold-the other hot blooded
and fiery-tempered-both looking
at the same picture and one set
ting it all pure and white and the
- ciONic+nr o0I h1o nlY
Nothing Illegal Barred
Pecora has brought out that
Ehe Morgan firm exerted vast
oower. That has scarcely been a
secret. He has not yet brought
out that the power was exerted il
legally or criminally.
J, P. Morgan and his partners
oaid no income taxes for couple
of years or So-a fact which
should prove of burning interest
TO small salaried men about to
be subjected to further heavy ex-
nctions-but the testimony. so far
as it goes, indicates that the non
payments were legally covered
and met with the tacit accept
ance of the income tax authori-
ties.
He has proved that the Morgan
partners conferred in secret, or
at least in private, and made no
record of their conferences.
He has proved that our Inter
national Alice in Wonderland,
Norman H. Davis, borrowed some
e~ooa NHnr0on whinA hac