Evening star., 1933-05-29
Held Satisfied
With PecOra's
Work.
TWO-YEAR GAINS
NEAR 10 MILLION
Bond Sale Earnings
for Period Exceed
Those of 1929.
By the Associated Press.

BY the Associated Press.
NEW YORK, May 29.-Ferdinand
Pecora, counsel to the Senate
Banking Investigating Committee,
announced today he would be unde-
tered by attacks on his character.
'fI am going right through with
It." he said. "I have no fears
about the attacks on me, ana tney
won't stop me-"
OF a man WHO was reported to
have made charges concerning his
character to Senator CouZens OF the
Senate committee, Pecora said: Let
him come along"
Pecora said he would return 10
Washington tomorrow to be ready
to resume the Senate committee
hearing on Wednesday. He said he
would call five or six more part
ners of j. P. Morgan & Co. before
he was done with that phase OF the
investigation. He said he was sat
isf1ed with the progress" OF the
hearings so far.
BY the Associated Press.
President Roosevelt told mem
bers of the Senate Banking Com
mittee today he wanted their in
vestigation of ]. P. Morgan & Co.
and other private bankers to be
pushed forward without limit"
In an official source it was as
serted that the President re
newed his expression of desire to
have the investigation go through
without limit and indicated his
complete confidence in the COM
mittee"
Members of the committee said
they regarded this as an indica-
tion that the President was satis-
fed with the manner in which
Ferdinand Pecora, committee
counsel, has been conducting the
investigation.
At the beginning of the inves-
tigation into private bankers,
President Roosevelt gave the COM
mittee his backing and urged that
the inquiry be thorough one.
Glass to Seek Showdown.
AS a matter of fact, it was said today
in an informed quarter the President
suggested to the committee at that time
that its activities be turned toward the
private bankers.
Senator Glass, a member OF the COM
nittee, told reporters this afternoon
that at tomorrow's committee meeting
he would ask foS a showdown on the
investigation.
The Presidents Endorsement of the
inquiry was understood to have been
communicated to members of the COM
mittee who have defended Pcco1a's con-
Duct against the. criticisms from Glass.
Members Ct the committee said they
had received heavy mail reaction to
their attitudes in the investigation,
showing wide public interest.
Soon sfter. the House Of Repre-
sentatives met, Representative Tread
way. challenged the contention by his
fellow Massachusetts Republican
Tinkkam-that Congress should look
into acts by Norman H. Davis, the
Roosevelt ambassador -at-large in Eu-
rope. whose name. like Woodin's, was
anlcng those loaned money and favored
by Morgan with securities at bargain
prices.
Norman H. Davis life is an open
book" Treadway said. He is highly
regarded citizen. The fact that he has
borrowed money is of no consequence.
He maintains a Summer residence
In my home town.
The Government is very fortunate
In having such high type gentleman
represent it abroad.
Although he is Democrat, he is
high type citizen and I hope no such
resolution as introduced by Repre-
sentative Tinkham is passed by the
House"
Tinkham was not on the floor at
the time.
I930-31 Profits Barred.
Reports to the Senate investigation
show the Morgan firm made nearly SlO,-
900 600 on sale and underwriting OF
securities in 1890 and 1881, years in
which the banks partners paid only
S48 600 income tax to the United States.
This startling evidence, brought out
while the Banking Committee lnvestl-
cation of the Morgan House remained
in recess until Wednesday, gave a hint
of the amounts the 20 partners must
have been able to deduct from their in
come tax returns under the law per-
1nitting capital losses to be subtracted
from profits. From these earnings also
were deducted the running or overhead
expenses of the firm.
Almost as surprising was evidence
that the great banking house made
more on sale Of securities and its under
writing business, in each Of these two
ICortIn1Ie6 on page a. Column IL