Detroit evening times., 1945-06-13

n
~ Roosevelt. then % years old,
called on John Hartford. preSi-
dent of the Great Atlantic and
Pacific Tea Co, the largest re-
tail grocery chain store system,
TO request loan OF 100000.
He had met Hartford only
once before and then only in
mere introduction. so there WAS
no basis of old personal friend
ship between them Elliott
wanted the money 10 finance
his radio interests in Texas.
Hartford had profound re-
Spect for the office Of the preSl-
dent OF the United States and
may have thought il was an
honor 10 be asked 10 assist the
son of a president
Other considerations suggest
themselves which might have
been influential in the decision
OF man so placed
In the recent past Scrupu-
leusly honest men had been
harsssed and pIlloried as tax
evaders who had scrupulously
complied with the law.
The department Of justice had
given citizens reason 10 fear
prosecution for political motives.
Until Mr.. Hartford decides 10
make a statement We cannot
know what thoughts persuaded
him TO lend Elliott the money.
TT CAN be stated. however,
L that Hartford did demur on
the ground that such a tranSaC-
ton might be misunderstood II
knowledge Of II became public
and might enbarraSs the preSi-
dent
DiSpelling such miSglvIngs
Elliott Immediately telephoned
10 President Roosevelt Al the
Little White House AT Warm
Springs, Ga. and the president
spoke cordially 10 Mr. Hartford,
addressing him as John. AL
though they had never met. and
thanked him for tins favor 20
his son.
He also invited Hartford 10
call on him
Hartford then loaned Elliott
the 5000. 1000. taking AS collateral
stocks in business interests IN
which Elliott was concerned.
Hartford closed the trans
action on March II 1912
He never dunned Elliott for
the money, never demanded pay
ment and only made inquiries
regarding the stock
Finally, he wrote off the $500
600 in his income tax returns as
an uncollectible debt and the net
result has been that Elliott
Roosevelt got 5000, 900 for his
business and the treasures Of
the United States and the State
Of New York have lost the high
bracket taxes that Hartford
otherwise would have had 10
pay on the money.
THE question arises why Elliott
Il Roosevelt selected an midi
Vidual rich man instead of going
10 bank II his security vas
appropriate 10 the loan.
In answer 10 this. a famous
financier who has known of the
transaction for long time. and
who was familiar with the prop
critics involved. gave his opinion
as a banker. that such a loan
would have been unSound.
Hartford finally got rid Of the
collateral at a few cents on the
dollar.
John Hartford and his brother.
George. and group Of other
defendants are now on trial
under criminal information filed
against them by the department
of justice charging them with
violation of the antitrust law.
The trial is proceeding in the
federal court in Danville. III.
Hartford may be suspected of
divulging the deal with Elliott
at this time for An ulterior pur-
pose in connection with the
defense.
In fairness 10 him, therefore.
l will state that the original
information came ia me from A
source which / believe TO have
no connection with the Hart
fords or their company four
months ago and that the reason
why it is presented AT this time
is that IL has taken this long TO
confirm the tip.
IL is a mere coincidence that
IL is confirmed while the trial
IL on, and Mr.. Hartford was
plainly embarrassed when the