The Waterbury Democrat., 1946-02-21
Vordomon'S .
Money Sense
Federal Reserve
Bank Post Seeker
Not Qualified
BY FREDERICK c. OTHMAN

washington, Feb. 2i-(UP)-You
,hould have heard the whoopdedo
three-ring circus style, in the Sen
atl1e over President Truman's lat
est appointments to high office.
Scores Of folks pushed in vain to
get ms de the pack damned Naval
Affairs sanctum; all they heard
through the mahogany doors were
muffled senatorial yelps in the
hearings on Edwin w. Pauley's nom-
nation to be Navy uTdersecretary.
In the chamber itself Sen. Rob-
ert A. Taft of Ohio held forth or
George Allen as q reconstruction Il.
nancier, while the Banking and Cur.
rency Committee concerned itseli
with Commander James K. varda'
man, Jr.. who wants 10 be q Fedora
Bank boardman.
It would have taken a three.
headed man to see the complete
performance. I've got only one
head and 1t Is q little groggy now
I took in the suffering for the
grazing commodore from st. Louis
No Chance 70 Argue
Vardaman wore the gold rope that
indicates he's the presidential nava
aide. All hands agree he was 9
war hero, but Sen. Forrest c. Don
nell Of Mo, said he didn't believe
Vardaman was quite smart enough
to be in big-tine banking. The
commodore pllnked but got nc
chance to argue back.
"Vardaman's business back.
ground" said Sen. Donnell, reading
from an editorial in a st. Louh
newspaper, does not, to put 1t mild
ly, ind cate brilliance.
I gathered that Vardaman was 4
handy fellow around st. Louis. A.
he put it, he was financial trou.
ble-shooter. So he found himself
installed as president of the Tower
Grove Bank and Trust company, {
neighborhood institution, which
furnished him with a blue Pom.
tiac sedan. He wore 1t out in {
| year.
Then the board OF directors gave
me a LaSalle OH the theory tnat
a heavier Car would last ME better,
he said
Sen. Donnell wanted to know
about the $26 pair of opera ticket,
he bought in New York and pu
on his expense account; the COM
modore said he bought 'em all rIgh'
and charged 'em to advertising. HI
denied he ever cuSsed a customer
~ kfan 1s1Rf oaf1 0ftNs. 1an Aif
use strong language on the boarc
Of. directors. He told the boarc
either it quit, or he did. The board
stayed.
Bankrupt, Goes 70 War
Next thing Vardaman knew, HI
was president Of a shoe company
which was on the verge Of bank.
ruptcy. Soon the company changed
its name to the Vardaman Shoe Co.
the president was earning $500 {
month. and the company might
nave pulled into the clear, II some
body hadn't padded the inventory
reports. Vardaman said he did mo-
know who tinkered with the figures
he said 1t was a stupid thing Il
do. He put the firm into bank
ruptcy and went off to war.
He was in Scotland, getting ready
for the invasion Of North Africa,
when he learned suit had beer
filed against his bondsman, charg.
ng him with dipping into the till
"And I was in Okinawa when
learned the suit had been dismisse;
and I had been 'exonerated," III
testified.
Sen. Donnell called as his frs
witness william r. Gentry. q st
Louisan with a white goatee, whC
became receiver for Vardaman's sho'
factory was getting his salary; thu
tax collector was getting I.O.U.'s.
The firms back taxes amounted Il
$4,000, he said.
The hearing, as you can see, wa!
going good. when the buzzeri
buzzed. The Senator's had b
scram to the chamber to do SOM
voting on George Allen. Allen Tnad'
IL. One I'D and two to 90.