The times-news. [volume], March 06, 1933, Image 1

About The times-news. [volume] (Hendersonville, N.C.) 1927-current

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

                
WEATHER
Clouciv *nd warmer, followed
by rain tonight and Tuesday.
(Tin' (Times -items
GOOD AFTERNOOH
It'* to be expected that Presi
dent Roosevelt will find a lot of
dead wood in government bureaus.
VOL. 52—No. 55
HENDERSONVJLLE, N. C., MONDAY, MARCH 6, 1933
SINGLE COPIES, FIVE CENTS
ALL BANKS CLOSED IN STATE AND NATION
* * * * * * * # # # tf # * # * * T T T
Dr. W. H. Justus Died This A .M.
A <4> '?> —— j
RETIRED FROM
1CTIVE LIFE
> YEARS AGO
fioneer Druggist in 76th
Year, Was III for
Several Weeks
funeral Tuesday at
3 P. M. FROM CHURCH
Dr. ^ illiarr Hicks Justus, pioneer
Henderson ville druggist and the
dean of business men of this city
i; the time of his retirement from
ictive life about two years ago
c:ed at rhe family home on Flem
isjr street this morning at ei^ht
o'clock. Death followed a decline
jver a period of months from
isich he recovered sufficiently
!sm time to time to be able to
?:urn to his place of busings,
Jostus drug store.
He had been confined to his
home for several weeks recently,
and passed away at the home this
moraine, in his-76th year.
Funeral services will be held
from the Methodist church, of
w Sich Dr. Justus became a mem-1
ber years affo, at 3 o'clock Tues-1
day afternoon, the Rev. Claude
Moser officiating. Interment!
*i'J follow in Oakdale cemetery, j
The following active pall bear
»i!l serve: Judge Michael
I xienck, L. E. Hesterly, Wiltshire
'rfth. C. L. Grey. A. Ficker,
A3. Hawkins. Frank Edwards,
* W. A. Keith.
Tae honorary pall bearers wiil
Was follows: W. 0. Allen, James
Sr„,W. R. Kirk. J. W..
^rr.e. J. S. Brown Jr., E. I'.
SaTett, B. F. Cliff. H. V. Staton.
L R. Staton, W. E. Brackett, J.
L Weddington. R. C. Sample,
<kr E. Dixon. J. L. Egerton, A.
3 Drafts, E. M. Salley, S. E.
Grwnwood. J. H. Woodcock, A.
J. Morey. W. B. W. Howe, F. A.
;rotnk. H. H. Ewbank. E. W.
i*bank. John Ewbank. John Mc
fctyre. J. F. Brooks. J. R. Sevier,
T. L. Durham, M. C. King, R. H.
^'aton, J. E. Shipman, Patton Ar
W?e. W. B. Wilson, George Val
ine, Brownlow Jackson, A. V.
Edwards, Otis Powers, Raymond
Awards. W. A. Garren. T. E. Os
borne. Ed. Barnett. James F. Sta
ton. J. P. Fletcher, Will Cannon,
H. I. Hodges, L. R. Geigcr, M. I).
Coburn. Lee Whitmire. Jamc«
^aldrop, Frank Waldrop, E. L.
fratnn, T. W. Valentine and H.
R Babst.
Dr. Justus was a pharmacy
r*iuate of Vanderbilt University
**he class of 1886. He was inar
r.?d January 1. 188y, to Miss
Ntor.ie Tanner. The widow and
children survive: Grady Jus
ja, Mrs. Irma Allen. Mrs. Earl
w.ny, Mrs. M. 0. Dantzler of
forgeburg. S. C., and Fred Jus
te.
| No one now in business in Hen
^ville wa* here on January
I 1^2. when William Hicks Ju^
and the late Dr. Columbus
opened a drug store in the
at 218-220 North Main
— one of the four oldest
"Jewess buildings in Henderson
I HI?.
At 'hf age Of 71. Witn nj-j
impaired. Dr. Justus re
t;r«J from active business in fa
Vl,r of his son. Fred Justus, but
oatil recently he was seen daily
•oont the store, givinjr the advanJ
of his ripened judgment in
^snajrement. His chief pleas
Qr*. however, was in association
*-h hi* family, and in recalling
'v*nts of the long ago when Hen
:"*;onville was little more than a
tr<*s-roads town.
**. Justus was born in the
ttrthoas* part of town, just west
•f Mud Creek in the approximate
•Nation of where a colored churc.1
Bl)* stands. He was a son of Mr.
4!,4 Mr-. M. T. Justus, real pio
of this section. There wert
",'Jr other children: Lee Justus,
no oied in 1888; Mrs. C. Few
c: Hendersonville, the widow ol
* former prominent physiciar
per<f; Mrs. J. P. Rickman, ol
Renville, S. C., and Mrs. Samuel
' Milliard, of Asheville.
In 1857. when W. H. Justus was
, young man, his father bought
^ half block at the present site
J the Skyland hotel, and thu
^°und was owned by Dr. Justus
the time it was sold to the
wu8 Skyland.
jj? n Dr. Justus opened his
^ store in the present Shepherd
building, there were only
♦h° business buildings in
i ® v'cinity of the present court
se. One was a rock building
'he southwest corner of Mair
and First avenue, and th«
fcr was directly across th<
*till , easV Bot^ buildings art
v. -^anding, the former beinp
^.,n, and the other occupied bj
v-JIM^ocery store. Dr. Jugtu;
nor'1 ^e present Drak<
ouilciin® had been occupies
'^tintteij «n page two)
HORIZONTAL REDUCTION FOR
PROPERTY VALUES IN COUNTY
SEEN AS RESULT OF NEW LAW
Ma xiinum Cat as Provided by Law Would Lower Valu
ation in Henderson From $27,000,000 to
$18,000,000: No Funds With Which
to Make Revaluation
Dr. W. H. Justus
Well known pioneer drujrKist who J
died at his home this morning. He j
I retired from active life two years
1 ajro.
! TRANSYLVANIA
!PAVES WAY TO
|ACT ON DEBTS
Adjustment Association Is
Formed With Program
for Obtaining Relief
J BREVARD. March f>.— (Spe
cial).—Organization of "The Citi
zens Debt Adjustment Associa
tion" was perfected at the county
courthouse here Saturday after
noon, when a representative body
of the taxpayers of the county
met and discussed the situation
now facing Transylvania county
and the town of Brovard, which
showed that nearly three million
dollars indebtedness is hanging
over the two political units.
R. W. Everett, farmer and busi
ness man was selected as chair-1
man of the jrroup; Jerry Jerome, '
secretary of B?evard Building &
Loan association, vice chairman,
and C. M. Douglas, editor of The
; Transylvania Times, secretary. An
j executive committee was named as
follows: A. F. Mitchell attorney;
I H. L. Allison, farmer; S. W. Rau
! ford, business man; D. L. English,
attorney, and J. S. Silversteen,
manufacturer.
A resolution was adopted and
has been sent to Rep. M. W. Gai
loway. asking th.it he introduce a
bill in the general assembly which
would allow the county commis
sioners to have complete revalua
tion of all property in the county,
either as a blanket reduction of
present valuation or an individual
revaluation.
A resolution was also adopted
by the body, asking Representa
tive Galloway to introduce a meas.
ure which would permit the board
of county commissioners and the
board of aldermen of the town of
Brevard to refuse to levy suffi
cient tax rrte to take care of the
bonded indebtedness.
i Such a levy is now required
under the state-wide regulations.
It was pointed out at the meeMn^
that to allow a levy sufficient to
take care of the nearly two mi'
lion dollar indebtedness now owed
by the county would make the
rate prohibitive and would result
in non-payment of taxes on a
large scale.
| Consensus of opinion as ex
pressed at the meeting was to the
effect that under existing circum
stances, it would be impossible for
people of the county to pay the
total debt of the county; that val
1 ues had been slashed on all prod
> ucts raised on the farm; that
' manufacturing was at a very low
' ebb in the county, and that unless
1 the bondholders were willing t o
make concessions in resrard to the
' large debt owed by the county
'that people could not pay.
Belief that a horizontal cut I
will be ordered on property valu-!
ations in Henderson county, in-1
stead of a revaluation, was ex- j
pressed here today after it had i
become known that the general!
assembly has passed a bill pro-1
viding the necessary machinery, j
The state-wide act, which will!
be ratified within a week or 10
days, gives boards of county j
commissioners authority to make
horizontal reductions or to re
value all property, while local
bills are being planned to make
revaluation mandatory in some
counties. The act just enacted
provides "that the reductions in
values of real estate shall not
exceed in the aggregate 33 1-3
per cent." I
T. L. Durham, chairman of the
Henderson county board of com
missioners, is known to favor a
horizontal cut instead of revalua
tion for the reasons that no pro
vision has been made in the bud
get for the expense of revalua
tion this year, that revaluation
would require considerable time
as well as expense, and that
there is no actual basis on which
property can be revalued at this
time. Other public official hold
the same view, pointing out that
revaluation would result in as
many inequalities as now exist,
while a horizontal cut would ap
ply with equal effect to all prop
erty owners.
The present property valuation
in Henderson county is approxi
mately $27,000,000. If the maxi
mum cut now authorized by law
were applied, the total on which
1934 taxes would be based would
be $18,000,000. There is little
chance, however, that a cut of
more than 20 or 25 per cent
could be made here. While a
[substantial reduction of property
values usually has the effect of
raising the tax rate the opinion
has been expressed here that if
the state removes the 15 cent
levy now collected for the ex
tended school term, as contem
pleted, the county could reduce
property values 20 per cent and,
with the application of strict
economy, keep the tax rate at or
near the present <J5 cents level.
NEW THEATRE
KEEPS STAFF
No Change in Personnel
of Workers; Look for
Big Opening Tonight
Headed by Harry F. Buchannan,
as manager, the personnel of the
staff of the new Carolina thea
tre, which is to be opened to
night, will be made up of persons
who are already serving, and
have been serving, Henderson
ville's entertainment needs.
Assisting Mr. Huchannan will
be Jack Headrick young in years
but a veteran in serving the pub
lic in its amusement needs. Mr.
Headrick will be in charge of the
service department, some of the
advertising and publicity work
and other dctaiK
The pleasant "thank you" and
"good evening" which accompany
tickets at the box office, will be
dispensed by Miss Mary Head
rick and Miss Marian McOall,
cashiers of the new Carolina who
will preside over the box office.
Among those who will assist
patrons to their seats, hold the
baby, look up information about
comintr pictures and do any other
possible service to help make pa
trons happy, will be John and
Guy Hollingsworth.
The Carolina's janitor. Butler
Mills, who has been on the job
here for years, will head the
cleaning department and also the
colored department in the gal
lery. Very happy in his assign
ment he declared that "working
in that new Carolina will be a
joy forever, and I am going
to keep it spic and span for the
good people of Hendersonville."
Each employe of the new thea
tre has already been assigned his
post and has made arrangements
to begin work in the new play
house. Indciations point to a
large attendance at the opening
program tonight.
THREEFOLD
PROGRAM OF
RELIEF SEEN
Stop Withdrawls, Impound
Collateral, Regain De- i
posits Are Aims
PRESSES GRINDING
OUT NEW CURRENCY
WASHINGTON, Ma»\ G. (UP).
A three-fold emergency program
to deal with th£ economic and
banking crisis was revealed tcviay
by Democratic leaders:
1.—Stop withdrawals from the
banks (already temporarily in ef
fect) through a national bank hol
iday.
2.—Authorize the comptroller
of the currency to compel banks
to impound their good security as
collateral I or dealing house cer
tificates or scrip.
3.—Enactment of legislation
that will insure the return of
bank deposits.
(UNITED PRESS)
Engraving printing presses, in
most instances heavily guarded,
arc running at top speed in the
country todav to provide ready
currency for the people, as a
means of exchange by which they
can transact business during the
unsettled banking situation.
Home made money, fully backed
by sound security and authorized
by law, will be ready for distribu
tion immediately on the resump
tion of banking transactions.
U. S. CHECKS CASHED
WASHINGTON, Mar. fi. (UP).
The United States treasury an
nounced today that it would cash
| all government checks but that no
I gold would be paid out on govern
j ment checks or on gold certifi
I cates.
iCAUCUS SUMMONED
1 WASHINGTON, Mar. G. (UP).
House Democratic leaders today
| sped the organization of the next
congress in preparation for Presi
dent Roosevelt's emergency finan
' cial program, with Speaker-elect
I Rainey summoning a party cau
cus for Wednesday.
VIEW OF ROBINSON
WASHINGTON. Mar. 6. (UP).
J Democratic Senate Leader Robin
son said today he believed the spe
cial session of congress would ad
journ immediately after passing
emergency banking legislation
which would not include a gen
eral reorganization of the banking
system.
• promises EARLY RELIEF
WASHINGTON. Mar. 6. (UP).
' Secretary of the Treasury Wood
' in said today that plans for a me
dium of exchange to meet neces
sary demands were being worked
out and would be in operation by
| tomorrow.
! STRONG-ARM METHODS
WASHINGTON, Mar. 6. (UP).
Democratic leaders today agreed
to use strong-arm methods to jam
emergency legislation through the
special session of congress which
j begins Thursday noon.
' HOOVER URGES SUPPORT
NEW YORK, March 6.—(UP).
(Continued on page four)
Banks Strongest
Since 1929. View
Held by Babson
LAKE WALES, Fla., March 6.
I (UP).—Roger W. Babson, finan
i cial expert, asserted here today
that the banks of the United
j Spates are "in a stronger position
I than at any time since 1929." He
blamed the people, not the banks
for hoarding cash in safes, mat
tresses, sugar bowls arul pockets,
| and urged the nation to use that
cash to pay bills, buy goods, or
' take it back to the banks.
To See Farmers
Regarding Crop
Loans Wednesday
Donald L. McCafferty, local
field inspector for the crop pro
duction loan office announced *o
day that he will be in his office
at the city hall Wednesday morn
ing. ready to assist farmers who
desire to secure loans for seed
and fertilizer for production of
crops during the coming season.
Cermak Loses
17 Day Fight
For His Life
End Comes at 6:55 A. M.j
Today; From Assassin's;
Bullet Intended for
Roosevelt
MIAMI, March 6. — (UP). —
Mayor Anton J. Cermak of Chi
cago, "Tony" from coal mining
days, who rose to be mayor of
the nation's second city, died at
(5:55 a. m. today from effects of
a bullet fired bv Guiseppe Zan
gara, who intended to strike
down Franklin D. Roosevelt, in |
an attempted assassination here I
on the night of February 15.
The herioc 19-day battle of
the fighting mayor ended as a
result of gangrenous pneumonia,
which set in to complicate colitis;
and the heavy heart strain result
ing from the bullet* which cut
through his abdomen, touched
his lung and liver and lodged in
ihis spine.
His brother. Joseph, his sister,
j Mrs. Kallal, his secretary Mrs.
j Clara Breesley, I)r. Frederick
|Tice, one of his physicians and
! Dr. R. C. Woodward, hospital
superintendent, and Vivian Gra
! ham, his 17-year-old grand
! daughter, were at his bedside.
Cermak sank into a coma
shortly after midnight and never
revived.
A priest and members of his
family were called last night to
the bedside of Mayor Cermak.
The mayor was then reported as
sinking rapidly and Senator
Richey Graham, a friend of the
mayor, at the time said Cermak
was very weak.
After they were summoned,
Cermak's three daughters were
admitted to the oxygen chamber
in which he lay breathing heav
ily.
They talked to their father
and he attempted to answer but
was unable to speak.
The Rev. Sidney Morrison of
St. Bartholomew's church, South
Chicago, was in readiness to ad
minister baptism and the last
rites of the church. Cermak
was not a Catholic but his wife
i is.
I
Chinese Casualty
List Exceeds 1000
I Brigades Struggling to
Reach Pass Bombed
PEPING, March — (UP).—
More than 1000 Chinese soldiers
wore reported killed, wounded or
missing today after Japanese
forces bombarded two retiring
brigades, struggling to rcaeh
Kupeikow and Hsifengknow
Snag Punctures
Lung of 3-Year
Old Balfour Lad
•lack Taylor, 3-year-olJ son of
Mr. and Mrs. W. M. Taylor of
Balfour, was in a critical condi
i tion this morning at the home of
his parents as a result of n fall
yesterday on a snajr.
j The snag entered his body
I just below the'heart, and punc
tured the lung.
5 AND 10 GROUP AT
BEULAH CHURCH ON
TUESDAY EVENING
Welfare workers and members
of the 5-10 year farm committee
will meet at Beulah church on
j Tuesday evening at 7 o'clock, it
I was announced this morninc.
I The meeting will be held for
I the purpose of working out plans
. for community gardens for the
i needy in this section, which is
[included in the Ked Cross dis
trict of H. L. F. Drake.
JUNIOR ORDER MEETING
The regular meeting of the
Junior Order United American
! Mechanics, Skyland Council No.
i 206, will meet tomorrow night at
j the Woodman hall at 7:30 p. ni. I
As this is one of the most impor
tant meetings of the year, the of
. ficers ask that all members be
J present to take part. J
More Community
Gardening Space
Being Asked Here
Plea Is Made Especially
as Regards Lots in
City Limits
Additional land to he used in j
community gardens is needed, •
especially within the city limits j
of Hendersonvillc, leaders of thf»;
farm rehabilitation plan for Hen- j
derson county stated this morn
inpr.
Any owners of vacant land in
the city or county, or those hav
ing such land in charcre, are re
quested to communicate with
Noah Hollowell, secretary of the
Chamber of Commerce, or with
G. W. Justice.
MORATORIU M
IS GRANTED TO
M. E. CHURCH
15 Months Extension Al~
lowed by St. Louis Firm
on All Payments
| A 15-months' moratorium on
j principal and interest payments
; on its bonded indebtedness has
| been granted the First M. E.
| church by the Mercantile Com
imere.o Trust company of St.
I Louis, the Rev. Claude H. Mos
er. pastor, announced from the
, pulpit Sunday morning.
An executive of the trust
company who was here last week
in conference with the Rev. Mr.
j Moser and church officials asked
j that it be announced that the
i company had no idea of foreclos
ing on the property, and that a
! moratorium on payments would
be granted until Juno 1, 11*34,
provided tho membership con
tinues its efforts to discharge
other financial obligations. Tho
! executive indicated that if eco
nomic conditions have improved
by June 1 1934, a new debt
agreement extending over a long
; period of years will be made,
and that if conditions have not
improved, but have grown stead
ily worse, the trust company will
send the church its mortgage
cancelled.
; The Rev. Mr. Moser said that
while the moratorium should re
lieve the church membership of
immediate worry, the announce
ment was not to be construed as
an indication that the congrega
tion could stop making regular
payments on church pledges.
"Every dollar that can be rais
ed will be needed to meet cur
rent expenses, payments on notes
and other obligations," he said.
Sunday was observed as a day
of prayer and meditation in the
church, with large congregations
attending all services. The sacra-'
mcnt. of the Lord's Suoper was
' administered in the forenoon,
and at night the Rev. Mr. Moser
I preached on "The Bible." He
urged continued praver and med
itation on behalf of the individ
I ual, tho church and the nation,
SEARCY HEADS CLUB
STUDENT TEACHERS
CULLOWHEE. March G The
students Teachers Club has been
organized at Western Carolina
Teachcrs College. Members of tho
club are the winter quarter prac
tice teachers in the primary and
grammar grades department of
the college training school.
John Searcy, of Hendcrsonville,
was chosen president of the new i
organization; Miss Helen Patton,
of Franklin, was elected vice-pres
ident; and Miss Lillie Gill Butt,
of Hamlet, was chosen secretary
treasurer.
Members of the club are: Edna
Patton. Maye Davis. Helen Pat
ton, Amanda Clark. Thelma Hug
gins, Annie Lou Keenum, Norma
Burnette, Maxie Pressley, Lola
Bell Matthews, Esther Thomas,
Estelle Strickland, Maurice Wells,
Geraldine Shook, and William
Crawford, '
Roosevelt and Advisers Prefer Action
to Halt Hoarding Be Regarded As
Modified Bank Holiday, Rather Than
National Moratorium.
By RAYMOND CLAPPER
United Press Staff Correspondent
WASHINGTON. Mar. G. (UP).
A modified national bank holiday
extending through Thursday was
declared by President Roosevelt
in a proclamation last night.
lie ordered all banks to suspend
payments of gold and other forms
of currency now on deposit. A
special session of congress has
been summoned to meet Thursday
noon to consider banking and
financial legislation.
A system of clearing house cer
tificates was ordered under th*»
supervision of fh.; various federal j
reserve districts to obtain virtual
national uniformity.
Stephen Early, White House
secretary told newspapermen that
Secretary of Treasury Woodin,
former Secretary Ogden L. Mills
and members of the federal re
serve board "are standing by at
the treasury ready to put the ma
chinery in motion to make this
effective."
Every effort was being made to
facilitate the prompt issue of
clearing house certificates. Deci
sions regarding details of issuance
were expected to be rushed at the
treasury department to speed up
issue of the emergency money.
The secretary of the treasury is
empowered to authorize that new
deposits made after the modified
holiday went into effect may he
accepted and preserved in special
trust accounts which shall be sub
ject to withdrawal on demand
without any restriction or limita
tion. Banks must keep such funds
separately in cash, or on deposit
in federal reserve banks or invest
them in obligations of the United
States government.
The proclamation covers all
banking institutions which include
by the definition within the proc
lamation itself, all federal reserve
banks, national banking associa
tions, banks, trust companies,
savings banks, building and loan
associations, credit unions, or any
other corporation, partnership, as
sociation or persons, engaged in
receiving1 deposits, making loans,
discounting business paper or en
gaging in any other form of
banking.
, PROCLAMAi iuix
INCLUSIVE AS DRAFTED
I The proclamation was drafted
I to be all inclusive in preventing
: further paying out or ear-marking
of funds now on deposit. It pro
, vided against paying out, export
inf, ear-marking, withdrawing or
transferring in any manner of
currency now held.
Dealing in foreign exchange or
transfer of credits from the Uni
ted States to any dace abroad
algo was prohibited during the life
of the proclamation.
The order was predicated upon
the increase in hoarding and
! heavy withdrawals of bank fund*
i and the draining from abroad of
| stocks of £old.
These conditions had created,
I President Roosevelt said, a na
j tional emergency.
I "There have been heavy and
unwarranted withdrawals of gold
and currency from our bankincr
J institutions for the purpose of
hoarding," the proclamation fctat
ed.
"Continuous and increasingly
i extensive speculative activity
abroad in foreign exchange has
resulted in severe drains on the
nation's stocks of gold. The con
ditions have created a national
emergency."
The president further explained
that he regarded a period of res
pite as being in the best interests
of all depositors.
"It is in the best interests of
all bank depositors that a period
of respite be provided with a view
<o preventing further hoarding of
coin, bullion, or currencv or
speculation in foreign exchange
and permitting the application of
appropriate measures to protect
the interests of our people."
The secretary of the treasury
was given authority with the ap
proval of the president to remove
entirely restrictions on individual
banks at his discretion.
This was provided to permit
banks in the insular possessions
and extra liquid banks within th«
United States to operate as usual
if permitted.
The proclamation was dated at
12:05 a. m. Monday.
President Roosevelt and his ad
visors are understood to prefer |
that this action be regarded as a,
modified bank holiday rather'than
as a national moratorium.
It was designed to check devas-'
tating withdrawals of cash, but!
to permit creation of temporary
emergency currency and to allowl
(Continued on page two)
STATE TRUST
CO. OBSERVES
BANK HOLIDAY
Prepared to Meet Deposi
tors' Demands in Full;
Acts Under Orders
OPEN HOUR~DAILY
FOR MAKING CHANGE
Although it was prepared to
meet demands of depositors in
full, if necessary, the State Tru*t
company was closed today in con
formity with orders issued by
President Franklin D. Roosevelt
and Gov. J. C. B. Ehringhaus.
The orders were issued from
Washington and Raleigh and were
mandatory. They declared a
three-day holiday, with possibility
that the holiday will bo extended
if uniform regulations governing
reopening can not be worked out
bef.orc Thursday. . ■
Meanwhile, and until further
notice, the State Trust company
will be open from 9 until 10
o'clock every morning for mak
ing change and for the accommo
dation of safety box holders.
A telegraphic copy of the stat"
wide order was posted on thu
doors of the State Trust company
before opening time this morning,
but the doors were open and .1
few persons entered to oiscuss the
situation with officials and em
ployes of the bank, all of whom
were at their posts. To these per
sons and others, the officials ex
plained that while the bank was in
fluid condition and could have re
mained open, meeting whatever
demands that might have, been
made by depositors, they had no
choice in the matter.
j _1 l,„,| l.ni.il
1 lie KJL UU vu V4VUV ..-v.
anticipated here until Saturday
night when a conference of state
bankers with Gurney P. Hood,
state banking commissioner, de
cided that interests of bankers
and depositors alike would be bos',
served by declaring a holiday.
Every state in the union had
clamped restrictions on banking
operations, and after New York
had declared a holiday, thus clos
ing the federal reserve banks and
other large money markets, there
was no other avenue open to
North Carolina and other state*.
Here in Hendersonville, extreme
confidence was expressed in th"
' stability of the State Trust com
pany. When the bank closed for
Saturday afternoon and Sunday,
officials fully intended to re-open
today for the regular routine of
business. Since it was organized
two years ag«\ the assets of thf
bank had been kept in unusually
liquid condition.
When it became known Satur
day night that a state-wide hoi i
dav probably would be declared,
, officials of the State Trust com
i uany asked that this bank be cx
; empted, but it was explained that
I such an exception could not be
made.
j Belief was expressed here today
I that when the banks arc re-oDened,
after the holiday, withdrawals vtfil
be limited and perhaps othe^ reg
j ulations applied. /
| Hendersonville business, mean
while. like that of all.vother com
munities in state ar/d nation, i1;
cripnled by the lack' of exchanp»*
facilities, and tho/isands of indi
viduals are tryinpf in jfood spirit
to get along witTi littlo or no
money in their packets.
B. and P. Women
To Observe Week
;
Special Meeting of Club Is
Tuesday Night
The Business and Professional
Women's Club will meet Tues
day evening at 8 o'clock with
Miss Winnie Hogsett on Flem
ing street. This meeting is in
observance of National Woman's
Week and fhe; ,Pul#Jk! Relations
Committee of whicJi Mrs. P. N.
Timmerman is chairman, will
have charge of the program.