OCR Interpretation

The times-news. [volume] (Hendersonville, N.C.) 1927-current, March 17, 1933, Image 1

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

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn86063811/1933-03-17/ed-1/seq-1/

What is OCR?

Thumbnail for

» • 1 . ,
"Success is here today and gone
tomorrow," state* * writer. Yes,
nothing recede* like succeee.
Regulations For
[]| Banks Would Be
First Point
(ht. 1933, by United Press
[n<HI\GTON. Mar. 17. (UP*
Ls: -unking troubles have sent
fr for reform echoing across
. ,-ioatry.
hi idpnest of informed per
lt here is that far-reaching
will be made to protect
Ilfminary discussion in tho
{if the concern which recent
. ; has -aused. ranges over the
fe-vir.? key points around which
_ banking reform fight is ex
r.ed to center:
II. Brir.?injr of all banks into a
ifenl *y?'eni subject to uniform
ju.'ation in place of the present
state systems.
12. Limited guarantee or deposit
era nee. I
[;. ikning of the rediscount
i :'r.e federal reserve system
[ it r.g-:erm paper may nor
iy be u.-ed for obtaining cash j
ftierai reserve banks, whkh
lt:e present emergency were
i to 90-day paper.
[iProvision to prevent any
executive closing down
i*s was done in the recent
iv, throwing a panic drain
_iacent states.
|i Closer co-ordination of the
! federal reserve banks into
aking more closely resembling
It^r.al bank.
I Intension of branch bank
■ :er oanK re^uuivivu w
such operations as those
disclosed on the part of
Parmer National City bank of
k Touph separation of com
ical and investment banking.
1 Forcing of private hank?,
e as J. P. Morgan & Co., to
*t:t to the same control as rec:
t oanks or else forbid them ac
-arp differences exist between
t city bankers and country!
Kers and the banking: reform j
It is expected to ring with their
i-.dation and counter denun
~'t big city bankers say the
banks have inadequate re
fcfs. are run under loose state
* which permit any corner
k?' to start a bank, and that
firmest percentage of failures
r- been among small state
*: which the champion of the
C:-v hanker retorts that the
t city banker has made more I
and costlier Mistakes j
*2 -he little banker, and that I
f'xntry bankers' troubles are
r-7due to having had stock and
^ «ies foisted upon them by i
"1 St«et bankers.
Senate Confirms
Daniels For The
Post In Mexico
Washington, Mar. n (UP)
senate today confirmed
8 nomination of Jesse Iaidor
rtjs. New York merchant, as
'^sador to France. The sen
! confirmed the nomina
^ of Josephus Daniels, of
Carolina as Ambassador
kxico; Paul Knakenshue, of
'■ minister to Iraa and
Armour of New Jersey
^nister to Haiti
nomination of John H.
of Missouri as vice gov-|
J* of the Philippine Islands,
*a3 approved.
kio Will Still
Work For Peace
1 I
£*10. March 17. (UP)—
j,, fs interest in world peace
nowise be lessened by her
iti« Wa^ fr0m e League of
taiY*5, Foreign Minister Pasuya
„ ^ told a special commit-;
Privy Council today,
i n. Tokio's continu
. Participation in the Geneva
r enterprises shrdluj
ij enterprises support-'
\ rne lea*tie,
Wall Street Springs Into Activity
Wall Street, the nation's financial center, teemed with activity once
more as reopening of the Stock Exchange brought thousands back to
their jobs and the banks set the lifeblood of business and industry
circulating after the holiday. This photo, taken from the steps of
the sub-treasury building, shows crowds at Wall and Nassau streets
in contrast to the desolate scene of a few days before.
Commodity Rises Bring
Hundreds Of Millions
Of Profits For Farmers
A $327,238,000 stream of gold
flowed back into federal reserve
banks during the past week. The
federal reserve board announced
today that the influx of precious
metal included much from hoard
ers. which made up more than
half of the $575,162,000 of gold
which the 12 reserve banks had
lost in the six weeks preceding
the banking holiday.
United Presa Financial Writer
NEW YORK. March 17. (UP). |
The nation's commodity markets
shot prices up yesterday, bringing
potentially hundreds of millions
of dollars to the farmer and pro
Into the cotton exchange on
William street. New York, and the
wheat pit on LaSalle street in
Chicago, came a reflection yester
day of the roaring stock market
of Wednesday. Cotton opened as
high as $4 a bale above the March
3 close, and retained about $3 of
the gain. Wheat in Chicago ad
vanced to the limitations placed
on the fluctuation by the direc- J
tors, as did corn, oats and rye.
But in Chicago trading almost
was at a standstill. There were
buyers. But no one wanted to sell.
In fact, past noon, brokers re
ported they still had opening bids
to buy at the market, with no one j
from whom to buy.
The New York cotton exchange,
however, had nothing of the sort.
Trading was at a tremendous
pace. From the opening gong to
the close, there was a constant
hubub as traders bid in the staple.
Floor scenes were reminiscent of
the boom era.
The gains in cotton and grains |
were the major part of a general;
movement upward in commodity .'
prices, some of which was in I
progress during the banking holi
In fact so spirited was the ad
vance that a number of commodi
ties including wheat exceeded the
price at which they sold at this
time a year ago.
Fluctuations in grains at Chi
cagp were restricted by the board
of trade, wheat to 5 cents, corn
to 3 cents, rye to 4 cents, oats to i
2 cents. All reached the peak per
mitted. Resti. tions again will be
in force tomorrow. But on Sat
urday the restrictions will be lift
Duluth \>as one of the few mar
(Continopd on page four)
Works Hardship On Class
Of People Western N.
C. Would Attract
Directors of the
C°SrrThurXy evening, in the
Offices Of the or«amz»t,on;aclopt:
«„neo? specTal school districts^
the state and t>PP°'inK
tion of foreign stocks.
The po»ition t^cn by first
rectors with reference taxoav
^s°Pof special thoof dU rict/de
sire to pay additional^
additional sch ol j Drivi-*
should have the vf h' taxat on
lcR<V °Sr,Ss "a principally
Of foreign stocKs ™ f North
on the Wdesperate er
?ort°s t locate here as citizens
people from otter.sections* the
country wo people
the C^tytCBea^»tificaUon committee
for action. A. S. True*
the directors that he .»
bLVcel »nU.lant ;«es, shrub
aW the highways.^
£ cteens " Tf X«ng thcTato
highway forces in'the ^jcautifica
Powers fornh!Lcacitv with the
cleaning up th "under his di
one of the cica work is corn
country when this worn
tion of the wor man
WttffSSi & Z
streets6' J *^1£
Tbtte benctes" a5 done by Pro
SL^sSy ,
q cent of cost to tne cuy. j
0 The first of the quarterly meet-j
(Continued on pag© four).
r ■ MWm
Europe Aflame
With Suspicion
Intrigue And War Talk
Throw Continent Into
An Armed Camp
(During the stirring domestic
events of the past fortnight, a
crisis of tremendous importance
has arisen in Europe, the signifi
cance of which has been missed by
many newspaper readers because
of their absorption in affairs at
home. The incredible war talk of
1914 is being revived; the conti*
nent is aflame with suspicion and
intrigue; the nations are splitting
into two armed camps. The fol
lowing story by the general Euro
pean news manager of the United
Press gives the background of
what has been happening abroad
and what may be in prospect.—.
Editor's note. United Press Asso
United Press Staff Correspondent
Copyright, 1933, by United Press
London. March 17.—(UP)—
Europe again is an armed camp.
The war drums are not yet throb
bing but in the midst of the
greatest tension since 1914, many
are talking war. everybody is
fearing it and nobody wants it.
As before the World war, Eu
rope is splitting into two factions
—France and her allies against
Germany and her allies. Britain
is desperately anxious to remain
neutral but fears she cannot.
The po3t-war- peirfca inachineTy,
especially the League of Nations
and the Kellogg pact, is already
badly weakened by the unimped
ed Japanes_e occupation of Man
churia and Jehol and the unde
clared wars in the Chaco and Le
titia districts of South America.
Europe fears the machinery will
break down completely if and
when a serious and highly proba
ble incident occyrs in one of tho
danger spots of the tense conti
The danger spots are the Polish
corridor, the Franco-German fron
tier and the Balkans. Failure of
Sir John Simon, British foreign
secretary, to obtain even interna
tional agreement on an arms em
bargo to the Fay East makes the
possibility of concerted interna
tional action in event of an un
toward incident in Europe highly
As in 1914, the British govern
ment is listening to divided opin
ions. There is, firstly, advocacy
of Britain not becoming embroil
ed in continental troubles, and
(Continued on page four)
Exercises Begin Tonight,
And Continue Through
i Monday
Closing exercises of the Edney
ville graded and high school will
begin tonight with the seventh
grade commencement and an op
eretta directed by Miss Velma
Hall, followed on Saturday at 7
p. m. by the high school senior
banquet at Mountain View Inn at
Chimney Rock. Baccalaureate ser
vices will be held Sunday, the
sermon to be delivered by the
Rev. Mr. Neff, rector of Calvary
Episcopal church. Fletcher, and of
St. John's church, Edneyville.
Special anthens by the girls' glee
club also will feature these serv
I. N. Carr, dean of Mars Hill
College, will deliver the class ad
dress at high school commence
ment exercises to be held at 8
p. m., Monday.
Amelia Bradley is valedictorian
of the class and Alph Williams is
salutatorian. Others on the class
roll are Mae Barnwell. William
Dalton, Clyde Ballard. Claude
Coston. Thelma Edney, Earl Free
man, Elmorrow Freeman, Hester
Gilbert, Lela Justus, Jeanette
Jackson, Herman Lancaster. Mar
jorie Laughter, Blanche Metcalf,
Mabel Nix, Daniel Pryor Jennie
Reve Pryor, Paul Pryor, Loucilla
Williams, Julia Whiteside, Brown
low Barnwell. George Orr, Ben
Special awards to be made at
the closing exercises: (1) certifi
cates of perfect attendance; (2)
silver loving cup to best all-round
student; (3) gift to school from
senior class; (4) letters to out
standing basketball players.
Holds First Hand Confer
ences With Envoys On
Situation In Europe
United Pre»s Staff Correspondent
—The peril of war .in Europe
yesterday led President Roose
velt to exchange views with the
leading ambassadors of the two
leading antagonists—France and
Germany—and to make plans to
rush an envoy of good will
across the Atlantic.
Meanwhile, the president and.
state department studied the
British disarmament plan, which
they hope may infuse new life
into the Geneva conference. It
was outlined to Mr. Roosevelt
by Sir Roland Lindsay, British
amabbador, who asked America
to support it.
Speculation is growing here
that the administration may
seek to stabilize peace in PJurope
by offering to sign a consulta
tive pact. Officials will neith
er wholly affairm nor deny these
This was a day of tenseness
and action at the White House
and state depai-tment the first
move came early in the morn
ing when the state department
announced that Norman H.
Davis, member of the U. S dele
gation to the disarmament con
ference, had been made its]
chairman and given the rank of
ambassador on special mission.
He will sail for Genevt next
week, perhaps stopping enroute
for talks with statemen in Lon
don and Paris.
Davis' new position will give
him enhanced power and pres
tige in Europe. He bears no
"American plan" of disarma
ment. Rather his mission is to
persuade Europe's armed camps
to disband. In this task, he will
drawe heavily o npersonal con
tacts built up during 15 years,
of diplomatic work.
Just as the state department
was making its announcement,
Lindsay who arranged Wednes
day night for an audience with1
Mr. Roosevelt, called at the
White House. He explained the,
British plan to the president up-J
on the tense political conditions
in Europe, and, talking as neu
tral to neutral, solicited Amer
ica's support in gaining disarma
mena and peace.
Shortly afterward, M. Paul
Claudel, French ambassador, and
Dr. Friedrich W. Von Prittwitz,
German ambassador, received an
invitation to call on the presi
dent. With them Mr Roosevelt
discussed the perilous political
situation in Europe and the Bri
tish disarmament plan. What
their reactions were, neither
they nor the White House would
Mr. Roosevelt's action in sum
moning them to the White
House recalled the days of "Old
T. R." who frequently called in
ambassadors for informal chats.
It has been many years since
the White House served as a dip
lomatic gathering-place. Presi
dents Hoover and Coolidge con
ducted their foreign relations
entirely through the state de
Armed with the information
gathered in these conferences,
Mr. Roosevelt invited Secretary
of State Hull and Davis to
luncheon. There the European
situation was discussed further.
Also, it is understood, Davis re
ceived instruction on his mission
to Europe.
Davis, some observers be
lieve, may promise for the Uni
ted States to implement the Kel
logg Pact by a consultative pact
binding this nation to consult
with others when peace is men
aced. France long has sought
such a commitment With its
security thus augmented, France
might be prepared to disarm in
part, and to loosen Germany's
armament restrictions under the
Versailles treaty.
—Exports from the United Stat
es in February were worth
$100,000,000, or the lowest in
any m,onth since August 1904
MacDonald Sees It As
Road To Peace; U. S.
Would Scrap Planes
United Press Staff Correspondent
GENEVA, Mar. 17. (UP)—
Premier J. Ramsay MacDonald,
in the role of peacemaker, yes
terday earnestly laid before the
world disarmament commission
a bold proposal for drastic read
justment of armaments which he
declared was the only sane ave
nue toward permament pcace.
The British prime minister,
his iron-grey hair shaggy about
his stern face, surprised the con
clave by proposing that Germany
be permitted to increase her
armed forces to 200,000 men.
The treaty of Versailles limited
her forces to 100,000 men.
The British plan would direct
ly affect the United States air
force. It calls for prohibition
of air bombing planes and sets
the number of airplanes owned
by the major powers, including
the United States, to 500 each.
This would mean that America
would have to scrap 2,500
The first section of the con
vention deals with security bas
ed on the Kellogg pact outlaw
ing war. It declares that in
case war is undertaken in breach
of the pftft. there will be a con
ference among the parties con
cerned if any of the five great
powers—Britain ( France, Italy,
the United States and Japan—
request it, the conference would
agree on steps which could be
taken to determine which party
is responsible.
MacDonald called on Italy and
France to discard their danger
ous differences over naval and
land armaments and readjust
their force samicably. He plead
for the success of the arms con
ference and warned that the
only alternatives inevitably must
lead to war.
"If there's failure," he cried,
(Continued on page four)
Merchants Seek To Revive
Trade; Much Week
end Shopping Seen
Although definite figures were
not available, it was learned to
day that deposits in the State
Trust company yesterday, the firsl
day following the lifting of the
nation-wide bank holiday, broughl
the total of deposits to a poinl
higher than the bank's deposits at
the beginning of the period imme
diately preceding the holiday when
heavy withdrawals were made.
Officers of the bank said the
total of deposits at the beginning
of business today was not as large
as it has been in the history of
the institution, but with addition
al money coming in today and
more expected on subsequent days
they anticipated a new high rec
ord before long, particularly if
business improves as is now ex
"In view of present economic
conditions we were particularly
well pleased with the volume of
n^w deposits and the absolute ab
sence of fear yesterday," a bank
official said. "This was in marked
contrast with the condition that
existed before the holiday was de
clared. and we have every reason
to believe that public confidence
will continue to increase."
Merchants, meanwhile, showed
renewed activity in their efforts
to revive retail business and most
of them said they were rewarded
by increased patronage yesterday
afternoon and this morning. Up
town sidewalks, occupied during
the past week by persons with
little tendency to shop for moro
than bare necessities of life,
"came to life" yesterday and to
day and are expected to be crowd
ed Saturday with men and women
of the city and county bent on
making purchases they were un
able to make while their money
was tied up in closed banks. Mer
chants point out that commodity
prices are beginning to mount and
assert that the vise family will
make needed purchases without
New U. S. Envoy
To Mexico
I Appointed U. S. ambassador to
Mexico, • Josephus Daniels, secre
tary of the navy under Woodrow
Wilson, is shown as he called at
the White House to confer with
President Roosevelt. Roosevelt
served as assistant secretary of
the navy under Daniels.
Cannot Be Ratified Before
Monday, As Result Of
Senate's Change
—Congressional leaders agreed
today on a beer-wine bill pro
gram calculated to put the Vol
stead modification act in the
White House Monday and place
a legal bottlfc of beer in con
sumers hands by April 4.
Agreement was reached aftei
house leaders agreed they will
fight to restore 3.2 percent al
alcohol content to the bill aftei
the senate by a vote of 43 to 30,
had limited its content to 3.05
per cent.
United Pre»« Staff Correspondent
—T h e senate late Thursday
swiftly and overwhelmingly pass
ed a 3.05 per cent beer and wine
bill and thus cleared the last
major obstacle making sale of
these beverages legal in 23 states
in the early days of April.
The vote was 43 to 30.
Thirty one Democrats and 12
Republicans voted for the bill
whereas 12 Democrats and 17
Republicans voted "no.''
The measure must go back to
the house where it was passed
to legalize only 3.2 per. cent
beer, before President Roosevelt
signs it. The bill becomes ef
fective 15 days after it has been
signed by the president.
Reduction of the alcoholic
content from 3.2 per cent to
3.05 per cent came as a partial
surrender by Democratic leaders
to the bitter last stand made by
a small group of dry senators
led by Senator William E.
Borah, of Idaho.
He accused the brewers of be
ing responsible for the 3.2 per
cent figure because, he said,
they knew beer of this strength
was intoxicating. He read tes
timony before congressional com
mittees and letters by Adolph
Busch, the brewer, to clinch this
Borah won another victory
when the senate adopted his
amendment to prevent sale of
the beverage to minors. No such
(Continued on page four).
Markets Show Nation's
Faith In New Leader
A broad and flexible plan for
farm relief—fourth major step in
President Roosevelt's program for
economic recovery—today moved
swiftly toward virtually certain
congressional approval.
Skyrocketing commodity price3
on all principal markets echoed a
nation's faith in the effectiveness
of the new president's proposals
to restore farm income to pre-war
levels by curtailing production.
United Press Staff Correspondent
President Roosevelt moved swift
ly yesterday to strike the chains*
of the depression off of American
A 264 word message, request
ing congress to act promptly on
enacting laws designed to rescuo
the farmer from his perilous posi
tion went out of the White House
to Capitol Hill. Thirty minutes
later while applause from Demo
crats still rang through the cap
itol, the involved wheels of legis
lation were grinding with th«
prospect the house may voto to
day or Saturday.
Mr. Roosevelt's message con
tained no specific recommenda
tions. Instead, those were con
tained in a 16 paee bi'l that was
handed to House Majority Leader
Bvrns and Chairman Jones of the
House agricultural committee. To
them will fall the task of steering
the legislation through the house
and on its way to the senate.
Primarily, the bill depends on
an old device — acreage reduc
tion—for its success. Any new
elements it may contain are in>
eluded in the administrative sec
tions of the proposed law rather
than in the workings of the meas
ure ifself.
Mr. Roosevelt disclaimed any
intention of offerings an infallible
solution to the grave problems of
the farmer.
"I tell you frankly." his crisp
message read, "that is a new and
untrod path, but I tell you with
equal frankness that an unprece
dented condition calls for the trial
of new means to rescue agricul
ture. If a fair administrative trial
does not produce the hoped-for
result I shall be the first to ac
knowledge it and advise you."
Action now is imperative, the
president declared, so that any
changes may effect spring crops.
1 In addition, he said, the way
would be opened for discussion
with other nations of reduction of
world crop surpluses, especially
Secretary Of Agriculture Wal
lace outlined the proposed bill
yesterdaf and revealed it em
braced several features of the do
mestic allotment farm relief plan.
The most important one is that in
return for reducing b/s acreage
the farmer shall be paid a bounty.
The bounty will be raised by im
posing taxes on processors—men
who turn raw farm crops into fin
ished food products—such as mill
ers, canneri and packers. Such a
regulation would apply to basic
farm commodities which the bill
defines as wheat, cotton, corn, to
bacco, rice, hogs, cattle, sheep and
milk products.
Wide authcrity is accorded to
the secretary of agriculture by
(Continued on page four)

xml | txt