Newspaper Page Text
Showers and .thunderstorm! Sat. ttr<Uy ni*ht *n<i Sund*r; colder Sunday night. GOOD AFTERNOON Greece hid three dictators in 24 hours the other d*y. Dictated but not red. 'OL 52—No. 66 HENDERSONVILLE, N. C., SATURDAY, MARCH 18, 1933 SINGLE COPIES, FIVE CENTS PERU BOLTS LEAGUE OF NATIONS COUNCIL * * * * * * .* , # * * *** * * * # * * * *** Congress Will Remain In Session Until May 1 - & — :^> 0 DEAL' TO IEQUIRE MORE LEGISLATION (josevelt Outlining Broad ^ram Touching Rails, Other Problems IE BE OFFERED IN CONGRESS SOON * FREDERICK A. STORM ,*•<1 Pret» Staff Correspondent VU<HIN'GTO\, Mar. 18 (VV) .Je'.ermined to clear the decks , i rrosfir.i? matters necessary •j speedy economic recovery, fcsden: Roosevelt last night Ki preparations to toss an ce- comprehensive program in f:io congressional hopper. V. Roosevelt assured by lead n of '.he senate and house that let mc'.nbers would forego a re cess in order to give him action, •ill >abmit recommendations on a vtritty of subjects pertinent to his pledge of a "new deal." They will include the follow iag: 1 —An appeal for legislation Sir rehabilitation of the nation's U system. i—Safeguards against specu kt»n Ij-Temporary -evision of cer-l ■■phases of the banking laws. | f t-memployment relief. I --General legislation involv-j |2 " s complete program. L,waf, expected by close l j congress would be) Monday to give considera ■ to the unemployment prob-! * for which a definite plan ■ been drawn up. At that I *'he president would, it was j send uu a message out-I ln* ileta:ls of a project to :»e administration to put f 200.000 men to work Coat delay. f^:his connection it was leain * "at Mr Roosevelt had aban •td the idea of financing the «®pjoyment relief sch e m e "High a half billion dollar bondl The exact financing plan) * sot known but some advisers! £ convinced that enough money j * teen found in unexpended' *»ury balances and in Recon-| action Finance Corporation! *j*rs to provide a start. Jfic railroad program is ex K«d to follow closely along ■ lines of the one Mr. Roose « enunciated in his Salt Lake speech during the cam *»"• In that address he urg ■ae consolidation of lines, and f»:er regulatory powers over and trucks engaged in -piate commerce. Lfrfoft* H. Prince, Boston Finalist, has been working r '-".e railroad problem which T discussed several times last few days with the | 'a! as the banking situa-' J-i concerned, it was point-' j. •• that Mr. Roosevelt felt "WP legislation was all' ; c- d be hoped for in this I * session of congress. It f a,ned that time did not '"e drafting of measures, i '*Va complete overhauling1 Wn financial structure be ^ low and May 1 when con I' »C exPecte^ to adjourn. L - -fte intervening months be i COnvpning of congress! *ular session it was the fc-v U sources close to the ^< n-» C- that a complete' * *Ji^eV'Mon ProKram could y <>ed out. ^•anwhile the president pre .. , a""y out the authority v • ' under the terms of f. "'-oniy bill that will per 5 ' slash $500,000,000 t- -nment expenditures! . ;u '-° the federal budget, i rstood he already has! k " p ; budget Director Doujf-j It ParinS.. first of all,' i^. cran and civil service i 6 explained that Mr. v.-",,' has accepted cheer ■< • additional burden of ^•ton fa"s t0 through • RS',° *eeD »n ses „n * ail emergency legisla j, *5 passed. ^ n alded, that the confer *•'»k 1 three days be •*" on»i i PIesjdent and con h dPterJ- brou*ht about ** of a atf?r t® the :aail « months recess as ori UI>0" when the L,iaj.,.. rd them into extraor j.* session. * i*rfir?iders ,^'ere represented ,r°vided iv wlll,n* to go along V them0 projrram was rush" day *VIr' Roosevelt nued on page four) Moscow Issues New Warning It Is Ready For War MOSCOW. March 18.—(UP) — The Soviet government served no tice on "imperialistic powers" that it i>* prepared to repulse any mili tary attack and is convinced it would win if forced into war. The warning was believed to be direct ed at Japan. PUBLIC ILL FOOT Bill OF FARM RELIEF Is Expected To Pass On Expense Of $800,000, 000 To The Consumer WASHINGTON, Mar. 18 (UP) —Representative Henry T. Rai ney predicted speedy settlement of differences between the house and senate on the beer and wino' legalization bill probably, Mon-| day or Tuesday WASHINGTON, Mar. 18 (UP) j —A loud chorus of support and j enthusiasm for the Roosevelt! farm relief bill ascended from J capitol hill esterday. The agriculture committee of both the senate and house be gan hearings on the measure. A house vote appears likely early next week. j Secretary of agriculture Wal lace appeared before the ae^te; committee to "expWffn the bill.! Although it was a secret session, i committee members said he told1 them the bill probably would j cost American consumers $800, 000,000 a year in the form of increased commodity prices. If any determined opposition develops on the measure the increased commodity price fea ture wil be the first point of attack Like virtually every other farm plan ever proposed, this ono depends on acreage re duction. To persuade the farm er to cut down production the administration proposes to pay him a bounty. Wallace, in whose hands will rest the ultimate decisions re garding the administrative fea tures of the bill, has written in to the measure a feature of the domestic allotment plan. Money for the bounties which will be paid to farmers will be rased by taxing men who turn raw crops into finished food prod ucts—millers, canners and pack ers, they, in turn, will increase food prices. But the prospect of a soaring cost of living did not dampen the enthusiasm of members of congress. In the senate all fac tions rallied to its support— Republicans, Democrats and Progressives from both parties. They approved President Roose velt s frankness in saying the bill was an untried experiment which would be revoked if it proved impracticable. 4,I will support it," said Sen ator Nye, Repn., N. D., "as it offers the only thing now in prospect for relief. The fact that we are getting action is a mighty refreshing thing.'' Senator Norris, Repn., Neb., said: "No doubt it is a very honest, conscientious attempt to solve the farm problem To some extent it is an experiment. Personally. I believe we have reached the point where we must pass somthing of this kind." "It's a pretty damn good bill," said Senator Huey Long, Dem., La., who has not seen eye-to eye with the administration on every measure this session. "It looks better than I thought." At the morning session the senate committee decided the bill was a revenue raising mea sure. For that reason it will have to originate in the house and then go to the senate for action. Chairman Smith of the senate agriculture committee said there would be no hearings after the measure passed the house. ^ "The principles of this bill, he declared, "were so thoroughly thrashed out at the last session of congress that there is no need for hearings." One of the important features of the bill as it now stands is inclusion of the Smith cotton option plan. Under that provi sion the federal government would buy up surplus cotton now, invoke acreage reduction and pay the cotton planter af ter he gathered his crop and presented satisfactory evidence iof having reduced production. 3 Banks Being Liquidated At,1 Loss, Is Report Fifth Roosevelt Gets Navy Post Henry Latrobe Roosevelt, above, cousin of the president, is the new assistant secretary of the navy. He is the fifth member of the | Roosevelt family to hold that post. He is a former marine corps of ficer. i Weather Data For Week Compiled High Temperature Of 77 Degrees Reached Tues day A high point of 77 degrees of t?mperature was recorded for the .nonth here on Tuesday of this I week, while the mean temperature for the month is practically three degTees under the normal mean for March, according to weather data compiled by T. W. Valentine, local weather observer, last night. Rainfall has been near normal so far this month, the figures show. Weather data compiled for the month so far, is as follows: Date Max. Min. Mean Prec'n. 11 53 21 37 12 68 32 50 13 63 41 52 14 77 58 67 0.76 15 66 49 57 0.05 16 57 30 44 17 72 31 51 Summary for Monlh to Date Maximum 77 Mean maximum 57.2 Mean 44.7 Minimum 17 Mean minimum 32.2 Mean daily range 41 Precipitation 2.63 Normal mean temp, for Mar. 47.5 Normal prec'n. for March __ 5.62 Hood Shows Condition Of Siate Institutions On Dec. 31, 1932 CREDITORS SUFFER IN SALE OF ASSETS The First Hank & Trust com pany, and the American Bank & Trust company of Henderson jville and the Hank of Fletcher are being liquidated at losses to creditors ranging up to SI,000 a month, according to an inter pretation of figures contained in a report of Gurney P. Hood, •state commissioner of banks and statutory receiver of the three institutions, which has been made to Judge P. A. McElroy in superior court and approved by the court. Operating losses of the three defunct institutions under the receivership are list ed as follows: First Hank & Trust Co., (Dec. 31, 1931 to Dec. 31, 1932)—$13,041.82 American Bank & Trust Co., (Dec. 31, 1931 to Dec. 31. 1932)—$530.09. Bank of Fletchcr (April 25, 1932 to Dec. 31, 1932) —$738.50. Creditors of the banks who have studied the report pointed out that for the periods cover ed. the income of the receiver, such as rents, interest on bal ances and the like, lacked $14, 316.41 of meeting liquidating expenses such as salaries, travel ing expenses, etc. A statement by Mr. Hood Is to the effect that expenditures were necessary and reasanable, in the liquidation of the trust, and that the expense was made for the best interest of the cred itors. "The losses shown were real ized in the sale of assets or in compromising or compounding bad or doubtful assets, which action was for the best interest of Ihc creditors," the report of Com missioner Hood states The report of the First Bank shows resources of $1,074,244.52 as of December 31, 1931, and resources of $1,450,153.01 as of December 31, 1932. Increases in resources of $32,207.54 and decreases of $250,299.05 are shown by the report. The in crease is shown in a $10,114.69 increase in real estate, and the decrease is shown in a reduc tion in cash and due from banks, cash items and overdarfts, stocks and bonds, loans and discounts, furniture and fixtures, and stock assessments due. A reduction of $218,091.51 in liabilities is shown, the figures being $1,674,244.52 as of De cember 31, 1931 and $1,456, 153.01 as of December 31, 1932. The report lists expenses as $20,075.32 and income as $7, 033.50, and shows an operating loss of $13,041 82. The report (Continued on page four) BANK REFORM MAY BE BASED ON GLASS BE Roosevelt To Move Step By Step In Plugging r Up Gaps PROMPT ACTION IS , , AIM OF PRESIDENT By RAYMOND CLAPPER j Copyright, 1933, by United Press j WASHINGTON. Mar. 18. (UP) Prompt action to prevent a re currence of the recent banking crisis and to stop speculative abuses is to be sought at the pres ent session of congress by Presi dent Roosevelt. He has made known that he will tion before congress re cuses. Exact recommendations ap parently have not been decided upon. Without waiting for a perfect, all-inclusive ideal plan. President Roosevelt is prepared to move s'vep bv step, plugging up gaps now and continuing later the fur ther task of general permanent legislation. Senator Bulkley. Democrat, of j after conferring with the President, gave as his own guess that the Glass banking bill would be the basis of reforms about to be sought. One of the main features of this bill is the provision to extend branch banking. It is thought by many here that?-,this issue will be one of the first to come up. An o*ker important provision would rr*uire commercial banks to drop their bond and stock selling affili ates. The branch banking fight will provoke another historic clash be tween Wall street and Main street. The issue is the small, neigh borhood, independent corner bank as against the giant city bank reaching out through its branches into smaller communities. Wall Street—and most federal authorities and many students of banking and economics as well— wants all banks brought into the federal reserve system, with bank ing highly centralized in a small number of giant banks onerating through branches. Main street—and many of its senators and congressmen—re sentful of the implied reflection on the capabilities of its own neighborhood banks .retorts that big city banks have caused most of the trouble by fancy financing. Essentials of the controversy are outlined herewith in the words of two sypical spokesmen of the opposing sides. Thomas W. Lamont, partner of J. P. Morgan, stated the case for strong central banking before the Academy of Political Science re cently. "In banking, our country has 49 different sovereigns. A con stant state of competition exists between the comptroller of th3 currency at Washington and the j 48 banking superintendents of our j 48 states. Eiich one of these 49 officials is desirous of having as (Continued on pago four) As Senate Committee Added Wine to Beer Bill Wine and fruit juices became companions of beer in the 3.2 per cent beer bill as it went before the senate with the stamp of approval of the senate finance committee, shown here listening to the testi I mony of Dr. James M. Doran (standing), Commissioner of Industrial Alcohol. Members of the com | mittee are, seated left to right. Senators Pat Harrison, of Mississippi, chairman; Walter George of I Georgia, and David I. Walsh of Massachusetts, Happy Days—F. D. R. mWmM Murray David Schwimmer of Washington kept his mother away from the inaugural parade by being bom a few days before. President Roosevelt heard about it, took time away from banks ,beer and econ omy to pen his mother a little note and to send young Murray a handkerchief on which is embroidered "Happy Days—Franklin D. Roosevelt." Here is the happy Schwimmers and their prized memento. 100 Benches Will j Serve Tourists In City This Year Mayor Edwards Warns Of Prosecution If They Are Defaced One hundred sidewalk benches, including 50 made by high school boys in course of their work under L. K Singley, will be in use in Hendersonville this sumcr. Mayor A. V. Edwards said today in commenting on the work of reconditioning old benches that were in service last year. Mayor Edwards said the town could have had several more benches for the convenience of visitors and home folk if a spi rit of destruction had not been ehibited by some persons using the benches. In repairing the benches at the city barns it was neces sary to discard parts of several benches because the seats had been cut deep with knives and otherwise damaged. "Anyone caught deliberately damaging sidewalk bcnchc should be vigorously dealt with," Mayor Edwards said, "and if citizens who recognize the value of the benches to the town will report the name of anyone guilty of such infractions against decent conduct to me I will see what can be done about it." COTTON TAKES SPURT THEN EASES OFF NEW YORK, March 18. (UP). The cotton market spurted 50c per bale at the opening today but eased off to net losses of three to four points and then steadied around the previous close. DANIELS TAKES OATH RALEIGH, March 18.—(UP). Josephus Daniels, World war sec retary of the navy took the oath of office as United States ambas sador to Mexico today before North Carolina supreme court here. Judge Frank Daniels, his brother and a superior court judge ggve the oath. CHINESE STAGE COUNTER BLOW Japs Estimate 3,000 Of Enemy Killed In Jehol Campaign HSIFFNGKOW, March 18.— (UP).—Japanese positions were strafed by fire of Chinese troops late today, opening a vigorous at tack between Huerling and Fan chiakow. Fierce fighting was re ported as Major General Hattoris' infantry counter attacked. Official announcement today from Japanese headquarters esti mated 3,000 Chinese were killed and 6,000 injured in the Japanese campaign conquering Jehol. 2 TRANSYLVANIA RELIEF BILLS ARE NOW IN COMMITTEE KALEIGH, March 18.—A bill to extend the time of foreclosures under judgments heretofore ob tained for past due taxes for the years of 1926 and 1927 and for subsequent years until 1935 and extending time for the sale of past 1 due taxes for the years 1928 to 1930, inclusive, until July 1, 1930 1 and another bill which provides that the commissioners shall not be required to advertise and sell I taxes on any lot, considered by the commissioners not to be worth the amount of costs of advertising has been introduced by Represen tative Galloway of Transylvania county. Both bills would be effec tive only for Transylvania county and are now before the house com mittee on finance. Plant City Man Slays 3, Self j UPPER DARBY, Pa., Mar. 18. (UP)—Gilbert Friend, 35, Plant City, Fla., shot and killed his three small children today and committed suicide on his wife's grave. Mrs. Friend died several months ago. Friend had grieved over her loss. COLOMBIANS ARE ASSIGNED BORDER AREA Alienation Of Mussolini And Hitler Needed To Quiet Europeans MOMENTOUS"PAR L E Y OF PREMIERS BEGUN GENEVA. March 18.—(UP) — Following the precedent set by Japan, the Peruvian delegate walked out of the meeting of tho League of Nations council today when a decision in the Leticia dis pute was against his country. Tho council adopted a report assign ing the disputed border territory of Leticia to Colombia. JAPANESE WITHDRAWAL IS AGAIN APPROVED TOKIO, March 18—(UP).— A special committee of the privy council unanimously voted today to approve Japan's withdrawal from the league. MUSSOLINI MEETS M'DONALD AT OSTIA ROME, March 18.—(UP).— Prime Minister MacDonald of England arrived at Ostia by air plane at 1:25 p. m. today to begin a momentous series of disarma ment conferences with Premier Benito Mussolini. He was met by Premier Mussolini on his arrival. PARIS, March 18.—(UP).— Premier Edouard Daladier re turned from Geneva last nigh^, where he has been attending tho sessions of the general commis sion on the world arms confer ence. Premier Daladier, in an exclu sive interview with the United Press correspondent on the train to Paris from Geneva, expressed sympathy with tho British arm.i Readjustment scheme outlined by J Premier J. Ramsay MacDonald. | He was hopeful of the outcomo of the efforts being made to achieve arms reductions among the powers, he said, but insisted firmly that "necessary changes" must occur in international rela tions regarding the Central Eu ropean nations before Franco could consider the concessions re quired for general acceptance of the British plan. He declared that France must have assurances of certain guar antees of peace and international order which Germany, he said, must make. Daladier indicated that Premier MacDonald of Britain was on his way to Rome to convince Premier Benito Mussolini, of Italy, that in the interest of world peace Italy must detach herself from the influence of Chancellor Adolf Hitler, in Germany, and collabo rate politically with Western Eu rope. He indicated that MacDonald hopes to return to Paris on Tues day for a new conference with Daladier. The premier said he had called a "most important" meet ing of the cabinet for Monday. FRANCE IS STILL WITHOUT GUARANTEES By STEWART BROWN United Press Staff Correspondent GENEVA, March 18.—(UP) — Premier J. Ramsay MacDonald of Great Britain, and Sir John Si mon, British foreign secretary, departed for Italy by train last night for week-end conferences with Premier Benito Mussolini. They departed on the 10:25 p. m. express for Genoa. MacDonald, it was presumed, intends to take up critical prob lems relating to disarmament and (Continued on page four) imp a ipot; j ! 1 " ' Who WROTEIHSSOHG?; For eorreet uiweri to tlafi question*, please turn to pmge 5.