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The times-news. [volume] (Hendersonville, N.C.) 1927-current, March 18, 1933, Image 1

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WEATHER
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.

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