WASHINGTON
Bank Deposit Bill.
Income Tax Revision.
Money Harmony
Brewing.
Washington, D. C.—The pro
gram which the next session of
Congress will follow, according to
those who have made the most
careful study of the probabilities,
will be mainly one of smoothing off
the rough edges and stopping up
the gaps in the President’s program
which was enacted into law last
Spring.
r .1 • 11 i
ui v.vuidt, ureiv win uc ail ca
ceedingly large volume of hot air
spilled by orators on both sides and
in both houses. Most of it will be
tor partisan political purposes or to
get even with somebody. Not
much of it will have any real ef
fect on legislation, though it may
make startling headlines.
One of the first things on the
Congressional agenda is a measure
for the regulation of stock ex
changes. Nothing very drastic is
expected, for it is recognized that
it is essential to keep an open
market for securities. But some
trade customs erf brokers are under
suspicion, and the effort will be
made to set up bars against the dis
honest and unscrupulous without
hampering honest business.
Closely allied to that will be some
minor amendments to the Securities
Act. As passed last Summer it is
so drastic in the possible penalties
for honest mistakes that mose dis
tributors of securities have refused
to take a chance under it. It is
recognized here that one of the
important things necessary for re
covery is to provide new capital for
industry. The customary way of
getting new capital is by the sale
of bonds or new issues of stock.
There is plenty of capital ready to
invest as soon as the financial skies
clear, but the present law makes it
too risky to undertake the flotation
of netv security issues. This is ex
pected to be remedied. j
■. ■! II . ,
be*made to the bank deposit insur-S
ance bill, to make it simplier and |
safer. Now that bankers have had j
a chance to study it, many useful (
suggestions have been made. It
will take effect on January 1, and
a minor bank crisis in some com
munities is expected because some
state banks have so far been unable
to qualify for membership in the
insurance agreement. The RFC
is watching, these however, and the
purpose is to let no bank close its
doors, unless it is to far gone to be
saved.
There is a proposal under con
sideration by Administration lead
ers for some form of Government
sharing in bank loans until the fin
ancial structure is on a firm final
foundation. Nothing very definite
has been worked out on this line.
It seems to be on the cards that
the R.F.C. will be given authority
to make direct mortgage loans to
individuals. The scheme of setting
up local mortgage companies to op
erate with RFC funds is not work
ing satisfactorily. In some cases
there has been evident too much
greed on the part of local middle
men, too many attempts to squeer.e
the borrower, too large a rake-off
for those who negotiate the loans.
The purpose is to have each mort
gage borrower directly responsible
to the Government, through its
agency, the Reconstruction Finance
Corporation.
There are many revisions of the
income tax law, designed to close
some of the loopholes through which
wealthy men have escaped paying
taxes. Recent investigations show
ed the need of that. There was
nothing illegal about the tax evasi
ons of the Morgan partners, Albert
Wiggin and others, bu: the idea is
to make such evasions illegal.
Plans are afoot for a municipal
bankruptcy blil, so that communi
ties which cannot meet their bond
issues, interest and principal, when
due, can get a breathing spell and
an extension of time.
There is expectation of large
appropriations for Government fin
ancing of housing, both through
building homes of the "subsistence
homestead” type in the suburbs of
industrial cities, and in slum clear
ance in large cities. Pour billion
dollars is the figure most talked
of. That is about what is spent
every year, in normal times, for
private building enterprises. It
would stimulate the lumber and
Continued on p*ge five
■UBKASYOF
at KWBA COLLSG1 - .
TR K A M "THE WATCHMAN
I M Ivl ZA 1^1 CARRIES A^MMArT
. JfcA w ' OF ALL THE NEWS”,J \
~ ■■ r' ■ ^ ^ 1........ ^
FOUNDED lm-loiST YEAR_SALISBURY, FRIDAY MORNING, DECEMBER IS, 1933. ==~ VOL l<|l NO. 20. RRIG?^ CEnA
'.
'
t
Only Per Week
Janet Snowden, 19, wealthy Amer
ican oil heiress and recent bride of
five days, now has movie-screen am
bitions and is willing to taka
• ‘ extra ’ ‘ parts at only $60 per week.
GOOD
MORNING
HOPEFUL
The sad-looking man stopped al
the lunch-counter and said: "Fiv<
ham sandwiches, please.”
"Will you eat them here or tak«
them away?”
"I hope to do both,” was the re
aly.
)iO TROUBLE AHEAD
Bnt Bu»jlir: _',UtV get out o»
Ml We’ve broken into tbe
touse of the heavy-weight champ
on.”
Second Burglar. "Don’t let that
vorry you. He never fights for
less than a million dollars.”
WHY ANOTHER CHAIR
Mrs. Knocker beamed patroniz
ingly on Mandy, the new cook,
"I’m going to get you anothei
chair for the kitchen Mandy,” sh<
said.
"But ma’m, ’Ise goin’ need nc
moh chair,” said Mandy.
"But you have company som<
evenings, don’t you?” .asked th<
mistress in some surprise.
"Yessum,” yessum, sputterec
Mandy, "but all ob ’em is gentle
I »>
muns!
JUST THOUGHT HE WAS
A famous actor sometimes show;
interest in the lesser lights about
him. One day he was conversing
with, one of his stage hands. "Anc
what, my man, is your vocation?’
queried the condescending mati
nee idol.
"I’m a Baptist,” was the reply.
"No, no, good fellow, that i:
your belief.. I want to know yout
vocation. For example, I am ar
actor.”
Said the scene shifter: "Naw
that’s your belief.”
KNEW HIS FLOWERS
"Mr. Florish,” babbled the great
Babzib, emotionally, "I been drink
in’, been in poker games t,wo day:
an’ now I gotta go home and faci
Continued on page eight
I Steel Finance Chairman
William J. Filbert, New York, will
become Chairman ot the Finance
Committee of the C 8. Steel Corp.,
en January 1, succeeding Myron C.
Taylor who continue# aa chief exeeu
tier and chairman of the Board of
Director#
Administration
Drives To Get
Foreign Trade
Reciprocal Trade Agreemnts Be
ing Sought At Present
.Time
_____
REMOVE TRADE BARRIERS
Reduction Of Tariff Walls Al
ready in Prog
ress
The administration’s campaign
to recapture world markets for ex
port products will be concentrated
for the time being on negotiating
reciprocal trade agreements with
nearby nations of the western
I hemisphere.
This has been decided upon as
the most feasible policy in view of
existing economic conditions.
However, President Roosevelt still
holds the opinion that world-wide
tariff reductions and removal of
discriminatory trade barriers aae
necessary for world economic re
covery.
As the situation was explained
authoritatively, the ultimate ob
jective would be sought through
treaties between the United States
and other individual countrei>
While special attention is to be
given to the neighbors of this ,
country, the policy will encompa:s
other nations willing to enter into
trade pacts.
Negotiation of reciprocity treat
ies for the removal of trade re
strictions and the gradual reduc
tion of tariff walls, as proposed
by Secretary Hull before the Pan
AmeriCan conference at Monte
video are already in progress.
Signing of a reciprocity treaty
with Colombia is expected imme
diately, and negotiation for simi
1 lar treaties are under way with
Brazil, the Argentine, Sweden ar.J
Portugal.
In the negotiations now going
on with Brazil, the Argentine,
Sweden and Portugal it was said
provisions covering liquor quotas
were being inserted in the body of
the agreement.
In those with Great Britain,
France, Canada, Ireland and
Greece on liquor quotas the Unit
ed States was reported to be mak
ing every effort to have those na
tions increase American quotas on
grain, apples, rice and pork pr <d
; ucts, including bacon, ham and
lard.
Judge Webb Says
/
He Lacks Power
Judge E. Yates Webb of Shel
by, co-author of the1 Webb-Ken
yon act. which protects dry states
against importation ' of liquor
from their wet neighbors, said he
believed he now has no power to
impose punishment under the
Volstead act.
Judge Webb, presiding over the
western North Carolina district
of United States court, said: "It
is my opinion that I have no pow
er to impose punishment under
the Volstead act, now that the
18 th amendment is repealed.
} ca” hardly pass judgment
under a law that is dead. I feel
therefore, that I am without pow
er to sit on cases charging viola
tion of the national prohibition
laws. While without a doubt
many of these persons committed
the crime for which ‘ they are
charged, the 21st Amendment, to
my mind, automatically removes
the machinery by which they
might be tried and punished ”
He explained that this would
mean junking all pending casks
charging federal liquor law viola
tion, but added that the change in
the law "will not affect those per
ions already serving terms. They
were duly tried and sentenced
under a law that existed at the
i. « and pm
Judge Webb said that between
row and the drafting of a general
■evenue bill by congress covering
he whisky situation^ that indict
ments for offenses committed in
■he fuure would be drawn under
the Webb-Kenyo n hw and the
aid liquor revenue law, both of
which still are in force and which
now become the prevailing means
for federal protection of dry
states from illicit liquor making
within its borders and from im
portations from wet states.
Judge Hayes' Ruling
Judge Johnson J. Hayes in fed
eral court at Greensboro , ruled
that all defendants charged with
violating the Volstead act were
beyond the court’s jurisdiction,
but District Attorney J. R. Mc
Cracy took exception and said he
would appeal.
Judge Hlayes said that since
prohibition laws were repealed
Tuesday the law is voided and
that pleas of abatement would be
accepted in any cases dealing
with liquor law violations.
McCracy immediately after the
ruling took exception and said he
would appeal to the court of ap
peals.
North Carolina Is Being
Flooded With Fake Money
; Probably never before in the fhis
1 tory of the state has there been as
much counterfeit money in circu
lation in North Carolina as there
is at the present time, according to
official, but, by request, undis
closed sources.
These official reports disclose
that there is an organized band
of counterfeiters operating in the
state, maintaining a headquarters
and wofrking out in all directions
from a central point, and indica
tions are that this band is also
engaged in rum-running on a
large scale. While it is known that
the operations are extensive in
these lines, it is also considered
possible that other related and un
lawful operations are carried on
by the band.
Washington officials have been
in the state checking up on this
new money and' report that some
of it is so nearly perfect that it
is exceedingly hard, even for ex
perts, to detect the difference.
Continued on page eight
| Bossing Liquor Traffic 1
Joieph H. Choate^ of New York,
chairman of the government ’■ Alco
hol Control Administration, ia now
one of Unole Sam’* bu*ie*t *x•en
tire*. Ha wa* appointed by Provident
i Roooerelt
National 4-H Leadership Champions for 1933
L ^.. : ■ — I
Doris Ester Clark, J8. of Goodman, Wis., and Hugo Graumann, 20, of
Granite, Okla., are the national 1933 4-H girl and boy leadership ehampions :
and winners of the H A Moses trophies. Doris completed 15 projects us
live years and Hugo completed 48 projects in eight years enrollment.
I __ •
Editor Gets Drunk,
Lands In Jail, Then
Print* Story
tor "who won’t put his Own mis
fortune in print has no right to
publish another’s,” said Scott M.
Thom*, co-editor of the Richmond
County Journa'., who wrote and
printed the story of his own arrest
for drunkenness.
In the edition of the Journal on
the front pag>, appeared a “double
column headl:ne reading: "Rich
mond Journal editor goes wet;
lands in jail.”
The story read:
"Scott M. Thomas, dry-co-edi
tor of the Richmand County Jour
nal mixed South Carolina corn 1U
quor and Pennsylvania beer, drank
to much of both and landed in jail
here a few minutes afterwards.
"He rem-ained incarcerated two
hours, being bailed out by a friend.
In mayor’s court, he was taxed with
the costs, $5.85. He was charged
with being drunk, but from gen
eral reports, he could1 have been
charged also with being disorder
!y.”
Thomas recounted that a little
boy in the Pee Dee mill village ask
ed him: "Scott, are you going to
put this in the paper?”
Thomas answered by saying in
his story: "An editor who won’t
put his own misfortune in print has
no right to publish another’s.”
The Texas farmer who visited the
World’s fair and was given another
farm, will likely conclude that life
is just one d— thing after another.
Report Of Cotton
Ginned In County
According to Special Agent E.
B. Marsh, there were 11,679 bales
of cotton ginned' in the county
from the crop of 1933 prior to
December 1st, 1933 as compared
with 8,931 bales ginned to Decem
ber 1st, 1932.___
court battle when the Tennessee
Supreme court held that the two
should be turned over to North
Carolina to serve terms imposed at
Asheville for aiding in the wrecit
ing of the Central Bank. They ap
pealed to the U. S. Supreme court.
DIES IN AUTO CRASHES.
Paul McMurray, Asheville avia- <
tor is held on a murder charge at i
Hickory due to death ~ of Monroe i
Street, of Valdese, in an automobile ■
collision. James McIntyre, of ;
Stanly county, was killed and two
hurt in a collision near Concord. 1
Mrs. R. L. Dixon, of Guilford Col- ^
lege, was fattally hurt near Belhaven
when the car in which she was rid
ing collided with a parked truck.
RAILROADS GET BIG LOAN
Four railroads were gjranted a
loan of $36,307,500 by the public *
works administration for the pur- *
chase of new equipment and the c
speeding of recovery. )
_____ i
oversubscribe HUGE LOAN 1
The treasury’s offering of $950,
000,000 in 2 1-4 per cent notes,
opened last week, was at once over
subscribed with requests made in
amount of around $3,000,000,000. j
REVOLT IN SPAIN
A known death toll of 54 has
resulted in violence at various
places in Spain, the revolt opening
in the northeast provinces. Six
were killed in the intentional de
railing of a fast express. Madrid,
the capital, was rocked by eight
bomb explosions.
HUGE CASH SUMS TO FARMS
Under agricultural adjustment
act cash payments of $115,032,938
have been sent to farmers in return
for acreage reduction agreements.
(Please turn to back p*ge)
4 t
Do You Know The Answer?
Answers on Page Four__
1. Who was the best known
American negro educator?
'*2. In which state is the town
of Bucksport? '
3. What was the original name
of Tasmania? '
4. What, name was given By
white sailors to natives of the Haw
aiian Islands? -
5. Name the first chief justice
of the' Ul S. Supreme court.
6. What does the title Budha <
mean? , !
7. What is the pen name of '
Willard Huntington Wright?
8. Who ■wrote the novel "Van
ity Fair?’’ • ;
9. Which President of, the U.
S. was nicknamed "Old Hickory?”
10. In what country are kang
aroos native?.; •<, • ,
* ■■ '
F. D. R. In Favor
of Appropriations
Passage Onljjr ji
Leaders Believe Three Months Ses
sion of Congress All That j
Is Necessary | *
NRA PROGRESS CITED \
_ •
Opposition to Administration May
Raise Objections to Issues *1 I
As Outlined i
* * •
The Roosevelt administration
vould like to have congress pass
he necessary appropriation hitU
md go home in April. A three
nonth session is al| that the lead
rs think will be necessary.
What the opponents of the ad
ninistration may say about it is
omething else again. But the ob-6
ective of the Democrats will be to
:omplete their work in the short
est possible time.
The argument being advanced
>y such men as Speaker Rainey is
hat congress has granted' all the
>ower and authority which the
:cutive needs. He isn’t
none. As for
penment should proceed further.
In other words, the Roosevelt
administration would be much
obliged to congress if it passed the
appropriation bills and let the ex
ecutive establishment, and all the
igencies newly created, work our
:heir own salvation. Dictatorships,
ts a rule to be effective abolish1
heir parliamentary bodies. Suck
i thing not being in conformity
rich American habit and tradition,
he natural suggestion is that the
essions of congress be limited to
s short a period as possible.
Eastman Asks For *
Public Reaction
To Train Service
Through a questionnaire now be
lg distributed by the Carolina Mo
or club to its members the federal
oordinatOr of transportation, J. B.
Eastman is asking for the views o£
idividual travelers with regard to
he travel facilities now offemed.
he public, particularly by the rail- ^
oads.
The questianfljaire is' primarily
lesigned to secure "the opinion erf
ravelers as to whether faster trains,
Jwer rates, including rates for
amilies, better coach accommoda
ions and other drastic changes by
he railroads would entrench them
nore strongly as a medium for
lassenger travel. At the same
ime information is sought with
eference to the travel habits of
ndividuals at vacation time and on
lusiness trips.
In answering the inquiry of tbe
ederal government in detail,
notorists will not only help tbe
;overnment in its effort to secure
x>pular sentiment with regard to
ail problems, but will also assist in
aying .the foundation for co-orib
lation of transportation facilities
>n the basis of present day needs.
3ANDITS GET $15,204,
RECHECK BANK CASH
Bay City, Mich.—Four calm and
leliberate bandits held up the West
fide branch of the National Bank
>f Bay City and emptied it of its
last cent of cash. They took
flS,204.92, counted it carefully
laid they expected more a A
:hen re-checked the vault and
:ash -drawers to make sure they
»d missed nothing. They escaped
westward toward Midland with
itate police cars in pursuit.