Newspapers / The Times-News (Hendersonville, N.C.) / May 12, 1933, edition 1 / Page 1
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WEATHER Local thundershowers tonight and Saturday; little change in temperature. VOL. 52—No. 113 GOOD AFTERNOON | Eren today, Germany ia cer- ' tainly the easiest country in the world in which to make your mark. SINGLE COPIES, FIVE CENTS ROOSEVELl SIGNS % > * * * * * * * * * * * * * Business Expansion FARM RELIEF ACT ¥ * * * * * * * * * * * * * * Passes Seasonal Limit IMPROVEMENT! IN COMMODITY! PRICES GROWS Wealth Is Added to the Farming Section by Rising Prices OTHER INDICATIONS OF UPTREND SHOWN NEW YORK, May 12.— (UP). The vigor of the current upswing in business is becoming more pro nounced. even though the current period of normal seasonal expan sion has now oassed. the weekly review of Dunn «fc Bradstrect, Inc.. said today. By MAX BUCKINGHAM United Pres* Financial Writer (Copyright. 1933. United Pres») NEW YORK. Mav 12.—(UP). Millions of dollars, both real and potential, went to the general public yesterday as securities and commodity markets switnsr for ward and business conditions con tinued to improve. New salary increases were re ported—one as much as 75 per , cent. I Production schedules in fac-1 tories were stepped up. Some in-1 dustries reported *hey were work-1 ine on a basis not equalled since; 1929. One reported shipments the greatest in the company's history. Dividends, reeular and at least ' one extra, were declared. As a result of these improved i business conditions, markets gave . smashinsr demonstrations. The i New York stock market under- i went a 6,000,000 share day, with prices rising 1 to G points. Ag- \ gregate market value of to lead ing stocks was $8,698,120,244. ar. ' increase of $196,738,919 over the | preceding day anil an increase of • $1,934,654,490 over the value on 1 March 3—the day prior to the j banking holiday. That was for 10 issues only. There were 874 different stocks traded in with 363 of them mak ing new highs for the year. Uni ted States Steel sold above $50 a share for the first time in more than a year. On the Chicago Board of Trade buying ami selliner reached a pace ; which reminded some of the great i war-time trading days. Prices on j wheat futures approached the 80 cents per bushel mark with gains of 2^ to 27i< cents a bushel. Cash wheat in Chicago advanced to a nominal quotation of 81% cents per bushel, a pain of 4% cents. To the farmer this moans much for on the grain supply held over from last year's crop the gain probably will mean between $6, 000.000 and $10,000,000. Cotton traders in New York said trading was at a pace remini scent of the 192.1-24 cotton bull market. Prices advanced as much as $1.70 no** bale. In addition there were many other 'avorable factors. The Fire stone Tire and Rubber company has stepped up operations to ca pacity, 50 per cent preater than a year ago. Crosley Manufactur ing comoany at Cincinnati report-' ed its electrical refrigeration de partment was beine stepped un to , 700 units from 500 units. Mis souri reported 12.000 men would he employed in the sAate on road construction this summer. The Fedreal Reserve system in Wash-' ington reported department stores i were showing less than the sea-1 sonal declines. Walworth com-! pany. manufacturers of supplies' for steam, oil and water machin-1 ery. increased prices 10 per cent, j CHICAGO TEACHERS TO GET MILLIONS ON BACK SALARIES CHICAGO, May 12.—(UP).— ; Mayor Edward Kelly announced last night after a conference j with bankers, that the City of Chicago immediately will pay its school teachers part of the back salaries for the last year. Kelly said that $3,346,577 would, be paid the teachers today and that approximately $12,500,000 more will be paid within the next few days. Total back salaries due the teachers amounted to about $30, 000,000. FIDDLERS^ CONTEST AT EAST FLAT ROCK An old-time fiddlers' conven- j tion has been arranged with prizes for tonight at the East Flat Rock • high school building, in benefit of the fund to equip the fire depart-.,' ment. Eight bands will j take part in the program, 1 MELLON ACTS PROBED Aumission was made last night by Attor-ney General Cummings that the department of justice is investigating charges that Andrew Mel lon. above, one of the world's financial kings, had manipulated his trtmendous wealth in such a way as to evade part of his income tax. MITCHELL SUIT! CALLED IN N. Y Middle Class Jury Will Sit j in Judgment in fax Case NEW YORK. May 12.—(UP). I A jury of middle-class business j men, merchants and clerks, will decide whether Charles E. Mitch ell, multi-millionaire was within his legal rights when he escaped payment of $858,119.68 in income taxes by making what the govern ment calls gigantic "fictitious'' stock sales to friencs and rela tives. The jury was chosen after a dav of monotonousjjuestioning of talesmen by United States Attor ney George Z. Medalie and Mag D. Sfeuer, chief of defense coun sel, for the accused former presi dent of the National City bank. A panel of 100 had been near ly exhausted before the opposing forces of Judge Henry W. God dard, before whom the case is be ing tried, were satisfied that they had a jury which was neither prejudiced against bankers nor against income tax collectors. One sensation developed during this tedious questioning. Perhaps inadvertently, Medalie revealed that the hitherto unnamed man to whom Mitchell is accused of making a "wash'* sale of stock in order to show a loss of $759,000 in 1930 is W. D. Thornton, presi dent of the Green Cananea Cop per corporation, a close friend of Mitchell. It had previously been charged that in 1929, Mitchell sold to his wife, "by an exchange of letters." 18,300 shares of National City bank stock, in order to wipe out his alleered income of approxi mately $3,500,000. NEW YORK. May 12.—(UP). Charles E. Mitchell, the clerk who rose to become head of one of the world's largest financial organiza tions, was scheduled to go on trial today on charges of income tax evasion in 1929 and 1930. The indictment of the former chairman cf the National City Bank and National City company grew out of his testimony before a senate bankine and currency sub-committee that in 1929 he had sold 18.000 shares of Nation al City Bank stock to a member of his family, the resulting loss of approximately $2,800,000 en abling him to avoid paying a fed eral income tax. FORCED TO RESIGN His admission drew such criti cism that he resigned as head of the bank and its affiliates. Attor ney General Homer S. Cummings ordered immediate prosecution and on March 21 Mitchell was ar rested on an affidavit and com plaint by Thomas E. Dewey, chief assistant United States attorney for the southern district of New York, charging attempted evasion (Continued on page three) Centennial of Oxford Movement Held at Tryon TRYON, May ] 2.—Marking the observance of the hundredth an niversary cf- the Oxfoni move ment, a diocesan-wide celebration was held here Thursday, openin.tr with luncheon and continuing through the afternoon and eve ning. The church of the Holy Cross of which the Rev. C. P. Burnett, is rector, was host to the affair. Around 35 visiting clergy anil laymen were present for the luncheon and many local people enjoyed the programs which fol lowed. The Rev. C. P. Oilman of Gas tonia, offered a paper on the re lation of the Oxford movement to the worship of the church. Rev. H. Cary-Klwees of Saluda, dis cussed the relation of the Oxford movement to church unity. Tht Oxford movement in its relation to the missionary life of the church was discussed by the Rev Albert P. Mack of Rutherfordton, J. Foster Searles, well-knowr layman in the diocese, offered a historical sketch of the move ment. At night, Bishop Frank Halt i Touret preached on the theme The Valley of Dry Bon'es. In this he pictured the awakening within the church as a result of the Oxford movement. Rev. James P. Burke, rector of St. James church, Hendersonville, and chairman of the department of religious education in the dio cese under the auspices of which the observance was held, pre sided. Fletcher B.Y.P.U. Courses to End FLETCHER, May 12.—The B I Y. P. U. study course which has l been in session here this week, j with David T. Mashburn, Mis? ! I/.orah Reese, and Miss Ruth Brown, of the First Baptist ' church. Hendersonville, teaching, will come to a close tomorrow J night. Examinations will be held at 8 o'clock for the Juniors, In termediates and Seniors. Immediately following the ex aminations a special service will be held for the young people who have been taking the course and for all community Deople, the peo ple of the community being urged i to attend. Mr. Mashburn will i speak at this service. Around 50 young people have | been attending these courses this . week. The Seniors studied "In ■ vestments in Christian Liviner," the Intermediates studied "The Meaning of Church Membership." and the Juniors studied "Bible 1 Heroes." Men Kc Was Told Stole the Lindbergh Infant Killed April 12 ONF. DENIAL MADE AS TO HIS STORY WASHINGTON. May 12. (UP) Gas'on B. Means testified today that during his connection with the Lindbergh kidnaping case he was informed the child was killed when dropped accidentally by the kidnapers while moving it from i the original place of concealnu nt. Means said he was told two whis key runners, Max Uassel and Max Greenberg stole the baby March i 1st. NEW YORK, May 12.—(UP). Max Hassel and Max Greenberg, ] presumably the men mentioned by j Gaston Means wero beer racke teers and were shot to death at I i Elizabeth Carteret hotel, Eliza-1 | beth, N. J., April 12. By HARRY FLRGUSON United Press Staff Correspondent ! WASHINGTON, May 12. (UP) j Gaston B. Means, enjoying a brief | vacation from Atlanta peniten tiary, lolled in the witness chair in district supreme court yester day and told a tale of the Lind bergh kidnaping that was as as tounding as his own story-book career. From the fast-flowing narrative that fascinated a courtroom thick with spectators, two statements of Means glared out. They were: That he knew the two men who kidnaped the Lindbergh baby and left it dead on the wooded slope:? of New Jersey's Sourland moun tain. That the men had intended to j kidnap Lindbergh and hold him for $500,000 ransom. Means went to the stand in his own defense, seeking to disprove the charge that he conspired with Norman T. Whitaker to defraud Mrs. Evalyn Walsh McLean of $35,000 on the promise that they could recover the Lindbergh baby. Means now is serving a 15-year term in Atlanta for swindling Mis. McLean of $104,000 under a similar promise. Federal officials who worked on the Lindbergh case listened to the testimony and lifted their eye brows skeptically as Means said an attempt, had been made on I March 8, 1932, to deliver the | baby to Col. Robert Guirgenheim. an intimate friend of Lindbergh ' who lives here. Guggenheim re I fused to accept the baby. Means I said. Colonel Guggenheim last nigra vehemently denied Mean's stovv. "It is absolutely > not true," said the colonel. "I had an ap pointment with Moans and lie did not show up. I heard a slight noise outside the house. I opened the door and sitting on the step in front of the house was a man with a baby in his arms. "Just as I opened the door n taxicab drew up. a woman got out and called 'comp on.' The man took the baby into the cab and went off." With his bald head shining un der the lights and his heavy fig ure filling the same chair from which Lindbergh himself testified two days ago, Means c asually tossed off the names of the great and near-great—former President Harding, Andrew W. Mellon and Charles Gates Dawes. The testi mony rambled up and down the years since the World war. Mellon, Mi ans said, tried in vain to sell $1,000,000 worth of whisky to American soldiers in France. The intimation was that Means helped defeat the plan, and subsequently Mellon was influen tial in sending him to Atlanta penitentiary in 1925. This is Means' second term in Atlanta. Then, wrinkling his nose and smiling at the jury. Means named the kidnapers of the Lindbergh baby as "Irving Fenton" and "Wellington Henderson." It all went back. Means said, to a smoke-filled speakeasy at 227 West Broadway, New York— "Larry Jones' place." He said he met Fenton there. "We're going to pull a napping (kidnap) case," Means quoted Fenton as saying. "It's going to be a big thing with a lot of pub licity." Means declined to participate, he said, being interested only in finding Henderson, whom he had known sin^e 1028 as a radical leader in Detroit. But Fenton in sisted, Means said, and told "me the case might be worth ten, fif-i (Continued on page 3.) Means'' Accuser In Ransom Trial Mr?. Evalyn Walsh McLean, Washington, 1). C., publisher, who way defrauded of $104,0U0 in the Lindbergh baby ransom swindle, is shown here as she left court in the capital after baring new de tails of the plot at the trial of Gaston 13. Means and Norman T. Whitaker, charged with conspir ing- to obtain an additional $35, 000. STAGE MUSIC WEEK CONCERT Thursday Night Event at Baptist Church Delights Audience An appreciative audience last night attended the concert at the First Baptist church, under the auspices of the local committee for the observance of music week, of which Mrs. J. F. Brooks is chairman. Artists heard included Albert Hewitt, Jr., tenor, and Mrs. W. T. C. Rates, pianist, both of Hendor sonville, and Vernon Tanner, viol inist and Beverly Barksdale, basso, of Greenville. Renditions of all the artists were thoroughly enjoyed and en thusiastically received by the au dience. Mr. Hewitt, heard many times here, again charmed his audience, and Mr. Barksdale was .very favorably received. He is a | young man of charming personal ity, possessor of a beautiful voice and friends here predict a great future for him. Mr. Tanner has been heard here a number of times, and never fails to delight local people with his splendid violin teehnii|ue. The concluding number of the program was the concerto in A minor, by Schumann, played by Mrs. Bates as a solo with Miss Mary Brooks at the organ. Just prior to this number Mrs. Brooks explained to the audience the composition of concertos, which greatly added to the enjoyment of the rendition. Mrs. Bates and Miss Brooks re ceived much applauhe and praise for their rendition of this num ber. Miss Rrooks served as accom panist for all the artists. WOULD END PERSECUTION WASHINGTON, May 12. (UP). Representative Black, Democrat, New York, yesterday introduced in the house a resolution to en force economic and diplomatic pressure against Spain. Mexico and Germany until "religious persecution'' is ended, Britain and France Are j United in Determination to Hold Germany to the | Versailles Peace Treaty LONDON, May 12.—(UP). The tariff truce was adopted unanimously today by the or ganizing committee of the world economic conference. WASHINGTON. May 12. (Ul1) Germany will accept the world tariff truce with "minor" reserva tions. Dr. Hjalmar Schacht, spe cial German economic envoy, told the United Press today just, be fore his final meeting; with Secre tary of State Hull. GENEVA CONFERENCE CONCEDED AS FUTILE PARIS, May 12. (UP).—Great Britain and Franco are united in their determination to maintain rigid restrictions of the Versailles peace treaty if Germany persists in blocking progress of the dis armament conference, Foreign Minister Paul-Boneour said today. GNEVA, May 12.—(UP).— Failure of the efforts led by tho United' States and Great Britain to salvage something out of the disarmament conference was an nounced by Arthur Henderson, chairman of the general commis sion of the world arms parley, last night. Henderson informed the dele ' gates meeting here in the prelimi 'nary sessions that Germany's de mands for arms equality dead locked the conference. He asked what the delegates of the major powers—France, Eng land, Germany, the United States and Italy—desired to do regard ing future procedure of the futile conference. I Henderson and the other dele pates of the five chief powers had dinner at their hotel last evening and later conferred for nearly five hours, but failed to agree on any plan for further sessions of the preliminary arms parley. BISHOPHULSE HERE SUNDAY Episcopal Bishop of Cuba, Will Confirm Class at St. James Church lit. Rev. Hiram R. Hulse, D. D„ Episcopal Missionary bishop of Cuba, will be the preacher at the morning1 service at St. James Episcopal church, Sunday, the Rev. J. P. Burke, rector, has an nounced. Bishop Hulse is spend ing a few weeks in Asheville, where Mrs. Hulse is recuperating. He will confirm a class at St. James. Bishop Hulse is ■especially in terested in educational problems in the Island Republic, viewed as standing in the relation of an adopted daughter of the American people. Through the peculiar cir cumstances of Cuba's early his tory, practically all her indus tries,—the railroads, mercantile interests, banks, and the great sugar industries, are under the control of foreigners, leaving to the growing youth of the island, but a political career which is not especially promising at the present time. Observers believe education alone will remedy the situation, and Bishop Hulse is striving to build up in the interior of the island educational institu tions which will not only train Cu ban youth for an intelligent activ ity in politics, but will also rear a generation of Cubans equipped to play their part in the commer cial future of the island republic. Born in Middletown, N. Y., in 18G8, the son of Frederick B. and Selena Richards Hulse, the bishop was graduated from the Philadel phia Divinitv School with the de gree of B. D., in 1896 and in the same year became both deacon and priest. He began his ministry as vicar of the Pro-Cathedral in New York City, and in 1899 became rector of St. Mary's Church, Lawrence street, that city also, which post he filled until 1912. In the latter year he became archdeacon of the Diocese of New York. He was also examining chaplain in the New York Diocese and secretary of the American Church Mission ary Society. He is author of the textbooks on "Old Testament Worthies" in the New York Sun (Continued on page 3.) ' 'Hoards' Gold To Test Edict Charles S. Thomas of Denver, 83-year-old former Colorado gov ernor and U. S. senator, is shown here with his bag of .$120 in gold. Thomas has invited arrest in an ert'ort to test President Roosevelt's anti-hoarding edict. GOLD IS STILL BEING HELD Attorney General Awaits Evidence Before Begin ing Prosecutions By RICHARD L. GRIDLEY United Presg Staff Correspondent WASHINGTON, May 12. (UP). Many hoarders have ignored the government's demand that they surrender all gold currency ex ceeding $100 or face a fine and a jail term, the weekly condition statement of the federal reserve banks showed last night. Approximately $700,000,000 in gold still remains outside the gov ernment's control and the flow from hoarders has dwindled to a mere trickle, it was revealed. The government thus far has taken no action against gold hoarders. Attorney General Cunt mings said he was waiting for evidence of violations now being I compiled by the treasury depart ment before he acted. A total of $6,564,000 in gold was returned to the reserve banks in the week ended May 10. This brought total gold reserves of the system to a total of $3,422,134, 000 and the total under control of the government and the banks to $3,619,134,000. With total monetary gold stocks in the country of $4,313,000,000. this left a total of $003,866,000 either in circulation or in the hands of gold hoarders. Rising gold reserves and a continued decrease in the use of federal reserve credit combined with a further dtclir.e in the volume of money in circulation indicated continued improvement in banking structure of the coun try. Reserve banks reduced their outstanding 81 per cent gold backed federal reserve notes out standing from $3,305,360,000 to $3,349,753,000 and increased the government bond backed federal reserve band notes frfom $56, 059,000 to $62,805,000. The gold backing of the federal reserve notes was raised from $2,727, 604.000 to $2,764,392,000. The statement gave no evi dence of a start of the "easy" money program of the reserve banks which the inflation bill gives them authority to begin through purchase of up to $3. 000,000,000 in government bondh in the open market. JUDGE CUTS OWN PAY WASHINGTON, May 12. (UP). Federal Judge John Paul Jones of Cleveland, was the fifth of 192 federal judges to take a volun tary pay cut. The department of justice reports. IS HAILED AS FRESH ATTACK ON DEPRESSION Chairman Morganthau of Farm Board Outlines Aims of Measure paymentTon FARM LOANS NOW WAIVED WASHINGTON, May 12. (UP) Chairman Morganthau of the farm board today hailed the agricultur al credit section of the new tarni relief law as beginning an eight pronged attack on farm debt and depression. He outlined the aims and pro visions of the credit section as follows: 1. Reduction to 4% per cent of interest rates on more than $1, 000.000,000 in Federal Land bank loans to approximately 400, 000 farmer borrowers. 2. Temporary wtiving of re quirements that payments bo made on the principal of these loans. Continuance of extensions on land bank loans where these are desirable or necessary. 4. Provision for issuance of $2,000,000,000 land bank bonds for exchange or purchase of farm mortgages. 5. Provision for $200,000,000 Reconstruction Finance Corpora tion funds to refinance farmers' debts. C. Sharp curtailment in the volume of foreclosures. 7. Re-financing o<* irrigation, drainage and levee districts, where their outstanding securities have depreciated, the benefits to be prorated among farm owners in these districts. 8. Provision of loans to joint stock land banks to facilitate their orderly liquidation. President Roosevelt in an im pressive White House ceremony signed the currency inflation and farm relief bill today. See Agreement on School Bill at Raleigh This P. M. RALEIGH, May 12.—(UP).— The conference committee set tling differences between tho house and the senate over the school machinery act, was expect ed to reach an agreement and re port by 4 p. m. today. The United Press learned the chief obstacle was allowing local units to supplement state funds for a ninth month of school, fa vored by the house bill, is the only barrier to sine die adjournment. M. E. QUARTERLY MEET IS TONIGHT The second quarterly confer ence for the Methodist church will be held this evening at S o'clock at the church, Rev. C. H. Moser, the pastor, announced to day. Rev. D. M. Litaker, the presiding elder, will preside and Rev. Mr. Moser added that all officials of the churcb are ex pected to attend. SHOCK IS RECORDED NEW YORK, May 12.—(UP). An earthquake of moderate in tensity about 4750 miles in a general north or south direction was recorded on the seismograph at Fordham university at 3:21 and 3:30 p. m. yesterday. Turn mm Who was 'pop" Geeks <? HOW MANV OF THE STATES SHOWN ARE SUBC'/lSlONS OF SOME OF THE O0GIN/ WHAT NATION WNSFU2STTO ' ESTABU9M THE GOLD STANDARD? L THIRTEEN ? For correct answers to these questions, please turn te pafe 5.
The Times-News (Hendersonville, N.C.)
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May 12, 1933, edition 1
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