Newspapers / The Charlotte Observer (Charlotte, … / June 24, 1921, edition 1 / Page 1
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E CHA WEW 18 PAGES TODAY NIGHT EDITION AND EVENING CHRONICLE GREATER CHARLOTTE'S HOME NEWSPAPER" CHARLOTTE, N. O, FRIDAY EVENING, JUNE 24, 1921. THE CHARLOTTE EWS TIIE EVENING CHRONICLE S55riM?a PRICE FIVE CENTS PAR CLEARANCE NEAR EN Contention Over Whether Amount Involved is in Ex cess of $3,00C EXPECT RULING LATER Briefs to be Filed for the Consideration of Judge Webb. The hearing before Federal Judge K. y. "Webb on the question of jurisdic tion in the "par clearance" case is ex necttu to be concluded Friday after-,-,ip:i. Attorneys were not looking: f-r a decision from the court, as briefs dealing with the hearing are to be fiied with Judge Webb for his further co:i--iivration of the case. Thursday afternoon and Friday wcrnin? was consumed by counsel ii the submission of argument. "When the :T""n recess was ordered Friday J. j. rarker was speaking for the non nar banks. H. G. Connor, Jr.. repre- ?r.tinjf the Richmond Federal Reserve ank. is to conclude the argument dur :;:s the afternoon. Colonel Henry V. Anderson, of llii'hr.i'Mul, opened the argument Thurs day iteming for the Federal Reserve Tank. He yielded an hour Thursday :.r'urnoon to allow Alex Smith, of At lanta, to speak for the non-par banks 1 efr.ro catching a train. Following Mr. r.ith's speech. Colonel Anderson re w:xd his argument, taking up the re wuimkr of the afternoon and conclud-ir-x Friilny morning. Colriicl Anderson was followed by A. :.!. Stack, of Monroe, in behalf of the rvc.-par hanks. M. G. Wallace, of Ib.ehrr.ond, and C. W. Tillett, Jr., of Chr'.'tte, argued for the defense du:- r.z the morning and Mr. Parker took the finer a short while before the nooti icess. THE CONTENTION. The contention of the reserve bank t torneys was that the amount in volved in the injunction proceedings is in excess of $3,000 and consequently the ease sho f.d be heard in Federal court. Attorneys tor the non-par t;nK? contend mat tne amount in volved does not exceed $3,000. The; r.'th'd of figuring the amount involv ed is complicated and called for hours it discussion by the attorneys for each side. The point must "be decided by . iitfge w ebb. ! During the course of his arerument ..-.in J. Parker said he recognized uat tne case eventually must gd iu the supreme court of the United States. He advocated that the primary hearing iake mace in the State courts in or tier that the Supreme court of North Carolina might decide on the law vhich was passed by the last legisla ture and which nprmits Stntp hnnk-s ' charge an exchange rate on check?. QUESTION BEFORE WEBB. An injunction was obtained by the non-par" banks before Judse W. F. -Harding, in the Meckklenburg Su prior court, some time restrainiis the Richmond bank from evading the w-caiiea "'par clearance" act passed by the last legislature. The injunction was returnable before Judge J. Bis Ray ;i tne I. mon countv Sunerior court. If Judge Webb decides in favor of the ianstsr of jurisdiction from the Stats w federal courts, the next heariner T'ill be on the question of sustaining or dissolving the injunction. If the decision favors the retention of the ae in State courts the injunction will remain effective, as it has been since ine restraining order issued by Judg Harding. if Judge "Webb brinzs the hearing -to Federal court he will set some wte in the future at which the case vii, be heard on its merits. uiurnevs nave trnnp into vann'iM Phases of the case thoroughly during rearing on the Question of iuris- " uon. COnslderahlp timo Viaa Virion encnf Viv 'he attorneys in arguing on the amount of monev involved in thn msp zyV in the hearine Judare Webb ruiel hat the burden of proof in Showing amount involved rests upon the de nse, which is seeking to bripg th.j into Federal court. 'W0RING BANKRUPTCY. Lawyers representing the non-oar I : v . .... . .Jb . V, 111J . . . is not sustained the action of the fMeral Reserve bank, allegedly in vio- Hi i 01 tne state Par clearance" act, - u.j.c&ii uiaic uaima uciJiA- uPtoy, as they have depended largely " the exchange rate as a source of -"in:, inia contention was claimed 2 at-tornoys of the defense to prove "at the amount involved is in exces3 " K000 as a bank could hardly be v,i lnt0 bankruptcy over the in- ... ., " "I LMlUUill VJ. 11113 aiC Ul ""-iiier. tip attorneys cut the length of ir srieeches sho't Friday morning, possible the conclusion of arg "mera by late Fridav afternoon. Col tr-'-u- was on the floor the longest of - seven lawyers and he- vvnt into the j - precision ana tnorougnness .,' y- Connor. Jr.. of Wilson vill con 'iM ll'IrV . . ... . . f,'- 5. thf; argument of counsel, speakln? J' Richmond bank. JUUce vvv. i y( . , . - Ktuij, lawyers tuiiMuii ;u, uiu reserve his decision uoon :he con- , or argument Friday afternoon. at'1" attorneys will file briefs, dealing anr "th with the case, arter whicn . -ounofment as to whether the hear Sbt take PJace in tnG Federal cr te eOUrtS Will Vin rvmrlo OTART A TVS nTTF.STS F THE GOVERNMENT lmf0"'lon- June 24. Officials of th Clubi onal A8sociation of Rotary I'aSr Were received at Buckingham .i ""-6 todav TV,, ir v, r,,r,r.n V p ay- The King, the Queen, LIli. p . -J iVlilg , HIV? huc; lla anrt "JOK nands with the visitors thrm 1 tsstd Pleasure on meeting A n-fiv. he 'ta I tc'rnon All visiting Rotarians . "i invito j . . .. ana eiaoorate arrange JUcnt "ertJ "ade for their entertain- -til. CASE Eamonnde Valerc Was Arrested A'i Then Turned Lef Dublin, June 24. (By Th S' J iiv ciated Press.) Eamonn de J ,ra, the Irish republican leader ar rested Wednesday night this city and later released, i' defi nitely established today. 'fc e had been earlier denials from" the Sinn Jem authorities that he had been apprehended. It appears certain that de Valera was arested either in error or through overzeal on the part of the on trials concerned. The arrest, it is understood, took place at Black Rock, County Dublin, lhe prisoner was detained for the night and, his identity being learned, he was released yesterday afternoon. It was supposed at first that a man resembling him had been arrest ed and on this ground the Sinn Fein authorities denied the reports. As a matter of faet, it is declared here there is no intention on the part of the authorities in Ireland to arrest de Valera, This statement would appear to be borne out by the fact of his being released when his identity was established. DR. PEACOCK IS SENT TO ASYLUM Judge Finley Pronounces Him Insane and Fit for State Institution. Greensboro, June 24. Dr. J. W. Pea cock who was acquitted of murder of J. E. Taylor, chief of police of Thonuis ville, by a Rowan county jury week be fore last, was ordered to the asylum for the criminal insance for life Thurs day afternoon by Judge T. B. Fir.ley. In announcing his decision, Judge Fin ley made it clear that it was not his function to punish Dr. Peacock inas much as a jury, upon the evidence f three distinguished alienists, had pro nounced him insance at the time of the slaying of Chief Taylor but that it was his duty, in the interest of &o ciety, to dispose of Dr. Peacock in such a way as as that he would not be a public peril. Judge Finley declared that, accord ing to the expert alienists, Dr. Peacock, is suffering from an insidious mental trouble that is progressive: that may re turn upon him at any time and that upon any slight provocation, he might lose his mental balance again and com mit murder or endanger society. It was the declaration of the court that Dr. Peacock owsd his acquittal solely to the testimony of the alienists and that if he is not now in the con dition identic with that when he kilted Chief Taylor, as his counsel contended in this hearing, then he might have a lapse any time and upon any pretense again set up the claim of insanity. . Solicitor Bower and II. Hayle Sink ap peared for the State in the hearing and E E. Raper, leading counsel in the trial, was Dr. Peacock's lawyer. There was no evidence nor affidavits, counsel agreeing that Judge Finley was entire ly familiar with the evidence and the facts as established during the trial. Hence, it was merely a matter of argu ment. . Mr. Raper protested vigorously against the order for commitment. He declared that the court had no evi dence nor reason to believe at this time that Dr. Peacock is still insane: on the other hand, he contended, his client, is perfectly normal now and he had no doubt that every alienist who testified in the trial would be willing to testify again now that his client was a sane man. Counsel declared that the cause of Dr. Peacock's derangement was worry over the burning of his barn, which act he laid upon the slain chief of police, and that on account of the peculiar nature of the disease from which he was suffering, this worry be came so accentuated that he lost his mental balance. Attorneys for the State riddled the argument of Mr. Raper. Solicitor Bow er declared it to be a strange proce dure when the same lawyer who so eloquently sought to establish the fact of his client's insanity ten days ago is now before the same court earnestly seeking to prove his sanity. He de clared it would be a traversty on jus tice to have Dr. Peacock released again to society and to have society imperilled by a man proven by his own lawyers to have been so insane that he com mitted one of the most cold-blooded mur ders recorded in the criminal annals of the State. GENERAL FIGHTING IN STREETS OF CORK Cork, Ireland, Ju.12 24. Police bar racks were bombed and there was gen eral street nchtiner in 1 1- is city l;;st night, one woman bang killed or,d three girls and three men wounaoJ. The disorders begar. at about 7 o'clock whn four civilians in a motor threw a bomb at a police; tta:.on in Tuckey street and another at a barracks close hv The Shandon street and Douglass Place barracks also were bombed but there was little damage done. The casualties occurred in suss quent fusillades betwa the police aid -ii7iiinna In consilience cf the dis turbances, all perso-is are order &d to remain in their no.n.:3 ajrer o J ciock. in the evening incil of 10 az here tofore. LOSS FROM PUEBLO FLOOD 17 MILLIONS Pueblo, Colo., June 24. The finan mi insa resulting from the Pueblo -imnnnts tni S16.784.638. accordin to a report made public today by th-3 ;fQ nnmod- to sunnlv data on damages to the United States Reclama tion Service. - Tho fiamaee reported on includes r-oai estate, nersonal property. merchandise, irrigation ditches, and to crops in the entire gevasiaieu uishiul, The damage to real property m Pueblo, including the damage to rail road property within the city limits, is estimated by the committee as $10,- 025,000. . CONFERENCES ARE BEGUN. tvt, -wwii- Time 24. Albert D. Las iCH - . . .1.. nnninfil chairman Or tne Ker, lit; w iy ajjt:u"-v" -- United States Shipping Board, today UtfeCLil " ' , , i l-: nrimfa oiul onpm TOTS tO OD st earn snip , , m..honri information on the con- iaiiriuoi.-"" . . , . j dition of the American jviercnaju VOTE SATURDAY ON NEW OFFICERS Demand for Equal Rights by Women Will Come Up for Consideration. LEWIS IS ANSWERED. Gompers Tells Opponent for Presidency He Can Only Carry Out Policies. Denver, Colo., June 24. The con vention of the American Federation of Labor today called upon Presi dent Harding to investigate the strike, riots at the Standard Steel Car Company, Hammond, Ind., in September, 1919, and to fix the res ponsibility for the "issuing of guns" and the death of Jour steel car workers. The resolution chartred that the work. ers were shot down with riot guns iurmsiied by the United States gov ernment. Enactment of legislation hv Hon press providing strict federal control of the production and distribution of natural resources, now privately held and pri vately developed" was demanded hv the convention. The convention voter! tn make the election of officers business for 19:30 o'clock tomorrow morning. Electioneerine on the floor of the convention during the morning session today again threatened to interrupt the proceedings and President Samuel Gom pers had considerable trouble to keep oraer so the committee could report. The convention unanimously re jected a proposal by the central labor council of Seattle, Washing ton, for a nation-wide campaign to establish a maximum six-hour day and abolish all overtime industry. Denver, June JM. Election of offi, cers, the demand of women for equal rights and privileges in all labor un ions, determination of future relation ship with European trade union move ments and jurisdictional disputes were the major issues still confronting an nual convention of the American Fed eration of Labor which resumed its ses sion today. Although the convention has been in session nearly two weeks, an un usual volume of work remains.' Sev eral delegates announced they would move to hold night sessions in ordeiU that all business could be transacted by Sunday morning. Owing to a ruling by President Gom pers, the election of officers, usually held the day before adjournment, will be held this year on the last day. Mr. Gompers said election of officers last year the day before adjournment was unconstitutional. The committee on international rela tions, it was learned, will report un favorably the two resolutions submit ted to the convention by the Interna tional Association of Machinists and the Firemen and Oilers' Union, demand ing that President Gompers immediate ly be instructed to reaffiliate the fed eration with the International Federa tion of Trades Unions. The women delegates have united to support a resolution which would amend the federation's constitution so as give them "all the privileges of mem bership in the union of their trade cr industry." If they are denied mem bership in any union, they psk the right to obtain a separate charter from the federation. , v NOT IJSWIS PRIVILEGE The announcement by John L.. Lew is of the platform on which he is run ning for the presidency of the federa tion brought a statement today from President Gcmpers, who declared "it is not the right or the privilege of any individual to make a platform in the labor movement." Mr. Lewis, in his announcement yes terday, declared for nationalization of the mines, government control of the railroads, and other "progressive poli cies." "I am well enough known to the wage earners," said Mr. Gompers, "as having been faithful in the cause, for the protection of their rights and wel fare, to make it unnecessary to an nounce a declaration of the principles upon which I stand. "Under the principles which it ?ias adopted, the American Federation of Labor his advanced further than any other labor movement in the history of the world. "The.- American Federation of Labor writes its own platform. No individ ual has a right to formulate its plat form. "The duty of a leader is to stand by his organization and its declarations and principles and not run away from any critics, no matter "what it may involve. "The American Federation of Labor, by its declarations and its actions, makes its platform and upon that plat form those who serve it must stand. The platform is the sum total of all the thought and the work of the move ment. I may have contributed to lhnt sum total, but no individual may write the platform for the whole movement." TO FIGHT INJUNCTIONS The Federation late Thursday declar ed war ngainst the 'judicial tyranny of injunctions," adopting a resolutions calling upon all affiliated organizations to inaugurate "energetic campaigns against the ever-growing abuse of in junctions in labor disputes and to "conduct such campaigns unceasingly until the intolerable practice is aban doned." The declaration, submitted by the In ternational Ladies Garment Workers, condemned the courts, particularly in New York, for "their alarming attitude of antagonism toward organized work ers." 15 After lengthy debate, the convention voted down a proposal calling for an addition to the constitution tf the United States taking the power of de claring war from congress and placing ie in the hands of the people by a refer endam vote. The offcial roll showed that the delegates opposed the referen dum by a vote of 21,742 to 14,530. The convention also went op record (Continued on Face Seventeen.) Hear Complaints Of Blacks Against Republican Leader Washington, June 24. Pretests against the confirmation of Frank A. Linney to be United. States attor ney for the western district of North Carolina were heard this afternoon behind closed doors by a Senate judiciary subcommittee. The protest ants were negroes, who alleged that Mr. Linney while chairman of the Republican state executive commit tee, during . the last campaign exer cised his -influence to prevent them from voting at the polls. A letter alleged to have been writ ten by Mr. Linney was presented, in which he was quoted as saying that "in the future the Republican par ty's policy will be to let the negro stay out of politics," and suggesting that this rssuit would be accomp lished because "no negro can regis ter unless a Democratic registrar permits him or her to do so." Mr. Linney was further quoted as ex plaining that his motive in attempt ing to eliminate the negro vote was "to allow the white voters to divide on political questions.". A number of white Republicans from North Carolina urged Mr. Linney's confirmation. MERCHANTS END THEIRMEETING Resolutions and Recommen dations Feature Business Session. Greensboro, June 24. The annual convention of North Carolina merch ants came to a close Thursday night with one of the characteristic addresses of fun and merriment of Dr. 1). W. Daniel, of Clemson College. Election of officers was the most important mat ter of business attended to during the day's sessions which, during the after noon, lapsed into a program of recrea tion and outing. The merchants also went on record as favoring the effort of the munici palities of the State to have a special session of the Legislature in rder to enable the cities to provide themselves with needed revenue. Recommenda tions Avre abundant. Insurance Com missioner Wade was told by resolutions of the merchants of then appreciation of his fight against blue-sky operations and advised to continue his good work. Railway employes were :our.s? Ile l to accept lower wages to the end that "normalcy" might be reached and Gov ernor Morrison was implored to hear what the mayors and municipal officers of the State are saying to him in ref erence to the special legislative ses sion. LEONARD REPORTS Resolutions of : symoathy . were sent Mrs. FredYVV GamtaAth,,...widow of 15- Anwncan - - wgiun s ;cHii(inriiJiar wnu was killed two week, ago in an auto mobile accident- ; ' ';. ' Further reports were read. Secretary Leonard turned in his Record on leg islative activities. He was happy that there is little hostile legislation in the public mind. There was hardly any at the late session of the general as sembly. "There was not a single bill aimed directly at the merchants," he reports. The only "strictly hostile" bill offered was the "anti-profiteering, cost mark," he says, and that died in com mittee quickly. This measure was fashioned on the "disreputable Lever" act, and that made its damnation deep. Mr. Leonard put the merchants on record as favoring the great building and school program. He explained why there had been no new law on garnish ment: the constitution heads off more drastic procedure against the home stead. As for the "no fund" check law, there is law enough he thought. All that is necessary is use of it. He was happy to proclaim the death by Supreme court, of the Lever act. Mr. Leonard appears to be opposed to that law. He was glad to report that merchants in other states have been more annoyed by hostile legislation than have this state's. Still these Tar Heels are under fire. "It will take years to outlive and overcome the fvil effects of the tirades against the mer chants which so poisoned the public minds," he said. The recent attacks of the Federal Trade Commission, of the Federal Reserve Board ,of Hub Hoover and other are significant he thinks of a disposition to make the retailer the national goat. And he fools that the fight against the increase of telephone lates bore results in the modicum, of "relief" given he petitioning Bell. TRANSPORTATION RESOLUTION, Because of the easy misunderstand ing of its resolve, the transportation committee presented its full text to the papers in order that there may be no garbling of its purposes in saying a word for the carriers now under uni versal fire. KARR PRESIDENT OF THE KIWANIS CLUBS Cleveland, .Ohio, June 24. Harry E. Karr, an attorney of Baltimore, Md., was elected president of . the Interna tional Kiwania clubs at today's ses sion of the fifth annual convention. Karr received 49(? votes. Col. J. L. McCulloch, of Marion, Ind., the only other candidate, received 133 vote. . Toronto, Ontario, was selected for next year's convention city. Atlanta, Ga., was second and Fort Worth, Tex as, third. WARN OF ANOTHER STORM. Washington, June 24. The Weather Bureau today issued a warning that an other storm appeared to be forming in the northwestern Caribbean sea in the vicinity of Swan Island. Strong and shifting winds marked the early hours of today in the Carribbean sea and Yucatan channel and promise to con tinue for thirty-six hours, the warning said. Charlotte and Vicinity: Partly cloudy and unsettled tonight .and Saturday. Gentle to moderate northwest to north winds, v NortW Carolina: Partly cloudy tonight and Saturday, somewhat cooler in east Saturday. South Carolina: Partly cloudy tonight and Saturday! continued warm. I UNSETTLED settlement Of ailroad Will WILL DIRECT THE MODIFICATION OF COMMUNIST PLAN M. Ryckoff. According to word from Riga, M. Ryckoff, former president of tha supreme economic council of soviet Russia, has been appointed first as sistant to Premier Lenine and will be practically the executive efficer in charge of the work of carry ink out the modifications of the soviet economic policies recently an nounced from Moscow. SINN FEINERS WRECK LOADED TROOP TRAIN Belfost, June 24. Three soldiers .and and a train guard were killed and some 20 soldiers and an assistant train guard were injured when a troop train carrying soldiers from Belfast to Dub lin was wrecked by the explosion of a Sinn Fein land mine at Abervoyle, near Dundalk, today. An official statement issued this af ternoon giving the number of casual ties, said that about thirty horses were killed in the wreck or had to be destroy ed owing to their injuries. Soldiers who saw civilian running ,way from tire si -ne of the, wreck,, tired at them, shooting to death two unidentified per sons. - Two mines were exploded. ' Evident ly they had been placed after the pas sage of previous troop trains. A rail had been raised. Some of the bodies of the dead men have been recovered from the wreck. The train carried 104 men and 113 horses. The soldiers wero under the command of Lieutenant Colonel Lord Francis George Montagu Douglas Scotti who was not injured. Two special trails with soldiers an-J horses, who had participated in the re ception of King Gejcj and Quf tn Mary on the state opeing of the Ul ster parliament Wednesday, Had pass ed over the spot saf e'.v. The third train was wrecked at a steep embank ment when the mine exploded, most of the carriages falling over the embank ment. Physicians were immediately rushed to the scene. Large forces of police and soldiers also were dispatched to the spot, which is in a lonely mountainous district just beyond the Ulster border. Numerous railway outrages have been perpetrated here. The earliest reports said that forty men had been ' killed and a nub ber injured, but later reports decreased this numbei . . GREEKS SHORTENING FRONT. Constantinople, June 24. (By the As sociated Press.) The Greeks are shor tening the Ismid front. As a result the withdrawal of the eleventh Greek division, the nationalists have captured Adabazar and Sabanja, respectively northeast and southeast of lsmid, with out fighting. AMBASSADOR TO CHILE. Washington, June 24. William Mil ler Collier, president of George Wash ington University, this city, was nomi nated today by President Harding as American ambassador to Chile. PWVLLIS PHILLIPS i . The sudden plunge from the paradise of her courtship days to the antagonistic atmosphere of her mother-in-law's home almost wrecked Cherry Lawrence's sweet romance. And in "A Wife in the Making Phyllis Phillips tells of Cherry's trials in her first year of marriage. You'll want to read about her. Here is a brief synopsis of Miss Phillips' new serial: Cherry -Lawrence, who designs hats for a famous milliner in Chi cago meets Edward Randeli, a young business man of Wellsburg, a small western towrf, and marries him, after a short but ardent court- ShiPRandell who has been in charge of the Chicago office of a factory in his home town, is called back, while still on his honeymoon, to take charge of affairs there. He installs his bride in the old home, where live Mrs. Randeli, Sr., Jane, Edward's sister, and Jack, his young brother. " . . - , A ,.i Much to Edward's dismay, the women of his family do not like his bride at all, , , During the months that follow her arrival in Wellsburg, Cherry learns much that she would rathe have left unlearned. She finally ' decides that her husband's love for her has gone or in some way, Changed. Things go on from bad to worse, and one day Cherry runs away, convinced that she is not wanted by her husband, any more. She goes to Chicago and stays with friends there for a few weeks then emerges and tries to pick up the threads of life once more. With the assistance of an old friend, she opens up a small millinery shop of her own, and meets with success. One day the disconsolate Edward sees her through the window of her establishment. He dis covers that Cherry, in spitfe of all, still loves him dearly. There is a reconciliation. Together, they return to Wellsburg and settle down anew in their little home. "A WIFE IN THE MAKING" STARTS IN NEXT SUNDAY'S ISSUE OF THE NEWS. RESERVE YOUR COPY EARLY Big Claims Of . r Help Business Slow Settlements Make President Impatient West ern, Bankers Impatient. By DAVID LAWRENCE. Staff Corrennondent of The tVevrs. Copyright 1921, By Xews Publishing Co. Washington. June 24. President Harding revealed to the western bank ers who gathered at the White House a significant impatience with thosi; railroad cxeuctives who have neglected to come to Washington and straight en out the large claims which they have aeainst the government as a result of war operations of the roads While the first conference witn eastern bankers covered the subject of foreign trade and the handling of for eign loans, the second session at which bankers from the west were invited found itself soon concentrated on the railroad problem. Mr. Harding asked for views on the business situation throughout, the country and sought di rect information as to methods of alle viatinsr the present depression. At practically every turn the railroad question thrust itself forward. It was brought out clearly for instance that many factories and mills were shut down because the purchasing power of the railroads had been diminished. So the query naturally suggested itself as to how the railroads could in crease their purchases and a great many of the bankers present seemed to think the adjustment of war claims would be a valuable stimulus to the railroads. The treasury department has a fund of approximately a quarter of a billion dollars on hand which it sands ready to pay to the roads whenever an agreement can be made on claims. ANXIOUS TO PAY. Like a great many other concerns which did business with the govern ment, however, during the war the railroads put in a maximum claim feeling perhaps that the exact figures could be arrived at in conference later on. The government wants to pay what is fair and probably the rail roads will be glad to get an equitable adji.stment too but the railroads have rot shown as much interest in settling those claims as the government would like to see manifested. Every one in a while a railroad executive comes down and after a conference - with government authorities agrees to the settlement proposed but what Presi dent Harding intimated at the cor ference of bankers was that the rail roads ought to get busy and send more of their executives here and dispose of the question promptly. He was very diplomatic in his references tQ " the f iiiiroads and spoke only in the sense that , h- believed the." railroad execu t; ses - ought , to co-operate with the erovfrnment which he insisted was more than anxious to help. The payment of a quarter of billicn dollars to the railroads would start many factories going again and would enable the rialroads to do many thmg3, the neglect of which at present is nav- ing a psychologically bad effect oi kindred industries. The general tone of the answer ' to Mr. Harding's questions about business conditions was optimistic. Some of the bankers said the farmers were get ting on a much sounder basis and that considering pre-war prices of wheat the agricultural industry of the country was reaping fair prices. Of course is the banker's view but it is significant to contrast these expressions from western bankers today with the cries of distress which were being raised six and nine months ago. VIEWS ON EXPORTS Mr. Harding . asked for suggestions and declared his anxiety to receive any proposals which might help the general business situation. George M. Reynolds, chairman of the board of the Continent al and Commercial National Bank of Chicago, took the position that Ameri ca's first duty is to care for 93 per cent of our business which he said was do mestic and let the other seven per cent of foreign business take care of itself. He argued that improvement in Europe through foreign trade financing was hot worth buying at the price of America's impoverishment. In answer to this the argument was made by other bankers that whatever may be the percentage of business with foreign countries it was a vital percentage and could not be ignored. Cotton, for instance, always has an exportable surplus which must be financed. To neglect the financing of cotton would damage the south. The (Continued on Pasre Fourteen.) IK THE, BONDS OF STATE AREADVTOEB Treasurer Lacy Believes North Carolina Will Ab sorb Some. SMALLDENOMINATIONS Hundred-Dollar Issues Are Intended for Home Con sumption. . BY JULE B. WARREN, Staff Correspondent of The News. Raleigh, June 24. Treasurer B. R. Lacy is sending out the advertisements for the eight million dollars worth of State bonds which the council of State authorized him to sell at a recent meet ing. Despite the fact that these bonds are to yield but five ner cent. the treasurer is hopiner to dlsnose of them to the people or North Carolina. He is going to make a special effort to sell the hundred-dollar denomination bonds. since mere nas been an insistent de mand of some people in the State that bonds of the smaller denominations could be sold. The treasurer has never had a great deal of luck in - selling: the hundred- dollar bonds, because people in a posi tion to nuy state bonds in the past have preferred the larger denomination bonds. Five hundred dollar bonds have, been the smallest that have been offered and pushed in the past, the av erage bond buyer having preferred nothing smaller than this bond. $500,000 OF THEM .Special emphasis is being placed on the hundred-dollar bonds at this time. Half a million dollars worth of the hundred-dollar bonds are being offered. They will yield five per cent, free from all State taxes, and will be payable in ten years time. The treasurer thinks they offer an specially attractive in vestment to the man of small meani who has some surplus money which he will not need immediately. The bonds, of course, are giltedge security, and can be handled just . as the United States bonds either as collateral or dtherwise. The- bonds must being par, under the law which authorizes the sale. While the present condition, of the bond market is not such that people are likely to fall over themselves" in an effort to buy this particular issue of North Carolina . Fives,, the treasurerlre ealls the State'siperJence-during the year 1910, when Governor Kitchen was on the point of calling a special ses sion of the legislature to deal with the liability of the State to market its bonds. Nearly three, and a half mil lion dollars had been authorized and advertised at that time. The bids were not satisfactory when they were opened, and a second bid was asked for. Bankers of the State were also invited to c"ome to Raleigh for the pur pose of aiding the State. They came and the result was that after an open meeting the whole issue was over sub scribed by nearly a half a million dol lars. The State this year is appealing to the patriotic citizens who have some money to invest, to consider the issue that is now being advertised. CO.MPLIES WITH THE LAW Advertisement of this issue of the bonds complies with the law which re quires that an effort be made to sell the bonds before the council of state has the right to negotiate short term notes for loans with which to carry on the work outlined and authorized by the last session of the legislature. . If all of the bonds are not sold the coun cil of state will ' have to. go into tho. open market and borrow the money with which to carry out the year's road building program, and with which to pay the bil's for erecting new build ings at the State charitable and educa tional institutions. Treasurer Lacy Is not only offering the bonds for sale in North Carolina, but is making a bid for them in New York and other financial centers. With the general trend of the bond market it is hoped that some of the bond buy ers will be in a position to take over a large block of the North Carolina Fives. The bide v ill be opened on July 15 in the office of the treasurer. THE INTEREST RATE . ' The interest rate fixed by the last session of the Legislature can be chang ed only by another acf of the Legis lature. The probabilities, however, are that the extra " session, should one be called, will be very slow to authorize an increase in interest rate. The life (Continued on Page Seven.) Some folks are so stack up that tTiey refuse t' bow t th' inevitable. What we'd consider a .piece o real . down-1 right sensational news would he, "In. I - Marine, , ' 1
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 24, 1921, edition 1
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