Newspapers / Henderson Daily Dispatch (Henderson, … / March 4, 1933, edition 1 / Page 1
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"HENDERSON, GATEWAY TO CENTRAL CAROLINA. twentieth year ROOSEVELT IS INAUGURATED bank restrictions in ever y state except dela ware ALL OF SECURITY AND COMMODITIES MARKETS SUSPEND Federal Reserve Banks In New York, Philadelphia and Atlanta Are Also Closed 34 NORTITcAROLINA BANKS LIMIT MONEY "■ '■■■■■■■* Page Trust Company, Ope rating in .12 Cities, Stops Business for Today Only; Five Percent Withdrawal of Deposits Is the Limit in Some Banks (By the Associated Press.) Brdlie'ions of some form on with draw:* I of bank deposits prevailed at midday today in ail except one state ts Mie l T n on. New York and Illinois, the financial miters of 'he nation, joined the holi day .states almost simultaneously, with tin* issuance of guebrnatorial pro clamations in the early morning •hours. Other states quickly followed until banks were open without restrictions in only Delaware. The New York Stock Exchange, the New York Cotton Exchange, the curb market and virtually all New York commodity markets followed the lead of the hanks and suspended business, 'j his art ion was quickly matched by the Chicago Board of Trade, and other exchanges throughout the na'ion were rapidly following suit. Along with the banks and ex changes, the Federal Reserve Banks cf New York, Phlladclph’a and At |la:)'a cV: ?e<V The Federal Reserve eo.ing checked withdrawals of gold by both domestic and foreign agen cie.. The London Exchange suspended dealings in foreign currency because of the situation. The dollar was not quoted officially on the Brussels Ex- (Continued en Page Six.) Jehol City Occupied By Jap Troops Wholesale Flight of Chinese Viewed By Japs as End of Their Campaign inchow, Manchuria, March 4. •Ap) While one Japanese brigade Marched into Jehol City (Chengtefu), <;, P‘tal and chief city of the province <,f Jehol. this morning, another push eci «outitward from Lingyuan and oc r,ipicd Lcngkow Pass in the Great w all of China. • " ril ° wholesale flight of Chinese to P' isc.s .south of both Lengyuan' and J thol City was viewed by the Japanese a< meaning the virtual end of the n 'i!'taiy campaign, which began uh °fficially cn February 22. I’he 16th li|fantry, bridge under a l°t - General Tadaehi Kawahara, hatched into Jehol City, last »trong ? d of the Chlheje. at 11:30 a. m.. a •if hour after a motor corps reach * here. Bombing planes preceded "ctn, scattering the Chinese. Government May Guarantee Banks V/oahlitgtoit, March 4.—(AF)— A senator dune to the Republican ! ' ,,( ninlhtration said today a 50 per (*"i< guarantee of bank deposits ll t«l been seriously discussed today •’resident Hoover and Presi t e> c - t Roosevelt. • i tor Ho .in ion, of Arkansas, a,fl tf)d »y thaft, a banking relief * l ’Rra-m wjih heng prepared to 1 le 1 ounciai emergency and ' oula ** h tlened for aclion at am Hintiirrson r ßf‘- r i£ t Sßl*}K¥S a BANKS AT A GLANCE Open without restrictions: Dela ware. Open with restrictions on with drawals: Arkansas, Mississippi, Wyoming, Kentucky, Indiana, Ohio West Virginia, Kansas, right; also the District of Columbia. Restrictions limited to few hanks: Virgin n South Carolina, North Carolina, three. Closed: Washington State, Flor ida, Oregon, California, Idaho, Nevada,. Utah, Arizona, New Mex ico, Nebraska, j Oklahoma, Tjexas, Minnesota, lowa, Missouri Louisi ana, Wisconsin, lit nois, Michigan, •Tennessee South Dakota, Alabama, Georgia, New York, Pennsylvania, Maryland, New Jersey, Connecticut. Massachusetts Rhode Island, Ver mont, Neov Hampshire, Montana, Maine, Colorado North Dakota. 36. SPENDING BUDGET, MEMBERS BELIEVE, IS MUCH TOO BIG Bowie, Understood To Be Preparing New Appro priations Bill For Much Less Money TO BE CONSIDERED DURING NEXT 'WEEK House Expected To Spend Fully Week or Ten Days Debating Measure; De partments and Institutions Are Trimmed Under Terms of the Bill Dully Dlnpiitoh Rnrrni, In the Kir Walter Hotel, nv J. (.!. IIASIKEnmL. Raleigh. March 4.—Although the new appropriations bill probably will not be reported to the House by the appropriations committee until Mon day n’ght, it has been mimeographed and a copy given to each member of the House, and members are already busy studying it. It calls for approp riations totalling approximately $25,- 000,000 a year from the general fund, exclusive of the State Highway Com mission appropriation, for the next two years. The exact amounts called for are $24,728,770 for 1933-34 and $25,326,105 for 1934-35. These figures are slightly in excess of the totals re commended by the Advisory Budget Commission in its suggested appro priations bill. Although the hill is due to be in troduced Monday night, it is not be lieved that the House will take up its actual consideration until Wednesday at lhe earliest, since it has a number of hi Ha to be taken up as special or der on Tuesday. It is also believed that the House will spend fully a week or ten days in considering the bill when its gets it under discussion. To larga Many Think. For there is much sentiment against the measure as it now stands, a large number of House members being con vinced that it is too large and that many of the appropriations must be (Continued on Page Seven) esrly meeting of the new Con gress. * Close behfcid word of the two and threefday holidays declared respectively by New York and ll * linols, there came declarations of ' similar holidays in other stat:s »"<! > expressions from Democratic lead ers on Capitol Hill of certainty > that the new CVAigrers world t»e called into almost Immediate ses sion. ONLY DAILY NEWSPAPER PUBLISHED Thirty-First President of the United States ■ ' ' aHHOH v •>.. lipV ||| B Bf y WM B H • BBs? . site: 1* WL *Sr JB B K Jfif BB H [ W . B 111 BhBB ' ■ . m HR g&. iHKHi : : , -If JHk ■ jBHHk ippp”" mi&mm, jijU r BP awBI jBH JSnH^HHfIHHnBfIHHfIH f iH6S ~Pjt fBAIIXLIN D. ROOSEVELT, I This is a recent portrait of the incoming president. A reproduction of president's flag is shown below. No Certain Plans Made On Revenue Scarboro Moves Against Sales Tax, But “Local Bills” Day Checks Him - Raleiigh, March 4.—(AP)—Repre sentative Scarboro, of Richmond, told the House today “we have no crystal lized opinion on how to raise re venue,” as ho noted it was the 60th day of the session of the legislature. The. Richmond solon lodged two motions instructing the finance com mittee not to write a general or se lected jCommodities sales tax into its Ibill, but Speaker Harris slaid they were off a Statewide nature and could not be acted upon today at a local /biHs sfcssion. Scarboro withdrew them and said he would send them in again Mon day ni|ght. He had at first asked that 'hrs motion be placed on the calen dar for consideration Wednesday. There were 20 house members pre sent at a 17-minute session. One new bill was introduced and four local measures passed. ,. r . -- -- --- - - - WEATHER FOR NORTH CAROLINA. Fair tonight and Sunday; frost mostly light, tonight; slowly ris ing temperature Sunday in ex treme west, portion. HENDERSON, N. C., SATURDAY AFTERNOON, MARCH 4, 1933 H. LESLIE PERRY MEMORIAL USWW £1 atlit Utaiiatrh IN THIS SECTION OF NORiTH CAROLINA AND VUmINIA. Mr.-Mrs. Hoover Depart Capital Washingt on, March 4.—(A I*)— The special Pennsylvania train with <he former President and Mrs, Hoover on board left the Union Station at 1:42 p. in. for New York City. Job Given To Garner By Curtis Retiring Vice-Presi dent Sincerely Wishes Democrats Great Success Washington, March 4 (AP>—Turn 'ilng over his gavel to John N. Garner Curtis delivered his valedictory in the Senate today with a sincere wish for the success of the neiw administration in i‘a heavy task to brimg about “the economic recov ery of our people and of their affairs.” “Therm is now th e responsibility of leadership,” declared tihe veteran 'Kansas efllgiisalfcor, wiho retires to pri vate life after almost 40 years of .pub lic sendee in both House and Senate. “But the problem ds the concern of each and every one of us, whether (retiring from office or entering office. “I know the administration will do everything’in its power to bring about (the desired result. I sincerely wish success to President-elect Roosevelt, to Vice-Pres I dent-el ect Garner and to the Democratic majority in Congress.” Smith Cotton Bill Rejected by Hoover; Two Big Money Bills Fail Washington, March 4.—(AP)—One brief legislative session today— the completion of formalities—and the 72nd Congress became history, with many of the tasks it set for itself un done. Unreconciled differences left two ap propriatron bills for the new Con gress, scheduled t 0 meet within the next few days. They were the $36,- (Continued on Page Six) dMVILL Txi Rogers yy 's®*: Beverly Hills, Calif., March 3 Bankers, this moratorium you have asked for, everybody in join r ing in good faith, a»d with fine spirtt. The ones that had a little money have taken as their exam ple the who have grinned and took it on the chin all this time, while being the victim of our country. The unemployed have been a credit. Now, the bankers say if we will bet with cm, they will work it out, and w e are going to give ’em every chance. But (get that BUT In there with capital letters) If they are hand ing us the old baloney, why, then we Will know for sure what this Country needs. It will need new bankers. Everybody is doing what the bankets ask, but remcmbi'r, they are watching you. 1 Yours, \ VTELS3, PUBLISHED EVERY AFTEKNOON EXCEPT BUNDAY. Wartime Powers To Meet Crisis Is Aim Os President “We Must Act and A ct Quickly,” He Says; Denounces Financiers; Expresses Utmost Faith in Future Washington, March 4—(AP)—President Roosevelt in a .momentous inaugural address immediately aYter a mg his oath today, told the nation he would ask for wartime powers, if necessary, to meet the national ' emergency. The newly inaugurated president said he would call the new Congress into special session to carry out his plans on the crisis, saying: “We must act and act quickly.” But he did not reveal when the session will be called. For Sound Currency. Among the policies outlined by the nation’s new leader was that “there must be provision for an adequate but sound currency.” Standing in front of the Capitol be fore a throng of well over 100,000 peo ple, Mr. Roosevelt solemnly pledged himself to “assume unhesitatingly the leadership of this great army of our people dedicated to a disciplined at tack upon our common problem.” “It is t 0 be hoped that the normal balance of executive and legislative authority may bo wholly adequate to meet the unprecedented task before us,” President Roosevelt said, “But it may be that an unprece dented demand and need for undelay cd action may call for temporary de parture from the n6r<mal«fcilance of public procedure. Prepared To Ac*. “I am prepared, under my consti tutional duty, to recommend the mea sures that a stricken nation in the midst of a stricken world may re quire. These measures, or such other measures as the Congress may build out of its experience and wisdom, I 'Shall seek within my constitutional authority t Q bring to speedy adoption. “But in the event the Congress shall fail 1 to take one of these two courses, and in the event that the national emergency is sill criicaJ, I shall not evade the clear course of duty that will then confront me. “I shall ask Congress for the one remlaining instrument to meet the crisis—broad oxecutive power to wage a war against the emergency as great as the power that would be given me jf we were in fact invaded by a for eign foe.” Confident of Future. Expressing confidence in the na tion's future, Roosevelt told his tre mendous audience that “the only thing we have to fear is fear itself. Nameless, unreasoning, unjustified terror, which paralyzes needed efforts to convert, retreat into advance.” “Plenty is at our. doorstep but a generous use of it. languishes in the Bank Holiday In State Is Entirely Improbable Has Been No Danger of It and Emergency Legislation Makes It Still Less Likely; Aimed at New York Chains Withdrawing Money from Banks Here Daily Dispatch Bureau, In the Sir Walter Hotel. BY J. C. OASKpiIVILL. Raleigh, March 4 —There toais not been any danger of a “bank holiday” to North Carolina and tihere is less likelihood of ome now than ever, as this result of the enactment yesterday of the bill to empower the comlmfe sierner of banks to limit withdrawals of cash from any banks whose boards of directors request such limitation, it is agreed here today in informed) cir cles. For this new law will miake il unnecessary to invoke any banking moratorium, even should conditions become miuch worse, it is maintained The reason) this law was rushed through yesterday was not because of any emergency development wiithir the State or because any of the ban! were being hard pressed in any way It was understood, but merely as a precaution against the possifbilty oi any general nervousness or hysteri' that might develop as a result of th national banking situation. This lav wUI now permit any particular ban or group of banks to protect them selves against a sudden run or again*. 8 PAGES TODAY FIVE CENTS COPY very sight of the supply,” the Presi dent said. “Prmarily, this is because ' the rulers of the exchange of man kind’s goods have failed, through their own stubbornness, and in their own •incompetence have admitted their failure and abdicated. . “Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. The money changers have fled from their high seat in the temple of our civili zation. Wo may now restore that tem ple to the ancient truths.” Gov. Murray Shuts Bank With Troops Enid Bank Declined To ..Take Holiday; Oil Field Is Also Closed Down Okffa. March 4 (AP)—A d?- tachmimt off National l Guardsmen to - day Closed the Firdt National Bank off Enid, which had declined to ob serve Governor W. H. Murray's man datory banking holiday, OIL FIELDS CLOSED Oklahoma City, March 4 (AP) —An immediate military shutdown of tie Oklahoma City oil fields was ordered todiay by Governor W. H. Murray. sudden wii‘hdrawia3is by mail or tele graph by askin gthe commissioner of banks to invoke its provision is In fact, the real season, for’ the en actment of thfs law, it is understood, was to protect banks in the State against heavy withdrawals by large business firms, with home offices in New York, or their balances from North Carolina banka to New York banks. It is well known in business circles that the larger chain stores, gasoline complies, insurance carry panics and so forfih usually maintain large balances on deposit In bank, over the State. Bu|t recently there has bear a tendency on the part t! many of these to withdraw these bal ances and put all their cash in the r New York banks. It Is also general ' areed that the sudden withdrawal of hundreds of thousands or even mil lions of dollars from these Start. > banks makW it difficult for many of them to meet their regular business , demands. But with this law in effect—4herd i (Continued on Page Three.;
Henderson Daily Dispatch (Henderson, N.C.)
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March 4, 1933, edition 1
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