HENDERSON, GATEWAY TO CENTRAL CAROLINA. TWENTIETH YEAR Plans To Launch State Industrial Bank Are Studied Present Invested Capital Not Profitable Enough to Stockholders, Hood Declared PROFITS FOR 1930 TURNED INTO LOSS Aggregate System In State Did Not Break Even In 1932, Table Shows; En tirely too Many Industrial Banks in. Many Cities, With Much Duplication Ilalcigh, March 24.—(AP)—-Plans for launching a Statewide industrial hank was d’seuased here this after noon by about T) representatives of individual industrial institutions of Hip State meeting at the call of Gur riv P. Good, State bank commissioner. Hood presented the bankers statJs *i?ol data to show that "the present invested capital” in industrial banks is in the State “is not produeng a [l’ppcr return for stockholders.” Theic are 43 industrial banks now in oprr.ttion with a capital investment <*,f 55.173,994, resources of more than 515.000.000, and $4,706..5S in savings dr posited by the public. ■'Although depositors in these banks (holders of their investment certi fica'cs) have never suffered a loss, «c it her in this State or throughout the country, yet the stockholders of va rious individual industrial banks have seen their earnings decline year by year" a statement by Hood said. A table showed that State industrial bunks in 1930 earned 776 percent on 'heir capital and 6.08 percent on capl t:»l, surplus, and individual profits, while in 1932 they lost .54 of a per cent on capital, and .38 of a percent on cHipUL, and unlftided /profits. | In many cities there are. entirety too many industrial banks. Hood fold the bankers. Formation of a State wide .bank through merger of present banks would eliminate this needless duplication and would enable stock- f holders to have their capital employed be spent for brewery equipment, -■’-d none of the other expenses in niiata! to starting the brewing ip- Custry. The totals have been ssti-maV c ~ ly the United States prewerp Asso ciation at $400,000,009. p : Mctthcrsntt Two Army Fliers Killed at Miami Miami Fla., March 24 (AP) Second Lieutenant Charles W. Stouff, 24, Thoi»idal«\ Pc«*n., and Stuff Sergeant Gal© M. Lester 30 of Mitchell Field, both members of the fifth observation group of the army air corps, were killed early today as their plane crashed ‘lur ing an attempted landing at Chap man field here. Tli© accident occuiVed a sthe observation plane, which had tak en off at s:4ft aj. m. for the return flight to Mitchell Field, was oblig ed to turn back to the training field here because of bad weather., i 2 STATES ORDER OUTLAW ACTION Legislation Looking to Su4h Conventions Is Pending Now In 25 Other States In Union WISCONSIN, WYOMING HAVE DATES NAMED Bill Providing lor Conven tion Killed In Georgia Leg islature; Other States Not in .Either Classification Have Taken No Action Thus Far die A&sociatd Press.) Twelve ftatcj already have arranged conventions to act on the question of repeat of the. eighteen! h amendment and legislation for such conventions is pending in 25 states. Thirty-six of the 48 states must ratify the 21st amendment—providing for repeal of the eighteenth— before liquor again may be sold legally in this count.rv. The twelve states with conventions already provided for are; Arizona, Idaho, Indiana, Michigan, Montana, New Jersey, Oregon, Utah, Washing ton, WJcst Virginia, Wisconsin and Wyoming. Two of these already have set con vention detes, Wisconsin, April 25 and Wyoming May 25. ' The states in which legislation is pending are: Alabama, Arkansas, California, Colorado, Florida; Illinois, lowa, Kansas, Louisiana, Maryland, Massachusetts, Missouri. Nevada,' New Hampshire, New Mexico, Newt York, North Carolina, Ohio,. Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas and Ver iimont, A bill providing for a convention died in the Georgia legislature. The other states as yet have taken no action- IMll Taxing Foreign Stocks and Unlimited Revaluation Disputed Items llnllr Dispatch Barca a. la the Sir Walter Hotel.* nr J v. BANK ICR V 11,!.. Raleigh, March 24.—1 t had been evi dent hern for some time that the House and the Senate would disagree over two ’of the most controversial items in the tax machinery bill—pro* iperty revaluation and taxing stock in foreign corporations. But no one had expected that the differences would ibe so wide, and therefore the Senate’s vot© on these two questions came as a surprise. Thus it is agreed that the Houke and the Senate will have a difficult time settling their differences in con ference, as it is a foregone conclu sion that the lower branch will never accept the Senate amendments. As the bill came in from the House, it ex empted about a, dozen counties from the provision calling for horizontal reductions of tax book valuations of rekl estate not to exceed 33 1-3 per cent. The Senate rejected this amend ment which made an actual revolua tiort mandatory in some counties- The Sengte vote wqs 30 to 14. The took the view that if (Continued on Page Throe.) • ONLY DAILY NEWSPAPER PUBLISHED "rSinw,, wsjf HENDERSON, N. C., FRIDAY AFTERNOON, MARCH 24, 1933 Victim of Nazi Terrorism —-JL_ IPvV f BA I y> ♦<— g jipiy t - Here is the first picture to arrive in the United States illustrates.the extent to which Chancellor Hitler’s Nazi followers have carried out their ruthless persecution of persons of Jewish faith The unfortunate man shown here was beaten, his clothes torn off and com waJk barefoot through the streets of Munich bearing a placard with the legend: 111 never complain to the police again.” Note the Nazi Emergency Police who enforced the brutal order Japan Not Appealing To Any One, Matsuoka Says Delegation That Walked Out of League Meeting Here Eh Route /Home ; Want U nited States To Withdraw Pacific Fleet; Chinese at Pier Threaten New Yojs % March. £4 (AP)—Yosuka Matsuoka, -head of the Japanese de legation to th© League of Nations, ar rived) in' America with five fellow delegates today and asserted that Jar pen Was “ndt appealing to any one, so ritt is not a vassal state, to Ame rica or any other nation. He also suggested that Japan ese- American feeling mligihit be improved if th© United' States would withdraw its fleet from'the pacific ocean. Ho said h© did not know whether or nOt Japan intendided to wtitb draw from the League of Nations. v TE E .Depreciation of American Money Standard Hurts Foreigners • By CHARLES F. STEWART ;• Wjashington,' March 24 —Obvious English and French efforts to keep the dollar up in forld markets Wave considerably entertained Yankee fin ancial experts during America’s mon etary Crisis» :* ’ No fiscal authority attributes thiß solicitude to Consideration for Uncle Barn’s feelings. ’ ' , A partial explanation of it is that as the dollar sinks, it becomes easier for Americans to bid sucessfuiliy against their rivals for trade in inter nationally competitive fields. More over, one of Europe’s strongest argu ments for war dbet reduction (if out right cancellation is reifused) has been the higher price of the Ameri can dollar, in comparison with its rating when the borrowing was done. It Would be exceedingly inconven ient for the debtor powers to have it Sdlutnp heavily just as a discussion of the subject is about to.begin. CONFIDES IN DEPOSITORS President} Wade H. Cooper of (Continued on Page Three.) Substitute Farm Measure Offered ’ ; By Senafor Smith Washington, March 24. —(AP)— Chairman Smith, Democrat, South Carolina, today laid before* the Senate Agriculture Committoe a substitute for the Roosevelt farm relief plan which would eliminate the allotments and licensing fea tures of the bill, retain the cotton opti m plan and keep provisions tor leasing land, but would modify the process big tax. The copualttse took no imma 44atc action on the substitute. , H. LESUE PERRY MEMORIAL ÜBfWi * HENDEftSOM N« & IN THIS SECTION CAROLINA AND V^EUA. .In answer -to a 'ajpecHfic question, be •declared that Japan had no inten tion of relinquishing th© mandated islands, whether or not it remained in the League. A crowd of Chinese wer a gathered in 4>h© streets oufaisde the pier as the Leviathan docked wfcth MateucUoa and hie fellow delegates.' They had congregated to protest against what they said was Matsuika’s intention to engage in a Campaign of propa ganda while in America'. One Chinese, a student, was held for questioning. Mitchell Is Indicted By Grand Jury New York, March 24—(AP)—Char •les E. Mitchell; former chairman of the board of the National City bank was indicted by a Federal grand jury today on a charge of willful evasion of his income tax for the year 1929. The indictment charges that in 1929 Mitchell’s net income was $2,823,405.- (95, whereas he reported a net loss of $48,000 and therefore paid no tax. He was charged in the indictment with evading payment of tax of $573,- 312.81. Mitchell resigned the cnairmanship of the board of the National City Bank and also of / the National City Company and other affiliates of the bank during the period in which he was a witness at the hearing of the /Senate’s bank committee in its in vestigation of the stock exchange. The indictment returned today charged that his income tax for 1929 was erroneous in that he reported a 'loss from sale of stocks of $1,484,067- 53 instead of a profit of $1,388,237.97. Debt Discussion With the British Formally Opened Washington, March 24.—(AP)— War debt, discussions with the British were formally begun by the Roosevelt ; administration today with a lon gconversation. between Ambassador Lindsay of Great Bri tain and Secretary Hull of the State Department. WEATHER FOB NORTH CAROLINA. Fair, slightly warmer west . aug aoutji pojfttohs tonight; Safw urd/ty clomjy and somewhat war mer; probably occasional ralfTTfer central-a*fl west portions*- PAID EXPEL ALLOT JEWS Legislative Bodies Have Been Suspended l ‘By Their Own Acts and Hit. ler Is Supreme HINDENBURG SHORN OF HIS AUTHORITY No Longer Necessary For President To Sign Decrees To Empower Iron Chancel, lor; All Bank and Postal Funds Denied Jews In Pa latine State Beilin. March;24.— (AP)^—Adolf Hit ler’s legalized four-year term as die /tator began today with one western ‘German state taking action which is expected tq lead to the expulsion of all eastern 1 Jews within its borders. .' The legislative bodies of both the German Reich and its greatest unit, Prussia, have been indefinitely sus pended, The signature of President Paul von Hindenburg to the decrees which Hitler may desire to enact is no longer necessary as a result of the Reichstag’s action yesterday in granting absolute power to the chan cellor. The Hitler government commission er in Palatine, a state lying between the Rhine and the French froniter, has ordered no banks or postal funds be delivered to eastern Jews. The ban, invoked untii they settle all business operations, foreshadowed a general ex pulsion order. 1 - Controversy Over Constitu tionality of Submission Ndw Looms ~ Daily Dispatch flnrenf. In the Sir Walter Hotel. BY HENRY LEBE9IVB, Raleigh. March 24—It has been a m/anth since Congress resubmitted •the question of repeal to the States, but np substantial progress has been mladie by the NorUh Carolina legisla ture toward providing a State coai vention, and developments her© over the post few days Indicate to legis lative observers that the present Gen eral Assembly will go home without do'ng anything about the prohibition question. ! There wMI, it is admitted, be a strong f'ghi on the part of the wets to get action,, but there axe several hindrances in the way. First there is no more controversial issue before the assembly than prohibition, and even the tax-raising possibilities of I’gihit wlines and beer are likely to prove no incentive to the lawmak ers ,to waste any time over the uniat ter when they are primarily concern ed wiith the appropriations and m/oney-making measures. Issue Not Clear-Cut If the issue in North Carolina were more clear-out ,it is agreed, there would be some jchance of early action, but the memlbers of the legislature are now serving without pay, and as soon as they get together op the two important money bi'ils, they will tarry not long in the capital. There is nto general agreement among members as to the method that should be em ployed in setting up a Stai’e Conven tion, and there are difficult questions of constitutionality that will have to decided. This wide difference of opinion is clearly indicated by the two measures (Continued on Pave Three.) AWILL Rogers XT f^gy»: Beverly Hills, Cal., March 24. These Democrats are going so fast they are relieving the same man twice before they know Con gress passed the farm relief bill, end now are starting on an unem ployment relief bill. WeH, the farm relief bill reliev ed- th© unemployment. It * gave everybody that wasn’t working a job to watch the farmer and see that he didn’t put in any more rows of potatoes than he did in 1921. It should be called the “Sherlock Holmes bill.” It creat ed five million Democratic de tectives. But, anyhow, the Democrats have justified their existence, for there are two words we haven’t heard uttered in three weeks: One is “Republican,” and tfc» other is (“Technocrat” Did you ever see two fads pass oht as quick? PUBUSfeED^KVBBY^iPTBmHO 0 * Supply Bill Set For Next Tuesday By Senate Action * Aids Farm Chief • Although he is but 34 years old, Dr. Mordecai Ezekiel, of Virginia, has been given an important post as economic adviser to Secretary of Agriculture Henry A. Wallace. Dr. Ezekiel, who recently returned from Russia, where he had been studying the Soviet agricultural or ganization, has been assistant chief economist to the Federal Farm Board since 1930. Bowie’s Agreement to Tax Bdbsts for Certain Insti tutions Repulsive to Some BOWIE TURNS CAT X OUT OF BAG, ALSO Claimed He Was Adding In Some Instances To Spve Elsewhere; Bloc Showed Signs of Renewed Cohe sion at One Point BuFThat Did Not Develop Daily Dispateh Bureau, In (hf Sir Wnlter Hotel. BY J. €. BASKERVILL. Raleigh, March 24.—The Bowie- Cherry “economy at any price” bloc up when its members got to trading on sectional.,, appropriations, with the result that the appropriations bill as passed by the House and now ip the Senate calls for almost the same total in appropriations as the origina appropriations committee bill, which carried appropriations amount ing to approximately $24,000,000 a year | or considerably in excess of the com promise! bill agreed to by Representa tives Barden and Cherry, which had the approval of Governor J. C. B. Ehringhaus, calling for a otal of only about $23,000,000 a year. The bill as passed by the House makes provision for a State supported six months school term only, with $13,375,000, and w*ith $75,000 for ex tended term aid and emergencies, or a total of $14,050,009, the amount re commended in the original committee bill. Two amendments were offered to make provision for an eight months school term, but these were withdrawn before being voted upon, the strategy evidently being to force the Senate to insert the amendment for the long er term- I is generally conceded that the Senate will make provision for an eight months school term with an appropriation of either $15,500,000 or $16,000,000. Two Factors Involved. Two factors contributed more to the disintegration of the .Bowie-Cher ry bloc than anything else, it is now agreed. One was Bowies agreement to boost.the appropriation for the Uni-! versity of North Caroiini to $762,240 from $644,800 he and Cherry had ori ginally agreed to and from the $570,- 10 he had originally advocated. The amendment to put the University ap propriation back up to this figure was signed by Representatives Bowie, Gil liam of Alamance, Thompson of Colum bus, O’Berry of Wayne, Doughton of (Continued on page Three.) BABE RUTH SIGNS FOR $52,000 SALARY » HIM ■ St. Petepeburg, Fla., March 24. (AP) —Babe Ruth today sighed his 2933 contact, calling for $ toitapy of SS2,GC(V before ft -histtfljy of news req! add newspaper cpinqrg man, -- - - -•-- ' * ” . 6 PAGES TODAY FIVE CENTS COPY House Refuses To Direct lis Committee To Report Revenue Bill By (. Monday TAX PENALTIES IN 1927-31 ABOLISHED Redeniption of Tax Fore closures Authorized For Five Years; Machinery Act iSent Back to House Without Stock Levy; Greensboro Allowed Scrip Raleigh. March 24.—(AP)- The Sen ate today set the biennial appropria tions bill as a special order for next Tuesday morning, and passed the amended revenue machinery act to ap-' iply for the next two years. The House refused to “direct” its finance committee to give it some form of revenue bill for the 1933-35 period by next Monday night, and passed on second reading a bill to al low divorces in North Carolina aftot cither party to a marriage is insane eight years. Both divisions of the assembly adopted a conference report on the administration-backed bill to abolish tax penalties for the years 1927-31 in clusive, wipe off uncollected taxes due prior to 1927 and allow property sold under tax foreclosures to be redeemed over a five-year period. A number of counties gained certain exemptions in the act. After Senator Clements, of Rowan, Senate appropriations chairman, had told the upper division that he favor ed the original appropriations bill al lotting some $83,000,000 for 1933-35, the 'Senate gave his group the House hy brid bill allotting $78,919,000 for the two years, with instructions to report it back for consideration next week. The appropriations committee will study the measure this afternoon. The revenue machinery act, which does not set rates for taxation, was sent back to the House minus a re quirement for advalorem taxation of foreign stocks, and containing a limi tation on reductions in property valua tions- The House voted to provide for ad valorem taxing of stocks, exempted since 1932, and for unlimited valua tions. The Senate- reductions limit was set at 33 1-3 percent. By a vote of 49 to 13, the House de feated a motion by Representative iScarboro, of Richmond, to demand some form of revenue bill by Monday night. Chairman Doughton, Alleghany chairman of the finance committee, : (Continued on Page Four.) Monroe Man Dead From Motor Crash Near Wake Forest Raleigh. March 24. —(AP) —Coroner L. M. Waring, of Wake county, today began an investigation into the death of B. C. Price, who was instantly killed early this morning when his truck collided with an automobile driven by M- Roy Bolick of Conover. U. S. Funds To Schools Are Urged Only Alternative As Present System Is (Crumbling, Work ers Told ' Raleigh, March 24. —(AP) —Federal support for public education in the 48 states of the Union was proposed here today by Dr- William John Cooper, United States commissioner of educa tion, in addressing a divisional meet ing of the North Carolina Education Association. The present system of support is fast crumbling, the commissioner told a meeting of superintendents and su pervisors, pointing out that in many states schools have closed and teach ers have gone payless. “Let Congress levy a tax, maybe a sales tax, which can be collected and spend it on the schools, apportioning it to the 48 states,” Dr. Cooper said "This is the only system absolutely to equalize education in the United (States, and by which kny child bom anywhere under the flag of the Unit ed States can .get an equal education. The educator suggested q. national manufacturers tqx, with the necfc»- (Cantlnued W Page Four.)