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
<m a profitable basis. Hood said. <
t
American Horse
Is Steeplechase
King In England
Aintree, England. March. 24 (AP) —
For the third time in the history of
the classic, an American-owned hiorse
galloped home the winner todiay in
th e spectacular grand national steep
lechase as Kell'sboro Jack, at 25 to 1,
scored a record-breaking Victory in
the colors so Mrs. F. Aimlbrose Clark
New York social rogistrlte and prom
ih' nt sports woman of Long Island
and South Carolina. . \
While ddasaster overtook the Ame
rican-owned favorite,* Heartbreaks
Hill, as well 1 us Dusty Foot, ridden by
George H. (Pete) BoStwlck, Kells;
boro Jack maintained a leading poa't
tion virtually all th© why, and won
by three lengths from ReaWy True, A
luiijr shot, owned by a British army
officer.
Will Spend
Millions In
Breweries
4
Over $65,000,000 To
Be Used in Next Few
Months To Equip
Big Plants
New York, March 24. —(AP) —L.
Beth Schmitman, chief statistician of
Hie F. W. Dodge Corporation, esti
mated today more than $65,000,000 will
be spent in the next few months for
»tw breweries and for alterations and
additions to old ones
’•’lie estimate was based on reports
Hum 37 states east of the Rockies and
mi statistical calculations for the Far
Western states.
The figure did not include expen
ditures for buildings and rehabilitat
es retail establishments. It covered
r, nly a small proportion of the sums
,f > 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.)