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VOL. TWENTS^HKEE
?
B FORTY-FOUR
For Quick Bank Remedy
0 .m
' '! ' ? .
- Treasury Suddenly|
Abandons Its Order To
Use Scrip and Decides
to Print Additional
Currency
Washington, March 8.?Suddenly |
dropping the scrip plan, the Federal J
government now is attempting to J
steam through the banking crisis by j
pumping additional' currency into
the arteries of American business.
Familiar Federal Reserve notes are I
expected to provide the backbone of j
this additional emergency money.
At least $3,000,000,000 could be is-1
sued without ' jeopardizing existing j
reserves, according to financial au-1
thorities. . ,
President Roosevelt is expected to j
ask Congress, when it meets tomor- J
row, for virtually dictatorial powers
to deal wiui the fast-changing situa
tion. j.
Official* decided scrip would open j;
up dangerous possibilities. They fear- I
ed the country would be flooded with [
printing press money. Eventually, I,
the government might be under pres- I,
sure to redeem it [;
Some Confusion j,
This sudden reversal threw confu-1 j
sion into some banking centers which ]
were preparing to issue scrip under
Treasury authorization earlier this
week.
Telegrams, long distance telephone)
calls and personal visitors showered I
hard-driven Washington officials
with countless questions. Bankers
throughout the country sought to
find out what Washington expected
' of them. They were ready to comply,
but many were in the dark as to w^iat
was desired. Demands for prompt
clarification of the fast-changing sit
uation grew hourly.
Secretary of Treasury Woodin,
through pressure seldom put .
upon a peace-time official, dressed i
all in blue, came out of his office at 1
the height of it all and said:
Sees LigUt <
"We see light here. Things arent 1
L going to pieces. Things are going I
well, due to the aid of people in all ?
parts of the country."
. j He had previously wired instruc
" tions to all Federal Reserve banks J
C ' 1
to loosen up in advancing money to 1
banks. 1
He told newspaper reporters con
fidentially that scrip would not be 1
authorized by Washington. They '
pressed him to give this vital infor- 1
mation to the public. (
? The diminutive business man, now
in ublic office for the first time,
looked around appealingiy. 1
, "Please advise me -as to how 1 1
should make this announcement," he '
said. ]
Reporters suggested he make a fla\ 1
statement which could be attributed '
to him.
Woodin cocked his head a moment, !
Go ahead and shoot it," he said, ?
and a scurry of fast departing feet '
ended the conference.
, Inflation Reports
When word flashed out from Wash- ?
ington that scrip was being abandon- 1
ed and federal banks notes expanded
for use instead, reports that the coun
try was embarking upon an era of
inflation sprang up.
Officials were reluctant to attach I
labels to their policies, which were
changing from hour to hour. 1
Generally, the latest move was re
garded as an attempt at a controlled, 1
managed, currency. 1
Chiefly, the movement intends to
: rely on the regular privileges of the j
; Federal Reserve system. They were
itarafted to meet jugt such critical 1
? hours, .
At last ?8,rOfcMfc00O In additional
Federal Reserve notes?which are
what, if any, the average man car
cries in his Up pocket?could be is
sued without going below the 40 per
eetrt gafcf reserve required behind
them: At the moment the gold back
ing for Federal Resferve notes is 62
per cent Thi? leave* a large work
ing margin for issuing new federal
banks antes at th* same kind now m
v Under the Federal Home Loan^Ajjt,
,
;
rat civil c?vi
Befli ns Sir eh 21
Judge Hairy Grady To
Presidue Over Two
Week Term Superior
Court
? ~ v . - V '?:" ??: I
I
Greenville, March 9.?A two-week
terra of Superior court for the trial
of eivil cases will convene here Mon
day, March 20, with Judge Henry A.
Grady of Clinton, presiding.
v The calendar, containing between
75 and 100 cases, was completed by
members of the Bar Association the
first of the week and today went to
the printers. It was expected to be
ready for circulation by tomorrow.
This will be the second visit of
Judge Grady to the city during the
year. He held a term of court here
during February and was followed
by Judge J. Paul Frizzelle of Snow
Hill, resident judge of this district.
"The majority of the cases to be
considered during the term are of
considerable interest to people in this
immediate section and a fairly large;
crowd was expected to be present
from day to day to take part in the
proceedings.
^ .
Japanese Start
Toward Peiping
Actual Invasion of!
China Marked By Aer
ial Raids on Retreat
ing Chinese.
Peiping, China, March 8.?The
Japanese invasion of China itself!
s-as started today, Chinese piilitary
leadquarters reported".
An official communique issued this
jvening reported that the Japanese
lad bombed Chinese troops fleeing in
panic southward along the Peiping
highway 15 miles inside the Great
WalL
The air raid occurred south of
fcupeikou, a pass through the ancient,
but now no longer impervious bar
rier.
The Japanese bombing of Chinese
rroops almost within sight of Peiping, |
he ancient capital, left Peiping ter-1
?or-stricken in fear of an air raid
jver the city as part of Japan's an
icipnted conquest of all of China.
Foreigners in the Peiping-Tientsin
irea scanned reports from the de
moralized Chinese front in fear. The
:oreign authorities, including tEe
United States Marine detail at Peip
ing, prepared' for evacuation of j
Americans and other nationals.
The Chinese frantically prepared
iug-outs. Thousands began pouring
southward, taking with thehi all their
belongings they could carry.
Marshal Qnits .
Marshal Chang Hsueh-Liang,
youthful commander-in-chief of Chi
na's armies in the embattled north
ern war zone, resigned as acting
chairman of the branch military
council in Peiping.
His resignation was regarded asj
purely a routine move. ^
The internal situation in Chin* de-'
pended on conferences between young
Chang and Gen. Chiang Kai-Sh'k,
generallissimo of all the armed forces
if the land.
1 in
uenerai v/mtuig, a Vorcm.. n?
>olitical wars of China for the last
10 years or more, was reported con- j
lidering "stabilization measures" j
lecessitated by the Jehol; debacle.
The collapse of China's, fighting)
units in that province north of the j
Great Wall spread what little re
maining confident the nation had |
in their armies to defend them frojnjl
my move the Japanese military ma
chine saw fit to mahe,
Pear Invasion
The people do not expert they will
do any better around Piping, and
fear the Japanese invasion wfll pro
daisy
W Se S - |
mL: Y t. u_." S_V ? ;>']
fu. Johors eauitaL - ? ?a - 88 I
f Inra r V**?S:r ? * , r '"?] I
and the 15th infantry regiment at
Tientsin, 90 miles away, near the sea,
would be called into action, it was
indicated, to defend Americans in the
war zone. The authorities feared the
possible killing of Americans in the
anticipated bombandment would in
volve in the United States in the in-?
vasion.
New York, Mar. 8.?A call for a
"more equitable distribution of nation
al income" and a prediction that in the
future America will think more about
the coneumer and lesa about the* pro
ducer are made by President Roosef
velt in a book to be published Match
16,
Under the title ''Looking Forward,"
the new President has outlined his
political and economic credo.
"I believe," he writes, "that we are
at the threshold of a': |jmdamentai
change in our economic thought. 1
believe that in the future we are go
ing to think less about the producer
and more about the consumer.
"Do what we may to inject health
into our ailing economic order, we
cannot make it endure for long un
less we can bring about a wiser more
equitable distribution of the nation
al income.
Less to Qapital
"It is well within the inventive
capacity of man to insure that all
who are willing and able to work
receive from it at least the necessi
ties of life. In such a system the
reward for a day's work will have
to be greater, on the average, than
it- has been, and the reward to capi
tal, especially capital that is super
lative, will have to be less. . .
"We have witnessed not only the
unrestrained use of bank deposits in
speculation to the detriment of local
credit, but we are also aware that
this speculation was encouraged 5y
the government itself. I propose that
such speculation be discouraged and
prevented. . , .
"Cannon Fodder
The President said that "I do not
believe that in the name of the sac
red word 'Individualism' a few pow
erful interests should be permitted
to make industrial cannon fodder of
the lives of half the population of
the United States.
"I believe that the individual should
have full liberty of action to -make
the most of himself," he added.
"I believe in the _acredness of pri
vate property, which means that i
do not believe that it should be sub
jected to the ruthless manipulation
market and in the corporate system.
"I share the general complaint
against regimentation, f dislike it
not only when it is carried out by an
informal group amounting to an eco
nomic government of the United
States, but also when it is done by
the Government of the United Stater
Itself. 3I>??....;
"I believe that the government,
without becoming a prying bureau- "
cracy, can act as a check or coun-,
terbalance to this obligarchy so as to
secure initiative, life, a chance to
work, and the safety of saving to
men and women, rather than safety
of unlicensed power to those who
would speculate to the bitter end
with the welfare and property of
other people.
"A mere builder of more indus
trial plants, a creator of more rail
road systems, an organizer of more
corporations is as likely to be a
danger as a help. The" day of the
great promoter or financial titan, to
whom we granted everything if on'y
he would build or develop, is over."
Cards on Table
"I have good reason to believe
that many nations who, like us, are
suffering from the stoppage of in
dustry will meet us half way and
put ail the cards on the table for
the purpose of breaking an actual
deadlock which has paralyzed world
trade . . . Let me at the same time ,
make it dear that a trade confer- j
ence with the other nations of the
world does not . . . involve the re
newal in any way of the problem (
... of American participation as a
member of the League of Nations. ,
As to League -
American participation in the
League would not serve the highest
purpose of the prevention of war and ,
a settlement of international difficul
ties in accord ence with fundamental
American ideals; the League has not
developed . . . along the course con- |
templated by its founders, nor have (
the pririripal members shown a dis- (
position to divert the huge loans j
spent on armaments into the channel
of legitimate trade balanced budgets
and payment of obligations,"
Aclion To Stop
Gold Hoarding
Richmond Reserve
Bank Calls For Names
of Persons Withdraw^
ing Gold.
I Richmnd, Ya., March 8.?Govern
lor George J. Seay, of the Federal
?Reserve Bank of Richmond received
?instructions from the Federal Reserve
B Board tonight to furnieh the names
I of persons in the district who have
I withdrawn gold -from member banks
The notice from~the Reserve Board
?asked that he "furnish as far as pos
sible and as soon after March 18 as.
I practical, the names of all persons
I who have withdrawn gold from the
I Federal Reserve Bank and from
?member hanks throughout the Fifth
? District since February 1, 1833, and
I failed to redopist it by March 13,
Bankers, commenting on the edict,
I saw in the action an attempt to force
? gold from hiding and expedite its
return to the Federal Treasury.
At the same time, Governor Seay
made public what he termed an "act
I of patriotism" on the part of a Rich
mond citizen who exchanged $1,500 of
gold Onrreney far other forms of
He said fae gold currency had been
^about to leave for an extensive bus!
I hftttlc.'
I fr^* J
I ' ' _ . 9- ' ? - ' - L ' ? _ .
Meat Prices Come Down
As New Supplies Arrive;
.
Chicago Market- Amaz- <
ed By Huge Shipment <
of Livestock By Truck. \
Chicago, March 8.?Farmers today ,
assured their city brothers that food
would remain cheap as pocket cash (
of urbanites dwindled. 7 (
Counteracting yesterday's booming <
rise in livestock and fresh meat prices, (
especially pork, farmers froni nearby j
states had the specter of a threaten- f
ed shortage in meat supplies in-jig f
time. Aided by tlie youngest giant t
of the transportatio a industry, trucks, |
normal supplies of livestock were de- r
iiverpd to the stockyards to the j
amazement of packers-and traders. {
More than 10,00p of the 18,0Q0 (
truck. A government official at the t
hogs shipped here were delivered by ,
stockyards said "They started com- j
ing at 6 o'clock last night and they ?
are still coming/' This - supply was f
far in excess of expectations. Price ;
of live hogs promptly tumbled 10 to
25 cents a hundred pounds and ere (
the day was finished had declined (
25 to. 40 cents, more than wiping f
out yesterday's advance. {
As a direct result, wholesale a
prices of fresh pork also declined
shaiply. Desirable loins weighing 10 (
to 12 pounds sold at 18 to 16 cents j
a pound compared with 16 to 18 cents ?
yesterday. Trade, even at the sharp- .
ly cut prices, was reported light.
r3-; ? ??;?????? 1 ? ? j
OLD-FASHIONED BILLS ,
? COME OUT OF HIDING ,
? ' f
..Greensboro, March 8.?The bank- |
ng situation has brought out much i
funds heretofore kept in. hiding but t
the postofflce here saw one of the J
best examples. i
A person walked up to the postal <
savings window, pulled a roll of ISO 1
old fashioned, large size $1 bills i
from a pocket and placed the money
FIRE DS33TXOYS SMOKE HOUSE Id
AND CONTENTS U
^ h
K . - _ ^V- I ' j, I
j QlAtCUJ, ial 1U XAllllUCh OlC IIU'V ht-11" j I
'.if ?' if'' i v' ''- J\r 7 , ? "-A
^ud?r^ Whi^^Funds
For Farm Operations
MaybeObteined.
Reduction of 30 par sent to the
acreage planted to cash crops will be
required this year -of farmers who
procure crop production loans, Sec
retary of Agriculture Arthur M.
Hyde announced today in making
public the regulations governing the
i 933 loans.
In making available for crop pr>
Juction loans this year, $90,000,000 of
Reconstruction Finance Corporation
funds, Congress specified that the
Secretary of Agriculture might re
quire, as a condition of any loan,
"that the borrower agree to reduce
:iis acreage or production program
on such basis, not to exceed 80 per
centum, as may be determined by
the Secretary." The Secretary's reg
ulations, however, stipulate that ac
reage reduction will not be required
of fanners who, in 1933, plant no
more than eight acres of cotton;
two and one-half acres of tobacco,
forty acres of wheat, twenty acres of
com, two and one-half acres of truck
crops, twelve acres of sugar beets,
eight acres of potatoes, thirty acres
of rice, and eight acres of peanuts.
Farmers seeking crop production
loans this year are advised to obtain
application blanks and copies of the
production loans this year in their
iome counties, rather than from
Washington,
Accompanying the required 30 per
cent reduction in acreage planted to
?ash crops, above the established
ninimum, the 1933 regulation^ limit
:he amount available to any farmer
;o $300. In 1932, crop production
oans were made to 507.632 farmers,
averaging $126 each. No loan in-ex
cess of $100 will be made to any ap
icant who is in arrears on as many
as two previous loans made by the
Seoretary of Agriculture. As last year
nterest is fixed at 5 1-2 per cent, to
ae deducted when the advance Is
nade. All notes are due October 31,
933. Advances to borrowers may Be
nade in Installments, the regulations
itate, inasmuch as expenditures for
crop production are usually made
>ver a considerable period.
One million dollars of the $90,000,
? 0 funds is available for livestock
'eed in drought or storm stricken
irfeji.q.
Charging a fee for the preparation
>f a borrower's application is ex
>ressly forbidden this year in Section
I of the Act of Congress authorizing
he crop production loans. Congress
urther declared these loan funds "to
>e impressed with a trust to accom
>lish the purposes provided for by
his resolution?and it shall be un
awful for any person to make any
naterial false representation'for the
mrpose of obtaiinng any loan, or to
issist in obtaining sue loans, or to
lispose of or asait in disposing of any
irops given as security for any loan
nade- under authority of this reso
ution, except for the account of the
Secretary of Agriculture and for the
mrpose of carrying out the provis
ons of this resolution.
Teeth for Section 3 are provided in
i clause which orders A fine not ex
eeding $1,000 or imprisonment hot
xeeeding six months, or both, for any
lerson found guilty of violating the
ibove provisions.
The remaining regulations an
tounced by Secretary Hyde are sim
lar to those in force last year. An
ibsolute first lien on all |of the crops
frown by the borrower in 1933 is rfe
[uired by the act In counties where
ertiHzer is not commonly used, the
ate of loans must not exceed $3'an
icre for general field crops, and
in acre for truck-crops, including
lotatoes. In counties where fertilizer
8 commonly used, according to the
estimony-of representatives of the
)epartment of Agriculture, the rate
nust qot exceed $6 an acre far gen- j
>ral fiefd crops, $10 an acre for to
>acco, and $20 an acre for truck crops,
nefoding potatoes. Not to exceed $1
in acre of loans made at any of these
?ates may be used for repairs and
Miscellaneous expenses of crop pro- .
luction other than seed, fertilizer,
eed for work-stock, and fuel and oil
or tractors.
Special provision is made forvad
litional loans?within the maximum
illowed per farmer?for the purchase
>f materials for spraying and dust
ng, to protect crops from insects, and
lisease; for payment of water charg
?, electric power* etc., necessmy^to
^jiip)oyfli6nt of hand^ labor on^ sugar
-V : "-I '21 " V * ; . ' .? O- ^
V%i flTl ? WA YA fVV Y 7 V% n TT A V V# a mv A V
'^p ^8 BIB ? * B^p 3 ' Bp HjB
JLJI A A _ A A A A Apt A A* A A A A Abb ? A A JU A A A A A B
Chase Bank Also
Bars Securities
_?- .
To Divide Securities Af
filiate At Once; Aldren
Urges Banking Re
I forms.
New York, March 8.?The Chase
Nation Bank of New York, the
world's largest bank, will take im
mediate steps to divorce its securities
affiliate, the Chase Securities Cor
poration, Winthrop W. Aldrich, chair
man, announced tonight.
- This action followed announcement
last night that similar steps were be
ing taken by the National City Bank
of New York in separating its activi
ties from the National City Com
pany, a securities company.
In announcing the decision of the
bank. Aldrich advocated a series of
banking reforms which he declared
should ultimately be taken. They
were: . ..
1?Prohibiting corporations from
accepting deposits unless required to
publish the same statements and be
governed by the same regulations as
commercial banks.
2?Prohibiting corporations that
deal in securities from accepting de
posits even under regulations.
3?Prohibiting officers or direct
ors of firms dealing in securities
fromMiolding an office in any bank.
4?Limiting the boards of direct
ors of commercial banks to a small
number of persons.
"The spirit of speculation," Aid
rich declared, "should be eradicated
from the management of commer
cial banks and 'commercial banks
should not be permitted to under
write securities except those of the
U. S. government and of states, ter
ritories, .municipalities and certain
other public bodies of the United
States. * \ "
Urge Parents
To Co-Operate
Health Officer Says
Cases of Contagious
Disease Must Be Re
ported.
Dr. R. S. McGeachy is urging
parents in various sections oi the
county to co-operate in reporting
contagious disease in order, that pre
cautions can be taken by health
authorities to prevent the spread of
these diseases.
He called attention to the preval
ence of measles in. the Grifton school
district and whooping cough in the
3ell Arthur, section. Dr. McGeachy
stated that' in many cases trough
out the county parents had been
lar in reporting contagious diseases
among children,-, and he called atten
tion to the fact that the new law
requires that such be reported, and
he asked everyone's co-operation so
that there would have to be no legal
steps taken for failure to report. The
penalty to fail to report contagi
our diseases is $50 fine or not more
than thirty days in jail or both, in
the discretion of the court
that planted in 1932, provided a first
lien is given on all crops growing, or
to be planted, grown and harvested in '
1933 sufficient to cover the advance.
In addition to the reduction requir
ed this year in acreage of cash crops,
borrowers must agree to plant a
garden for.home use and.a sufficient
acreage of feed crops to supply feed
for their livestock. Acreage taken out 1
of cash crop production may be plant
ed to any soil-building crop.
J
AMERICAN LEGION. TQ BAVE
I' PROMINENT SPEAKER AT
NEXT MEETING
_______
The outstanding feature of the
American Legion meeting on Friday
?wening was the arrangements for
the visit of prominent Legionnaires :
at the next meeting. Th local post I
expects to have Capt. Tom Darnel of ;
New Berir, a^feofed. Worid War vate- J
ran, .Major I Fletcher, State Com- 1
missioner of Labor, and the district J
vice commknder, A. O. Dickens of .?
Wilson, 01 |
Commander Chas. F; Bapcom, Jack
Lang,|A. W. Bobbitt,, Wiley Dildy, 3
Dr. P. E. Jones and JW. Joyner
___ ^
Revaluation Program
Expected To Get Un
der Way In Near Fu- ,
ture.
I t ; ' ' ? ? ? 'V?
Greenville, March 7.?The setting
up machinery for revaluation of pro
perty in this county featured the reg
ular monthly meeting of the Board
of Commissioners here yesterday.
J. L. Coward, county auditor and
supervisor of taxes, was instructed
by the commissioner to make imme
diate preparations for revaluation of
property, and it was indicated, fhia
would actually gel; under way in the
near future.
The settlement of the revaluation
questions was greeted with interest
by the public generally in view of
the sharp drop in property values
the last two years.
Auditor Coward was also instruct
ed to appoint list takers for the tax
year of 1933, and wbile this was not
done immediately, it was expected
to be completed at an early date.
A projected joint meeting of the
Board of Education was deferred un
til next Monday. The nature of the
meeting was to discuss the financing
of the extended school term and post
ponement of the meeting was taken
until there has. been some clearing up
in the national banking situation it
was said.
County Co-Ops To
Hold Annual Primary
Convention March 17
Greenville, March 10.?Pitt county
members of the North Carolina Cot
ton Growers Cooperative Associ
ation will hold their annual primary
convention in the court house here
Friday, March 17, at 2:30 to elect
delegates to the first district con
vention which will be held here prior
to April 15.
M. C. Mann, of Raleigh, secretary
treasurer of the cotton cooperative,
will be the principal speaker at the
meeting. His speech will embrace
production credit, national legislate
ion, improved seed and fertilizers
and the activities and policies' of the
cooperative.
The purpose of the district con
vention, to be held here, is to nomi
nate candidates for director of this
district.
John T. Thorne, of Farmville, is
present director of the first district
which is composed of Pitt, Beauford,
Bertie, Martin, Hyde, Tyrrell, Per
quimans, Camden, Washington, Cho
wan, Pasquotank and Currituck coun
ties. .
The meeting to be held here will
be an open one and letters have been
mailed by the cooperative to mem
bers inviting them to bring their
non-member friends?farmers and
Business and professional men?along
with them to the meeting.
The meeting here 'will be tBe 21st
of a series of 45 meetings which was
started February 9 and will end April
15.
TRUCK DRIVER BOUND OVER
SUPERIOR COURT
At a hearing held in Mayor Bel
Cher's court here this morning, W.
H. Redditt, white truck driver for
the Cash Produce Co. of Mt OKve,
was bound over to Superior Court
on the charge of running down Bla
ney Joyner, aged Negro, early Wed
nesday morning.
Joynei was walking on the left
of the highway leading out of Farm
ville to Snow Hill, in the Negro
settlement .here when struck by the
truck, the driver of which stated
that he blew uis horn as he turned
out to pass wagons proceeding on the
right. The Negro lived 46 minutes
after being knocked to the pave
ment The accident occurred just 40
yard from the spot where Oscar Joy- -
ner was killed by Nethercutt's poul
try truck several days Agfe.
, . . I 1 1 ' ?' '
CONTRACT \BRIDGE CLUB
Mrs. Claude Barrett was hostess
at a most enjoyable meeting of the
Contract Bridge Chib on Tuesday
afternoon at her home on Contentnea
Btreet, which was decorated with a.
beautiful selection of early spring
flowers. High score prise, a novel
cookie jar, was won by Mrs. W. Les
lie Smith.
At the conclusion of the games a