davidaulloa/AmericanStories huggingface dataset:
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
HENDERSON co. INCLUDED IN
BANK OFFSET LAW FINALLY
RATIFIED BY LEGISLATURE
Representative Sullivan Is
Given Major Credit for
Winning of Skirmishes
With Bank Department

The North Carolina general as
sembly having adjourned, it was
learned definitely today that Hen
derson county got under the
wire" with reference to legiSla-
ton permitting depositors in
closed banks to sci! their deposit
claims to debtors who can use
them rs offset against loans.
Major credit for this legisla-
ton, which was widely approved
here, is given to Representative
Sullivan Of BGncombe count who
engaged in a series Of s&irm!sh"S
with Commissioner Hood Of the
state banking department and
came out victorious. The Bum
combe scion first passed 4 bank
offset law applying only to Bun
combe county. The bank commits
Homer sought TO have the bill re-
called from the enrolling office,
but was out-maneuvered. Efforts
TO repca! the act also flOundered.
the senate tabling the Burgln re-
pealer.
Senators Francis Of Haywood
and Dunagan Of Rutherford, in
troduced supplemental bill
bringing several western counties
under the Sullivan bank offset
act. In the house, Representative
Sullivan brought the measure
from the unfavorable calendar,
where it had been consigned by
the house committee on banks
and banking, and passed it de-
spite the vigorous opposition Of
the commissioners friends i'll this
branch.
The final effort to defeat it
was made in the senate when sew
eral senators blocked concurrence.
In the conference committee, Rep
resentative Sullivan again won his
point, bringing the report to the
floor and securing approval Of
the house. In the senate, approval
was also voted and the bill was
ratified Saturday, adding As cOun-
ties to its provisions including
Pennsylvania, Cherokee. Clay,
Henderson, Haywood, Rutherford,
Macon, Avery, Polk and Jackson.
Commissioners Hood secured the
introduction of 4 statewide bill
which would have repealed the
Sullivan act. The committee on
banks and banking reported it
unfavorably, but again the Bun
combe representative defeated it,
the house upholding his motion
to table it.
Representative Sullivan's final
victory against the state bank de-
partment came yesterday when he
| brought the Patton bank bill from
the unfavorable calendar and Sc
cured its passage by the house.
introduced by Senator Patton of
Macon, the measure provides:
"Section ]. That the commits
sioner of banks of the State Of
! North Carolina shall on or before
the first day OF June 1888 and
on the first day of January and
July Of each year thereafter file
with the secretary Of the State of
North Carolina a report showing
all banks under liquidation in the
State OF North Carolina, and the
names of any and all auditors to-
gether with the amounts paid to
/ them for auditing each of said
banks. and the names Of any and
all attorneys employed in connec-
ton with the liquidation Of said
banks together with the amount
paid or contracted to be paid to
each of said attorneys. If any
attorney has been employed on a
fee contingent upon recovery SAID
report must state in substance
! CONTINUED on page 81
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
Hull ASSAILS COMMERCIAL
POLICIES Sitting Trade
Says America Willing to
Review Amy of Her
Own; England Con-
tinues to Sign New
Treaties

WASHINGTON, May l5.-
(UP).-Secreta.y OF State Hull
today indicated the willingness
of The United States 10 re-ex-
anime any commercial policies
and methods Of its own which
any foreign countries might
consider unfairly restrictive OF
trade.
The secretary OF state made
the statement during an impas-
stoned attack on the CONNER
cial policies which he held are
sitting to world commerce.
LONDON, May 15.-(uP)-
British-Swedish and British
Norwegian trade agreements
were signed at the foreign Of
hce--the first of such agree
ments to be signed since an
economic truce was declared
among the leading powers last
wesk. While the truce was be-
ing discussed France and Italy
and France and Canada ce-
Laented such agreements.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
By THOMAS l.. STOKES
United Press Staff Correspondent

WASHINGTON. May -. tUP).
President Roosevelt studied his
gigantic industrial plannlng-pub-
lie works bill while cruising on
the Potomac Sunday and began
drafting a message 10 congress on
what may prove the most potent
weapon yet forged against the
depression.
The comprehensive niece Of
legislation still is incomplete m
minor details. Mr.. Roosevelt Is
expected to present his arguments
and tE2 measure 10 congress
Tuesday or Wednesday. The bill
authorizes a $4,000, 100000 pub
lie works program and will enable
reorganization of the nations IN
Gustrial machine through sane
tons requiring control of pro
ductiOn reduced working Sched-
uleS and higher wages.
Though the president and most
of those working with him are
leaning toward ! manufactures
sales tax to produce the ncceS-
sary $22O,OO0.O00 annual inter-
est payments on the public work
bonds. the United Press learned
authoritatively Yesterday that
the question Of the form the tax
will take still is open.
The sales TAX. probably ut one
and one-eighth per cent, will he
the medium unless I canvass now
being made shows too many Dem-
ocrats were bound by campaign
commitments against such levy.
MANY Democrats, especially in the
house. are pledged against the
sales tax as \ result Of the bitter
fight two years ago which result
ed in its defeat.
The president. himself. is shift
ing his position on this issue II
was only six months ago that he
was represented rs being "horri-
fled" at reports that he advocat-
ed the sales tax. The presidents
intention in his message IS to so
present the tax now as to justify
members Of congress in changing
their positions.
The tax will be proposed rs a
"re-emplOyment tax absolutely
necessary to pay the cost of gov
ing men jobs. The only alterna-
tiyeS are an increase in the al
ready burdenSOme income tax
rates and a series Of special eX-
else taxes which are in effect
sales taxes, it will be argued.
Chairman Robert l.. DOughtOn
of the house ways and means
committee, who led the fight
against the sales tax years ago,
has protested its revival. the Uni
ted press learned last night. His
committee will pilot the bill
through the house.
Doughtou declined last night to
explain his position until he had
studied the sales tax in cOnnec-
tfon with the whole legislative
program with which it is con-
nected.
Il want to approach it with an
open mind" he declared.
The mammoth administration
measure is not expected to be
taken up in the house, where it
must originate, until next week.
CONTINUED on page 81
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
Warn Americans
To Quit School
In apArmyPat h

PEIPING, May 16.-UP).-
The United States legation adj
vised the American board of mis-
sions today to evacuate the Amer
lean school at Tungchow.
Six American families, 80 high
school boys and girls and 600
Chinese Christian children are en-
rolled at the school, which is in
the path of the Japanese drive to-
ward Peiping.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
DAVIS SEEKS LINEUP
AGAINST NEW GERMAN
ORNAMENTS PROGRAM

PARIS, May 15.-UP?.-A
United British, French and Amer
lean front against German re-
armament was being sought by
Norman Davis, American ambas-
sador-at -largetoday when he en-
tered conference with Foreign
Minister Joseph Paul-Boncour.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
Rockefeller Out
OF Dimes? Fails
to Donate Sunday

LAKEWOOD. N. J., May IS.
(UP).-John d. Rockefeller APP
parently ran out Of dimes yes
terday.
The aged multi-millionaire
appeared at the First Baptist
church for services yesterday
and walked from his car to the
entrance without the custom
ary distribution Of ten-cent
pieces to persons on the side
walk.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
CANNON MUST
STAND TRIAL
Decision by District Of Co.
lumbia Court Also In
wolves Secretary

WASHINGTON. May Is. (UP)
The District of Columbia court Of
appeals today held that Bishop
James Cannon ,Jr.. must stand
trial on charges of violation of
the corrupt practices act in his
activities in the 1923 presidential
campaign when he vigorously
fought Al Smith.
Miss Ada L. Burroughs, his sec
rotary, also was included in the
decision which orders a trial of
the charges.
This was a reversal of the de-
cision by the district supreme
court and was made after the
United States supreme court last
month held that the court of APP
peals had jurisdiction in the case.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
INDUSTRY Bill.
IS CONFERENCE.
theme TODAY.
Sales Tax Method for Fl
nancing Three Billions in
Public Works Is Up
RIVER BASIN BILL TO
COME UP NEXT WEEK

WASHINGTON, May Is. (UP)
President Roosevelt summoned for
this afternoon a conference OF
congressional leaders to consider
the administrations unparalleled
revival of industry" bill, involv-
ing the control Of production AMI
q huge public works program.
The proposed sales tax method
of financing the $4,000, 100000
public works plan is to be dis
cusSed.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
u. S. S. MACON ON ALL
DAY CRUISE IN OHIO

AKRON. O., May 15.-(UP)-
The navy dirigible U. S. S. Macon
was taken aloft for her third trial
flight today and scared over
northern Ohio on a dawnt-o-dusk
cruise.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
Mcdonald Is Not
Raising Topic OF
ConfederacyDebt

LONDON. May 15.-(UP).-
Prime Minister Ramsay Mcdonald
told a queStioner in the house OIL
commons today he did not raise
"the question of debts owed to
this country by various states Of
America" His reference was to
the defaulted Civil war bonds Of
the southern states.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
CLOCK TURNED
BACK TO GIVE
Time TO WORK
Ehringhaus' Leadership Is
Eventually Followed
by Legislators
BIG CONSTRUCTIVE
PROGRAM EFFECTED

RALEIGH. May 15.-UP).-
The state legislature turned back
the hands of the clock today be-
cause it was not ready to adjourn
at noon.
The senate adopted the school
machinery bill conference report.
thereby enacting it into law. 1t
passed the race track bill for New
Hanover and Haywood counties.
The house received q food OF
new bills, many of which it pass
ed under suspended rules.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15
WEATHER

Generally fair and cooler to.
night; Tuesday cloudy, probably
showers in west and north pr
tions.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-15

Latest style dresses have rows
and hows of hooles.snd-eyes. Get
ing ready for a nationwide hook
up.
Evening star., 1933-12-29

the market, for spectators hesitate to
take a position not knowing under
what regulations they may find them
selves. Opinion leans to the construc-
tive side today and the line Of least
resistance appears to be upward.
Therefore, any increase In activity
ought to improve prices.
The stock market gave q very good
account Of itself yesterday. The only
tax selling that was done was for cash
and was so designated. Transactions
made in the regular way went into the
1884 account and were uniformly at
rising prices.
Some of the buying represented re-
purchasing by shorts and some Of 1t
the replacing of investment funds In
securities of comparable grade to those
which were sold earlier in the week
to record tax losses. Some of its was
buying, speculative and investment,
based on improving trade. The market
was under no pressure on any account.
In percentage the largest gains were
recorded by the public utilities, the
group which had been sold the most
extensively. Here short covering was
the dominant influence, but the cover
ing itself was due to the conviction
that the selling had been overdone
There is no change of attitude toward
the utilities. Government competition,
increasing taxation and demand for
lower rates are still adverse influences.
The utilities are now In the position
the railroads occupied a decade ago
under regulation which prevents them
from adjusting their rate structure to
changing economic conditions and
laboring under public disfavOr. Judging
by what happened to the railroads, 1t
will be a long time before the utilities
come back.
The action Of commodities in the
last weeks Of the year has not been
as satisfactory as that Of stocks The
Bureau of Labor Statistics announces
that for the week ending December %
wholesale prices were down 0.6 per
cent, making the index number G926
equal 1000 7O.4, against 708 on Decem-
Der l6. Other computations show ap-
proximately the same result.
(Copyright, 1888. by North American News
paper Alliance, 1nc)
Evening star., 1933-12-29
FEAR Of EXCHANGE
REGULATION EASED
Wall Street Much Interested
in Rainey'S Opposition
to Legislation.
BY GEORGE T. HUGHES.

Special Dispatch TO The Star.
NEW YORK, December 29.-wall
Street paid much attention to the
Washington dispatches quoting Speaker
Rainey to the effect that he did not
expect any legislation at the coming
session of Congress with regard to regu-
lation of the Stock Exchange. Inasmuch
as this statement came after confer
ence the Speaker had with President
Roosevelt, it was regarded as not out
Of accord with the views of the admin
iStration.
Nothing has SO agitated the specula-
tive community as the prospect OF
trading. 1t has visualized a situation
which would affect the Stock Exchange
in much the same way that the securi-
ties act has affected investment bank
ing.
All sorts of reports have been credu-
lousy received, including one that all
margin trading would be prohibited
and that short selling would be out
lawed. Even the suggestion of one Con-
gresham that speculative profits be
taxed 100 per cent was not laughed of.
Aware Of Evils.
At best the Street felt that volume Of
trading was sure to be severely reduced.
That may yet come to pass, for the
Stock Exchange itself is keenly con-
scious of the justice Of some Of the
criticisms leveled against It, Probably
It is more sensitive to the denunciation
of pool operations and the connection
of specialists Herewith than on any
other score, but the more thoughtful
members know that to allow the ex-
travagances that marked 1929, or even
some of the episodes of 1933-such as
the reckless speculation in the liquor
stocks would be fatal 1t is more than
probably that the Exchange governors.
if Congress leaves 1t to them, will in
itiate reforms along these lines.
1t also Is realized that, despite the
attitude of the President, If 1t is his
attitude. and despite the opposition Of
the Speaker of the House, there will
be agitation in Washington to curb
Wall Street speculative operations. 1t
will not get very far If the leaders are
, against it, but it will make for much
undesirable publicity.
Settlement of this matter would help
Evening star., 1933-12-29

as it may seem to you, had definite
idea in mind and I've reduced my idea
to system. It Is dangerous to get so
close to your one line of business that
you don't know what's going on. When
! met you six months ago you told me
q lot about the railroad business, what
you thought about airplanes. bus COM
petition, store-door deliveries, and the
new ideas that are stirring in the whole
field of transportation. I wondered
how many other men I knew who were
engaged in other lines Of business about
which should keep informed. So
made an inventory and found I knew
a prominent wholesale grocer, an out
standing lawyer, an able sales manager,
an interesting advertising man, well
informed newspaper publisher and so
on. So made q card index Of all
these men. When I have a free date
for lunch just 60 through my file, in
vite these friends to lunch one at q time
and then put the card at the back Of
the file keep rotating my invitations.
BY the end of every three or four
months I have covered all the busi-
nesses in which I am interested"
(Copyrisht 1893. by the Beu synAic f,e.
Evening star., 1933-12-29
MISSOURI RESTRICTS
BROKER OPERATIONS

BY the Associated Press.
KANSAS CITY, December 2e.-
Brokerage firms in Kansas City and
other Missouri cities generally have
stopped executing orders for stocks
listed on the New York Curb Exchange
and several other smaller exchanges as
the result of a warning from Neal Ross,
State securities commissioner.
Ross stated in a letter to brokers
that the New York Curb Exchange
has not been licensed in Missouri, and
that stocks listed by that exchange and
unlisted by licensed exchange else
where could not be sold legally in the
State, unless such stock is registered
separately with the Missouri depart
ment.
The New York Stock Exchange,
Chicago Board of Trade and the Chi
cago Stock Exchange are licensed in
Missouri.
Evening star., 1933-12-29
SNOW SLOWS UP
|. BUSINESS ACTIVITY
PromotionaI Sales Halted.
Avalanche of Mail Or
ders Received.
BY JOHN A. CRONE-

Special Dispatch to The Star.
NEW YORK, December 29-The tons
Of ice and snow that blanketed the Ma
tion from coast to coast the last several
days stopped promotional sales Of VIM
ter merchandise, reduced the arrivals OF
out-of-town buyers, brought an ava
lanche Of mail orders for seasonal goods,
and somewhat slowed other lines of
business activities.
Contrasted with the last week Of 1882,
the period just ending showed many
gains. Various industries pointed up
ward, employment expanded and pur-
chasing power, despite the large volume
of Christmas trade, generally was main
tanned.
This period Of recovery and the new
year will be ushered in with more jubi-
lation than at any time since 1928. Rail-
roads, steamships and hotels are well
booked ahead, while distributors of
liquors are having great deal Of diff
Guilty In keeping their assortmentS COM
plete, because OF the delay In distillers'
shipments and the shortage Of imported
stocks.
High hopes herald the dawn of 1884.
Meanwhile, largely disregarding sea-
sonal influences, leading industrial in
dices continue to point upward Not
SLICE lSSO has power output risen at CillS
season, thereby marking the thirty
fourth weekly consecutive gain over the
corresponding period Of year ago. Steel
mills are driving to fill all their con-
tracts by Saturday. Automotive makers
are stepping up production schedules.
Freight loadings remain above those Of
year ago. Cold weather quickened
bituminous coal output.
Usual Lull Slight.
"The lull in retail buying which usu-
ally sets in Immediately following
Christmas was not marked this year" ;"
comment Dunn & Bradstreet in their
national weekly survey Of business
In addition to the numerous sales Of
merchandise needed for New Year
celebrations, the sudden drop in tenn
peratures, accompanied by heavy snow
ir nearly all parts Of the country, gave
retailers an unexpected volume of busi-
| ness, with stocks being reduced almost
to depletion in a number of lines.
while pre-inventory clearance sales
started this week, they were far fewer
Evening star., 1933-12-29
BIG INCREASE SEEN
IN RAIL EARNINGS
November Net Operating Income
Estimated at Is Per Cent
Ahead of Year Ago.
BY the Associated Press,

By the Associated Press.
NEW YORK, December 29.-Novern-
ber net operating income Of class
railroads will show an improvement of
some SIS ,200,0 900, or about Is per cent.
over the results for the same month
last year, 1t was estimated on the
basis of reports already published.
Aggregate net, figured at s39, 300, 900,
represents a decrease of about 81 per
cent from the results Of October. but
the seasonal decline is less steep than
1t was last year and the year before.
The first SO roads to report for No.
vember had total net operating income
Of $35. .311 .000 against S51 SOB 900 in
october and $50, 1882. 900 in November
1882. Gross revenues Appropriated
S285 1885, 900. against s268, TAG, 900 IA
October and $230,132,000 in November
last year.
Evening star., 1933-12-29
NETS LARGE THAN IN 1881.

NEW YORK, December % Dr.
Laurence H. Sloan, vice president of
Standard Statistics Co., says that the
net income Of the leading industrial
corporations in 1888 not only shows
substantial increase as compared with
last year. but actually bulked larger
than In 1881. Railroads and utilities,
he said, were the only factors which
failed to show a marked increase in
position.
Evening star., 1933-12-29
Chicago Grain

By the Associated Press.
CHICAGO, December 29.-With all
grain markets scheduled for a holiday
Monday and with the Liverpool market
closed tomorrow. year-end adjustment
OF accounts weakened wheat prices to-
day.
Declines in prices carried wheat in
Chicago down to more than 3 cents
under yesterdays top. Warmer weather
with snow was predicted for a large
part OF the United States Winter wheat
belt and this tended to remove crop
damage fears.
Wheat closed unstable. 21sa25s below
yesterdays finish, corn 114a17s down,
oats 7sal14 off and provisions un-
changed to 5 cents decline
Evening star., 1933-12-29
EXPANSION IS PLANNED.

NEW YORK, December 90 P.-
Lowell r. Burch, president of the New
York Airbrake Co., yesterday said his
company was planning to expand ma
terially its activities at Watertown, N. Y.
He denied, however. recently published
reports from Watertown that more than
81 1.000000 in new business had been
booked. He said some railroads were
preparing to buy equipment, but that
his company had not yet actually
booked the business.
Evening star., 1933-12-29
NEW YORK. December 90 lP-Over-the
TRUST COMPANIES
APPLIANCE SALES JUMP.

NEW YORK, December 90 (P)-
Manufacturers of electrical household
appliances will end this month with
sales volume estimated at to 10 per
cent ahead of December, 1882, and 3
to per cent above last month
figures
Evening star., 1933-12-29
CURB IS IRREGULAR
AS TRADING LAGS
Most of Gains Recorded by
Industrial and Spe-
ciaIty Issues.
BY JOHN L. COOLEY.

Associated Press Financial Writer.
NEW YORK, December 29.-Gains
and losses were about equally divided
on the Curb Exchange today. Trading
was in light volume.
Advances Of fraction to more than
a point were made by such issues as
American Gas, Great Atlantic & Pacific,
Gulf Oil, Hiram Walker, Lake Shore
Mines, Pittsburgh Plate Glass, Safety
Car and Wright Hargreaves. Declines
OF about the same margins occurred in
Q Sizable number Of stocks, including
Aluminium Co, Bunker Hill and Suln-
van. Electric Bond & Share, Pan Amer
lean Anyways, Standard Oil of Ind. and
Swift & Co.
Evening star., 1933-12-29

not seen edCn OtlleI
for six months.
M a n interesting
topics were dis
cussed during the
lunch. But there
W as no definite
"p positio o n
brought up and the
railroad man be-
came curious. FL
nally, he said, "Im
going to ask you a
question. Why did
you invite me to
lunch today?"
T h e b a n k e r
-