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The Greenville News from Greenville, South Carolina • Page 1

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Em THE WEATHER FAIB Cotton No Quotations CIRCULATION The Greenville News leads all South Carolina newspapers in total circulation. THE LEADING NEWSPAPER OF SOUTH CAROLINA VOL. LIX. NO. 75.

GREENVILLE, S. THURSDAY MORNING, MARCH 16, 1933. TEN PAGES PRICE 5c SUNDAY 10c Stocks And Bonds Surge Upward On Reopening Of New York Exchange 0 0 0 0 0 0 0 0 0 MAT SURE ROOSEVELT ECONOMY WE A Worship SIP LOSSES Banks Of Country Rapidly Returning To Normal Status SlIIC CUTS FORVETERRNS ILL RESULT H-1 IS DEATH LOOIS 1 ASSEMBLY On the New York Exchange transactions of about 3,000,000 shares representted the largest turnover since September 22, 1932. Trading in the sugar futures market was resumed with active covering and speculative buying. The New York cotton market and Chicago Board of trade were to resume transactions today.

The speedy reopening of banks gave all states almost normal facilities. In the 10th federal reserve district less than 100 of the 769 member banks remained closed. The number of member banks reopened in the ninth district rose to 446. Coincident with resumption of operations of federal banks, banking supervisors of all states were authorizing either unrestricted or limited transaction by state banks. Beach and Compton, hardest hit by the devastating series of out-of-doors.

Refugees of Long Reach are shown at prayer. SOUTH CAROLINA NATIONAL BANK REOPENS SATURDAY FOR RESTRICTED BUSINESS Outdoors Deposits Will Be Held In And Subject Full Withdrawal Any Time CONSERVATOR APPOINTED COLUMBIA, Mar. (AP)-The South Carolina National Bank, of Charleston, with branches, here and at Greenville, will open Saturday for receiving deposits to be held in trust and subject to full withdrawal at any time, B. M. Edwards, federal conservator, said tonight.

The South Carolina National and the National Loan and Exchange Bank of Columbia today were placed in the hands of conservators under provisions of the emergency national banking act. Thomas J. Robertson of Columbia, was named conservator for the National Loan and exchange. PLANS FOR REOPENING In announcing plans for his bank, Edwards said there would be no withdrawals of old deposits until the bank's affairs had been completely checked and pro-rata withdrawals authorized by the comptroller of currency. Robertson satd nlans for the National Loan and Exchange would be announced as soon as a definite schedule of procedure is decided upon.

Appointment of the conservators was announced in a telegram from F. G. Awatt, acting comptroller of currency, to the boards of directors of the two banks. Edwards was executive vice president of the South Carolina National bank and Robertson president of the National Loan and Exchange. Accepting the appointment as conservators, they severed their old connections with the banks and became employes of the federal government.

Under the national banking act passed last week, they are delegated to "to take such action as may be necessary to conserve the assets" of the banks. They at once began a check up and appraisal of the assets of the two institutions, which had total deposits of approximately $12,100,000. MAY REORGANIZE Possible plans for reorganization of the banks are expected to await completion of this work. Secretary Woodin of the treasury said in a statement today that appointment of conservators did not necessarily mean the banks are in difficulties. (Continued On Page 9, Col.

8.) Today and President Given Authority To Slice $500,000,000 Off Government Payroll HOUSE TO CONSIDER SEVERAL AMENDMENTS Overwhelming; Approval Is Voted After Three Days Debate, 62 To 13 WASHINGTON, Mar. 15 (AP) Afer three days and two nights Xyurious debate, the Senate to-kvfeht gave overwhelming approval of the bill granting President Roosevelt power to reduce veterans' benefits and federal pay to the extent of half a billion dollars. The vote 2 to 13 sent the bill back to the House for action on a host of Senate amendments. Most of them were unimportant and none would curtail sharply the sweeping economics proposed to cut down the big federal deficit. MAY GO TO CONFERENCE If the changes made are acceptable to Mr.

Roosevelt, the House will concur. If not, the measure must go to conference. Even in that event, however, party leaders were confident the bill would be in the chief executive hands by tomorrow night. The House passed the bill last Saturday by 266 to 138. Chairman Harrison of the Senate finance committee, who steered the measure through the Senate, pre- 1 W' Utvubie in jettin an agreement with the House over the cNinges, even though it might go to (fVlerence.

vsbnator Robinson of Arkansas, the democratic leader, estimated the Senate amendments would cut the proposed savings at a maximum by $10,000,000. but this still kept the estimate of the total economics around the $500,000,000 mark. Only democrats and nine republicans voted against the measure on the fmal roll call. Forty-three democrats and 19 republicans answered One senator, Hayden (D, asked to be excused from voting because of pledges I made to my constituents." HIE1' LONG AGAINST Huey Long, Louisiana democrat, one oi tne lour or his party to oppose it on final passage, replied an emphatic, "No sir," when his name was called. The bill grants sweeping and unusual powers to the President to re vise ail jwnslons and compensations accruing veterans of all wars, except theCivil war, and their de-pojidontsr Pennons "of Civil war veterans (Continued On Page 9, Col.

6.) MAI 117 j.1 i ne yv earner 1 C-rolln: Fli colder In east ind rlf I VP portion ThurscUy; Fridy nd slightly wurmer, probably showers In west portion. North Carolina: Fair, coldfr on tht coast Thursday; Friday Increasing cloudt-nesa and warmer, probably showers In west portion. LOCAL DATA Loral data for the last 24 hours ending o'clock last night: Tempernmre at 8 a. 85; at 12:30 p. 8 p.

65; highest temperature. 70: lowest temperature, 55; average temyerfture, 62; normal temperature. 50. f4 Relative humidity at 8 a. 71; at 12 30 p.

41; at 8 p. 40. Precipitation, 0.0. MEDITATIONS By J. P.

Alley PAT "Bout 'SeTTiM Pocfoty He Aih'Poih mWm HOvJy BUT EaJPUFM' fcT SLEETY Homeless 'Most of the churches in Long earthquakes, held Sunday services National Commander Sure President Will Use His Power With Fairness ASKS FOR RESOLUTIONS WASHINGTON, Mar. American Legion's support of President Roosevelt was pledged by Louis A. Johnson, national commander, in a statement issued tonight, imnicdiately after the Senate approved the drastic economy bill cutting benefits to the veterans. Asserting that the legislation is "fraught with gravest consequences to the disabled veteran." Johnson said the Legion "has every faith In the discretion, fairness and the justice with which the President will deal with this problem involving as it does in many instances the need for compassion and mercy." "The President needs the support of every loyal American and today I am calling upon the 10,709 Legion posts and our 1,000,000 members throughout our great organization to uphold the pledge that ,1 have made as the national commander of the American Legion. "I am askins that special be held by every Legion post where it will officially express by resolution such loyalty and utmost help." SMITH, BYRNES FAVOR ECONOMY Two South Carolina Senators Support Roosevelt Plan To Reduce Expenses WASHINGTON, Mar.

15. President Roosevelt i had the united support of the South Carolina senators in his effort to reduce the cost of federal government by slashing veterans' appropriations and salaries of federal workers. Sen-ator Byrnes was on the floor throughout the long three days of debate on the measure and aided in its passage. Senator Smith likewise voted tor the bill. The measure passed by a vote of 62 to 13.

Senator Byrnes voted for the Borah amendment to reduce mileage payment to members of Congress from 20 cents to five cents a mile. Smith was absent from chamber delivering a radio address on farm legislation when the vote was taken. He had a general pair. Byrnes was strong lor the Borah amend ment and stated he thought the mileage abuse should be corrected by Congress. The amendment would have saved about $100,000.

The Senate now will tun to consideration of the beer bill. Early passage is expected. More Than Billion In Postal Deposits WASHINGTON, Mar. 15. (UP) Postal savings deposits increased by $63,032,370 from January 31 to February 28, to a total of "far In excess of any amount heretofore trusted the postoffice department since' the postal savings system was Postmaster General Farley said today.

Memphis Banks Take In Big Sums Money MEMPHIS, Mar. The Memphis clearing howe association reported today that Memphis banks recorded $3,170,000 more In deposits than in withdrawals yesterday, the first day of banking mictnfice- Vtisfo cinro tVta nil iAnnl i muihvoo A4v.v oiwvb kilt na vxJLiai I holiday. 61 SACKS roosevelt in hipi of at DFFEBRUAHY Scores Of Favorite Issues Advance From $2 To $16 In Great Recovery $50 GAINS MADE BY SOME $1,000 BONDS Staples In Other Markets Join Upward Sweep Of Securities On Exchange NEW YORK, Mar. 15 (AP) One of the most brilliant recoveries in security prices in the history of the New York Stock Exchange today attested the sweeping restoration of financial confidence which has swept the country with the reopening of thousands of sound banks. Shares surged up $2 to $16 in scores of favorite issues and, as measured by price averages, the percentage gain over the final level of March 3, when the market closed for its first important shutdown in 19 years, was more than 16 per cent, a single day's upsurge for which records of many years show no parallel BONDS BALLOON The advance In bonds was just as striking.

Many issues were swept up $10 to more than $50 per bond of $1,000 par value, and even several of the United States government issues, which normally move so narrowly that changes are reckoned in 32nds of a point, shot up as much as $10. to $1,000 bond. The standard statistics price averse; ofr domestic corporate Issues, tabulated since 1826, registered the sharpest advance in its history. The general level of shares regained all of the sharp losses of February, getting back to the best level since January 31. Bonds, as measured by the average of 60 issues, recovered the severe losses of the five days before the national banking holiday was declared.

The big commodity markets such as the Chicago grain pit and the New York and New Orleans Cotton exchanges were not slated to open until tomorrow, but staples in other markets joined the swift ascent of securities. Silver futures in national metal exchange lumped about a cent an ounce. COPPER GOES HIGHER While there was little trading In copper, futures quotations were boosted eight-tenths of a cent a pound. Raw hide futures gained about a cent a pound, and smaller advances were registered in such staples as raw silk, sugar, coffee, cocoa and crude rubber. Speculative interest in commodities was as keen as in securities, and many of the more smartly advancing shares were those calculated to benefit from better prices for raw staples for instance sugars, coppers, farm implements and shares of mail order companies.

The open ing or tne Chicago gram pit and the New York Cotton exchange tomorrow was awaited with keen interest, in view of advances in foreign markets and in domestic dealings for Immediate delivery in those staples since the markets closed. The American dollar dipped rather sharply in relation to other leading currencies in the early dealings, but soon strengthened. The pound sterling, after rising 2 3-8 cents to $3.47 3-8, fell backto $3.45 5-8. TORNADO'S DEATH TOLL REACHES 34 Wind Wreaks Havoc From One End Tennessee To Other, No Favorites NASHVILLE, Mar. 15.

(AP) The trail of a tornado's dev- asting fury from one end of Tennessee to the other was marked tonight by 34 dead, about 200 injured and piles of wreckage that used to be homes. The storm arose last nicht alomr the western banks of the Mississippi river in Arkansas and Missouri and swept eastward without obstacle until the high barriers of the Cumberland mountains were reached. The terrific wind played no fav orites but treated cities, hamlets and countryside alike. At least 10 people were killed in Nashville, the state capital; seven in Pruden, a mining town near the Tennessee-Kentucky; four in Lebanon; six in Kingsport near the base of the Cumberlands; one in Bell wood; two in Harrogate: two in Rogersville and one each in Osego and Millpoint. There niRy have been others killed elsewhere.

That remained to be de termined with the restoration of communication with remote rural communities. The devastation at Pmden left 400 homeless and 351 coal miners without work. About 75 homes wer destroyed and the waterworks pumping station was damaged, making it necessary to haul drink ing water from distance. By THE ASSOCIATED PRESS The nation's banking business sped along the return path to normalcy yesterday under the authorization of federal and state officials. Throughout the day governors of the 12 federal reserve districts announced additions to the list of member banks sanctioned to reopen under President Roosevelt's progressive plan and state authorities worked feverishly issuing licenses for non-member institutions to transact normal business or operate under restrictions.

Major stock exchanges fairly boiled with activity as they resumed operations. A wave of buying carried stocks 2 to 10 points above pre-moratorlum quotations and they remained there when trading closed for the day. Approval Beer Measure Looked For This Week Senate Committee Adds Wine To Bill Passed By House Borah To Oppose PASSAGE IS PREDICTED WASHINGTON, Mar. 15 (AP) Congressional leaders were confident tonight of sending the House 3.2 per cent beer bill to the White House by the end of this week, after the Senate finance committee" had hurriedly approved the measure. Chairman Harrison of the committee, expressed hope tonight that the bill might be taken up and passed tomorrow, but opponents of the measure served notice they were prepared to discuss its constitutionality at some length.

BEER SEEMS ASSURED The finance committee's approval today sent the Volstead law modification measure up to its last congressional hurdle the Senate within 48 hours after its enactment was asked by President Roosevelt in a special message Monday. The Senate committee amended the bill to include wines and fruit juices of the same alcoholic percentage 3.2 by weight, but the Grape Growers League of California (Continued On Fage 9, Col. 5.) BETTER BUSINESS BY 20 PER CENT Dun And Bradstreet Expert Thinks Bank Closing Is 'God-Send' For Nation NEW ORLEANS, Mar. 15 (UP) A gain of at least 20 per cent in 1933 business over 1932 was predicted here today by Dr. Stepnen I.

Miller, director of economics for Dunn and Bradstreet, New York. The financial crisis which resulted in closure of the nation's banks for two weeks "was a God-send instead of a calamity," he declared in an address to local Rotarians. "It showed us the flaws in the present banking system," said Dr. Miller, "and has enabled bankers to get back the confidence of the people." Another reason for the predicted increases in business is the decision of the democratic administration to "work for lower tariffs, thus opening up a greater world trade." "Other nations will also reduce their tariffs reciprocally," he asserted. Balancing the federal budget through reduction of government expenditures and not by imposition of a greater tax burden will also relieve the strain in the opinion of the economics expert.

Liquidation process in real estate, merchandising concerns, banks, and perforce in railroad's later, has all combined to establish a stronger economic foundation of business, Dr. Miller declared, predicting that waves of optimism as improvements become apparent "will be stimulating to all parts of the country." 1932 Gold Mining Output Is Record GENEVA. Mar. More gold was dug out of the ground in 1932 than in any other year in history, incomplete figures received bv League of Nations experts indicated today. The expats said that when final figures are available, it was believed they will show nearly $500,000,000 in new gold was mined during the past year.

Thev said that the Increased worth of gold due to the fall in wholesale commodity prices has made gold mining more profitable than at any time of which there is record, including the famous "gold rush" days of the last century. Approval For Substitute Measure Is Indicated In Two.Sessions SEMI-ANNUAL BUYING AUTO TAGS FAVORED Appropriation Bill Held Up Until House Takes Action On School Item COLUMBIA, Mar. 15 (AP) House passage of a bill repealing the battle-scarred 6-0-1 law, providing state appropriations, for public schools, was strongly in dicated after the measure was considered at a morning and afternoon session today. Sponsored by the Education committee, the substitute would increase the amount of state aid by enlarging state supported terms, but its sponsors claim it would save to $4,000,000 In reduction of county and local school district taxes. INCREASE TEACHER LOAD The bill would reduce teachers, salaries and by increasing the teacher load eliminate 311 high school and 468 grammar school teachers, M.

F. Bush of Aiken, chairman of the education committee, said. Word reached the house that the senate finance committee, now en gaged in hearings on the general appropriation bill, would delay final action on the bill until it learned the house's stand on the public school question, Involving the-, vttal items of the appropriation measure. Sponsors of the education bill fa vor an increase in income taxes, with a lowering of the brackets, to raise necessary revenue. Attempts to amend the measure in the main were defeated.

Most of the attack came from Greenville, a county described as one of the larg- (Continued On Page 9, Col. 7.) EINSTEIN EXILE FROM GERMANY Not To Return To Native Country Until Change In Conditions NEW YORK, Mar. 15. (AP) Professor Albert Einstein announced himself in voluntarily exile for the present from Germany when he arrived here today from California. His announcement was macfe in a note answering a written question of newspapermen.

How long he will remain out of Germany Einstein's message said he does not know. But he "will not put foot on German soil as long as conditions in Germany are as at present." He sails Saturday for Antwerp, there intending to decide his future course. "I am no nationalist," he said tonight at a dinner in his honor attended by some of the foremost American scientists, and leaders in finance, education, art and letters. "The meaning of a people, in my opinion," he went on, "is that it accomplish something for humanity." Tomorrow a national discipline the measures that have to be taken can be devised and executed. They believe that there is no special interest of any kind that can resist or obstruct.

xms cnange oi spini is of incalculable importance. Only in this spirit can the country hope to move rapidly and steadily onward to the decisive solution of the problems of the depression. For the measures thus far taken, the banking bill, the economy bill, and the beer revenue bill are only the beginning of what has to be done. The deflationary forces which have been in operation since 1929 became super-deflationary when the banks were closed. With the currency and gold that had been drawn out of the banks being hoarded, and with bank deposits immobilized, the effective purchasing power of the country was tremendously reduced.

The first task was to restore some part at least of this immobilized purchasing power. There are three steps in that restoration. The first was to provide enough currency to carry on the business pf the country at the low level of activity to which it has sunk, to prevent it from shutting (Continued on fage 8, CoL 6) Roosevelt Farm Relief Program About In Shape President Likely To Inform Congress Today Of Plan Which He Favors HELP JOBLESS NEXT WASHINGTON, Mar. 15. (AP) Farm and unemployment relief measures were speedily fashioned at the White House tonight as Con-Eress neared commetlon of Prest denf" Roosevelt's othir ncy bills beer and economy.

The 3.2 per cent beer bill reached the Senate floor with an amendment, added in committee, providing also for legalization of wines of 3.2 per cent alcoholic content. It Is due to pass tomorrow or Friday and Decome law oeiore tne end oi tne week. RAPID FIRE RESULTS With passage of the economy bill, comparatively minor differences between the House and Senate on the broad grant of authority to the President to effect economies by re ducing veterans compensation and government salaries still remain to be worked out. Gratified by the rapid fire action on Capitol Hill, the President de cided to turn to what he calls the constructive features of his emergency program. Congressional leaders agreed to keep going for them.

Mr. Roosevelt will submit probably tomorrow a bill built along experimental lines givina the gov ernment wide latitude in seeking crop production control and in (Continued On Page 9, Col. FRENCH PROTEST NAZI MANEUVERS Rifles Fired As Military Units Of Hitler's Forces Go Through Paces STRASBOURG, ALSASE, Franco- German Border, March 15. (UP) The rattle of rifle fire during night maneuvers by Nazi forces on the German side of the Rhine aroused new anxiety in the disturbed frontier zone today. The Nazi maneuvers continued, despite sharp protests by Fiance to the German eovernment declaring these tactics violated the treaty of Versailles.

The Fascist troops, clad in their uniforms, staged maneuvers last night in the low mountains near Freibourg. The men, members of the "SS," or home protection force, and the "SA" or storm troops, marched all through the night, firing rifles from time to time. The French protest to Berlin was expected to put a stop to this activity but meanwhile the Nazis boldly continued their maneuvers. Bands of 100 men each, supposedly "commercial travelers," arrived at Freibourg in the last few days. They disappeared into the hiils, where they donned uniforms and spent yesterday and last night drilling.

Revenue Collection In State Declines COLUMBIA, Mar. 15. (AP) A decline in collections by the state tax commission from $2,292,305 in February, 1932, to $1,554,575 last month was shown today in a statement from the office of W. G. Query, chairman.

Collections applicable to general appropriations dropped from to $1,054,267. This, it was explained, was due largely to moving up the date for income tax payments by the legislature last year and failure to do so this year. Collections on gasoline increased from $496,908 last year to $500,307 this year. Chain store tax increased from $1,950 to Roosevelt Gets Real Big Stick TULLAHOMA, Mar. 15.

(UP) A real "big stick" has been sent to President Roosevelt for proposed use in enforcing i administration policies. An ash stick, 36 inches long and with the business end dotted with spikes of the same wood, was sent by Dr. J. A. Mitchell of Tullahoma.

"I am sending you one of those hefty weapons used by pre-historichian in defending himself and subduing those ho would question his authoriy of power," Dr. Mitchell wrote the President. "Use it freely in your administration in the interest of the common people." rain Individual Banks Permitted To Accept Own Depositors' Checks For Redeposit COLUMBIA, Mar. 15 (AP) -Literally working day and night, the state board of bank control today continued its task of classifying banks in preparation to restoring banking facilities in South Carolina. Although unable to announce definitely when the job would be completed, Julian H.

Scarborough, chairman, said no further extension the state banking holiday was contemplated. The holiday, originally through Monday, was extended through Friday by Governor Blackwood to allow the board to complete its work. 19 BANKS LICENSED In the meantime, 19 banks in South Carolina, four of them state bank members of the federal reserve, had been authorized today by the Federal Reserve District bank Richmond to resume unrestricted operations. Only five of them, however, reopened without restrictions, the others complying with the (Continued On Page 9, Col. 7.) FARM PRODUCTION CONTROL WANTED Administration To Request Cooperation Other Nations In Limiting Supply WASHINGTON, Mar.

15. (AP) The new administration revealed Itself tonight as already reaching out to draw other nations into mass action against huge agricultural surpluses and bristling tariff barriers to trade. As proof of its sincerity in this move for economic disarmament, the Roosevelt government will seek from Congress broad powers to control farm production and has made clear that it stands ready to practice what it preaches on cutting high tariffs if other nations will follow suit. It was disclosed that already the project of limiting production of wheat to the level of world consumption by agreement among the great producing nations has been discussed informally with foreign representatives. The President expects that in response to a special farm relief message he will send to Congress soon the present special session will give the executive branch power to re-dice the output of agricultural products in which burdensome surpluses have been holding down the prioe.

By WALTER LIPPMANN The Second Marne 1 The events of the past 10 days may be compared with the second battle of the Marne in the summer of 1918. The invading forces had delivered their most terrible blow. The defenders had been driven back, their lines had been broken, demoralization was spreading, and a rout was threatened. Then suddenly under unified command, and with the support of fresh troops, the offensive was halted, the lines were reformed, morale was restored, and the defenders found themselves in a position to begin a counter offensive. But they had not yet begun it.

That is the point at wnich we nave now ar- rived, and the analogy should suggest to us that what we have won is not the war, buu a great battle, and that a severe campaign of many battles along the whole front has still to be carried through. The great achievement of the past 10 days has been the revival of the people's confidence in themselves and in their Institutions. They believe that they have a leader whom they can follow. They believe they have a government which can act. They believe airain that with hu man intelligence, a resolute will, and if.

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