Kingsport Times from Kingsport, Tennessee • 6

THE KDjGSPORT TIMES KINGSPORT TENNESSEE FRIDAY JULY 17 1931 rAGR BIX Planters Bank and tthe Manhattan affairs survey a chapter was de- Mon-RAIL SITUATION ition FINANCE THREAT Presentation CONSIDER PLANS the Teennessee Bankers Associa- TO USE SHOALS I tion- In the superintend- eents place the governor makes RIOTS SPREAD AS FINANCIAL CRISIS conference of ministers 1 in NEARS FOR REICH London but there appeared to be Nothing was said about that some doubt as to whether meeting will get under way on schedule It is understood that the French want to straighten things out with the German statesmen before going on to London but it is not likely that there will be (Continued from page one) killed and two were wounded by gunfier in a brawl with national socialists at Darmstadt Store Plundered In Gelsenkirchen 40 stores were plundered windows were Savings Eank of Memphis a relation by marriage to Col Luke Lea inquired of Mr Robertson if he would like to be appointed superintendent of banks and a day or so afterward Col Luke Lea called Robertson by telephone to come to Nashville Mr Robertson testified that he came to Nashville met Col Lea and that they went to the mansion of Governor Henry Horton Mr Robertson a stranger to the governor was introduced and after a few minutes the governor assured him he would be appointed superintendent of banks (time for a general meeting of smashed lights were knocked out the German French British and and pavements wrere torn jip The American representative here (Continued from page one) Tennessee Members Tennessee memfcc: 6of the commission are Porter Columbia Mercer Reynolds Chattanooga and Caldwell Jack-son Two Alabama members are Judge Sam Hobbs Selma and McFarland Florence A third Alabama representative to succeed Duncan or the Alabama extension service who resigned has not been named Secretary Hurley today turned his attention to an inspecion of Fort McClellan army post near Anniston His schedule called for a flight to Annison in the plane that brought him from Washington yesterday Following the 'inspection he plans to be the dinner cuest of an old acquaintance Charlie East of Gadsden 12 miles irom Anniston Tonight or early tomorrow he will go to Chattanooga ROBERTSON ASKED TO RESIGN POST Mr Palmer presented the notable personages attending the affair including the highway commissioners of Kentucky Virginia and Tennessee and other prominent officials One of the outstanding presentations of the entertainment program was the chain dance by Mason and Demorest dancing team with the Billroy Comedians The entire dance was executed while the feet of the dancers were shackled togther Following the closing numbers of the feature 1 program the visitors were invited to visit either Kingsport or Johnson City and visit the stores and merchants It is understood that many of the visitors at the celebration intend to spnd the night in Kingsport before continuing their trip on to the northern part of the highway The Kingspoirt Concert Band played several numbers at the close of the program The band was under the direction of Witt of this city Those attending the celebration were of the' opinion that the affair was the largest and most successful of its kind ever held voted to the superintendent of banks in- conjunction with Caldwell and Company and the Bank of Tennessee Reference was made to an examination of the Bank of Tennes- see a little more than a month before its collapse and to the failure of the superintendent of manks to determine the financial responsibility of Caldwell and Company which controlled the bank The report said the superintendent of banks was derelict in the duties of his office At another place in the report the majority of the investigators said: Mr Robertson is still superintendent of banks and according to his testimony has not been 0 much as criticised by his superior Governor vHorton for the loose and illegal practices which went on under his administration When the Bank of Tennessee was examined September 25 7930 Robertson said he required the bank to put up $3840000 of additional collateral to cover depreciation of assets This collateral was left with the bank however and other witnesses said it was replaced by other securities m- 111 1 "IW his selection from among the asso-ciaions five recommendations When the state affairs investigating committee was inquiring into tthe tie-up of nearly $7000-000 of public fundsr in closed banks Robertson was one of the first witnessed He told the committee that when he came to Nashville in the interest of his appointment he went direct to the office of Col Luke Lea who took him that night to the' executive mansion where Governor Horton assured him after brief conversation that he would be named The superintendent said he had never met Governor Horton previously Report In its interim report the committee made this reference to Superintendent Robertson: On account of thte enormous losses sustained by the state it-seix its agencies counties municipalities and $imilar Sgencies and counties and municipalities in other states the superintendent of banks Mr Robertson was called before the committee to testify He testified that Mr White president of thte Union before Monday Todays meeting it was believed was concerned with financial arrangements for the $500-000000 French credit which is understood to have been proposed for Germany It was anonunced after the meeting adjourned that Dino Grandi Italian foreign minister will take part in the meeting on Saturday after the German representatives arrive (Continued from psge one) current year below those of 1930 it Is evident that the availability of most railroad bonds for such investments is not only seriously threatened but will certainly be destroyed if some way is not found to improve railway earnings The inadequacy of the present rate level is amply demonstrated by the inability of the railroads to earn a fair return upon an unprecedented volume of traffic generally during the period of 1926-1927 inclusive In the present emergency it is no longer a question of a fair return but of a return sufficient to avoid the disaster of receiverships in the case of many railroads and the maintenance of reasonable credit on the part of all of them Cole said heroic measures to meet the existing emergency had been adopted by the southern roads The increase of 15 per cent now sought Cole said is believed to be the minimum increase which would even measurably relieve the present emergney although the level of rates so produced would fall far short of the statutory rate of return NASHVILLE Tenn July 17(P) The governors office announced today that the resignation of Robertson state superintendent of banking was being demanded Wallace Edwards secretary to Governor Horton said the chief eexecutive did not assign any reason for the demand At the request of the governor Southall commissioner of labor and A Caldwell commissioner of insurance and banking submitted their resignations earlier this week Got Chapter To the majority of the investigators at the end of their state (Continued from page one) one of five men certified as this section of East Tennessee ble for the $5000 a year post by JL- L-JUKJaBgEH as GOV HORTON RAPS LEGISLATURE FOR ROAD BOND DEATH Experts Meet LONDON July 17(A) Finan-cial experts of six European nations and tthe United States charged with dovetailing the Young plan and the Hoover moratorium met for an hour today and adjourned until after the conference of ministers to be held here Monday evening They appointed a sub-committee to examine and report on facts relating to outstanding contracts for deliveries in Kind This group will meet again this evening but its work will be only preliminary to that of the conference of ministers Every participating nation except the United States which is represented by Ambassador Hugh Gibson as an observer has a member on the ub-committee The American position with reference to deliveries in kind is in any even only that of an onlooker Meanwhile there was some uncertainty about the proceedings of the conference of ministers scheduled for Monday Acceptances have been received from every nation invited to attend but word from Paris this morning said the French governments participation is conditioned upon attainment of an agreement in principle with Chancellor Bruening and Foreign Minister Curtius of Germany before the London meeting The German statesmen are expected at Paris tomorrow The experts conference has lost1 much of its significance in view of the meeting of ministers scheduled for Monday to consider thq problems growing out of Germanys financial stringencies Company 114 MAIN ST KINGSPORT TENN We always carry a large stock of good merchandise at exceptionally low prices but now we have something better to offer rioters threw up fortifications in three thoroughfares and defied the efforts of the police to dislodge them replying with bullets bricks and bottles Similar frays occurred in Dusseldorf and Coblenz At Coblenz pistol fire by police prevented efforts to bake barricades of street paving blocks At dusseldorf police fired on a mob after being pelted with stones Disorders at home however were not the only critical elements in the situation When Bruening and Curtius board the train for Paris they will have embarked on a mission so vital that it cannot miscarry it was believed without disastrous repercussions in all Europe Not only are they themselves agreed on this point but also their enemies of the right and left' Confidence The very fact however that the statesmen have decided to go is cited by hose qlose to the government as evidence as they convinced they will encounter in Paris a similar realization of the peculiar perils of the crisis and the need for meeting it in a spirit of mutual understanding The possibility of wrecking the mission even before the officials leaveexists in todays meeting of the council of elders scheduled to vote on the oppositionist motion to call the Reicstag Government circles are confident however that even many of the chancellors enemies will refuse to be a party to such a move and that the motion is certain of defeat The socialists already have announced they will vote no The Paris parley and the London council of ministers following it oh Monday are hailed with sincere relief in pro-government quarters as a sign that the recognition of European solidarity is at last getting a rip on the minds of Europes statesmen Will Avert Crash The conviction is growing in the press that the world has made up its mind not to let Germanys crisis become Europes catastrophe The nnationalist opposition however doesnt disguise its distrust of any Franco-German parley on French soil at this time The Industrialist Allgemeine Zeitung which leans toward Adolf Hitler even warns Bruening that not only his government but his life will not be safe if he gives way in Pafris to French blackmail The Nationalist Der Tag says by accepting the French invitation the government has overthrown its entire previous program at one blowr The Deutsche Tages Zeitung is reminded of the days when Germany accepted President Wilsons 14 points in the fond hope they wrere the means of a new era of w'orld solidarity At the other extreme the communist press views the forthcoming parleys as the united front against Moscow A'M of high grade clothing etc just received from Chicago SAVES YOU MONEY ON Important Meet PARIS July 2 7 (A3) Tomorrows 4-power conference on the German financial situation gained such a dominating place in world affairs today that it appeared possible the parley called by the British government in Londoi) Monday would not be held Inasmuch as it is contrary to the principles of some conferees there probably will be no formal session here Sunday It is pointed out that even they met Saturday and Sunday they probably would not complete their deliberations in time to go to London Monday The usefulness of the London conference is questioned by most newspapers Le Matin reflecting what appears to be the general sentiment in French circles took this viewpoint: It is hard to see how and why all these ministers should transport themselves to London Monday There will be an occasion later to adjust the viewpoint on reparations of the Young and Hoover plans and perhaps also the conditions of new international action The English capital could then be thought of but the main questions of principle must be resolved here (Continued from page one) Featured on the program was a short concert by the famous Palais Royale jazz band personally directed by Bob Fisher well known Orchestra director and composer a hot blues number by the noted singer Miss Patsy Lyons an interlude of comedy by Cal West and notable numbers by Miss Marion Rovers Wayne Bartlett and that funny woman Miss Bonnie Mack Road Opened Following the luncheon hour the highway was officially presented to the people of East Tennessee by Baker commissioner of highways for the state of Tennessee The ribbon tied across the huge archway built over the road was cut by Mrs Hodges which signified the formal opening of the road Following the cutting of the ribbon and the official dedication of the road as the Detroit-Asheville-Miami highway the crowd adjourned from the highway to the speakers and entertainers stand a short distance from the site of the dedication General Chairman Horner of Johnson City officially opened the program and presented Palmer of Kingsport as the program chairman of the day Mr Horner said that it was largely due to the consistant efforts of Mr Palmer that the celebration had gained the magnitude that it had History Chairman Palmer presented the Honorable Samuel Williams of Johnson City who is known as one of the best versed historians in the entire state Judge Williams gave a brief outline of the history of the Toadway its development and its final realization from the days when it was just a path through the mountains He told of the significance of the road to the people of this section of Tennessee and said that as the highway gained in recognition it would divert countless thousands of tourists through the cities along its route At the conclusion of the short address by Judge Williams he introduced the speaker of the day ex-Governor Edwin Morrow of Kentucky Governor Morrow in his talk on the various attributes to the highway sketched graphically the route from its beginning in the Great Lake states through Ohio Kentucky Virginia Tennessee North Carolina South Carolina Georgia and into Florida Governor Morrow listed many of the ad- vantages of the new highway telling of its value to the states along the route In conclusion Governor Morrow stated that the new highway was in line with a general movement throughout the United States to improve highway conditions for the benefit of the motoring public and stressed the importance of the states located along the route of the highway to lend- their hearty co-operation in diverting north and south traffic along this new route James A Summers of Johnson City Virginia highway association official spoke briefly on the opening of the road pointing out some of the advjfttags which the highway afforded-the people of this vicinity Following Mr Summers brief -address Baby Shirley noted star of the silver screen presented several numbers She was assisted in her act by her father Billy Burns double for Harold Lloyd her mother Eleanor Lor-1 one of the Fox Film Sun-GiTls Baby Shirley REICHSTAG ELDERS REFUSE TO CONVENE 3c One table short lengths Prints Ginghams etc yard BERLIN July 17 (AP) The Reichstag council of elders today rejected a demand by Communists and National Socialists that the Reichstag be convened in special session next week Its action was influenced by a letter from Chancellor Bruening which Paul Loebe speaker of the house read to the council It said: Having regarding to the gravity of a situation concerning which I need not go into detail I must in the interest of the fatherland urgently request that the council reject demands to convene the Reichstag An extra session at this time would only do serious harm The vote count showed that proxies had been voted for 228 Reichstag members including National Socialists Nationalists and Communists for the extra session The Reichstag has 577 members and thus the necessary majority was not obtained The three opposition parties moved that the elders meet again next Thursday to consider calling the Reichstag into session at a later date This was agreed to 1-2 Gal Fruit Jars dozen 98c 1 Qt Fruit Jars dozen 75c 1 Pt Fruit Jars dozen 65c SHEETS 48x99 Sheets 50c 54x99 Sheets 59c 63x90 Sheets 69c 72x90 Sheets 75c 81x90 Sheets 79c 81x99 Sheets 85c 64 Bleached Sheeting yard 19c 74 Bleached Sheeting yard 25c 84 Bleached Sheeting yard 27c 9r4 Bleached Sheeting yard 29c Good House Paint per gallon Stimson Instructed WASHINGTON July 17 (AP) President Hoover has formally instructed Secretary Stimson to confine active American participation in the London conference of ministers to economic issues The chief executives instructions were cabled to the Secretary in Paris preparatory to his departure for London to take part in the conference They followed a series of trans-Atlantic telephonic conversations direct between the president and Mr Stimson It was said on high authority that during the past few days the president himself had been taking part in the trans-Atlantic Stonejars Good Quality Double Lip Rings 5c dozen 1 6 dozen for 25c ALL SIZES For Economy For Value For Quality Come to Ouir Store Often calls between the White House Consider Plan and American representives PARIS July 17 (AP) Am- abroad erican British and French rep- During his talks with the rank-resentatives today straightened ing cabinet member the policy Jar Tops dozen 1 25c Jelly Glasses dozen 35c out some of the details of the plan they evolved yesterday for extending financial aid to Ger-mand and interrupted their ne- which the United States would follow at the premiers conference was discussed The instructions limiting Am- gotiations pending the arrival of erican participation to economic Chancellor Bruening and For- issues and precluding active in-eign Minister Curtis of Germany jection of the United States into Eardwsure Co who are expected tomorrow Secretary of State Henry Stimson who attended with Ara- political issues were said by a British authority today to be in line with specific policy adopt- shine and raine spor Cherokee7 Street Company 114 MAIN ST KINGSPORT TENN bassador Edgesaid there wasnt ed for the present situation as any time to talk when He came well as in line with a' general out and an official statement said American policy to keep the merely that Germanys position United States separate from Eu- sang several numbers among which was her Swiss yodeling number which has made a hit at each of her appearances in I the theaters throughout this sec- was under discussion ropean political involvements.