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\ ^ ‘f.. /■ i / i*S« / THE CLINTON CHRONICLE. CLirn^MTSt C. THURSDAY, JUNE L 1933 n. vT W TTIKN Prosldont olt th»‘ «)l l*'*' wv'il'l liirilT I no e , iifnil.iis I In- Events the Wor^ld Over United States Ple(iges Aid for Peace and Sernritv—J. P. Morgan Questioned by Senate Committee—Plan to Finance Public ViOrks Program, B> EDV ARI) W. PICKARD R'; i:sr(>M»iNa t«. H (IciikukI for H h'iir sfiiUMiicnt of the policy of the t’nife<l .Suites lii jlu* ni;it!cr of peace atui ilisarinanieiit, .N'onii::Ti M. I (avis. Hmli:i<^aTlor I larite. luitiopaced 'to file (lisjiriiiMiiiciit con fi'retice ill Cictieva what s;eciiis to iiiaiiy a feVjjihil ionary tic piiriure iroiu traih'i tional Ainericaii poli ' cies.*' .\ttparenl ly. it means that the t'lilled Slal*‘s has aliamloiieii isolation, mMiiralitv ri;:hts and tlie free dom of lli^ seas. Spe eifically, .Mr, Davis ple(l;:ed his pov- erniiieiit never to interfere with Inter national aetion a;.'ainsti h nation that has heon satisfactorily idem liti«‘d as an a^',;ressor, and to jiar ficipate Qn ttie He<-otid (Irt the wrnntorR N. H. Davis ‘eflecti ve. ailtomniic HTTtV internafional supervision make certain tliat ttie na out tlieir promises in dis IT rt»nt itinons" (lesi;:ned to tloiis carr\ arinamen;. “I*ri*sidcnt Koosevelfs messif;:t*," tie fliat tile I iiiled Slates will e\**rt its full power and inlluence and accept its Just share ol responsihililv to iniiUe the resiills in disarmament definite, prom|il and elleciixe.” Ador annoiiminL' lliaf tlie ('nited Stall's was willin;: to consult wilii tlie otlier .stales in case of a threat to peace, Mr. Ihivis set forth tlie Alner lean policy in lliese words: ."Kurtlier tlian tlial, in tiie event tliat till* stales, in conference, deter mine lliat a stale has heei^ ):'iiit.'\or h breacii of tlie peace in violation of Us Unernalioiuil oUluiutiiuis, Jiiid take lueaisnres aytainst tlie violator, then. If we concur in flic jmlL'tuent rendered as to the responsilde and jrullty parly, we will refniin from any action teml- inj; to defeat sncir cidlective efTort wliich tliese states may thus make to restore pt'iice." Assert inn t iott lliere must lie real ac- complishmr-nl la the way of dlsHrnui- nieuf, or a reversion, to a race in arm- Inn, -Mr. I (avis pro|iose(l drustfc arms redtief ions, mill promised tliat tlie I’liileil States would n** as far in fliis as tlie otla*r stales. f^eat Itritain, (Jenminy and Italy were hlnlil.Vj .pleased vji ith .Mr, I (avis’ proiioUMcement,* hnt Prance remained dissa^tlsfied. hotli willi the security of fered liy tl(e I'nited Stales and will( the I(a<is proposals for armament re duction. 'I'lie more the Prench n«‘l. tjie more they demand, and their olisfimicy Is excis'dinirly Irrilatini: to the otlier nations. I oreinn .Minister Paul lion <‘our told I he ciiuffi'etice lliat Prance Would Hot I'cdiicc licr arimimi''uts un- h*ss a delijuic s,\>.teui of mutual as sisiam e is t |•^•)1ll•d. 'supplemented li.v neiiuiiie siipei v isiiiu of a’rmaiiiciits. 'llie supcrvxsiou, lie said, must t'spe <*iall.x <(i\er armaments-' wliicli are iiiaiiiitaci iircd iti priv ati' factories. heard a lion I .Nlornitii A t'o.’s “preferred li.st" of friends to wliom the firm sold ■Mlcahaux ('oriioraflori ^•omtuon for ‘'I’K a share \j lien* tlie nmrket price v.as s;.-!.',. In rills ^ist were many • ci.l known names. Including William I. Woodin. now .secretary of the icasur.v : Charles Prancis Adaiiis, iler secretiify of llie’navy; Senator .'Ic.VdiMi. .Newton h. Ihiker, .lolin W. f (h\Is.''C«mi. .Tolin .1. Persiting. .Folm .1. U.-^skoh, Silas II. StrawtiTHnd Col. <'liarles A. Tandliergh. Another list revealed Included the naines of h.:ink oflicers and directors to whom the .Morgan firm liad mttde loans. Some of these loans had heeii repaid, hut many had not. and In the latter cjitegory the largest was a lit tle over SCi.tMMt.tMMi to Charles FI .Mitchell, fornier fireshlent of the Na- tlotiiil City hank of New York, whose trial for alleged. Incoim* tax evasion asked to to a tarilT truce.petul.ng the tc.itco.m lot the l.ondoti ecoiiomi<- con.criiue ; the adtiiinislratioii ilioiiglil it would * not lie in, ijccoid v.illi good laitli to assess tiow the processing laves <(!i Wheat, cotton and perliaps cot ii and i Hogs provided for in live tjirm relief act. Uiit Secretary of .\grictilttjre yVal- I lace thought otherwise, and slier a I cvvnference with Secretary of Plate I Mtill he was permitted to go ahead ' with this undertaking. Probably there j will be protests from P.uroT'e and Can j ada. and then the diplomats mnst get ! busy. I SecretJtry Wallace and tlcorge N. ■ Peek, co-administralor of tlie farm re- nicf Hcf. st'lecred TTiiy r. I FA.'instoti as adniinisirntor in charge of the packing house products under the act. He Will have general chtirge of trade agreenn'/^ts lietween pav'kers ' aiid liel vvj;en/^^od.iicei s and pnices- . sors relativechiHly to hogs and their I pi'oijuct.s. .Mr. Sliejijird was formerly, vice pn'sident of the Cudahy Packiiig company, 1 To. handle t.hc cot ton "ork under the farm act C. A. (.'obb of .Alhiiita, Ca., Wiis named, lie is editor ol the Progressive F anuer Kuralit^t. Doth he and Shepard rank alongside of Prof. M. li, Wilson, apjiointed wheat admin istrator some time ag((. Mountville News Monday and last week a free clinic was h^d '-at Mountville school, sponsored 'by the R. F. C. Dr. I Mills assisted Mrs. Witherspoon and others in examitlini!: the children. Par ents have been notified of the various defects found. The R. F. C. expects Farm Prices Are / Up 17 Per Cent « Upward Sweep Has Continued Since April 15^ Talk of Cotton Reduction Sends Price Up. v,. ing the opinions of grower.^ in the Washington, May 29. ■—A 17 per South, Wallace’s discussion re^iief ting cent ri.se in farm prices — the/most the possibilities of applying the plan to aid tho.se famdies who are not fi- sensational spiral since the post-war j credited in part fdr an increase nancially able to correct their needs, jboom days of April, 1919—was report-j of $1,50 a bale in the price of cotton not produced, “would maintain cotton prices at from 10 to 12 cents a pound.’’ Wallace made it clear tha-t a defi nite program had not been adopted, but a decision on w'hetber'any will bj undertaken and the form it might talie mu.st await the return in a few days of C. A. Cobb of Atlanta, cotton production administrator, now obtain- ♦ ■4 ed today for the period April 15 to inuring the day. One of the bigge.«t events of the May 15. | .season was the .senior reception given, Xhe upw’ard sweep has continued by the juniors last Friday evening. [ since that date.' .May 19. at the home of Miss Zelle' (’risp. The guests upon entering were j given a conte.st to work, after which prom.s and dancing were enjoyed. Lat er in the evening delightful refresh- ment.s were served by the juniors, as sisted ’ by .Mrs. J. 0. I>ong and Mrs. ! Roy ,\(lams. ' =StatiMieiam a)f^4he= N Succesrful work for yeUr 1932- ,33 will ibe br<iught,to a close June 2nd. The fir.st program oi commencement will be held Sunday morning, ,lune 1, I at 11 o’clock in the Presbyterian, i church. Rev. Fi. M. Bostick, pastor of' the Mountville Baptist church, wifi ' preach tlie sermon. Special musical features will constitute a part of the i 'program. j i(, j On .Monday eevning, Iitne .5, at K:1.5, the annual gratninat- grade exerci.ses. cultural economics who computed the increase on the basis of prices -paid farmers pn their local markets said that, during the 30-day period the j jirices paid by farmers for goods had reipained unchanged at the pre-war level. ^ I .Meanwhile, Secretary Wallace said plans were under consideration .for; applying an acreage reduction pro- i gram to cotton this year. i He estimated that $10,000,000, if spent in the form of rentals or bonus- j e« to growers to reward them for, turning portions of their land from| cotton to crops of which a surplus i.s INSURANCE We offer expert service and protection. Agent for some of the strongest Fire Insurance Companies in T\merira.\ ESTATE Town and country prop erty. Prices attractive. Clinton Realty & Insurance Co. B. H. BOYD, Agent Ti:\V VOBK State eame to the fere in favor of firobiliition repeal In a niaiiiier that surprised even the ar dent wets, 'rite vote was about twelvd jeonsisting of songs, plays, lecitations to one tbroughout the stale, and In gnd playlets, will he gendered in the was going (di in .New 5’ork city. F i;i(i:bai. .ttimif: hakoi.d l<>t- derliack of ('allfornia wits aeipilt ed in the Inipeaehnient trial In tlie 1 Seiiat<‘. bti^ he escaiifd liv a narrow margin, rin tin* fifth tind most com pieliensivM eliarge 45 senafors vot»‘d guilt,V and .‘M\for ae'iuiitiil. But tin tier lilt* lonsirkiMioniil Impeiifliment prtifediire a two Miirtls vote is neoi's sjir.v for foiivictioii. IF' Till'] iititiiinistriitioh and Its sup -L tH+rP«,4*H in^-iU4gre.stv^ haVg-liielj. the .t3,3(iti.(Kiti|l(»tMi national rec'ivery liill, pnivitling for regiilatitui of iniliis tries jind ftinsttuftitui tif vast ptihllf wNirks, will he liminceil hy int-reasi'd inetmie ami -ypw Vtir ly forty to tme. 3'he.- I'lO delegates elected to tlie coiivetillon all are pledged it» repeal, ami they will meet ill .Mhany on .lime 27 to ext*cute the will tif the people. 'I’tie Ivtiiplre state vrill thus hecoiiie the sixth tti ratify the repeal aniendni<*nl to the t'onsti fllliotl. P ih:.'<iiif:\'I' iU(t),sii:\i:i/r asUed of congress the sus|tension of the law rt>t|uiring the goveiimr tif Hawaii to Ih* an iicliial Tesitidnt t(f the is lands. He saitl : “It Is parih'ularTy Tret-e^sa^^^ left for the post of giivenior.t)f Hawaii a nuin of experience anti vision who will ht* rt'gartit'tl hy .‘ill citizens of the islantls as one who will he ahsoliilely impartial in Ills <lccisions t»n matters be a diJTerfUt'o The gradual ing 'exercises on June* r>th, at H;3(l, will conclude the com ment etmnf program for this schtdas- tis term. > The following program will be ren- tlered: .Salutatory, FJtuse Jacks. ('lass history, Lli/.abeth (Jootlman. ('lass poem, Bertha FAlnmnds, (’lass pi‘o|)hecy, I'aul ('ole. (’lass will, Augustu.s ICamage. V'aleilictoty, Lillian Smith. The adtlress will be deliveretl by Dr. J )h», .MeSwet n, pre.sitlcnt of I’rcs- byterian ridlege, Clinton. Diplomas w'ill Ih* awarded :U) the above mentionetl inembets. of the gratluHting t'lass by J, (J. Long, .super- intentlent yf^ the school. ITilXotlTiP'’ taxes' 'a n d i.as to whieh Iheje may hlght'f rncdiie rmpost-A| b>eaf npfnmn.. - ■= on stock divitlentl.s. j making ni.\ choice, Jts well as the Ctm I be free to |dck eitln.T Nt-w- Hugh S. Johnson ol the private hank- r .Morgan A Co.. .Viuerica. was hanking Morgan IN\ I S ri(:.\TI<(\ * ing tirm of greatc.st of its started l(v the mil tee With .1, pout .Morgan, IKirincr. as chief wit ness. The pro< eedings were I’ondiictcd liy F'erdimind l’*‘cora on b4‘h,nlf of till* '<*t;m- uiiiu-e and alt racial a throng of s|K(i:i- t4»rK, Jiiioi U,- fjui.s. former I (cnioci .u ic I'residciii iai Candi da I e, -WHS 11ie4 e- as <*ouiiscl for MoVgan. end ttic haiikTr was s»*\eral limes re- Ilev* rl fioiii nagging liuestioiis of |V iHira hv the protests of S«*nators Class ;ind .\b-.\doo .tljijM iiii»*r»*sting to the puldlc of the tacts hrougiit out was that ii'i iiicoiiie. ta.x whalexci- was paid by Morgan'»rC}iii\ (Sr Ids nineteen pari lu'rs foi pril and I'.l.■'l2 and that tliey iwid jin ;ia*i;rcg;itc of onl.x .s-Is.ikmi in IfK-d*. Tl-tis wa>- twcituse «d V:- los.ses susiaiiicd h,\ the firm. .Morgan r«(uld not recall whether he personal ly paid any tax in I'.Ciu. hut counsel lor the iiixcstigatois said he did not. Morgan ici.catedly iins\ver*H| “l <io uol know” to Pecora s queries about a $21 .(K«(.(•(>•( loss wriileii off his firm's bo<iks on .laniiarx *2. 1931, in addition to other di'dnciions which alteudy hud wi|(ed out taxable income. Finally tlm banker asked Leonard .Keyes, utiiee manager of the tiriu, f.o explain the matter. Keyes said the inv4dv«-4l transaction Hraa tite Inevitable result of a revalii-- atlon of asMds made n**i*es.sary by the •dniissioH of a new imrtiier, .S, Parker Oniiert. on JunuHry 2, I931.- Pe<*ora bauiiiiered awiy wjth ques tlons, biif Ke.vea. a methodical aptu'iir ing limn wb«( a|s4ie rriaply ami with out hesitation. re|M‘ate<| his account over and over, lie testiflisl that the $21 JkNMMkl losa could, as the law theii Stood, have lieep dy*ductt‘d from the firm's taxuhfe Income In 19,'11. 19.32 or Three or four million drdhirg of .f21,(ki(i.<Vi9. he aald, was detbu-ted ftnat firortta In IfKH—• year iu/wlii(;h tits fMirtnem r>Hid no tax—but h4»tie in IIR2. when the firm ‘‘had l«« enough.” I tiiiUHtioii for one yetir i of all the nuisaiK'e ! taxes levied in the | revenue hill of 19.32. 'I'liat was the way It | was re|K»rte<l to the lioiise liy file ways and niean.s commillee, and though the l(e|(uhlicans and some otliers oliject i ed to these faxes and fought for u sales tax, that Is the way It Is likely ^ to l>'M‘oiiie law. 'I'lie sum of $*2*29.99<l,(XI9 nnniiallv ■ 1 • w ill he needed for inten's’t and amor tizjitioij of the puhlic works Ixind ks- siie. and the comiiiill«‘e decided this should he raised liy : 1. Iiicre.ise of the normal income f:ix rate.s from 4 to (5 |»er cent on the liist Sl.tMHi of ntd income and from 8 to 19 per “eelIt on all above $l.tK)9. 'Ibis IcvV is esliiii.'iled to rtiise .595.-' tMMl.lMMI }i year. " j 2. I'Atension of the new normal In- 1 come tax rates to divideijjls now sub .lect only to siirlaNes and t.ixatioii at the .source, FAtim:ited to yiebi .<S,3, AMMI.IMKI a .\ear. .3. The adtlilion of iinuther tliree- foiirtlis *»f M cent to the present 1 cent a gallon fedi't'al tax on gasoline. l•^stimJlled to hriivg in'*'*92.999.99(1 an nually. 'I’lievt* additional taxes, the rejiocFi sjiid, “are temporary in eluiracter and may he eliniinat(‘d hy procl/inmtioo hy the President when operating rr>v- eiiiies e\<*e(*d opi'ralitig expenditures. ; or when the repeal of the FJghteentli ' W I amendment o|)ens a new and am|de I source of revenues to the govern- j liienl." 'I'o administer tlie industry con- froT fejiTUTcs nf the mr*asnrp when it hecoiiies law. President Uooscvelt has scicided Hugh S .lohnson of .Mo|,ne. Ti iTsY" gctTTiTg'a iT so he can go to* wiirk promittly. He had a lai'ire I should like from the is lands th«‘mselves or from the entire Cnilcd h't.'iles the best mtin for this post," year 7U,(JW() Ions of new.•'iiapers. R IxPOB'I'S from (’hiim. confirmed hy the foreign office in 'I'okyo, said that nn agreement for a Cliinese Ja|i atiese triK'e In the nortli ('hina /ame i. id hooii reached iind was ahout fo b** signed. 'Ihe Chinese d«*f(‘nde)s of Peiiting already lunl withdrawn from that city and the .la|iam'sc wne only a few miles away. It was understood lliat the true** requited the Chinese troops to rciiiaB' south of a line run * ning from the Croat Wall norili o'* Ih'iping .so'iitlioasf to I.ulai on the coast, the line |>assing north of liotli I’eiping and 'I'ientsin. 'Pints Ihe .lap anc.se Would esiablisli the biifl'cr zone whii'b limy demand between China ttnd Mittichiikiio. 'Die I'liinese understood this zone was to be administered by Han F’u chit, governor of Shantung? province,.and Hwang fit, nation:il gov ernment represeiiUUive at Peiping. ' „ |(espife the reported truce theri* was renewei/l fighting at the wtilled city of ’^'rungrcliow, 13 miles ejist of Pei|iing ' It is e.9imaU*d that at' leas*t a hun- ! di ed persons here make a living by examining clothes in smart'shof) win- . do,ws and sketching those which can be copied. I There is a cigar staml here that used to, .sell cigars to former Presi dent Hoover, Mr. Hoover used to pay las much as fiO cents a|)iece for his cigars. AM) Linen Suits NEED CAREFUL CLEANING We ar^ prepared to make them spotless for summer Uear, (o clean them with the care they deserve. , YOUR WINTER GARMENTS . . . should he cleaned properly before storihK them away.. Whatever the job may be,* let us serve you. W'e offer a complete Uleaninn: Service with low prices for (|uality work. Buchanan’s Satisfactory Dry Cleaning “THE OLD RELIABLE’’ TELEPHONE 28 « |i;i Ilk. Hnd Im* hits ImhmT orgaiii/iition In slnipe prom|ifIy. 'ui.'irt in foriimhitlng tin* biM. ' A close jis.si'M iMT** of Bcriuirii Bu riich. I(cmo«ratlc leader and N«hv York financier. .lohnson was a mem- bor of 4bo a44 war Uuiuslries lioar'd. He WHS also head of the first draft hoaid during the World war and since then has had extensive experience In manufacturing, tfe \vHsT)orh“ftrTxTilir sas In ISK'2. He turned to the jirniy for a <*arecr and was graduated from West I'oint in P.Ht.'k When he retired’ In 1919 he wa.s a brigadier general. P FkM'F' in ('ulia seems to he a long way off. though the governiueni eoiMimies with vigor its”efrorl.s to wipe out the revolutionists. And, accord ing to the latter, I’resideiit >Iaehado Is using more than vig or. ((iieralioiis against the o|ii(Osition are be ing directed liy MjiJ. Arsenio O r 11 z. Ma chado’s chief 'military strjitegist, and lie is pursulugT. IP,., g g HI f» tactics with which lie terrorized Orieiite pro- vtnee in-1931. ^ta (’lara and ('aina gue.v provinces he iiiis be«*n Immjing caidured reheks to tlu* trees along tlu' higiivvjiys and in tlie toWns, ami it was rei»orted tliat lie lield as liostages the famlly-of (’arlos Leyva, wlio led a reltel raid on 'raguaseo. threatening to kill litem unless L<*yva, sur rendered witli fifty followers. 'I’heii Orjtz returned to Saueti Splritus. and TT'wnsi' beth^erl be--won Id -pursue F}»e sttnie riltlih'ss methods In tliat section I. Major Oritz wi E .XPANSION of cn*dit rather than' of currency ims been started by i tlte government 4^under tlie pow em given the Presld**nt in tlie farm act ' 5**<‘retaiy of tlie Treasury -Woodin annoiineeii tliat the federal re.serve j banks had rmide an InitijH purebaSe ' of $2.5.999.999 of govermm*nt bonds j in the oi»en iliarket. ' i "'rhnt'»ls the start of an infi.atlon- ary step." Wmidin wild. "It Is being | ilone to Inject something into the market In other w’ords, to keep thltigs moving along." Woodin said additional pun-hases would be “entirely dependent u|H(n •conditions." The nevx' law authorizes the re^*rve baiiks to buy up to $.3, (MNMKKMKK) of securities. A. When the reM'rre banks buy .bonds, cash balances of member banks are Increased by eijual umpunts. 'i'lie ad- niUilstiation hoiies tba( the b.iiiks. with these additional funds on hand. wMlI'aflvancb them to in«li:stry.* rrn a stalely parade down Michigan avenue, speeches hy Postmaster Heiieral Farley and others and uimli picti9*es(|ue <-ereniony, A. (Vntucy uf Progr»*s8. ('hiengo's World's fair, was formally thrown open to thd piililic, and thotisaiids of m«*n, WNtinen and <*hihlreti entered tlie* vast e\|H)sition area and njarveliNl ;u what had been aecompllshed. By high pressure work the fair was ul ready vlrtmilly coiniileted. 'I'he nio.st thrilling and dramatic part of the proct*editigs came at nightfall, when ihrougli a “luMik-np" ob.'<crvatorii‘.s a Arcturiis w;is caught liy tclcsc«i|M*s, transmitted -to the expusitron grounds and fised to put Into ((peratlon ^the gorgeous li rlit Ing system of the fair. A<*cordlng to the wlentlsfs. the ray started from Arcturus Just forty .vears ago, at tlie- time the fair of IMVl opened. The fact that Chieygo has creaiiH this existsiiion during the depres.sior is as iinpri'ssive as the fair ItselL O tfiJi WVatern Nvwiieii^r I'aloB. 'of tfin*e astronomical ray from the st.*ir 20 Minutes versus Have your neighbors ever dropped into your home to bor- weekry t^neclToTnOf ,circular letters, hand bills, etc’, that row the users think are as good as advertising^ in your favorite coun- n^'WevvspapefT ’ Few people realize the actual coverage of even the most modest country newspaper. Not so loni;' a^o an advertising ex pert was quoted as saying that careful research had ascertained that a certa^ well-known metropolitan paper,is read, on an aver^ age, for the space of twenty minutes, while the average country" newspaper has a “reading life” of three hours to its credit! It is ■kept ’round the house fo,r_a jw_eek ‘ai^ ev^yone in the, family takes his turn in going through its pages. - That is think about. 7 - something for both subscriber and advertiser to The Chron'Kle “The Family Newspaper Everybddy Reads’* Telephone 74 U- Sr