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. .'a-.i 3^- W-' - “■ -3- L>;.-. ' , ':' v k — F< > ■■ ■ ?• < V *‘ f"' ~' ■*'.**''." ' ^ ‘ • >■■ ' '* ' ' -, ._ ■:. -< 7 r ... V., •* ¥.'* r. r ..i .« - '_S ■ ’ • ‘ "' ■ « ■ - • • r- -■ /'■ 1 * - ■ jrr'- The Barnwell People-Sentinel, Barnwell, & C, May 31,1934 News Review of Cufrent Events the World Over JGlitary Coup Sets Up Dictatorship for Bulgaria—Senator Reed’s Victory Over Pinchot—Great Con* „ flagration in Chicago Stock Yards. prmaiim t»«i4 t mm«w t» ^ obtenre the one hsndrtdtb aobI* «U7 «f tb« Qmtk *f Owerml Le- tafttu, tad PraaMcet Raowralt wm to atUndaoca, earrjinf 4 award pra» aaotad to blw racaatl j by Coout Banaa da ChAdbmn. dlract daacandaot of tha fkmoas French aiarqala. After tha aaaaloa tha Preaidant placed tha aword beneath a portrait of Washington In tha White Boose while legislators, dip lomats, Supremo court Justices and cabinet members looked in. Andre, de Laboulajre, French ambassador, spoke. / V By EDWARD W. PICKARD • by WMt.m N.w«pap«r LJalon. G; wants a square deal and not a New TW Governor Pinchot. who has tried twice before to get Into the senate, said he would continue to fight for tbo interests of the people against concen trated wealth, and It was reported that he would run Independently In Novem ber. Joe Guffey, Democratic leader In Pennsylvania, easily won his party's nomination for the senate, but the Re publicans claim he will have small chance against Reed In the election! INSTITUTIONAL government has been discarded by another fcuro- peen nation. In a bloodless coup d’etat the Bulgarian army took control ef that country under a military dictatorship. King Boris either sponsored the move ment or quietly yield ed to It He promptly signed about thirty decrees that were pre pared In advance, die solving the parliament and putting the new government In power, with Klmon Guero- King Bona gu | e fr as premier. Members of the former government and several other persons were ar rested. Not only In Sofia, the capital, but throughout the country the mili tary leaders were In control of the situation and no disturbances were re ported except from that part of Mace donia that now belongs to Bulgaria. For jfisars the Macedonians have been deibandlng their Independence, and they do not approve of the Fascist government set np by the army. The program of the new govern ment was set forth In s long mani festo calling for the creation of a dls- Administrator Johnson and his chief elpHned, orderly state; The principal counsel, Donald R. Rkshberg, bed been D R. GEORGE F. ZOOK has re signed as United States commis sioner of education, effective July 1, and President Roosevelt has deelgnat- -ed—John Ward Btudebeker of ties Molnee, Iowa, to succeed him. Doctor Zook, who formerly was president ef the University ef Akron, will become director of the American Council e< Education in the fall. C larence darrows report oa the NRA, submitted some time ago to President Roosevelt, has been made public, and in the main It was Just what was expected from the Chicago lawyer and his colleague*. It analysed eight of the more Important codes and found that seven of them foster monopolies, help big business and do a / lot toward putting small concerns out of business. These seven codes are; Electrical manufacturing, foot wear division, rubber manufacturing, motion pictures, retail solid fuel, steel. Ice, and bituminous coal. The report found no monopolistic features In the cleaners and dyers’ code. F OR more than thirty years the rad ical La Folletteltes of Wisconsin have been operating as Republicans and under that label have competed, often with success, for control t>f the state. Now thia Is to be changed. «W!th the l ef delegates from labor and, farm or ganizations. the fol lowers of Senator La Follette, assembled In convention In Fond du Lac, formed a new party and named It the Progressive party. No statement of prin ciples was made, all bring one forth being Senator La Follotts alterations In the structure of the gov ernment Include a sharply reduced membership In the legislature, which Is to be under firm control of the administration, a reduction In num ber of the country's polUlcal sub divisions, a* general weeding out of municipal and provincial authorities, and an Ibtensiflcatlon of attention upon the Interests of villages and rural regions Tbo new premier Is s veteran sol dier and politician whose mild appear ance belles his firmness and activity. Behind Gueorguleff—some even call him the man behind the whole coup d’etat—Is Damyan Velcheff. former head of the Bulgarian military acad emy. Boris the forty-year-old king, may be relegated to a position of compara tive unimportance, as was the king of Italy by Mussolini and his Fascists But Boris Is known as a good fighter and perhaps he can keep himself at the head of his people In fact as well as In name. given the report previously for the purpose of composing a reply to It This they did, to the extent of 50,000 vigorous words They answered all*, the Darrow charges and asserted the report was •’superficial,’’ "Intemperate,” •inaccurate,•• “prejudiced,” "one sided,” 'inconsistent,’’ "nonsensical,” "Insup portable," “false," and “anarchistic.” W HILE the Paraguayans and the Bolivians were engaged In the big gest and most Important battle In the Chaco war, - with between 00,000 and 80,000 men on both sides, the League of Nations council at Geneva sent cables to 81 governments asklnf ir they would put an arms embargo on the two nations This action was taken after the council had adopted a resolution favoring such an embargo at the earliest possible moment. In accord with the message given the congress and the world by President Roosevelt. The State department in Washington was pursuing conversa tions with Peru, Chile, Brasil and Ar gentina In the effort to bring sn end to the bloody fighting In the Gran Chaco. Bolivian Minister Flnot ob jected strongly to the proposed em bargo, asserting It would Impose sn Injustice on Bolivia because Para guay has sn arms and munitions fac tory and Bolivia has none. Good news came from Rio de Jan eiro, where representatives of Peru and Colombia reached a peaceful set tlement of the differences between their nations over the Jungle border village of Leticia and thus dissipated a war cloud which has hung over South America for twenty months. IN ITS battle with the NRA the Ford * company won first blood, obtaining from Justice J. W. Cox of the District of Columbia Supreme court temporary Injunctions enjoining Secretary of the Interior Ickes and Secretary of Agri culture Wallace from rejecting bids of the Northwest Motor company for supplying Ford trucks to their depart ments. The orders were based o» the Ford agency's complaints that the secre taries hod refused Its bids, which were acknowledged to be lower than those of competitors, on the ground that no certificate had been filed by the Ford Motor company showing that It was complying with the NRA code. attempts to squelched. Senator lot Follette kept In the back ground until questions of organisa tion were settled. Wl{h the party name decided, the senator came lot® the picture with a prepared speech. The period called Republican pros perity, he said, had culminated In the collapse of thd country’s economic life. "The disaster of 1929 and the acute distress and suffering of the American people that followed were made pos sible by the betrayal of the people's trust by men Ip both parties, con trolled through their party organiza tions by privileged Interests.” John J. Handley, secretary of the Wisconsin Federation of Labor, told the delegates he was disappointed In the character of the conference. Speaking deliberately and carefully for organized labor he said he had hoped and expected the conference was to bring together all of the forces of liberal thought If It does not he said organized labor will not go along. A few hours later a state central committee was formed, with former Gov. Philip I* Follette as Its chair man, and In Milwaukee It began map ping out the campaign for the autumn congressional and state elections. SEEN-HEARD •round tHe National Capital IByOAKTEK m down partteularty badly Ob tbs contrary, m has frequently that tha wheat experiment hat pn one better than' meet No Wbont for Export But the belief of a number ef ex perts In the department Is that the whole farm program depend* really ea one point That la that all the major cropa of the United Statso, irtth the eggcpUtoo. of. gottnn. ahonld he can- turned inside the United Statea. In short this country, in the preeent world situation on grain, should not at tempt to raise wheat for export But If the price of wheat^jijB|| working for the MIL hat a'free son# fhnner la held way above tha world Washington,—Passage of the foreign trade or free port sone bill by the ten ate has opened vistas for vastly in creased activity at or near every 1m- jwrUhtJhtfl Ui.Uit country. And outside the country. For example, Senator Ooolldge of Massachusetts, one of the backers of the bill, pippoece not only a foreign trfcde sone In Boe- ten, which was the chief object In his and free port at St Thomas. Virgin Islands. Such a zone at St Thomas la a per fect Illustration of the advantages of a free port but not such a good illus tration of the foreign commerce zone Idea. As a free port St Thomas could Import from any nation In tbs world anything It desired. It would there, upon become a very cheap spot In which to make purchases, for do tariff duties would be Involved. Commer cially, In a Mg way, this would not be Important For anything bought such a sone, just as la the case In Hamburg, Germany, would be subject to any tariff duties of any country to which the goods might be taken. Ham burg baa Men a free port "for many years. But to St Thomas this would be a tremendous advantage. For It would make that spot the chief shopping point of tourists on West Indian cruises. It might easily prove tbe one thing necessary to restore the prosper ity the Virgin Islands enjoyed while they were under tbe Danish flag, and lost when they came under the Start and Stripes. price, no amount of payments to plow land under, eta, can possibly hold tbe wheat crop down where there would Dot be an exportable surplus. This year apparently nkture has taken (he problem In hand, and the expectancy now la there will be no portable surplus But on tbe law/of averages next year’s crop might be a bumper one, and anyway Mr. la looking at the problem over a period of years. He does not want the Incen tlve of higher than world prices held out to every farmer, encouraging him Jo grow more wheat than can be Sold at a fair price, and tending to wreck tbe whole agricultural program. The only reason this determination has not been annnunce<f already Is pol itics The experts down at the depart ment did not want to make an an nouncement, which would drive all the wheat state senators Into open revolt- revolt which might easily endanger various parts of the government’s pro gram. The President has been having enough trouble with silver senators opponents of the various administra tion measures advocates of paying off the closed bank depositors, etc., with- Every returning tourist would have out throwing this Additional bombshell the oht I N ORDER that congress may ad journ June 5, or at tbe latest by the middle of tbe month, the President and several congressional leader* got to-7 gather and pared down the legislative program. They agreed to limit the “auet” bills to four eaeasure* These are: / Patrick J. Hurley S ENATOR DAVID A. REED of Pennsylvania, fighting In the Re publican primaries for renomlnatlon, emerged from the hectic battle victo rious over his rival. Gov. Gifford Pinchot. Reed's majority was In the neighborhood of 100,000, and long before all the returns were i« Goveruo cbot gave up and wired his congratula tions to the senator. Since Senator Reed, one of the Old Guard conservatives, has been sn unrelent- ** n « or Re#d Ing critic of the New Deal, and Gov ernor Pinchot, s “progressive" Repub lican, has given his full support to President Roosevelt's policies, the re sult of the primaries was hailed with glee by opponents of the national ad ministration. Both the candidates made the New Deal the Issue In their campaign, and when the governor was prevented by Illness from making speeches, Mrs. Pinchot took the stump and vigorously, defended the Presi dent's programs of recovery. Notwith standing all this. Postmaster Farley said: ”1 do not regard the defeat of Governor Pinchot as a New Deal test,” and Senator Joseph T. Robinson, Dem ocratic leader, took tbe same attitude. Senator Daniel O. Hastings of Del aware, chairman of tha Republican congressional campaign committee, la med a pronouncement that the* Penn sylvania primary result was "a great Victory for tha American citizen who P AT HURLEY, former secretary of war, appeared before the senate civil service committee In a warlike mood and angrily demanded that there be a full exami nation of charges that be waa party to a patronage plot hatched by Republicans at his home In Virginia. He declared that It should be determined whether the Depart me n t of Justice la out to smear all members of the preceding administra tion or whether A. V. Dalrymple, the special assistant attorney gen eral who made the charges. Is "Just an Irresponsible falsifier In charge of the wooden pistol section of the De partment of Justice.” Mr. Hurley bitterly criticized the de partment for permitting one of Its officials, Webster Spates, to read to the committee an anonymous, hither to confidential report entitled “the New Deni with the same old dealers.” The report declared “the same old gang of standpat Republicans are gatekeepers to the patronage pas- turea." : Mr. Dalrymple read to the commit tee letters from C. W. Broom and Lee Shannon, who told the. Justice department assistant that whom they declined to name formed them of the meeting ley’s home, where prominent Repub licans were alleged to have planned how they could hold on to patronage Jobs despite the change In administra tion. Dah-ymple dented that he kffff t TBF’TPBttdBBTIlTOtllOBllBd’ "W'THF tlonallze silver through condemnation. This Is permissive. to declare anything bought there, but With the $100 exemption such a plan would mean that a great deal of bu, Ing would be done by the winter vacatluDists. and, as the Islands are very small, this little bit of hi would be very helpful'. As a matter of fact. Port su Prince, Haiti, has enjoyed the big advantage of this sort of thing for many years. It Is not a free port, but Haiti happens to have the lowest tariff duties, espe cially on French products, of any coun try In the western world. Would Help St Thomas If Senator Coolidge has his way about SL Thomas, this unfortunate American possession, hit first by the death of Its coaling trade and then by American prohibition, .would have a wave of prosperity, and Port au Prince might me the departure of American marines. \ The foreign trade zone Iz much more Important. It would enable Boston, or Savannah, or any other port, to estab lish such a zone. Into which any for eign products could be brought with out payment of duty.- These eou+4 then be fabricated there, and. If the final product were exported, no tariff would ever be paid. If the final prod- -uct wora sold is-the-United State*; The one blflion three hundred mll- lion dollar emergency appropriation bill carrying funds for the continuation of tbe New Deal relief activities The communications control bill pro posing the consolidation of federal reg* ulatlpn over all communications The loans to Industries bill, author izing RFC and federal reserve bank advances to smaller Industries on In termediate credit terms. The deposit Insurance extension MU, continuing Ufe temporary federal bank deposit guarantee plan for another year In lieu of putting the permanent program contained in the Glass bank ing bill Into effect at this time. One other measure that may be put through at this session la the silver bill upon which the President and the silver bloc agreed and which was to be introduced with a message from Mr. Roosevelt. As predicted, this Is a compromise containing these pro visions: A declaration of policy that tbe gov ernment recognizes silver aa primary money and that the nation’s metallic reserves shall be 25 per cent silver and 75 per cent gold. This is manda tory. The secretary of the treasury is au thorized and directed to purchase sil ver until It reaches $1.29 an ounce or until Its' metallic reserve strength reaches 25 per cent This Is both per missive and mandatory. of course, the original tariff duties would have to be paid. Of course there has always been a re-export provision In the tariff laws. Goods could be brought In In hand. But this had many disadvantages, which would be obviated by tbe foreign trade zone idea. Under the present system tbe goods are under constant customs control and supervision from time of entry to time of re-shlpment; while in warehouse they must be placed and arranged in accordance with regulations, subject to check at any time by customs agents. Except during usual business hoars,'tbe ware house Is closed by government lock and to enter U at any other time requires special permission and payment for overtime presence of customs agents. . —* • 1 * v \ Bad News for Farmers Shortly after the adjournment of congress Secretary of Agriculture Wal lace Is expecting to hand aonii Yery disillusioning news to the wheat farm ers of this country. He would have made the announcement at some stage anyhow, but the drought In the West makes the situation ripe for culmina tion at this time. His plan. In brief, is to announce that the government does not intend to, go on supporting the price of wheat above that of the world market, Mr. Wallace believes that the present price la out of all reason In view of the world situation, and that the country RELATIVES ItoeaBtloB Isn’t tha only child i ef Necessity. There’s that tough baby Work.—Lee Aagelea Tins**. SAVES MORE TIME and WORK ihana'IOOSS WASHING MAI dtTefdi a.a a No WeWefi—«Uflh*o I—SsaMy, Like Gas time nna-third R EDUCE your Imnlng ria —^ , ./. your labor one-Tislfl The Cole- n Self-Heating Iron will save you to time and work than a $100 ws*h- machine! Iron any place where you can Im comforabk. No tmdUaa «tN canyin* Ri made the charges himself. PPRQXIMATELY $8,000,000 dam- 1 x age wa# done by a conflagration In Chicago that waa described as the worst that city had experienced since the great fire of 1871. It started io the Union Stock Yards, familiar to all visitors to the city, and within a few hours had swept over an area equivalent to about eight city block* The flames a In* leaped across Halsted street, destroying many shops and res idences- Happily only one human life was lost, though the injured, mostly firemen, nuinbered some 1:100. As the stock pen* were comparatively empty over the/ week-end. the loss of live stock was restricted. All the horses were driven out to safety. Among the buildings destroyed were tbe International Amphitheater, scene of the live stock and horse shows; the famous Saddle and Sirloin club and Stock Yards inn; two national banks, ant the new and old Bxchangs buildings occupied by many commls- firmsi Tbo task of rebuilding was at once, and It was announced' destroyed structures would bo replaced by fireproof buildings. CONSIDERATION of the records of ^ three Chicago federal Judges In receivership and bankruptcy cases were under consideration by the bouse Judi ciary committee, with the possibility of Impeachment In prospect A sub committee turned In a report on tbe Jurists Charles E. Woodward, James II. Wilkerson and Walter G. Llndley, making no recommendations for or against Impeachment but criticising sharply their allowances, fur attorney and receiver fees. With respect to Judge John P. Barn#*, who has handled several re ceiverships and bankruptcies in .lhf federal courts at Chicago since 1988. the subcommittee declared It had fno criticism as to his conduct In these matters” S ECRETARY OF THE NAfiTT SWANSON announced that as sooi as funds can be obtained from - jHftilc works appropriation asked the President, the construction /of twenty warships will begin, vassals will cost $40/)00,08a cannot go on Indefinitely supporting a price so far out of line. If the price could be maintained way above the world level, but did'not en courage too much production, that would, be something else again, lo Mr. Wallace’s opinion. Rut the plain fact Is, as he views tbo case, that the high pries utterly defeats the long rang* plan to make the farmers of the coun try prosperous, because It Involves too much expense to the federal govern ment, too much burden on the con sumer, and too much cheating by tbe .fanners. He Is not going to say this last publicly. In all probability, but reports which have been pouring In tbe government In the last few months leave little doubt a* to the facts on ■ -f • - i in i ^ f~ ’ ■ - □ns one posse. J-ifJhe price wore allowed to drop to somewhere near world prices, he be eves, then the government restrictive ensures would still amount to Income Insurance for tbe wheat farmers, but not In amount such al they have grad ually grown to believe was their due. Wallace bee m v Idee of abandoning payments for crop curtailment or any thing of that sort Ho Is not singling out wheat because be thinks tbe Agrt- *t Capitol HI1L Actually, however, Mr. Wallace hat given the tip a great many times that this country cannot expect to keep ex porting wheat. Hjb has never changed his mind about it So that this wil/ be merely a logical development Ov&ruled by President President Roosevelt has overruled Federal Trade Commissioner Landis on a point of modification of the securi ties act so Important that I>andls de clared heatedly to the President that If this amendment were adopted tbe whole legislation might as well be re pealed. ' The amendment reduced the period responsibility on the part of bank- era or othera bringing out a security Issue from ten years to five. Those fighting for the amendment tried to reduce the period to one year, but final ly compromised on five. In a nutshell the amendment meant thla: If Smith and* Co. -sell a lot of bonds on a prospectus which turns out to be very misleading, or wrong, under the present law (passed Id 1983 and written by Landts and Ben - Cohen, both fair-hatred brain trusters of the Felix Frankfurter school), the person buy lug that security and losing money la entitled to recover hlr lota from the seller. The time limitation on this right of recovery la now ten years Tbe amendment would merely reduce It to five years The point made by advocates of the amendment la that sales of a security may be made on the basis of the pros pectus for the first year, but after that the security is sold purely on the basis of how the company is doing* what Its earnings have been, what its prospects are for the future, and consequently what Its dividends may be expected to be. No one, they contended, ever both ers to look up a prospectus after a company has been operating long enough to give a fair Idea of what the actual situation la Therefore, they contend. If the price of the security declines within a fair period of time, the buyer. If he feels that he waa mis led Into buying It by a false prospec- tua advertisement, sales talk, or other Inducement, has the right to sell the security, take his loss, and then look to the issuing company, or the banker* for relmbtirsement. Question of Time The whole point of the amendment is that the buyer should be compelled to analyze the situation within a res sonable period, and then. If he thinks be was swindled, force the company or Its bankers to pay him back. But tl\ls period, they Insist, should not be an long aa ten year*—Certainly five would be long enough. Some of the manufacturers and other business men fighting for the amendment thought one year would be long enough. Some of tbe legislators thought two year* would be about right But even the President agreed that five years would be long enough. The meet Important point In the minds of those advocating the amend ment Is that tbe ten-year provision not only leaves an ax hanging for too long a period over business enterprises which have sold securities, add the bankers that marketed them, but that It would actually prevent |he settle ment of estate* If the amendment Is accepted in as It probably will be now that the PresiilMil hal approv buyers-of securities would do look Into the situation during tho fifth yeer of that security's life. If they suspect that the price Is befog held up artificially they had better sell. If they find the price Is below whaf the) paid, they css then Jasmine, the pro* pectus and advertisements to see If they think they have a suit Ip a way, Els a statute of tisaltation. 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