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Show JXcics Ilccicir of Current I'Jvents JAPS SINK U. S. SHIP American Gunboat Panay Bombed by Japanese on the Yangtse . . . Stern Protest by Roosevelt SUMMARIZES THE WORLD'S WEEK Q Western Newspaper Union. Latest Jap Outrages JAPANESE aviators, strafing fleeing flee-ing Chinese, bombed and sank the United States gunboat Panay on the Yangtse river above Nanking. The boat's storekeeper and an Italian Ital-ian journalist were killed. At the same time and place the Japanese attacked apd sank three Standard Oil steamer Several British gunboats speeding to the aid of the Panay ware shelled, one enlisted man being killed and a number wounded. Washington and London lodged stern protests in Tokyo. Tokyo apologized with expressions ol deep regret In America and Britain there was intense indignation over the latest outrages. No responsible person hinted that the United States or Great Britain should go to war with Japan on their account; but the man in the street felt there should be some way, short of war, by which the Japanese could be forced to cease their murderous attacks. Apologies may satisfy the diplomats but they do not restore lives. President Roosevelt's protest was directed through Secretary Hull to Ambassador Hirosi Saito with the request that it be sent to the Emperor Em-peror Hirohito of Japan. It demanded de-manded apologies, full compensa tion and guaranties against repetition repeti-tion of similar attacks. The British Brit-ish foreign office was in touch with Washington by cable but Foreign Minister Eden denied that the British Brit-ish would take the lead in international inter-national action. Even Tokyo was stunned by the attacks on American vessels, and the planned celebration over the capture of Nanking was called off. Before the American protest reached Tokyo the Japanese officials of-ficials and commanders began apologizing apol-ogizing and explaining. To prove its sincerity the government promptly recalled Admiral Teizo Mitsunami, in charge of naval aviation and relieved re-lieved him of his post He immediately imme-diately resigned. Survivors of the bombing, most of them wounded, told how the Panay went down with colors flying and its gunners firing to the last at the Japanese airplanes. They agreed that the attacking planes were flying fly-ing so low that it was impossible for their pilots not to know they were bombing foreign ships. They said the Japanese excuse that vis-bility vis-bility was poor over the Yangtse that day was false. Early Tax Revision CUMMONING house ways and means committee members and treasury economists to a conference confer-ence in the White House, President Y"""""w,rt r - i Roosevelt directed that revision of the taxes that oppress business be carried through as soon as possible. Those called were Robert L. Doughton of North Carolina, chairman of the house committee; Fred Vinson of Kentucky, Ken-tucky, chairman of a R. L. Dougbton subcommittee on taxes; Secretary of the Treasury Morgenthau and Undersecretary Roswell MagilL On leaving the White House Mr. Doughton gave out the cheering assurance as-surance that the best possible tax bill would be formulated quickly and that the taxpayer would be given every consideration. If the contemplated measure can be rushed through congress it may be made effective on January 1, starting out what business and industry in-dustry hope will be a Happy New Year for them and for all the nation. na-tion. In his press conference the same day the President gave business additional ad-ditional encouragement, asserting that the interstate commerce commission com-mission should take action to preserve pre-serve the solvency of the railroads. He declared himself in favor of private pri-vate ownership and operation of the railroads, but said receiverships of the lines cannot continue without financial adjustment. Shortly after this the commerce commission put in a sour note by overruling the carriers' petition for 15 per cent immediate increase in freight rates. First Flight Celebrated TRIDAY. December 17, was the thirty-fourth anniversary of the epochal air fliflht of the Wright brothers at Kitty Hnwk, N. C. and the dny was fittingly observed by all aviation interests in the country. Under orders from the orrny general gener-al st.'ifT every military flying pofit sent up all Its available aircraft at the exact hour when the two inventor?. inven-tor?. fir':t made their plane fly. About one Uiou-.arj'J fij:htinc planes were in the air at the name time. Stool Workers Moot KMI:m;s of the :;ieei Work iVJ Orcanizinn committee, affiliated affiliat-ed with the C. I. O., opened their fir;;t convention In I'i lt;,bur and ? f J - J r ( 's I , r'H 1 E . . r- ' .n$ L x t , Hugh R. Wilson (pictured above), a veteran of the American diplomatic diplo-matic service and now assistant secretary sec-retary of state, is to be our new ambassador am-bassador to Berlin, succeeding William Wil-liam E. Dodd, whose resignation was submitted to the President were asked by Chairman Philip Murray to give their, officials full powers to negotiate wage agreements agree-ments to replace those expiring February 28 with 445 firms. Murray said he had "every reason" rea-son" to believe 100,000 steel workers out of 125,000 now working in sheet bar, plate, sheets and black plate mills will be displaced by machinery. machin-ery. - Sloan's Great Gift ALFRED P. SLOAN, JR., chairman chair-man of General Motors corporation, corpora-tion, announced he was donating securities se-curities worth aDDroximatelv $10.- 000.000 to the Alfred P. Sloan foundation with the hope of promoting pro-moting a wider knowledge of "basic economic truths." In his announcement announce-ment Mr. Sloan said he deemed it proper to turn back part of the proceeds of his industrial activity to U2 aiu in uriiiguig auuui "a broader as well A- p- sloan' lr-as lr-as a better understanding of the economic principles and national policies which have characterized American enterprise down through the years, and as a result of which its truly marvelous development has been made possible." Once the proper understanding is achieved, he said, the people may promote "the objectives that all have so much in mind." These he listed as: More things for more people, everywhere. An opportunity for achievement Greater security and stability. Mr. Sloan established the foundation founda-tion on July 6, 1936, incorporating it in Delaware as a non-profit membership mem-bership corporation. Hungary Pays A Little ONLY eleven nations defaulted on their war debt payments to the United States due on December 15. Hungary lined up with Finland in the honest list and sent to the treasury treas-ury a check for $9,828 as partial payment. The installment due from Hungary was $51,240; her total debt is more than 33 millions. Finland made its customary semiannual semi-annual payment to the treasury. A check for $232,142 was turned over to this government by the Baltic republic. Pope Pius Anxious AT A secret consistory In which he created five new cardinals, Pope Pius read an allocution expressing ex-pressing his "grave anxieties" because be-cause of the wars in Spain and China, Chi-na, and his fears for the future "because "be-cause of the upheavals which are the natural concomitants of armed conflicts." The new cardinals are: Archbishop Arch-bishop Guiseppe Pizzardo, Vatican undersecretary of state; Archbishop Ermcngildo Pellcgrlnetti, papal nuncio to Jugoslavia; Archbishop Giovanni Piazzi, patriarch of Venice; Ven-ice; Archbishop Pierre Gerlicr of Lyons, France, and Archbishop Arthur Ar-thur Kinsley, Catholic primate of England. Italy Leaves League ITALY finally made up its mind to quit the League of Nations. No one was surprised when Mussolini announced this decision of his Fascist Fas-cist council, and no other nation expressed ex-pressed any regret over the action. The iJuce in a characteristically bombastic f:peech told the people about it, and deliclited cheera creel-er creel-er his deliance of the opponents of fascism. 1' or some lime Italy lias taken no pari in the doings of the leajoie, and tier resignation really is not of much immedia tc Importance, Silver Policy Stands REPRESENTATIVE MURDOCK of Utah stated in Washington that he had assurances from President Presi-dent Roosevelt that the present silver sil-ver policy would be continued as long as it was deemed necessary. Murdock asked the chief executive's views when he transmitted a resolution reso-lution drafted by western congressmen congress-men urging no change be made in the silver program. Government Wins THE Supreme court decided that the government need not pay interest in-terest on gold bonds that were called for redemption in advance of the maturity date. The decision, written by Justice Cardozo, was unanimous, although Justices Stone and Black had separate sep-arate concurring opinions. Cardozo is ill and his opinion was read by Chief Justice Hughes. The litigation was started by Robert Rob-ert A. Taft of Cincinnati, son of the late President and Chief Justice William Wil-liam Howard Taft; the estate of James J. Ransom of Des Moines, and Arthur Machen of Baltimore. New Men for SEC TWO vacancies on the securities and exchange commission were filled by the President by the appointment ap-pointment of John Wesley Hanes, partner of a New York stock brokerage brok-erage firm, and Jerome N. Frank, radical New York attorney, now serving as an attorney for the Reconstruction Re-construction Finance corporation and formerly chief counsel of the defunct AAA. Frank fills the position vacated by James M. Landis, who retired last September to become dean of the Harvard law school. Hanes fills the post of J. D. Ross of Seattle, recently recent-ly named administrator of the Bonneville dam. House Passes Farm Bill NARROWLY escaping return to committee, the administration farm bill was passed by the house by a vote of 268 to 129. It was believed be-lieved the senate measure also would be put through successfully at once. Then it would be up to conferees con-ferees from both houses to iron out the differences. There was doubt that final enactment could be obtained ob-tained before adjournment of the extraordinary ex-traordinary session. More WPA Spending HARRY HOPKINS, WPA administrator, admin-istrator, announced that in- creased unemployment was compelling com-pelling the WPA to increase its expenditures ex-penditures by $23,000,000 a month. He said its employment rolis, now ! totaling 1,575.000 persons, would be enlarged to provide work for an additional ad-ditional 350,000 persons. The expansion, ex-pansion, he said, could be handled within his budget, at least for some ! time. -f Landon Won't Run Again ALFRED M. LANDON definitely removed himself from the presidential pres-idential campaign picture of 1940 by announcing in Washington that he would not be a candidate for nomination nom-ination by the Republican party and would not accept the honor if it were offered him. He added that j he was not retiring from politics, but would continue active in his ' party. While in the capital Mr. Landon was invited to the White House and had a pleasant chat with the President, Pres-ident, politics and business not being be-ing discussed. Atlantic Planes Wanted rpviDEN'CE that passenger plane service across the Atlantic would be started within two years was seen in the request of Pan American Airways for bids on 12 planes capable of carrying 100 passengers pas-sengers each. Performance demands call for a speed of 274 miles an hour at 20.000 feet and indicate the type of craft required would cost one million dollars dol-lars each. Brave Scouts Honored piGHT Boy Scouts who risked ' their lives to save others were cited for heroism by Daniel Carter Beard, national scout commissioner and chairman of the national court of honor. Three scouts who received gold honor medals are J. P. Fraley of Hitchins, Ky.; Guy GrofT, Jr., of Marengo, Iowa, and Kenneth Simon- 1 son of Redridgc, Mich., each of whom rescued a drowning person. Five others who received certificates certifi-cates for heroism are John Mentha, New York; John Ruggl, Yonkcri, N. Y.; Philip Ecaney, Bath, Me.; William Benham, Napoleon, Ohio, and Eldon Shaffer, Berrien Center, Mich. Liner Aground; All Saved TilE Dollar liner President Hoover Hoo-ver ran aground on a small Island Is-land off Formosa when en routo i from Kobe to Manila. Her passengers, passen-gers, about GOO in number, were put : ashore on two rocky Islets, mm there , were picked up by the President Mc- I Kinlcy of the same lino and takan ' to Manila. J Wally Lowost Duchess i '"I",i!r; new edition of llurkc's Peer-- anc. iiiithorilalive book on Ilrlt ish nobility, reveals that the duchess of Windsor has been placed in the twenty-ninth or last place nmoni; duchesses. Iter husband, the duke of Windsor, former KinH Isdward VIII. Is placed as No. 4 man In the empire, behind his brolhcrs, Kini; Cieorce VI anil the dukes of Gloucester Glou-cester and Kent. |