Henderson daily dispatch., January 06, 1932, Page PAGE FIVE, Image 4

About Henderson daily dispatch. (Henderson, N.C.) 1914-1995

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PAGE FIVE
HENDERSON DAILY DISPATCH
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DOING WONDERS:—o God. thou
ha.it cast u# off: O restore us again.
Thou hast made the land to tremble;
Thou haat showed thy people hard
things that fear thee, that It may be
displayed because of the truth. Psalm
60 1-4
OvSSI-PRODUCTION DWINDLING
According to a report to President
Hoover by Secretary of Commerce La
inoit. the glut of over-production at
last la dwlnoling la this country. St
far had stocks of manutactured goods
dec|lned at the end of the fiscal ye&i
that” the situation was declared akin
to that of IMS, and tnis condition was
hailed as a favorable omen pointing to
busthess Improvement. Surpluses in
raw materials were, In general, un
d: minished. <•
The rather surprising statement
was made by Secretary L&mont that
industrial activity in this country, al
though one-fifth less In the 'last fis
cal year than In the one immediately
preceding it, and one-fourtb below the
unprecedented volume of 1926-29, still
was of greater volume than in 1920
and 1922 and 31 percent more than
for the depression year 1921. Yet the
American public has about become
convinced that this Is the worst de
pression the country Ir-s ever expert*
enced. We think so because we
climbed to such pinnacles of luxury
during the boom years prior to the
1929 crash.
The very fact that America is so
miserably discontented with her lot in
these times is an omen of assurance
that our people will not forever tole
rate the lower living standards to
which they appear to be descending.
They will see to it that there is an
about-face somewhere along the line.
It will not be surprising, once the
monotony is broken, if prices go sky-'
rocketing and manufacturing quickens
its pace at a dizzy figure. Once the
vicious circle is cracked and an open
ing made for a start back toward nor
malcy, it may be so rapid as to be
surprising The groundwork is well
laid for just such a performance, be
cause of the fact that reserve, stocks
and supplies of nearly everything
hav v dwindled to such low levels as
that l.ttle is lefi, in storage to meet
anything like a widespread general
demand. If we have not yet bumped
rock bottom, surely that cannot be
much further dewn from where we
now are.
KEEPING THE FAITH
First of the year payments of prin
<ip«! and Intel est on outstanding
bond issues by Henderson and Vance
coumty are wholly in keeping with the
record and reputation of the local
government units. So far as we have
ever heard tell, neither the city nor
the county has ever defaulted on an
obligation Incurred in the way of
funds advanced for public improve
ments or for any other purpose.
This docs not mean, of course, that
the crushing burden of the depres
sion has not been felt here the same
as elsewhere. We have had to contend
with low prices for agricultural com
modities. short-time operations In our
factories, unemployment, decreased
earnings and business failures. The
government units have been hard put
to it to hoop their hoods above wa
ter, but those who have been in charge
have managed in some way to scratch
up the money to pay interest claims
.-ind maturing bond obligations.
The credit of both city and county'
is good, and why? Simply because
they have recognised their honest
debts and paid them. That is the
honorable method of procedure. We
may default yet, but the fact is we
tsswt 4 mt
Can The First National
Be Salvaged?
We raise the question, can the Firs'
National Bank be saved for Hender
son? We answer with an opinion
but only an opinion t that it can. Bj
that is not meant that the bank un
der the same name should be resur
rected. nor necessarily that it be just
as it wa o before with strength thal
would now tide it over, even as 11
might have done had that been furn
ished before the closing. That is a
technical matter for the stockholders
and for such support as might be
available to bring the condition about
There are many reasons why thi
bank’s set-up should be preserved
The principal of these la that it would
release the funds of depositors and
possibly also save the stockholder!!
further loss by an assessment. Then,
too, there is the consideration of the
gentlemen active in the bank, who
have been (deprived of their work
and remuneration by the debacle.
ff local interests could peol suffi
cient resources to turn the trick, it
would be an Ideal solution of the
problem. It may t>e possible that one
of the leading chain banks now oper
ating in the State, and wholly within
the State, would be Interested in serv
ing the community, though the local
ownership plan appears more attrac
tive, and might find larger support and
be more beneficial to the city and
county. While the former would be
more desirable, the latter certainly is
more to be preferred than a liquida
tion.
The cost of any liquidation Is terri
fic. It Is a heavy drain upon what
ever assets of a bank may be left aft
er a failure. And that loss falls di
rectly upon the stockholders and de
positors and nowhere else. They are
left to hold the bag. There are some
substantial business men and women,
and citizens ip general, in the First
National, but we venture that not one
of them Is of a mind or can afford to
lose the money that has been tied up
in the closed bank.
Treatment accorded to debtors of the
Institution, virtually ail of them pre
sumably in this city or county or in
the vicinity, could easily embarrass
many people. If there is to be a li
quidation. the receiver named will in
all probability come from another lo
cality and be a man who neither
knows the local situation nor cares
about it beyond a mere perfunctory
interest His business is to liquidate
and liquidate is what he will do, hew
ing to the mark and allowing the
chips to fall where they will. If the
process he pursues cripples or hamp
ers, that might be a small pea in the
pot so far as he is concerned. The
status of business in Henderson is not
the receiver's concern; It means no
more dollars and cents in his pocket;
his pay goes on just the same.
Henderson people do not relish the
have not so far.
Wise management of public affairs
through the years has kept local gov
ernment units from becoming swamp
ed in a morass of financial burdens.
Probably no other city or county in
North Carolina has been better safe
guarded In this respect than have
ours here. It Is a credit to the men
who have been in charge, and like
wise an honor to those who have strug
gled to meet current obligations.
There has never been an orgy of reck
less spending in Hendersdh or Vane'
county, and the result is that we are
able to carry the bonds and pay the
Interest as they fall due.
Bond buyers in other years have
taken our securities when offered on
the market. They made their pur
chases in good faith. And city and
county, to their credjl
and honor, have kept that faith up to
this good hour.
NORTH CAROLINA DID II
Governor Gardner’s recent Saturday
Evening Post article on fiscal re
forms has, as was to be expected,
drawn favorable criticism from high
quarters. His story on how the State
“stopped the advancing tag burden
in Its tracks” and “turned the curve
of taxation downward” has created
no little interest in political circles.
Moreover, other journals besides the
Saturday livening Post have taken up
the chorus of applause, and so on the
, commendation continues.
One of the finest comments on the
governor's contribution, and one
which has attracted widespread at
tention, appeared In a recent Naw
York Times editorial. Here is what
that great newspaper said:
“These are the days when every
government- local, state and nation
al—is trying to balance its budget
Such outstanding examples as MU*
wttukee, Teuueat.ee and North Caro
lina are Interesting to taxpayers every
where. Milwaukee’s taxes are low
its public order excellent and Its treas
ury solvent. Tennessee, after an urn
HKNDKRTON, TN. OJJSSILY DISPATCH* .WEDNESDAY, JANUARY 6,1932 *7
t thought of suoh % procedure an that.
But if the First National is not sel
■ Y*l*<l through strong and determined
r effort, w# may find ourselves faced
- with such a situation. That is an
- other reason why tt is highly desir-
I Able that liquidation under direction
of the comptroller of the currency in
; Washington should be avoided If at all
. possible.
i The matter is one that will affect
i conditions generally here, and all the
> people have an interest at Make, whe
ther they were stockholders or depos
i Itors of the First National or not. No
, community the sise of Henderson can
i have a million dollars of Its money
[ tied up without every one suffering to
i some extent as the result
Numerous rumors of steps that have
been taken In the matter have been
, going the rounds this week, but ao
far as we have been able to learn
nothing of a definite or concrete na
ture has taken place. Poss.bly noth
ing can be done until the audit of
the bank has been completed and a
receiver named. But there is no rea
son why plans should not be under
consideration so that the organization
may be ready to click and do it quick
ly when the time does come.
Does Henderson want the bank sal
vaged, so that stockholders’ and de
positors’ funds may be released to
them? - Does it wish the bank to
continue in operation under a new
charter and a new name, or is an out
side chain bank desired for Header
son? Or do our people wish a liquida
tion with all the cost and loss entailed,
and which cannot be avoided?
There are ample resources in this
community to meet this emergency.
These days bring a succession of calls
and demands upon those who are able
to meet them. One crisis fell upon us
when the First National closed. Now
there is a new responsibility In the
necessity for conserving Us business
for those to whom K belongs. We met
the situation over the week-end in a
manner that scarcely left anything to
;be desired. Henderson is capable
of meeting this new urgency equally
as well. Let It be remembered that
we are serving ourselves as a com
munity in salvaging the First National
Bank. Prospects were that we could
make the grade here through
the depression until tne failure of the
bank queered the plans of a lot of
people. Nothing that could happen
in the city now could have a more
wholesome effect upon all the people
than to save the structure of the clos
ed bank. It is a challenge to our men
J and women of affairs. It Is another
J opportunity for them to show the stuff
of which they are made, which hith
erto has proved sufficient for any
emergency, and which we are persuad
ed can meet the needs of this hour
[ just as heroically.
usual experience with high flnanc*-
and the usual spending spree, balanc
ed her budget somewhat violently.
In the opinion of Governor Gardner of
North Carolina, who writes about i'
In the current Saturday Evening Post
j h,s stat « beet dealt with the common
I problem. * .*
No miracle has been performed,”
‘ according to the governor, and other
states, for local reasons, might not be
j able to do what the North Carolina
■ legislature has recently done. But
| what was done is worth attention of
all American taxpayers and the ad
ministrators of public affairs. In the
summer of 1930 Governor Gardner be
gan to prepare for the general assem
bly of the following year, and the tax
bills were ready when it met. They
believe in North Carolina that i
prepared lie a® course they followed is
partly responsible for the present con
trast between tne concuuon of their
treasury and that of the federal gov
ernment. During the last two years
29,780,000 of the state debt was paid
off, and 20,000,000 will have been paid
on the bonded debt by this adminis
tration. But the specific contribu
tions of the general assembly to the
situation as revealed In 1931 were
these: They “stopped the advancing
tax burden in its tracks” toy reducing
state expenses “and turned the curve
of taxation downward” at the same
time; county jurisdiction over roads
and schools was abolished, and their
centralisation at Raleigh cut the pro
perty tax $12,000,000. This year, pro
perty which in 1921 paid 38 per cent
of the state tax will pay 52 per cent.
No longer may a small board tn
town or county “confiscate the pro
’ perty of Its citizens tßrough unllmit
. od and unrestrained power to mort
. gage its future.' The local govern
ment act, which makes a state com
mission the supervisor of all local fi
■ nancing—though the people by vote
, may give the approval which the com*
• mission has refused—changed all that.
"Am if he heard the incredulous
North exclaiming at .the new spirit
in the South to centralise at the state
capital and to subordinate local self
government, Governor Gardner con
cludes his recital: “New conditions
demand new remedies; for new wine,
new bottles.” Speaking on the earn
subject of growing costs of local gov
ernment. this is virtually what Bern
ard M. Baruch told the South Caro
lina legislature last spring."
[j&Y#
By Central Press
New York, Jan. 6—Marginalia of a
Madhattanlle:
The fashion in homilies has shifted
so that now they are saying. “This
—y—■ 'ii i is the* toildeM.
winter since ’88.”
. . . Excepting
a few flurries and
squalls the aca
son has been
• amazingly Iceless.
JhHH Girls who bought
those If tie bob
fur jackets
haver been able to wear them through
months when they were afraid they’d
have the shivers.
That Memnhis store which is to sell
drugs over the grocery counter re
versing the practice of many drug em
poriums, has created ripples felt all
the way to Manhattan . . . Next
they’ll |be vending ginger ale and
aspirin In the hardware bazaars . . .
But not all drug stores have branched
out - . . Jarehow’e, In lower Second
avenue, founded by the first woman
pharmacist in the town, sticks firmly
—even boastfully—to serums, vaccines
hypodermic syyrlnges and the com
pounds of mortar and pestle.
“Tobey," the pampered poodle with
the $4,000,000 playground, has grown
thin and pttlsh since his mistress, Miss
Ella Wendell, died last spring In the
strange, shuttered Fifth avenue man
sion at which visitors stare, rtmem
berlug the Nineties . . . “Tobey,” I
hear, ate Christmas dinner in the ser
vants’ quarters, for the first time in
his life ' Didn’t like it much,
either , . . Another victim of re
duced circumstances.
CANDOR
A customer in Joe's one of
the rougher and readier speaks of
the Yorkville district, expressed skep
ticism as to the quality of goods on
sale.
“Is this real liquor?" he asked.
“Listen!” the bartender said ear
nestly, leaning actans the gleaming
mahogany, “more people Were killed
by that pre-war dynamite than ’ve
ever croaked from Stuff you get now
adays. Take u« here. We just cut the
goods enough to make it easy on the
stomach."
PUZZLES
What has become of Brooke Johns,
with his sleek. hair
and his eloquent mandolin? . . . And
E. M. Hull, who wrote “The Sheik”?
And of Theda Bara, first of the
vamps?
HOP, SKIP AND JUMP
Amateur experts in feminine psy
chology predicted slight sales for
that cruel “truth mirror" which makes
mountains of moles and continents of
smudges on complexions . . . They
were wrong . . . The 335 pieces in the
Frledsam collection, willed to the
Metropolitan, total In value above
$10,000,000, or more than $33,000 each
on an average . . . Three young
women who are studying psy’chiatry
I ell me that there is a certain cure
for all mental diseases if the patient
can be had before the symptoms ap
pear . . which loaves me so be
fuddled that I am on the point of
getting a few treatments myself.
Washington has lost a great sub
ject for conversation since Dolly
Gann and Alice Lohgworth made up
their social precedence mlxup.
The past-holiday sag is noticed on
(he faces of the crowds . . . Christ
mas ‘ savings clubs, for 1932 are or
ganizing (or is It agonizing?) ... I
discover this column is being run un
der at least five different headings.
. . . A letter from California the
other day praised ; my singing over
the radio and asked whether I'd come
out and entertain a discussion group
... If I sang they’d have a topic to
last a year and I’d probably have
grapefruit poisoning . . . Never again
will I intimate that magazines are
buying yams; 59 letters to dat asking
which magazines, and of coure I
can’t sneak up for editors by name
... To repeat; good stories always
find a market sooner or later, and all
successful magazines are forever or
the lookout for new talent, no matter
who tells you differently.
TODAY
TODAY’S ANNIVERSARIES.
1807—Joseph Halt. Postmaster-gen
eral and Secretary of War under
Buchanan, Judge-advocate-gen
eral of the Union Armies, bom
in Breckenrldge Co., Ky. Died
tn Washington, 1. C., Aug. 1.
1894.
1811—Charles Summer, noted Massa
chusetts U. S. Senator, orator,
reformer and champion of anti
slavery. born in Boston. Died in
Washington, D. C., March 11,
1874.
1823 Heinrich Schbemann, famous
German archaeologist born,
bom. Died Dec. 20, 1890.
1824 — Thomas M. Cooley, great Mich
igan jurist, born near Attica, N.
Y. Died at Ann Arbor. Mich.,
Sept 12, 1898.
1837 —John C. BroWn, reconstruction
governor of Tennessee, Confed
erate major-general, railroad
builder, bom in Giles Co, Tenn.
Died at Red Boiling Springs,
Tenn, Aug. IT, IMS. *
<_ <- *
1832--Gustave Dore, famous French
artist, born. Died Jan. 20, 1883.
1836—Truman H. Safford, noted ma
thematician and astronomer,
born at Royalton Vt. Died at
Newark, N. J., June 13, 1901.
/
TODAY IN HISTORY.
1795 —George Washington married' to
Mrs. Martha Custte.
1821 -Indianapolis named.
1912—New Mexico admitted to the
Union.
1919—Theodore Roosevelt. 26th Presi
dent, died at Oyster Bay. N. Y.
TODAY’S BIRTHDAYS.
Carl Sandburg, noted American
poet, born at Galesburg. 111., 54 years
ago.
Tom Mix, actor, born San An
tonio, Tex., 52 years ago.
Joseph Medltl Patterson. New York
and Chicago publisher, born In Chi
cago, 53 years aga >.
U. S. Senator Duncan U. Fletcher
of Florida, born in Sumter Co., Ga.,
' CROSS WORD PUZZLE
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1 Swimming bird* < Card plpa b**tls Bin
5 Surge : Hindustani 14 Pithy □*}
10 Coagulate * Sharp *5 Specie* of hawk
H Indian 4 Comprehending *7 Moisture
15 In.vpiring super- * Families W Possessive ease of i*
stltious fear • Species of ferret 43 Turn to th* right
l« Collect taxes 7 Mlstak* 44 European countr>
17 Paradise * Selvedge of clolb 47 Blip* away
lit Analyze gramma- 9 Bld * B**n«" Thoae who apply
tically 10 Enema drug* habitually
15 Th* whole calendar 11 »*»• Mu rt of 52 Kest
t# Terminations of a Jurisdiction 54 To be contingent
day 12 Elliptical 57 Shining mineral’
12 Cantilever H An ancient city 5* Bkina of calve*’
14 Implant 21 S * l down •» writing beada
*« Incubate 23 Hced *® Separata
77 Not full 25 ru * >id stream *1 A criminal Mat
to Moo -• Throw 02 Otherwise
12 Pauses 21 ’ n * e Roman See la «* African tip*
U Thrust ita temporal aspect ** OlrTs ntnt
» Portuguese coin 29 a,v * «*trea*e *< Clown
I* Ostrich-like bird ... « nctl “ * 7 ■■• H ***rd
11 Anger -* 1 V<!, T **»ll 70 Oornutn titlh
15 Grieves at Aaswer to Previous Paul* k *
14 Large flat boat | u l aTTJMygTrTI i i■*
:< Shade of grecu H
:» Tiny
15 Not thick h= (7] |^M^4=pMC^lsiSnj
»l Scotch htgblandu } ' 'p 1 I 1 j * t |/i I ,
13 Cears iA if |A^WpdSlrrteff|aM|m
» Snake
■-s Point at
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J* A doubter p
Hi Branching form - [Ojßrr^^BMHHjßflßßßterfr"”t|C“
inflorescence '
5J Misfortunes [l|L.|E|D^mi^TpTfkjfs.jCaTr>,]
13 Long for MBxJT*. I. jw
I Enclosure V
Dccome blended |l
is Bolcly MMi/Br*iiJilifßTk' 1 <}^|
• 4 Not salsa r~M _|
*» Small sand
iiar , ’' toM WAbßla-jla^^sfe
All Set For a January Thaw
73 years ago.
Alice H. Wadsworth, noted Ameri
can anti-suffrage worker, born In.
Cleveland, 52 years ago.
Jean K. Mackenzie, missionary, born
at Elgin, 111., 58 years ago.
Horace M. Albright, Director of the
National Park Service, born at Bishop
Cal., 42 years ago.
Stella Benson, noted English Novel
ist, born 40 years ago.
TODAY’S HOROSCOPE.
A kind and sympathetic nature,
adaptable to circumstances. With
good commercial abilities, high-mind
ed and suave, the fortunes will pro
bably be good. Under certain circum
stances, however, there Is danger of
being wronged by relatives, owing to
the sympathetic nature.
Os all the forces at the disposal of
humanity, faith has aways been one
of the most tremendous, and the gos
pel rightly attributes to it the power
of moving mountains.
FORECLOSURE SALK
By virtue of the power of gale con
tained in that certain deed of trurt,
executed by Nllia Gill, on December
29th, 1930, recorded In the Office of
Register of Deeds of Vance County,
in book 162 page 290.
Default having boon made in the
payment of the debt therein secured,
on the request of the holder of the
same I will sell by public auction, for
cash, at the court house door In Hen
derson, N. C. at 12 o’clock noon, on
sth day of February 1932 to the high
est bidder, following described mil
property:
That certain tract or lot of land in
Vance County, North Carolina, be
ginning at a stone on the Ea*t aide
of Rockspring Straet or road near
the Northern limits of the town of
Henderson, in Vance county, four
hundred feet north of Wyeoff a corner,
and then said lot • lies on the North
side of said street or road as laid off
two hundren and ten feet front and
run thence back at right angles from
said road, between parallel lines two
hundred and ten feet so a* to em
brace and Include one acre. Being
the same property as oonveyed to
NILa Gill, on December 29th.. 1930, by
Irvine B. Watkins, trustee.
This sth day of January, 1932.
IRVINE B. WATKINS Trustee.
“““ESHS3I
tS9
H. K. H. Pattkaaca
flasesaene, N O-
J. T. Smith & Sous
Phono 377-W-
seaboarFalrl
LINE RAILWAY
TRAINS LEAVE HENDERSON AS
FOLLOWS
NORTHBOUND
No.
1*8—8:51 A. M for Richmond,
Washington, New Ywi - connect-
Ing at Norllna with No. IS arv'T
| tag Pertameirih- Norfolk 12:** J*
M. with parlor-dining car service
l 4—l#:to a m for Richmond, Nor- I
feflt, Washington, New York.
I*2—9 41 p. m. far Iktani
Washington, New Ink
8—8:28 A. M. fer Pertsmeelh-Nct
MR. Wash Ingle*. New Tvd
12—2:52 P. M. fer Norfolk end
Washington.
SOUTHBOUND
W*
198—8 M 3 A. M. Vm Savannah, Jut
■mvflto Tampa, it, Pr
3—3:98 P. M. Fer Raleigh, Sanford
Hamlet, Colombia, Savannah, Ml
■Demi, Tampa, St. Petenbnrg.
185—7:55 P. M. Par Raleigh, Hamlet
Savannah. «aahscnvitta, Miami.
Tampa, St. Pctenbwg, Attonta,
8—i:« A. M. Fee Atlanta, Btrm
mgham. Meenphln.
11—8:17 P. M for Ilauk-t, L'oliua
bia, Savannah and Jacksonville
Par mfcrmaticn erui mm H. a. Puma
wta, RUHR. M. C, « R O
cwn TA, wmmmm. ft. c.