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Henderson daily dispatch. (Henderson, N.C.) 1914-1995, August 06, 1932, Image 4

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PAGE FOUR
HENDERSON DAILY DISPATCH
■rtIMUM A——< I*. llti
FlMlnM Brcrv AftanMa ■ ■ !■»>
budbmon dispatch co* no.
• * IS Y»aag Street
DNRT A DENNIS. Pres, and Editor
11. L. PINCH. Sec-Treaa and Baa. Mfr.
TELEPHONES
Editorial Office |||
Society Editor .. SIS
Oval area Office SIS
The Henderson Dally Dlapatcb la a
Biember of the Associated Proas. News*
paper Enterpriae Association. Booth*
arn Newspaper I’ubllehera Association
and the North Carolina Prsaa Associa
tion
Ths Associated Press is exclusively
entitled to use for republlcatlon all
aews dispatches credited to It or aot
•thsrwtse credited In this paper, and
also the local news published herein.
All rights of publication of special
dispatches herein are also reserved.
SI HSIRIPriON PHICKb.
Payable Strictly la Advaaeo.
paa Tear M.SS
■lx Montha I.l*
Three Months 1 SO
Per Copy .st
NOTICE TO SUBSCRIBERS.
Look at the printed label on yonr
paper. The date thereon ehowa when
the subscription sxpires. Forward
your money in ample time for re
newal. Notice date on label carefully
and if not correct, please notify us at
•nee. Subscribers desiring the address
•* their paper changed, please state In
their communication both the OLD
and NEW address.
Sstlssai Advertising ItepreaeatatlvM
FROST. LANDIS A KOHN
Park Avenue, New fork City; It
■oat Wscker Drive. Chicago; Walton
Building. Atlanta; Security Bulldlug
at Louis.
Entered st the post office In Hender
son, N. C,, as second class mall matter
fcwuilq— MSaitlßiniA Bbß 4
August 6
WHO SHALL ENTER —Not every
one that saith unto me. Lord, Lord,
ahall enter into the kingdom of heav
en; but he that doeth the will of my
Father which is in heaven —Mat
thew 7:21.
August 7
LORD SEES ALL: -For the eyes of
the Lord run to and fro throughout
the whole earh, o show himself sron?
In behalf of those whose heart is per
fect tward hurt —2 Ohron. 16: 9.
WIN BORNE AS CHOICE.
Gubernatorial Nominee Ehringhaus
announces formally and publicly that
his choice for the State chairmanship
of the Democratic Executive Commit
tee is J. Wallace Wlnborne. of Marion,
and requests the committee to name
Mr. Wlnborne for the office. It seems
that Nominee Reynolds for the senate
has not finally made up his mind as
to his own preference, but expects to
do so by the time of the executive
committee meeting next Tuesday
night.
Mr. W’inborne is not so well known
to the State as some others who had
been mentioned for the high office,
but those who know him say he has
the capacity for rendering the party
•ffective service during what prom
ises to be a hard campaign, both In
the manner of finances and In fight
ing off the opposition. Mr. Wlnborne
Is reputed to be a man of exceptional
executive ability, and that Is what la
needed in a time when there is urgent
need that every penny shall gor as far
as possible.
If Mr. Winborne Is the ultimate
choice of the executive committee for
the chairmanship, he will undoubtedly
be given the cordial support of men
and women of all shades of opinion
in the party ranks. United effort will
be needed. Democrats are greatly
heartened, but they should not forget
that over-confidence has lost many a
battle It would seem that almost any
man agreed upon could be expected
to give of his best without regard
to his primary preferences. There
ought to have been agreement long
ago on the matter of a chairman, and
the partvs fortunes will be the bet
ter cared for if this haggling and
seeming disagreement can be gotten
behind at the earliest possible time.
AN IDEAL STATUS.
Speaking of public taxes, the most
ideal situation that has come to our
notice in this part of the country
lately is that in Rocky Mount. The
board of aldermen there has just vot
ed a 1932 tax rate of 32 cents, which
is a reduction of ten cents from the
charges last year, with an additional
rate of 42 cents for the city schools.
The total thus is 74 cents on the SIOO
valuation in property, and represents
a cut from 84 cents last year.
It will be claimed that Rocky Mount
owns its utilities. Including its water
works system, gas plant and electric
power and light system. But the cost
of municipal operation Is not laid up
on these services as a scapegoat,
which is a vicious practice wherever
observed and ought never to be
tolerated by the citizens of any com
munity.
The city manager estimates that
Rocky Mount's gross Income from its
utilities will be $450,000, even though
$20,000 has been lopped off the an
nual gas bill for consumers and $9 000
off the annual water bill. It was done
by strict ecohomy In government, dis
continuance of all permanent Improve
ment programs except those deemed
absolutely necessary, and the skilled
management of city affairs.
The city manager further claims
that Rocky Mount is favored by its
municipal ownership of utilities. He
referred to published reports that
white way lights in Raleigh had re
cently been reduced to SBO per year
Per light, and said that in Rocky
Mount the coat for similar lights,
from current produced by the city, is
only $37.50 per year.
Another feature of the Rocky Mount
. situation is that city employees have
, taken only one wage cut, that of ten
percent, and none of them has been
thrown out of employment No fur
ther wage cuts are expected and no
wage earners are to be discharged.
Rocky Mount Is to be congratulated
on this remarkable showing, which Is
all the finer when It is remembered
that the city has a protected cash
balance of $96,000 In local banks, no
outstanding unpaid obligations to
■ worry over, and a materially reduced
demand for money the coming year.
The city hardly realizes there Is a de
pression, so far as its municipal gov
, eminent is concerned.
NO BANK FAILURES.
Gurney P. Hood, State commission
er of banks, reports that there were
no bank failures in North Carolina In
July. It was the first month In 1932,
. and even further back, that the record
was clean In that respect.
AH of whicn is a good sign. It is
indicative both of a returning con
fidence on the part of the public and
of an effort on the part of the banks
to set their houses in order for them
selves. as far as possible.
Except for the wave of panic and
hysteria that swept across North Car
olina around the first of the year,
and in the closing days of 1931, there
would be many banks today in opera
tion that have closed and are either
In liquidation or have reopened with
some sacrifices on the part of both
stockholders and depositors. Such
things are costly to every one con
cerned with them, and for that rea
son. as well as others, are something
to be avoided at all hazards.
The State Banking Department Is
rendering a genuine service both to
the people and to the banks In its
sympathetic, helpful attitude toward
them In these times of crisis. It is
seeking to function as economically
as possible In administering the af
fairs of closed banks, to the end that
creditors may fare as generously as
they may, and its cooperation is ex
tended to the banks byway of show
ing them how a compliance with the
State banking I&wb will save trouble
and loss to every one.
Possibly the passing of a month
without a single bank failure in the
State is an evidence that the worst is
over In this economic cyclone; cer
tainly It is ground for optimism.
AN INDICTMENT.
Dr. Archibald Johnson. In Ch*rlty
and Children, recently brought an in
dictment upon the church people for
their failure to show their colors and
do their duty In these days when it
la incumbent upon every man and
woman to stand up and be counted.
The writer intimates that the church
people, by their- hypqcricy and egg
shell religion, have been as much re
sponsible as any one else for the pre
sent plight of humankind. The church
folks have professed thus and so and
have stopped with lip service. They
have one sort of religion for Sunday,
and another sort, or none at all for the
week-days. Many of them will greet
you at church on the Sabbath day and
Monday morning hide behind the cor
ner to knife you when you come
along. That is a hard thing to say
but it is true.
Dr. Johnson's observations are quot-'
“ d by the North Carolina Christian
Advocate, and are passed along here: '
"We have not arrived at our present
condition economically and politically
at one jump. Fcr twenty-five years
and more we ha been advancing to
ward what many are now calling a
crisis for America and the world. The
two great political parties of the Unit
ed States did not write a plank on.
prohibition until the very word be
came hateful to the people, not only*
as it relates to the Eighteenth amend
ment but as it relates to the ten com
mandments as well. In fact there was
no thought of repealing the eight
eenth amendment until the ten com
mandments had already been annul-:
ed In the thinking and acting of the!
oeople. We religious people have led
n the onslaught on prohibition. We
have held God’s commandments in
contempt. We have In our churches'*
members who have defied the laws of I
God for years and more lately are ■
defying the laws of man. Let those
>f us who are gneved, and at present
dunned at the present conditions, ex-'
xmlne ourselves and see if we are not
'he leaders in the spirit of irreverence.
When our children saw that we had
no reverence for our Father’s com-!
mands and held them in contempt.
hey saw no reason why our com
vn&nds should not be held in contempt.
The irreverence of God begot irre
verence for parents and the laws of
‘he state. It Is a long way back to
‘he reverence of our parents but we
tiave got to go; the Booner we start
i he better. And when we get back to
the place of reverence we will find
ten thousand noiseless Christians who
have never bowed knee to Baal.”
HENDERSON, (N.C..) DAILY DISPATCH AUljfrST 6, 1«82
Bargain Days Won’t Last
Forever, Babson Declares
Time Now To Sell Equities and Buj Stocks, Economsit
Thinks; Points to Stock Market Opportunities;
Dollars Mean Working Men
BY ROGER W. BABSON,
Copyright 1932, Publishers Fin
ancial Bureau.
Babson Park, Mass., Aug. 6.—The
recent sharp up-rush in prices of
stocks, boDnds, wheat, and other com
modlties emphasizes teh fact that bar
gain days won’t last forever. Those
who hoard currency instead of mak
ing purchases of goods and securities
will wake up to find that their cur
rency has depreciated in value where
as goods and securities have appre
ciated. In other words, as prices rise,
the buying power of the dollar will
fall, and good and securities will be
worth more than Idle money. Oppor
tunity has knocked at the door of the
buyer longer than usual during this
depression; but those who delay too
long will find the bargains are gone.
The way both to render service and
to get its reward is to buy when
markets are grossly undervalued tu.d
sell when they become overvalued. In
this period that means to buy com
modities. stocks, and bonds -with dis
crimination of course, but neverthe
less, to buy.
Time To Sell Money and Buy Equities
The outstanding successes finan
cially, intellectually, and artistically
have been men who darad to break
away from the crowd and follow the
dictates of their own judgment. No
student of history can be pessimistic
today. He knows that prosperity will
return just as it always hns after the
great depressions of the past, and
that prices will rise. Indeed, we may I
now be rounding the turn, as the re
cent encouraging action of commodi
ties, bonds, and stocks tends to show.
The man who comes out of this de
pression stronger than he went into!
It will be the one who now refuses |
to follow the pessimists and who ac j
cumulates goods and securities instead
of currency. The time to sell goods
and securities and to buy money was
in 1828 and 1929. The time to sell
money in exchange for goods and se- I
curtties is in 1932.
Such great opportunities as exist
today occur not more than once in a
generation. Wholesale Industrial com
modity prices are now the lowest since
1914. Agricultural commodities are 57
per cent below 1929, and the lowest in
the twentieth century. The average
price of nearly 800 commodities of all
classes is 33 per cent below that of
three years ago. A number of indivi
dual commodities are selling the low
est in this century and some of them
lower than they were in the depres
sion of 1893-1897. Whether the recent
upturn means the final low has been
passed remains to be seen, but it
should serve as a warnin gto those
who are delaying needd purchases
that current exceptional bargains can
not last forever. Here again discrim
ination must be used as all commo
dities do not move alike.
Stock Market Opportunities.
At this writing the stock market
has shown encouraging gains follow
ing closely on the heels of firmer bond
prices. Here again is confidence that
the security markets are tending to
stabilize. Whether the final low point
in the market has been seen or not, ,
it is foolish to overlook the exception
al bargains that can be picked up in
good stocks. Notwithstanding the re
cent sharp advance the Dow-Jones in
dustrial stock average at the present
writing is at 1914 level, whereas the
value of corporation assets and the
total wealth of the country are far
greater than they were in 1914. Some
stocks are selling below their net
quick assets and some indeed at not
more than the cash holdings of the
company. This cannot last and the
Investor who waits too long will miss
the bargains.
Whetner it Is a mere co-incidence
or not, the fact remains that all of
the major business depressions since
the Civil War have ended between the
months of May and September. In the
1873-1879 depression the market reach
ed its final low point in June 1877. In
1884-1885 the bottom was reached in
June 1885. In the period from 1893 to
1896 the final low point was reached
in August 1896. In the 1920-1922 de
pression the final low was reached in
August 1921. Some observers point
out that if business is to recover this
year the slock market will reflect it
during the next two months.
Working Dollars Mean Working Men.
I recognize that not everybody can
buy. The purchasing power of the
mass of the people is low. However,
there are many who could buy if they
would and if those people would get
over their fears and make somewhere
their normal purchases, the depression
would soon be at an end. Idle dollars
whether in the banks or hidden in
the home, mean idle men. Working
dollars, actively circulating in trade,
mean working men. Afford employ
ment and the purchasing power of
the masses will at once improve. The
trouble is not lack of total money in
I the cuontry. There is just as much
money as there ever was.
The banks are full of money; cor
porations have very cash bal
ances; the craze for money instead of
goods has Increased the total cur
rency outstanding from $4,764,000,000
in July, 1929. to $5,745,000,000 today.
The trouble is that this money U not
circulating fast enough. This is shown
by the decline in check transactions
which were running at the monthly
rate of $77,919,000,000 in 1929, and are
now at the rate of only $29,000,000,000.
By buying needed goods and attrac
tively priced securities at this time,
people can do more to give employ
ment and relieve suffering than in
any other way, Not only will they
better themselves by so doing, but
they will perform a great service to
their fellow-men.
Reward (or Service Rendered.
The only way to make money In
the long run is by rendering service,
and this is as important with our
money as with our lives. The profits
that are sure to follow purchases now
, will be the reward for service ren
dered in helping to stabilize prices.
1 afford employment, Improve business,
and relieve human suffering. Further
more, in buyttlg either stocks, bonds,
or commodities, the greatest rewards
will be obtained and the grAtest ser
vice rendered by buying only in those
companies which are themselves per
forming a real service and are operat
ed by men of character.
Business as estimated by the Bab
sonchart is now 28 per cent below a
year ego.
fJewM
*1 JAMES*ASWELLF
By Central Press)
New York, Aug. 6—The “intellect
uals’’ of the tow nare more than ever
talking Russia, radicalism and revolu
tion . . . All those 1 know are of
9 the type Trotsky
branded “red rad
ishes” —red out
side, white is to
say that when
-1 ever one of them
falls heir to a
hundred dollars,
caipdtaHwm, for
ail its faults,
gets another convert...
It is always amusing to see one of
j these champions of the Five-Year
Plan an his dingy village apartment,
shouting down the Rockefellers and
heaving for the proletariat—and then
observe him. as in one case I know,
after a story of novel of his has
bbrought in a pot of Hollywood gold.
...He shifts his principles with cha
melon rapidity and*yp»nuj for “ade
quate police protection"...
The situation is reminiscent of a
ham: hoofer who used to cry out
against the "sheer lufk” which cata
pu*ps the big-rimers into Broadway
Jghts...Now. with his own name in
bulbs, he is the staunchest defender
of hard work and talent as the only
requisites for success ..
And ont! vidletuC ‘•Vwdlsti red’’ was
known to Insist at many a longhaired
soiree, that all he waited and hoped
for was a chance (i. p., Jhe money) to
go to Russia for g00d 1 ... Not long ago
a miserable capitalist uncle died and
bequeathed ihim 25.090... At the pres-
! CROSS WORD PUZZLE |
M i i J i •| , TLW
'3 14 is 16 v 17
16 O ~ZO 21
£2 23 |p ~2A '■ pp/ 25
2e 27 ~ Wfy 23 23 '
3S. 33 34 35 36 "37
40 41 "4F
m
44 vy/s AS 46 yyZ 47
M m
43 49 SO SI
~S3
I p
uza ————— ———
ACROSS
!—A composition
s—Speck5—Speck rpi.)
14 —Vehicle
1 1 Part of head
1 ’—Sea duck
1 -To loathe
1 -Park viscid substance
t'—Carpenter's tool
21— To impair
22 One time
!4 —To put on ■
2 a—Heavy cord
2d—To detext
23 A Journey
' so—Depart
*l—Present tense o! the verb
to be
$3 —To split
33—A support
38—By
40 —A song
42— To estimate
44 A short sleep
45 Polish
47—To rush
48_The golden thrush
gn— A dweller
p 2— Born
53 A wand •
54 — Arborescent plant (pi.)
63 —To renovate
• f <DOWN *
2— To stage
8— Rested
4 —Open surface
f, —An equal
7—A cereal plan*
‘ $—A shaking j
9 To bar {
(2—To fccattar.
i4zrt f 4N - -
' *- -----
The Lion’s Share
.. !
ent time he is staying at the most
amabe and expensive dekuje hotel
in New York—"geittjng a taste of
bourgeois comforts before I devote j
myself to the workers of the Soviet”..
Raspberries!...
THIS LOONY TOWN
Places I tike to go: Germantown,
in the East Eighties, on a hot summer
afternoon to hear the Bavarian wait
ers tn chalet restaurants, singing as
they serve... The club on a boat at
Oyster Bay. ..The Rye Bath and Ten
nis club, for -tthe Saturday dance.. .The
Starlight Roof of the Waldorf, with
the steel weather top rolled back like
a convertible sedan... Prospect park
in Brooklyn, to loaf through cool aft
end of a ho*, swarming day...
There’s a Winnie the Pooh associa
tion. built around the $80,08Q.000 In
dustry which grew out of A. A. Mil
ne’s whimsical fictional bear...Win
nil e and Mickey Mouse two
mos* prosperous ideas to amuse chil
IS—lgnorant
14—A mark made by a blow
IT—To undermine
20—To leave
23—Keen
25—A report
*T—a weight
29—Rowing implement
•2—To trouble
•3—Plunder
•4—Gratuity
•s—Plague
36 Display
37 The first after the nmt!i
S3—Part of the »»oe^
41—To perform
43—A vat
45 Narrow valley
48— Brown
49 Over (contr.)
51—Prefix meaning not
Answer j
«• Previene Puzzle
nfTprnsm
« c R Ts fAlNlsMglfd
ESlfe ve alsTt^lleSl i
PNppN I ITKagfejlL A) ]
£!£
gtyj ivISlillIeIo!' j
' ' rsr ” '
fSlglTlAUl
9. 5« \ »T TlglsKai.l elcJ
Po| a!
£5Aa £ a plEiNEaPlArn
Reduce "SJeEialt Id
WoIaNtF '-TnUIrUH
. _ •** •-y t
dren ever -to come to life... The Win
nie outfit supports elaborate head
quarters in Fif-th avenue...
, Sights for Heat-tired Eyes: The
children at the Stadium concerts in
the park, stopping Vheir game* in awe
as (he deep wash of Siegfried music
rolls over toward ithe twinkling town ..
The containers for frozen tidbits,
smoking with cold from dry ice. in
the hands of hundreds of shirtsleeved
young men on the Boston Post road .
Th eorange beverage stand with the
real orange tree out front.
Subway track walkers, carrying a
60-pound sledge, are paid 36 cents an
hour and work from 10 to 12 hours a
day. . .There are 14 different ways by
which t(h»e innocent; pay
stations may be chiseled out of Its
righrfful nickel.. .A man in the Bronx
spends hie spare time figuring out
such fraudulent methods; he is, how
ever, honest., and used to be | n the
employ of the telephone companv,
charged with just that task—making
coin boxes crook-proof.
TODAY
TODAY’S ANNIVERSARIES
1788—James Brewster,. celebrated
Connecticut wagon manufacturer of
a century ago, early railway promoter,
philanthropist, born. Died Nov. 22
1868.
1809—Alfred Tenrvyaon, famous Eng
lish poet, born. Died Oct. 6, 1892.
1811—Judah P. Benjamin, U. S.
Senator from Louisiana , Confede
rate cabinet, officer, who went to
England after the war and there be
came a great lawyer, bom in British
West Indies. Died May 6. 1884.
1820—'Lord Stratchcona, Canadian
statesman, railroad builder, bor n in
Scotland. Died in London, Jan. 21,
1914.
TODAY IN HISTORY
1629—Gathering of the first church
of the Congregational order to be
formed in America, 4/ Salem, Mass.
1890—First world electrocution—of
William Kemmler, convict ed of mur
der, at Auburn. N. Y.
1930--Bodies of the Norwegian An
dree and his companions, los* since
1897 when they started on a balloon
polar flight, found near Spitsbergen.
East Coast Stages
The Short Line System
Special Rates for Tobacco
Curers Going to Canada
For Your Convenience Going North Ride the Bus—Convenient.
Quick, Clean, Comfortable and-Cheap
ALL TICKETS GOOD UNTIL USED
From the Following RATES
Fetal*
To BUFFALO DELHI BIMOCO DETROIT
Om Round One Round One Round One Rcco*
Way Trip Way Tr%> Wky Trip Wey Trp
hkNDERSON, N. C. 15.65 23.50 18.90 28 35 18.56 27.85 17.50
NORLINA, N. C. 15.10 26.65 18.35 27.55 18.00 27 00 17.50
SOUTH HILL, VA. 14.75 21.40 17.60 25 75 17.15 25.75 17 50 ?* ?s
BUSES LEAVE DAILY
RUNNING TIKE; 26 Hours Durham or Raleigh to Buffalo
The Ikist Coach Stages hns pul three rules i„ offer* (wporfeiltv f-i 3*
benefit of the tobacco curers who are going to CanruL. ’
Wd * BAST COAST STAGE* the Cheapest and A&
—— Fout* Phono 18, J*J
TODAY’S BIRTHDAYS
U. S. Senator Wallace H \V-v:e
Jr., of Maine, born at Lewiston Ms
‘ 45 years ago.
i U. S. Senator Fhtllips L GoM«-
s borough of Maryland, bom there 57
: years ago.
Miller Reece Hutchison of New
, York, great inventor and electrical
i engineer, born at Montrose. Ala , 5*
I years ago.
Mrs Edith K. Roosevelt w"dow of
i the President, born at Norwich. Conn .
71 years ago.
l Ruth Suckow, novelist, born r
Hawarden. lowa, 40 years ago
. Post Wheeler of Washington Min
ister to Paraguay, born at Oswego .V
Y.. 63 years ago.
Paul Claudel, France's Ambassador
to the U. S., born 64 years ago
TODAY’S HOROSCOPE
The child of today will be prer*
cious and rather re«h. T*''™ i* *
determination to hold to one's cn
beliefs and principles that is good w
far as those principles ate good ant
not too rigidly enforced on other peo
ple, which wtll be liable io brio*
trouble and opposition.
ASHEVILLE
—And Othtr—
W. N. C. POINTS
Bargain Fare*
From Raleigh—Durham
Asheville $8 50
Black Mountain 8 00
Brevard 10 00
Flat Rock 9 50
Hickory 5 50
Hendersonwille 9 50
Lenoir 6 00
Jake Junaluska 9 50
Saluda 9 50
Tryon 9 50
WaynesviUe 9 50
DATE OF SALE: For all trains Aug
20th,
FINAL LIMIT: Midnight Aur 28th
Southern Railway

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