Henderson daily dispatch., October 20, 1933, Page PAGE THREE, Image 3

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

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

                
Washington Is Turning
To Conservative Course
Administration Realizing It Must Give Some Help To
Heavy Industries Just as Consumer Goods Produc.
ers Have Been Helped; Confidence Needed
BY ROGER W. BARSON,
Copyright 1933, Publishers Fin
ancial Bureau.
Babson Park, Mass., Oct. 20. A
decided change in sentiment is tak
ing plac« in Washington today. This
iji the natural result of the change in
economic conditions since President
Roosevelt assumed office. At that
time business was stagnant. Since
March average business activity has
increased 27 per cent. Operations in
some industries are at normal. Others
however, have shown only a slight
r- vival. This unbalanced improvement
necessitates a change in the admin
istration's economic program.
Consumer Industries Booming.
Last March practically every branch
pt basin's' was at a standstill. It
absclufely essential at that time
i adopt drastic measures to revive
.tot'Vit? rrimediately. Going off the
gold standard and the threat of ,de
valuing the dollar frightened people
into buy Tig goods for fear the value
of their money would depreciate;
while the NRA was an effort to raise
public purchasing power quickly. Na
turally. industries engaged in produc
ing consumer goods benefited most
from these measures. In other words
companies making shoes, clothing, au
tomobiles. furniture, cigarettes, elec
tric refrigerators, and similar pro
ducts have enjoyed the best busi
ness in many months.
On the other hand, companies mak
ing capital or producers’ goods, as
they ar‘‘ called, did not experience
a corresponding pick-up in orders.
These companies manufacture gtvods
such as electric generators, railroad
locomotives, steamships, construction
equipment and farm machinery. Mea
6u:cs which were adopted to stimulate
activity in the “light’’ industries were
just reverse of thosis irtecessary to
revive activity in the heavy industries.
In order to show how much greater
the improvement has been in con
sumer Ims than in the capital goods
group, we need only to examine the
records of the various industries.
Recovery Reached New S>age.
Since March, shoe production has
advanced 30 per cent and textile ac
t* ty has increased about 100 per |
c«nt. Thfie were 63,000 more auto
mebdes produced in September than
in March. Employment in the radio
industry is 77 per cent greater. In
contrast, there was only one locomo
i\Ji'? ordered) fsp against
none in March. Employment in the
farm machinery industry has increas
ed only nine per cent. Construction
volume, os measured by hn [index
t'igur*-, is only 18 per cent greater than
in Marcl.. These figures clearly show
that the sharp rise in consumers’
goods activity has scarcely been re
flected in the heavy industries.
The business revival has reached a
new stage. Since March 1 it is esti
mated that 2.800.000 workers have re-
Colds that Hang On
Don’t let them get a strangle hold.
Fight germs quickly. Creomulsion
combines the 7 best helps known to
modern science. Powerful but harm
less. Pleasant to take. No narcotics.
Your own druggist is authorized to
refund your money on the spot if
your cough or cold is not relieved by
Creomulsion. (Adv.)
Tobacco and
Cotton Growers
I** - '
r
and” this bank have been good
... friends for 44 years , ,
past. , . ,
.* V if ’ !,« . V
f. i • •;.»*7 «,«• ;
The growers know that we are; l ;- : : ,
always ready ito exteild eyesy'
service
i
principles;: of sound banking.
< They have seen the value of our
demonstrated t>y the
stability of ‘ this institution
through all the changes of the
years.
For safety-—for helpfulness;
bring your crop money to 4 'The
Leading Bank in this Section/"
Citizens Bank & Trust
Company
HENDERSON, N. C.
‘‘The Leading* Bank In This Section’*
Since the Year 1889
turned to their jobs—but around 10,-
000,000 remain jobless. Employment in
industries making and distributing
consumer goods is excellent. In fact,
operations of the latter are nearly nor
mal. The bulk of unemployment is
in those industries making heavy ma
chinery and other capital goods. Na
turally there is a limit to the increase
iiini ‘employment ijn Jthe in
dustries. The only further source of
employment is in a more extensive
share-the-work movement, but this
will not increase the total purchasing
power of the nation. Accordingly, I
believe further progress toward re
covery depends upon a revival in the
“heavy” industries.
Must Restore Confidence.
Since August, business has been de
clining. It is estimated that over 600,-
000 people have been recently involved
in labor strikes. More and more peo
ple are becoming impatient with the
administration. It must be admitted
that the recovery program has not at
tained ihr goal wnicn was mentioned
by the administration. This has been
due to the type of measures adopted.
The good which they could accom
plish was limited to improvement In
consumei' lines. To promote activity
in the “heavy” industries, however it
is now necessary to adopt new po
licies. This explains tne change of
sentiment which is taking place, not
only in Washington, but ail over the
nation.
The basis on which recovery in the
“heavy’ industries rests is a return
of confidence to our business and fi
nancial leaders. The only incentive
for a company or an individual to
make loans foi the purpose of creat
ing capital goods is confidence that
the dollars repaid will b as .good as
the dollars lent. The first requisite to
restore this confidence is the stabili
zation of our currency. I feel very
strongly that we can have no sus
tained improvement in the “heavy" in
dustries until the {fufuajg - monetary
policy ot the nation is made clear.
Bankers and private in ,r esiors .alike
will not make loans so long as there
is a possibility that with tomorrow’s
inflation they may receive .only a 50-
cent. dollar in return.
Low Product ion Costs Essential.
Revival of activity in the “heavy"
industries also depends upon low pro
duction costs. Rising prices of raw
materials and sharp advances in la
bor wage scales are no boon to ship
builders, building contractors and the
like. Therefore, the administration,
instead of urging wage advances, will
now attempt to curb unreasonable de
mands of certain labor leaders. In
stead of price-raising programs, the
government will work along price
control lines. In other words, Presi
dent Roosevelt and his advisers see
that any further inflation will not help
employment in the capital goods group
Therefore, their policy will now 'be
along more ifationaJ, Icons<frvative
lines, rather than experimental lines.
This does not mean that the code
movement will be overthrown. The
NRA has created thousands of new
jobs in oil parts of the country. It
has raised the wages of hundreds of
underpaid workers. While we all real
ize it has not fully succeeded, we may
never know what catastrophe the
NRA averted. The codes not only
have improved labor’s position, but
employers can now present a more
HENDERSON, (N.C.,) DAILY DISPATCH FRIDAY, OCTOBER 20, 1938
Mother Is Indicted
iBBr ‘ft
si**
Mrs. Madeline C. Webber
Marie Therese Corby
An indictment charging Mrs.
Madeline Corby Morgan Webber,
top, of Cleveland, with the con
version of $300,000 left in trust
with her by her late husband,
Thomas J. Corby, Detroit million
aire, has been returned by the
grand jury of Kenton county,
Kentucky The money, a part of
the inheritance left the couple’s
14-year-old daughter, Marie The
rese Corby, below, under Corby’s
will, was allegedly converted
through the action of Mrs. Web
ber in transferring $300,000 in
stocks and bonds from a Coving
ton, Kv.. bank to a bank in Cin
cinnati
unified front. Consequently, I feel
that if today’s strikes are properly
handled by the government, we will
have a smoothly working system of
settling labor-employer disputes in the
future. Moreover, I believe the per
manent effect of most codes will be
•to preserve healthy competition with
in industries and at the same time
to eliminate ethicial and economic
abuses which have hitherto existed.
N» ed for Courage Today.
The new program emphasizes refla
tion through credit expansion rather
than inflation through currency ex
pansion. Such measures as closed
bank liquidation, government loans to
industry, mortgage relief to farmers
and homeowners alike, and the public
works projects are all part of the new
program. The securities act must be
modified in <J*der to coax private
funds back into industry. These steps
are all laying a sounder foundation
for restoring confidence in the gigan
tic industries which create both cap
ital goods and prosperity. American
industry lias not passed out of the
promotional era into the operating
period. The pioneering spirit in the
United States is not dead. I can not
emphasize too strongly, however, the
need today for courage, initiative, and,
above all, faith and confidence on the
part of all groups—rich and poor, em
ployer and worker alike.
Business, as estimated by the Bab
sonchart, now registers 18 per cent
.above a .year ago, and 25 per cent
►btitertv hflSimai.
Kidnap Victim?
a
William W. Hall
This is a new photo of William
Walton Hall, 31, Chicago heir and
part owner of a night club, whose
‘-‘kidnaping” has been branded as
f> hoax by federal authorities.
Pall told police he was held cap
five by a gang of youthful kid
napers who at first demanded
$15,000 ransom. He said he was
released by one of hi 3 adbuctor?
T after being held three days,
i
Final Drills Given Team
This Afternoon for 26th
Meeting Saturday
26TH ANNUAL*MEETING
Both Teams Have Stars On Injured
List for Game; Record Breaking
Homecoming Ci*owd Os
Alumni Expected
Raleigh,, Oct. 20—Ftoot'ball teams
of N. C. State and Wake Forest
'College will complete drills this aft
ernoon for their Big Five game to
morrow at 2:30 o n Gore Field at
Wake Forest. (
Th econtest will bring two Wake
county institutions to gether for the
26th time in football tlhe annual meet,
ings having started in. 1908. State
(has won 19 of the previous games.
Wake Forest 5 and the 25th resulted
'im, a score,lesi* tie.
The scoreless battle was fought on
Riddick Field at State last year and
many of the players taking part in
that game will be i n action again to
morrow. i i
State’s Wolf pack coached by Clip
per Smith and* Frank Reese,, is give n
a slight edge over the Deacons of
Wlake Forest who are being coached
for the first time this year by Jim
Weaver and Murray Greason. State
was also given arf edge in 1931 and
last fall but the last time the ’Pack
won was in 1930 when State defeated
a favored Wage Forest team, 8.6.
i):ween (State and (Whkie
Forest have 'been habitual dope go
setters for years and tomorrow’s con
test may see another. The Wolfpack
is given an edge oin the 'basis of ex.
perienoe having played four games
this fail! to one for Wake Forest.
A record breaking Homecoming
crowd of Wake Forest alumni will
twatch the contest ,the first major
game played at Wake Forest since the
Deacons held Duke to a 13-13 tie on
'Gore Field in 1931. New concrete
stands wHil also be officially opened
and a capacity crowd of 4,500 .is ex
pected. 11 1 ! I
It is the first time in many years
that Wake Forest and State haven’t
on the warehouse floor
speak for themselves”
PRESIDENT, F. S. ROYSTER GUANO COMPANY ; .
I COULD take you through our labo- -—finding out dll there is to know about 1
ratories and plants and show you how its plant food needs, as well as tbp re-
Royster Tobacco formulas are developed of the tobacco trade. These
and materials tested to insure quality in men spend their entire time locating, test
fhe finished product. But I know you’re ingand refining materials tomake certain
far mere interested in results. And you can that Royster Fertilizers only the
see them for yoqrself. Just take a look best that can be Aud their
at the quality of the tobacco made with continuous field tests pro v& that Royster
Royster Fertilizer. Then look at the qual- Fertilizers make premium quality tobacco.
ity made with other Remem ber this: The chief aim of the
paK e price eac rings. at s die Royster organization in the manufacture
only sure way to judge tobacco fertilizer. „f tobacco fertilizer is to make one qual-
Behind the results that Royster Tobacco ity——the best—which will bring you the
Fertilizer brings lie nearly 50 years of v highest price for your crop. Check my
experience and research. Royster experts statements for yourself. Compare the
are constantly Studying the tobacco plant tobacco on the warehouse floor.
► ■ t \ \ » .V X -
F.S. ROYSTER GIIANO COMPANY • NORFOLK, VIRGINIA
f- " ' r -
(Rgysterm
• FIELD TESTER FERTILIZERS^ \ I
met on Riddick Field at State during
♦Fair Week but all the color and gey.
ety which marked those games will
be in evidence tomorrow on Gore
Field. \ ,
Sw
Blue Devils To Spend To
night At Concord, Going
To Davidson Saturday
Durham Oct. 20— acorty Duke uni
versity Blue Devils left here today
for Davidson where tomorrow they
will defend their spotless record of
the season from the assault of Dav.
'idson’s fighting. Wildcats'. The
(Dufltie squad twill spend’, tonifeht dm
Concord going o n to the scene of
•the battx'e tomorrow morning.
The Wademien completed a week of
hard work in preparation for the
game yesterday and expect tomorrow
a hard battle from the Wildcats. A
victory would be 'Duke’s fbuinth
straight for the season and would
.give them undisputed possession of
the lead dm the North Carolina Big
Five.
Al'l ithe Blue Deviils who took part
in the great victory over Tennessee
next week are ready for .tomorrow’s
■battle with the exfceptio n of gallop
ing ftlHiolnse" Ifend'rickson wh> su
stained an injury dn the .game with
the Vols that will keep him out of
action this week. He will be repla'c.
ed i n the lineulp by Tarzan Beiue
Charlotte boy Who relieved him the
second half of 'last week’s game when
Hendrickson was forced out with his
injury. a
Davidson will be hard to beat be
fore their Home-coming alumni and
they are determined to smear Duke’s
record for the year and' topple them
from the high position the yga ned in
football by their victory over Tennes.
see.
It will be the Blue Devil’s second
stand against the Tennessee system
m. two weeks. Davidson uses practi
caliy .the same line of attack that the
Vols threw against the Devils last
week. i
The Portuguese Empire once stret
ched far around the world.
Coaches Stressing Pass De
fense; ’Gators Expected
To Offer Strong
Attack
Chapel Hill Oct. 20—'The Carolina
football squad is priming its defense
,so ra great battle Saturday.
The Fiorda team which will be mat
at Gainesville showed great power ->n
running up scores of 28-0 and 21-0 iin
its opening games with Stetson and
Sewamee.
Jimmy Hughes the regular fullback
and acting captain i n Hast year’s
game wino was out with injuries for
the scoreless tie with State is report,
e dto be 'back iin shape and ready ftn
the Tar Heel invasion.
With Sam Davis the quarterback
end Hugh McAnley the left halfback
from last year’s starting* b'aclkfiefld
plug several regulars i n the line the
Gators are expected to offer a bril
liant and versatile attack.
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PAGE THREE
The coaches are laying particular
stress on pass defense. Two lapses
in this department cost touchdowns
in the Georgia game last week. And
lots of people thought Florida -would
have beaten, State with its fine aerial
lattaok had the game been played in
the day time. j
President Feels Sure Ad
justment Can fie Arranged
(Continued from Page One.)
effect was withheld in deference to a
ipquest from .'Roosevelt.
At that time Milo Reno, president of
the holiday organisation, said the sus
pension was ordered, until the effect
of the President’s farm relief program
could be observed.
Reynolds Estate Argued
In State Supreme Court
(Continued from Page One.)
given more than $500,000, would es
tablish a charitable foundation with
the remainder of the $20,000,000 es
tate .
Voluminous printed records of the
case, have been before the members of
the court for weeks, and today the
attorneys gave oral arguments. The
•court’s decision will be handed down
at its will in the future.