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PAGE FOUR HENDERSON DAILY DISPATCH Established August 12, 1914. Published Every Afternoon Except Sunday By HENDERSON DISPATCH CO., INC. at 109 Young Street. HENRY A. DENNIS, Pres, and Editor M. L. FINCH, Sec-Treas and Bus. Mgr. telephones Editorial Office 800 Society Editor 610 Business Office 610 The Henderson Daily Dispatch is a member of the Associated Press, Southern Newspaper Publishers Asso ciation and the North Carolina Press Association. The Associated Press is exclusively entitled to use for republication ail news dispatches credited to it or not otherwise credited in this paper, and also the local news publisned herein. All rights of publication of special dispatches herein are also reserved. SUBSCRIPTION PRICES. Payable Strictly In Advance. On* Year $5.00 Six Months 2 - si) Three Months ESO Week (By Carrier Only) 15 Per Copy notice to subscribers. Look at the printed label on your paper. The date thereon shows when the subscription expires. Forward your money in ample time for re newal. Notice date on label carefully and if not correct, please notify us at once. Subscribers desiring the address on their paper changed, please state in their communication both the OLD and NEW address. National Advertising Representatives BRYANT, GRIFFITH AND BRUNSON, INC., 9 East 41st Street, New York. 230 N. Michigan Ave., Chicago. 201 Devonshire Street, Boston. General Motors Bldg., Detroit. Walton Building, Atlanta. Entered ct the post office in Hend* r son, N. C., as second class mail matter 4RIST FO» ALL-AL^OR mttmr fart,i«4«H|H»tilfwhUV. MU THE HIGHEST ROCK: Hear my cry O God; attend unto my prayer. From the end of the earth will I cry unto thee: lead me to the rock that is higher than I.—Psalm 61: 1. 2. New York, Feb. 9--The recent tax icab strike here had some amusing us well as painful repercussions. This reporter collided with some pungent episodes. There was the case of the two old ladies. Victorians in appear ance to the last stay and jabot, who corraled a non-striking drvier and di rected him to run the gamut of pick ets from the fashionable Tudor City apartment development to a store in the midlown area. At 42nd street ana Third avenue, I the car was set upon, at a red light, by a mob of angry strikers. The driver, cowed, left the car at the first rush. The attackers tore one door from its hinges. At this point one of the nice old ladies wielding that now obsolete weapon, the hatpin, hopped out and gave battle. The strikers, none of whom relish ed being stuck through, retreated in disorder. I tie nice old ladies got back into the cat and told the driver to continue, on pain of being stabbed himself. I •STRIKING AGAINST HIMSELF Then there was the surprised epi sode of the driver who owned his own cui> hut was nevertheless stopped in a quiet street by a hall' dozen strik ers and commanded to join the waik Thereupon he mounted the hood of liis cab and delivered to his dumb founded audience an ironic address somewhat as follows: “Why, you ought to be ashamed of yourself, Jonn Murphy. Walkout! You own youi own cab, but walk out anyhow. Strike for better hours and pay. You work 12 hours a day, that is terrible, awful and oppressive. Don’t stand for it. Strike for an eight hour day with Sundays oft at the same pay. Force yourself to pay yourself more. If you don’t pay your self more, why, I’d take your blasted cab and tear it to pieces. It’s in sured, ain’t it?” They let him move on, after u lit tle more of that, without further trouble. This Ix>ony Town. CITY SOB The sight which always depresses me most Is that of a blind man on the streets of New York . . . And I don't mean the ones with cups and pencils, who often earn more than . . The pathetic sightless ones are most of those who contribute dimes, those who don’t beg . . And scarcely a strol fails to encounter one or more. iSomoi walk so skillfully that only the acute eye could diagnose their infir mity . . . Yesterday, blushing beet red in mingled pity, self-conscious ness and shame for the scores who were nearer and had not volunteered the office, I escorted an old gentle man across the tumultuous crossing at Lexington avenue and Forty-sec ond street . . He commented: “This is the worst, interrsection in town, don’t you think? Here, buy yourself a cigar, sir!” He handed me a dime Confusedly returning the tip and go ing more scarlet by the second as a couple of bootblacks on the corner tittered, I zig-zagged off into the crowd. TOD A Y TODAY'S ANNIVERSARIES 1773 —William Henry Harrison, son of a signer of the Declaration of In dependence. first Indiana for gover nor, soldier-hero of the battle of Tip pecanoe, U. S. Senator from Ohio. 9th President, born at Berkeley. Va. Died in Washington, April 4. 1841. 1811 —-Samuel J. Tilden, noted New York lawyer, governor and Demo cratic nominee for President, born in (New York. Died there, Aug. 4, 1886. 1822 —James Parton, popular Amer ican biographer of his day, born in (England. Died at Newburyport, Mass. Oct. 17, 1891. 1826 —-Samuel Bowles, son of the founder of the Springfield, Mass., Re publican, who made tha tpaper one of the greatest in the country, born in Springfield. Died there, Jan. 16, 1878. 1861—Arthur Powell Davis, interna tionally-known American engineer, known as “the father of Boulder Dam,” born at Decatur. Hi. Died at Oakland. Cal., Aug. 7, 1933. 1863—Anthony Hope Hawkins (An thony Hope), famous English roman tic novelist, born. Died July 8. 1933. 1874—Amy Lowell, celebrated Ame rican poetess and critic, born at Brookline, Mass. Died there, Mav 12, 1925. TODAY IN HISTORY 1861—Jefferson Davis of Miss., elected president of the Confederate States. 1870 -Congress authorized the Sec retary of War to establish Weather Bureau. 1884—<50 years ago) Tornadoes from Illinois to Mexico took toll of 800 lives. 1893 in France over fi nancing of the building of Panama Canal. / TODAY’S BIRTHDAYS George Ade of Indiana, famed American humorist, horn at Kentland, Ind.. 68 years ago. John J. Bernet president of the Chesapeake and Ohio R. R., born in Erie Co., N. Y., 66 years ago. Fred F. Shedd of Philadelphia, not ed newspaper editor, horn at New Boston. N. H., 63 years ago. William H. Alton of New York City, noted civic worker and author, born at Le Roy, Minn., 60 years ago. Former U. S. senator George H. Moses of New Hampshire, born at Luhec, Maine. 65 years ago. Ronald Colman. actor, born in Eng land, 43 years ago. Mrs. Pat Campbell, former famous English actress, born 69 years ago. TODAY’S HOROSCOPE You will have a patient, plodding disposition, wise in a simple way and moderately fortunate in life’s work. Success will be obtained through pa tient application, and a long life is indicated, reaching even to a very great age. when a deeply philosophi cal nature wil be developed, content with simple life and enjoying the es teem of friends. IS. TOWLE DIES AT HOSPITAL Resident of Near Epsom Passes Away Here After Month’s Illness Mrs. Bettie Journigan Hale. 32. of ■near Epsom, died at 10 o'clock Thurs day night at Maria Parham hospital after an illness of four' weeks with acute Bright’s disease. She was the widow ot the late J. Haywood Hale, who died some eight years ago. There are no children, but three ■sisters survive, Mrs. Lonnie Patter son, Miss Julia Journigan and Mrs. Early H. Jackson, all of Franklin county. Her father, Charles Journigan, died two years ago, and her mother has been dead nine years. Mrs. Hale was a native of . Fran lim county, and had lived there all her life. Her home was a short dis tance across the county line from Epsom. The deceased had been a lifelong member of New ißoihef Baptist church at Epsom, and funeral ser vices will be held there tomorrow aft ernoon at 2:30 o’clock, with interment following in the church cemetery. Injured in Riots Robert Pell With rioters in tierce combat with • Republican troops of France, Rob ert Pell, press attache of the Amer ican embassy in Paris, was struck over the head by a policeman as he was leaving the embassy, located directly off the Place de la Concorde where most of the lighting occurred | (Central Preat) \ HENDERSON, (N. CJ DAILY DISPATCH, FRIDAY, FEBRUARY 9, 1934 Sentiment Improving In Bond Markets Babson Sees Better Investment Conditions This Year BY ROGER W. BABSON, Copyright 1934, Publishers Financial Bureau. Baibson Park, Fla., Feb. 9. The ipas-t few weeks have seen the fourth largest bond advance in nearly twen ty years. The rise has averaged 10 points,—a terrific upswing consider ing the fact that bonds are now sup posed to be an unpopular form of in vestment. In December, the average yield was 5.65 per cent; within six weeks the yield has dropped to 4.9 per cent. Several major factors lie (behind this sudden change in bond sentiment. Swing To the “Right” Recent announcements from Wash ington have been primarily respon sible for this spectacular bond rise. First came the President's sinking fund statement of a month ago. Re gulatory bodies of all types were urged by President Roosevelt not to endanger sinking fund operations by cutting railroad and public utility rates too much. He would like to see a greater use of sinking funds to re arrange capital structures and to re duce bonoed indebtedness. This state ment automatieailly meant "good news” to both utilities and railroads. Investors who had seen good, medi um-grade bonds lying on the bar gain counter raced pell-mell into the market, and bond prices soared. Then came the President’s devalua tion 1 message. For months capital had steered clear of the bond market. In vestors were afraid their (bonds would be paid of fin cheap paper currency. The devaluation announcement assur ed investors that the dollar would con tiinue to have a metallic base and a fair value —violent gyrations of the dollar would be reduced. Those who shad mot been reassured by the Wash ington sinking fund statement rush ed into the market. Trading was the heaviest in years. Prizes spurted. Yields have now returned to a sane .basis. What then are the prospects for the balance of the year? The lost important factor in the 1934 bond market outlook is the re vival in business which the nation is now experiencing. Business today as measured by the Babsonchart is 10 peT cent above a year ago. Many com panies. which in the last two years 'have been showing huge deficits monthly are now more than earning their bond interest. At each succeed ing coupon date less concern is felt albout payment of interest. I look for continued, althoug'h irregular, ad vance in business during 1934. There fore, I am optimistic on the bond market fro ma recovery of earnings standpoint. One fact which particularly im presses me is the actual shortage of investment issues today. The follow ing table shows that financing foi 1933 totalled onily one-eighth of the average for the ten preceding years. Public Issues Dom. For. Total Average (1923-32) $1,475 $5lO $1,985 For 1933 612 60 672 Corporate Issues Bonds Stocks Total 10 Year Average $3,248 $1,848 $5,096 For 1933 228 153 381 Purpose of Issue New Re- Capital fundg. Total 10 Year Aver age $5,988 $1,093 $7.08i For 1933 716 276 992 (000 omitted.) Bond Shortage Exists I attribute this sharp decline in financing to (1) the depression; (2) previous over-expansion of industrial capacity: and (3) stricter regulation of security financing. The first two factors will gradually disappear as busin/ess recovers. This will be espe cially true as those who control the sources of capital regain faith and confidence. The Securities Act of 1933 will alter 1 methods rather than stop actual financing. More capital will he secured through commercial banks and other indirect means ratheir than through the sale of securities by pri vate investment bankers. According ly. I fear that there will be a scar city of attractive bonds in the next year or two. This will result in lower yields. MOVIE MEMORIES ■ ” —— I ■■■ ■ ■ ■—-■■■■ ■■ i. ■ —‘ - —■ * * Thirteen years ago: Ben Turpin, whose eyes brought him world wide fame in the film comedy world, is shown in ontof his typi-_ On the other side of the picture lie 'several conflicting trends. The Ad ministration's primar purpose is still to raise the price level. This means less (buying power for the bondholder who pays par for his bonds, since his •income is fixed. Many investors, therefore, prefer to buy good com r.-inn stocks under present conditions. They thus secure a share in the in creased profits resulting from higher prices. This happens i n every recovery period. I feel, however, that this ten dency will he more than offset by de mand from institutions which are still willing to accept a conservative bond yield in return for safety of principal. Furthermore, those who buy low priced bonds loss nothing by a sixty cent dollar. Budget Problem Dormant The other major factor which will bother the bond market this year is the unbalanced Federal budget. In vestors view with alarm the $38,000,- 000 pouring daily out of the govern ment Treasury with only $19,000,000 returning daily. The President, how ever, has announced that the budget will Ibie balanced by 1936. For the tim being this message is reassuring. If the government hold to the fiscal policy outlined by the President in his budget message, then this factor will not be a depressing influence on bonds. Nevertheless. bondholders ‘should watch government taxation and expenditures very carefully. The Treasury in 1931 must float a tremendous issue of government bonds If the bond market should (show signs of weakness, the govern ment will prop it to insure the suc cess of public financing. The’present abundance of idle capital seeking Di vestment will gradually spill over from the high-grade bond group to medium-class bonds All in all, I re gard the bond outlook for 1934 as favorable with seconu-grade issues of fering the most attractive opportuni ties. Diversification, however, is as j important in Ibond buying as in any other type of investment. It is the best insurance for every investor to- Boy Scouts Await Speech From President Tomorrow Summons to National Service To Be Given by Roosevelt at Noon by Radio; Will B e Greatest Mobilization of Nation’s Youth in American History The greatest mobilization of Boy Stouts in history wi! occur on Satur day, February 10th when President Roosevelt, in a ration-wide broadcast wil personally call upon them to per form at; important national service. The nature of the service to be re quested will remain a mystery until the moment the President addresses his audience. It is generally known that the Scouts will be asked to assist the national relief program in some practical way. If cooperation of the public is essential to the successful carrying out of the program a gen eral invitation to participate will bo issued in the course of the broadcast. The entire membership of the Boy iScouts, 904.2-10, will he called togeth er to listen to Ptesident Roosevelt’s message. The more than a million iScout parents and the 5,409,368 other who have had Scouting experience will be asked to unite also in meeting the President’s summons. The ex tent of the vast audience that will greet the President is gathered from the fact that, with those named, there wil be the 1,268.446 who were members of the Boy Scouts of America during 1933, and the 14,500 new Scouts who have joined the Movement since the. first of the year. In addition to the “call to Service” the President is expected to draw at tention to the forthcoming “Silver Jubilee” of the Boy Scouts of America which will he celebrated throughout 1935. In this connection it is expect ed that President Roosevelt v/ill ex- cal pictures with Marie Prevost, before she graduated from Mack Sennett comedies to more serious vehicle*. The Real Yellow Peril! *jw oh / * day. Business, as estimated by the Bab sonchart, though now 32 per cent 'be >ow normal, is 10 per cent above a year ago. tend an invitation to the Boy Scouts which will pave the way for a na tional eelebiation to mark the com pletion of the first quarter century of the Boy Scout Movement in the United States. Broadcast From White House The Presidential broadcast will go on the air from the White House at noon, Eastern Standard Time. In the Central, Mountain and Pacific .Standard zones ti wil be 11 a. m., 10 a. m. and 9 a. rn. respectively. In Alaska and Hawaii many Scouts and their leaders will be up early to pick up the broadcast. Out in the Philip pine Islands where there arre 7,685 members of the Boy Scouts of Ame rica, many Scouts have asked permis sion to remain up to get the broad cast at 1 a. m., Sunday, February 11. Information the President’s broadcast has been sent by wireless to Paul Siple, chief biologist of the second Byrd Antarctic Expedition, now at Little America in the South Polar regions. If he and the twenty five other explorers of the party who are identified with the Boy Scouts of America want to listen in, they will have to tune in at 6 a. m. Troops of Boy Scouts of America in Paris and in Berlin will also at tempt to hear the program by short wave. Paris may be able to hear tho broadcast at 5 p. m. and the Berlin Scouts at 6 p. m. Details of Program President Roosevelt, who is the honorary president of the Boy Scouts of America, will be introduced by Walter W. Head, of St. Louis, Presi dent of the National Council of the Boy Scouts of America. Dr. James E. West, the Chief Scout Executive, will be mobilized in almost every com munity in the nation, how the service assignments may be carried out. The United States Marine Band will play several selections. The “Call to Service” will be broad cast over the coast-to-coast networks of the Columbia Broadcasting System and the Red Network (NBC-WEAF) of the National Broadcasting Com pany. Some independent stations in tend to broadcast the program and therefore it is expected these com bined services will cause the Presi dent’s address to be heard in every town and village in the land. Thousands of Meetings In hundreds of large cities and towns Scouts will mobilize in armor les. parks, coliseums, schools and theatres to hear President Roosevelt. In some instances local broadcasts W, l follow close upon the completion of the program from Washington. In small towns and villages there will be district and smaller group meet ings and in rural communities Scouts in groups and as individuals will hear e message through the home radio set. The Call to Service” will come dur ing Boy Scout Week which will be celebrated Feb. 8 to Feb. 14 to com memorate the 24th Anniversary of the founding of the Movement in merica. The Boy Scouts of America was incorporated in Washington, D C ” on Feb. 8, 1910. The 24th Anni versary ushers in a “Year of Prepa- ration” for the “Silver Jubilee Year” and many activities of the organiza tion during the next twelve months will center upon this objective. Around Town No Courts Held. —No session was held by either the police or recorder’s courts today, neither having cases docketed ready for hearing. One Timber Deed.—The only deed fil'de yesterday with the register of deeds was that given by Ethel D. Crowder and husband. R. B. Crowder to the Burgess Lumber Company, of Louifj'curg It covered certain timber cutting rights on 132 57-100 acres of land in Kittrell township, an dthe consideration was $1,200 and other values. On most Scottish courses golf is not played Sunday. CROSS WORD PUZZLE I 1 FT 111* rr wrK Z. 111 piii^3fsp3Ei r yjp~^ *■' 42. Sri b - ~ ~m»~w ACROSS 1 •-I'reposition 3—Tins girl conies from S—l tight side (abbr.) 10 —II lot 12—Spoa k 15 —Refined IT —Pertaining to races IS—Roman numerals for 105 1!* —Move swiftly 20 — Senior (abbr.) 21 —Pronoun 22—Suliix to indicate fullness 21— Street (abbr.) 20 —Roman numerals for 2000 28—Lack (abbr.) 20-—Male parent 30—Mountain (abbr.) 31 —Negative reply 33—Watering place 35 P m ..v 37—;, Meal fore* 28— \ 40— Sou. ..-va state 4 1— Read 41— Hard Mooring 4 B—.V stalk or support 50 — Locality 51— A state 52 Rigid 63—Road (abbr.) DOWN 1 -Instruct - Spain is I unions for ns •» Fixed in opinion a Three-toed sloth 7 Negative 8— Bondage 9 Alters 10— state (abbr.) 11— Printer s measure , Wile Preservers A safety razor blade will rip seams quickly, but be careful it isn’t too sharp, as it can make * nasty cut in the material. Reports that the Andes mountains have been flooded need spread no (great alarm. You could dump the Pacific ocean on those mountains and still have mountains enough left to last, several centuries. 13— Right hand (abbr.) 14— Established church (abbr.) 16— Year 17— Printer's measure 21—Drips 23—Obliterate 25 To make tatting 26 Human beings 30—Capital of Spaitt 32—The act of putting mil 34—Bards 36—To cut off or divide 38—Concerning 30 Expressing present exist cii'. ,c 4!—Post script 42 Above 43 Fixed in opinion 45 Ashes (Scot.) 46 state (abbr.) 4 1 —Chemical symbol for cerium 49—Printer's measure Answer to previous puzzle ~ 2.. r ~' VJ Eg. [SraifljPpl jx V j_ x a SEMi a & -bL E. ag,£j-r j_ U&B Eaaakl&y laaaEiftla