Historical Newspapers of South Carolina

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■j r PAGE FOUR. Ml THE BARNWELL PEOPLE-SENTINEL, BARNWELL, SOUTH CAROLINA THURSDAY, - MARCH 17, 1932. L*/ SOME DEPRESSIONS WORSE THAN THIS By ROME C. STEPHENSON Prnidtmt American Bankert Auociatiom ^\NE of the most significant aspects of the present business period la j Ukat, while we had a speculative panio and while we have had u gen eral economic breakdown yet we have not had any semblance of a financial panic, such as occurred in 1907, and in other years when the credit and monetary machin ery broke down' and we had money panics, suspension of specie pay ments and kindred disasters. None of these elements of a true financial panic has been present in this depression of the 193G's. At no time was the hanking structure as a whole shaken, despite the unprecedented rate of small bank failures that it had to R. C STEPHENSON Men of Learning Admit Letting Minds Wander The long Hue of absent-minded pro fessors is bended historically by Ar chimedes. When he leaped from his hath and galloped Through the streets of Syracuse waving a dowel' and shouting “Eureka !** Hie citizens were astonished. IVmbtiess they put" him down as a hit balmy, but the world had Just become aware of specific gravity. , - v • Professors of our own day are no different we learn from a report based on liOO questionnaires, pre sented before the American Chemical society convention at Indianapolis. The savants like to !et their minds run along unhitched, tjiey say. using their reflexes to carry on the dull ill- tie chores of life, such as shaving, dressfng, crossing the street or driv ing a car. So the professor who drops his students’ themes in the mail Im»x and distributes his wife’s-.Setters to the class Isn't fnentally deficient— he Is merely in the throes of divine afflatus. One contributor to the symposium testllied that he w;i* en abled to revolutionize pipe line coils by an inspiration that came upon him one Sunday in church. Just as the pastor announced the text. Another confesses he is llketv to-take inm- 200 Battles Won by Confederate Leader Achievements of Gen. Joseph Wheeler Surpass Those of Any Other Cavalry Commander. Jour- nbsorb. At no time was the banking ' merable baths while wrestling will* a o extend •cnotty problem. and credit machinery unable to extend support to the panic-stricken and broken stock markets and cooperation to all kinds of business and manufac turing. Anyone would have been a wise prophet who could hav# foretold that our banking and credit structure would stand up ao well under condi tions so bad. Finance Taking Cuts And banking and corporate finance in this period of depression are unflinch ingly taking their portions of short rations and enforced self-denial that tha nation's need for readjustment de mands. Interest rates on money, yields on securities and dividends on corpo rate investment have all dropped to levels that constitute drastic reductions In the compensation of capital. These are but part of the necessary economic realignments that all phases of the country’s working life must go through before a general revival of business activity can start. It is my belief—Indeed it is my hope —that the tempo of the next cycle of prosperity will he somewhat more mod- J rate than the mad whirl of Jazz that rought the last one to a close. I think it will be agreed that the worst -aspect of the collapse of that period of false prosperity is the condition of in security for employment which it caused. Unemployment Is our great est public problem today. Unemployment is the worst wage cut that the worker ran suffer. It Is the worst cause of stagnation that business has to strive against. The sooner we can get our masses of workers back Inta Jobs on almost any terms the bet ter It will be both for capital apd labor. It.ither than fighting absent-minded ness us hii embarrassing trait, the professors admit that they cultivate It. The admission, * however. In' no way diminishes the mirth afforded by abstracted'|ledugogues to less eimtito citizens who mobilize all their bruin cells for every action and are never guilty of a faux pas or startled hy an inspiration.—St. Louis Post-Dispatch. TRUST BANKING SPREADING FAST Observant Small Boy Noted Significant Fact •*K«*ur of death and the hereafter.” writes a I'asadeim reader, "always reminds me of the little hoy who vvus taken to the dentist by hla mother. The office was well filled when they armed and they had to wait na, one by one, those who had arrived l*efore them, went into the dental room. It hiip|H>n«s| that this particular of fice la so arranged that |uitlents do not return to the reception r»»on». hut leave the pretnis^ through another door which opens directly Into the corridor. When It Came Johnny’s tura* he stubbornly refused to go In. “Hut why not?” demanded the puz zled mother. “Your tooth still aches, doesn’t It? You want the ache stopinsl, don’t yoa?” “Yes.” muttered Johnny, starling to cry. “hut nobody that went In there has ever come out again." (Burgess Smith in The Atlant a nal Magazine.) In Genet al Joseph Wheeler were united the da?h of Prince Rupert,, tifie chivalry cf Chevalier Bayard and the courage and invincibility of Franctw Marion. His achievements probably surpa-a those cf any cavalry command er of pneient and modern times. The enemy did not dare to sleep, for Wheeler was in perpetual ambush ready to spring upon the foe like a. squad cf catamounts. ''General Wheeler and his phalanx of indomitable cavalrymen, during the War Between the States, met the foe in battle 200 times, and victory always perched on his dauntless banners. Of his maneuver- and tactics, President Jefferson Davis says: ‘‘His opeiations display a dash, ac tivity, vigilance'and consummate skill that entitled him to a leading place on the; io|l of cavalry commander' 1 .” When the Confederate armies of Al bert Sidney Johnson, Joseph E. John ston, Bragg and Hood^were in retreat. General Wheeler hovered about them like an avenging angel, biating back the front of the advancing foe, harass ing their rear and tormenting their flanks night arid day, thus enabling the Confederates to retire withqAit loss cr confu-ion when pursued by over whelming numbers. His intrepid horsemen moved with such celerity! noiselessly and stealth ily that the foe was baffled and mys tified. During the four years’ war rarely did a week pa-s that he did not scatter an unsuspecting battalion, cap ture a host of prisoners, seize a sup ply train, kidnap a squad of officers or steal a herd cf hor-es and mules and bag an ammunition train. A rccountal of his exploits would fill a volume. One of the most brilliant performances occurred immediately after the Battle of Chirkamauga. The Federal Army, with 4,000 cavalry, was stationed «n the east and General Croolt with a like number on the west, one on the south side of the Tennes see River and one on the north side. General Wheeler, with an inferior ferce, impetucusly attacked Burnside, scattered his biigade, quickly turned back, crossed the river and routed General Crcok, captured 7,000 mules and 1,200 wagons of ammunition and provisions. .He then sped double-quick to Mc- Minville, Tenn., captured 1,500 prison-" ers, destroyed a vast quantity of sup plies guarded by General Crittenden, and- fcrrok possession cf the railroad; and bridges, thus inviting starvation for the Federal Army in Chattanooga. Geijjjehpl Grant telegraphed to General Tho^mas, then in command at that poift: “Hold Chattanooga at all hazards,” to which Thomas replied: “We shall hold until we starve to death.” At Shiloh, General Wheeler, with a single brigade, checked the great right wing of the Federal Army. He dashed through the lines, surprised and captured General Prentias- and over 2,000 prisoners, an<Lthen covered the retreat of the Confederate Army. At Mutfreesboro.JTenn., he encoun- teer^C^peral Ro*encrans, who, being equ?pped with infantiy, cavalry and artillei^r, believed himself secure against attack, but General Wheeler swept precipitately over his army, which fled in ignominious and disas trous retieat.. His reward was a ma jor general-hip and the gratitude and congratulations of the government. At Knoxville, he defeated Genera* Burnside's cavalry, captuiing prison ers, supplies and artillery. When General Joseph E. Johnston retreated before General Sheiman in his march threugh Georgia, General Wheeler was a pillar of fire between him and the foe. General Sherman dispatched 9,- 000 cavalry to destroy the railroads in the vicinity of Newnan, Ga. General Wheeler pursued them and, undaunt ed by this formidable array, charged them impetuously, captured the fed eral generals, Stoneman and McCook, five brigade commanders and 3000 sol diers with their arms, horse 1 , artillery and wagon trains. General Wheeler was in three wars, the War Between the States, the Span ish War and the Occupancy of the Philippines—in all he won distinction, in one immortal glory. In 1882 he was elected to congress from Alabama, serving in that capacity 18 years. His career was one of the most illustrious and spectacular in American history. He was bom in Augusta, Ga.,.„in 1836. He was graduated from West Point Military Academy at 19 years of age. He died in 1906, mourned by the entire nation, admired and beloved north and south: •' Barnwell Girl Jdins Sorcrity. dclumbia, March H>.- -Mis-s Fannie Cccpejc, student ?t-the University of South Carolina, has recently been initiated into. Delta Eta Sigma, Jocal sorority, at the State institution. She is prominent in campus activities and the sorority is one of her many honors. Mi-s Cooper is the daughter of Mr. and Mrs. I. A Cooper, of Barnwell. * \ A small but Impoitci/rit Stem on the Family Budget.. Frequently people who come to the telephone office to jorder a telephone, tell us they have found that there is no economy in trying to get along without thf service. Its many ad vantages, they say, far outweigh the small cost. Doing without telephone service, they explain, hampered the social activities of the whole family and restricted their opportunities to enjoy life. , Trying to do without a telephone had resulted in their gaining a more appreciative understanding of the true value of the service. So they arranged the family budget to include telephone service. The advantages of a. telephone in the home are so nu merous and £h? cost so very small that it really doesn’t pay to try to do without it. Southern Bell Telephone and Telegraph Company I ( i< Moorish Caallos Whore the .Moors built castlea and palnres you will detect signs that they were originally tent dwellers The Mtstrlsh patl<! Is a cozy represen- tstlon of an oasis; the gurgling foun tain In the Spanish courtyard to this very day sllll gratifies the desert dream of cool springs; the pmien, represented hy the contents of the flower pots. Is a portable garden. The tent dweller packs up his Tiotne ami alt his luxuries so that he ran load Advanced Refrigeration Government Official Shown That This Type of Financial | them on,asses; that is why his home Service Is Enlarging I is of “•-V' 1 *’* hl " luxuries Its Field OPECTACULAR growth of trust ** service In the banking Held is re flected In the national banking system, Aubrey B. Carter, Jn charge of Trust department supervision in the office of Comptroller of the Currency, Wash ington, D. C, brings out in an article in the American Bankers Association Journal. * • “At the close of the 1930 fiscal year there were 2.472 national banks with trust powers," he says. "Their banking resources aggregated $23,529,100,000, which represented 34 per cent of the nuuber of banks and 80 per cent of the total banking resources of the 7,252 national banks. Trust departments had been established by 1,829 of these banks which were administering 79,900 individual trusts with trust assets ag gregating $4,473,000,000, and 4n addi tion were administering 11,500 corpo- /rale trusts and acting as trustees for outstanding note and bond issues ag gregating $11,803,700,000. . .. “These figures represent an increase during a four-year perkxl of 446, or 22 per cent, in the number of national banks authorized to exercise trust powers; an increase of 725, or 66 per .cent, in the number of hanks actively administering trusts; an increase of 65,370, or 250 per cent, in the number ' of trusts being administered; an in crease of $3,500,000,000. or 385 per cent, in the volume of individual trust assets under administration, and an increase of $9,340,000,000. or 379 per eentt in the volume .of bond Issues outstanding for which these institu tions were acting as trustees.” These facts, he concludes are ‘‘a striking testimonial of the growinr; .public recognition of the desirability off the corporate fiduciary Jn the settle- ment of estates and the administration of trusts.” are of filigree. Ills tent is his castle; It Is garnished with every pomp and splendor, hut it Is a pomp which a man can carry on his hack; It is woven and embroidered ami stitched with goat’s or lamb's wool, and Moorish architecture has retained the delicate beauty and surface appeal of a woven fabric.—Manchester (England) Guard ian. The Blue Dsnuba The lazy green water of “The Blue Dnnul»e,” the theme of Strauss' most popular waltz, winds its way through the heart of Budapest. At one time It separated the two sections' Into dif ferent cities. Buda. a Roman colony, and Rest, a flourishing German settle ment, until tliey were united In 1872. In 1802 It became a royal residence and today it is the capital of Hungary and the center of Hungarian Intellec tual life. Buda today gives the visitor the Impression of a quiet provincial town, while Test, with Its throbbing life and rushing traffic, has the air of a western metropolis. Budn’s moun tains outlined against an azure sky present as different a picture from her twin sister Test ns though they were not related at all. ••No corn—no credit” was a alegar, adopted by bankers of Saluda, South Carolina, last year, “The proposition waa-kept-befora our people by * dte- plajr advertisement in the county Mineral Expands In halls and similar places where the acoustics are to he seriously con sidered, engineers are making use of a mineral which is comparatively new and which lias several peculiar and valuable characteristics. To the touch it seems like cork, but to the eye it Is gold, at least in color, and when used In construction it deadens the wall so that there Is no reflection of the sound and consequently no rever- heralion. Exposed to the flame, it ex pands several times Its former bulk. It has been called zonolite and is found in Colorado and other parts of the Northwest. -ealizing that there are many thousands of people who would like to own a genuine Frigidaire, and whose purchases have been delayed only because of first cost — V • , . A ■ We announce new prices—the lowest in * - Frigidaire history. . . In doing this we have considered all the econ* 4 —~* * - - -j — omies in manufacturing that can be effected by greatly increased production and are offer ing the public the advantage of these savings. Today you can have a genuine Frigidaire with all it offers in convenience, economy, dependability and known value-—the 4 cubic foot Moraine Model’—for as little as $130 f* o. b. Dayton, Ohio, paper several weeks prior to corn planting time. A* a result we have Jiore corn raised in the county this * year than ever previously, regardless v ot tho need of rain in many sections,” said one of the bankers in reviewing the results. Home gardens was another •JgoJoct advocate* jttb Uke result#. Memory Came Back La Fontaine, hiHdPg-wtteaiad the ; funeral of a frie'nd, absent-mindedly went to call upon him a short time I afterward. , “Dead? Impossible?” he exclaimed on hearing the. sad news; then recol lecting himself, he potted the servant’s arm. ‘ . | “True enough,” he said! “I was there.’’*—Golden Book Magazine. * , FRIGIDAIRE The General Motors Value in the Refrigeration Industry , S. C. ,-r .