Historical Newspapers of South Carolina

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

■■ . KHa- yi- T ,,y^: K Sw? : ; < ■ ■ * • . •>'. IS «* Page Four McCORMICK MESSENGER, McCORMICK. SOUTH CAROLINA Thursday, August I, 1935 SEES INFLATION A SLOW PROCESS B2£2GBfcX; v ' V Al^eal Danger for the Future. Col. Ayres Tells Banking Groups. NEW BRUNSWICK, N. J.—Present prospects do not indicate that inflation severe enough to cause further dollar devaluation will come soon in this vonntry, but as an ultimate develop- snent it seems to be a very real dan ger, Leonard P. Ayres, Vice President Olaveland Trust Company, said here tonight in an address before the Grad uate School of Banking. He believed this statement to be true “unless the government enters frankly upon a pol icy of Issuing flat money with which to meet its expenses.” At present that does not seem to be in sight, he said. The Graduate School is operated Jointly by the American Institute of Banking Section of the American Bankers Association and Rutgers l)ni- ▼ersity to offer advanced studies for hank officers. **We have so enormously increased the capacity of our banking system for credit expansion that it is difficult to see how we could have a vigorous business revival without having it de velop into a credit inflation,” Colonel Ayres declared. Inflation s Slow Process . If Inflation does come it will be a slow process, he said, pointing out that In Germany. Prance, Belgium and Italy At took about five years to develop from the time when the governments en tered upon policies of financing large peace-time deficits by bank credit up is the time when the public generally began to spend money rapidly because dfl fear that it would still further de preciate in purchasing power. M !f we are to go through such a period here it would seem Hikely that ft might last rather longer than the corresponding periods did abroad,” he aald. “Its beginning would date from the spring of 193 s when we left the old gold basis for our money and en title policy of financing.large governmental deficits by the sale of Federal securities mainly to banks gather than to private investors. ^ . **ThB. method that we are following ts the one that proved disastrous In tfarope for in all these countries in cluding Germany, the increaSio£.jlsjwes of money that caused the inflations were not mere printing press Issues •f flat currency, but were secured by government bonds and notes discount- «d at the banks. Nevertheless, the process is Inherently a slow one." Among the clearest lessons taught by the European experience. Colonel Ayres asserted, is that there are "no good hedges against' inflation.” He added: ^ \ ! i* ' ?• . ’* . V.'-V* 8 Did Not L.^hten Debt Burdens “One of, the strange facts about these inflations is that while they destroyed the values of most existiug debts, they did not succeed in lightening the debt burdens of either the people as a whole, or of the corporations. "Inflation destroys the value of bonds and mortgages and so confiscates the properly of these holders of obliga tion! and hands it over to the share holders and the equity owners. How •ver. it Introduces so many new eco pomic difficulties that these share and 4. C^wity hojd^rs ars at on?e forced to i.r*-l>.aJhees so that when J slabilizatiop cornea the problems of J .jdefc: r.r; r.’.ont ?.z \mb\zsojnz as they verre before, or even more so.” | Til* live requisites <Jf inflation ware listed by Colonel Ayres as first, a pe riod of sustained active business; sec ond. a rising clock market; third, real credit expansion; fourth, greater out flow of gold “than we can tolerate which would force us to cut our cur rency entirely free from gold”; and lift’\ continued large budget deficits in government operation. ? n A PROPHECY —————— Significant economic developments to be expected in the next decade are listed by a prominent business writer as follows: (1) Higher standard' of living. (2) Continued advances in tech nical processes of production. (3) Fac tory built houses, better and cheaper j than hand made houses. (4) Somewhat cheaper money. (5) Faster travel. (6) News printed by radio. (7) Mechanical cotton picker, revolutionizing the s So.uth. (8) Cheaper electric power. CJ) Better distribution of goods: more , chain stores. (10) Another depression five or six years hence, preceded by an Inflationary boom. TWO QUESTIONS ANSWERED I, I, < • Why is it that one farmer raises 100 bushels of corn to the acre, and the other one, on the other side of the fence, raises 25 bushels to the acre? Why is it that one farmer produces 100 ! pounds of pork on five bushels of corn, and another uses 25 bushels? Not until power machinery, scientific principles of soil fertilization and restoration, rotation of crops, diversification of crops and economical feeding are ap plied to the farm, will the farmers' problem be solved, says a farm au thority, ! BANKING BEADY ' NEW YORK. — There is abundant evidence that banks are in an unusual ly favorable position to finance a pe riod of industrial growth, says the June issue of “Banking” published by the American Bankers Association. An official survey on June 10 in- dicated that the Government of the ,T nited States, through its loans, was the potential owner of niofe than half of the existing world stocks of A.neri can cotton. TELLS HOW BANKS AIDED PROGRESS Economist Describes the Ways Banking Institutions Have Contributed to Develop ment of United States OMAHA, Nebr.—Privately owned banking, despite its faults, has served America well, William A. Irwin, Pro fessor of Economics, Washbnrn Col lege. Topeka, Kansas, declared in a re cent address here on “Banking in a Changing World.” ,, “Under the leadership of individuals banking has helped to bring this coun try to a foremost place in economic de velopment among the nations of the world,” he said. “The small community has been developed by the individual bank. The frontiers of America have been pushed forward by the help and counsel of the individual banker. The shocks of wars and depressions in a century and a half have been withstood with the assistance of the individual banker. Change May Be Necessary “It may be that we have reached a tide in the affairs of America when new methods are needed, it may be that w* have come to a point where the indi vidual should be submerged for ‘the greatest good of the greatest number.’ “It may even be that complete cen tralization of the banking system has become an economic necessity in our complicated social life. But the banker ought to be satisfied that these things are so before he should give up his fight for the system we have known. We came to greatness under that kind of banking; we should not give it up with out unmistakable proof of the absolute necessity of such a change.” Tbe American Pattern Professor Irwin said that the pro posal which has f>een advanced for co ordinating banking operations in the national -interest under “a ‘Supreme Court’ for banking is typically Ameri can and ought to have the most seri ous consideration t)f those elements which are clamering for political con trol. which is typically un-American.’’ It is not wise, he said, to oppose changes as such, but that bankers should “see to It that change, If and when it does come, shall preserve all tflit is good in the~past and stick as^cfosely as pos sible to the American pattern of things.” ^ Banking is properly a conservative profession, he pointed out, and should clin£ to practices and principles of banking that are, and always have been fundamentally sound. “It is to Its credit that so large a group of its members never faltered, even in boom times, in their allegiance to those sound principles,” he declared. “We probably owe our salvation froni chaos to that fact” BANKS AND COLLEGE LAUNCH NEW SCHOOL Aims to Offer Studies in Advanced Banking Subjects to Bank Execu]ives—-Public Duties of Banks Stressed NEW BRUNSWICK, N. J. - The Graduate School of Banking, an un precedented educational project, oper ated under the joint auspices of th': American Institute of Banking Section of the American Bankers Association and Rutgers University, with 220 en rolled students from 35 states and the District of Columbia, inaugurated her? in June its first resident session. The states represented arid the num ber of registrants from each were as follows: Alabama. 2; Arkansas, 2; Cali fornia, 2; Connecticut, 9; Delaware. 3; District of Columbia. 6; Florida, 2: Georgia, 3; Idaho. 1; Illinois, 8; In diana, 2; Iowa 1; Kansas. 1: Kentucky. 2; Louisiana. 3; Maryland, 1; Massa chusetts. 9; Michigan. 5; Minnesota. 1; Missouri. 5; Nebraska, 1; New Jer sey. 31; New York, 50; North Carolina. 8; North Dakota, 1: Ohio, 7; Oklahoma 1; Oregon, 2; Pennsylvania, 32; Rhode Island. 1; Texas, 5; Virginia, 6; Wash ington, 1; West Virginia, 1; Wiscon sin. 4; Wyoming. 1. The annual resident sessions of the graduate school will he supplemented between periods by continued exten sion work for the students at theii homes. The purpose of the school is described as being to offer in a three year course a comprehensive approach to an advanced study of the various administrative problems in banking and trust institutions. The teaching, procedure is a combination of the cast system and the lecture discussion method. The Curriculum The curriculum embraces banking administrative problems and' policies bank investment problems, legal and managerial aspects of trust business legal phases of bank administration and economic problems in the field o! money and credit. The public relation* and responsibilities of banks and metli ods for meeting these obligations an emphasized in the courses. It is planned to set up similar schools in cooperation with other uni versities in various parts of the coun try. The school will add 200 registrants nach year for two years until 600 are nroljed. The trustees of the Educational ‘oundation of the American Bankers \ssociation have set aside funds from he foundation to grant 100 loan schol- uships .of $150 each to qualified ap plicants for attendance at the school. Cowan Rites Here Sunday Afternoon Abbeville Press and Banner, July 29. Charles David Cowan, promi nent McCormick county farmer, died at his home at Willington Sat urday afternoon at 3 o’clock follow ing an illness of several years. Fun eral services were conducted from the Associate Reformed Presbyte rian church here Sunday afternoon at 5 o’clock. The services were conducted by Dr. S. W. Reid, assist ed by Rev. W. C. Kerr, pastor of the church, and Rev. G. M. Telford, pastor of the Presbyterian church here. Interment was in Long Cane cemetery. Mr. Cowan had been in ill health for a number of years but his con dition did not become critical un til several days ago. He was well known throughout this section and especially in Abbeville, having mar ried Miss Marie Cheatham, daugh ter of Mr. and Mrs. P. A. Cheat ham of this city. Mr. Cowan was a native of McCormick County, the son of Sarah Jordan and Edward Cowan. At the time of his death he was in his 62nd year, having been born November 6, 1872. Mr. Cowan was a member of the As sociate Reformed Presbyterian church of McCormick. He was also a member ©f the Woodmen of the World. Besides his widow he is surviv ed by the following children: Charles Preston Cowan, Mrs. Gun ner R^ambo, Ann C. Cowan, Frances Lee Cowan, A. B. Cowan, Adaleise Cowan and David Earle Cowan. He is also survived by four sisters, Mrs. Ada C. Kennedy, Mrs. Emma Leslie, Misses Carrie and Sudie Cowan and three brothers, Messrs. T. W., F. W. and S. J. Cowan. 1 xx J. R. Whatley Passes Away PROMINENT MERCHANT DIES AT HOME ON HAMPTON AVENUE ON StJNDAY Greenwood Index-Journal, July 29. J. R. Whatley, prominent mer chant and popular citizen of Greenwood, died at his home on Hampton avenue early yesterday merning after a stroke of paralysis about two weeks ago, following a long period of declining health. Mr. Whatley was the son of S. B. Whatley and Louise Franklin Whatley jf Hodges, and was 62 years of age on the 25th of last January. He had been in the re tail grocery business here for 24 years, retiring about a year ago on account of ill health. He served the city as alderman for several terms and was a popular and pub lic-spirited citizen. Mr. Whatley is survived by hii widow, who wa.: Miss Etta Nelson; three daughters, Miss Evelyn What ley, teacher in the Monetta schools; Misses Frances and Mary Whatley. Greenwood; one son, Sidney What-, ley, Greenwood; two brothers, W. T. Whatley, Greenwood, and S. B. Whatley, Hodges, and three sisters Mrs. S. S. Major, McCormick; Mrs. John Mundy, Hodges, and Mrs. Joe Major, Greenwood. Funeral services were conducted at the First Baptist church this morning at 10 o’clock by his pas tor, Dr. Charles F. Sims, and inter ment followed in the cemetery at Mountville. -txr- Lions Deputies Are Announced BATESBURG, July 29.—District Governor George Bell Timmerman has announced the appointment of the following deputy District Gov ernors for the fiscal year 1935-36 to wit; J. Edgar Stockman, Green ville Lions Club; Leonard C. Moltz Columbia Lions Club; John H Lander, Greenwood Lions Club: and Malcom C. Woods, Jr., Marion Lions Club. Also Horace G. Williams of the Batesburg-Leesville Club hsi beei. appointed acting district Secretary until the meeting of the Governing Board of the District, which will oe held in August, after the election of group chairman. This appoint ment was made necessary on ac count of the unusual activity in Lions circles, especially during th: past half year. During the spring months, and before the State convention, held in Columbia in June, four new Lions Clubs were organized at Myrtle Beach, Conway, Latta and Iva. • Since the State conventioi: Clubs have been added at Winns- boro Aiken and Belton. Additiona new Clubs are in prospect. At least 125 new members have been added within the past 60 days. Why Farm Realty Values Are Rising CLEMSON, July 27.—Calling at tention again to the fact that farm real estate values are increas ing, Director D. W. Watkins of the Extension Service gives various reasons for the increased values and speaks of the lofig-time effects of these things on farm values. “The principal reasons for the continued increase in farm real es tate values”, says Mr. Watkins, “are, of coursfe, the further in creases in income received from farm production; the continued activity of the Farm Credit Admin istration in the direction of refi nancing indebtedness, reducing outlay for debt service, and provid ing new funds; and the continuing recognition on the part of mortgage holders that in many cases the in terests of both debtor and creditor will be served best by reasonable compromising of unmanageable debts. “Another factor favorable to in creasing values is the downward trend of taxes on real estate. The average real estate tax per acre in creased rapidly between 1916 and 1921, more slowly until 1929, since which time the trend has been downward. “Undoubtedly the faith of land- owners in the permanent value of lands has been bolstered by recog nition on the part of the govern ment through the activities of the Agricultural Adjustment Adminis tration that it is necessary to the national welfare to maintain rea sonable farm incomes.” Regarding the effect of the vari ous factors upon farm realty val ues, Mr. Watkins says: “Real estate yields an income over a long pe riod of time, and it is to the cumu lative effect over a period of years, especially as judgments of the fu ture are affected, that real estate values react. Consequently, rea^ estate values tend to fluctuate less violently than income.’ “Thus from 1912 to 1919 gross income from farm production more than doubled while farm real es tate values increased about ^two- thirds; after 1920 income dropped sharply, then partly recovered, whereas real estate values dropped more slowly, and by 1930 had de clined from the 1919-20 peak about as much as income; from 1930 to 1932 income dropped about one- half, and values dropped about a third. From 1932 to 1934 income increased nearly a third, and aver age values increased somewhat less. Thus real estate values tend to lag at the turns, and to seek their level as cumulative experience leads to expectations for the future.” New Lions Head jift The Transverse Spring Newly Applied To The Ford V-8 For 1935 The transverse spring, an out standing feature of Ford cars ever since they have been on the mar ket, has been newly applied to the Ford V-8 for 1935, according to J. T. McGrath, of McGrath Motor Co. Inc., local Ford dealers. “On the 1935 Ford, the front spring is 7 1-8 inches longer and 1-4 of an inch wider,” he says. “The rear, spring is slightly longer than in the 1934 Ford car, and both front and rear springs are ‘softer’ to im prove riding comfort. The spring leaves have been widened and ta pered toward the ends to give greatly increased flexibility and to eliminate the possibility of squeak ing.” According to the Ford dealers, the transverc?. spring suspension particularly adapted to modern car operation as it provides greater stability on curves at high speeds and eliminates sidesway. This type of construction, Mr. McGrath says, is responsible for the “free action on all four wheels” feature of thr Ford V-8. whereby both front and rear wheels glide over uneven j’■’ces in the highway, v/hile the chassis and body of the car rc- rc in on an “even keel” and pro- ! '} a smooth shock-proof rid?. ‘Another important roadability "ture of the 1935 Ford V-8, and ' e that makes for ease of con- l and smoother operation,” Mr. :Grath, continued, “is the con- med* use of radius rods to give ’ rquo Tube drive. As in the 1934 F ;rd V-3 the radius rods perform f'e function of carrying the driv ing strain, leaving the springs, v hich are mounted on extensions c r the radius rods, free to serve their sole purpose of supporting the body and cushioning the ride.” The roadability of the new Ford V-8, according to the dealer, is con tributing to its popularity. “How- ever,” he points out, “with all these > i Richard J. Osenbaugh, of Denver, Colorado, Who Was Elected Presi dent of Lions International Thurs day. riding improvements, the out standing feature of the Ford car is its power plant—the only V-8 en gine in any car that can be pur chased for less than $2,000. And the Ford V-8 engine is one of rea sons why Ford’s production reach ed the half-million mark before the end of the first four months of this year.” Civil Service Examinations CHICAGO, 111., July 26.—The nineteenth annual convention of the International Association of Lions Clubs adjourned today in Mexico City, and the 5,000 delegates, and guests who during the conven tion have been royally entertained “a Mexicana” by the Lions of Mex:- ico City, have begun to spread out from the capital city to take in all the sights cf Old Mexico before re turning to their homes in the Unit ed States and Canada. Advance estimates on registrations indicated the largest attendance of the As sociation’s history. During the four days of the con vention the fact that the largest North American service club was holding its convention in Mexico was acclaimed as a great step to ward the closer understanding be tween the races «of North America. Messages from President Roosevelt and Premier Bennett of Canada were presented to the President of the Republic of Mexico, Senor Lazaro Cardenas,, who welcomed the Lions at-a grand reception at tended by all Lions and the diplo matic representatives of several countries. Yesterday the Lions elected their first vice president, Richard J. Osenbaugh of Denver, to the pres idency of their Association. Lion Dick” Osenbaugh, an official of j the Denver Sewer Pipe and Clay Company, has been a widely known and respected figure in the Asso ciation for many years. Mr. Os enbaugh has been president of the Denver Lions Club, district gov ernor of Colorado Lions Clubs, be came a member of the internation al board of directors in 1930, serv ed two years, and was elevated to the third vice presidency in 1932. He rose succesively through the three vice presidencies and was unanimously voted into the high est office of the Association at the Mexico City meeting by the ac- 'credited delegates representing 30,- 000 Lions. The presiding officer of the con vention was Vincent C. Hascall of Omaha, Nebraska, 1934-35 president of the Association. In turning over the gaval to the incoming president Mr. Hascall assured him of his personal support for the year. The association under presi dent Hascall registered a consider able gain in membership, and in creased its number of clubs to the total of 2.710. The clubs in the As sociation during the year register ed a total of 20,789 separate activ ities such as the building of play grounds, the supplying of type writers, radios and Braille course" to the blind, the installation oi safety devices, and community of forts in many other fields. Thi: is the first time that the gros. figures has risen above the 20,00. mark. Swinging the gavel to announce the adjournment of the last ses sion of the convention on Thurs day, tho new president praised the previous conduct of the Associa tion, and pledged himself to direct faithfully the affairs of the or ganization during his term. . r xx London telephone operators dc secretarial work for subscribers, receiving and recording ail calls when the subscriber is “out” anc relaying them at an hour agreed on. The United States Civil Service Commission has announced open*, competitive .examinations as fol lows: Specialists in maternal and 1 ohild health, $3,800 a year to $5,600* a year, associate in maternal ami. child health, $3,200 a year, assis tant in maternal and child health 1 , $2,600 a year. Children’s Bureau,. Department of Labor. Optionul subjects are: Pediatrics, obstetrics, orthopedics, and general (maternal arH child health). Pathologist (rice investigations) > $3,8uo a year, associate pathologist (cereal smuts), $3,200 a year, as sistant agronomist (forage crops; and diseases), $2,600 a year, assis tant agronomist (Sugar plant in vestigations), $2,600 a year, assis tant geneticist (tobacco investiga tions), $2,600 a year. Bureau of Plant Industry, Department of Ag riculture. Alphabetic: Accounting Machine: Operator, $1,440 a year. Appli cants must show that they have had at least three months’ full time experience in the operation of ^ an electric alphabetic accounting machine which carries an 80- column card. Senior Educationist (State School Administration), $4,600 a year, Of fice of Education, Department oft the Interior. Full information may be obtain ed from the Secretary of the Unit ed States Civil Service Board of Examiners at the post office or* customhouse in any city which has a post office of the first or the secs- ond class, or from the United States Civil Service Commission, Wash ington, D. C. -txt- P. C. Preparing For Record Attendance CLINTON, July 25th.—William P. Jacobs, Acting President of Pres* byterian College, announced her© today that 76 applicants for en trance into the freshman class hacT already been accepted up to: this- date. This compares with a total enrollment in the freshman class last September of 88, and is an increase of 94 per cent over the number enrolled at this time last year. Due to the large number of up per-classmen toho have made room reservations for the 1935-36 session, and the anticipated lar&e fresh man class, Mr. Jacobs said that dormitory space may become scarce, but that arrangements will be made to care for any overflow. Deajpstd. W. Brown, who is in charge of admissions, is being aid ed by Prof. H. E. Sturgeon and sev- . en field representatives, J. E. Os man, Coach W. A. Johnson, Coachi L. S. McMillian, J. E. Graham, Mrs. H. A. Copeland, and W. M. Framp- ton, who are interviewing pros pective students in South Carolina, and Georgia. x Chevrolet Truck Sales Record DETROIT, July 27.—An all-time record for June truck sales was set this year by Chevrolet Motor Com pany with a total of 18,380. it was announced here today by company officials. The June total repre* sents a gain of 2793 sales over the preceding month, and an increase of 22 per cent over June of last year. The previous record for June ’iad stood ever since 1929. “Sales are holding up this year at a high - level, month after month,” said W. E. Fish, manager }f the truck division of Chevrolet, ‘instead of diminishing after reaching their peak in the spring. Sales in June were only 200 less, than this year’s peak month. April which was the best April in six years. The current summer is in fact* running at a relatively higher level than that cf 1929. which was the big year of‘the industry. “It is clear that industrial and business concerns feel assured that there will be goods to haul this fall, and are increasing their equipment in expectation of continued busi ness activity.” Commercial fishermen off the V -ginia Capes are using ther- nv meters in their work, since the L ation of fish depends upon the t nperature of the water. : X— / mbedded in a piece of amber IV and at Palmnicken, East Prus sia, on the shores of the Baltic, center of the amber industry, was a flea whose age scientists placed, at 5,000.000 years, .