The sun. [volume] (Newberry, S.C.) 1937-1972, March 28, 1941, Image 2
PjAj&EjTWO.
THE NEWBERRY SUN
INVESTORS URGED TO PURCHASE NOW
Babson Says Some Day There Will
Be Encouraging News
from Abroad.
By ROGEIR W. BABSON
Babson Park, Fla., March 22.—In
spite of the highest rate of industrial
production this country has ' ever
known, the stock market shows but
little signs of life. Furthennore,
while prices have been falling on the
Now York stock exchange since last
November, stocks in London have
gone up and in Berlin have held at
a very high level. Will United States
and Canadian stocks remain at their
prevailing low prices, slide off furth
er, or is there a rise ahead? These
are questions in which readera are
interested. Let us look at the record:
Following the start of the World
war II in September, 1939, German
stock prices reacted only a trifle the
next month and ever since then have
been climbing to new highs. Of
course, the Berlin market is controll
ed. It is not the type of free market,
which exists in New York, Toronto,
or even in London, despite the peg
ging of the British pound. From the
commencement of hostilities, British
stocks also moved steadily upward,
until March, 1940, when they took a
nose-dive, reaching their low in the
early summer of 1940. Since then,
London prices have risen more than
New York prices.
At the beginning of the war, the
indices of New York and Berlin
stock prices were the same, namely,
93. New York prices rose above
those of Berlin for a month, then
reacted and continued for six months
a sidewise movement. In April, 1940,
a month after the decline started in
London, American stock prices fell
sharply, showing a drop from a high
of 95 1-2 in October, 1939, to a low
of 73 1-2 in June, 1940. In the same
period of time, London prices dropped
from 72 to 64 3-4, thus showing no
where near the collapse experienced
in the American market. New York
prices rose from a low of 73 1-2 in
June, 1940, to a high of 82 in Novem
ber, 1940. London prices started up
a month later. However, in Novem
ber, New York prices again declined
until now they stand at 76 compared
with* 94 when the war started.
Investors Should Cheer-up
While New York prices have been
declining, London prices have held
up much better. Since the war
started, there has been a net loss in
London prices of less than 5 percent
whereas the net loss in New York
prices has been more than 15 per
cent. Over the same period, the rise
in Berlin prices has shown an ex
traordinary gain of over 34 percent.
This rise in German securities, while
admittedly in a controlled market,
should encourage American investors.
Certainly, if controls are put into ef
fect here to eliminate the dangers of
inflation, higher taxes, or even more
stringent SEC regulations, the Ber
lin market demonstrates that con
trols need not necessarily depress the
prices of stocks.
Some of my readers are pl&- ling
that United States and Canadian
stocks are already selling at -i^jik-
rupt quotations: that much further
drop will wipe out remaining equ.uies.
These readers are also pleading for
a i eturn to the old fairly-free form
of margin buying and short selling.
They want to put up the cash; that Is
they want to speculate. This is a
dangerous and vicious practice. I
never bought a share of stodc on
margin in my life. One of the best
things the SEC has accomplished has
been the stiffening of margin re
quirements and the practical elimina
tion of stock market manipulation.
If any equities are in danger of
being wiped out, they jre individual
equities and not the equities of col
oration. Too many tm«in^»srnen are
worrying today about stock prices,
failing to study the real values
which these stocks represent. For
example, General Electric remains
as great and efficient an organiza
tion and has the same amount of pro
perty and equipment whether its
shares as selling for 41 or for 26. No
form of equity is wiped out of a cor
poration by a slump in the price of
its shares. However, individual equi
ties most certainly can be wiped out
when one trades on margin, whether
buying or selling short.
BRITISM WOMEN FACE SCARITY
OF SILK FRILLS
London, March 22.—British women
soon will havo to skimp on silk under
wear and rayon stockings as the re
sult of the increasing demand for
silk, rayon, cotton and flax for essen
tial war purposes.
A cut in the quotas of the silk,
cotton and linen piece goods trade to
20 per cent and of rayon to 40 per
cent has been announced in London
by the president of the board of
trade.
Women already are finding it dif
ficult to get just what they want in
the way of underwear and other frills
and fancies. It’s going to be much
more difficult in the future.
“Silk undies are luxuries and will
have to be searched for just as men
now search for a favorite brand of
cigarets,” commented a member of a
well known firm of lingerie dealers.
“Stocks to retailers will have to be
rationed and the purchase of under
garments will be the same as buying
some particular foodstuff—one retail
er will have a consignment in while
others are temporarily short.
PLAY AT ST. PHILIPS
Friday, March 28, at 8 p. m., the
St. Philips High school will present
a play, “Mrs. Briggs of Poultry
Yard”. The following is the li»* of
characters:
Mrs. Briggs—Ruby Sterling.
Ralph—Beaman Summer.
Jimmy—Roy Stone.
Alura—Myrtle Cromer.
Melisse—Dorothy Koon.
Silas Upees—Clyde Wicker.
Mr. Lee—Lewis Kinard.
Virginia Lee—Willie Mae Wicker.
Daisy Thornton—Dottye Wicker.
Mrs. O’Conner—Rebecca Crumpton.
Mandy Bates—Frances Wicke*-
A very small admission will be
charged, with a money-back guaran
tee if not pleased.
Mrs. Walter Aiken and Miss Mamie
Rodelsperger, of Nashville, Tennes
see, arrived in Newberry Saturday
for a few days visit with their broth
er, E. L. Rodelsperger, and with Mr.
and Mrs. J. B. Harmon and family.
SAFETY-STEEL BODY
FOR MAXIMUM SAFETY AND YOUR PEACE OF MIND
MASTER HYDRAULIC BRAKES
FOR EQUAL-PRESSURE BRAKING EFFICIENCY AND SAFETY
FINGER-TIP STEERING
FOR SWEETER, SMOOTHER HANDLING AT THE WHEEL
FLOATING POWER
CRADLES YOUR ENGINE FOR LONGER LIFE
FULL-FLOATING RIDE
FOR A “RIDING ZONE" WITH COMPLETE SHOCK PROTECTION
All 11IIS Mil
HMD DRIVE
iHE true story of the 1941 Dodge boils down to
these six great engineering features which have
made this Dodge a magnificent motor car—the car
you ought to buy, if possible, today.
These six features are truly the envy of the auto
mobile industry. They are the enthusiastic boast of
all new Dodge owners. They are the pride of the
old and faithful owners who expect, and always get,
from Dodge, the newest and the utmost in sensible
motor car style and intrinsic value.
Get acquainted with Dodge and the marvel of
Fluid Drive. Visit your Dodge showroom today.
DODGE
FLUID DRIVE ONLY *£$ EXTRA
tTJw* (• Detroit delivered price end includes ell Federal taxes end ell standard equipment Transportation, state and local taxes
(if any), extra. Front directional eifnala. bumper guards and white wall tires at slight extra cost. Fluid Drive $25 extra. See your
Dodge dealer for easy budget terms. Prices subject to change without notice.
TUNE IN MAJOR BOWES, C. B. S.. THURSDAYS, 9 TO 10 P. M.. E. S. T.
Smith Motor
1530-32 MAIN ST. - - . .
Company
- NEWBERRY, S. C.
Signing Up for Safe Driving
James H. Hope (right), state superintendent of education for South
Carolina, is shown as he enrolled James H. Ellison, president of the
Student Council of Columbia High School, Columbia, S. C., in the Ford
Good Drivers League, which was organized by Edsel Ford to promote
better driving by the nation’s youth. Mr. Ford is offering 98 university
scholarships—49 for girls and 49 for boys—to the winners of driving
tests in each state, with national finals at Dearborn, Mich.
ST. PHILIPS
On Sunday afternoon, B. C. Banks
and myself went down to the old Gall-
man Graveyard which is about '400
yards from Cannon Creek. It is a
very old graveyard. The first time a
person was buried there was 134
years ago. George Gallman, who de
parted this life in 1807 was in his
35ith year when he died. Ann Eliza
beth, his wife, died in the year 1844,
September 30. She was 74. Those
were the only two that are dated, al
though there are eight persons bur
ied there. John Gallman was the
son of George as far as we could un
derstand and Christina was his wife.
David and John, by the looks of
their graves, were the children of
John and Christina Gallman. Dortha
was very small when she died and
Sarah was almost grown. As far as
we could make out, they were the
daughters of George Gallman. He
lived in this community, his home
having stood about 200 yards back of
J. W. Dominick.
I am going to say a few words
about the Gallman graveyard on
Cannon Creek. It was grown up in
pines and the* Duke Power line cut
the pine and didn’t disturb the tombs.
The marks are just long marble slabs
stuck in the ground, and the height
of the tomb was according to age.
Above this graveyard, about 200 yds.
were 92 graves where slaves were
buried. Speaking of the Gallmans,
about the time of the close of the
Civil War, George Gallman had about
one hundred slaves. He also had
three sons to go to war, but only one
of them returned, and his arm was
shot off. Jeff Gallman is the one that
returned. He is the father of F. A.
Gallman of St. Philips and George
Gallman of Augusta.
FIRST NEGRO AIR SQUADRON
The war department’s decision to
form the first negro unit of the Unit
ed States army air corps—the 99lth
Puisuit Squadron—comprised of 276
men in the ground crew and about 33
pilots from all sections of America
has been announced 1 in Washington.
Ground training will be given ne
groes who have graduated from an
accredited high school at Chanute
Field, 111., from April to October
when the squadron will be formed
at Tuskegee, Ala., near Tuskegee in
stitute, where the flying course will
be held. Local negroes desiring to
enlist for this service must travel to
Maxwell Field, Ala.,
Food Map of Europe as of Today
TtOOO SHORTAGE BUT NO
THREAT OF STARVATION
EXISTING FAMINE
| [normal food supply
L Ibussian OCCUPIED
The starvation areas of Europe can be seen at a glance, above. This map
will now darken from month to month as, in many countries, the last
remaining food stocks reach exhaustion.
New York (Special) — All Europe
is on short rations. Only tiny Por
tugal still commands a normal food
supply. Before the first of the next
harvests can be reaped, five months
must elapse. In some countries, re
maining food stocks will have been
exhausted long bc-!ore, when condi
tions of slow starvation which al
ready exist will become actual fam
ine. Moreover, in several European
countries the harvest covers only a
few months consumption.
The above map has been drawn to
bring the threatened areas into relief.
As may be seen at a glance, the Brit
ish Isles, Germany, Italy and the
Balkans, although all on rations, are
not in danger. But the little, western
democracies, always dependent on
overseas supplies and now cut off by
the blockade, are already on a semi
starvation basis.
Darkest, immediate spots in the
picture are Belgium and Poland (the
latter because of war devastation and
partitioning). Here, actual famine
already prevails. People are dying of
sheer hunger. But Spain, France,
Holland, Norway and Finland are
not far behind. The above map will
now darken quickly from month to
month. The terrible food emergency
in Europe, so long forecast by food
experts, is now but a step away.
Spain may be able to get some help
from the Argentine. In the case of
the other countries, however, their
main hope seems to be the United
States. Like the Argentine, the
United States not only holds large,
surplus carryovers of foodstuffs of
which it would be glad to get rid,
but each one of these starving coun
tries holds in this country frozen
dollar balances ample to pay for the
food they need. Belgium, alone, has
several hundred million dollars in
assets here. It is then primarily a
question whether it can be arranged
to pass this food through the block
ade if, at the European end, it can
be taken in control by a tight, neu
tral agency whic u will supervise its
distribution to non-belligerent, civil
ian populations only—and a guaran
tee that it will not fall into athei
hands.
FRIAAY, MAfrCH *8, 1A41.
Average American Is Ready To ‘Puli’
Belt Tighter For National Defense
By CORR1NE HARDESTY
Muncie, Ind., March 23.—Mr. Aver
age American is ready to tighten his
belt to meet the cost of national de
fense.
Here in Middletown, U. S. A., the
United Press asked Mr. and Mrs.
Glen Craig and their two children,
1938’s average American family,
how the defense effort has affected 1
them.
“We’ve already had to meet rising
prices for food, fuel, and clothmg,”
Mrs. Craag said. She handles most
of her husbandY >1500 annual income.
Meat and: lard prices have jt*mp-
ed, she said, but milk and bread
costs, have not changed. A short
time ago the family substituted oleo
margarine for butter to halve the
cost. They eat meat—usually iamb
or liver—one meal a day. Craig
found that coal which he bought at
*6 a ton last summer was priced at
$7.75 a ton this month.
“If we have to do without a few
things at home in order to send
other things where they will do the
country more good, we’re re»dy,”
Mrs. Craig said. Her husband nod
ded!.
Conscription, the first impact of
national defense, missvU Crait be
cause of his age. He is thirty-six,
but he has felt the pinch of defense
economy.
“Right off, we gave up plans for
our vacation,” he explained. “That
costs $50—we save for it all year
long.”
Other economies at the Craig
household attributed to rising com
modity costs included:
1. No new car. Craig drives a
1936 model bought in 1938.
2. No new winter coats for Mr*.
Craig and Emma Lou, ten. Billy,
six, got a new coat last year, but
others in the family have worn theirs
several seasons.
3. Reduced rental. The family
moved from a six-room house into
four rooms of a two-family dwelling,
with common bath.
4. Fewer ausements. The family
previously hadi attended one motion
picture every two weeks. >
Illness of the children and opera
tions for both parents have caused
some dislocation of budget. But
Craig is setting aside a small por
tion of his weekly pay check to cover
medical expense.
Mr. and Mrs. Craig said they had
given much thought to the national
defense program and the sacrifices
mentioned by President Roosevelt in
hi saddress of March 16.
“We are anxious to do whatever
the government asks of us,” Craig
asserted.
His wife said she wants the coun
try “to avoid those wheatless, meat
less days of 1917”. She blamed mis
management andi profiteering for the
high cost of living in the World war.
“We’ve never had enough money to
reach for all we wanted anyway”,
she said. “For us, any economy
means we don’t get some of the nec
essities.”
Craig is employed by the American
Waterworks and Electric company, of
New York, as an engineer at the
Muncie water station. Two years ago
when his family was selectee as
“American average” in a national
survey, he worked for a glass-jar
concern. His income is $150 greater
this year than it was then.
MRS. BRINKLEY IS BROKE
Wife of Texas Physician is
Declared Bankrupt
Little Rock, Ark., March 22.—‘Fed
eral Referee in Bankruptcy Lee Ca-
zot today declared Mrs. Minnie T.
Brinkley, wife of the widely-known
Dr. John R. Brinkley of Del Rio,
Texas, an involuntary bankrupt.
Attorney Charles Thweatt was ap
pointed receiver, and was scheduled
to leave Little Rock Saturday night
to take charge of Mrs. Brinkley’s as
sets in Texas.
Meantime, two Little Rock attor
neys, Gerald Paton and Carl E.
Langston, announced they woul® ar
rive in San Antonio Sunday to at
tend a conference of creditors of Dr.
Brinkley, scheduled for federal court
in San Antonio on Monday.
Patton represents clients in four
damage suits involving $23u,000.
Langston has suits pending against
Dr. Brinkley, and Mrs. Brinkley per
sonally and as a partnership in which
damages of nearly a million dollars is
asked.
STATE TAX RECEIPTS HIGHER
Columbia, March 24. — Gov»mor
Burnet R. Maybank received today an
estimate from the state tax commis
sion that collections by it from July
1, 1940, to June 30, 1941, would be
$31,087,500.
The figures, according to the com
mission, were based “on a very care
ful analysis of the current trend of
collections up to this time”. They
exceeded last year’s collections jon-
siderably but the exact amount was
not available.
Estimated revenues from various
tax levies were listed as:
Income $4,400,000; inheritance tax,
$300,000; corporation license fees,
$1,150,000; corporation license fees,
(school aid) $430,000; business li
cense tax (tobacco products), $2,-
775,000; documentary tax, $270,000;
soft and bottled drinks tax, $2,400,-
000; admissions tax, $175,000; pool
room tax, $20,000; contractors’ tax,
$60,000; electric power tax, $915,-
000; retail stores tax, $95,000; beer
and wine tax, $1,400,000; beer and
wine permits, $75,000; alcoholic li
quors tax, $1,600,000; bank tax, $65,-
000; coin-operated' devices, $115,000;
alcoholic liquor licenses, $135,000;
fuel oil tax, $7,500; gasoline tax,
$14,700,000.
SERVICES END AT LEONHIRTH
MEMORIAL CHAPEL
Revival services ended Sunday
night at Leonhirth Memorial Chapel
in Helena. The services began Sun
day night, March 16, and continued
through the week, conducted by Rev.
C. A. Calcote, assisted by Theron B.
Bunting, basso-soloist, accordianist,
and song leader from Waycross, Ga.
Services began Monday night at a
Sunday school in the McCullough
section of the county, conducted by
Rev. C. A. Calcote, Rev. John Ar
thur Flanagan of Whitmire Presby
terian church, and Mr. Bunting.
These services will last through Sun.
day night. The public is cordially
invited to attend each evening at
7:15.
FINDERS—KEEPERS
It had been a grand evening. Each
class had put on its skit with credit
to itself and' now the school Superin
tendent was introducing a magician
who would bring the evening’s enter
tainment to a close with a few acts
of legerdemain.
As the magician faced his aud
ience, he saw before him practically
the entire papulation of the town.
John, the village, half-wit, occupied a
seat in the front row with the town’s
juveniles. To John the evening had
been a great success, and as he set
tled back in his seat from having
scanned the audience thoroughly, the
magician was saying, “And so m am
wondering if someone from the aud
ience would like to come up on the
stage.” Apparently no one would
like to accommodate him, so pointing
squarely at John, he said, “Would you
please come up her6?”.
John was astonished, “Who me?”
he asked.
“Yes,” said the man of magic, and
John climbed up on the stage.
“What is your name, my friend?”
asked’ the wizzard.
“John,”
“And what is that behind your
ear?”
This opened up a new line of
thought to John, and he felt bt. ind
both ears, but could find nothing in
usual. “Which ear do you mean?”
“I mean this ear,” said the =rtist
and before John’s bewindered eyes he
apparently plucked a half dollar from
behind the ear in question. The ma
gician held the coin up for the aud
ience to see and was about to take a
bow when John roared angrily, “You
put that right back there!”
Nitrate of Soda
The Amrican Nitrate
Sold in Newberry by
L T. COUSING
Office Phone 212 Farmers Bonded Warehouse
PROMPT FARM DELIVERY