Newspapers / The Franklin Times (Louisburg, … / Nov. 12, 1943, edition 1 / Page 2
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LEAVING MON EY IN TRUST Babson Advises We Com bine To Get Higher Re turns On Our Money By ROGER W. BABSON New York City, Nov. 12. ? First let me apeak a good word for the trust com panies and' other banks which are taking care of trust funds. So far as the law permits they are k doing a good Job. Many more parents and grand - parents should establish trust funds for those, who are to follow. "Shrouds do not have BABSON pockets." To die without a will Is a calamity. Leave your child ren something outright; but also be sure to put something in trust lor them. Do it today. BONDS MAY BECOME A CURIOSITY People fail to realize how the market is being cleaned up of good bond issues. Outstanding bond issues are being redeemed or reduced rapidly and very few new bond issues are being put out. This accounts'for the rapid increase in prices of preferred' stocks, while common stocks are remaining stagnant. Trustees are being forced either to buy stocks or else government bonds for their beneficiaries. Certainly ; there is no sense of paying banks to invest in government bonds! A few wise trustees are hedging by buying investment trust se-| curities, fire insurance stocks and chain store company preferreds. My appeal today, however, is not so much to the banks and trustees as to my readers, who should get busy to get state laws changed. The fact is that the banks may be tied down too much by state laws regarding the in vestment of trust funds. In view of impending inflaion, In stead of all these laws protecting widows and orphans, some of them may be penalizing these de serving beneficiaries. Surely, if we are going into a period of in flation, certain stocks may be safer Jhan the very best of bonds. TRUST FUNDS RAPIDLY INCREASING ' Another thing: Trust funds are growing at a tremendous rate. So far as the beneficiaries are concerned, this is a good thing; but is it good for the community? Owing to state laws regarding trust funds, trustees are fright ened of their shadows. Hence, they put no money into new en terprises to help the community or the nation. This Is bad prac tice. A dog cannot live indefinite ly by chewing his own tail. A country cannot survive without continually putting new money into new enterprises. State laws should compel trustees to put 10% of their money into "ven ture capital." We should encourage thrift and the best way to encourage thrift is to give a fair interest rate to those who will save. In terest Is merely a wage paid for sacrifice and saving. The Admin istration at Washington, howev er, is apparently following a di rect opposite program. It has forbidden banks to pay interest on current deposits; and it has beaten down the interest rates on government bonds. The high tax rates "have forced the prices of municipal bonds to sky-high figures so that thrifty people can no longer afford to buy these. While the farmers are demand ing a floor for farm prices, the widows and orphans of the coun try should have a lobby and get a floor under interest rates. WHAT CAN WE DO? The most honest and safe me thod of getting security for old age is by saving money and tak ing care of it either directly one self or by putting it itito a revok able trust fund. The present So cial Security program of the U. S. Government is questionable. Why? Because the money which is taken out of your pay envel ope every week is not "saved" for you by Washington, but is spent by the government which gives you only a credit on Us. books. When you get old the government may be obliged' to print new money in order to pay you. How much these new greenbacks will then be worth is a question. Another thing you can do is this: When making a new trust for your family or relatives, in sist that the money shall be in vested in securities netting at least 4% or 2% above the cur rent rate for U. S. Government bonds maturing -after twenty years. I think you will find banks willing to take trusts un der these conditions provided yon agree that they shall not be held MaMe for losses by following such a policy. You should also atlpulate that you will look to the bank only for the total valu ation of your trust account allow ing the bank to use profits to bal ance losses which, under present legislation, often cannot be done. ? ' . o School children in Currituck county helped save a good part of the cotton crop, as the county schools closed at one o'clock everyday during the harvest sea son, says the agent. I . ? FRANKLIN COUNTY HISTORY By REV. E. H. DAVIS No chronicle of Franklin Coun ty can lay claim to completeness that omits aproprlte reference to and appreciation of Aunt Abby House whose rugged features and striking figure were familiar to the citizens of Franklin fifty years ago but who to those now living seems scarcely more than a myth. Of the many picturesque personalities that our county can show for its first century and a half she by general acclaim stands well to the front. Not an attrac tive personality to those who re member her possibly never son ? yet hers a familiar figure almost at commanding figure in any group where sl?e appeared ? in Frankllnton, Loulsburg or Ral eigh ? sometimes in Richmond or Washlngton. Dr. R. H. Whitk ker in his remlniscencies has written In an interesting way about this remarkable woman. We quote here freely from him: "Aunt Abby House" was a na tive of Franklin County, born the latter part of the eighteenth century, according to her state ment, being, as she once told me, "a right smart gal, enduring of the time of the war of 1812; big enough to have a sweetheart." "That sweetheart, she said, went to the war, and the news came to her that he was sick at Norfolk, Va., and, she said', . she walked every step of the way from Franklin County to Norfolk Jo see him, arriving there the day after he was buried. "O, yes," said she, "I was a right smart gal enduring of that war; but, I can't tell you exactly how old 1 am now." The conversation in which she gave me this informa tion occurred in 1877. I have heard that in her early days, and, indeed, through most of her life, she was a turbulent woman; fond of contentions and lajv suits, and that she was able to stand her ground in the cuort house, on the court-house grounds, or anywhere else, and that no man could beat her swearing, when things did not go to suit }ier. Indeed, she had not stop ped the swearing habit when I first knew her, when she was quite old. The first time I remember see ing her after the war, was at Franklinton, at a district confer ence. Some one was preaching, and in the midst of his discourse I he bore down pretty hard on cer tain sins, especially that worst of all sins, taking the name of God in vain, showing how worse than foolish was the habit some peo ple had of cursing at everything; even some women, so far forget ting their sex sometimes as to use bad language. About that time "Aunt Abby," with a cane in each hand, bounc ed up and went toward the door, about half bent, making as much noise with her feet and two canes as a horse could have done. She halted just outside the door until ther services closed, and as the Congregation passed her, she was giving the preacher fits, and ful ly demonstrating the fact that cursing was no new thing to her. That was in 1867 or '68. From that time I saw her frequently and began to be on speaking terms with her, as I frequently saw her on the train. She never bought a ticket, and the conduc tor rarely ever got any fare from her. If she had a Quarter, she'd give the conductor that, and if he hesitated as if that were' not enough, she would threaten to hit him with her stick, and he would move on. Everybody heard during the war how anxious Aunt Abby was about her nephew who was in the army, and how she impor tuned Oovernor Vance to help her get that nephew out- She was a constant visitor at the Gover nor's office, and he treated her so nicely, that she became a life long admirer of him. Governor Vance, at her earnest solicitation, did secure a furlough for her nephew, upon the condition that she would be sure to send him back to the army when the fur lough expired'. But she did not do it. One snowy day she walk ed Into the Governor's office, stamped the now off her shoes, and sat down by the fire, seem ing to be in a deep study. All at once she turned to Governor Vance and said: "Zeb, that boy can't go back to the army, he's got the consumption right now, and he'll die In less than a week If he goes back." "Ain't that boy gone back yet?" asked the Governor, in astonish "No, he ain't, atod be can't go, for I tell you he's got the con sumption." The Governor put on a grave (ace and said: "That will never do. X gave General Lee my pledge of honor that if he would give Marcellous a furlough he should certainly go back when the time was out, and you promised me that you would send him back; and here it is a month over time and be not gone. That will never do, Aunt Abby. General Lee will never have any more confidence in my word. Marcel lus must go right back." "Well, Zeb, won't you write a letter to old Bob and tell him how it is?" "Go bring Marcellus here and let me see him, and if I think his case is as bad as you say it is, I will write a letter." In a few days Aunt Abby brought Marcellus in, and just as he expected, there were no signs of consumption, but a very well looking man stood before him. The Governor wrote a letter to .General Lee which sounded all | right to Aunt Abby, but, when jread between the lines, meant I that the young man's complaint was largely imaginary, and was superinduced, doubtless, by his abhorrence of hardtack and gun powder; in other words, that Marcellus was fit for duty. As the Governor handed her the let ter, he said: "Now, Aunt Abby, take this to General Lee and let me know what he says when he reads it. The General don't like me much, and he may try to make fun of my letter." She said she'd do it; and out she went. Marcellus following; but in a few days she came again, saying as she entered the Governor's of fice: "Zeb, they took that boy and put him right back in the army, and he's gwine to die in The railroads of America are backing industry to the limit in the war of production. Only the close coordination born of a common cause could result in the extraordinary achievements of transportation and industry since the war began. ' For many years the Seaboard Railway has recognized the interde pendence of industry and transportation. On the established principle that the welfare of the railroad depends upon the prosperity of its patrons, the Seaboard has been working over a long period of time for the economic development of the territory it serves. The Seaboard's interest extends beyond the location of new plants. It is equally concerned with the success of all industry served by its Line. Its policy is to provide adequate service and to adjust the freight rates on raw materials and finished products to enable these industries to compete with similar industries whether located in the South or elsewhere. , Remarkable progress has been made in the industrial development of the South in recent yeArs. Present indications point to further expansion in the post-war period. Seaboard will work in the future ? as in the past ? as Partners With Industry. BACK THI ATTACK WITH WAR tONOt less than a month." "Did you show OeneralvLee my letter?" "Yes, and when he read It he sorter smiled, and I raised my stick, Jess so, and said: 'I dare you to lad at Zeb Vance's letter, I'll crack your head In a mlnlt, It you do. Zeb told me you up starts up here didn't like him.' " "And then what did he do?" "Why, he pretended like he thought a sight of you, but under the circumstances he reckoned he'd have to take the boy back into the army; and so he tuck him right In." To these fine words of Dr. Whitaker we add only this. Aunt Abby was ever an unrecon structed rebel ? an uncompromis ing Democrat and with the same earnestness she was an equally determined Methodist and Chris tian. Her embracing religion and giving the church were du9 largely possibly entirely to the good work of a very popular preacher who though never re garded as a very able man In the pulpit was wonderfully magnetic out of It ? W. C. Norman. It was through him that both she and Gov. W. W. Holden, whom she at one time hated, united with tho Methodist Church. (To be continued) - o Under the present set up, Our armed forces get 13 per cent of 1943's food; civilians, 75 per cent; Lend-Lease, 10 per cent; and friendly neighbors, two per cent. THE BICKETT DETENTION h<). ME IS WELL NAMED The name of Fannie Yarbor ough Btckett will be perpetuated. As a place for housing delin quent children who would other wise be placed In jail, Wake Cbunty's detention home, now to carry a new title Is serving a highly useful purpose. ? Those who knew the late Mrs. Blckett as the First Lady of North Carolina, occupying the Executive Mansion as the wife of former Governor Thomas Walter Blckett, recall Impressively her later service as Welfare Officer for the County of Wake. Mem ber of a staunch Franklin Coun ty family and accustomed as she was to the niceties and luxuries of the Governor's Mansion, she did not demur or filter when the opportunities came for her to step Into an urgently calling va cancy, and then to step out with an outstanding performance. Al ways, the humblest appeal was, to her sympathetic ear, a call to active duty. If she could have made the choice of a posthumous honor, she surely would have scoffed at the idea of such things as scrolls, pennants or monuments. A haven for unfortunate, underprivileged children doubtless would have been her selection. The Fannie Y. Blckett Detention Home Is ap propriately named. ? Raleigh Times. i ? On Pay Us y, Bay Bonds ? CAMELS STAY FRESH... because they're packed to go round the world OOTHAT Yanks from Sicily to the Solo U mooi will set their cigucttet fresh, the way they like 'em. Camels are packed to seal in that famous Camel flaror and mild ness anywhere ... for months at a time. NOTICI, when you open your pack of Camels, the rich, fresh aroma of costlier to baccos ? caste their full, round flavor, and notice how cool -smoking and slow burning they are . . . good reasons why Camels are FIRST IN THE SERVICE The farorite cigarette with men in the Army, Nary. Marines, and Coast Guard is Camel. (Based on actual sales records.) ?^1 CAM E I Leggett's SMART, WAftM, ENDLESSLY WEARABLE ! Here are the Coat Fashions to see you staunchly through winter. A good se lection of Tweeds and Chesterfields date lessly styled for lasting and good looks. $22-50 to Back The Attack With War Bonds Consumers will use their pro cessed food stamps to buy fruit spreads. These. Include the green stamps in Book Four. The farm labor problem In Mecklenburg county continues very serious, It Is still very diffi cult*^ pick up any day labor. ROOF Get ready for bad weather! Re-roof 'or repair your roof now. We paint and re-coat metal and built-up roofs. Phone 898-1 or 467-8 for a FREE estimate. SOUTHERN ROOFING & SIDING COMPANY P. O. Box 144 LOUISBURG, N. C. Office located next to Lonlsburg Theatre USED CARS FOR SALE We have a nice selection of clean late Model Cars ATTRACTIVE PRICES AND TERMS. Motor Sales Co. Phone 839 HENDERSON, N. C. TIRES - TIRES * . AND MORE TIRES Sizes You Want ? Grade You Can Get. We now have a lot of Grade 3 sixteen inch tires and can fill your order. More coming. We have on road expecting to arrive any day a , big shipment of 17 inch and other obsolete sizes in 3rd grade. Come in and let us supply you. Better get your Anti-freeze. It's time for cold weather. Nice lot of most auto accessories. Fuller's ESSO Service O. P. A. Inspection Station No. 1 Opposite Post Office Tel. 357-1 Lonlsbnrg, N. C. RANGES & HEATING STOVES STOVES AND RANGES ARE RATIONED. APPLY FOR YOUR PERMITS AS SOON AS POSSI BLE. TIN HEATERS ARE NOT RATIONED. Automatic $91 50 WOOD HEATERS ?/' PAINT WITHV VITA - VAR ! No Better Paint Made 100% Pure Ready Mixed $0.49 Outside House Paint " Gal. "HARD TO GET ITEMS" * BICYCLE TIBES & TUBES * ELECTRIC WIRE & CABLE * BICYCLE CHAINS and PEDALS * GALVANIZED PIPE & FITTINGS GOOD FURNITURE AT LOW PRICES 1 9 PIECE DINING ROOM SUITES .... $119.50 Studio Couches $52.50 BABY CRIB, With Mattress $23.45 OAK CHAIRS f. ... $ 1.50 Gold Seal Rugs ? Heavy $ 6.95 BACK THE ATTACK WITH WAR BONDS. H. C. TAYLOR Hardware & Furniture Phone 423-1 Louiaburg, N. 0.
The Franklin Times (Louisburg, N.C.)
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Nov. 12, 1943, edition 1
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