3 ARE WE R]
Recovery Was Steady
Recurring Defici
u
iff fl
1929?One of the busiest spots in
the world as storks soareil to unbelievable
heights in the great boom
was the New York Slock Kxchange,
where a man rould become a mil
lionaire (on paper) one day and a
pauper (not on paper) the next.
By WILLIAM C. L'TLKY
FACTORIES aresmokins
again, carriers are busy,
and we have just passed a
Christmas season which may
have been the biggest holiday
business spurt of all time, even '
including the height of the pre- .
depression boom. ;
As we enter the new year, we find 1
industry at its highest point since 1
1929, national income having risen
to an estimated GO billions of dollars I
or more, the largest in five or six 1
years, and a general relieving of the i
tension which holds men's nerves
during an extended stretch of hard
times. ]
For one thing, in the past year \
the nation was not leinnorarilv
hoaxed by business flurries which j
seem to indicate that recovery had <
set in, only to subside again and
leave the populace disappointed. (
The movement toward normalcy (
has been pretty steady, and seems ?
to have at last spread over the ,
base of the entire economic structure
until it has touched every part
of it.
Only time will tell whether, as
some close observers believe, the
revival is inflationary and beyond
the measure created by demand. At 3
least there are three major problems
still confronting us.
There were in September, accord- ,
ing to the National Industrial Con- .
ference board, nearly 9,000,000 per- *
sons still out of work.
Production Indexes Rise. r
The deficit of the federal govern- \
rr.ent is increasing at the rate of f
three or four billions a year. s
Under normal weather conditions?if
we should enjoy them dur- r
ing 1937?we will be faced with the f
agricultural surplus resulting from ^
the cultivation of 30 or 40 million 1
acres more than we need. r
The production index of the Fed- ?
eral Reserve board for October '
shows that industry has reached a r'
level nearly equal to the average
for 1928, making the necessary allowance
for normal seasonal trends. c
It does not, however, take into con- c
sideration the fact that we have a (j
population greater by 9,000,000 to- r
day than we had in 1928. If allow- j
ance is made for this, the produc- e
tion index is about 92 per cent of
the level of 1928. But in 1932 and e
1933 it was only half that of 1928. t
It said that the heavy industries,
which make "capital goods," are j,
far behind, but even they are pick- t
ing up. Steel, the barometer of these j,
industries, climbed from 41 per cent c
of production capacity in June, 2
1935, to 70 per cent capacity for
June, 1936, or only about 12 per
cent under the boom figure.
Absorbing the Unemployed. c
The "semi - durable" industries r
which make goods requiring some r
considerable investment by the con- c
sumer led the upswing. Among | f
{
The Cherokee Sco
EALLY COM
in 1936, but Puzzlers
ts and Farm Surplus
How Reserve Board
Looks at P.ecovery
The following indexes, supplied
by the Federal Reserve I
U .. . ... i. : , _
ooctTu, snow now l unuiuuns 10day
compare with tliose of
1932. at the bottom of the depression:
An'l avg.
Oct. '36 1932
Industrial Prods. ..139 61
Construction 56 28
Factory eniplmt. .. 94 66
Factory payrls. ... 89 47
Car Loadings 73 56
Dept. Store Sales .. 90 69
Common Stocks . 119 48
The above figures indicate
the degree of recovery through
last October. When November
and December figures are released
it is virtually certain
that they will show a continuation
of the upward trend.
[hese are the automobile industry
which, it is estimated, produced
1.500.000 cars, more than in any
fear except 1929. and the electric
"efrigerator industry, whose sales
cached a new all-time peak.
The consumption goods indus:ries,
producers of leather, foods,
extiles, etc., are experiencing what
might be called almost boom times.
Employment is not without hope.
There are today at least 7,000.000
less unemployed than there were at
ihe low point of March, 1933. They
are the victims of an ever-increasng
population as well as increased
efficiency in industry.
The consumption goods industries
)fTer little in the wav nf inrrpncoH
imployment, although they will absorb
a few in the mild expansions
vhich are forthcoming.
Semi-durable consumption goods
ndustries?the automobiles, refrig;rators,
etc.?are working at just
ibout peak now to supply a demand
vhich has accumulated over a few
rears. They can be expected to
ontribute little toward the relief of
inemployment.
The one avenue of hope seems to 1
>e the heavy industries, where there
s still room for a good deal of exjansion.
Especially cheering is the '
irogress which is apparently being
nade in the building industries,
vhich will sooner or later have to ,
>egin correcting the large housing ,
shortage. I
Since 1929 there had been little i
nodernization and renovation of i
actories and plants. This cannot i
seep up forever, or even for very j
ong, for replacements would be 1
iceded even to keep up the re- i
tricted production of depression 1
r-o.wwoo ciiiu tu meet ine added I \
iceds of an increased population.
34 Billion Debt. 1
Of real concern is the part of re- i
overy artificial in character be- 1
ause it is based upon the extraorinary
spending of the govern- 1
aent. Five per cent of the national '
ncome today is coming out of gov- 1
rnment bonds, a situation which, if '
ontinued, is hardly sound. This 1
rings us to the problem of reducing
he federal deficit.
The national debt of about 34 bil- 1
ions is some 8 billions over the oldime
1919 high. Interest rates are
iwer, so that today the cost of '
arrying this debt is actually about
0 per cent lower than the cost of
arrying the smaller debt in the
ears after the war.
Despite the fact that the debt
ould be raised to 40 billions without
>ecessitating greater interest paynents
than the post-war debt, diffiult
credit conditions eventually
ace governments which do not bal
ut, Murphy, N. C., Thurs<
[ING BACK?
Like Unemployment,
Must Be Solved.
/ v4 I
*3^ *' 's
1932?One of the aftermaths of the
great crash of 1929, the "jobless [
army," bound to fight for a meager
existence against terrific odds and
discouraging circumstances. 1937?
-Manufacturing plants once more
boom as a new recovery gets under J
way.
ance their hooks. When credit col- 1
lapses, prices go up quickly; con- i
versely, savings, investments, insurance,
and real wages hit the skids.
It is true, however, that as employment
conditions improve, the
necessity for government spending
decreases, while, on the other hand,
the added recovery brings higher
tax collections.
Farmers Face Surplus.
The farmer, from the point of income,
is better off than at any time
since 1929, if the fall of prices in
the things he must buy is considered.
Income from farm products
for 1936 is estimated at $7,850,000.
There is an improving demand for
farm products, but it is not enough
to take care of the surplus which
would occur should there be a cessation
of the summer drouths. The ,
production of American farms is |
based upon an export market which
has disappeared and a feed market j
which is disappearing with Old Dobbin.
If the nation were to allow common
economic forces to work until
they had eliminated the surplus 1
farmers, the fall in prices would be
so disastrous to all farmers that it
WOUld Seriouslv hurt indnciru mA
- ' ' ]
recovery.
New experiments in crop control, j
such as the defunct AAA, seem the 1
only answer to the possible surplus.
And they are sure to bring '
problems of their own, as we have
well seen in the last year or two. '
What If War Breaks Out?
What can be done to recoup some <
if the vanishing export markets re- )
mains to be seen. It appears at this (
time that a return to high tariff pol- i
icies would be disastrous to cotton, ;
truit and tobacco farmers, as well i
as to certain manufacturers and ,
producrs of mineral products. Mr.
Hull's reciprocal trade treaties, with I ;
which we are now experimenting, i
aave so far effected but slight im- ; ?
irovement. , ,
It may be that the present boom I ;
A/ill rnntinno nn/1 * *
? u?.v? get uui ui nana | I
is the past booms have, resulting t
n a new depression. The two !
hecks ordinarily effective in curb- !
mg the momentum of a boom after
real demand has been fulfilled are ,
tightening credit and soaring inter- |
est rates. But today we have a new ,
situation. With half the world's sup- 11
ply of gold, we have the base for I |
unlimited credit expansion, and the (
government is succeeding in keep- |
ing interest rates down in order to s
carry the huge national debt as
cheaply as possible. (
The last boom and the depression |
which followed it ate largely trace- |
able to the World war. Should another
great war break out?and this
seems not unlikely, in the face of .
conditions in the Eastern hemisphere?it
will take all the brains
and courage of the government and ,
of business leaders to prevent an.
other vicious business cycle.
? Western Newspaper Union.
lay, January 14, 1937
"1 !j
ntey:
TODAY !
Jk QmH&o?wrte7i :
YAIkBD ABOOY ,
Overweight and Heart Failure
\ PHYSICIAN treating a J
case of high blood pres- ,
sure and beginning or early i
heart failure is naturally anxious
not to have too much work
put on the blood vessels and the 1
heart muscle. And one of the
discouraging things he has to
face in many patients is overweight.
Overweight in itself is not believed
to be the cause of high
blood pressure and beginning
Kiit it- tn fha
burden of the already overburdened
blood vessels and heart
muscle.
Naturally it is desirable to rid
the body of this excess fat. and tc
do so as quickly as .
possible so as tc
lighten the burden.
However the first .
I thought in every ail- J
Ejgpri| (p 1 mcnt now is to try
^**^'*7 a to maintain or inHfe*.
I crease the strength
I of the patient as
m this is best done bj
the propel diet, reducing
weight must
J be done slowly from
Dr. BartoD the standpoint Ol
safety.
The withdrawal of body building
Toods and trying to give the patient
a "full" feeling by the use of cabbage.
cauliflower, lettuce, celery,
may leave him weak and faint. And
the use of foods such as onions, turnips,
cabbage and beans may causa
gas formation and digestive disturbances
that embarrass heart action.
Dr. Thomas Lewis, physician in
charge of the department of clinical
research. University college, London,
tells us in his book "Diseases
of the Heart"; "Overweight (in
heart ailments) should be treated .
by withdrawing first of all any excess
of starch foods ? potatoes,
bread, sugar, pastry?or fats?butter.
cream, fat meats, nuts, egg
yolks?from the ordinary diet, and
later by a general reduction in the
amount of food to about half the
amount required by a norma)
healthy adult. Rigid dieting is not
often well withstood by the patient
as it causes undue weakness. Sudaen
reductions in weight should not
be attempted. Regular exercise
tends to reduce weight; so does
massage. Turkish baths are not adirised."
Heart Must Be Spared
You can readily understand that
ii thp fnnrl intalro ie /-?
...vu?v 10 vv? UC 1CUUCCU
to one-half or perhaps a little more
han one-half of the amount previously
eaten, the reduction should
not be too sudden or great at first,
and the food that is eaten must be
nost carefully selected.
In fact there are what are known
is cardiac (heart) diets, just as
here are stomach or intestinal
ilcer (peptic) diets. Their pur>ose
is to give the body the necessary
food or nourishment with>ut
putting too much work upon the
ieart. The diet is what physicians
?ive their patients when they have
some safely through an illness and
ire on their way to recovery. Eggs,
nilk, dry toast, strained fruit (seeds
nay irritate), jelly.
In these cases of high blood pressure
and early heart failure it is
>elieved that, generally speaking,
stimulants, tea, coffee, and tobacco
should be used in but small
imounts. Beer in excessive quanities
or fluids of any kind should
lot be drunk.
Sleepiness and Infection
It is indeed fortunate that when 1
nfection attacks the body, one of "
he first symptoms is a feeling of
weariness and tiredness. The parent
is usually ready and willing
;o rest. Thus it is found that an inlividual
with infection in the teeth
'eels about as tired when he wakes
is when he went to bed.
Sleep or complete rest often becomes
necessary during infection
recause the fighting forces of the
x)dy are using up their energy in
ighting the infection ana there .s
ittle strength left for the work of
he day.
Thus any tendency to sleepiness
n an individual who is usually alert
ihould make the individual or the
sxamining physician suspicious of
nfection.
? Western Newspaper Union
Dne of the Best Thing,
11 Life Is Moral Vietorv
To demand victory without an B
antagonist is to demand soi.vith
no meaning ... if , * i
,ake all the evil out of ths -Vl ^ I
,-ou will remove the possib: v 9
af the best thing in life. "t .*
loes not mean that evil is . ...? ! 1
iVhat one means by calling ' |
?ood is that the spirit rest r.
nanently content with it f. s 3
iwn sake.
Evil is precisely that with [, |j
10 spirit can rest content a
.et it is the condition, not th, 1
iccidental but the essential condi" 3
ion, of what is in and for itself
he best thing in life, namely,
moral victory. ? Archbishop
remple. '
EMINENT DOCTORS WR I
fTHIS OPINION
"...colds result fr?
acid condition of i!ibody
... they prescr
various alkalies" ? i
ccrpt from medical journal.'!
ALKALINE FACTOR in
LUDEN'S I
MENTHOL COUGH DROP$5jz! /
HELPS BUILD UP YOUR 1
ALKALINE RESERVE /
Soften lip!
Being liard-boilcd on all occ
lions is one of the attainments o'
i dull man.
Don't Sleep
on Left Side9
Crowds Heart
CM PRESSURE MAY CAUSE DISCOMFORT.
RIGHT SIDE BEST.
If you toaa In bod and cant sleep on
right side, try Adlerika. Just ONE
dose rolievos stomach GAS preaslng
on heart so you sleep soundly.
?uiorina acn on buih upper and
lower bowels and brings out foul
matter you would never believe was
i<i your system. Thia old matter may
have poisoned you for months and
caused GAS. sour stomach, headache
or nervousness.
Or. II. L Shoub, Nate York, report*:
"In addition to intestinal clcanting, Adlerika
greatly reduce * bacteria and colon bacilli."
Mrs. Jas. Filler: "Gas on my stomach
was so bad I could not eat or
sleep. Even my heart seemed to hurt.
The first dose of Adlerika brought me
relief. Now I eat as I wish, sleep fine
and never felt better."
Give your bowels a REAL cleansing
with Adlerika and see how good you
feel. Just ONE dose relieves GAS and
constipation. At all Leading Druggists.
tl !l i 11 3 dsORE THROAT
liin * 1J COLDS
Original
Cellophane
Wrapped Genuine
Pure Aspirin
*^1---- Ifl
WORLD'S LARGEST SELLER AT
A FAMOUS DOCTOR
tA S a young man the
/A late Dr. R. V. Pierce
practiced medicine ir Ft.
After moving to B jft'alo.
N. Y., he gave to the drug K
trade (nearly TO years *
ago) Dr. Pierce's Favorite
Prescription. Women
who suffer from "nerves."
irritability and discomforts
associated with functional disturbances .
should try this tonic. It stimulates the ap- }
petite and this in turn increases the intake of
food, helping to upbuild the lx>dy. Buy nowl
Tabs. 50c, liquid $1.00 and $1.35.
BACKACHES
NEED WARMTH
Thousands who suffered miserable backaches,
pains in shoulder or hips, now put on AUcock's
Porous Plaster and find warm, soothing
relief. Muscle pains caused by rheumatism.
arthritis, sciatica, lumbago and strains,
all respond instantly to the glow of warmth
that makes you feel good right away. AUcock's
Plaster brings blood to the painf j1 spot
. treats backache where it is. Allcocks
lasts long, comes off easily. It is the original
porous plaster . . . guaranteed to bring instant
relief, or monr; back 254 at druggists,
or write "Allcock Mfg. | J.VJ'U.T
Co.. OMinine, N. Y." filSS'l'I'fiSa
,VNU?7 2?37 *jj
H^^teaspoonful^^H
HKfmiixofmagnesu^H
MB^JN ONE TASTY^^H ^
HEARTBURN FROM OVEREATING!
Hurried orovcrea ting usually caitses hca^'
burn. Overcome heartburn and digestif
distresses with Milnesia, the original fn"?H
of magnesia in wafer form. Thin, crunchy.^!^
deliciously flavored,pleasant to take.Eacj.Hh',
wafer equals 4 teaspoonfuls of milk
magnesia. 20c, 35c & 60c sizes at druggieH