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WHERE TO GO FOR INVEST MENT ADVICE Babson Discusses Modern Youth By Roger W. Ilabson Babson Park, Mass., April 28, ? We hear much regarding thfr delinquency of youth. Many par ents are having difficulties in keeping their teen-age children [ ui r.umu anu on, the streets. This especially appli es to communi ties near army camps, naval bases, air fields and munition plants. I'm told however, that in mo3t cases tjja parents ot these children are to blame because they, themselves, do not stay BABSON uuiuc. mcy act [uuu iccu-agc children a very poor example. Furthermore, for every young person found . on the streets at night probably several grownups can be found carousing in night clubs. Therefore, I feel that the first step Is fcr a community to clear up its "delinquent parent" situation. HATS OFF TO AMERICAN YOUTH During the past few weeks which I spent in Florida, I've seen many soldiers. Babson Park is near the great Avon Park Army Air Field which contains the largest practice bombing field in the world. This has given me an opportunity to meet, not on-! ly men in training, but men who have returned from all parts of the world. They certainly are a marvelous group. It is almost beyond human understanding what these boys, 20-25 years of age, are accomplishing. They truly possess a character, intel ligence and training far in excess of what boys of that age had when I was in college forty years ago. However, I wish to write on the business judgment ? rather than on the fighting ability ? ot these young men. The tendency of us oldsters is to judge indus try and investments through our own eyes and BASED UPON' OUR OWN EXPERIENCE. If young people don't agree with us, wei naturally assume that we are right and the young people are wrong. I have felt this way for many years; but I am gradually changing my ideas. Without doubt we are entering a new era. Such new eras come only once in about 200 jears. It is difficult for us older people to adjust ourselves to these new conditions and to judge things correctly by the new standards. CONSULT MORE WITH YOUNG PEOPLE I often attend conferences where these questions are dis cussed: "The future of rail roads is aviation?" "Will util ities become municipally owned?" "Will the government go more into business in order to provide employment?" At these ineet-j ings we older people think we! are to determine what is to hap- 1 pen to our investments. We make a great mistake in figur ing on any such false assumption. The answers will be determined by the young people in our fam ilies and employment. Even the future of the New Deal lies with these boys and girls. Do not be shocked by this but I believe that the opinion of mpst persons in the twenties as to the future of any industry or political policy Is nip re valuable than the opinion of most per sons over fifty years of age. The reason is that the future of the industry or policy depends upon what these young persqns are going to buy, or do, or vote, not according to what we older ones buy, do, or vote. I had ra ther have tlje opinion of an in telligent twenty-five year old re turning service man on the fu ture of most American industries than that of a conservative In vestment counselor who is judg ing the future by the past. WHAT YOUTH THINKS ABOUT U. S. BONDS Recently I was with a group of officers including graduates from Harvard Business School, Wharton School of ? Finance,! ' Northwestern University andi Babson Institute. We dlscussedl TO THE EDITOR: In the first paragraph of Mr. Babson's column for release on April twenty-first titled, "Sev en Goals To Seek", in which he discusses the national debt, he says that the U. S. is prob ably headed for a $3,000,000, 000 debt. This was obviously a typrograhpical error as the figure should have beep $300, 000,000,000. We are sorry, indeed, for this mistake. what would happen, after the war, to our government bonds in case the debt reaches $300,000, 000,000. These are the boys who will decide the question of whether or not the debt is to be refunded and, if so, how? It will not be decided by present Treas ury officials, nor by present of ficers of banks or insurance com panies. I will repeat tho sug gestions ot three of these boys: Suggestion No. Is "I believe that the government debt of alt nations should be reorganized as would be the debt of a railroad which has, become to unwieldy. i The holder ot a 11000 govern ment bond could be given $260 i in a new 2 1-2% thirty-year cou pon bond; $500 In a registered income bond, the interest on which could be payable at vari ous rates according to the re ceipts from a new sales tax lev led for this purpose; and $250 In non-interest-bearlng script which could be uqed for the pay- { ment of certain taxes. This would Immediately cut the fixed Inter est payment down 75% and y?t every bondholder should even tually get his principal back with Interest depending upon the pros perity of the country." Suggestion No. 2:. ."Let other countries readjust their debts In the above manner; but I shall never vote to have the United States do anything which could be called repudiation in the slightest degree. I believe a debt of $300,000,000,000 can be supported and should be suppor ted so that every one will get his full interest and some day his principal. All we need do is to revalue the dollar by printing more currency and thus cause an increase in national incomes pro portionate to the increase in our national debt. Instead ot cut ting down the war debt, let us Inflate prices, wages, land val ues, etc. Then it will be just as easy to pay interest on $300,000, 000,000 as It was to pay interest on 25% of this amount a few years ago." Suggestion No. 8: "I have a better idea than either of you other men," said the third sol dier. "I oppose either a reor ganization of the debt or infla tion. Both ideas are wrong. I recommend refunding the entire debt of $300,000,000,000 for 100 years ? -with a 1-2 of 1% coupon. Then I should allow these bonds to be used at par for the payment of taxes and i should support them with a Federal sales taxes, the income from which could be used to call bonds by lot at a premium of 10%. A small sales tax will easily tlve the govern ment $3,300,000,000 a year which would repay the entire debt within 100 years. It is true that these bonds might at times sell at less than par; but ? the (act that $3,000,000,000 would be called each year by lot at 110 ? should hold prices pretty close i to par. This means that taxes | could be greatly reduced, infla-l Hon avoided and everyone could receive par (or his bonds plus as much interest as the big banks of New York are now paying de positors." WHAT ABOUT RUSSIA? Do not quote me as making any of these recommendations. I merely give these illustrations to show how modern youth is think ing and to urge readers to give more attention to the "crazy" (Continued on Page six) LAUNDRY DRY CLEANING We will solicit your Laundry and Cleaning each Monday and Tuesday and return it each Thursday and Friday. WAKE FOREST LAUNDRY & CLEANERS BIRTHSTONES all kinds In solid gold trom $3.00 to $35.00 I KeTpsake [ We have a large stock of Diamond Rings. A written guarantee with each Keepsake. All prices. GROSSES Lockets, Cameos and Blrtbstones ot all types and priced from $2.50 to $12.50 FOB GBNTS Handsome, rugged gold-filled case; mat ching band. $29.95 up DIAMOND SOLTAIKK Huge center dia mond; gold - filled mounting. from $19.95 up LADIES' WATCH All typec. from $24.95 up Bill Folds Ladies and Gets.. All prices $1.95 up We have the largest stock of Jewelry and Gifts that we have ever had and still receiving new merchandise daily such as kings, Bill Folders, Baby Gifts, Tie and Collar Pin Sets, Pearls, Watch Bands, Odd pieces of Silver, etc. Pen and Pencil Set A Serviceman's necessity. $2.50 to $1150 WE HAVE A LARGE SUPPLY OF GOOD USED ELGIN WALTHAM AND HAMILTON WATCHES IN STOCK. GET YOURS WHILE WE HAVE THEM. (Taxes are to be added to above prices.) See our new merchandise and compare oar prices before yon bay RAYNOR'S RADIO & JEWELRY SHOP "We Sell the Best and Service the Best" LOUISBURG, N. 0. Nature Favors the SOUTH ! ? . .. in climate . . . And climate is impor tant, as history well shows. No other factor has exercised so much influence upon the daily lives and habits of people. The out come of wars and the rise and fall of nations have turned on weather conditions, Nature blessed the South with a mild climate. Days of abundant sunshine, long growing seasons and rainfall well distrib uted throughout the year have given the region an importance in agriculture not exceeded by any other area on earth. Climate likewise has a most important bearing on industrial production. Manufac turers know by experience that the climate of the South pays substan-\5 \ tial dividends. Its mild climate \ J requires less expensive factory construction, and temperate weathet contributes to lower operating and main tenance costs. During the past two decades industry in the South has grown faster than in any other part of America. The Seaboard Railway, a key railroad serving the South, has played an important part in this onward march of progress. In the future change over from war to peacc-time economy, the' Seaboard will continue to plan and work for a greater and richer Southland. Seaboard Railway, Norfolk 10, Virginia. DEPOSITS IN THIS BANK ARE INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION UP TO $5,000 FOR EACH DEPOSITOR Condensed Financial Statement CITIZENS BANK & TRUST CO. Henderson, North Carolina APRIL 13, 1044 RESOURCES Loan? and Discounts $1,330,806.87 U. S. Government Bonds.. 3,4X1,305.00 State, County and Municipal Bonds 195,776.29 Other Bonds 82,695.33 Corporate Stocks 4,505.00 Banking Premises Owned 68,000.00 Less Reserve for Depreciation... 5,850.00 62,150.00 Furniture and Fixtures 13,872,92 Less Reserve (or Depreciation.. 5,602.25 8,270.67 Other Real Estate 2.00 Cash on Hand and due from Banks 1,544,388.47 Other Assets 10,736.03 Total , $6,650,635.66 LIABILITIES Capital Stock, Preferred ... $ 50,000.00 Capital Stock, Common... 125,000.00 Surplus 175,000.00 Undivided Profits 130,647.95 Reserve for Preferred Stock Retirement 50,000.00 Reserve for Preferred Stock Dividend 375.00 Reserve for Taxes, Federal Deposit Insurance & Oth er Expenses 22,993.47 Other Liabilities .... 26,991.50 DEPOSITS 6,069,627.74 t Total ?6. 650.635. 66 THE ABOVE STATEMENT DOES NOT INCLUDE ASSETS OP OUR TRUST DEPART MENT. These Experienced Business Men Direct The Affairs of This Bank OFFICERS W. A. Hunt, Chairman of the Board J. B. Owen, President K. L. Burton, Vice-President and Trust Officer J. C. GARDNER, Vice-President and Cashier A. H. Cheek, Asst. Cashier and Secretary Jno. L. Wester, Asst. Cashier . Perry and Klttrell, General Counsel B. C. WELLS, Mgr. Insurance Dept. W ?J DIRECTORS W. A. Hunt, Chairman of the -Board K. L . Burton L. H. Harvin, Jr. H. T. Cooler Thoa. Q. Horner J. C. Cooper J. W. Jenkins J. W. Cooper J. B. Owen D. T. Dickie E. F. Parham J. C. Gardner B. H. Perry
The Franklin Times (Louisburg, N.C.)
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April 28, 1944, edition 1
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