Newspapers / The Charlotte Observer (Charlotte, … / Sept. 28, 1921, edition 1 / Page 4
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THE CHARLOTTE NEWS, CHARLOTTE, N. C WEDNESDAY AFTERNOON, SEPTEMBER 28,1921. 1 i (i t In .1 ! ii The Charlotte News ' -Published By - THE NEWS PUBLISHING CO. Corner Fourth and Church Sts. W. C. DOWD .... Pres. and Gen. Mr. JULIAN S. MILLER Editor W. M. BELL Advertising Mfcr. Telephones. ' Business Office 11" Circulation Department 2793 CHy Editor 277 Editorial Rooms ... G2 Printin? House 1530 - MEMBER ASSOCIATED PRESS. The Associated Press is exclusively entitled to the use for reoublicatlon of all news dispatches credited to it or not otherwise credited in this oaner ECONOMIS EFFECTS OF A COTTON SHORTAGE. None there is so foolhardy as to claim that the small cotton crop in prospect now is not a blessing to the whole coun try. Agricultural conditions in the South will remainu somewhat calamitous even with all the benefactions which a small cotton crop is going to brig through prices twice as high as they would otherwise have been. It has been a veri table life-saver not merely for the South, but in some measure, for the whole country. By having a price for cotton 100 per cent higher than it was sixty days ago, an economic condition has been brought about that is releasing a large source 'of revenue for the banks The law provides that a gold reserve of not less than 40 per cent must be main tained by Federal Reserve Banks against their notes in actual circulation This privilege, it will be seen, adds very greatly to the earning power of the Re serve Banks and has made it possible for them to extend to the member banks and through them to the public the very large credit accommodations which were granted during the year 1920 the larg est in the history of the system. Mr. Harding says the daily average of amount of Federal Reserve notes in cir culation for all twelve Federal Reserve Banks during the year 1920 was $3,146,- 000,000. If the net earnings of $149,000, nant channels. Credits have been re us naneri i..J fcnd also the local news published BluItu a,lu Ul BUUUB LUtlL were herein. hopelessly tied up, and had tied up All rights of republication of special with them commercial and banking in- aisparrnes nerem aiso are reserves SUBSCRIPTION RATES By Carrier. One year $10.00 Six months 5.00 Three months 2.50 One month 81 One week .20 By Mall. One year 8.09 Six months 4.00 Three months 2.0) 0n6 month .5 Sunday Only. (Ey Mail or Carrier) One year tM Six months 1.30 TIMES-DEMOCRAT. (Semi-Weekly) One .rear 1.50 Six months 75 "Entered as seeond-rlass matter at the postoffice at Charlotte. N. C, un der the Act of March 3. 1897." WEDNESDAY, SEJTEMBER 28, 1921. DEATHS FROM DIPHTHERIA. It has come to the ears of this news paper that two deaths of children have occurred in this community of diphthe ria because parents refused to allow doctors to administer serum to these patients. There is .perhaps, somewhat widespread incredulity on the part of the laity as to the virtue of this anti toxin. In spite of all the physicians say of it and in spite of voluminous writings favorable to it which have been appear ing within late years in the public prints, there remains quite a good deal Of suspicion and faithlessness toward it. Nevertheless, when two babies lie ill with diphtheria and the one to whom the anti-toxin is administered gets well and the one to which the anti-toxin is not administered dies, and that contrast is repeated time after time in the expe rience of almost every physician of aver afe practice, it ought to be sufficient evi dence to satisfy any doubting mind that there is some efficacy in this serum. And then, when we add to what is thus illustrated to us in everyday experience, the overwhelming testimony of the medical world, the world of scientific medicine, in which the tests have been made and multiplied until the minds of the scientists are absolutely satisfied about it, it appears strange that the laity should still stack up its opinions against that of the professionalists and : should insist upon having its way as against the admonition and counsel of those expert men. We hold no particular brief, however, for the physicians. They can speak for themselves and are abundantly able to transact their own business without ex ternal aid, neither do we enter the equa tion as appellants for the anti-toxin. But we do interpose for the sake of the little children who are caught up in this dreadful disease of infancy and bespeak for them a decent chance to live in spite of it. They used to die of diphtheria while skilled doctors and tender nurses stood around with arms folded and in perfect helplessness. There wasn't any thing much that science could do to save their lives in that day. Medical inexperi ence and scientific tardinessc made it plausible to write the epitaph that the little children "are notStfor God took" them in those crude times, but what shall we say in these enlightened and ad vanced days, when the doctors have dis covered a way to keep those babies liv ing in spite of the ravaging invasions of this disease, what shall we say when we refuse to let science do for them what it is jjoing for tens of thousands of others so adeptly and so successfully? large amount of money through stag-Jooo are considered in relation only to the average amount of 'circulation out standing, it will be seen that they were but 4.7 per cent of that amount. The Federal Reserve Board has th6 power under the law to impose an interest charge on that portion of the Federal Reserve note circulation which is not covered, dollar for dollar, by gold, the rate to.be charged to be determined by the Federal Reserve Board. It is not mandatory, but optional with the Board whether or not it shall mae such a charge and iC- has always been the Board's policy in order not to discourage the free circulation of needed currency to refrain from imposing such a charge No injusice is done to the government because on the final analysis, the net earnings of the Reserve Banks after the payment of the 6 per cent dividend re quired by law, go to the Government, for after the banks have accumulated a surplus of 100 per cent of their sub scribed capital they can retain only 10 per cent of their net earnings and must pay the other 90. per cent to the Gov ernment as a franchise tax. On the first day of last January, the Federal Re serve Banks paid more than $60,000,000 into the Treasury of the United States as a franchise tax. Had the Federal Reserve Board imposed an interest charge against the Federal Reserve Banks on the uncovered portion of their note circulation, the net earnings might very well have been reduced to the ex tent of 50 or 60 millions, but even in such an event the Government would not have been benefitted because the amount which the banks would have had to pay under the imposition of such a charge would have been paid in to the Treasury month by month instead of being paid in as a franchise tax at the end of the year. The Federal Reserve Banks have accumulated a reserve for fran chise tax for the current year of nearly $40,000,000 and the sum that they will pay to the Government as a franchise tax at the end of the year will no doubt be larger than the amount paid at the close of the year 1920, not because of greater earnings, for the earnings will be less but because of smaller deduc tions for account of surplus. The items contributing to the earnings of the Fed eral Reserve Banks total $5,218,000,000, and if we consider $149,000,000 of net earnings in relation to that total, it will be seen that they are but 2-9 per cent. terests, are being turned loose at a figure that will bring about liquidation. For the emergency which has faced the South, therefore, the small crop of cotton is a benediction that none will dispute- It would be a mistake, how ever, to conclude that ultimate pros perity for all comes about through the niggardly production of any essential commodity. Cotton has been one of the cheapest of the raw materials upon which this and the other countries were dependent. It has been cheap because it has always been produced in greater abundance than was required by the demand. In other words, it is a com modity that has always run just a lit tle ahead of the consumption and for that reason, it is popularly regarded as a cheap raw material, one of the cheap est. Obviously, there would be little per manent enrichment to cotton growers or the community generally if it should suddenly be determined that, in order to sustain prices, a normal crop of cot ton amounting to something like the size of the present crop, not more than 6,500,000 bales, should become the es tablished annual production. In such an event, we should face an industrial ca lamity and with that would come social and agricultural catastrophes of an ap palling nature. Cotton goods would not only tend to soar to prohibitive heights, but cotton manufacturing establish ments would be closed and millions of people who now earn their living in cotton mills would be thrown out of em ployment. As a permanent proposition, therefore, the small cotton crop is not the surest way to a widely diffused pros perity, no matter how splendidly it may have fitted in with the economic emer gencies confronting the world at this particular moment nor how happily it is conspiring to a restoration tof normal business through inflated prices. There is no reasoin that a crop of 15, 000,000 bales every year should not sell at a price that will afford the producers ample profit, for the very simple reason that the world consumes that much of American cotton every year and 6,000, 000 bales more which it gets from other sources. The industry is growing; the needs of the world for cotton are grow ing and the South is looked to as the source of supply of the raw materials to supply this industry and to supply this need. Permanent prosperity, insofar as it relates to the production of cotton, therefore, "will come not by a restric tion of this production and the industry of cotton manufacturing, but by theif expansion in keeping with the demands of consumption. The merchant who gets a big volume of business and can supply it out of an abundance of goods is a more success ful merchant than he who has a small supply of goods and caters only to a limited clientele- He will tell you that profits arrive from multiplication of sales, from volume of business rather than high prices on a few scarce arti cles in his store. And it is not otherwise with cotton. It ought to be so uniformly demanded that 'the supply can be con tinuously increased without the slight est sort of impairment of profits which the farmers who make it are entitled to. Countless1 folks are coming down when when Barnum's outlay sets to , town, expecting that the thrilling sights will keep them dreaming many nightfc. But five rings under one big tent is too much value for the cent, for such will be the wild desire to see all things that may transpire that people will b" total wrecks from straining eyes and satrptrhina' npnVra Ulram TTflnk "With his offsprings exreets to keep tab on the rings, but ere the show gets much headway, his intellect will go astray. Ten to one old Snodgrass Keates will miss nine out of each ten treats in ex torts to see all the fun before the final act is done. The crowd will suffer deep. despair by gazing here and staring there. In one ring will be Hinkus Kline who lets a hack roll cross his spine, while next to him 4s Ivory Ned, whc. does a high dive on his head. The next ring will have Hokus Snypd, who crams a spear in his windpipe. On every side the animation will cause, people agita tion. It Willi be a futile iob id keep tab,' cn this seething mob. Folks might as well throw up their hands and &pend their time at pop corn stands. Barnum was a witty gink but still he never stopped to think exactly how one r air of eyes can see a circus of that size. The bughouse is . quite cramped for space each year the circus leaves this place. Such sights upon i wholesale vem will well nigh run us all insane. Copyright, 1921, by News Publishing Co. SPORTS CONCERN HAS RECEIVED A CHARTER A charter of incorporation for the Carolina Sport Games Company was filed in the clerk of court's office at the courthouse Friday afternoon, au thorizing this new concern to do busi ness in Charlotte and throughout North Carolina. Its main office will be at 503 "West Trade street. The purpose for which the corpora tion is organized, according to the char ter, are to own. equip, lease or rent bowling alleys, lunch and soft drink stands, amusement parlors and other such institutions. The authorized cap ital stock is $10,000 and the incorpora tors named in the papers are P. V. Carpenter, M. F. Nese and Mrs. Leila Neese, all of Charlotte. CLEAN-UP MEETING IN ROWAN HAS 300 MEN LET'S FALL IN LINE! The farm bureau of Mecklenburg county is off this week, after launching a drive Monday night, on the important mission of getting farmers of this coun ty lined up on the co-operative markjet ing movement. This newspaper has re peatedly called attention to the worthi ness of this effort and at the risk of beig boresome, it again directs public interest in this great enterprise. Meck lenburg county can not afford to lie back and let the balance of the State surge ahead of it. North Carolina is be hind this movement. The best agricul tural intelligence of the State is behind It. The leading planters are behind it and public sentiment has already swept It to a great success in this State. It is now the opportunity of the farmers of this county to. fall in line, not to blaze the trail- That has been done for them. Their co-operation is now needed to bring to a great triumph that which the State, as a whole, has already crown ed with success. EARNINGS OF FEDERAL BANKS. Governor W. P. G. Harding of the Federal Reserve Board very, kindly sup plies this newspaper with the informa tion that it has sought and which the public has desired to possess in regard to the earnings of these banks during the year 1920. Governor Harding, in a letter to this newspaper, makes it clear that the federal reserve banks do not confine their earnings to the. capital which is involved. They have other sources of revenue. He informs us that the average paid in capital of the twelve Federal Reserve Banks combined during development of the cattle industry STILL IT HAPPENS. Another fatal accident has befallen an automobile party speeding along one of the fine roads of the county and the details of the mishap indicated that only Providence spared others who were involved from meeting a horrible death. Recklfcss speeding along the highways of Mecklenburg is potentially as perilous as speeding along the streets and it ought to be given proportionate atten tion by the officers. Unless steps are taken to provide proper policing of these roadways in the future, we may as well station ourselves to receive increasingly such tidings of disaster ?nd death- JERSEY DEVELOPMENTS The Gastonia Gazette tells us that Mecklenburg and Catawba will compete at the coming Gaston fair in exhibits of pure-bred Jersey cattle and the rivalry being stirred up in thesecounties is ex pected to produce an unusually versa tile array of fine cattle at this ap: proaching event. Mecklenburg has only lately turned its attention with any consistency to the development of pure-bred cattle, but it is prosecuting this endeavour with a vim and in a few years, the chances are rthat this will be come one of the most widely known sections in the South for the production of fancy cattle. Some very effective work along this line has been done by the present farm demon stration agent and once the effort is started, it will almost carry itself. One of the main inspirations for the development of the dairying industry in this country must yet come, however, from the development of Charlotte as a consuming center for the products of the dairy farm. The people of this com munity must be educated to the use of milk and its by-products. We are away behind in that respect. We are, indi vidually using milk by the tablespoon--ful instead of by pints and quarts. With the people increasing their consumption, the producers will be called upon to bring forth a greater supply and this, in turn, will serve as an incentive to the Salisbury; Sept. 28. Nearly 300 ex soldiers were here Tuesday to appear before the cleanup squad and have their claims adjusted. They were from f.ix counties in this section 125 of them be-1 ing from Iredell. The soldier boys were taken in charge by the Red Cross and local American legion post and legion auxiliary members. The cleanup squad was delayed and did not reach the city until lat? in the afternoon,, it being necessary to postpone until today the beginning of their work of examination. Wanderer to hang Friday. Springfield, Ills.. Sept. 28. Carl Wanderer, convicted slayer of his wife, her unborn baby and "a fags??d stranger," will go to the gallows next Friday, according to an announcement from the Governor's office Tuesday night. the year 1920 was about $94,000,000, or 3 per cent of the capital and surplus of all banks which are members of the Federal Reserve System; and their aver age surplus, accumulated as provided by law and accrued profits total $143,000, 000. Figured against paid in capital alone the net earnings of the Federal Reserve Banks for the year 1920, $149, 000,000, were 158-4 per cent, but the ratio to combined average capital and surplus was but 62.9 per cent. That, however, is not all. Every bank relies upon its deposits for its earning power. If banks had to depend upon their capi tal stock and surplus alone for their earnings, banking would not be very profitable and there would be very few banks. There would be no use for Joint stock companies, for an individual could as well himself loan out his own cap ital The Federal Reserve Banks during the year held reserve deposits of their member banks ' averaging daily $1,835, 000,000. Every bank which is a member of the Federal Reserve System is re quired by law to carry its entire legal reserve with the Federal Reserve Bank of its District in the form of a collected balance, and must under the law, main tain its full reserve at all times or else be subject to penalties. If we consider the net earnings of the Federal Reserve Banks for the year 1920 as related to the total of capital, surplus and reserve deposits, we will find they amount to but 7 per cent. Mr. Harding makes the point that .tbe Federal reserve notes constitute a BOTH ARB LEARNING. It has been like cutting eye-teeth for the business man who was accustomed to quick sales and huge profits during and immediately after the war to con tent himself with decreasing patronage and smaller margins of profits on his sales and it has not been otherwise with the working man. It has been extremely disconcerting to labor to be forced to the aceptance of wage cuts, especially so when the cost of living has indicated no decisive tendency to touch the bottom. But both'' are coming around satisfac torily and both have learned the lesson. That is one of the leading reasons that we may expect a more facilitous re turn to normal times. Extreme profits and extreme wages, running along to gether, have no place in a weft-ordered economic system and,when these are eliminated, business gets back to normal profits and the laborers are again re ceiving normal compensation, we will have attained to that period of adjust ment When prosperity will be wide spread and fundamental. The artificial ity will have been removed and men will again . know what they are doing and how they are getting along. THE BEST KNOWN SHOE IN THE WORLD You will like the this season. new styles for ALWAYS .REMEMBER STYLE COMFORT SERVICE are the three qualities built into every pair of W. L. DOUGLAS SHOES and the price Is stamped on the sole for your protection. W. L. DOUGLAS SHOES HAVE BEEN LEADERS FIFTY YEARS with Men, Women, Children They are Union Made, ATHAN'! 33 East Trade St. FOR N SUFFRAGE UNCONSTITUTIONAL? Washington, Sept. 28. The constitu tionality of the woman's suffrage amend ment was questioned in a petition filed in the Supreme Court Tuesday by Os-1 car Lesser and others, who seek to have that court review decisions of State courts in Maryland, holding the amendment constitutional. OSTEOPATHY Is the science of healins adjustment. DR. II. F. RAY 313 Realty Bldg. DR. FRANK LANE MILLER 610 Realty Bldg. DR. ARTHUR M. DYE 224 Piedmont Bldg. Osteopaths, Charlotte, N. C. INFORMATION BY REQUEST NONE SOLD "BEFORE 9 O'CLOCK A PRICE FLOWERING ALE ON KUlxS u a To) J2) ID try 7 ATX T? I IvV w jIMytstliCi Inra Of Extraordinary Importance to Those Who Want Real Bargains ednesday 0cloc Begming M S At These Were Bought Recently at a Great New York Auction Rug Sale. All New. Every One a Real Bargain Colonial Velvets Here's a . line of Velvets which if bought in the ordinary channel, would cost almost double this. We purchased all these at a great concession you get the benefit. 9x. $44li v....$39iS 7tt9.... $24M 6x9 $91.50 at..., Wl Axminster Druggets You have had no such opportunity in Druggets for years the qualityvand patterns excel. Don't wait to see these later. Sale begins Wednesday 9 o'clock. Alpine Drugget, 9x12 &Q0.49 at. p0i Ardsley Seamless, 9x12 07.50 at tPO 1 Carlton Seamless Axmins- (g A Q 95 ter, 9x12 p0 Carlton Seamless Axmins- CQO 50 ter, 8x10 $ Carlton Seamless Axmins- Q t 95 ter 7.6x9 pOlJ Carlton Seamless Axmins- (j -f O 95 ter, 4.6x7.6 tJ)A Just A Few Axminster Seamless Rugs A very heavy fine rug-7-at least a $75.00 value. Only few in tf CT CT the lot, 9x12 ............ pfcOi3 WE WILL HAVE ON DISPLAY One Lot Jap Wool Rugs In the various sizes are a splendid imitation of the real Persian Oriental Rugs. Ask to see these. Katonah Velvets These are beautiful patterns all new and real values in Rugs. 9x12 at 8x10 at $221 The Neppenhan Brussels An exceptionally pretty Drugget that will - give elegant wear and at these prices will prove to you most satisfac tory. ...$25 81t $19ii 61t ;. ...$14li at, 8x10 at 6x9 at, Manor Brussels 9x12 d-iAQ tPli7 $im $im One Lot "Amber Seamless Velvets" One lot of these pretty Druggets at just about half the former prices. Pretty designs and great values. 9x.... $2m Velvets, Axminster, And Brussels Palisades Velvets, 9x12 Jj)3 Palisades Velvets, 8x10 $00.00 at , 1tJimd' Palisades Velvets, 6x9 at $224 You May See These Rugs and Druggets On Our Third Floor Sale Begins Wednesday 9 O'clock A. M. ft LOS iMI 4ttf iJO mill nn. 1 IS
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 28, 1921, edition 1
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