Newspapers / Henderson Daily Dispatch (Henderson, … / Dec. 28, 1937, edition 1 / Page 2
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PAGE TWO BUSINESS IS ABLE TO FIND SOLUTION Removal of Legislative Drawbacks Necessary, However, Bank Holds New York. Dee. 27—There is reason to*warrant the belief that business is capable of working out the solution of problems eventually if it is not t 0 additional legislative draw ' the Treasury's finances are vlaced on a sounder basis, the taxes on profits and capital gams Ire revised, and the international po * '* * situation doos not bcconio c* iv.orv serious deterrent, states the Gu*rantv Trust Company of New York in a review of the current year i--d the outlook for the beginning of * • « ;he current issue of The Guar i-:v Survey, its monthly review of hus'ness ar.d financial conditions in United States and abroad, pub- I’s-hed today. •Industrial progress during the next aevenl years, however, will undoubt edly be conditioned on the extent to which the majority of our people real ise that the fundamental factor deter mining real wages is the productivity oi labor and that the only manner in which the standard of living can be taised is by increasing output per capita,” The Survey continues. "While most competent observers anticipate that the recession will con tinue well into the coming year, many believe that there is nothing of a purely economic nature apparent at present to suggest that we are enter ing a depression of the magnitude and duration of the last one. But there are some who are confident that fund amental factors are unsound and that the country faces a drastic corrective movement. "Even though considerable recovery should occur during the coming year, several problems will still remain that must be solved before business may regard the longer-term future with as surance. Perhaps foremost among these is the need for the adoption of £ icng-range plan of relief expendi tures at times of economic stress, as contrasted with the spasmodic, waste ful. and poorly planned disbursements ia the past. Along the same line some definite plan for balancing the budget is needed, such as broadening the tax base and reducing expenditures. When a balance is achieved and conditions warrant, it is essential that a syste matic program be adopted for reduc ing the huge public debt. MINK* * ; Japanese, Chinese Envoys Meet at White House Fete Hirosi Saito and wife Dr. Chengting Wang and daughters • . . Japanese ambassador • • • Chinese ambassador The Japanese and the Chinese ambassadors to the United States come together under one roof—in the White House at the diplomatic reception. They are seen here in their full dress for the occasion. — “In respect to labor, there is an ur ' gent necessity for some approach to industrial problems that will enable : the government, business men, and labor to consider their differences in a spirit of cooperation. Underlying the foregoing and other problems is the danger in the political philosophy j that man-made doctrines can bring greater good to the people of the na -1 ticn than the operation of natural i economic laws. j Several Factors Contributed to Recession i “In view cf the fact that the gains ! this year were wide-spread and that the movement was strong enough to overcome seemingly insurmountable obstacles, many are at a loss to ac FTFNUFRSON (N. C.) DAILY DISPATCH TUESDAY, DECEMBER 28, 1937 count for the sudden appearance and rapid growth of the recession. One of the causes frequently cited is the ef fects of the Government’s credit poli cies, which, it is held, tightened credit to an extent that made it necessary 1 for the hanks to secure funds by sell ing government securities. The fact that the sale of these securities by reporting member banks during this year exceeded the increase in loans by about half a billion dollars and •that excess reserves now aggregate more than a billion dollars indicates that member banks have been liqui dating Government securities for rea sons other than a need for additional funds. “In the final analysis, business ceas- With Ambassador Hirosi Saito of Japan is his wife. With Dr. Chengting Wang, Chinese envoy, are his three daughters, left to right, Yoeh, An Fu and An Hsiu. ed to expand largely because of a loss of confidence. To the extent that this development was based on the belief that production was surpassing the level capable of absorption by thecur rent level of demand, the recession may be regarded as cyclical or ‘nor mal’ in character. However, there can be no doubt that several other factors exerted a strong influence on the down ward course of business. In fact, the confidence of many business men be gan to ebb as early as February when the growth of labor disturbances made the outlook for uninterrupted opera tions highly uncertain. Business Retarded by Heavy Taxes “The effects of certain legislation in fcrce this year, especially that which increased the tax burden and called ‘-for heavy Government expenditures, acted as a. constant harassment to bus iness. These laws have had such a strong influence on business senti ment and the course of trade in the last few years that they cannot be excluded from any speculation re garding future prospects. Even un der circumstances where the limited understanding of the factors govern ing the cyclical movement of business is alone required for guidance, it is always difficult to predict future eco nomic trends. But prognostication un der present conditions, with the Gov ' ernment exercising unprecedented con trol over private enterprise is particu larly hazardous. Opinions based on the soundest scientific devices known could be nullified overnight by action on the part of the Government under its existing powers, to say nothing of the uncertainty of possible legislation that may be enacted in the future.” In SBOO,OOO Suit Frederick H. Stinchfield . . . sued for conspiracy Frederick H. Stinchfield of Min neapolis, former president of the American Bar association, is one of the well-known lawyers named in the suit of Mrs. Katherine Rhea Stevens, who seeks SBOO,OOO, charging “connivance and con spiracy” in divorce proceedings. The other lawyer is Pierce Butler, Jr., son of the supreme court justice. The suit rose from di vorce proceedings of Mrs. Stevens against her railroad executive husband, H. E. Stevens. . —Central Press Late War Chief and Wife ' -.v/.v' • - ■■^^^Sw%W^‘^f^ro|^^Wijwßjßj^^i|yX , ‘. , -''‘' Newton D. Baker, 66, Secretary of War in President Wilson’s World War administration, is shown above in a recent photo with his wife. The picture was taken at their home in Cleveland, O. Baker died of a cerebral hemorrhage on Christmas Day (Central Press) Ex-Congressman 100 Years Old jj^j \ * *- _p_p' Judge Henry Richard Gibson, oldest living former Congressman, Is pictured in his home at Washington, D. C., with his wife, whom he married eight years ago, and who says he is “the most remarkable and kindly man I have ever known.” Judge Gibson served in Congress from 1895 to 1905 from the Second Tennessee District. He is a native of Maryland and served in the Union Army during the Civil War. (Central Prest) The Manassa Mauler’s Brood ► A, v - : v n Syip , TKB’ ! ff:L '<:J ■■ ’JPlwft*' f Here is the first picture of Jack Dempsey, his wife, and their two childre". Joan, three and a half, and Barbara, 15 months. With his wife, the forme" Hannah Williams, the former world’s heavyweight boxing champion shown rallying ’round the Christmas tree after Santa paid his visit *» their New York apartment. (Central Pres*\ Aoah Msmskou, ) MVSTcRy) A ft %* 1 JJXU: M DEAR. NOAH* IF THE BOOXS ARE IN TIERS, IS IT BECAUSE THET HAVE BROKEN BACKS 7 Aej£.R.iT-r Cummings MAVNAgD, IOWA. DEAR. NOAH —IF FRANCE v GOT HUNSARX WOULD FRANCE CHASE TURKEY”? BOS M e /NTYRg Tou&po, O. DEAR. NOAH*IF YOU WANTED CEETIRED Ml UK WOUL.D YOU HAVE TO (SO TO A BANK FOR IT Alias. j. a sneuß w yan potts:, micx POSTCARD AUI» NOTIONS TO NOAH I /foAH WUMSKUU r\ SHOO/ tfSX / TH£ Boor • • 1 ■ - -«**■* DEAR NOAH*DO THE DRUM STICKS HELP THEM" BEAT VT " WHEN YOU SHOO THEM CUT OF THE GARDEN 7 SUSAN ANUR-PHY FULTON, II—L.. DEAR NOAH*IF YOUR HOTEL ROOM GETS TOO WARM, WHY NOT OPEN THE WINDOW AND SEE THE FIRE ESCAPE 7. - CURLEY V.ALEXANOCtt * SOUTH BCNP, INP- NOW'S THE TIME TO POSTCARD TWJ® SMAWNOTTONSTtoO^RNWH^
Henderson Daily Dispatch (Henderson, N.C.)
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Dec. 28, 1937, edition 1
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