Newspapers / The Waynesville Mountaineer (Waynesville, … / Nov. 15, 1934, edition 1 / Page 20
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THE WAYNESVILLE MOUNTAINEER THURSDAY, NOVEMBER 15 1934 NKW DKAL'S TKIUMI'II. DKMOi RATS IX CONTROL. liKI'L'iJLICAN OUTLOOK. DEMOCRATIC DANGERS.. OCR TARIFF POLICIES. GOING A FT tvl I TAX LODGF.I JJv Hu. y !lu,ru Sims. The Mountaineer Spc .al Wuihinjrton Ojrrt.-pon-iltnt. l-Vi'lt'IK'' botwif-r Fa-'-, rh JK 'J", .h.-'.'la;; of increas':!' titfhtne. s Japan and other world pow- l-Jv.-tions arising it. the Far trade policies of Man-p!-.t-.-.ted by .-evL-r'. powers. ':- instijratt-d -by Japan, but r,. -.-I- government, when ask- vj: them, talis bacrf on the a i independence'' of the new As other powers have not L'pized the '"puppet state," an i.--e results. FINDS BANKS WILLING, EQRPiQWERS CAUTIOUS J Prominent Writer Ketutes Statements Cankers Are Ke fusing Sound Leans De scribes Reasons for Reduced Volume of Credit. Trie Xew Del, triumphant in it iir.-t election te.-.t, enters a lie.v jjhajf witli President Ruo.-eve't ir: (.:r. n.and of the political situation more completely than any peace-t;n.e pres ident .since pa.-ty warfare v.as inau gurated in the I'nited State.-1! This does not mean that the hief Execu tive will be able to have hi way even amotiK his own followers, but that organized opposition all but top pleii to the K'ound in the election last week- ix- el A In The amazing sweep of the Demo cratic party, which brushed aside al most every remnant of the Old Guard .Republican element, carried with it an nuheard of senatorial majority, which may be reduced but cannot be overcome for nearly a decade. The supporters of the administration main tained the overwhelming House ma jority and took over governorships in states which had not drifted out of Republican control .since the Civil War. Indicative of the utter rout of the Republicans is the fact that Pennsylvania, ancient stronghold of the G. 0. P., not only sent a Demo crat to the U. S- Senate, a governor to the state capital but sends more than two-thirds of its House dele gation to Washington as Democrats. A new hard-boiled policy hi nut into effect bv the liureau tenia! Revenue which rigorou.-:y pressing for payment of all income taxes an ! other payments which :t lieve-, arc due the governmen cording to officials, the Hurt .1. has no di.-cretioii but must enforce payment in full. Protests are disregarded and compromises are permitted only when; there is doubt as to the liabil ity of the taxpayer or the collecti bility of the tax. It is too early to attempt to ana lyze the effect of the election upon the Republican party's future. Cer tainly, until the bewilderment has passed there can be no plans laid Of course, it is impossible for the Bureau to examine the retu.n.s of all taxpayers and. therefore, some get by with exemption that others fail to secure. .Moreover, some officials differ in interpreting the case.s that arise in the twilight zone of income taxation. But generally, the Treas ury is determined to follow a severe policy toward deductions and com promises and to abandon the easy at titude that existed in flush times. The Bureau experts to increase the tax yield by $85,000,000 this year and to lay heavy penalties against cor porations which pile up surpluses for iong periods in an effort to escape surtaxes. In addition, much closer examination is to be made into the "husband and wife business" sales of stock and property from one to the other. James A. Moffett.. chief of the Fed eral Housing Project, is trying to re vive the heavy industries, relieve un. but when the time comes to take ' employment, and prevent another counsel for the l'j:!6 election you may funeral maturing of private debt dur- put it down as certain that Senator mK a depression. He is honing that Vanderberg, of Michigan, will havetne government guarantee of mort- a lot to .say and that he will be listen ed to with great respect. He came through the recent catastrophe, car. rying his state. His attitude toward the Xew Deal was flexible and he indorsed much liberal legislation. In fact, when he came to the Senate he was considered somewhat wMd by the Old Guard but he has come through and they are out of the pic ture. For the Democratic party the tri umph may be so complete as to in vite division and bitter dispute. Pos sibly, conservative and liberal Dem ocrats will diverge, and it is not be yond the realm of political events for the division to serious cripple the vast strength that was gained last week. President Roosevelt's atti tude will have much to do with this. If he continues what one might call a middle-of-the-road policy he will likely hold most of his party behind him, losing the radicals and the standpatters. If he turns strongly to the right or the left he will prob ably alienate a considerable faction, which will either form the nucleus of a new opposition party or else join with like-minded Republicans. Con versely, there will be a faction of Republicans drifting to his support, a.m uiereaner ttie two parties, while holding the old names, will be com pletely reformed along lines that no one can now foresee. gage and construction projects within certain cost limits will accomplish these purposes solely through private initiative and the use of private cap ital. More than this, he is afraid that the use of public capital in this field will drive private capital into hiding again because it would be unable to meet the competition. Recently, the President, after much discussion, authorized the Adminis trator of the Federal Housing Act to enlarge the scope of its activity. For several months. Mr. Moffett and his aides had been working on a renovizing" plan, which has devel oped business of more than $70,000,- uuu rrom private capital. Now, he is empowered to go into the mortgage anq new construction held, With uniiorm interest rate of five per cent set on new home mortgages by the r resident nimseir. No one, who keeps up with inter national affairs, can fail t0 see the Those who have studied the possi bilities of the housing program be lieve tnat it is possible to underwrite a vast business expansion and, what is oetter, tnat it will be largely ua.sea upon private undertakings. By making credit more readily avail- aoie ior tne construction of new nomes, it is expected to nrovide em ployment for thousands of men now out or work in the building trades and in industries producing lumber, bricks cement and other materials. That there is a great need for new CLOTHING For Men and Boys C. E. Ray's Sons A COMPLETE CLOTHING SERVICE Telephone Users Consider Quality and Dependability of Service as Paramount ' Telephone service is such an intimate, personal service that anything adversely affecting it at once becomes a subject of individual interest to the millions of users. Because this service has such an important part in your every day social and business i life, its quality and dependability are matters of serious concern to you. Service inferior to the high standard to which you axe accustomed would not be acceptable, even at a lower price. Recognizing this fact, the Bell System has always so shaped its policy as to insure the best and most dependable service that science and careful, farsighted management could produce, at the lowest possible cost consistent with financial safety. Due to this constructive policy, the telephone business has never earned speculative profits. . t 1 1n the best years of the Southern Bell Telephone Company's history, and during a time when other businesses were earning large profits on soaring prices, the cost of the telephone service was kept at a level where the return on the investment was never more then 1. In 1930. when the depression was first felt, these earnings declined rapidly, and in 1933 they shrank to about 4 on the investment It is obvious that further reductions of such already in adequate earnings would seriously endanger the financial soundness of the business, and be reflected in the quality and dependability of the service. Southern ELell KJCKLIS sui,;.'!..d by typical, ';!! managed banks in ::fferc-r.t parts of the country show that a hi.-h propor tion of all applications for loans have b'.en pranted in the past year or two, says Albert W. Af.vood in a recent arti c',i in The Saturday Irtnlng !'': t on "The idle Dollar." Excepts from Mr Atwood's article follow : 'Frequently banks state that as high as 90 per cent of ail sjch applications are granted and for from CO to 70 per cent of the amount asked for. Allow ins that the bankers make these figures as favorable to their own case as pos sible, It seems strange that we are told again and again that banks are not lending at all. "If wo take Into account the whole class of regular bank borrowers, the plain fact Is very few want to borrow yet. For tho word 'torrow' is merely an other name for the word 'debt,' and we face a great world-wide drive to get out of debt- "An experienced small-city banker, asked if banks were lending freely enough, wisely replied: 'The really good borrower does not wish to borrow now. Ir .'act, I think our customers are making a remarkably fine showing in paying off their loans, especially loans of long standing.' The Shrink lie of Credit "Or If we think ci business concerns rather than of Individuals, ft Is con servative to say that those able to main tain high credit ratings have been most ly the ones able to maintain ample cash resources and, therefore, least In need of credit. As prices and costs fell many concerns found themselves with plenty ot cash because of the shrinkage in operations. Cash resources were still further swollen by reduced dividends, and smaller Inventories made bank bor rowing still less necessary. "Expressed in another way. banks cannot expand credit, they cannot make loans, unless there Is a demand for the same. Fundamentally, the business transaction makes the loan, the loan does not make the transaction. It Is a mistake to try to force upon business organizations funds which they do not need. Under the circumstances the 'idle dollar Is a natural and proper enough phenomenon, A demand for credit Is difficult to create artificially, and there Is always danger In so doing. "Banks must be liquid enough at all times to pay depositors. The Idea ot a commercial loan is that It represents a self-liquidating process In business. If the banker makes only those advances that are Inherently sound, and selects his maturities wisely, he will have in coming funds to meet demands. Government Lending "As everbody knows, the Govern ment has vast lending agencies, tor home owners, farmersand the like. These have nothing to do with the sub ject of this article, except that all such Government operations would be im possible If the banks did not lend the Government money for the purpose. "No one can set a time when borrow ing will be resumed. But It will come when men once more feel that condi tions are sufficiently settled to warrant them in taking chances, In entering upon deals, and in trying to make money." Mr. Atwood says that It may be that the banks are overcautious now, Just as they were overconfident in 1929. but calls attention to the fact that until a little more than a year ago banks were falling "partly because they had ! loaned too freely, and were being criticized right and left for precisely that fault." He adds:. "Indeed the banks which had been cautious In their lending policy came through the crisis safely. Under such conditions it Is utterly useless to criti cize banks for not making loans. After the experience they had for several years, especially In 1932 and 1933. it Is only natural that they should relax their requirements very slowly and gradually. "Unfortunately, many of the applica tions for loans are not people who want temporary banking accommoda tion for three or six months and are quite able to meet their maturity dates, but are from those who really need per manent capital They are busted and they want someone to stake them to new start What they really seek is a partner to furnish them with long-time capital. But depositors Insist upon be ing paid on demand, and, therefore. It Is a grave question whether banks should tie up their funds tor any length of time." Oldest RuUurantt The oldest restaurants In the world are the Bratwurstglockleln at Nurem berg, where sausage has been eaten for 525 years; the Mitre hotel at Ox ford, which has service for 500 years; the Cafe de la Itegence In Paris, which has been open for 200 years, and the Itatskeller In Bremen, built In 1405. The Capello Nero of Venice also counts Its nee In centuries Telephone and Telegraph I N C ORPORATED construction in many sections of the country is clear, because of the al most cessation home building in re cent years- Experts estimate the shortage of homes in the country at from 750,000 to twice that figure. If cost of building can be reduced, there exists the likelihood of great improvement in the construction trades and related industries. 1 C- r) 0gBl Says Dahlia Roots .lUustJNot Freeze HEYDLER WATCHED TEAMS. ! 1 ROX1X GOES TO BOSTON' i RUTH CAN GET RELEASE ' liasehall fans, interested in the' -P'-'ctacular diive of the Cardinals 10 th,- National League pennant in the last two weeks of the iy.'J4 campaign, heard frequent comments on the par", o: wareless talking to the effect that everything was "lixed." With New York and St. Louis playing second division clubs, it was thought that maybe one club might get some help fro ;ii their opponent. : vision since 1918- When it won its pennant- In the campaign this year Ha.'i'is lost his chance for the pen-n- nt when Lc'ty Grove. Rube Wal-b-urg. and George Pipgrass failed to deliver the goods in the box. It is now revealed that President John A. Heydler kep". at close watch on every game played during the hectic rush and that when the Car dinals were winning in the closing weeks, the umpires were instructed to watch carefully for any tend.-iuy on the part of the opposition to "lay down." This comes to light becaa-e . Larry McPhaill, president of the Cin-; cinnati Red.s complained to Ithtj League head about such reports. j When Clark Griffith sold his mann er, there was talk that the Washing- n owner would angle for Babe Ruth s in aiager, but not for long, as the 01 i Fox" made- it plain that he was it considering the "Babe." Mean-i-iile. in New York, Jacob Ruppert. w.ner of the Yankte.s, declared hc ould release his famous slugger no price tag attached if any rh icr major league club desires manager. Ruth We think the tans generally should j praise the timely action of President Heydler, who was determined to avoid any possibility of scandal. He wanted to be sure that the clubs were playing real baseball and as Chief Executive of his League, it was his business to take such steps as were necessary to assure himself that the games were absolutely "on the level.' This implied no reflection whatever upon the Cardinals or Giants oppo-stion. The report was that Connie Mack , might let Ruth succeed him in Phil-J st-orming team to the Orient, declares that his ambition is to continue as manager until he passes his eightieth birthday. Joseph Cronin goes to the Boston Red Sox for an unannounced sum of money, but it is estimated at between $150,000 and $250,000. Cronin will be playing manager at Boston under a Five-year contract. That the deal was permitted to go through largely for Cronin's benefit may be assumed when one recalls that the former Senator married Clark (friffith's adopted daughter and that the trade was held up until he gave his con sent. Cronin has played with the Senators for seven years and led the club to a pennant two years ogo. He succeeded W'alter Johnson as manager. w'jj s.jjsjuup uciuj.kj b '(sassu'S) !DUU 'UU oJS Jo UOIjdlUJOO B ..ISUO),, KJdpjSUOO pooAd"pe.v liI10l 'jooi) pun aiu uu sjjo.tt qsjiHua pio an jo Joinn sAi;s 'jojjjoo A'lquqojJ Bl smj, scJiu 3u ojui nd jsuoj em UJI-tt pojjauuoj pjo.u jenjux aui UI .SuHsiBo),, paui.w, 'A'jniuaa qjuad -juSia aqj aous 'iwaq scii suiiuaq Su -jiu'jp jo uiojsna uo.ybv;-o3iiy aqx Suijtwox,, JO UlBlJQ In areas where dah'.ia freeze when left under wintt:-, the roots should C and stored in a place w!u-r,- perature remains .'moderate. A few days before it best time to dig the root-. t to Robert Schmidt, asf;.,', ticulturist of the Norti. ' experiment station. The tops should be cut ground and the root, da- , a spading fork, if possible, ful not to break the iie-. ',. of the tuberous roots. Remove the dirt carefully clump, allow it to dry for a: two, then place in a cellar place where the temperatu not go down to freezing ,,r 50 degrees. In cellars where furnaces eated, the air is usually too w dry. But the roots may be p a box Oi dry sand or sandy set in the coolest part of the The clumps of dahlias lef ground should be taken up vided before growth start.-: spring, Schmidt says. CT..ar. . ' - an: t. in cas 0 jno soiim zi pJBau sui!junou Suipunojjiis oqj Jnonfjj SuiJUJaqjaAaj 'sassmu Jiinmj; pai 3uipu aqi jo juoj aqx fluipEu,aB iAiiaq jo japunqi uujsp jo Suij.-j 8i(. aw asou sajiiaja jaijuji m J uojotu 2uAbiu-AiOs aqj, 'PlJo.u ar;j jj jaiDii'3 jcpiaujoads jsom puu is.cjjq 8uj K 'Bspsuiy u 'jaJB3 ti!qtau-j o0H)03dg ueDijpmy ijijo y Purchase of Joe Cronin by Tom Y'awkey, millionaire owner of the Boston Red Sox, indicates to what extent that gentleman intends to go to win the pennant in the American League. Not only did he turn loose a wad of cash but gave up Lyn Larry, smart fielding shortstop for whom he paid about $35,000. Yawkey spent around two and a half million dol lors for the Boston franchise and in remodeling Fenway Park. Since that time he has used about a half million dollars in buying players. Cronin succeeds Stanley (Bucky) Harris at Bostcn. Harris brought the Red Sox into fourth place, the first time it landed in the first, di- (aJ To Help PREYENT Colds (S) To Help SHORTEN a Cold At the first sneeze or nasal irrita tion, quick! a few drops of Vicks Va-tro-nol. Its timely use helps to prevent many colds and to throw off colds in their early stages. At bedtime, just rub on Vicks VapoRub, the mother's standby in treating colds. All through the night, by stimulation and inhalation, VapoRub fights the cold direct. fc) To Build RESISTANCE to Colds: Follow the simple rules of health that are part of Vicks Plan for Better Control of Colds. The Plan has been clinically tested by practicing physicians and proved in home use by millions. (Youll find full details of this unique Plan in each Vicks package.) , hap Service and Inspection Prestone AND Alcohol Odorless and Rust Proof Will you get the most Service and Pleasure out of your car this Winter? Or will you let faulty or stopped up radiator, a bad fan belt, or poor spark plugs cause trouble ? Do the sensible thing, let us give you a thorough check-up by our fourteen point inspection service. It costs you nothing for the inspection and we will be glad to remedy any faults that may be found. HERE IS OUR 14 Point Inspection Service 1. Radiator flushed and refilled. ; 2. Radiator hose and clamps in ; spected. 3. Water pump inspected for leaks, 4. Fan belt inspected. 5. Steering gear inspected for ; grease. 6. Spark plugs tested. 7. Battery terminals cleaned and greased. -. . 8. Battery tested and water replen ished. ' i ," 9. Lights tested for burned out .. bulbs. 10. Tires inspected and properly in-...V- flated. 11. Windshield blade and tubing in- spected. .. 12. : Check transmission for proper . . . level 13. Check differential for proper level. V-. 14. Check Oil Filter for proper . mileage. We handle the full line of Standard products, including Atlas Tires and Tubes, Batteries and battery connections, Essolube and Uniflo Oils, Esso and Essolene gasoline. ESSO STATION 575 D. Waynes ville, N. C. Main St. & Hwy. 10 J. HOWELL, Manager ESSO STATION W. Main St.: Phone 9197 TOM LEE, JR Manager Here's theTIl of C01DS-COIOTROIL
The Waynesville Mountaineer (Waynesville, N.C.)
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Nov. 15, 1934, edition 1
20
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