Newspapers / The Perquimans Weekly (Hertford, … / Jan. 21, 1938, edition 1 / Page 7
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r I TEE rERQUIMANS WEEKLt. HERTFORD, N. C, FRIDAY, JANUARY 21, 1938 1 PAGE SEVEN !!:;; at mosm HCITS SINCE 1934 s -" : CONOMY AND INCOME V INDUSTRIALISTS CONFER , . HSUT AGAINST REFORH . OUR MERCHANT MARINE BUYING WORLD SILVERS '" COURT THEORIES 1 " , -RAILROADS DESPERATE u v (Hugo S. Sims, Washington spondent.) Corre- , I '-The President's efforts to balance the national budget will meet with : Considerable opposition from' con gressmen who are reluctant to see the flow of dollars cut off front their : consti luen to. ive viewing - wio liscai ' history of the past few years we find that Mf. Roosevelt began his admin Istration with deliberate pump-prim-tog which' resulted in a ' deficit of -$3,629,000,000 for the fiscal year end ing June' 80, 1934. ' The deficits have . been reduced each u year since that high, figure, -if we omit from consid p deration the payment of the Veterans' bonus in the fiscal years 1936. and 1937. In 1935, the deficit was $3,- ? ' 001,000,000: 1936, $2,687,000,000; , , 1987, $2,144,000,000; and in the fiscal year to end June 80, 1938, the , esti mated deficit is $1,088,000,000. the President continued to see public utility executives, ' The utility men were interested in Issues involving old PWA - grants and the ouestion ' of whether existing facilities should be duplicated, Tne President' termed them questions of "local nature" and said that ; the Government could not occupy a position' more participatory than that of amicus curiae, , as the municipalities had the last word as to the use of Federal grants, - He ex pressed the hope, however, that there would be no duplication of existing facilities. : Next year, the President hopes to ' reduce the deficit below, the billion - dollar mark.' This is predicated upon , sharp reductions in expenditures for I highway construction, the CCC, and ' 1 in limiting the agricultural program to around $500000,000. The plan is threatened by opposition to all of these . retrenchments and by the threat of more unemployment andi ' consequent necessity of spending nore than the billion dollars now al 'f located for relief. Moreover, the pre paredness program, will likely in V elude materially enlarged sums for VJ the navy. i':f ' Expenditures of the Federal Gov ernment, according to Mr. Roosevelt, are not likely to fall much below - 'seven billion dollars a year, which is I k about twice the p re-depression level. I The reduction, in deficits has been . brought about by a steadily rising in come since the 1932 fiscal year when Hie -Government collected barely $2, i: 000,000,000. For the present, year, estimated receipts are six and a . quarter billions, a new record for the nation. However, Jthis is billion ' "dollars below what the President an ' ticipated last Januarythe decrease f being attributed to the business, re ' - cession. ' Plainly, the balanced biid Aget depends upon increased tax col I lections, which, in turn, are tied up - with the national income. The Pres ident sets a goal of between ninety to one hundred billion dollars for the I national income and expects that this will produce sufficient taxes to bat ; anee the national budget. ' - These figures explain the efforts of ' the President to bring about a more : sustained economic recovery through cooperation between Government and - industrv. Before tne nouaays, tne Chief Executive held a series of con ferences with prominent utility lead rs. Last week -he talked with Key industrialists, including some who have been pronounced adversaries of the Administration policies. While no public announcement was made as to discussions, the industrialists re wted "an interesting and instructive t. 'k with the President and tha."all otftus amree that we have a, better understanding of each, other's' prob lems out of which we are sure will come closer cooperation - in meeting ' the difficulties of the moment." : In connection with the President's effort to secure the cooperation of the industrialists, .it should .be remember ed that when the Administration un dertook its reforms, there was gen eral opposition on the part of indus trial leaders. The Liberty League was a result of the massed opposi tion of certain business, financial and industrial leaders who Were convinced that they could undermine the Presi dent and defeat the New Deal's ob jectives. The election of 1936 thor oughly exploded this opinion and strengthened the President's deter mination to insist upon ba3ic reforms. Apparently, the present prospect of cooperation depends entirely upon the willingness of responsible indus trialists to accept the inevitable, re vise the rules of business and play the game under the new set-up. I cents an ounce. Secretary Morgen- than says the purchase was required under the Silver Purchase Act, which requires that the white metal consti tute one-fourth of the Treasury's combined stock of silver and ' gold unless the world price of silver reaches $1.29 per ounce. The Secre tary said that silver purchases are made from China, Canada and Mexi co, because they are the only coun tries which have offered to sell silver. In Mexico City, announcement of the agreement was hailed with great sat isfaction r. although officials there denied that the Mexican Government had entered into any bargain with the United states in regard to domestic legislation. For more than twenty years the Supreme Court has stood by the re production cost theory as a valuation The Maritime Commission has signed agreements with seven steam ship companies for the immediate construction of twenty ocean-going vessels and the possible construction of twenty-three others. The total cost of the new Bhips will be $110, 000,000 and it is expected that four teen will be begun in 1936. The seven companies will receive subsidies totaling $7,359,000 annually, with fifty-seven per cent, of the money be ing used for subsistence and wages of the operating personnel. Another agreement is expected to provide nine or ten combination cargo and passenger vessels. Besides the above program, the Commission has called for bids on twelve cargo ves sels, to cost around $20,000,000, and the Standard Oil Company will be aided in the construction of twelve high-speed tankers, at a cost of $37, 500,000, of which the Government will provide $10,500,000, to cover the ex pense of high-speed power plants. The new agreements are made under the Merchant-Marine Act of 1936 and the subsidies will replace 31 mail contracts which formerly cost the Postoffice Department more than twenty million dollars annually whether the ships carried much or little mail. The general idea of the program is to assure the nation of an adequate merchant marine in an emergency. ' The five major leaders of business i xiuaea: Aiirea r. oioan, jr., cnair r an of the board of General Motors: I most T. Weir, of the National Steel Corooration: Lewis H. Brown of the hns-Manville Corporation i ' M." W, V ament. president of the Pennsyl i-nia Railroad, and Colby M. Chester, -sideht of the General Foods Cor 'Jon and chairman of the board ' !ve National Association of Manu arers. Three of these" "men were ;e members of the American Lib League which, for a time, -was a -ous critic of New Deal policies. i addition to these industrialist. T t:ca-A they 'are men can j".iyrizr 3 a three-quarter -a - a o is all love and ttree vrr 's of the moath " tt' 9 fourth. . i--- tii men never . tn cerHn. 1 ti f t vy wtJ' 'It. ..n t t i To prevent fluctuations in world silver prices, the Treasury Depart ment has agreed to purchase 35,000, 000 ounces of silver from the Mexican Government at a price of forty-five ': CLAIROL, the amazing aham ., poo-oil-tint, has ' been nsed nd V praised by millions of American ; women who want young-looking hair. In one triple-action trem-st, , tiairoi anampoos, recond.ws and TINTS ; . , blends teU-tsle gray ' into the natural tones of yonf bur so per.itly as to defy 'det-coa . Ask for a ClaircJ tmtment it your - beauty . -y or Wr: t ns t or F2USE - bookkt, iZAct acJ anai - . tA! z,th"sl i Ua f ur r 1 1 "II j: 1. I ( , rtw.4st,iiy-kL J14-Ic, Ab basis' in v establishing rates to be charged by public utilities, but the re tirement of Justice Sutherland will assure a' liberal majority which will probably lead the Government to at tempt to persuade the Court to adopt the "prudent investment" theory which would exercise a powerful ef fects upon utility rates. Moreover, some Court, dicta involving the "due process" ' clause will be reversed in future cases. It is a known fact that the Conservation Court has interpret ed "due process" to protect much more than procedural rights and remedies. the The legal question involved in TVA litigation is not the same as that recently determined by the Su preme Court when it decided that the utility companies were without stand ing to challenge the validity of loans Roosevelt and grants to municipalities for pow er purposes. In the TVA case, the utilities challenge the right of the Federal Government to use its mon ey and directly engage in competi tion with the companies. Of course, the utility cases decided early this month recognizes the right of the Federal Government to release funds to municipalities to compete with power companies regardless of whether the Federal Government can directly engage in the production and sale of electric power. The railroad situation, it is gener ally recognized, presents a picture so grave that it would be difficult to ex aggerate it. With few exceptions, the railroads are "very sick" and only a "major operation" can keep them out of bankruptcy. President says that rehabilitation cannot be long delayed and that a national system of adequate, economic and solvent railroads, privately own ed and operated, is a national neces sity. He has asked Joseph B. East man, of the Interstate Commerce Commission, to draft legislation for presentation to Congress. One of the problems of the roads is "top-heavy" financial structure, with plenty of water. Whether or not the new leg islation will attempt to squeeze the structures, involving losses to large investors in railway securities, is a question. Conceivably, consolidation of lines to end destructive competi tion, abandonment of uneconomic lines, readjustment of rate schedules and increased management control will be provided. Use milk to remove wine stains, boiling the stains until they are gone. I) inn's Aiffii ys' Weaur Our Entire Stock Must Be Closed Out Within 30 Days Regardless of Prices. Reason For Closing Out Our Stock of Clothing Is That I Will Give All My Atten tion to the Dry Cleaning Business. If You Want to Save Money, Here Is Your Opportunity. Come In and Compare Prices With Similar Quality Merchandise. FULL LOT OF $12.50 and $15.00 value. Close-out price, only .00 LOT OF - - v:t v -. ' Regular $17.50 value. Close-out price only... $12, ASSORTMENT OF All sizes and colors. Priced from...... 98c up MEN'S HEAVY WEIGHT OVERALLS 75c up MEN'S HEAVY LINED JUMPERS $1.98 value. M A Close-out price D 1 UU HEAVY up ITS 75c value 65c now $1.00 value now MEN'S FELT i $1.98 value now $1.50 $1.50 value now $1.00 MEN'S AND BOYS' CAPS 25c value 19c 50c value 39c $1.00 value 75c MEN'S LEATHER BELTS 50c value now 39c $1.00 and $1.25 value 75c tergc AssGrtmEnt of f 'en's neckties 10c value, 8c; 2 for. 15c 25c value now 19c :50c value 1:.,..:..:: ,...39c 1, Union Suits 50c value Sals price 39c MEN'S GOOD QUALITY SOCKS 10c value now 8c 25c value now 19c MEN'S SHIRTS AND SHORTS 19c value now 15c 25c value now 19c 50cjjahjj2v9c 1,Q Pairs of Men's and Boys' Shoes Come early and get your se- 4 1 O C lection. To close out at... D 1 0 ud One Lot of Men's Lumber Jackets $1.39 up Sl;iS2s d Week-en;! Bs 75c up 82.65 $1.00 value Sale price.... One Lot of Men's Sweaters 75c 0fi3 Lot of Men's IbQerchiafs ioc 5c value 3 for EDENTON,N-;C y 1 1 . i i
The Perquimans Weekly (Hertford, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 21, 1938, edition 1
7
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