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About Athens banner-herald. (Athens, Ga.) 1933-current | View Entire Issue (April 21, 1935)
PAGE SIX RAISTY GPEAKER AT ECONOMIC SEMINAR - Commerce Professor Says Banking Act Shows Tem porizing, Compromise In the array of changes pro vided in the proposed banking act of 1935, there is "clearly much temporizing and compromise, ac cording to Dr. Llovd B. Raisty of the University of Georgia School of Commerce in addressing the | Economics Seminar here Friday. | “To build a sound economic struc- | ture, we need an outright central banking system based upon l‘wl-.f eral authority .alone, -and one in; which the branch banking prinvi—? ple is given regional, if not n:n-f tion-wide, expression” he said. I | Dr. Raisty ‘eriticized the pro posed changes in the light of the needs of the preseng. “With 22,- 000,000 families on reiief, with the $4,800,000.000 work-relief program just getting under way, with one billion dollars needed for arma ments and defense, and other bil lions for this and that, the gov ernment obviously most needs a fiscal agent in order to finance its various programs. No onhe can deny that the new banking bill provides the nccessary machinery. “Under the néw set-up, the Fed eral Reserve Board and the entire Federal Reserve System become merely extensions -of the treas- Jury. Through centralization of the bhoards of dirvectors of the Federal Reserve Board and to the Open Market committee, the banking system becomes simply a machine by which the administra-_ tion can find and maintain a market for its issues, By extend ing the bases for rediscount oper ations and noté issues, the admin istraiton makes certain that the arteries and veins pf the mones tary and credit system will not become clogged. By permitting national banks to invade the real estate mortgage investment field. the administration laws the base for its extensive "housing program. “Realizing, however, that these steps will lay potentially the foun dation for- one of the wildest in flationary and speculative booms ever conceived, the administra tion has provided for central con trol of Treserve - requirements in order to check the movement once it gets under way. ! “While we may say that the banking act of . 1935 does not achieve major banking reform, it must be agreed that®the adminis tration has engineered a mechan ism that is designed to finance the New Deal. To my mind, how ever, there are two, very funda mental errors: : “(a) The assumption, underly ing hoth the present administra tion and the previous” administra ~ tion policies, that cheap credit will bring economic restoration. { “(b) The evident beqief that ef—‘ fective credit controls have been | established. : “Neither error can be proved to exist: time alone vcan give the proof. | “Second, and apart from thet New Deal, does the new banking act correct the most fagrant evils | of our present - hanking syfltem?' To my mind, it does not. It pro vides t( permament plan of depositl insurance, but this is.a sign of | weakness. A sound banking sys tem needs no deposit guarantee. The act does not strike at the major weaknesses: (1) the con flict between state and national regulation; (2) the unit banking principle, with its thousands o under-capitalized and under-nour ished banks, and (3) the lack of. control over deposit credit, a cor allary of the others. Instead of correcting underlying evils, the banking act of 1935 for the most part merely makes permanent. what was passed as emergency legislation. But at the same time, it has provided the machinery for a managed currency system that has grave inflationary possibili ties. Wise nranagement will e _ beneficial; poor management wily -be ruinous.” . ; l bR “Happy Easter” Assumes Dollars-and-Cents Signif icance Saturday BY FRANK MacMILLEN (Associated Press Financial Writer) NEW YORK — P —— “Happy Easter” assumed a dollars-and ceénts significance for stock market traders and investors Saturday as the share list stazed a two-hour bull demonstration. Activity expanded sharply on the rise, and the day's turnover of 880,820 shares was the largest for the short session in about a Year. Many leading equities advanced 1 to 3 points, and few issues failed 1o register at least fractional im provement, Wall Street quarters were some what taken aback at the vigorous quality of the demand for stocks. especially since many traders were known to have left the city for the holiday. Leading staples, howev r, felt the general lightening of sentiment, wheat ended up 1 1-4 to 1 3-4 cents & bushel and corn advanced 1 1-8 to 1 3-8 cents. The New York Cotton Exchange extended the Good Friday closing through today and New Orleans was likewise closed. Victor and Vanquished in D.A. R. Vote Battle RST o e L e 4 ; A S A Beaan” ¢ ; ¥ 3 A i bt 28 % R T ; 7 { ; R L e s B v A 7 7 S’vw b g i, 5 R s RSip o S 7 ik % > £ e s P foct B, 5y R o 20 5o % O iR A e i, 2R AR B s A s A Gy e Os o A e e R e Y Y B S RRS z 5 ’ S s o R B T S why N g 72.‘,437-v-vi;s:2:‘v'»’. 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R g / %2 G SRR & es W B S TR M T il A R IR o A RgT o S 7 A KT M v A M KRR B R e 3% Z é B RRs s S S s I B R e A } ~-,_,.;4,;,‘.-:! Honor was paid Mrs. Flora Myers Gillentine, of Chattanooga| by the Tennessee State Society of Washington, during the D.A.R. convention in the capital, when Mrs. Gillentine wag an unsuccess ful candidate for president general. Chatting at the reception with Mrs. Gillentine, center, are Mrs. Joseph W. Byrns, left, wife of the speaker of the House, and Mrs. Cordell Hull, wife of the secretary cf state. R A 08 sy oy R T G ; i" Ao >‘§' G B S ; oe e 4 L e S Y S 1 : Sy A : T T eRy B T R i L st ,gg,{{’;f.»;-'« GO 1057 - s s o s 5 3 B 7 5 S o 88 XY U :i-i;’;f 47 19 % § s Bl g 8 G T e Wiy O AR W ) s > st G 5 : "\v.. Lol g e e LW AL o i é‘@/”"? ){’/fl o g B B 3 % B P N 22 Gt L LT G a we A L A e //’a{:f/fi)’ 7 i G »{”;-.-i L g Z; '%»%2 5? /',{ : flu%fi" . ‘“Y'*’." ; & SR e B A : 3 R R X A ey BG R R E P r e L 2o § s cii 4 e o SR R RE7TE . 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BecKer, center, of New Jersty, successfu! candidate for president gen eral at the convention in Washington. At the left, at Mrs. Becker's reception, is Mrs. Margaret M. Minor, a past president general, and at the right is Mrs. William Russell Magna, retiring head of the D AR Sale Of Cotton Goods Again In Excess Of Production For Week Many Changes in World- Wide Cotton Situation Pointed Out Sale of cottop goods last week again exceeded production, the sec ond consecutive week this has oc curred, J. W. Firor, agrlcultuml‘ economist of the University of Georgia said yesterday in his week ly analysis of the cotton situation. “Domestic consumption of raw cotton fm“the ¢ight months ending with March was only eight per-f cent below that of the correspond ing eight-months period of the pre vious year,” Mr. Firor reported. “Sales of cotton goods during the week were estimated as in ex c¢ess of mill production. This is the second week when the mills sold more cotton goods than they made. “Sales for the week were not as large as the previous week, how ever. These sales included cloths for wearing apparel, industrial fab rics, and narrow sheetings for manufacturing bags.” Mr. Firor said that well in formed opinion believes that the ~downward trend in cotton mill ac tivity in this country has reached the bottom. Mill activity was cur ‘tailed somewhat in Marchandsub stantially during the first two 'w&'eks in April. Cotton cloth pro ~duction in domestic mills during last week is estimate@ at 115,000, 000 yards compared with 118,000,- I'ooo yvards thé previous week and 131,000,000 yands a year ago.” l 'me\economist went on to state that “Several months intervene be ‘i‘tw»-en the sale'of cottongoods by - mills and the buying of the fin ished cotton goods by the consum ers. The increase during the week ip sales of gray cloth folowing a ;long period. of dullness indicates ' that merchants are anticipating an iincrease in purchases by consum ers this fall. Retail sales have !held up well, notwithstanding a small decline attributable to un !f:worahle weather during the last ' week.” | Gives Brief Survey In a prref survey of the world wide cottop situation, affecting both the grower of the raw prod uct and the manufacturer. of cot !‘mn goods, Mr. Firor pointed out that “all in all the cotton-world is ; experiencing many changes and, as always with changes, there are disappointments for some.” Eu rope, he said, formerly the center of the cotton mill prediction is los ing ground and in the future may} have to confine its mill operationsl to home consumption, therefore re- | ducing the opportunity for export ing American cotton. § Japan, which has forged ahead successfully in mill production, has captured some of the markets formerly held by European coun tries. India and China have ex panded their cotton mill produc tion to meet a growing among their own people while Russia has | made striking progress in the manufacturing of cotton goods.” ! “For the present, at least”, Mr. | Firor said, “the cotton mill in-| dusiry ip this country has more | capacity for production than iz; | needed to furnish American people ! with the cotton goods that they Improvements Are Made In Health Offices at City Hall The health department’'s labora tory is being remodelled and enlar ged, adjacent offices renovated and a rest room is being built in the balcony of the city hall auditorium. Improvement of the laboratory is one of the most necessary projects the city has ever undertaken, for during the last few years laboratory tests have been steadily increasing. At the April meeting of the Board of Health, it was reported by Commissioner of Health Dr. W. W. Brown that 1,600 examinations were made during the first quarter of 1935, More adequate facilities for hand. ling the increasing work will be available when the improvements are completed. One improvement to be made in the laboratory is the additien of hot water. Heretofore it has been necessary to heat water when any vessel had to be sterili zed, requiring added time and ex pense. A door has been cut at the top of the Stairs leading to the health department, and the main entrance will be moved out about 12 feet, affording more room in the main office, as well as in the laboratory. Work is being supervised by J. G. Beacham, city engineer. It will be completed within a short while Comer Made Member 1 Equalizers Boa | rd , Thomas Comer, well known Ath enian, has been elected a member of the board of tax equalizers for Clarke county by the county com missioners, He succeeds R. L. Patterson who recently resigned. Mr. Comer is chairman of the ‘board of stewards of the First | Methodist church and is a member ; of the insurance firm of Nicholson I and Comer. | The board of equalizers passes | upon tax returns of property own | ers for che purpoes of making any | adjustments that may be found | necessary. Tax returns must be | made for the county by May 1. The | board of equalizers is comprised of | Mr. Comer, H. H. Elder and John | B. Wier. | coimm—————————————————————————— e —————— scan buy. To use our cotton mill | capacity to its fullest would mean | either an increase in cotton use ! in this country, or an expansion of exports of cotton goods. The lat | ter does not seem likely in view of ' the competition furnished by Japan ' in foreign markets. Japan does not ' grow cotton. To keep her mills . supplied with raw cotton it must 'be bought from cotton growing | countries, consequently Japan has become one of our best customers for raw cotton.” j THE BANNER-HERALD, ATHENS, GEORGIA Although smaller than the Unit ed States ip area, western Eu rope, exclusive of Russia, has 40 - different languages. ‘ In ancient times, persons suffer ing from rheumatism were made to stand barefooted on the bhody of ~a torpedo ray, a fish capable of - producing electrical shocks. - e Youfpeed SRS URof fhesefeafures o get % ' CHEVROLET’S REALLY COMFORTABLE RIDE f :- ‘ '.. '::::Q:?;féfi;';f;i;z-tfi ] -:3:?:5:-'5-,5‘»:,'3.::;E.i:.1.255:3:-;-:1:: “ \\‘ 5 5/ B : : FEE T T s W e N £ B e =] ROOMIER BODIES—2" WIDER~4" LONGER 1y S S e ; : ; X NP s i '.\ ‘ '5 Fdr o™w | | MORE WEIGHT—CORRECTLY DISTRIBUTED SRR | RR R iB et RRRRES -losoriv oet - - e TTe T I TEAY . T R R SR e T RR, “ ‘ ; :CE- eSO i s SFM&VN : 5 R R {\__ A Ll = ’"‘ : | THE TMPROVED KNEE-ACTION RIDE .. . s L e G s . N \ROREE 5 : Q." @»j p-—— e . CFETR. - W R’ BN | ONGER WHEELBASE—4 ADDED INCHES OF OVERALL LENGTH e ; N s ] ‘ : ’ : DEALER ADVERTISEMENT — and Chevrolet is the only ¢ar of its price that has all of them! The Master De Luxe CH EVROLET CHOOSE CHEVROLET FOR QUALITY AT LOW COST BRUNSON MOTOR CO. Phone 1606 168 West Washington St. CHEVROLET IS THE ONLY GEORGIA BUILT CAR 4 University Glee Club Show Will Be Given Here Wednesday Night Varied Program This Sea son; Club Praised by Critics Over State Once more the famous Georgia Glee club is performing for an Athens audience, this time at the Co-Ordinate college auditorium, Wednesday night at 8:15 o'clock. ‘The club’'s progra is said to be one of the most v';}'ried and en tertaining that has ever been ar ranged. In its recent tour of the state the newspaper critics reported that the performance was pleasing and won much praise from large audiences. The guest artist this season is Miss Mina Hecker brilliant colora tura soprano of Atlanta, Wel known throughout musical circles in the South, Miss Hecker has a high reputation as a teacher and soloist, After several years in New York, she has returned to Atlanta for work with her pupils and as soloist at St. Luke’s. Coloratura sopranos are rare—and in Miss Hecker the club presents one who is known to be among the best in the country. It would be fulsome to praise Hugh Rodgson to a Georgia aud ience. His tireless labors in the state in behalf of this art have en deared him to every music lover in Georgia. One of the best knowhn Tickets Are Going Fast For Police Radio Feast Barbecue Wiil Be Held Friday to Install Radio Call System l Tickets for the policemen’s bar becue, which will be held on tha | city hall lawn pext Friday after noon from 1 o’clock until every one holding a ticket is fed. will go off sale tomorrow. Chief I£. Weldon Wood announ ced last night that only a few of the tickets remain unsold. More ‘than 700 wore printed at 50 cents ‘each. The funds raised by sale of the tickets will be used to equip the police department with a radio call system, Chief Wood declares that the efficiency of the Athens police de partment will be considerably in |oroased by installing a radio call system which will be operated ,from the police headquarters. i The automobile and motorcycle | used by the police department ln.-wh will be equipped with a ra | dio, especially for calls from po ' lice headquarters. . In view of the fact that the au , tomobile and ‘motoreycle are out pianists and composers of the South, he is in conswtant demand as a concert player; his compositions of sacred music are acknowledged among the best of modein church musie. As director of music at the Uni versity of Georgia he has demon strated a genius for stimulating young people in an appreciation of music. In Atlanta he is active as president of the Atlanta Con servatory of Music and as choir master at Saint Luke’s church. Mr. Hodgson has just returned from a visit to Mexico and will interpret some of the modern music of that country as part of the clubs pro gram. The show this year — and it will ‘be a show rather than a solemn evening of classical songs — is thought to be the fastest and most varied presented in many years, Coeds augument the chorus of forty boys and the twelve piece band. Miss Edith Logue of New York City and expert tap dancer, will furnish a professional touch with several new dances in dantastis cos tumes. Skirts adapted from Eddie Dowling’s New York success, Thumbs Up, will give push to the show. The band, assisted by a bur lesque chorus, will feature “Sweet as You Are,” “The Continental” “You're The Top,” ‘“Nagaski’ and a mediaeval folk song “Green Grow The Rashes, Ho!” ¢ | most’ ‘of the: time on patrol duty { in varigus! part sf ‘the city, ‘con siderable time can be lost because of the lack of a radio call system ‘which would be saved if it were possible to notify auto-patrolmen by radio when they are needed ‘for. any emergency duty. ¥ Mueh interest has been shown by citizens in the purchase of tickets for the barbecue and by tomorrow night all of remaining tickets are expected to have been disposed of, assuring the success of the ’cue. The barbecue will be pgepared by the famous Jim Swinger, whose barbecues have been pronounced the: very best by barbecue ex perts., Tickets can be obtained from | any policeman. Among unique wedding presents was the hive of bees which the town council of Kacskemet, Hun gary, offered to newly-married couples housekeeping in the town. A New York hotel has a restau rant en the top floor with a roof ‘that ean be rolled back in hot wea-} ther. @ The Master De Luxe Chevrolet is the only car in its price class that combines all of the following four great features: (1) It has Knee-Action Wheels with soft-acting coil springs, the only type of wheels that can step over bumps and holes and small road-irregularities, and change your ride to a glide. (2) Tt has more weight, correctly distributed . . . the extra weight so necessary to riding luxury . . . yet it's even more economical to operate than any pre vious Chevrolet model. (3) It has a longer wheel base . . . with 4 added inches of overall length . . . to Compare Chevrolet’s low deliveréd prices and easy G, M. A.C. terms. A General Motors Value . Dr. Coulter Will Speak . b st To Business Girls Club Dr. E. M. Coulter, author and professor of History at the Uni versity of Georgia, will speak at the semi-monthly meeting of the Business Girls club, Tuesday eve ning at 6:30. The themie of the speakers talk will be, “The Pres ent World Crisis”, The devotional will be led by Lucile Puryear. Delegates to the Macon conference will be selected at this meeting. Supper will be skrved by Mar garet Puryear's group. All mem bers of the organization are urged to be present. OPEN HEADQUARTERS FOR HOUSING GROLP Applications For Loans May Be Filed Monday And Tuesday ! An initial report of canvassers ;‘represenv?ing the Athens Federal iHousing Administration committee [reveals that funds for repairs and I‘new construction, amounting to ' more than $32,000 are sought by ' Athens home owners, C. . Tay lor, local chairman said yesterday. Tthe canvassers are: Mrs. W. 1. Hamilton, Mrs. Gladys Davison, Robert Saye. H. A. Bates and L. M. Pennock. Two more -canvass ers will shortly be added, complet ing the staff. Mrs, €. S. Taylor has been placed in temporary charge of theoffice of the housing group which is located on -the first floor of the Masonic building, cor ner of Lumpkin street and Clay ton street. Mrs. Sadie E. Horns-, by |has been made office steno-. grapher temporarily., . . ; - Chairman Taylor said yesterday that $13,000 of the $23,000 which home owners here already canvass ed are seeking will be used for, new construction. W. H. Howell, a representative of the Federal Housing Adminis tration will be in Athens ‘the first two days of this week for the pur pose of receiving applications for loans under the housing act. Chairman Taylor points out that the government itself is not mak ing loans, but because of its guar antee features, the loans can be handled and applications made this week, if approved, will be handled by instiuttions which have al ready agreed to make loans under the provisions of the act. Those who desire to obtain loans for repairs, including new roofing, painting or other work on. their homes or to build new home€s, are invited to confer with Mr. How €]l while he is in Athens and file} their applcatons for funds. l give even greater voadl steadiness. -And (1) it b roomier bodies ... . 2 inches w~ider and 4 inches longer. than those of last year . . . enabling every passenger to stretch out and enjoy motoring to the utmost. You need all FOUR of thes features to get Chevrolet’s really comfortabl ride . . . a ride as exclusive to Chevrolet as this vital combination of features which makes it possible Be sure to see the Mast;sr De Luxe Chevrolet .« and ride in it . . . before you buy your new ¢t CHEVROLET MOTOR 0., DETROIT, MICH SUNDAY, APRIL 21,'-1935_ et ———— WANUEACTURED | ; t !. COTTON GOOES e ‘: , - 1 \—. ‘Annual Convcmion | Be Held in A, | . Ugusta April 25, 26 and >7 | AUGUSTA, 4 PL & | dustry faced i | most acute probley : . | mémbers of the Ape... Ve E Manufacturers 5 30 : { hold their annua) .. el | April 25, 26, and i { - The meeting com, ‘ {of a clamor against = | tax on cotton from - e | & number of mills oY e “:uzuinsr increased thilis | | textile goods from k { William D. Ande, sl ¢ | Manufacturing Con of 10 which has mills in seyep, 8 | ‘Georgia, is president of 1, S ation, and W. wW. ,‘,, 3 { ‘Charlotte, N. C (i | treasurer, : : ' Outstanding speakers .. [ program include o Ithwaits | Dorr, president of i} \ottond | tile institute, inc., New York. g |A. Sloan, chairmanr f the & }t()n texitile code ay H‘h\» \ I}'m‘k; Frank P. Douslas mes i nem of the textile lahor boarg | Anderson, U, . Senator My [ . Tvdings of Marylang {“96 | tain Ellison' A. Smy of B { Roek, N. !¢ | “The convention opens at 4y !m. Thursday, April 2; Sesg will ‘be at Bon Air-vy derbil § tel. “A dinner of the hoard of g { ernment of the association 1 held We‘dn‘esdzly evening, preg ing the convention. A. F. McKissick, of tpe Al and Arial Mfg. Co Easley, §, willirespond to the welcoming 3 dresses, McLaurine wi make official report. Mr. Dy Sloan, Mr. Douglas, and wmr, derson will appear on the open day program also. A. style show featuring lat - models i cotton, with models { nizhed by the Augusta Junior | gue, Will be a feature of the tertainment program Thurg evening. Saul F. Dribben of (one port and COmmiSSinn Co, N York; Flint Garrison, chairman the wholesale code authority, N York; Arthur Fluegelman of N York; Worth Howard, New Y, nepresentative of a garment e pany, and David Ovens, preside National Retail Dry Goods Asso ation, Charlotte, are on Frida program. The annual banquet will he h Friday evening. The executive business sesg and reports of various committy including ithat on traffic, by Ca tain Smyth and by Carl R Cu ningham of Atlanta, will be hea 0.. Max Gardner, counsel, w make the report on national leg lation,
