Hope Star from Hope, Arkansas on October 27, 1937 · Page 6
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Hope Star from Hope, Arkansas · Page 6

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Hope, Arkansas
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Wednesday, October 27, 1937
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Page 6
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€ " HOPE STAR, HOPE, ARKANSAS Wedflesttay, hd of Boom Rream Depresses Stocks, Not Crash, Says Flynn Security Prices , "SoaredToo High" Market Simply Correcting .-' Undue Optimism, £.*" Says Expert I', Wall Street has its nwst hectic ported since 1929. Prices of stock * SlMfc crazily. What is the real Vsl&ttlffeancc of the break in stock ,'jpriees? There follows, in the first » ol two articles, the analysis of one « of the most astute and at the same ^Urte Impartial Interpreters of the , Ainerican financial scene—John T. -Flynn, economic expert whose newspaper writing appear ex- in NEA Service. " - By JOHN T. FLYJJ:/ .{Copyright, 1937, NEA Service, Inc.) "..NEW YORK—When the stock market cracked up in 1929 all the wizards Who had been proclaiming eternal prosperity rushed into print to explain the disaster. They came forward with the most fantastic collection of "reasons!." The favorite one—advanced by several of the most distinguished bankers—was that the market collapsed because the Senate had for eight months debated the tariff law, leaving the nation in uncertainty whcih finally broke the market's back. *,Another explanation was offered by Charles Mitchell, that it was because of the capital gams tax. Still another explanation was that it was all the result of evil forces acts ing on us from Europe. Of course we know now, as ought to have been perfectly plain then, that that fatal event was due ta none of these causes. The market crashed then because it was utterly and hopelessly crazy. It ought to have crashed at least a year or two sooner. ",Nbw another, market disaster disturbs the temper of the nation. And once again the wizards come forward with their explanations. This time they have a perfect setting of the stage. 'In 3929 the market, the government, the nation was in the possession of the Give some thought to the LAXATIVE youtake Constipation is not to be trifled with. When you need a laxative, you need a good one. Black - Draught is purely vegetable, reliable. It does not upset the stomach but acts on the lower bowel, relieving constipation. When you need a laxative, take . purely vegetable BLACK- DRAUGH Dodge Offers New Stake Models Ohio archaeologist returns from Europe where he went to learn to chip (lint arrow-heads. We knew European civilzation had gone back, but we didn't suppose it had gone bnck that far. Now that a special session of Congress is certain, winter blasts may be leinporetl by prevailing hot winds from vvasmngton. Uunmnn Al Brady went to Bangor, Me., to buy bullets. He got 'em, without charge. According to a foreign correspondent "What will Hitler do next?" is the question in every European mind. Including Hitler's? I White House cornerstone was laid I just 145 years ago. For such an olrl house, it seems there's an uncommon number of people who'd like to live I in it. They say we'll lose face by withdrawing marines and nationals from China. It's better to lose "face" than lives in a war,—U. S. Senator Robert H. Reynolds of North Carolina. The hardest thing a player has to do is to seem nonchalant when he over- Inirs people saying nice things about him.—Wayne Morris, movie actor. "They refuse to see themselves, thcsn Wall Streclers, as little people ;aught up in the vast sweep of economic forces beyond their ken." It is pjssibic to fly across continental United Males in a modern transport i piano in loss time than you can fly i across tho city of Honolulu, which is ' £M miles across, | From a height of 10.000 feet, the whole state of Iowa is visible. Dm aluminum rivets that are placed in United Aarlines planes are heat- treated at !)60 degrees and then frozen in dry ice until ready for use. This shows a new Dodge ?4-l ton chassis, with 120-inch wheelbase with cab and 9-foot stake body. This unit is available in two wheelbase lengths and body sizes. One is a 7-foot stake body on the 120-inch wheelbase chassis and the other is a 9-foot body on 136-inch wheelbase. Minister's Daughter' Joke Rebounds; She Fights Back boom, wo will begin to understand ii:o apparent paradox of its collapse NEW YORK— All joking aside, the ministers' daughters are going to war. They have their overt act, their repeated insults, their mobili/.ation. their leaders, their declaration of hostilities. And now they arc on the march. That bulletin comes from an am- at a time when business scorned still to I bilious little group in New York, nnw bo good. We will see that what hap- j j n (| le process of adding to the nation's penod was not a collapse of business j imposing list of "joining" org;mi/-a- out u collapse of the hope of a great boom. The course of business up to the tions. another name — the Society of the Daughter of Preachers. Although the undertaking has not sumrncr time was sufficient to give j y e t boon dignified with a sol of by- color to the rosy expectations of Do- I | aws , they will, when written, un- c-ember. Industrial production, building contracts, factory employment, iroight cur loadings and rtUiil sales rose, not only through the year, but well over the totals of last year. But wiser oyes began to see that while all these energies in business improved they were lar from attain- | illustrations, and ing boom proportions. And then as doubtedly contain this stern manifesto: "We hereby dedicate ourselves to the proposition that all men are created equal, and that therefore the sons and daughters of ministers should not and shall not longer be the target of rude find uncouth jests, jokes, cartoons and the summer arrived a most serious clement entered the picture. The chief reliance of the boom was upon the promist pf a great surge forward in "We further dedicate ourselves to exterminating forever the fallacy that ministers' sons and daughters are generally worthless and irresponsible." That's just ii general idea of what cuilding construction. Building con- they're driving at, except that when tracts awarded 1 did, indeed, increase. I the actual by-laws arc finally drawn I'iicy were, in fact, fifty to sixty per ( up, they may come oven more sharply cent higher than lust year. But this to tho point. For those girls nnd worn- The recent stock market collapse brought many scenes like this—Wall Streets' runners crowding around stock clerks waiting for securities to be delivered to their new owners. reactionary forces of society. But this time it is the supposed enemies of the market-place who are in control. Hence nothing could be so easy as finding tho devil. It is the SEC, tho New Deal, the tax laws, the tinkering with the Supreme Court an dthe property guarantees of the Constitution, and the government deficit — but most of all the SEC. It is possible for sensible men to have different view.s on all these sub- j jects and forces. But sensible men ,vhu,- have money to invest would do well not to permit themselves to be excited by the uniformed and angry ravings of either politicians or finan- :icrs who hate each other. There never was a market collapse in which the lauses inc. of rising business. La.it year the steel business was driving ahead, working nifiht and day. I found Pittsburgh ablaze with -.energy and optimism. H'tock prices went up despite tho f.trikes, and while tho ait-downers were pr.rked in the General Motors plant;;, General Motors stock prices rose. Retail s;des mounted, prices mounted, profits rose, employment increased. There was every reason ! jr a ri.se in optimism. Money was easy. And the most natural thing in the world was a rise in .stock prices. However, a ri.se is oil'- 1 thing. A large and boom-like ruse i.s another. But is it not perfectly clear that once this boom idea was .sold to the people, the in stock was a natural and inevit- were more obvious than this ! able phenr nic-iion? It was this confidence in the definite departure of the •leprex.sir.in and the approach of an- 9 w COTTON LOANS QUICK SERVICE IMMEDIATE PAY!U£NT TOM KINSER Hope, Arkansas FOR SALE Beautiful building lots with all conveniences, ?50 and up. Also homes on easy payments. See A. C. ERWIN Phone 158 or 19-1-YV. If you would know what they are, ytu hnve to begin by asking not why the market went down, but why it went up. When you know why it went up you will know precisely why it went down. On December Oth, in a dispatch to NEA Service, I reported the situation in Wall Street a.s follows, quoting a m-juiihed financial authority: "We on the even of one of the greatest m.-; in our history. The utilities noeii ain.o^t everything. So do the railroads. S<j do the manufacturers, Mo:->t of their machinery is obsolete, All will begin buying on a grand scale soon; have indeed begun." Or. February 28th, in a dihpiilch from Hah Lake, after a trip around the rounti 'V- I reported: "Throughout the country t^iifiiK-nce in :i coming boom is high. 1 quote these dispatches ttj -hfj.v that nearly a year ago Wall Street and the financial optimists were i,u.sy .selling to the country the belief .n a rising great boom. And they ,-Uf-ceeded. After reviewing the forces int! data which I found on that ex- .eiiMV'. 1 trip I ventured to warn peo- l-le 2(:ncrul!y, and investors in par- tU'jlai. that "all these facts and some ;tlir.-r:s t onfirrn me in the belief that f) > f ..:C' ': ;/' m^ '.o bo irj record hcxjm." fheie wa.s plenty of visible evidence was not enough. Fifty to sixty per cent increa.se looks like a great deal. But if a man has only u couple oC dollars to btart svith, a 100 per cent increase in his capital doesn't mean much. Besides, as tho summer got under way tho increase slackened and since June they have fallen off down to the level of last year. Industrial and railroad and utility rehabilitation of plant and expansion also failed to materialize. New security financing to buy production equipment just didn't show up. It was somewhat better than last year, but not much. Add to this a very important factor — bank demand deposits and you have the last important essential in tho picture. These have declined steadily .-ince March. They are still high and, in many respects, they arc more healthy than last year. But the important feature of all this is, not that business did not improve, but that it improved only moderately, which would be enough if we wore a saner and more realistic people and less eager for the flesh-pots. The rate of improvement and the causes of the hesitancy in the upward rise made it perfectly clear to everyone that the boom dream was just a pipe dream. The wizards hud been wrong again. One of the amazing things about Wall Street i.s that in its judgement >n economic matters it is almost always wrong. But this never impairs its confidence in its own superior wisdom. They refuse to see themselves, these (ther great era of replacement and | Wall Strcetcrs, as little people caught up in tho vast swoop of economic forces beyond their ken. development which .-,et off UK- stock rise and gave us the levels uf la.st summer. When wo understand that the market rose an the ex[.eet.-ilion.s of a great Tomorrow: Wall Street, "What now?" in 9c GOVERNMENT COTTON LOAN FORMS RECEIVED Forms for effecting government 9-cent loans -are here, and we are now prepared to arrange Joans with the same prompt and careful consideration that vv-e have extended the producer fur over 30 years. The evidence of this constructive and gratifying service is the retention Of the valuable patronage of some of the largest and most influential planters in the Hope territory for that unusual it-ngth of time; and those who anticipate placing their cotton in 9-cent government loans can be assured of this mosc satisfactory attention. Furthermore, they will find it to their decided advantage to arrange their loans through our firm. Respectfully, E. C. BROWN & CO. CoUon Merchants 8 South Walnut Street Hope, Arkansas FLAPPER FANNY By Sylvia -COPS. 13)7 DV NEA SERVICE. INC. T. M. RED. U. S. PAT. OFF,- liin ii I j I 11 n ii l \i |—lit ill *- * en say they're serious. your man in the Methodist Kpiscopal conference, and moving day came regularly. And she recalls the things that a minister's daughter couldn't do—in public, at least. "No smoking, of course. No unusual styles in bathing suits or street dress. And no soft drink bottle-tipping. "Every now town meant a renewal of the close scrutiny of the natives," she recalls. "A new minister arrived and his children—because they were a M minister's children—had to bear plnly of watching. As a matter of course thoy were expected to 'get out of line'." These experiences, she says, are typical of almost any member of any minister's family. And ;i lifetime of thnt kind of thing adds up to a pretty .strong resentment of the way ministers' Children arc bandied about by the moralists and the shady joke-smiths. "So it was when a group of us were •liscussing tho handicaps that an un- loundcd prejudice placed upon u.s that wo decided to organize a defon.se against misrepresentation," Miss Wilt- kins explains. No Luncheon Club War thus declared, the Society of the Daughters of Preachers set out on their campaign. The first research project brought some interesting facts to light. According to the intelligence section, 16 per cent of persons listed in Who's Who arc children of ministers. A bigger percentage of college students arc from ministers' families than from any other environment. Ministers' children are among big names in his, lory, to wit: England's Stanley Bald- : win and Rudyard Kipling; America's Woodrow Wilson and others. Where it v/ill all lead to i.s not yet clear even to the members themselves. They arc planning an exhibition of cartoons, drawings, jokes, pictures, books and pamphlets of some of the more horrible examples of what they iirc fighting. They will continue to nourish tho organization in Nosv York, welcoming sons as well as daughters of ministers. And if tho idta lights a spark in other communities, charters will be issued. A.s one member puts it: "At first we thought the idea would be fun—just something to do. But we're serious n:.w and we're going through with it. And when you speak of the SUOI', temember that it's no more luncheon club!" Common Dividend (Continued from Pago One) "I.s tli;it the Jones' old baby or the new one?" "Can't tell 'Ihcy didn't change the model much." Wiitkins, like other modern girls, smiikv.'i it cigarette occasionally. But itf H preacher's daush- Icr, she tan remember when .she u< nld have been ostracized for such things. How It Started Just what it's all about is told by I ho generalissimo of the crusade, Mux- ine Wutkins, who knows whereof she speaks, for this quietly determined, blue-gray-eyed individualist whose dark hair is streaked with gray, spout the first 2G of bur 30 years in North Carolina, daughter of a minister. The la.st four years, she has lived in New York, an office worker.. And she lights her cigarette with finesse as she sits down to reflect on just what it was that spurred her to enlist the ministers' children fur an uprising in their own defense. The evolution leads from her birthplace in Hosoboiv), N. C.—barely a dot on the map—through a succession of villages and town.-,. Caurel Hill. Roborsonville, fjjyoltoville, Troy, Hat- tora.s. Ir.'o many .she can't rt-i/ie/nber them all. for her father wa.s a three- Morgi'.n in 1916, later assistant secretary of war. The corporalio nannounced tho election of Benjamin F. Fairless, president of Carnegie.lOllinois, as president to succeed William A. Irvin, effective January 1. IMS. On that date Irvin will become vice chairman of the hnppcrl members answered roll call thing exciting that has Halloween. The minutes of teinbcr meeting were rend n! proved, We were very hnppy to hi Glndys Klmbrough nnd three'ij visitors meet with us this time, Kimbroiigh gave us some helpfi on conning nnd judged our pan hiblt thnt Li to be on elisplny n ment day. The committee thnt was nppo: mnko plans for our exhibit for n ment dny made their report thnt we hnve another call meet] tho entire club nt Mrs. Lee Gnt tho first Tuesday in November; wont ouch member to bring theil tiost jnrs of canned food fnr and old pantry . Miss Bullingtoi od she could IK; with us nnd final judging thnt day. Wo woul so much for each member tobtf ent because wo arc also to pi our playlelt. Miss Polly House gave us ttfjl^- onstration on chicken cnnning,ipffiiraj members all enjoyed it very muchy|f8lfe several of the members arc eager* ,w,i some moat canning. ""'""' Our hostess usc<l Halloween rations and two witches so popcorn nnd candy. They joyed by all very much. The wcon motif was carried out fully. The November mooting will Mrs. Bill Schoolcy. Mattress ing will be the demonstration will bo an nil day mooting. Bright Star The- September meeting of the Home Demonstration club was held nt the home of Mrs. O. A. McKnight, with six members present. Tho devotional wjis led by Miss Evelyn Harrison. Several .songs were sung, and the minutes of the last meeting were rend ;md the roll railed. The demonstration was on making gifts from gourds, pine burrs and sweet Bum balls. Miss Harrison gave a reading during social [X't-ind. Watermelon was served to those present. The next meeting will bo at the home of Mrs. Dallun Boyce. Allen The Allen Home Demonstration club met Wednesday. October 20 with Miss Isabell Schooloy. The mooting was called to order by tho president, Mrs. Leo Garland, read the club woman's creed. After singing several club songs, Mrs. Clifford Mcsser .gave an impressive devotional and we repeated the Lord's prayer together. Fourteen >VVV\%W.\VAV.".V.V.V.V»c •; SEE us ^ ," For Fainting and Body Work— "= J. Special Cur Faint Job—$17.50 •", J O. K. Body Shop •'. •JIOI5 S. Elm (Old Huh. Shopj!> *• HI. M. MORGAN ^ •;v.".% v.v. p .°.vvw.v.v.v.v,'« Prescription 200, 000 Kills Parasitic Itch (Scabies) In :'.(! .Minutes Price JOHN S. GIBSON Drug Company Tho Rexall Store Phone IK! Delivery called to United States Steel in 19IM to become vice chairman of the Finance Committee. A year later ho was given Taylor's old job a.s chairman of that powerful managing group. He i.s tho son of the late Edward H. Stol- tinius, St. Louis match manufacturer who was called to New York to handle allied war purchase.', by J. P. Morgan, and became n partner in the Hou.se of Wo aro in thu market for a round lot of Forked Leaf White Oak, Cow Oak, Overcup, Burr Oak, nun He (I Oak Logs. For Prices and Specifications Apply to Hope Heading COMPANY I'liorte 2-15 NICKEL DRINK-WORTH A DIME The Best In Motor Gold Seal 100% Pcnn., qt The Now Sterling Oil, qt. Tol-E-Tex Oil Cq||§ East 3rd, Hope-Open Day &&"' COTTON LOAN3* Wo are now making Government Cotton Loans. Bring us ybjq cotton for quick service. '' • Jett Williams & Co. Call Harry Phone 148 f J Call Harry ^ I'll pick up your laundry',' HARRY PHIPPS42I READ AND WANT-ADS Have your winter Suit dry cleaned in our > modem plant—pressed by experts — delivered promptly. PHONE ;i85 HALL BROS. Cleaners & Hatters T8RE SPECIALS FOR Thursday - Friday - Saturday Buy at These Low Prices and SAVE LOOK THESE! COMPETITIVE BRANDS 4;50x21 4:75x19 5:25x18 5:50x17 6:00 x16 $3,75" $4.50 V 1 $4,95 ,r $5.25", $5.50'; TUBES Heavy Duty REDS 77 C I CAR Up I HEATERS to $ Complete Automotive Supply Co. Goodyear Tires 112 So. Main Street Frigidaire A. B. C. Washing Machines Philco Radios

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