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The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

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The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27
SOCIAL SECURITY LEGISLATION
MUST BE SECURE IN ITSELF
CBv BRUCE CATTON)

Some kind of social security ieglsiatloh
seehs- destined to come out of the APP
proaching session of Congress.
What we shall get will inevitably be
compromise. The difference between what
everybody admits is needed and what is
actually possible is very great.
Old age pensions, unemployment insur-
ance. and the like cost money, and If we
try to spend on them more than we can
afford we are apt to make things morse
than they were before.
The unfortunate part about such legis-
lation, in fact, is that it is subject to two
kinds of pressure.
In bad times there is rising public de-
mand to go much farther than is either
practical or wise One need only consider
the fantastic $200-a-month schemes now
being propagandized to realize this.
In good times, on the other hand, there
is an influential demand that nothing at
all be done, on the ground that it might
rock the boat needlessly and put crimp
in prosperity.
Beset by these alternating pressures, so
cial security legislation to date has made
hardly any progress at all But this win
ter we are art to have a different story.
The demand is so strong, that something
will almost certainly be done.
That being the case, the thing to re-
member is that security legislation is only
part of the picture.
President Roosevelt has aptly remarked
that there can be no security for the IN
dividual in the midst of general "insecur-
ity"; and this is warning against which
all security schemes must be assayed.
Any pension and insurance scheme so
ambitious that it sets off a genuine lnfla-
ton of the currency would, obviously, be a
sorry kind of boon for its beneficiaries.
You may keen a man from disaster by CIV
ing him $50 nfonth--but not if your cur
rency depreciates so fast that $50 will buy
only loaf of bread.
Similarly, program so expensive that
the taxes needed to finance it proved &C
lively deflationary, and thus postponed
general business recovery, would also be a
back-handed arrangement. Unless the eco
nomic machine can be made to function
again, no security scheme will do very
much good. r.~'
The problem confronting Congress,
then, is exceedingly difficult. The demand
for security legislation must be met-but
there is need for great wisdom and fore
thought in selecting the proper means.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27
BEAVERS SHOW GRATITUDE

SHENANDOAH, Pa, Nov. 81.
(UP)-Beavers are grateful for
fayors, according to Jack Sucker
of Danville, near here. Sucker
said he strengthened beaver
dam which had become weak. Sew
eral days later, the beavers drag
ged enough wood beside the dam
to last Sucker all winter.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

"John," said Mrs. Stlckatit,
"you should take cod liver oil.
Martha tells me her husband has
been taking it now for ninety
days and has gained weight and
is feeling fine"
4 don't want any cod liver oil, "
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27
BY RODNEY BUTCHER

NEA Service STAFF Correspondent
WTASHINGTON-Over at the
W Treasury and up on Capitol
Hill you'll find lot of folks visit
fully rolling sheets OF paper into
cornucopiae.
It seems they're making Ounce
caps for Attorney General Homer
Cummings and Senator Kenneth
Mcclellan OF Tennessee.
Mcclellan undertook last session
to rid the alcohol tax unit of 700
experienced civil service employees
who he said were Republicans,
These men were the carefully Sc
lected remnants of the old prohi-
bition service, badly needed in the
Treasury's attempt to make the
legitimate liquor industry as sue.
cessful as the still fourishing
bootleg trade.
Everything has gone completely
haywire and even cabinet men,
bers are in one another's hair as
a result of an idiotic tragedy of
errors beginning with that at.
tempt.
Mckellar's rider to a deficiency
bill threw hundreds of Jobs open
to competitive examinations TO.
about 10000 hungry job-seekers
The senator thought he had care,
fully exempted recent green Dem,
ocratic appointees-who hadn't
had to take competitive exams
from the scramble, but it seems
he didn't even succeed in that.
THE rider was so worded that
- everybody became balled ur
and Cummings barged in with ar
attempt to decide just how MANY
of the ATU's 1900 employees Were
to be affected.
Morale of the liquor law en-.
torcers, already disturbed, has
been shattered ever since.
First. Cummings formally
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27
BIBLE THOUGHT
4, ,v-WITH AN OPEN BIBLE

InoBaniel 2:2-3 we find the prophet Daniel has
BEEN Fading the Book Of jeremiah. With it open
before him he turns to God in prayer.
And set my face unto the Lord God, to seek
by prayer and application with fasting and sack
cloth and ashes.
* the child of God today will get alone before
the Father, with an open Bible as Daniel did, his
prayer life will be marked by an increase OF love-
selfkacrifce and pOwer.-Clifton L. Fowler,
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

declared j o n II.
"Pve tried to
take it. 1t always
makes me sick,
1t gives me indi-
gestion all the
time I'm taking
it. Besides most
of it is made out
of shark livers.
"Y gu really
should take it
though" contin-
ucd Mrs. Sticka-
tit calmly. at
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27
Stockton Rites
Held Monday

GREENSBORO, Nov. 81. CUP
Funeral services were held Mon
day afternoon for Alexander
Lowrie Stockton, So, managing
editor of the Greensboro Daily
News, who died Sunday.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27
sow EARNS S. BOUNTY

MACON, Mo-, Nov. 81. up
John Morris, farmer. collected SIS
bounty on a wolf hide without fir
ing a shot at the animal. A Duroc
Jersey sow gored the wolf when
it molestcd litter of pigs.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

Postmaster Farley reports net profit
of S12 900, 900 for his department, the first
time since 1918, leading the Republicans
to believe they were not such good book
keepers after all.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

Tests were given 27 Georgia agents of the al
eoho tax unit last week, and as result 20 were
clipped from the payroll because the tests revealed
that they did not have the horse sense" required
to hold the Job This is carrying the matter too
far Who expects a government agent to possess
"horse sense"?-Albemarle News and Press
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

Harvard astronomer moved his instru-
ments nearer Hollywood and discovered
millions of new stars. Any exaggeration
can be blamed on the press agents.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

/. Those super-patriots who asked General
Smedley Butler to become dictator of the
United States probably are not impressed
by Huey Longs success in louisiana
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

If men risk death to kill German boys, that's
heroism. If they risk prison to kill racketeers,
that's barbarism
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

AS for naval ornaments, the Japanese
seem to have knocked the opp out of limi-
tation. They insist on imitation instead.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

Another thing against "You and Ma
chimes" is that it sounds too much like
sneering at fellow for the way ne drives
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

If the nation survive as it is, think what
it might be if all lawmakers were cold sober.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

You can tell an honest man. When he breaks
law, he doesn't know how to escape punish
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-11-27

The problem confronting Congress,
then, is exceedingly difficult. The demand
for security legislation must be met-but
there is need for great wisdom and fore
thought in selecting the proper means.
Evening star., 1934-09-18
DETROIT HOLDERS URGED
TO SEND CERTIFICATES

Special Dispatch to The Star.
NEW YORK, September 1S.-The
refunding operation for the City OF
Detroit, which has constituted the
largest undertaking of it's kind ever
carried out. will be brought to final
conclusion in November, when the new
refunding bonds will be issued to
bondholders, it was indicated today in
an announcement by the Bondholders
Refunding Committee, of which Mr..
B. A. Tompkins, vice president of
Bankers Trust Co, New York. is
chairman.
The new bonds will be available for
delivery on or about November IS in
exchange for certificates of deposit
representing the old securities which
have been deposited with the COM
mittee.
The committee has advised holders
to forward their certificates to the is
suing depository Immediately in order
that they may receive the new securi-
ties without delay as soon as they are
available.
Evening star., 1934-09-18
N. r. A. Troubles
Laid to Greed of
Certain Groups
Special Dispatch to The Star.

Special Dispatch 10 The star.
NEW YORK, September 1S.-Two
strong forces. with a common vice,
are causing the current uneasiness
about business in general and the
N. r. A. in particular. The vice is
greed of certain union labor organiza-
tions and certain business interests.
That is the declaration made by
Henry H. Heimann, executive man.
ager of the National Association of
Credit Men, in his monthly review of
business conditions being sent to the
associations 10000 members today.
The N. r. A. is business mans
creation, wholly conceived by busi-
ness and, in my opinion, not even dis
family related to the so-called brain
trust the credit executive points out
The salvage from the N r. A. will
be certain regulations as to maximum
hours and minimum wages, the aboli-
ton of child labor and the elimina-
ton Of certain highly Objectionable
trade practices. Price agreements, re-
striction Of output and other measures
which seek to insure profits to even
the most inefficient unit in business
will never survive any sensible eco
nomic period.
"Unionization of the Nation as q
whole will never be developed other
than through evolutionary forces
when, If at all, on the record such
trend seems warranted development
1t is well to bear in mind that the
establishment of the N. R. A. implied
the necessity of certain ideals on the
part of industry, labor and the con-
sumer. The ideals were in advance
of the day They are now clearly re-
vealed as not yet attainable This
should occasion no great surprise"
Evening star., 1934-09-18
CONTINUED [U[[
|NSTEELF LF0RESEEN
Standard Statistics Co.
Calls Attention to Many
UnfavorabIe Factors.

Special Dispatch to The Star.
NEW YORK, September 18.-Sup-
porting a forecast that steel ingot
operations in remaining months of
1884 will improve only moderately
above the low rates Of July and
August, the Standard Statistics Co. of
New York calls attention to the fol-
lowing unfavorable factors:
Exhausted backlogs. Mills will be
dependent largely upon spot business
hereafter.
Rolling Of rails and steel for rail-
road equipment has been completed.
Sharply lower rate Of motor vehicle
production through November.
Declining tin plate production. Now
only 40 per cent and headed lower.
Consumers steel inventories not yet
exhausted. Sheet operations now
1917 per cent, with no material i'm
provement in sight.
Weakness in steel scrap prices.
Recent reduction in steel company
salaries Construed as indicating lack
Of confidence in the future.
Uncertain price outlook likely to re-
tard placement of new orders.
Convincing as the unfavorable fac
tors are, and recognizing that they
outweigh favorable indications, the
near term steel industry outlook is
not wholly without encouraging signs
On the favorable side the following
poiptc oro lictad.
Heavy consumer inventories are
nearing exhaustion and sooner or
later will need replenishing.
Railroad equipment in bad shape
Large deficiency in normal rail and
equipment buying In past four years
has created an enormous backlog Of
steel demand.
Heavy tonnages OF steel are needed
for public works projects plates
shapes, bars, etc.
Large heavy machinery orders are
pending, majority Of which would be
placed Immediately If confidence i'm
proved.
Seasonal recovery normally mani
tests itself during or some time after
September.
Evening star., 1934-09-18
RAIL RATE FIGHT
GOESTOU. 5. COURT
Pennsy, B. & O., R., F. & P.
Press Case Against !. c. c.
Citrus Order.
Special Dispatch to The Star.

special DlSpatcn TO Tne star.
BALTIMORE, September 18-
Northern railroads, including the
Pennsylvania. the Baltimore g. Ohio
and the Richmond, Fredericksburg
g. Potomac. began their second
fight, this time In the United States
District Court here, to- prevent the
Interstate Commerce Commission
from placing in effect its order read
justing the distribution Of citrus
fruit freight revenues between the
Northern and Southern railroads.
The case, which is being heard by
three Federal judges-Judge Morris
A. Soper Of the United States Circuit
Court Of Appeals, Judge Luther B.
way from the southern district Of
Virginia and Judge w. Calvin Ches-
nut Of the local district COURTS an
injunction proceedings based on the
contention Of the Northern lines that
the rate distribution will not give
them q return which will pay their
costs Of operation in transporting
the fruit, while it permits the South
ern lines to earn a revenue of
between 10 and IL per cent.
One of the first questions raised
when the case was opened was based
on the petition of the Northern
group seeking permission to introduce
testimony in the proceedings. This
proposition is being contested by at
torneys for the commission and for
the Southern railroads on the
grounds that only such testimony in
cluded in records taken at a hearing
before the commission should be
introduced as evidence at this time.
Evening star., 1934-09-18
TORONTO SILVER
MOVE IS STUDIED
New York Silver Market
Executive to Represent
Canadian Exchange.
BY GEORGE T. HUGHES.

special DlSpatcn 10 Inc Star.
NEW YORK. September 1S.-Per-
haps it was only the sort of recovery
to be expected after several severe
sinking spells. but some stock market
traders found a greater significance in
the five-point gain scored by United
States Smelling at the beginning Of
the week.
This rally conceded with number
of news dispatches from Canada tell
ing of the rivalry between the Mon
treal and Toronto Stock Exchanges to
be first to open a market in silver
futures. The story Of the race for
position at the starting post was not
new, but there was news in the ap-
pointment of the vice president in
charge of the silver department OF
the Commodity Exchange, Inc, situ-
ated in New York, as representative
of the Toronto Stock Exchange to re-
ceive applications for membership.
The other silver stocks joined only
moderately in the upswing started by
the bellweather of the grou0, but their
firmness was emphasized by the heavi-
ness in the general list.
Washington is soft-pedaling further
imitation moves during the bond con-
version operation, but stock traders
cannot escape the conclusion that at
least the Canadian exchanges are
convinced silver is not likely to be-
come a back number.
(Copyright 1894. by the North American
Newspaper Alliance. 1nc)
Evening star., 1934-09-18
BIG AUTO MERGER
|SBEL|EVED NEAR
New Combine Would Enter
Field Against Present
Three Leaders.
BY BERNARD S. O'HARA,
Associated Press Financial Writer,

NEW YORK, September 18.-Some
Wall Street individuals who are fairly
close to the automobile industry ap-
pear confident that a big merger Is in
the making, and the project an inter-
esting picture Of the industry when
and If the consolidation occurs.
AS these sources see it, there is 60
ing to be another big combination in
the field to compete with General
Motors, Ford and Chrysler.
The forecast doesn't leave much OF
a place for any of the smaller units
which may wish to remain independ-
EMIT comedies that some of the
companies may continue under their
present ownership and direction, but
it awards the bulk of the future car
business to the three major companies
now operating and the consolidated
company still unborn.
The prediction is a bit more vague
as to the time for launching the new
enterprise. It Is conceded that secur-
ity market conditions and the general
economic background will have to
change considerably before the various
interested parties will feel like get
ting down to brass tacks
In contrast to this view that a ma
jor consolidation is bound to occur
eventually, certain financial quarters
have pointed out the obvious difficult
ties of setting up terms which any
group Of automobile makers would
consider fair and reasonable to them
selves and their stockholders
AS to the advantages of a merger
If it could be arranged, Wall Street
believes that many could be realized
chiefly in economies in production and
selling costs.
Evening star., 1934-09-18
CAPITAL PRODUCE
PRICES ARE STEADY
Few Quotations Changed on
Eggs, Live Poultry and
Other Lines.

Most quotations were steady at un-
changed levels on the Washington
Produce Market today.
The summary, with egg and live
poultry prices, furnished by the De-
partment of Agriculture, follows:
BUTTER-One-pound prints t92 scorel
2S: tub. -: I-pound prints 900 scorel
-; tub, 20; 1-pound prints tSS score)'
MEATs%Beef, l2laal6; veal. l3a14;
lamb. 16; pork. IONS. fresh. Is; frozen
u fresh rb hams Pscon 2os5a smoksd loEd bans bans
'0mPSEnP 1--WE srocKMHogs. rcoc5KKlOH light. e.5oae 80;
medium, 7.00a72 heavy. 5.50a7 90; PIGS,
5.OOa6. 90; roughs, 3.0Oa5 90; calves. 3.Ooa
200; lambs. 300a6.50
EGGS-Market steady at unchanged
fancy hennery whites, SSa50; &c GOyeF9- 1
extras. large. 33a36: y. S. extras. me
drums. 33; U. s. standards. large. 80
Government graded and dated brown eggs
U. S. extras, large. 81; U. S. STANDARDS
large. 24l2
LIVE POULTRY-Market about steady
Receipts moderately heavier. but clearing
fancy stocks bringing up to lS; Leghorns
I0ai4; roosterS. 1a9 Spring chickens
Plymouth Rocks. over pounds IoaGi
with a few fancy lots nrinEt2g1 ,9t ce9l
island Reds. fancy. l5alS; colore7. l5a! :
Leghorns, l5aI6; turkeys o!d toms, o,,r -
old hens l4a15: Spring turkeys, ~ iiS pounSSs
and over IOa3@. guinea fowl. Ia rouhoS
and over 90al.O pair.
Evening star., 1934-09-18
LUMBER MILL QUOTAS
SET FOR LAST QUARTER

The National Control Committee
of the Lumber Code Authority an
nounced today the lumber production
quotas of the various divisions and
subdivisions for the last quarter of
1884.
The total regular quota" based on
expected world consumption of do
mestic lumber, was fixed at 3,54O, ,00O,-
900 feet, of which approximately 620,-
100000 feet is for hardwoodS and g.
920000,000 feet for soflwoods.
After allowing for certain deductions
on account of overcut of particular
quotas in the current quarter and other
reasons, the actual net lumber produc-
ton for the last quarter was reduced
to 3,073 100000 feet, as compared with
1882, 100000 feet for the current quar-
ter
This total is divided into 2,596, ,200,-
600 for softwoods and ATT 100000 for
hardwoods, as compared with 3,170,-
100000 and 662,O00,OO0, respectively
for the present quarter.
Evening star., 1934-09-18
Western Pacific
To Put Into Effect
Extension Plans
BY the Associated Press.

By the Associated Press.
NEW YORK, September 1s.-It
was reported in well-informed rail-
road circles yesterday that the West
ern Pacific Railroad Co. has decided
to put into effect its plan for extern
sion of interest due March / and Sep
tember l, this year, on the first mort
gage per cent bonds.
Coupons that have been turned in
by bondholders asserting to the modi-
fled extension agreement will be
stamped and returned, it was reported,
thereby signifying an extension until
January /, 1887, in accordance with
the agreement.
The company had the right to de-
clare the plan operative upon receipt
of assents of rs per cent of holders of
the outstanding bonds, including
bondholders that have agreed to join
the plan but who have not yet depos-
tied their coupons, it was reported.
The company has received approxi-
mately go per cent of the outstanding
issue
Evening star., 1934-09-18
HOLDERS ORGANIZE
IN JERSEY DEFAULT
Edwin H. Barker of N. & W.
Heads Committee in North
Bergen Township Case.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 18-For-
NAL action by a group of bond holders
Of a defaulting New Jersey munich
pality to protect their interests was
taken today with the formation of a
committee for the bond holders of
the Township of North Bergen, N. j.
Edwin H. Barker, representing the
Norfolk & Western Railway Co., is
chairman of the committee and the
other members are Thomas E. Harper
of the New York Life Insurance Co.,
Hugh D. Montgomery of w o. Gay g.
Co. and Philip A. Russell, assistant
vice president, the First Boston Corp.
of Massachusetts,.
In December, 1929, the township
defaulted in the payment of a sub
stantial portion of its Indebtedness,
but rearrangement of its debts was
worked out under the direction of the
Municipal Finance Commission of the
State of New Jersey. On May /,
1888, it again defaulted and now is in
default in the payment of interest on
all bonds outstanding and on the prin-
cipal currently due.
Evening star., 1934-09-18
Chicago Grain

By the Associated Press.
CHICAGO, September 18.-Deartn
of any aggressive buying support did
much to make wheat values sag To-Day
in the last half of the Chicago Board
of Trade session.
Likelihood of some increase OF do
mestic Winter wheat acreage for the
1885 crop acted as a weight on the
market. Special notice was taken OF
reports that good rains have fallen OF
late in Kansas, and have improved
soil conditions.
Wheat closed easy. 1s7s under yes
terday's finish, December, new, lO41s-
Il; Corn unchanged to y lower; De-
cember, new, 7714-3s. Oats unchanged
to 80 of, and provisions unchanged
to 5 cents decline.
Evening star., 1934-09-18
DAILY OIL PRODUCTION
AT 2.59O.876 BARRELS S

BY the Associated Press.
TULSA, Okla, September ia
general upward trend over the United
States brought crude oil production
from 2,491,479 to 2,59O876 barrels a
day last week, the Oil and Gas Journal
says.
California, where there was an g.
600 drop, was the only one of
the three major areas to cut output.
Oklahoma showed an increase from
4l6,9l0 to 02,240 barrels a day Texas
production advanced from 1901 All to
1,110,008 barrels a day.
The Eastern area produced 133, 1916
barrels, as compared with q previous
average of 1917 barrels
Evening star., 1934-09-18
CANADIAN ISSUE OFFERED

TORONTO, September 18 Especially :.
A syndicate managed by the Dominion
Securities Corp. Ltd, and including
the Royal Bank of Canada, Wood
Gundy & Co., A. E. Ames g. Co. and
the Canadian Bank of Commerce, is
offering today $1,000 900 Province of
Saskatchewan per cent sinking fund
debentures due September /, 1854. at
price Of 85.l9 and accrued interest
canadian funds) to yield $50 per
cent,
Evening star., 1934-09-18
SHIP BUILDING COMPANY
SHOWS NET FOR YEAR

By the Associated Press.
NEW YORK. September 1S.-Amer-
ican Ship Building Co. and subsid-
iaries report for the year ended June
80 net profits of s2o7,134, equivalent,
after preferred dividends, to Sl.58 a
common share, against net loss of
s241 ,034 in the previous year.