Newspapers / Wilmington Morning Star (Wilmington, … / Jan. 6, 1923, edition 1 / Page 4
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ithmugton iloming S’tor Puhlished by THE WILMINGTON STAR COM PANY Inc., 109 Chestnut Street, P. H. BATTE; Manitgine Director. Telephones i . . Business and Editorian office-NO- 51 Entered at the Postofflce at WUming-t ton, N. C., as Second Class Matter__ “ .$7.00 One Tear ... 3.50 Six Months . , 7S Three Months.. No weekly mail subscriptions. PITY DELIVERY—Papers are sched uled J bo delivered before’ °Y Mock on week days and oclock oi Su.i_ days. Complaints regarding 1 - se^ vice or non-delivery should be Triaao before 9:00 a. in. to Circulation Depart ment. Phone 51. _ . CHANGE OP ADDRESS—When or dering* your paper changed from address to another please give old as well as new address._ EXPIRATIONS—Look at the Panted label on the paper The date th , shows when the subscription expires^ _ COMMUNICATIONS must be ac°°™' lanied by the true name and _ if the writer in order to recei a“e ton. Rejected manuscripts will not eturned. 3 - ALL DRAFTS, checks, express moiiey ders and postal money orders for tne per should be made Pjy8*1® to l ier of the Wilmington'Star Co. MEMBER OF ASSOCIATED PRESS. The Associated Press is.*?iuioll of entitled to the use for ,“e all news credited to it, or not otrwthe credited, in this Paper and rights local news published herein A11 rlgnts of re-publication of special d»spattn herein are also reserved. _____ Here’s Washington’s Chance Sane co-operation between Euro pean -nations to bring about a practi cal solution of the financial and eco nomic ill of Europe has completely failed. A dozen conference attempts have been made during the past two years but they have been absolute failures. Final disagreement of the allied pre miers at Paris this week spells the end of all other attempts at an ami cable course. The premiers had hoped to agree on a united program for the meeting of the reparations commis sion next Tuesday, but the dissolution of the Paris conference Thursday has exhausted the possibilities of any thing like a practical understanding between the present responsible pow ers of the old world. It might as well be said that there is not the slightest possibility that any kind of compromise agreement can be reached at the meeting ,of the allied reparations commission, within the next four days. That puts it.up good and strong to the Washington gov ernment, and just at this time its at titude is necessarily one of extreme caution if not one of actual indecision. Two years ago the^ Harding adminis tration declared its policy of remain ing aloof from Europe's international problems, basing that policy <5n the ground that it primarily depended on European governments themselves to bring about a solution of' their own immediate problems. Possibly, or oth erwise, it were well to have given Europe an opportunity to save fapr* self, but the old world has tried in vain to do what America Ihought she might be able to do. At last the crisis comes, for it is be yond all doubt that’it will be reached at Tuesday's meeting ot, the repara tions commissipn. France's set pro gram for separate action has already been declared, and the majority of the -premiers practically approved it, al though they gave France no assurance* that Belgium and Italy would partici pate in her impractical and hazardous adventure of setting up a collection agency of her own in German terri tory. That would he taking matters entirely out of the hands of the repa rations commission and its further use would be at an end. To the very last, (at the Paris conference this week the British prime minister declined ap proval of co-operation in the French scheme, and he even warned France of the futility and danger of her de cision to attempt to force Germany to meet reparations payments overdue to France under the Versailles peace treaty. The situation simply resolves itself into France’s resort to force, or the alternative of America’s friendly in tervention. We have been prepared for that by the recent speech of Secretary of State Hughes at New Haven. It is now admitted at Washington that, al though his speech was made to Amer icans, Secretary Hughes really spoke over their heads to the premiers’ con ference at Paris, ending in irreconcil able disagreement Thursday. The' in. ternational amenities, of course, re quire a non-committal attitude in offi cial circles at Washington until Frahce or others of the-entente allies Invite American co-operation, whiqh is a better term than, intervehtipn. The speech of Secretary Hughes at New Haven was practically a bid for an in vitation 'to America to come forward With a plan for the solution of the reparations problem. • i-, 'We may expect. some such invita lion; tor sthls 1^, Eu;ep>p'ii4ast rej^rt and America's best opportunity to of fer a timely service to Europe and all the world, since no country on the globe is so isolated that it can be ex empt from the " economic distemper now so deep, rooted in the German re •publie. Germany’s reparations pay ment is overdue, and the brief mora torium' granted to her ends on the 15th of January, hence the immediate future is to witness either better or worse international- relations for Eu rope. Certainly, Europe’s condition will affect America, favorably or un favorably. Our White Fleece Industry It is gratifying to note that the trades journal reviewers not only ex press the opinion that the cotton mar ket, is not apt to experience the usual, January slump1 but the market posi tion of the^staple Is strong at some thing like 27 cents in New York dur ing the first days of January. All the trade statements concerning the cloth markets show that cotton texiles and knl goods received their full share of the general trade improvement shown in the United States during 1922. American exports for the year show a .large increase in cotton manufactures shipped to foreign countries. A rather unfavorable condition of the cotton manufacturing industry in India has helped the industry in the United States. The Indian cotton milling industry has been in bad shape for some time, but recently there have been rumors that English interests were active in the stablish ment of mills to compete with mills under Indian management but that is denied. English investors do not look favorably upon investments in the cot. ton textile industry in India. A Bom. bay report says: Chief of the reasons advanced aginst the proposal is lack of the proper kind of cotton. Indian cot ton is of short staple, and has to he mixed with imported cottons for the finer cloths. The lack of ex perienced workmen employed un der favorable conditions is an other reason that has been men tioned, and the climate of India is said to be extremely unfavorable to such attempt, it has been claimed that the present is not time to at tract tlie investment of capital to India, owing to the political un rest, and a resultant hesitancy on the part of investors. Nowhere in the world is the cotton manufacturing industry so promising as it is in the south. North Carolina figures conspicuously iu the cotton tex tile reviews. The stocks of 50 leading southern cotton mills show a high per centage of increase in the market price compared with a year ago. The week’s quotations show that the stocks of the Jennings mills at Lumberton are 229 per share compared with 220 a year ago. The stocks of 42 mills-are way above par. The stock of the Erwin mills, Durham, are quoted at 400, com pared with 250 a year ago. The finan cial statement of the Washington mill^, W'inston-Salem, January 1, show that the total 1922 profit was approx imately a half million dollars, or actu ally $485,7S7.75 for the year. That company has a capital stock of $2,250, 000 and a surplus of $2,494,448. The total assets of that North Carolina manufacturing industry are scheduled at $5,288,883.68. Since October there has been a decide^ bull movement in southern mill stocks, and the New York News Record statement at the beginning of the new year says: “Cot ton mill shares continue to display a bullish tendancy.” Buyers in New York show eagerness for southern mill stocks. A Califor nia textile syndicate, with headquar ters at Oakland, has just purchased the mill of the Rabell Manufacturing company at Selma, Ala., for $500,000. The Selma company was organized just six years ago with a capital stock of $250,000. This is a strong indica tion of the big success of cotton man ufacturing in the south. ___n----.-- , I The Way of the Land of the Sky -0 Asheville pulled off the good stuff through the Associated Press dis patches a few days ago when she re sorted to the energized wires to broad cast her announced Intention of dis patching an automobile party to Flor ida in February or March bearing the invitation of the Mountain City and the Land of the Sky to Florida’s win ter tourists to return north by way of North Carolina’s Appalachian exhibit of grandeur. As we understand it, Asheville Is to send a delegation of her fair ones and unfair ones on a jaunt to the Land of Flowers for the sole object of indticing winter tourists to extend their winter playing into the Appalachian region. Asheville pro poses to begin her tourist season early, keep it up all this summer, and then make it known that all mountain tour ists should remain until fall if they really wish to see the mountain re gion in all its glory. Page Asheville’s press agent! He is an early bir^. He gets on the job as soon as the vibra tions of the nhw year bells ring in an other year. We have got to hand it to Asheville boosters for the way they set an example to other Tar Heel cities fl^the ways and means of get ting themselves -noticed • at odd times and at psychological, moments. Ashe yille’s time"toifteost &hlli.the time.- A if V ... , " : Do We Propose to Get Together ? -o What did we do last year? What do j we propose to do this year? ■ When . are we going to begin to do.what we j ought to do? How are we going to do it unless we mobilize all our boost- j ing forces into, one live, powerful or ganization. “In union; there is i strength.” Without union there is nothing doing. It is team work that counts in any community. Every live community ought to have several defi- j nite objects to accomplish, this year. Asheville has eight constructive ob-! jects which its city builders propose to pursue to a conclusion this year, j High Point goes Asheville two better with ten, which the live wires are go- , ing to promote by means of commu nity mobilization and work. Chicago has only three big things on her 1923 program, so "we have two North Car olina cities which have more exten sive program^ than Chicago, although the three developments aimed at the Windy City are tremendous in their character. A city does well when it puts one constructive thing across and keeps hammering earnestly on others. We ought not to go after anything with cold feet. We should not let any herbs grow under our feet. It is denied that there is a shortage of tailors in Chicago. That will assure the south that it can still rely on Chicago for, a large share of its cloth ing. New York has announced her need of 37,740 more tailors. The cloth ing trade must be on a boom in New York. v The Latin republics announce that they have a deficit. American bank ers will understand that there is a new loan demand in Latin republics. A New York poker den is no place for a woman who sports diamonds and pearls worth $500,000. A woman with that much jewelry is liable to be rob bed or kidnaped most any time. The first of a series of county boll weevil meetings announced for eastern North Carolina by the North Carolina farm extension service will be held at Elizabethtown, Bladen county. Both federal and state experts are on the programs for these county meetings. The latest loud and threatening an nouncement coming from the 'Pacific coast is that in 25 years the commerce nn the Pacific side of America will exceed that on the Atlantic coast. The Pacific starts its publicity at he be ginning of the year and keeps it up all the year. The world’s most valuable acre is near Wilmington, but the world’s most valueless wiseacre hangs out around Washington when congress is in ses sion. First thing you know, most every body will take to digging around for the Russian crown jewels. * Premier Bonar Law,of Great Brit ain failed to convince 'France that sending good money after , bad money never has paid anybody. Prance rejected the German propo sition for a 30-year peace pact. France seems to be weddeck to the idea that a strong army is the best guarantee of 30 years of peace. >. We know a lot of communities whose taxes are as low as they were before the war. They haven’t made any more progress than they did before the war. Progress and development are two things that no cofnmunity can get for nothing. The most costly thing in any baliwick is stagnation.' Progress and development are . two things worth more than they cost any city, any county or any state. The very best thing any people can get for its money is progress and prosperity. ■o Maybe, France has an idea that the world wants better ‘ economic condi tions restored at her expense. If cotton ever had an excuse for going up to 30 cents it has it now. The boll weevil and the insecticide trust have to be taken seriously, ■ -0-j If Wilmingtonlans were once to realize the great opportunities; around Wilmington, they would all join the chamber of commerce and make it their business to attend every meet CONTEMPORARY VIEWS. 1 POWER PLANTS, TO COST MILLIONS Hydro-electric power plant develop ments .in the vicinity of Tuxedb, plan ned by the' Manufacturers' Power com, piny to serve ■ both-North and South' Carolina, ' eventually ■ developing -siKer 70,000 horsepower, representing an in vestment of ^-between three- and four million dollars, will probably be start ed at an early date, with the Turner development, 12,000 horsepower, to cost around 4750,000, as the initial step, it'was learned yesterday. Although definite de tuils :for,;the ;eg,v; tire' projdfet have not ; been completed by 'Mays' and Mays, bf Charlotte, -tit gineers -for-the -power company,. th«* directors -aye ‘expected ,to meet, during the- next ten dgys.and consider the va rious details.'' --. .... , A ' large powerprojeet. knowtt Ss Lake Summitt, near Tuxedb, was the first attempted on a large scale to _in. the^Piedmont sec ing. -o servfi xdtJS>n? Uoa ot~ *dd pounding lake, covering 60,000 acres, -with the dams, represent in invest ment of approximately $1,000,000. The- impounding lake for the Turner plant, it is understood, will.cover al 'most the same, acreage,'although be ing undertaken by a different com pany. . The larger development, althougn definite plans have not been made, it is stated, will,have a 600-foot head, as compared to a 290-foot head at Lake Sumraitt. It(is also planned to make at least 60,000 horsepower from this single generating station, at a point known as the Narrows, with Green river, one of the tributary waters. J. A. Law, president of the Central Bank, Spartanburg, S. C,; W. S. Mont gomery, president of the Blue Ridge Power company, and, J. O- Bell, of Hen dersonville, are among the officials of the Manufacturers’ Power company, the former being president. O. a. Myers, manager .Of the Blue Ridge Power company, is'also'interested in the project in an engineering capacity. —Asheville Citizen. SECRETARY FALL’S RETIREMENT Announcement of the early retire ment of Secretary Fall from the cabi net ^hardly comes as a surprise to the community, Rumors have long been persistent that there was friction in the official family at Washington, and that the secretary of the interior was involved. When the strife between President Wilson and the senate over the ratisfication of the Versailles treaty was at its height the then Senator Fall was one of the most irreconcilable of the irreconcilables. There is no evi dence whatever that he has since changed his views in the least on in ternational matters. It has been gen erally understood for some time past that even the new faltering steps thm the Harding administration has gained its own consent to take in this direc tion have by p,o means met with the approval of Secretary Fall. It is prob ably this state of affairs far more than the condition of his private business that accounts for the retirement of this cabinet officer. In these circumstances there will be no very widespread or keen regret over Secretary Fall's absence from the cabinet. The administration needs all the encouragement it can get to go boldly and wisely ahead to deal with foreign affairs in a progressive spirit. The last thing it ought to have is the burden of the constant counsel of one of Secretary Fall’s known views. What the country can well concern itself about is the appointment of a succes sor to Mr. Fall. Reports from Wash ington are far from reassuring on this score. About all the “lame ducks” on the roster of the Republican party are being spoken of as "possible" appoin tees. President Harding could hardly make a greater mistake than to take into his official family one of the in competents whose accord was de cisively rejected by the people last November.—New York Journal of Com merce. WHO IS TO BLAMEt From President Harding’s statement to congress that if it really wants to help “the European situation, the first practical step would be to free the hands of the (debt funding) commis sion. that helpful negotiations may be undertaken,” an ignorant man would infer that the president ha protested vigorously against Jying these hands. Everybody knows tnis is not so. Every body knows that when the senate re stricted the commission the president made no formal protest, and no Infor mal protest sufficient to arouse atten tion. Wevknow that while many jour nals loudly called upon him to act and cited the action of Andrew Jackson in rejecting a similar congressional limi tation oft,the executive authority, the administration was acquiescent. But manv people will not recall just how acquiescent It was. They will not re member that when last February Sec retary Mellon appeared before the house ways and means committee while the house was weighing the senate re strictions, he was reported by the As sociated Press as saying that the ad ministration did not like them, “but t,hat it would, be feasible ,to go ahead with the refunding negotiations, and if these limitations proved insurmount able additional authority could then be asked of congress.” , • In other words, under a demand for leadership last spring the administra tion decided that the best course would be to go ahead with the European sit uation an demonstrate to congress that it had been wrong. Now under an other demand for leadership, it com plains that it could not go ahead with the European situation because con gress prevented it. It took no blame for yielding because It held that its future action would not be fatally hampered; now it evades the blame for want of such action by complaining that congress made it yield. Yet every body knows that if the administration, having the house behind it an resting upon not only present expediency but a great constitutional principle, had made a fight for free negotiating au thority, it would have won.—New York Evening Post. -0-1 Only Four More Units Needed for State Guard w RALEIGH, Jan. 6.—Announcing that three units had been admitted into the North Carolina national guard during the past 60 days, a record for this sea son of the year, officials of the adju tant general’s department tonight stated only four more organizations were tp be filled to complete the state's quota and that applications for these already have been filed. 'The three units admitted are Bat tery D, field artillery, at New Bern; 115th ambulance company, Edenton, and Company B. 105th engineers, Mor gantoff. \ I Since June SO, 1919, the national guard in this state has increased from nine officers and 13S enlisted men to 114 •officers and 2,218* enlisted men. There were 88 officers and 1,562, enlisted men in 1021. ' .’ The strength of the national guard ! throughout the. country in 1919 was 1,198 officers and 36,012 enlisted men. The strength on June 30, 1922, was 8,744 officers and 150,914 enlisted men. v‘Of the total amount of federal funds expended oh the national guard in this state last year,” said Major Gordon Smith, "approximately $190,000 was in actual cash and distributed among individuals and firms in about 30 counties. The past year was the most active in the history of the guar<\,” POSTMASTERSHIP ELIGIBLE* CERTIFIED BY COMMISSION ’ By H. E. C.> BRVASTN .. WASHINGTON,. Jait, lii-TEUgibles for postmasterships have bepn certified by tiro oivil jservtce 'Spmmtssion for the following places’: v 'Tarboi'o, Joseph M. Carstarpep; Scotland Nepjc,’ Mrs. Kate S. Dunn; Atherton, B. fijiihnd William Dickinson’ Jr.; Louisburg, Edward l*. Yarb'crrOugh an'd Miss Edith G. Yar borough. !. .Bid . you -know.,that, straw hats for • spring are being, made now? THOSE WHO EAT MUST YYUtt^ I ^Jsft vieu,ifYou CHOP AU.1H1S WOOD W> . ARRANGE fT IN A NICE PIL& MEBBE IU SEE IP I CAN PP SOMETHING For you ^ REPORT OF CONDITION OF The Murchison National Bank OF WILMINGTON, N. C. At the Close of Business on December 29, 1922 RESOURCES: Loans and discounts, including" rediscounts, acceptances of other banks, and foreign bills of exchange or drafts sold with indorse ment of this bank (except those shown in b and e) ............. .. $ Overdrafts unsecured ...•■••••••• Customers’ liability account of “Acceptances” executed by this bank and by other banks for account of this bank, and now outstanding .... ..• U. S. Government securities owned: Deposited to secure circulation (U, S. bonds par value) ? 615,000.01) All other United States government securities (including premium, if nny) ..... 185,650.00 9,242,208.90 10,743.29 190,000.00 iTOTAL ...... Other bonds, stocks, securities, etc.:.:.. Banking house and furniture and fixtures.... Real estate owned other than banking house...*: . . Lawful reserve with Federal Reserve Bank.. ..i. Items with Federal Reserve Bank in process of collection.. Cash in vault'and a'mount due from national banks t.^ - , , Amount due from state banks, bankers and trust companies m the United States (other than included in Items 8, 9 and 10). Checks on other banks in the same city or town as reporting bank (other than Item 12) ....—...;•••-«■.* Total of Items 9,10,11,12 and 13.♦ •••«•.. ■ 3,130,040.33 Checks and drafts on banks (including Federal Reserve Bank) located 4 •. outside of city or town or reporting bank..• • • • • * : 1,239.04 Miscellaneous cash items......*-•'... • ■ 269,386.04 Redemption fund with U. S. treasurer and due from U. S. treasurer. ; f TOTAL ...... .w\: LIABILITIES: Capital stock paid in ... Surplus fund. Undivided profits. Reserved for income tax $251,322.34 65,293.11 -r_$ Less current expenses, interest and taxes paid.. Circulating notes outstanding.. • ..• Amount due to Federal Reserve Bank (deferred credits) ... Amount due to national banks ... Amount due to state banks, bankers and trust companies m the United States and foreign countries (other than included in items 21 or 22) \.......■•••■•.. Certified checks outstanding ....•,•••.... Cashier’s checks outstanding.. ... Total of Items 21, 22, 23, 24 and 25... Demands deposits (other than bank deposits) subject to Reserve (de posits payable within 30 days): Individual deposits subject to check ...-- *... State, county or other municipal deposits secured by pledge of assets of this bank or surety bond ..... Dividends unpaid ---■ - • --*.• Total of demand deposits (other than bank deposits) subject to Reserve, Items 26, 27, 28, 29, 30 and 31. Time deposits subject to Reserve (payable after 30 days, or subject , to 30 days’ or more notice, and postal savings): United States deposits (other than postal savings), including war loan deposit account and deposits of United States disburs ' ' ing officers ....... .... • ... Notes and bills rediscounted, including , acceptan ces of other banks .and foreign bills of exchange or drafts sold with indorsement of this bank .<;■..... “Acceptances” executed by this bank for Customers, and to furnish dollar exchange ........... • i • • • •-- • • ... 316,615.45 113,054.65 5,848,771.28 5,034,647.18 : 800,650.00 94,000.00 367,000.00 8,000.00 546.288.38 698.887.39 1,546,435.97 $68,147.85 16,569.12 270,625.08 30,750.00 $14,690,305.98 $ 1,000,000.00 1,000,000.00 203,560.80 615,000.00 855,512.86 876,569.04 3,921,644.44 1,602.34 193,442.60 4,960,309.88 73,658.30 679.00 122,553.17 675,773.55 190,000.00 TOTAL $14,690,305.98 STATE OF NORTH CAROLINA, / COUNTY OF NEW HANOVER, ss: . I, CHARLES S. GRAINGER, Cashier of the above-named bank, do solemnly swear that the above statement is true to. the best of my knowledge and belief. , ..■ _ v.' Charles s. Grainger, Cashier. " ’ Subscribed and s#6rn to before me this 5th Correct—Attest: day of January, .1923,. . ; , v WALKER TAYLOR,' J. F. ROACHE, Notary Public. F. W. DICK, - ... -: ~ J,y. GRAINGER, . ... m ****** - ' *' , Directors', a
Wilmington Morning Star (Wilmington, N.C.)
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Jan. 6, 1923, edition 1
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