Black Bankers Denounce Race Member Of Federal Reserve
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Goodloe Urges Black Companies Join Billion $ League
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VOLUME 50 No. 3
Dr. V. E. Brown Says McDonald Address At
Emancipation Program Is "Talk Of Town"
Funeral of Rev. E. T. Browne
Held at Mf. Vernon Thursday
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REV. BROWNE
Funeral services for the Rev.
Emmett T. Browne, pastor of
Mt. Vernon Baptist Church,
were held at 4 p.m. Thursday
at Mount Vernon. Burial was
at Glennview Memorial Gardens
with the Rev. Otha L. Sherrill,
Mutual Savings &
50 th Anniversary A f Annual Meet
The 1970 annual meeting
of the - Mutual Savings and
Loan Association held here
last Tuesday evening featured
as its principal piece President
J. S. Stewart's annual Report
to the Stockholders.
In his address Stewart
pointed out that W. J. Kenne
dy, Jr. t who was present at
the meeting and presided over
it, was the only living person
who signed the original chart
er of the association.
In addition to Stewart's
address he stockholders were
favored with another from
Mr. Kennedy who told of the
founder of the association,
the late R. L. McDougald,
and other supporters and
loyal officials of Mutual Sav
ings and Loan since its found
ing.
Stewart also advised the
stockholders that "in general
1970 was not a Bear record
year but good," for Mutual
Savings and Loan in that the
final quarter of the year
showed an increase in its as
sets.
The president also pointed
out that:
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STEWART .
DURHAM, N. C., SATURDAY, JANUARY 16, 1971
executive secretary of the Bap
tist State Convention officiat
ing. Pastor Browne as he was
often called by his parishernen
died at Duke Hospital Sunday
night.
The Southampton County,
Va. native attended public
schools in Southampton County
and Pittsburgh, Pa. He attended
Virginia Union University, Vir-
State College and Union Theo
logical Seminary.
He received the B.Th. de
gree and the doctor of divinity
degree from Virginia Theologi
cal Seminary.
Rev. Browne has been a resi
dent of Durham since 1948 at
which time he became pastor
of Mt. Vernon.
Surviving are his widow, Dr.
Rose Butler Browne, one son,
Emmett T. Browne, Jr. and
several foster sons and daugh
ters.
While in general, 1970 was
not a near record year, but
good for our association, the
final quarter was much better
than we had anticipated. In
fact, we experienced very
little growth during the first
nine months of this year. A'
part bf our savings increase in
the final quarter is a result of
the Federal Reserve Board's
move to an easier money
policy.
Becasue of the unusually
high interest rates which pre
vailed in 1971, a considerable
volume of typical "over-the
counter" savings dollars found
their way into other forms of
investment - stocks, corpo
rate bonds, and government
obligations. This diversion of
savings funds was in great
part responsible for the criti
cal shortage of housing credit.
But 1970 was a poor year
for the stock market and
many small investors suffered
loans. If there is one lesson
that was learned from 1970,
it is that there is no substi
tute for the safety, security
and rate of return on a savings
(See MUTUAL SAVINGS 8A)
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MUTUAL SAVINOS AND LOAN ANNUAL MEETING
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REV. MCDONALD
The Emancipation Day
program sponsored by The
Interdominationai Ministerial
Alliance of Durham was held
January 1, at the West Dur
ham Baptist Church. The fol
lowing is an account of the
program given to this paper
by Dr. V. E. Brown, Publici
ty Chairman of the Alliance.
The City of Durham is
blessed with a person and
Mahalia Thrills
Africans on
Recent Visit
President William V. S.
Tubman was honored at a pre
birthday celebration, given by
the Chamber of Commerce
Nov. 23, at 7:20 p.m., in the
Villa Sangai owned by the
Hon. Stephen Tolbert, the
President of the Liberian
of Commerce and all around
entrepeneur of Africa.
Special guest for the affair
was Miss Mahalia Jackson,
who has been in Africa since
Nov. 19, 1970. Miss Jackson
was in Africa under the aus
pices of the African Chamber
of Commerce and was the
house guest of His Excellency
Mr. and Mrs. Samuel Z. Wtost
erfleld, American Ambassador
to Africa. The affair by invi
tation only, was attended by
(See MAHALIA pa«a 8A)
PRICE 20 CENTS
personality such as is found In
Osofo La Fayetee H. Mc-
Donald, who spoke for some
forty minutes on New Year's
Day at the West Durham Bap
tist Church, for the Emanci
pation Proclamation One
Hundred and Sixth Anniver
sary Service sponsored by the
Interdenominational Minis
terial Alliance of Durham and
Vicinity. Osofo directed his
speech at the "young, old,
educated, uneducated, those
who have it, and those who
have not received the mes
sage."
He challenged his audience
of about six hundred lister
ners to make room in various
programs in that church and
in life for youth because:
"They are young, gifted, and
black." He challenged the
youth to "Keep on Pushing
because only the strong sur
vive."
(See McDONALD pag*£A)
Miss Lassiter Crowned Queen of
Business and Professional Chain
With a grand total of
$474.00 in ticket sales, Miss
Cloyce Lassiter, representing
Fisher Funeral Parlor, walked
off with first place in the
competition and was crowned
Miss Durham Business & Pro
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MISS LASSITER MISS ROMMCIC MISS WILBY
NCM Head Ask:
Race Business
Move Upward
In his report to the policy
owners of the NORTH CARO
LINA MUTUAL Life Insur
ance Company at their Seven
ty-second Annual Meeting
here at Mutual Plaza in Dur
ham, N. C., Monday after
noon, the firm's sixth presi
dent Joseph W. Goodloe stat
ed, "Now that both the life
insurance industry and the na
tion's economy are rated in
Trillion Dollar terms, it is im
perative that North Carolina
Mutual and tfther biackope
nted companies move up to
the billion dollar league if we
are to fulfill our role and re
sponsibility to black people.
"Our record for 1970," he
continued, "seems as first
glance to provide a source of
pride and pleasure in our ac
complishment. True, the past
year's record was the best in
more than twenty years and
ranks aniong the best, if not
the best, in the Company's
seventy-two year history. But,
as we take a good hard look at
the size and state of our eco
nomy, the size of the insur
ance industry, thei magnitude
of the demands for human in
vestment as well as monetary
investment needs, we are so
bered by the fact that the
(See MUTUAL page 2A)
fessional Chain for 1971. This
event took place Jbnuary 9,
in the auditorium of Durham
Business College. Miss Lassiter
a 1964 graduate of North
Carolina Central University
(See QUEEN page 4A)
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KENNEDY
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NEW N. C. MUTUAL BOARD
MEMBERS WELCOMED Jo
seph W. Goodloe, NCM presi
dent and A. W. Williams, board
Fitzgerald Grandsons
Plans To Move Em
Below is a statement sub
mietted to this newspaper by
the Fitzgerald Brothers rela
tive to a story published last
week in The Carolina Times
by the J. R. Crutchfield rela
tive to tbe moving of Em
manuel AMEChurch'on. Kent
Street.
William R. Fitzgerald and
Charles T. Yarborough, grand
i sons of the late R. B. and
' Sarah Fitzgerald, representing
the remaining members of the
family are deeply shocked and
| humiliated by the statements
made by the Rev. J. R.
Crutchfield in last week's
issue of the Carolina Times,
that the Emmanuel A.M.E.
Church on Kent Street is
being moved to Riddle Road
because the church is owned
by the Fitzgerald family.
Fitzgerald and Yarborough
wish to state that there is on
public record in the registrar
of Deeds Office for Durham
County in deed book 9, on
page 522, dated February 11,
(See EMMANUEL page 8A)
Business Seminar
Is Scheduled For
Tues., February 9
Project Outreach and the
Department of Commerce and
Economics of North Carolina
Central University will sponsor
a business seminar for six
weeks beginning Tuesday, Feb
ruary 9 in the Commerce Build
ing on North Carolina Central
University's Campus.
All businessmen, business
women, and othen interested
in going into business are in
vited to participate in this
seminar which will run Aw six
consecutive Tuesdays.
Please contact the Project
Outreach Office at 688-7356 if
you are interested in participat
ing.
U.S. Court To Hear
Paves Way Championship Fight
NEW YORK, N. Y. - The
Supreme Court today (Jan.
11) agreed to hear Muham
mad Ali's appeal from his con
viction and five-year sentence
for refusal to submit to induc
tion into the Armed Forces.
In its brief order granting
certiorari, the court limited its
consideration to the Issue of
whether Ali should have been
granted a draft exemption be
cause of his conscientious ob
jection to participation in
war. Had the court declined
to hear the case, the heavy
weight boxing championship
fight between Ali and Joe
Frazier scheduled for March
would not have come off. By
1 chairman, (right) are shown
welcoming Alfred M. Pelham
of Detroit and Henry E. Fry*
Declare Criticism of Institutions
By Andrew Brimmer Unfounded
WASHINGTON, D. C. -
Officials of the National
Bankers Association (NBA)
this week denounced Dr. An
drew Brimmer's criticisms of
Black-owned banks as un
founded, distorted and u a
tremendous disservice to
Black banks, in particular, and
to Black economic develop
ment efforts, in general." '
The Executive Committee
of NBA held a Washington
press conference to isme a
statement responding to Dr.
Brimmer's charges that Black-
Durhamite Outstanding Youiig
Man of the Year in America
A young, talented star is
moving across the galaxy of
the professional achievers. We,
the astronomers of black
news stop to .acknowledge
the presence of afro-wearing
(Mutt) Boyd.
Outstanding Young Man
Of The Year, Arthur, Kitown
to friends as "Mutt" was se
lected by the State of Flori
da's Chamber of Commerce
and Florida A&M University
Alumni Association as their
recipient of the Outstanding
Young Man of The Year In
America Award 1970. Mem
bership is based on scholastic
and professional achieve
ments.
While attending Florida
A&M University, he was a
member of the Renown Rat
tler Football Team, with
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MUHAMMAD AU
that time, All would hare
been In jrt;.-earring out his
sentence for draft evasion.
of Greensboro as they attended
their first policyowners meet
ing recently.
owned banks are "social orna
ments" and have little poten
tial as instrument of econo
mic development in the ghet
to.
Dr. Brimmer, the only
Black member of the Federal
Reserve Board, mad e his com
ments in a paper «evaluating
Black banks as instru meats of
' economic developme. it at the
annual meettngrof th> ? Ameri
can Fiance Associat ion and
the American Econot nic As
sociation in Detroit t>n De
(See BRIMMER page 8A)
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BOYD
Coach J. Gaither as mentor;
a cabinet member of the Stu
dent Government Association;
Vice President of the Pre
(See MAN page 8A)
If All is successful in his
appeal, it will mean the rever
■l of his criminal conviction.
The NAACP Legal Defense
and Educational Fund, Inc.
(LDF), which successfully
brought suit to obtain All's
license to tight in New York
State, is also handling his pre
sent appeal to the Supreme
Court.
All had >3riginally applied
for a draft earilnption aa a
Black Muslim on the grounds
that th# teachings of the Lost
Found Nation of Islam pre
vented him fi-om participating
in any war. At the recom
mendation of the Justice De
partment, however, an all
(See AIJ page «A)