MSMEI FMM miUMP 10AH
f- Recent Congressional changes
Sthe Insured mortgage program
the Farmers Rome Adminis
tration will broaden opportuni
ties of farmers to otyain real es
tate credit, the U.. S. Department
of Agriculture announced today ^
An assured market for injured
mortgages and an Increase of
one-half of one percent in the
Interest rate are provided in
amendments to the Bankhead
Jones Farm Tenant Act, approv
ed June 19, to encourage great
er participation of private capi
tal in the fartn ownership pro
gram
Lender's who extend credit to
eligible farmers for the purchase,
enlargement tor development of
farms under the insured farm
mortgage program may assign
the mortgage to the Government
and receive .payment in full at
the end of a specified period es
ablished by the Government. The
loans will carry an Interest rate
of 3 per cent and a 1 per cent
Insured mortgage charge.
The credit is extended only to
farmers who cannot obtain ade
quate financing from private or
cooperative sources. Repayment
of the loans is fully guaranteed
by the Government. The loant
are limited to 90 per cent of the
borrowers total investment in the
farm and are repayable over a
40 year period.
Since the first insured loan
wa8 made last October, 333 loans
averaging approximately $7,000
have been closed or approved. In
addition, 9,200 applicants for in
sured loans have been approved
and their applications are being
held pending the location oi
suitable farms or lenders willing
to finance the loans with gov
ernment insurance. Up to $100,
000,000 worth of loans may be
Insured in any one year.
Of the lenders making insured
loans, 84 per cent have been
banks serving rural areas. Other
loans have been made by life in
surance companies, . individuals,
state retirement funds, and sub
sidiaries of farm organizations.
According to J. B. Slack,
State Director for the Farmers
Home Administration in North
Carolina, insured loans have
been made in this state since last
November when the first insured
loan was made.
The insured mortgage program
is based on experience gained in
the making of direct government
farm purchase loans to approxi
mately 60,000 farmers, including
8,000 veterans during the past
10 years. Approximately 9,0001|
of these loans have 'been paid in
full from farm inoome 30 or
more years ahead of schedule.
Congress has appropriated
$15,000,000 for direct farm own
ership loans during the coming
fiscal year.
In most respects thq direct and
insured loans are similar. A farm
Purchased, enlarged or improved
with either direct or insured
loans cannot have a value great
er than the average value of all
efficient family-type farms in
the county in which it is located
No loan can be made if the total
investment of the borrower will
"be more than the reasonable val
ue of the farm based on its long
title earning capacity. All loans
are accompanied by supervision
in improved farming methods.
A borrower cannot qualify for
a direct loan, however, if he is
able to make a 10 per cent or
more down payment on the farm
and can obtain an insured loan
from other credit sources.
Approximately 70,000 applica
tions are on hand for direct and
insured loans, of which 38,000
are from veterans.
Veterans receive ^preference
for both direct and insured
loans.
E. Hight Helms
Takes Purina Course
E. Hight Helms of the Wilkes
Farm Center recently returned
from Albemarle, where he at
tended a two-day Feeding Ad
visory Council sponsored by the
Ralston Purina Company and
held at the Albemarle Hotel.
Helms was one of 27 men select
ed from Purina dealers' stores
in North Carolina, South Caro
lina, Virginia, West Virginia,
Georgia and Tennessee for this
intensive training course.
Helms was given instruction
in the feeding, management and
sanitation of livestock and poul
try. He and ail members attend
ing this Council visited farms
I near Albemarle where they
could study actual poultry and
! livestock operations. They were
given training in recognition and
treatment of disease problems.
This Council at Albemarle was
the second in a series of five.
Upon the successful completion
of the course, Helms will be pre
sented a diploma as a graduate
Feeding Advisory and will also
receive a solid gold ring from the
Ralston Purina Company in rec
ognition of his work.
Hobnail bedspreads in white
only, doable and single, only
$4.85. Good towels, 8 for $1.00.
The Goodwill Store. 7-2?-2t. I
| ADMINISTRATRIX'S NOTICE
Having qualified as admin istra-1
trix of the estate of Albert C.
Vestal, deceased, late of Wilkes
County, North Carolina, this is to
notify all persons having claims
against the estate of the said de- [
ceased to exhibit chem to the un
dersigned at Wilkesboro, N. C* on
or before the 2nd day of July,
1949, or this notice will be plead
in bar of their recovery. AD per
sons indebted to said estate will [
please make immediate payment
This 2nd day of July, 1948.
Mrs. ALBERT C. VESTAL,
Admrx. of Albert C. Vestal de
ceased. 8-9-8tM |
NOTICE OF SALE
North Carolina, Wilkes County.
Under and by virtue of an or- j
ier of the Superior Court of
Wilkes County in the action en
titled L. H. Patterson vs. E, L.
Beshears, the undersigned com- ]
missioners will offer for sale for
cash at public auction to the high
est bidder at the premises ? of the
Parkway Cafe, on Highway 115,
just east of North Wilkesboro, N. i
C., at 12 o'clock Noon, on Satur
day, July 81, 1948, the following
articles of personal property?
Four new pool tables, together
with cue sticks, balls and other
equipment.
Three used pool tables and all j
equipment.
One large beating stove.
One back bar. .
One front bar.
One eight-foot beer cooler.
One draft beer box and extras.
One large electric meat refrig
erator. i
One three-bole ?fav,
One hot water beater.
? Ya??us ndscellaneous articles
including dishes, cooking utensils, I
all in good
" dibon and may be inspected at
TSStfi1 Caf!.*1*
Twenty Rescued . |
In Plana Mishap!
Marseille, France?The French |
NTews Agency reported that 20,
persons were rescued today from!
i French Wellington plane1
which made a forced landing in
;he Mediterranean. Details pf the
rescue were lacking, but several
search planes had been sent to
;he area.
The airport at (Marignane said
earlier it had received an SOS
Erom the plane. The French
Newg Agency said the aircraft
was believed to be carrying fam
ilies of French military person
nel bound for vacations at home.
Following the distress signal
the plane messaged it had taken
off this morning from Reghaia,
(Algeria. It was bound fk>r Istrid
Airport, near Marseille.
We have lote of new goods
coming in along now. A perusal
and comparison always proves
that on lots of standard merch
andise our prices average under
the market, your visit is invited.
The Goodwill Store. 7-2&-2t.
NOTICE OF RE-SALE
North Carolina, Wilkes County.
Under and by virtue of an order
of the Superior Court of Wllkss
county, made in the special pro
ceeding entitled "La the matter of
Clyde Hayes, guardian of William
Tyra Walker', the undersigned
commissioner will, on the Slst day
of July, 1948, at 12 o'clock Noon,
at the courthouse door in Wflkss*
boro, North Carolina, offer for
sale to the highest bidder for cash
upon an opening bid of $19,896.00,
but subject to the confirmation of
the Court, all the boundary of
merchantable timber 8 inches In
diameter, 12 inches above the
ground and upward, located on
the tracts of land hereinafter de
scribed.
First Tract; Beginning on a
poplar near some large rocks, the
southeast of said land, running
north 76 poles with the old line to
the river; then up the meander
ings of said river 200 poles to
Harroid's line; then south with
said line 100 poles to the top of
the mountain to a chestnut cor
ner; then northeast along the top
of the mountain a conditional line
eighty poles to Brewer's line;
North with said line sixteen poles
to a chestnut oak; thence Bast
forty-nine poles to a white oak or
rock near a hollow; thence North
twenty-threa poles to a poplar:
East 50 poles to the beginning.
SECOND TRACT: Beginning
on a large poplar, the corner of
D. O. Brewer and William Tyra
Walker; - thenoe running North
ward on William Tyra Walker's
and D. G. Brewer's line to the
river; thence Eastward down and
with the river with D. 6. Brew
er's and A. S. Billing's line to
a small branch; thence South
ward with the branch and F.
Baldwin* and D. O. Brewer's
line to Dean Waker's line; then
up the hollow with Dean Walk
er's line to a stone to Robert
L. Sebastian's line; thence with
said line Northward to Frank
Billings' and Tyra Walker'e to
the beginning,
The timber located on the
lande described above is offer
ed for re-sale subject to all the
conditions set out in an order
dated .the 2Srd day of April,
1948, signed by the'clerk of Su
perior court of Wilkes county.
This 15th day of July, IMS.
CLYDE HAYES,
7-26-2tM Commissioner
ATHLETES FOOT ITCH
HOW TO STOP IT '
MAKE 5 MINUTE TEST
pow*rpul penetrating
FULL STRENGTH. Reacho* MOfi
^ to KILL the Itch. Gtl NEW foot
fort or your 35c bock. Today at
SHAME'S DRUG STORE
Wh* WAIT?
Hare Your Auto Gloss
Installed Now!
Then your car will be ready for
Inspection.
GLASS SALES AND
SERVICE
Car. B and Mi flta?to
Telephone 745
NORTH WILKB8B0R0, N. C.
?
FOR EXPERT
JEWELRY AND
WATCH REPAIR
WRIGHT'S MEN'S
SHOP
WTLKE8BORO, N. C
AS Work
REPORT OF CONDITION OF
The Bank of North WHkesboro
Of North Carolina, Wilkes County, In the State of North Carolina
AT THE CLOSE OF BUSINESS ON JUNE 30, 1948
ASSETS
Cash, balances with other banks, including reserve
balances and cash items in process of collection. $1,837,885.89
United States Government obligations, direct and
guaranteed 4,630,894.94
Obligations of States and political subdivisions 149,674.62
Other bonds, notes and debentures 188,256.78
Corporate stocks (including NONE stock of Federal
Reserve Bank) 10,000.00
Loans and discounts (including None overdrafts) __ 2,456,983.85
Bank premises owned $34,750.00, furniture and fix
tures $6,947.61 41,697.01
Bank premises owned are subject to NONE liens
not assumed by bank).
Seal estate owned other than bank premises NONE
Investments and other assets indirectly representing
bank premises or ether real estate NONE
Customers' liability to this bank on acceptances out
standing NONE
Other assets 22,849.03
TOTAL ASSETS ' $9,338,242.67
LIABILITIES
deposits of individuals, partnerships, and
corporations 1 $3,891,651.06
Time deposits of individuals, partnerships, and cor
porations 3,904,090.48
Deposits of United States Government (including
postal savings) 122,836.80
Deposits of States and political subdivisions 633,118.77
Deposits of banks ? 71,909.53
Other deposits (certified and officers' checks, etc.).. 41,615.70
l TOTAL DEPOSITS $8,666,217.33
"Bills payable, rediscounts, and other liabilities for
lortgages or
other real
or other liens, on bank premises and on
NONE
NONE
Acceptances executed by or for account of this bank
and outstanding NONE
Other liabilities 107,478.95
TOTAL LIABILITIES (not including subordinated
obligations shown below) $8,772,696.28
CAPITAL ACCOUNTS
Capital $ 160,000.00
Surplus ' 360,000.00
Undivided profits 54,318.93
Beaerree (and retirement account for preferred cap
ital) 11.227.46
TOTAL CAPITAL ACCOUNTS 566.646.39
TOTAL LIABILITIES AND CAPITAL ACCOUNTS $9,338,242.67
Thia bank's capital consists of: First preferred stock with total par
value of NONE, total retirable value, NONE; Second preferred
stock with total par value of NONE, total retirable value NONE*
Capital notes and debentures of NONE; Common stock with total
par value of $160,000.00. ?
MEMORANDA
~ ' ?'-dices' / - *'
Assets pledged or assigned to secure liabilities and
ObllStk^7t?S^!a^"1to~d^B ~rf d?^ton "iid **,740,324.14 I
other creditors, not included in liabilities None
(a) Loans as shown above are after deduction of re
serves of ? 16,649.99
(b) Securities as shown above are after deduction of
reserves of 1 ? 28,869.76 |
B. W GWYN, Cashier, at the. above-named fc?^ do solemn*,
ar that the above statement la true, and that it SKy Jnd
represents the true state of the sevend matter, hersin
set ferth, to the best of my knowled^aad beHrf stained an,
_ R. W. GWYN, Cashier
Correct?Atterf:
RALPH DUNCAN,
E. M. BLACKBURN,
iW. D. HALF ACRE,
of North Carolina, County at WUkoo, m:
Sworn to and eubeeribea before me ?thia 8th day of July, IMS.
ami I hereby certify that I am not an officer or director at tUa
?fife, ? '? ? v , . T. C. CAUDILL, Notary Public
Ny Oommieeion Expires Oct 14, IMS.
Sam P. Mitchell
Civil Engineer
CUT AND RAW 8UKVEY8
, PROPHtTT PLATS
OHIw^>j^wr WMjj^Mlartt
Office Phone 227
Hearing AMs
Are Dependable
Ask For Booklet At
CARL W. STEELE'S
JEWELRY STORE
We carry Batteries for most all
makes of Hearing Aids.
AND?R?N* HCCP ^t/^ANDtRSON
rl KNOW we havemt
MONBV ENOUGH TO
oeT MARRIED ON, PET
Bcrr COULDN'T we
WVB WITH YOUR -
FOLKS?
^MO- "THEY'RE
rrtu uvinci
wrrn'
FOLKS.
YOU LIKEWISE CAM
ALWAYS RANK ON
ANDERSON
ELECTRIC CO.
raoo?PMtRAMUTY?j
ANDERSON Slcct/uc Co
I ?l?CTR/CAL ? PLUMB/N6S HE&7/NG CONTPACTOk
3 E. APPl/AA/CES-MEYEPS WATEP SYSTEMS
PHONE 630 ~ WILKESBORO N.C. -
4
'(ru/t-t i
WAS A RU6GED BUSINESS,
A rope-driven generator, o water wheel, and a manual
switch . . . these were new marvels on the Catawba 45 years
ago when R. S. Cannon became superintendent of the first
plant of what is now the Duke Power Company.
Charles Steinmetz, electrical genius, and W. S. Lee,
pioneering engineer, had worked together on the installa
tions. Other scientists, engineers, and students came from
as far away as Japan to study this Southern outpost of the
new electrical age.
So rapid has been the development of electricity
through Americn initiative and industry that today the open
ing of a plant generating many times as much power is
scarcely noticed.
As for today's job as against the old, Veteran Cannon
says operating the modern plant on the site of the "Old
Catawba" is soft in comparison.
"Generating power was really a rugged business," he
admits, with a twinkle, "when the superintendent personally
wound the generator, repaired the water wheel, shoveled
mud, and, once, even fought fire." *
I
The Duke Power Company honors this oldest
employee. The qualities he brought to his job . . .
Courage, Loyalty, and a Pioneering Spirit... have
brought power, within the span of his lifetime,
from the realm of the mysterious end the
marvelous Into the every day service of millions.
#r
w
R. S. Cannon, ium l>um t*uwcr Company
veteran to reach Ms forty-fifth year of
service. Above is shown the first hydro
electric plant of the Dnke Power System,
where Mr. Cannon became superintendent
in November, IMS, soon after his gradu
ation from Clemsen College. Below, the
modern plant on the same site, where Mr.
Cannon is superintendent today.
DUKEj POWER COMPANY
th, /^MxJLvwni CaAxdbuU. ^