North Carolina Newspapers

v jn Ji VOL. XXII (TUESDAY) AVARRENTON N. C JTUESD AY, FEBRUARY 6, 1917 (FRIDAY) NO- 44 JfjTATE $1.50 A YELXR A SEMI-WEEKLY NEWSPAPER DEVOTEP TO THE mTCJlIST OWAIIRTON- AND WARREN COUNTY 5c A COPY -i- . THE FARM LOAN PRIM -nntinued from Friday's ;dition . Because the bonds of eack bank fruarate4 by every other bank 2V 1 are thereforo equally secure. J. Suppose the httereat rate to be ;ower4 after the-bank r in opera tion; win Ik eaily bwwers bo forc ed to continue at the Mjrh raU? A. No. They way borrow after jive year under a reappraisemftnt and pa eff the mortgages earigmsuiy givan. .. Haw are interest and principal I ryments f be saa4eT A.. Tb 0creja-ir48Fer of the 5ocM farm association is required 10 reflect the ir.jjtallmnts from tfra borrowers in his assoaiation and re mit thes to the Federal land bank. 3?o-'n' interest and principal as In cluded in the qnal annual or -semi-anr.ual installments throughout the entire period of the loan. Q. May borrower pay off hi lean jvfore maturity? A. Kt may pay all or any part at 3r.r interest-paying date after th mortgage kaa rua five yrs- Q. Yen ay a farmer who borrow s -equired to buy stock of hia local aiciatien to 5 per cent of his Lsn. What becomes of this ataek? A. It is held by the loeai loan as poTJatarcl security until S5VVifc ihe farmer pays off hia debt. XVfcn th mrev i returned to bim, or tUe r?-:e.r rcay use .it as the last ayicnt r: his debt. In the meantime, his sveck rs entitled to receive its propor tionate share of the dividends which lie association declares. Wat de the local as?roeiatim f m)& the oney theborrower pays frr W stock? A. The juweeiation bny stock of the Federal land bank. ThU Is dons tc increase tlie Foderal land bark's capital in order that it may nj.ke loans, t!. -Whd'sft ike dividends on this while it ta held a eoKaterial se curity by the local loan association. . A. The borrower, except that part to pay the expenses of the local loi:ii associattoii. 3. Why dooa the oeal airsoeiatin hold She borrewer'a stock? .a. -Tho awetiiat paid for the stock by each borrower in the association beccznjss a yart of the aseta of the local aasociatioB, and may bo used tmiy in case some borrower fails to pay a&d His land does not satisfy the free of the morgan. Is there much HkeUhood that tbs stock will erer hare to be used fir that purpose? A. No; beeanse the loans do not eM-eed -0 per C;ent of the appraised value of the land. Q. Is thr ajiy other tlabi Jity on tl part of the borrower? A. yes; in case of r severe losses exi-erieneed by the local lon associa wK?fii it unable to meet it s obligation, each-borrower is por sor.all liable for an amount equal to tbf faee value of his stoelc. .This Ss th doble-liabUlty feature -which has always been the rule in national bank stick owTersh'ip. th Then the total1 personal respon siiHity of the borrower for the iebta of the association t only 5 por eent of tha original fae of his loan? K. Yes. Q. Asd what fs the likelihood that th's 5 per cent will ver be ealled ifr? A. It is Vjiry remote,; I? loano are consertively made no-loss .could reasonably occur that wotrld call for this f, per cent liability. This illns trat.es. the necessity for careful man ace ant ef the local loan association and demonstrates -one of th -reasons fo- its existence the-creation of a boiy for the exetusion of -bad risks ar.d fcr the conservative valuation of laixV?. Q. Thea it is not true. many a national fars '-'loajn association pl'd under unlijsited UaWHty for the dtbta of his associates? . A- Ne. He is liable only to the extent shown above, the total possible liability being 5 per cent of his loan, an J that to be called only 'when the as sociation has become insolvent. Tn such cases the borrower may lose part rll of the stock held by him in the association and in addition thereto he he liable for all or part of an a4 itin 5 p ct of the moimt of his Van. Q Hew may an association be Wni iri3lvent? A By the failure of one or more of ts members to mako their pay-e-c3 and Inability of tiie association ;'T,ai3 the amount of his indebthess wan the sale of his l;nd. Q. So there is no danger of the borrower losing the value of his stock in the National Far jn Loan "Associa tion or ieing called upon to pay an additional amount equal to S per cent of the asiount of his loan if the land of every member-that is taken as se curity can be sold at all times for an amount equal to his indebtness? A, Absolutely none. . Q. Suppose a borrower fails to meet his payments; what happens? A. If, in the judgement of the di rectors ol? the local loan association, the default was unavoidable, the local association may carry the borrower for two yijars; but the borrower js re quired,, to pay 8 per cent interest on overdue payments while he is in ar rears. The local association may bor row, monsy at 6 per cent interest from the Federal land bank to tem porarily meet the def ;f olted payments of its members. Q. 6 the local association is re sponsible for the . installment pay ments to he made by its members as they mature?. A. Yes;; it is the duty of the sec-retayy-treasurer of the local associa tion to see that these payments are promptly made and to j;emf t them - to the Federal land bank. It is also his duty to soe that each member keep his taxes paid, to see that insurance policies ar kept renewed, and to look after everything that tends to th wel fare of the local association. He is the custodian of the records and seciir- tiosof the local association; he makes quarterly reports to the Federal Farm Loan Boanl as to the condition of the local association, and must report to the Federal land bank any failure on the part of a borrower to comply with the terms of his application or mort gage. In fact, he is the agent tur the local association in its relations with the Federal land bank, Q. Dees the secretary-treasurer re ceive a salary? A. His compensation is fixed by the directors of the local association. All other oSSeers of the local associa tion serve without salary unless the Federal Farm Loan Board approves the payment of salaries. The secre tary treasurer may serve without sal ary if he will. u . Q. Whence comes the- money to pay his sal try? A. The national farm loan asso ciation has two sources of revenue. It gets the dividends from the Federal land bank on its land bank stock, and is' also permitted to collect out of the interest paj-ments not to exceed pne eight of 1 per cent semiannually on the unpaid principal of its member's loans, in anticipation ol dividends. Q. What determines the voting strength of each member of the local association? A. Each member has one vote for each $5 share of stock. A man who borrows $1, 09 would necessarily have $50 worth of stock, or 10 votes.. .But no one stockholder may have more than 20 votos. ' ' Q. May any but borrowers belong to these Iocs! loan associations? A. No; membership is confined to stockholders, and borrowers only may bo stockholders. Q. May a local loan association in crease it nMJmbership after it is or ganized and in operation? A. Certainly.- It may admit any borrower - wlio suoscrioes mj equal to S per cent of his loan. He is admitted only by a two-thirds vote of the directors of the association. . q. is there any limit to the num ber that may be members? v A. No. (Continued in Friday's edition) FRIENDSHIP AMONG HORSES While livirc near Judsonia, White tountyfi Arkansas, some years ago. 1 owned a horse that I called "rrince, end my son Frank had a horse which he called "Tueker." -We kept them loose in the s table, with the door open so they could go to the wood's pas ture or get a drink of water at will. One Sunday morning, when Fran went out to food the hoi-ses, they were rot to be seen in the stable, so he call ed them. Tucker came up within sight, stopped, whinned, and - then started back. Frank, thinking that was. sxrange, -called, again. , rucr then came u;P near,: whinned - again, and again stnrted back. Frank con cluded that something: must be-wrong with- Prince, so he followed-Tucker from the stable down the lane to the woods pasture, about one hunderd and fifty yanis, and about tbesame distance ' beyend the ereek. Tucker led him on, ibout a hundred yards up the creekfU where poor Prince was sesi with both hind feet fast in the quicksand in the creek, and one fore le-ovor-a wirtr that had been staretch- ed along the upper baik to ksep the; horses out of a field of -joat 3 but had fallen down.; Prince culd not' move, but whinned constantly whe n He saw Frank,;who talked to him :uhtil:hebef came quiet. . J: , Frank took Tucker back -toil the sta ble, put the i.plow..:;harns';u'p0Il:him got a single tree, halter and i oper and then put the halter on Prince and the rope over his back and after putiing the ends between his ; fore legsT tied the rope and halter to te sir iale: tree: Frank then hitched Tudferi and pullr ed poor old Prince outi How. grate ful Prince .wast AhJlm&n';:ibeinig could not have , showni mere gratitude. And think of the love that? Tucker sl owed for bis companioniiJ These two horsgs iyoid'ijictl.stnd it to be sepevated, for . ti everiwe J attempted it they wouldllfrct, so we always allowed them to-ifinjoy ieacK other's company-rSamuet & Biisf ell, in Our Dumb "Animals, y EXHIBIT NO. A- pupil - of Nutbush- Spl . Bist. wrnt the fllowinff. letter, : J ir. Tax fayer your money is j-am m- ; ground," and .bearing good - fruit. - 'V?iEditft Manson,N4:i Ftb. x:- 11917, Miss Helen- Keath,; -;. 4620 Woodland aye.- " Philadelphia, ' ' Pa. . . ' i'S I-iii - My -Dear-Helen:' i'i.- I have; learned all my lessons, so thought I would" write to. you. - ' - I.V' '--:-.'- Are you going to school; ow tiWe have ' twentyvthree scholars , in our school. ". -I'.'v. '' ' ... I am ten years old, iand m elsev enth grade. What grade are you in ( We play Jots of nice games, sui,h as "Base Ball." 'Drop the;; handkerr chief," and lots mpre." ' -;V.' --i;-.; f My two little 'schooLjnasvar.O.gr ing with me home this rp. mtospen4 the night. Wish you were ihere tolgo too; I'm sure that we-wouldi enjoy ourselves, - . .i; :-'l;:.l: v.!" L will tell you some ..ofi-m.s that we are doing at school, drawing, paper cutting, basket weaving, and other work of this kind. We have organized a "Woman-'s Betterment Society," that' meets at the end of eaeh month. They come to see the children's work, and give money to buy the drawing paper and other material for our-work. We have painted- our school house inside, put up curtains, have a black board border, and lots of other things to make it more attractive. I will tell you'what my studies are: Spelling, Arithmetic, Grammar, Geography,- H? story and Agriculture, I have never studied Agriculture before this session, but I like it very much. - Our school is Nut Bush number l, and we think it is number one . in many respects. If people need any proof of our progressiveness come to J see us and we will prove our faith by our works. Write and tell me what you are do ing at school. "" . Your friend, - 1 - STELLA BOARD OF COBIBIISSIONERS The Board of County Commissiow prs Were in session Monday All raem- bers were present' vm, , ters were transacted. .iw5 j wuw; ed that A. P. Paschall's lands be re duced to $105. instead of $1105, an error in listing. It was ordered, that the lands of Connell and Pridgen in Fork township be reduced to $7.33 and one third cents per acre. It was order, that T A. William s Special- School tax, be reduced from $12.15 to $6.07, Wise Special Tax Dis trict. -The Board adjourned. Was Personal Question. A farmer drove up to the house of lady and asked if she needed any a vegetables or fruit. "Do you happen to nave any nam- sons V Asked the laoy. 'WaL now," answered tne wrmei, "that's kind uv a personal question, but to tell you the truth, I have, and one uv 'em is Jn this : wagon," point ing to his son who was sitting at the end of the wagon. Exchange. --Messrs. John D. Newell and Peter M. Stallings spent Sunday night with Mr. Frank Newell and were over early Monday morning, to. . serve on .their respective, boards, Education and County : GominisSioners. : fi 0 iniusj United - - i - ) f Add re , Germany's announced purpose to sink all vessels by subir urine attempting to enter Ports of England, iFrance or ItalyV including U. Sand other neutral vessels, causes break with Germany by United States. ' In his address to Congress ( yester day -announcing that he had directed Secretary of State - Lansing to notify the jGerman-Ambassador that all diplo matic relations between , the ; United States and thei -Gernan lEmpire are severed;' President "Wilson said: "Gentlemen, of the -Congress: ""' The Imp Br jal German- Government cn the thirty-first of January .announc ed l tain in g)vernment and to the gov Artftfipnts fifi the 'Jnther neutral nations . " - "5 . rT- T 5 ' i that on and. after the first day of J?"eb- ruaryy the present month, it would adopt a policy, with regard to the use of submarines- against all shipping seeking to ;: pass ; through certain des ignated areas of . the .-. high seas . to which it- is u clearly . my i duty to call your attention, -Let me remind the Congress on the eight of April last in yieW of the sink ing on the twenty-fourth of March of the cross channel passenger steamer Sussex by a German submarine, ; with out summons or .warning ? and the con sequent, loss of i the , lives of several citizens of the United States who Were passengers ? aboard, her,; this i govern ment addressed a note to. the Imperial German Government, in which-it made the following-declaration: " 'If it is - still the purpose of the ) Imperial Government to prosecute re lentless 'and indiscriminate warfare against vessels of commerce by the use. of submarines without, regard . to what 1 the Government of x the v United Spates must consider the sacred and indispablerilesm ancf the universally recognize dictates of humanity the Government of the United States is at last, forced to the conclusion that there is butane course it can pursue. Unless tha Imperial Government should now ' immediaely declare and effect an abandonment of its present methods of submarine war fare against passenger and freight carrying vessels,-the Government of the United States can have no choice but jto severe diplomatic relations with the German Empire altogether. - "In reply to this declaration the Im perial - German Government gave this government the following assurance: ' The German Government is pre pared to do its utmost Jo confine the operations of war for the rest of its duration to the fighting-forces of the belligerents, thereby also insuring the freedom i of the seas, a principal upon which the German Government believes now, as before, to be in agreement of the United States. " 'The German Government guidea byjthis idea notifies the Government of the United States that the German naval forces have received the follow ing order: In accordance with the gen eral principle of visit and search and destruction of merchant vessels rec ognized by international law, such ves sels both within and without the area ! declared as naval war zone, shall not; bee sunk without warning and without saving human lives, .unless these ships attempt to oseape or offer resistance. " 'But,' it -added, 'neutrals cannot expect Germany, forced to fight for her existence, shall, for the sake- of neutral interest, restrict the use of an effective weapon if her enemy Js per mitted to continue to apply at will methods of warfare violating the rules of international law. Such a demand would be incompatible with the char acter of netrality, and the 'German Government is convinced that theGovs erment of the United States does not think of making such a demand, know-, ing that the Government of the United States has .repeatedly declared that it is determined to restore the principle of the freedom of the seas, from what ever quarter it has. been, violated. "To this the Government of the Uni ted States replied on the eight of May accepting, of course, the assurances given, but adding: -' 'That the Government of tho Uni ted States feels it necessary to, state it flra for granted that the Im that it.takeafor nerial Government does not intend to maintenance of its new- iUAJ ernment Recall s Q erard Pres i d en t -" other belligerent government, notwith standing the factcertain passages of the Imperial Government's note of the fourth instant might appear to be sus ceptible of that construction. In order however, to advoid any misunder standing, the Government of tne Uni ted" States notifies the Imperial Govern ment that it cannot for a moment en tertain, much less discuss, a sugges tion that respect by German naval au thorities for the rights of citizens of the United States upon the high seas should be in any way or in the slight est degree be made contingent?' upon the conduct of any other government affecting the rights of neutrals and nono-combatants. Responsibiliay in such matters is single, not joint; ab solute, not relative.' "To this note of the eight of May the Imperial German Government made no reply. "On the thirty-first of January, the Wednesday of the present week, the German Ambassodor handed to . the Secretary of State 'along with a for mal note, a memorandum which con tained the following statement: " 4The Imperial Government does not doubt that, the Government of the United States will understan the sit uation thus forced upon Germany by the Entente Allies' brutal methods of war "and by their determination to de stroy the Central Powers, and that the Government of the United' States will further realize' that the now; open ly disclosed intention of the Entente Aliies. gives baek to-Germariy the- free dom ofi action which- she reserved rin her note addressed to the Governmemf of the United States "on May 4, 1916.' , " 'Under these circumstances" Ger many will meet the illegal measures of her enemies by f orciful preventing af ter February 1, 1917, in a zone around Great Britan, France, Italy "and in the eastern Mediterranean all navigation, that of neutral s included, from and to England and, from and to France, etc., etc. AH ships met within the -zone will be sunk.' - " "I think that you will agree with me that in view of this declaration, which suddenly and without prior intimation of any kind deliberately withdraws the solemn assurance given -Bi the Imper ial Government's note of the 4th of May, 1916, this government has no other alternative consistent with the dignity and honour of the United States but to take the course which, in its note of 18th ApriL 1916, it an nounced it would take in the event that the German Government did not de clare and effect an abandoment of the methods of submarine warfare which it was then employing and to which it now purposes to resort. "I have, therefore, directed the Sec retary of State to announce fo his Ex-J cellency, the German Ambassodor, that all diplomatic relations between tne United States and the" lierman em pire are severed and that the Ameri can Ambassador at Berlin will immed iately be withdrawn; and, in accord ance with his decision, fc hand to his Excellency his passports.. "Notwithstanding this unexpected ac tion of the German Government, this sudden and deeply deplorable renun- j ciationof its assurances, given . this1 government at one of the most critical' moments of tension in the relations of the two governments,' 1 refuse to De- lieve that it is the intention of the Grman authorities to do in fact what they have warned us they will feet at liberty to do. I cannot bring myself to believe that they will indeed pay no regard to the ancient - friendship between their people and our own or to the solemn obligations which have been exchanged between them and de stroy American ships and take the lives of Ameriran citizens in the wil ful prosecution of the ruthless naval program they have announced their intention to adopt. Only actual overt acts on their part can make me believe it even now. 1 If this inveterate confidence on my ii tms i - - - oart m tne sooner uu i Uii U ders in ; heedless contravention of the just .and -reasonable understanding of international law, and the obvious dic tates of humanity I shall take the lib erty of coming again before the Con gress to ask- that authority be given me to use any means that may be nec essary for the . protection of our sea men and our people in the. prosecution bf their "peaceful and legitimate er rands on the high. seas. I can do nothing less. I take it for granted that all neutral governments will take the same course. "We do "not desire any hostile con flict with the Imperial German Gov ernment.; .We aro the sincere friends of the German people and earnestly desire to remain at , peace with the government whieh. speaks for them. We shall not believe that they are hos tile to us unless and until we are oblig ed to believe; and we purpose nothing more than. the reasonable defense of the indoubted rights of our poeple. We seek no selfish ends. We seek merely to stand true alike in thought and in action to the immemorial principle of our people which I have sought to ex press in my address to the Senate only two weeks ago, -seek merely to vindi cate our right to liberty and justice and an unmolested life. These are the basis of peace, not war. God grant that we may not be challenged to defend them by acts of wilful injus tice on the part of the Government of Germany." " - ZERO WEATHER . : -Ih sccofdaree with the .weather prognostication- as published in Fri day's Vpaper a prolonged cold wave is here. It. "commenced turning cold Thursday nighti.andl.all - day-Friday.- tiSaturday morning ' the temperature was -below ten degrees. Saturday night was "cold, but Sunday warmed up r with high west winds, but the thermometer was above freezing and f air.r. Sunday night the xwind reached velocity of a gale, and about ten o'clock clouded suddenly and com menced a blizzard of fine, driven snow which drifted into all cracks, and into halls and windows, sifting, sifting everywhere. It turned rapidly colder until the thermometer was Zero at daybreak.. Water pipes ;and water backs all over town suffered the usual experience of bursting, especially as the householder had turned the water into the pipes Sunday after the ther mometer reached melting point for ice. It has been , the coldest weather of the season. The thermometer Monday afternoon is around twenty, and ice is everywhere. TEACHERS ASSOCIATION Saturday was the regular day for the meeting of the County TeanerV Association; but the weather was so inclement that few came. Mr. Flem ing, of Norlina. President of the As sociation, and Mrs. Fleming: Is f . Scholz of Macon, Miss Weston nvd Miss Byers, Prof. Duncan, Miss Nan P. Jones and Miss Chauency were present. A full meeting of thc Association is desired at a near date to consider matters of importance to the teachers. BOARD OF HEALTH The Board of Health did not have TnAPtinc Mondav with the . Board commiSsioners, as was resolved at thg last meeting of the Board. The a rurpose was to investigate the co?t of an "All-time Health Officer!', but it was wisely concluded 'that such vui officer could not be afforded by -the tax payers of the County - now. COBWEB PARTY The "Cobweb" party given last Fri day night under the auspiees of the "Red Roses" to the boys and girls of the ; teen's age was a big success. There were quite a number present. Various ' games were .played, after which delightful refreshments were served. The party broke up at about eleven o'clock. All present seemed to have enjoyed a fine time. Mr. John S. Davis was in town Mon day attending the meeting of the Board of Education. 5