Corporation Commission
Makes Reply To Charges
Answering Accusations Made by New Hanover (iraiid Jury,
Tells How State Examiner* Uncovered Condi
tion* in Banking Institution
. ____
J'
(By The Associated Press)
Raleigh, Sept. 20.?The North i
Carolina Corporation Commission,
the policies of which In connection
?with the supervision of enforcement
of the State banking laws. w< re re
cently criticised in the report of a
New Hanover County grand Jury, to
day Issued a statement in which it
declared, "The highly public pur
pose of making banks safe for de
positors is not helped by unintelll-,
gent criticism of the depurtm?'nt that
la earnestly. Intelligently and effec
tively working to this end. nor is the
business of muking banking unsafe
for criminals helped when court of
ficers turn on those who furnish the
evidence, the cooperation and In
many cases the special prosecuting
counsel to convict bank criminals."
"The Corporation Commission wel
comes the opportunity presented by
the criticisms of the New Hanover
county grand jury to present a view
of its policy of supervision that the
public should understand," the in
troduction of the statement read. "In
numerous grand Jury Investigations
with reference to criminal violations
of the banking law. the commission
has placed at the dlsopsal- of grand
juries its complete flies of confiden
tial reports of Its examiners. Theae
reports have disclosed , ascertained
Conditions of Insolvency., Those
who never gave ibank supervlgielf
enough thought to have jut-^tfftelll
gent opinion about it have Jumped at
the conclusion that this was perfect
proof that the commission was gross
ly negligent In performance of Its du
ty if it permitted a bank to continue
in operation after It became known
to It that such bank was in any de
gree Insolvent."
With view to protecting its policy
In this regard, the commission in
cluded in its statement a passage
from "Romance and Tragedies of
Banking." by T. P. Kane, for 27
years the assistant comptroller of
the currency. The excerpt read:
"For every failure of a national
bank that has occurred during the
?zUtenee of the system a large num
ber of associations have been saved
from failure through excellent work
of the bank examiners and the Inter
ventlon of the Comptrollers.
"The quiet and nnrn.??*sfui handling
of tu<*h i- 10 described
s ? ? ? ? hfJ of publicity,1
and st the so. as
?pe'. i 'a ? > .11 efforts to
Stf *1/t' c Oiit a iou of this
c(I tin among the
??LcpcMlor?, wuir.ii would precipitate
the very condition* nought to be
avoided. Consequently, tin* exuml-,
ners and comptrollers office never
receive the credit to which they are
Justly entitled for tin- effective work
done in nursing hanks that are in a
critical condition, or on the verge of
dissolution, hack again into a state
of healthy financial existence.
"On the other hand, if the nursing
remedies fail on account of the in
curable Illness of the patient, no
credit Is given for the efforts made to
save the life of -the Institution. The
examiner and the comptroller are
eoverely criticised and censured for
having permitted the patient to live
so long, and the effectiveness of the
?yatem of official supervision as a
whole is generally measured by the
failure In a few Instances to accom
plish the results desired and not by
the numerous successes achieved In
? working banks out of desperate sit
uations.
"There? is about ?h much reason
?nd justice In criticisms of thin char
acter as there would be in discredit
ing a noted surgeon ns unskilled
when In the course of his practice lu?
operates successfully upon 99 cases
and unsuccessfully upon one. or in
measuring the professional reputa- j
tions of a regular practitioner by thej
occasional case that he loses in the
course of a long practice in3te:id of
by the many that he successfully
treats through the remedies-pre-!
scribed."
The Corporation Commission com
mitted itself to the policy of hank
supervision outlined by Mr. Kane in
the passage quoted, and sulci that it
would not be stampeded into chcng
Its policy in this respect by any
?mount of criticism.
"The commission has In mind at
this time," the statement continued.
i?M o o o
STORAGE BATTERY
?RICES CUT TO THE BONE
"EXIDE"
The Celebrated Dnlleriett
Old Price New Price
ORD BDBR 921.00
II ri?tr? *10.0.1
ORI> unil CHEV
ROLET SIZE taT.M
IB rim*. . *20.85
UICK, AUIlt HN,
CHAIMKRM, DORT,
DVRANT SIZE. 9S3.no
18 PIMM - *23.00
beral discount to dealer*,
i^akm of storage hatter
repaired and recharged.
TO & GAS ENGINE
WORKS INC.
1 W. GAITHER, Prent.
105 N. Water Street
"one bank which examination dis
closed would not have liquidated fifty I
cents on the dollar under receiver-!
ship. It had a million of deposits
and if closed on thai report, which
disclosed Insolvency, depositors in
that community would have suffered
a clear Ioh sof half a million dollars
and .a half a dozen smaller banks
would have followed In the failing.
Through a gradual process its loans
have been strengthened with security
and It is regarded today as a solvent
-institution, under conservative man
1 agement and serving its community.
, If the effort to save that bank had
'finally failed, the loss to its credi
tors would have been no greater than
iif it had been closed without an ef
jfort when its insolvency first became
apparent.
I "In the particular case which the
I New Hanover grand Jury criticises,
the actual conditions were uncovered
by our examinee* and our banking
.department was so sharply behind
them that they were driven Into the
'national system, where they wexe
permitted to go on with a hundred
thousand dollars less of new capital
than our department had demanded,
j- "In the Intrest of public welfare,
we appeal to the people who think,
and who have an equal interest In
public welfare, to give consideration
to the phuse of this question we have
tried to present In this discussion,
which can only be discussed In gen
eral terms, and let's have an end of
criticism that is meaningless and
hurtful, even If intended to be in the
public interest.
The commission in its statement
praised the work of the State Bank
ing Department and attributed to 'In
activities of that department the
present banking law. which, it said.
I* being administered efficiently.
1 here is no absolute safeguard
against criminal Intent, it stated,
but eight persons are serving time In
State's prison for criminal violations
of the banking law.
While the state law requires only
one examination a year, the Corpora
tion Commission nsed its general au
thority to require two examinations 1
: i~i year of more than half of the
state banks, it was declared -Itt the j
statement.
Following a conference with the
Corporation Commission, the state
ment said, n committee from the
State Hankers Association, told the,
commission that It had no recommen- ;
dations to make concerning its su
pervision of the state bank*.
MAY .\ POI.H \YK1? IN Kl'SHIA?
ITS A MATTKIt OF UKtKiKAPHY
Warsaw, Sept. 20 ? The Polish
government has announced that it
will consider valid in Poland all mar
riages performed by Soviet civil of
fices uniting Russian citizens, but
Soviet marriages between Polish
hubjects originating from the for
mer Russian part of Poland, where
civil marriages did not exist, will not
be considered valid.
Soviet marriages between Poles
from the former Aurstian and Ger
man parts of Poland, where civil,
marriages existed, are valid and can
be annulled only if a divorce is pro
nounced by a Polish court.
I The Berlin embassy says It Is un
able to grant permission without
communication with the central gov
ernment In Moscow and delays are
as prolonged as they were before the
announcement of a change in policy.
Henderson to St&fse
FaO Fashion Show
H*cd?T*on, Sept. 20^?-^Terehants
of ll'-nder^on are preparing for an
elaborate semi-annual fashion show
to be conducted here Wednesday,
September 26. The trade boosting
event was inaugurated here in recent
years, and. merchants say. the fash
ion has proved so successful in in
creasing their business volumes that
it has been decided to make It an
established event.
Mr. and Mrs. L. C. Blades and
children. Carl. Jr.. and Annie Estelle.
have returned after spending some
?time at New York City and Atlantic
City.
Gelfand's Relish
and Mayonnaise at all
good grocers.
Dictates of Fashion In
Fall Footwear
For the woman who is
particular about " her
footwear our Shoes
are unsurpassed. We
have given much study
both to appearance
and comfort. And our
prices are a revelation
of value-giving offers.
Included in our selec
tion are the Black
Suede, Black Satin,
I.og Cabin, Beige and
Beaver. Low Military
and Junior Louis
heels.
Also Melius Hi-jh and Low Florshcini Shoes for Fall
We Specialize in School Shoes
Gallop & Toxey
Shoe Company
"1Joure shifting^ O.Kt~
Tix your clutch brakes'
Ora#
this live ?
experience'.
Say
" Polarine"
?not just
"a quart of oil"
The Fleet Bos9 knows from years of experience
(hat noisy Rear shitting isn't always the fault of
the driver. Very often a slight adjustment of the
clutch brakes will remedy grating gears. Many
clutches can be adjusted to a quick or slow shift,
whichever your habit of shifting may be. The
Fleet Boss has learned by experience a bookful
of things that you will never find in print.
It's much the same with refining motor oils.
Polarine is the product of a vast fund of practical
experience possessed by the men who make it?
experience that has to be learned under actual
refining conditions. You can rely 100% on this
experience for the scrvlce Polarine will give when
it gets into your motor. You can trust quantity
production and lon? experience in distributing,
too, to keep the pricc reasonable.
STANDARD OIL COMPANY
(New Jersey)
The Pol wine Chan bolU down ywi of ?tperlenee with mn
kind of car and recommend# the right comiilency of Bolartna
foe roan. Conjult it at yoar dealer'*.
The Man Who's Never V/oi~i c Cap
Finds "SURE-IIT" a Real Trect
There's a comfort to "Sure-Fit** that no hat
can ever give. Nor any other cap, either.
An adjusting device tightens it or loosens
it to suit any need. Just like - belt.
AND?there's a style in "Sure-Fii" equal
to that of the best felt you ever wore.
Just try cap comfort?wiili cnc of the fine
new Ft U designs in "Sure-Fit'*.
SOLD AT GOOD STORES
Look for Them in the V/irtdow
Makem FINE & LEVY, 702 Btoad.ar, Kerv Vc.k C!:y
TSu Imhtf fttki tit '
THE DURHAM LIFE
Insurance Co.
? Is \oic Issuing a JViec Line of
ORDINARY POLICIES
We are glad to announce to our industrial policy Hold
ers and other friends that our Company, the Durham
Life Insurance Company, is now issuing a nice line of
Ordinary Policies.
For quite a while "The Durham Life" has been the
leading Industrial Insurance Company of-North Caro
lina. Fair dealings and promptness in settling our
claims is what won this place for us and on these same
principles, we solicit your business.
District Representatives
D. C. MARTIN, Supt.
II. MrDWIKI., Asst. Supt. II. (i. I>.% VEX PORT. .A Kent.
F. K. WllAI.KY. A(Cllt. .1. I". OVKIIMW, Atent.
SI. .IKNMNtiS. AkpiiI. I). .1. I'ltrrt'llAltn, Hertford.
I', si. SWAIN, I tc Hi men. .1. M. II AliKKI.I., Kdenton.
ONLY BIG SHOW COMING
Elizabeth City, Friday, Szpt. 2/
CHRISTY BROS.
GREATER UNITED 4 RING
WILD ANIMAL EXPOSITION
The Supreme
Achievement of
Moderu
Amusement
Creatioa
AN ENTIRE TRAINLOAD OF ANIMAL ACTORS
The Children'* Fairyland
A C?n?M> ZMlMteal Nmtry Full
?4 t?bT Animal*
100 New Aaiatl AcU 100
Aere# of New Waterproof
T?nt? Brilliantly L|httd
by Thr?* Complete Elec
tric Lifhling Systems.
TkiWnta Skw tf It, VirM
tattilrii |
Trprs
fmn
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Ma. in. I
25 CLOWNS 25
12S~IrMic Stats 125
4 SUNOS *
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