North Carolina Newspapers

OmM Makes Statement Regarding The New Emergency Farm Act Prank A. Daniel, President of The; Federal Land Bank of Columbia, made the following statement regarding the new Emergency Farm Mortgage Act: "The Emergency Farm Mortgage Act of 1933 which recently passed Congress and was approved by the President May 12th, is of great im portance not only to the borrowers from the Federal Land Bank of Col umbia, which operates in the states of North Carolina, # Sooth Carolina, Georgia and Florida, hot to the thou sands of other fanners who are now in debt To the Federal Land Bank borrowers it means that for a period of 5 years beginning July 11th, the interest rate on their long-term, amortised, first mortgage loans from the Federal Land Bank will be reduc ed to 4% per cent The rate of inter ?*? naid by the borrowers from this beak now varies from 5 to 6 per cent, the average being not far from 5% pep cent. This means an average re duction of one per cent a year in the rate of interest which the borrowers will hav* to pay this bank during that period. To the borrowers from the 12 Federal Land Banks, totaling nearly 400,000, it will mean a saving in interest of approximately $11,000, 000 annually or a total of $55,000,0.0 in the next 5 years. Fully as important as the reduction in the rate of interest to old borrow ers is the announcement that under the new act the Federal Land Bank will be able to make loans, through national farm loan associations, dur ing the next two years, at a rate not to exceed 4& per cent. The low rate of interest will continue until July 1038, and is considerably lower than that which prevails throughout this district. By reducing the rates charged by the Federal Land Banks it is anticipated, indeed expected, that rates charged by many other mort gage holders will be reduced as these banks, since their organization in 1917, have established a minimnm rate in the farm mortgage field, other institutions and individuals following closely behind. The Emergency Farm Mortgage Act also provides that borrowers from Federal Land Banks whose loans are in good standing will be required to make no payments on the principal of their loans during the same five year period. Loans which are not made through national farm loan as sociations but directly by the bank will bear one-half of one per cent higher rate of interest until such time as a new association is formed in the borrower's community when the rates charged will be the same as on loans through associations at that time. All borrowers will have to purchase stock in an amount equal to $6.00 for each $100.00 loaned. "During the next two years the Federal Land Banks have authority to issue to issue their tax-exempt, long-term bonds in an aggregate not exceeding $2ftQ0fi00fl00. These bonds may bear an interest rate not to ex ceed 4 per cent and this interest is to be guaranteed by the United States. To make these securities still more attractive, Congress made them eligi ble as security for 15-day loans from the Federal Beaerve Banks to mem ber banks This gives them a greater marketability and liquidity. These bonds may be sold to the investing public to secure funds to loan or they may be exchanged with banks, loan * ? *? t. i_ _ ? . companies ana lnamawus who mm hold duly recorded first farm mort gages. Also, after a period of one year they may, be sold to refund oat standing issues of Federal Land Bank bonds from such new bonds are not needed to make new loans. "The mortgages held by banks, loan companies and individuals which may be accepted in exchange for bond.* must have bees in existence prior to the passage of the Act. The amount of the bonds so exchanged must not exceed in each individual case the un paid principal of the mortgage on the date of purchase or exchange or 50 per cent ef the appraised value of the land mortgaged and 20 per cent of "the value of the permanent, insured improvements thereon, whichever isj the mailer. The mortgaged farms will be appraised in the same manner as fains upon which loans are made by the Federal Land Bank through . national loan associations. After the exchange the fanner's mortgage anil be earned by the Federal Land Bank and he will be entitled to iepayft over "Holders of fint mortgages in Otis be willing to five for the mortgages. "On all loans acquired by the Land Banks, either through exchange for bonds or by purchase, , the borrower will pay the reduced rate of interest and will have the privilege of paying only interest for the 5-year period. "Farmers also, of course, may take the initiative in an effort to refinance existing mortgages and indebtedness in order to obtain the benefits per mitted under this law. A fanner may either apuly to the load nationalfarm loan association directly or to the Fed eral Land Bank in case there is no local association, for a loan, and, upon being advised of the amount of loan, if any, that may be obtained, with the proceeds of this loan. Another course for the farmer would be to negotiate first with his creditors and then apply to the Federal Land Bank for the amount necessary to liquidate the amounts needed to pay off his debts. "Quite aside and distinct from the activities of the Federal Land Banks in making loans is the aid in refinanc ing which will be extended by the Farm Loan Commissioner through his agent at Columbia. The Commission er was voted by Congress a total of $200,000,000 for this purpose. With this money he fe authorized to make loans (1) to refinance either secured or unsecured indebtedness of farmers, (2) to supply working capital for farm operations, and (3) to supply funds to enable the farmer to redeem or pur chase farm property lost by foreclos ure or involuntary sale within the last two years. These loans will be made 'to refinance the farmer after his debts have been sealed down or extended in conformity with agreements reach* ed between the creditors and the far mer. \ * "The amount which the Commis sioner may loan to any one farmer can not exceed $5,000. The amount of the mortgage, together with all prior mortgages or other evidences of indebtedness secured by the same farm property, shall not exceed 75 per cent of the appraised value there of. Such loans hear an interest rate of 5 per cent and may be repaid in in stallments over a series of years, but during the first three years payment of interest only will be required. To secure such & loan it is not necessary that a farmer be a borrower from the Federal Land Bank. "Requests for information or appli ;ations for Federal Land Bank loans in North Carolina, South Carolina, Georgia and Florida, should be ad dressed to the Federal Land Bank of Columbia, Columbia, South Carolina, while requests relating to the Com missioner's loans should be addressed to Agent, Farm Loan Commisioner, care of the Federal Xand Bank, Col umbia, South Carolina." FARMVILLE NATIONAL FARM LOAN ASSOCIATION, D. E. OGLESBY, : Sec'y.-Treas. several Nations Default War - Debt Payments Washington, June 16.?With several nations defaulting and others making part payments, European countries to day fell in behind Great Britain in in forming the Washington government of their decision on the war debt in stallment. ? Early in the day?the semi-annudl pay day for war debts?the Polish embassy announced it had informed the state department it could not pay the $3,559,000 due. Poland also de faulted last December. Next Ambassador Rosso of Italy advised the state department his ?ountry would pay $1,000,00(1 of the ,13,545,uOO due. litis was $245,000 less than the actual amount of inter est payable, the remainder being prin cipal. Dispatches from Puis said France would default on the $40,733,000 pay able today. France took the same action last December. Britain made it known last night it would pay $10,000,000 in silver at fifty cents an ounce on the $75,955, 000 owed. However, the full febt was ac knowledged in the final settlement Conferences will be held shortly be tween representatives of Great Brit am and the United States $o go over the debt problem, the decision to be submitted to congress. V A few cherry trees furnish a de uendable source of feira*inconuti: says ?ri5| Carpenter-of Idncotn* County, j who sells about 500 gallons of the fruit a season. eently. Senate Adopts Amend ment To Take Care Of Veterans Orer 55 Washington, June 14.?The Senate today adopted an administration per fecting amendment to the house vet erans compromise to take care of Spanish- American war veterans over 55 years of age. ' The motion that the Senate accept the compromise with an amendment providing for pensions of Spanish American war veterans was put be fore the body by Senator Byrnes, Democrat, South Carolina and admin tration spokesman. Byrnes' motion brought to a,close cut issue the impending fight between the President and the Senate over liberalising the effect of the economy law's reductions'in benefits to former soldiers. ?, \ Says Warren Best Office Under the caption "Gallery GddiSx presses Pungent Opinion of House of Representatives,1" The Washington Poet of June 6 carried the following letter from a reader: To the Editor of the Post?Sir: 1 have always been a great partisan of the House of'Representatives and al most continuously* for the last 26 years have sat in galleries, but unless its decorum improves it will lose a well wisher, and I will transfer my affec tions to the Senate. This has been the noisest House 1 have ever seen, and it does not leave a good impression with visitors. Dur ing the piddle works bill the presiding officer, Mr. Lozier, sat there as if dazed for 16 minutes, with bedlam reigning supreme, and it presented a sorry spectacle. I have known all of the Speakers since Cannon, but the greatest parlia mentarian produced in this century was the late James R. Mann, of Illi nois, and the greatest presiding offi cer is Lindsay C. Warren, of North Carolina. * J. R. HALIE. ? ? ? . . r ? ? ? ? ? ? J Cotton, watermelons and canta loupes have been retarded by the re cent cool weather in Hoke and ad jacent counties . I NOTICE OF SALE Under and by virtue of the powers of sale contained in that certain deed of tfcst from Bettie Waddell and Vic toria Bergeron of record in Book F-17 page 135 in the office of the Register of Deeds~ of Pitt County, default hav ing been made in the: indebtedness thereby secured, the undersigned will offer for sale, and sell, to the highest bidder, for cash, before the courthouse door in Greenville, on Thursday, July 6th, 1933, between the hours of 12:00 o'clock NOON, and 1:00 o'clock P. M., the following described property: Adjoining the lands of Ed Hill on the North, the lands of Tom McLaw horn on the south, L. 0. Dixon lands on the West and the Celia Garris lands on the East, containing 59 acres, more or less (the interest sold being one-half undivided). This 5th day of June, 1933. ARTHUR B. COREY, Trustee. NOTICE OF SUMMONS North Carolina, Pitt County?In the Superior Court Special Proceeding (Miss) Lizzie Gay, Administratis of Jesse Gay, Deceased, ?vs.? W. G. Gay and wife, Rosa Gay, Susie Gay, William A. Gay and wife, Mary Gay, Mrs. Etta Gay Stewart and husband,, A. A. Stewart, Mrs. Maggie Gay Burnett, Mrs. Lula Gay Parker and husband, Boyd Parker. To MRS. MAGGIE GAY BURNETT: You will hereby take notice that an action entitled as above has been com menced in the Superior Court of Pitt County, North Carolina, by the Ad ministratrix of the late Jesse Gay to sell a certain house and lot loqttedin Fartttville ?or the- purpose of making assets with which to pay the debts of Mid deceased And* the said Maggie Gay Burnett will {fetter tlite notice Mat she is required ? appear at the office of the Clerk of the Superior Courtjsf said Oounty, in the court house in Greenville, North Carolina, Within ten days after this service of Ikistetiee tot thirty fe ft* p?mvine Enterprise, and answer or pKTjte*, 4. Two Men Rounded Up t&S&SSrto ? Or^ville, June 18.?A white man named Hardison was held by county officers today on a charge of manu facturing liquor following the cap ture of a still in Chicod township yes terday. He waa to be given prelimi nary hearing sometime today. The still, a three hundred gallon capacity affair, five hundred gal lons of beer and five gallons of whiskey were captured along with the alleged distiller. Officers also captured two stills Saturday at Haddock's Cross Roads and the Alpine section of Belvoir township. An alleged distilled by the name of Sollie Jones was cap tured at Alpine along with considera ble paraphernalia and five gallons of whiskey. The still in the Haddock's Cross Roads community waa not in opera tion but officers seised the two hun dred gallon still and three barrels of beer. Dunlap Appointed Budget Director Raleigh, June 14.?Frank S. Dun lap, of Wadesboro, today was ap pointed assistant director of the State budget bureau by Governor J. C. B. Ehringhaus to succeed Henry Burke who resigned. Dunlap is a former state senator and was appointed personal officer of the state in 1931 by Former Gov. 0. Max Gardner. He served in that ca pacity until the 1933 legislature com bined his office with the budget bureau. Burke has served the state as bud get bureau executive since the admin istration of Gov. A. W. McLean, hav ing come to the state about eight years ago. He announced some time ago he desired to retire and will leave the state's services July 1. Cleveland county poultry growers used much blood-tested stock this spring and as a ivsult have had one of their best seasons in growing out baby chicks, says the farm agent. Timber is an essential part of the equipment of every farm and any rational farm program must include the growing of timber for home use with a surplus for sale. "Elephant Man" la Real Human Be ing. Read About This Remarkable Character in The Americas Weekly, the Magazine Distributed With Next Sunday's BALTIMORE AMERICAN. Buy it from your favorite newsboy or newsdealer. NOTICE OF SALE , r Under and by virtue of the power of sale contained in a certain deed-of trust executed on the 10th ? day of March, 1980, by W. Ellis and wife, Sebra Ellis, to the undersigned, re corded in Book M-18, page 376 of the Pitt County Registry, default having been made in the payment of the in debtedness thereby secured, the un dersigned Trustee will offer for sale to the hi?*est bidder for cash, at twelve o'clock noon on Monday, the 10th day of July, 1933, at the Court House door in Pitt County, North Carolina, a certain lot of land situated in the town of FarmviUe, Pitt Coun ty, North Carolina, being the same lot of land conveyed to W. Ellis by Joseph Farris and wife by deed re corded in the office of the Register of Deeds of said Pitt County in Book B-14 at page 404, and therein describ ed as follows: Beginning at J. Y. and A. C. Monk's northwest comer and runs with their line easterly about 100 feet to an al low; thence with said alley northerly about 24tt feet to Harry Lang's line; thence with Lang's line westerly about 100 feet to the beginning. / This 7th day of June, 1988. GEO. K. FREEMAN, Trustee. Kenneth C. Royal, Attorney. j Black-Draught Clears Up Sluggish, Dull Feeling "I have used Thedford's Black* Draught for conutipatlou for a long time, and find It gives relief fpr this trouble," writes Mrs. " Frank Champion, of Wynne, Art J :^r think it il 'good^ fa*; spells . ; caused from gas on the stomach, fil:yet up In the morning ifcelinf-- - dull and slnggiah, a dose of Black- : and in a day or two 1 feel like a -pew person. After many years of ? use we would not exchangeBlack* |: j>raught^ for any^m^ctne/^ ^ Mperanons oiatcti ::|RaleiRhkJin>e 15?Results of sev eral thouSmd pounds of ore taken from 'tte property of the American Consolidated Tin Company, near Lin coln ton, in Lincoln County, indicate that the deposits are among the rich est tin ores in the country and give promise that commercial operations may be started within a reasonable time, according to information re ceived by State Geologist H. J. Bry son and made public yesterday. Indications, according to Geologist Bryson's information, are that the company was conservative in its pre liminary estimates of percentages of recoverable tin, mica and kaolin. He is further informed that the results of tests indicate that the property may be operated commercially as a tin mine, and that the high quality of kaolin. and mica offers further at traction to its commercial possibili ties. L. Huntley of White Store, Anson County, says he considers soybeans one of the best of hay crops. Proper ly cured, the hay is relished by mules as well as dairy cows and Mr. Hunt ley kept his mules fat on the hay last winter. ? There are lands on every North Carolina farm better suited for timber than other crops and when such lands are put to trees, it will pay the owner more clear profit than will the other ] crops, says R. W. Graeber, extension forester. i '? . ? For Less Thair $1.00 mk':. ?.? ?" : . . ?>.?????.?.. *' ' ( "Will wy in regards ** kruschen; I took ft te reduce, I lest 18 poanda after mIu nu and. fed Am. JostT bought ma sore bottle to-dty.., ?si expect to loot IS japv* pooada. I mvw weigh 149 and fcol ftae." Mn. Hmrry Robinson, Akroii, Obi. (Jul 8, IMS). ; Once a day take Kruschen Salts? one half teaspoonfbl In a glass of hot water first tMngetwrymornlng. Be sides losing ugly fatSAFELY youll gain in health and physical' attrac tiveness?constipation, gas and add- - , ity will cease to bother?you H feel . younger?more active?full of ambi tion?clear akin?sparkling eyes. I A jar that lasts 4 weeks costs but a trifle at any drugstore inthe world? but demand and get Xruschen and if one bottle doesn't joyfully please you ?money back. | J. A. Powell of Duplin County he* 700 turkey poults now in his brooder houses. Green feed haa been planted for their use \ later in the season. A community cannery has been set up at New Bern to save surplus pro duce from the community relief gard en. Some 6/MX) cases of vegetables are expected to be canned from the 160-acre garden. -??' ;?s?_? Wake County farmers purchased 36 percent more fertilizer this year than they did last season, according to the farm agent. He says growers wodld be reluctent now to plowup any cot ton for less than $16 or $20 an acre. Never again does a man feel as im- ' portant and successful as on the day he graduates from college. ? - .- ..... '. PICK YOUR TRUCK ? ? ?. '?'? V '<t.? \ ' . V ? . ? ?*;, ' ; . from this low-priced line j r* ?. , ? * ? ? " ' ?* ? For the big majority of today's trade owners,, there'* no longer any question of what track to buy. Thejr am1 making their selection from Chevrolet's line?the lowest priced six-cylinder tracks on the market. / just low price that makes them choose Chevrolet. These tracks, available in three whedbase lengths; and a big variety of body types, cost less for gas, oil, upkeep and repairs than any other tracks. You can aayeyjth^ Chevrolet trucks, the most popular in the world. CHEVROLET MOTOR COMPANY, DETROIT, MICHIGAN SPEEDY HALF-TON PICK-UP-Tlife model b A J " J 4* helping many buain caeca improve service end cut X B. *jM MM hauling costs. The box ia built of heavy steeL The iu t\ cab ia outfitted like a passenger car. fiyncro-Meah HM MB M gear-shift. Can't be duplicated anywhere at M ? i .i.'V'-vit. '? ??ry *' . %?' J f%!\ ? that has broken records for low operatingiUMiupkeep C! C coeta. Special feature* include Mildly-built platform, ^ ?% IM Bail AUpriot f.o.b. Flint, Michigma. Sp*citJ ?qulpatsnt ?xtr*. Low AoUrwod prktm mxid *m*t Q.M.A.C. torma. A Omamrml Motor* Vmlum. H IE! ^ii TIT TT GREENVILLE, N. C. ? PARMVILLE, N; C.