SfflE MARKETS
10 VEIII NOTES
FIVE MILLION DISPOSED ? OF
ABOVE PAR AT 5.50 PER
CENT BY GOVERNOR.
NO BONDS OFFERED FOR SALE
Loan Was Placed Through Syndicate
Headed By First National Bank
of New York.
Raleigh.
Five million dollars in notes, dated
September 20, 1923, and due Septem
ber 20, 1925, bearing an intereet rate
of five and one-half per cent, but sell
ing at 10.75 and netting an interest
rate of 5.10 were sold by Governor
Cameron Morrison and State Treas
urer B. R. Lacy in New York. The
loan was placed through a syndicate
headed by the First National Bank
of New York.
Two year notes were issued in pref
erence to a shorter period in order to
avoid too heavy maturities of short
term paper next year, declared the
Governor upon his return to the city.
He regards the deal with satisfaction,
in the light of the preeent condition
of the money markets, and the unus
ually high interest rate prevailing."
"The State's credit is in fine shape,
nothing the matter except the fact
that money is tight," he declared.
"We could have sold bonds for 4.60,
but anybody can see that it would
be better to pay 5.10 for two years
than to pay 4.60 for forty years when
we can get the money later &?. 4 per
cent," the Governor declared.
No bonds were offered for sale after
the Governor and Mr. Lacy investi
gated the market. ? Recent issues of
Illinois bonds at 4.50 failed to receive
a bid. Advertisements of the notes
are carried in The New York Times,
listing the State's property values at
$2,5T9,075,600 and itR bonded debt.
Proceeds of the sale of the notes
will tide the State over its construc
tion obligations for several months,
the Governor eaid. It will probably
be prorated among the Highway Com
mission, State College, the University
aid other Institutions engaged in per
manent improvements authorized by
the last General Assembly.
8tate Receipts Over Four Million.
Total collections from January 1 to
date of $4,220,445.96 was announced
by Commissioner of Revenue R. A.
Doughton, the figure comparing fa
vorably with Budget Commission esti
mates which placed the total income
of the general fund for the year at
eight millions of dollars.
Income taxes set down by the Bud
fet Commission at $3,500,000 have al
ready amounted to $3,661,475.30 but th?
figures include all collections, includ
ing $200,000 in back income taxes es
timated separately by the commission.
However, it is expected that by the
end of the year the estimate will be
exceeded.
The biggest drop is Inheritance taxoe
which were estimated at $900,000 for
the year and have yielded only $229,
894.68 during the first eight months.
The other items in the total to date
follow: Schedule B, $297,167.60; inter
est from banks, $5,000.69; telephone
tax, $22,250.71; Pulman tax, $4,701.98.
Heavy increases are expected in the
schedule B tax which was estimated
for the year at $450,000, while the
franchise taxes, estimated at $775,000
began to come in for the first time and
the initial inctallments are not reflect
ed in the figures, which are as of Sat
urday night.
. The bulk of the State's operating
tund is now collected by Commissio:/
er Doughton but the insurance depart
ment takes in over a million dollars
annually and lesser amounts are col
lected by other departments of the
government.
County Agents Doing Good work.
Mrs. Jane S. McKimmon, director of
home demonstration work for North
?Carolina State College and the De
partment of agriculture, has outlined
the wor]j of the department ehe heads,
.telling of the activities of the numer
ous county demonstration agents and
how they endeavor to better the home
life of the farmers of North Carolina,
?not by talking and telling them how
to do things, but by showing them how
by doing the things themselves. The
position of the county home demon
stration agent is no "soft job," accord
ing to Mrs. McKimmon, but she said
there are few home demonetration
agents who would change their work
if they had the opportunity.
Select Currle's Lake for Hatchery.
Fayettevjlle. ? (Special.) ? Curries
Lake, ten miles west of Fayetteville,
has been chosen by the State Fisheries
Commission as the site for the State
hatchery to be placed; in Eastern
North Carolina, according to an*
nouncement made by Frank H. Sted
man, a member of the commission.
The Cumberland county location was
adopted at a meeting in Morehead
City by unanimous vote of thee mem
bers of tke commission who were here
several weeks ago and surveyed
^lumber of sheets of water.
v
Unveil Aycock Memorial Nov. 1.
North Carolina school children's
memorial to Charles Brantley Aycock,
the Governor who laid the foundation
for the great State system of public
schools, will be unveiled with impres
sive ceremonies on Capitol Square,
November 1, the day being the 64th
birthday of the "JEducational Gover
nor," who died 11 years ago.
Two close friends of the late gover
nor will be the chief speakers for the
dedication, Dr. Edwin A. Alderman,
president of the University of Vir
ginia, who will present the monument,
and Josephus Daniels, who will de
liver the memorial address. Gover
nor Cameron Morrison will accept the
memeorial on behalf the people of the
State.
The monument, executed by Gutzon
Borglum, the foremost of American
sculptors, will be erected to the left of
the Fayetteville street entrance to the
Capitol grounds, the entrance being re
modeled to preserve the balance with
the monument to; the State's other
great educational leader, Dr. Chas. D.
Mclver, which stands across tlje way.
The central piece of the memeorial
will be portrait of Governor Aycock
done in bronze, and standing seven
and one-half feet high. On either side
will be tablets memorializing his con
tribution to the progress of the State.
The entire structure will be mounted
on a marble pedestral. Work of set
ting up the monument is expected to
begin at an early date.
The complete monument will cost
approximately $18,000. The commis
sion for the work was given to Mr.
Borglum about two years ago, and
the design accepted about a year ago.
The model was sent to Europe for
casting and has but recently been re
turned. Members of the memorial
committee are: George C. Royal, Na
than O'Berry, B. R. Lacy, Dr. J. Y. Joy
ner, Dr. Albert Anderson and Judge
Francis D. Winston,
Condemn Old Trinity Building.
Old Trinity College, in which a
State high school has been maintained
for some years at Old Trinity, Ran
dolph county, has been condemned by
Special Agent Brockwell, of the State
Insurance Department, after brief in
spection of the building by him. Ac
cording to his posted notice, the lower
floor of the building can be used but
none of the upper floors, which in- j
eludes the two big auditoriums, until ,
the defects are remedied.
It is stated that the west wall of
the building is oul of plumb and pos
sibly dangerous, but the main defect
noted was that there are not sufficient
means of egress from the upper floors,
though there are three broad stair*
ways leading downward from the main
auditorium which is on the second
floor.
The action of the insurance depart
ment's agent has caused consterna
tion in the community in view of the
fact that the school, with 13 teachers, J
Is scheduled to open for the fall term !
September ^ J7> ,and the lower floor of j
the building is sufficient for not more
than half of the school. It is probable ,
that some adjacent house will be used
for the other grades.
The 'main problem developed is that
when the building ceases to be used
for school purposes, it is said, the en
tire property, including about 15 acres
of land, will revert to the heirs of
James Leach, who originally granted
the land to Trinity College in trust for
the maintenance of a school, the prop
erty having been sold by Trinity Col
lege five years ago to the Randolph
county board of education.
There is much criticism of the con
demnation proceedings just before the
opening of the school, but it is claimed
that the whole matter can be remedied
by prompt and proper action of the
school authorities in remedying the
defects.
Many Chickens at Stite Fair.
A. G. Oliver, State poultry extension
agent, has gone and done it. He has
gathered together some $2,700 in
prizes for the poultry division of the
North*Carolina State Fair to say noth
ing of five hundred dollars that are
offered members of the boys' and girl's
poultry clubs.
That would be a sizable achieve
ment in itself; but Oliver has done
more. He has gotten more than a
thousand dollars for the special classi'j
fication that is opefc to all comers, and
some of the biggest and best poultry j
breeders in the country have entered
exhibits for the fair. Of course, they
have an eye out for some blue ribbons
and honors, but the money is also a
real attraction.
General Manager E. V. Walborn, who
has been going to State fairs over
the country for quite a while, says that
the poultry show this year will be just
about the best of any of the State
fairs. And he denies that he is trying
to "string' anybody for what are
known to the trade as "string'' fowl ex. !
hlbitors are barred from the State i
Fair. By "6tring" poultry shows is !
understood those exhibits that the
fairs pay to get.
Plan Development of Pigeon River.
Washington, (Special.) ? Plans for
the ultimate development of a pro
ject on the Eig Pigeon river in North
Carolina to produce about 150,000
horsepower have been filed with the
Federal Power Commission by the
Pigeon River Company in connec
tion with its application for a Federal
license. The project will be located
near the North Carolina-Tennessea
State line. A diversion dam and tun<
nel will comprise the initial develop
ment to produce 50,000 horse power.
? ? . fitta
1? Battleship South Dakota, partly completed, now offered for sale as Junk. 2? Members of the "Hitler Guard"
in Bavaria out for a military drill. 3 ? Memorial to F. W. Galbralth, late commander of American Legion, to be un
veiled in Cincinnati on Armistice day b y General Pershing.
NEWS REVIEW OF
CURRENT EVENTS
Italy Promises to Evacuate the
Greek Island of Corfu on
September 27.
FIUME DISPUTE DANGEROUS
Chancellor Stresemann's Plan to Mort
gage All German Property ? Relief
Work for Japan ? Spanish Army
Revolt* Against Government
American Destroyers Wrecked.
By EDWARD W. PICKARD
ITALY ? which means Premier Mus
solini ? became mure reasonable last
week In the matter of the occupation
of Corfu and the dispute with Greece.
In the council of ambassadors Lord
Crewe Intimated that Great Britain
could not permit the Italians to hold
Corfu until Greece had executed all
the terms and demands, including the
arrest and punishment of the mur
derers of the Albanian boundary com
missioners, and there were unofficial
references to the British fleet, which
was supposed to be concentrated at
Malta. Baron Avezzana thereupon
agreed reluctantly that Italy should
evacuate Corfu on September 27, and
the ambassadors accepted this promise.
Italy, however, Insisted that if the
assassins were, not discovered by the
Interallied commission of Inquiry and
duly punished, Greece shall pay heavy
Indemnity, not to exceed the 50,000,000
lire she has deposited in a Swiss bank.
If the murderers are found pnd pun
ished, the payment to be exacted will
be nominal. To this also the ambas
sadors agreed. Baron Avezzana said
his government fully believed Greek
officers were responsible for the crime
and that the Athens government would
do all It could to hide the criminals
and save them from punishment.
Early in the week It seenuHl that the
Italo-Greek row had been ended by the
decision of the ambassadors, who im
posed on Greece conditions almost iden
tical with those in Mussolini's ulti
matum. Both nations accepted these,
but the quibbling that followed almost
exhausted the patience of the League
of Nations, and the little powers in
the league saw in Italy's tactics a
threat against their own future safety.
Mussolini complained that Greece was
doing nothing to find the murderers of
the boundary commissioners. There
upon Greece arrested a number of men
and also, asserting that the real crim
inals were Albanians, called on Al
bania to capture them. Albania re
plied that the Albanian authorities
would be pleased to cross over into
Greece and arrest them if the Greek
government was not able to do it.
OF ITALY'S two quarrels, that with
Jugo-Slavia held the greater pos
sibilities of expanding into actual hos
i tllities. If It should result in warfare,
however, Greece also might well be In
volved. M. NInchlch, head of the Jugo
slavian delegation in Geneva, said he
had not yet gone beyond the stage of
negotiations. In Paris it was asserted
.that Italy was about to proclaim the
annexation of Flume and that Jugo
slavia would make no serious protest
provided Sussak and Porto Barros,
adjacent towns, were not directly af
fected. Italian troops are concentrated
at Trieste and the Italian navy is
ready at Taranto. The Serbs aVe hur
riedly reorganizing their army on
French lines and are getting great
quantities of ammunition from France,
purchased with part of their new
French loan of 300,000,000 francs.
Colonel Gonatas, head of the Greek
government, says Italy Is sending
large quantities of arms and ammu
nition to Varna to equip the Bulga
rians for war if Jugo-Slavia and
Greece combine against Italy. Ru
mania and Czechoslovakia show Indi
cations of remaining neutral or siding
with Rome.
AS MAY be supposed, the sessions
of the League of Nations last
week were not especially pleasant.
Delegates of the lesser nations were
Inpatient and dissatisfied, and repre
sentatives of the great powers, espe
cially Lord Robert Cecil, were on the
defensive. For several days, at the
request of President Do la Torrlente,
the Corfu and Fluine affairs were not
openly discussed, and the league de
voted itself to the Austrian situation,
concerning which It could properly
congratulate Itself. But finally Hjal
mar Brantlng of Sweden broke loose
when the commission for disarmament
was debating the proposed treaty of
mutual guarantees. Declaring this to
be a coercive Instrument, he asserted
the covenant already has shown Itself
to be rather fragile In practice, and he
questioned the wisdom of taking steps
toward more stringent measures when
the league cannot enforce those it has.
Other severe critics of the league's
general policy and especially of the al
leged failure of the great powers to
live up to the covenant were Dr. Chris
tian Lange of Norway and Prince Ar
faed Dovleh of Persia.
SEIZING the opening presented, the
Republican national committee last
week issued a statement to show at
length how the "failure" of the League
of Nations to function in the Italo
Greek dispute has completely vindi
cated the opposition of the Republican
party to American membership in the
league and to American entanglement
in any such European affairs. The
committee made no direct mention of
the world court.
Chancellor stresemann, in
an address to a group of editors,
made public his plan for reparations
and settlement of the Ruhr problem.
He said In part:
"According to the Versailles treaty,
Germany's indebtedness Is guaranteed
by national property. What I propose
concerns direct collaboration of pri
vate property and therefore goes be
yond the Versailles treaty. Our call
ing upon private property In Germany
creates realizable security, whereas
the securities under the Versailles
treaty cannot be cashed at present.
"If mortgages are inscribed as first
mortgages on state and private prop
erty of the entire economic system of
Germany In favor of the German state
? to a certain percentage ? these mort
gages can be considered realizable and
movable value ? and brought Into a
trustee company in the administration
of which reparations the creditors
would participate. The Interest on
this mortgage would go to the trus
tee company, which would take up tne
loans after issuing obligations based
on these mortgages and their interest.
This would give France possession of
big sums as well as turn the Interest
payments into cash In a set time.
"Such fulfillment certainly is not
theoretical nor general guarantees, but
real facts, free from ambiguity. This
offer can place Prance in possession
of payments, upon which all the con
ditions the French made for withdraw
ing from the Ruhr are fulfillable.
"In order to make it actual, it is re
quired that the Ruhr again be under
German control and the German sov
ereignty restored in the Rhineland.
Our offer can bring a solution to the
passive resistance if we are given a
guarantee that after an agreement has
been reached the Huhr will be evacu
ated and the old rights restored in the
Rhineland."
Herr Stresemann tacitly admitted
Germany had lost out in the Ruhr but
made no direct reference to the gov
ernment's readiness to call off passive
resistance.
France still insists that passive re
sistance must be officially ended, and
also that evacuation of the Ruhr can
only be effected in proportion to pay
ments made.
JAPAN'S earthquake disaster has lost
nothing in gravity or horror with
the receipt of more complete details.
Numbering the victims is still impos
sible, and probably always will be,
but the total casualties are estimated
by the Japanese home office at consid
erably over a million, and it is thought
the deaths are more than 200,000.
Having restored order quickly, the
Japanese government is devoting it
self to the vast work of relief and re
construction? with the co-operation of
the rest of the world, especially Anjer
Ica. Our Red Cross relief fund is. far
over the $5,000,000 mark and increas
ing daily, for an immense sum will be
needed. The organization, besides
cabling $1,000,000 for Immediate pur
chases in nearby markets, 1s buying
and sending large quantities of sup
plies and clothing, and also corrugated
iron and/ other building materials.
SPAIN'S internal troubles reached a
'climax last Thursday when the
long threatened revolution began with
the revolt of most of the army, led by
the captain general of Barcelona, Gen.
Primo-Rivera. That officer declared
a state of siege itf" the district, seized
the communications and issued a proc
lamation declaring the army called on
the sovereign to save Spain and asking
the dismissal of the present ministers.
Garrisons in other cities adhered to
the military movement, which thereby
assumed the importance of a real coup
d'etat. The revolt is not directed
against the king. The cabinet de
clared Itself in permanent session and
said it would abandon its position only
under force.
NE of the most tragic epochs in
v-J American history relative to
law enforcement" is what Attorney
General Daugherty calls the 41 months
that have elapsed since the enactment
of the Volstead act, in a report sub
mitted to President Coolidge concern
ing the, work of the federal judiciary
in enforcing prohibition. An official
synopsis says the report "reveals,
among other things, that the Depart
ment of Justice has been called upon
to prosecute a member of the judiciary,
prominent members of the American
bar, high officials of the federal and
state government, millionaires, scions
of the nation's aristocracy ? a sordid
story of assassination, bribery and cor
ruption that found Its way into the
very sanctums wherein the inviolabil
ity of the law was presumed to have
been held sacred."
Part of the general lack of respect
for the dry law may well be laid to
the pettiness of many of the enforce
ment officers. For Instance: Last
week the British yacht Frontiersman,
commanded by Roger Pocock and
manned by members of the Adventur- ,
ers' club of London, entered San Pedro
harbor, California, in the course of her j
trip to find a round-the-world path for
British aviators. Federal officers
promptly raided the little vessel and
seized its private store of liquors and
attached the boat. That sort of thing
only disgusts those who know the
prevalence of bootlegging and moon
shining by our own citizens.
ANTHRACITE operators and min- !
ers settled all their differences '
and signed a two-year agreement, and
mining is about to be resumed. The J
pact gives the men a 10 per cent wage j
increase, the eight-hour day, collective
bargaining and revision of wage rates
and schedules. The workers gave up
the check-off system of collecting
union dues. As usual the public will
pay for this, as anthracite coal will j
be advanced 75 cents or $1 a ton. That
is, unless Governor Pinchot's plans to
avert this are successful. He believes j
the interstate commerce commission !
should consider a new anthracite 1
freight rafe to help absorb the wage j
increase, and wants the federal coal
commission to make public its findings j
on profits and costs of mine operations
end in wholesale and retail distribu
tion. He suggests the other governors
join him in seeking methods to pre
vent the higher prices. President
Coolidge has let It be known that he
and the federal agencies will do all
they can in this line, and when con
gress assembles the President will rec
ommend such legislation as the coal
commission sponsors.
ONE of the most serious disastefs i
that ever befell the American !
navy was the wrecking of seven de- J
stroyers off Arguello light, 75 miles
north of Santa Barbara, Cal. The ves- I
sels were traveling south in formation,
at 20 knots, in a heavy sea and dense
fog. They crashed on the rocks, and
were a total loss. Twenty-three mem
bers of their crews lost their lives.
The destroyers were of the latest
models and cost, when put into serv
ice a few years ago, $500,000 apiece.
THE eclipse of the sun was a dismal
failure, so far as the scientists
were concerned. It came off accord
ing to schedule, as eclipses have a
habit of doing, but the phenomenon
was so obscured by clouds that all the
photographs taken in the path of total
ity, at the southwest corner of the
United States and in Mexico, are prac
tically useless.
nmMiiirfi^i ifMitfi f i'i f A ? 'ir f in V'* i -
Mr.. K.M. ScU,^
, ' 'No. 5. LowtHo^
"I have been suffer
with female trouble \Y- *
on five years ag0. 'it ^
some but I did rot
strength. Two years i?* I
taken sick ind
months. I treated a L*
without much relief t *'
couraged my mind' *?
nervous I could neither
sleep and unable todo'atft
We tried several do?,
one after another gave un 1
as hopeless. Final? a ^
advised me to try Pe-n^
It relieved me almost in. J
Your medical department,
vcas sufiering from chronic a
of the; system. I began utiat
medicine in March, 1914 ^3
tinued until August. I'm
bottles of Pe-ru-na and thru
ties of Man-a-lin and felt 1
new person. Your medicine ?
like a gift from Heaven, fc
like coming from darknesi
light.
/We have used your a
8ince for coughs, colds asd
with good results. We will ;
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five pounds more than I era
eat and sleep well and can)
good day's work. Everybody
I look fiae. Even the doctaj
surprised. I cannot thank
enough and will always recoa
Pe-ru-na to sufferers
catarrh."
MRS. KATIE SCHEP
JL F. D. No. 5, Lowell, 0.
Mrs. Scheffel is only oa
many thousand women is
world, who owe theii present 1
to Pe-ru-na. The record d
medicine is a proud one at I
na has held the confidence of
sexes for fifty years or
If your trouble is &
catarrhal inflammation in
gan or part of the body,
Mrs. Scheffel. Try Pe-m-na. I
upon having the original a
liable remedy for catarrial
tions. You won't be sorry.
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'movST . ,
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