Newspapers / Watauga Democrat (Boone, N.C.) / Nov. 8, 1934, edition 1 / Page 3
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NOVEMBER 8, 1934 WANK PARK?R\ ?jl" StOOiBRI?Ot&V^^'^4\ CKE.DXX ... its obligations "the whole trouble with the credit situation today, as a banker friend of mine explain.? it to me, is that the people who are asking for credit are net entitled to it and those who are entitled to it are not using it. To be entitled to credit at a bank, a man must either be the owner of property which can be thrown on the market and converted into cash quickly, to meet his loan when it comes due, or else be able to show that there is a better than even chance that by using the borrowed money in business he can make enough to pay off the loan and leave himself a pro: it. 7.Too msnv neonic have the iden that everybody ought to be able to walk into a bank and borrow money, regardless of his prospects of repaying it. The honest banker, responsible to his depositors for the careful investment of their money, can't lend it out that way. Very few people in any community know how to use money profitably, if most of us did more of us wcud be rich. 1 think one of the principal causes of the present distress is that, too much credit was extended in boom times to people who were not enti- j tied to it and who did not "Know how! to use it. I | CASH . . . it's scarce. j The other bay I talked with five I or six of my country neighbors in! the course of one Saturday morning.! Every one of them said that cash was harder to get hoid of than it had ever ben in their memory. I went to New York and met a couple of business men whom I know well. Both reported that business was good?one said better than for years in volume and price-?but that collections were slower than ever. Even Uie largest corporations were taking from two weeks to two months longer to pay their bills than they had over done before. As 1 write this 1 have just come from lunching with another business man. He gave it as hir^ opinion that people are feeling the depression worse this year than at any previous time. More folk are going on relief" because they have eorne to the end of their reserves. They cannot buy anything because they have no money left with which to buy. I have si distinct feeling that nobody, in or out of Government, has yot put the finger upon the weak spot ir: our economic system which makes it possible for such conditions to continue. SECURITY . . . "clear" real estate The only people, men or institutions, who arc in a secure position today are the ones who owe nothing and who have some source of income not dependent upon the daily turnover of trade. Those and the ing farmers o? whom there ate many. I have one farmer whose property consists of real estate in a iarge eastern city. His grandfather founded the fortune which his father conserved and which has now come under his management as trustee for all the lieirs. The policy laid down by the founder of the fortune was never to borrow a cent, never mortgage a piece of property. If the reals were not enough to live on. out down personal living expenses but don't impair the capital by selling some of it. My friend has been accustomed to spending a bundled thousand a year or mere. Now lie is living at the rate of about $12,000 a year. But every piece of property he owns is rented, although what the thousand 01- so tenants can pay is not much more than enough to pay the taxes and upkeep. The property still stands, however, and some day prosperity will return and rents will go up again. Real estate comes the nearest to offering security of any this, g I know of. But not when it is mortgaged. INVESTMENTS . . . diamonds I talked the other day with the diamond expert of America's most famous jewelry house, fie told me BOONE DRUG CO. The REXALX Store llllllllllllllllillllKlllllillllllllllllllll!!!!! LIVESTOCK SALE Every Wednesday! Will continue through the entire season. We will have buyers for any number of all classes of stock at all times, and guarantee full market prices. Shoum Livestock Co. Shouns, Tennessee ? ... Chief Executive at WASHINGTON . . . President a arice of Armistice Day next Sur there place a wreath on the Tor wreath Jest Armistice Da v. while that the prices of good quality, wellcut diamonds are nearly double what they were three or four years ago. In another store I asked the head of the diamond jewelry department how business was. He replied that they were selling more diamonds, and at better prices, than for years. People with some capital reserves, he explained, are putting their money into diamonds as the safest way o.f conserving* their capital, j^ossibiy increasing it and converting it back ! into cash overnight. Europeans, tak| ins advantage of the depreciated doli lar, are sending to America to buy diamonds. These diamond purchases represent largely, capital that ordinarily would go into industrial or commercial investments. Its owners are afraid of such investments now, but they want their money where they can get. it out quickly if the upturn comes, and the diamond market has always been an instantaneous market, in which minirniin. nulz-no "?? ?: " - jinvon aic maintained by South African Diamond Trust. PRICES ... in the city City folks arc paying it.ore for what they cat and wear than for several years. Prices are going tip. But how far that benefits the farmer I am somewhat doubtful. Tl;e general effect, as far as I can observe it. is that most city tieonls are cutting down on their food, either I eating less or buying' cheaper grades and t-'nds of fool than "they have been accustomed to. So far as clothing is concerned, there is a great turn-over in the very cheapest lines of men's and women's clothing, but many merchants who handled only high-grade garments are closing their stores. More men that I meet are wearing old clothes than over before. More women are doing their own dressmaking and making over last vear's clothes to this year's styles. It is a fact that city people's incomes, from salaries, wages or investments, are not going up out, in many cases are still going down. INCREASE IN DEMAND FOR NORTH CAROLLVA FARMS Columbia, S. C.?Indicating the. growing demand for farm lands, the Federal Land Bank of Columbia received in the first three weeks of October contracts for the sale of over $600,000 worth of farm lands, acquired by it in tile past several weeks, Julian H. Scarborough, president, announced today. The farms are located in the four states served by the bank. North Carolina, South Carolina, Georgia. and Florida. Contracts for the sale of $66,800 worth of land were received on one day, Tuesday, October 23, Mr. Scarborough said, and inquiries continue to pour in dally from prospective purchasers. The prices being received for the land are the best in five years, he said "The steady increase in the demand for farm lands is best shown," Mr. scarDorcugn saw, "by the records of the real estate department of the j batik for the past six months. In April conitracst for the sale of approximately 537,000 worth of land were submitted to the bank; in May approximately 5111,000; in June approximately $169,000; in July approximately $369,000; in August approximately $481,000: in September approximately $513,000 and already in October over 5600,000 with the real estate department predicting that it will go over $700,000 this month. In October, 1933, the contracts submitted were for only $171,000 worth of land. "While the major demand for farm lands in July, August and September came from the tobacco belt, the demand has now spread nearly all over the district.. The principal demand continues for farms of 200 acres and less." I The Federal Land Bank of Columbia. Mr. Scarborough pointed out. sells only farm lands belonging to it, and does not handle any other land through its real estate department. WATAUGA DEMOCRAT-EVEJ Tomb of Unknown Soldier on nd Mrs. Roosevelt are planning: to aga id ay, November 11, in a visit to the Nat rib of the Unknown Soldier. Photo sin the President and aides stood at attcnti IF WK ONLY KNEW i Do we not see in scenes arcuritl 'Some tender touch of living Power ? A Touch to lure a thoughtful one! Can we not see in tuiy flower A Hand of wondrous Master Skill, So far beyond our human ken! All nature speaks in loving tones A lesson that each soul should learn In spring lime in the roses. In summer in $he crops ami flowers, In autumn in the .grass and trees, j In winter :n the frost and snowNot cruel though God's working But kindiy in His every touch, As grass and trees are sweetly sleeping Until the coming of sweet spring. Oh! that we might understand. And kiia<W thf vnri*./l ,.c V?i | God's tender love and mighty Power! God Is in all the universe, In vast extending bounds, So far beyond our earthly iore! His love abounds toward earnest souls And ever yearns toward reckless ones ?J AMES MONROE DOWJM UM Boone, N. C. Mile* of Pipe Lines Nearly half a million miles of pipe lines made of some 30.000,000 tons of steel are In service In the United States. I FALL 01 IS A ] 11s still going strong, the manner in whicl sponding to our sea and want to state t hundreds of bargair we list a few of the 8 yards 36-inch Outinj 11 yards 36-inch L. L. 3 yards 9-4 Sheeting f Boys' Lumber Jackets Men's Work Socks, pa Ladies' Cotton Hose, p Ladies' F. F. Silk Hose Men's Union Suits . . . Boys' Overalls, pair . . Men's Broadcloth Shir Boys' Union Suits, onl Men's Blanket Lined Children's Ribbed Hos Men's Rain Coats . . . Tk m % ^ + * * h men s Oxfords, pair . 1 Ladies' Oxfords, pair Men's Work Shoes, p Boys' Oxfords, pair . bargainsTn hi $3.95, $4.95, $5.9J I The Fall Sales Event V ! I Saturday of this W? visited us, be sui fore it's I The Five-to "Underpriced n-iinimnuMHnflmfltflaraH RT THURSDAY?BOONE, N. C. Armistice Day in lead the nation in the ohserv:ional Cemetery at Arlington and >ws Mrs. Roosevelt placing the ion. Longest Polics Boat j The longest bent lit Britain extends J over the '93,0*.Hi acres of the New For ! e.sf, and is patroled by two leaf-green j coated policemen, who report all ! transgressors of tho forest laws to the l,f>00-ye:ir-old Court of Swainmote. % DMLNISTKATOK'S NOTICE i North Carolina, Watauga County. Having been appointed adrninistra- i : lor of the estate of Henry L. Greene,' j deceased, by the Clcrh of Superior! I Court of Watauga. County on the 24th j day of October, 1934. all persons ow-'j lag said estate are hereby notified j to come forward and settle the same j immediately, and all persons holding j claims against said estate are hereby notified to present their claims to the undersigned administrator for payment within the next twelve months or this notice will be pleaded in bar of their recovery. This 1st day of November. 1934. OLIVER GREENE, Administrator.! Baxter M. TAnr.ey, Attorney ll-8-6p j HUSKY THREATS ! Overtaxed by j speaking, sing- \ ?ypP?J ing, smoking PEN1NGI LE! We are gratified at i the people are re isonal sales event, hat three are still is available. Again unusual offerings: I for $1.00 H Domestic $1.00 i or $1.00 79c ? ir 10c and 15c r 10c, 15c, 19c 49c B 75c and 98c ?i 49c | is 69c, 75c, 98c B ly 49c B Jumpers $ 1.69 B ;e, 2 pairs 25c B $2.95 | $1.98 B air $1.98 $1.89 GH-TOP BOOTS: >, $6.95 and $8.95 Wli Continue Through :ek. If you have not re and come betoo late. -Five Store Merchandise" Ml I lllll V ^ PAGE TrfttEF. mam See The Tire That's The Talk &f America TIRES HAVE ADVANCED ABOUT 18 PCT. ... 10 PCT MORE EXPECTED! Equip Your Car Now with the New G.3 GOODYEAR. Liberal trade-in Allowance on Your Old Ones. Radiator Solder Seal 20c Polishing Cloths, only 25c Fender Flaps 25c Head Light Shades 25c Arvin Hot Water Heaters $5.85 Manifold Heaters, only $1.00 2 Gal! Cans Pennsylvania Motor Oil. . . 95c Tire Pump Hose 15c Ash Trays, only 15c Gear Shift Balls 25c I A-C Snark PluffR. each 1Q Simonize Polish, can 40c Champion Auto Wax and Cleaner 25c GUARANTEED FAST ROAD Willard & Douglas SERVICES Batteries TIRES and BATTERY (Eft A TELEPHONE And Op? With Old Battcrv 108 I REPAIRS RECHARGING I RENTALS Road SERVICE One Stop Here! Carry a Goodyear None on the Road! Tire RePair Kit For Emergency Roadside Complete Super - Service at Repairs! our station on Tires, Buttery, VERY SPECIAL \T Imbrication, Oil, Gas, Wash- ? Ing, Spark Plugs and Mo- " fllO toring Accessories. ^ I, : ? ? GOOD USED TIRES . . . Selected Casings, No Junk. Good Assortment! Look 'em over. The most modernly equipped station in this section. EXPERT TIRE VULCANIZING. Factory methods. All work absolutely guaranteed or money willingly refunded! Hodges Tire Co. ASSOCIATE DEALERS: D. T. BROWN SERVICE STATION. SHERWfton v " mountain view service station, laxon, n. c. Get Our Prices Before You Buy New Tires!
Watauga Democrat (Boone, N.C.)
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Nov. 8, 1934, edition 1
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