Newspapers / The Asheville Times (Asheville, … / June 19, 1915, edition 1 / Page 2
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Saturday, Jrm ia r THE AS SEVILLE GAZETTE-N7 W5 PAGE TWO HE NEWS OF THE WEEK TBLipOllTl n i " " M Many Improvements Are Being Made in the Town Per sonal NeT7. - i 5. J. $4 at li'J a AMERICAN NHTIONftL B7WK National Bank Protection For Savings On July 1st, and Thereafter The citizens of Asheville and vicinity will have the opportunity of depositing their savings in an institution directly under the supervision of the United States Government. The new Federal Reserve Act specif ically recognizes the maintaining of a Savings Department as being the proper and legitimate function of National Banks, subject to the usual regulations governing deposits in all banks in the National System. The public is thus, enabled to secure NATIONAL BANK PROTECTION for SAVINGS DEPOSITS, as made possible under the provisions of the new Act, This bank has established a Savings Department and will pay interest at the rate of 4 per cent, per annum on de posits. This department will be open during regular banking hours, and in addi tion will be open Saturday nights from 7:30 to 9:00 o'clock for the convenience of those who cannot come during the day. The American National Bank OFFICERS L. L. JENKINS, President . HENRY REDWOOD, Vice-Pres't, A. E. RANKIN, Cashier J. K. DIXON, Jr., Asst. Cashier Black Mountain, N. C, June 19. Misses Ethel and Fannie Sutton are visiting their sister, Mrs.. Dickey, for several weeks in Johnson City, Tenn. They expect to visit Mrs. Brown In Hampson, Tenn., before returning home. : Lee J. Barker, secretary of the board of trade, received o. telegram from Governor Craig Wednesday morning saying that he regretted very much that he was unable to come to Black Mountain to make the principal ddress or the Fourth of July celebra tion to t Held in honor of the Press association. He remarked that there was no town in North Carolina that he had rather visit than Black Moun tain.. . ' It Is expected that the street paving now going on In the business part of the city will be completed by the mid dle of next week. E. P. Moore of Asheville has accept ed a position with the Southern Rail way as ticket agent for the summer months. He expects to move his fam ily here In a short whfle. Miss Mabel Sutton left Thursday morning for a six weeks visit with friends la Cullowhee. She expects to do some summer school work while there. Mr. Withers of Chester, S. C-, arriv ed this week for a visit among friends Black Mountain. Mrs. Dbhme of De Funlak, Fla- here for the summer and is occupying the Crawford cottage. Born to Mrs. Arthur Gudger a boy, Wednesday morning. The extension of Cherry street be tween the Southern passenger and freight depot will be paved with cin ders and other mixtures next week. Miss Addle White of Concord Is vis iting her sister, Mrs. Clifford Porter on Church street-for several weeks. J. W, Hunt and family of Greens. boro who have a cottage on Church street are expected to arrive In a few days. Miss Lucy Stump arrived In town a few days ago from Floyd, Va., and is Isitine her aunt and uncle, Mr. and Mrs. D. T. Stump. C. S. Holllster of New Bern arrived Wednesday morning and will be here throughout the summer. Miss Margaret Parkinson of Lou donville, Ohio, is visiting her sister. Mrs. R. E. Currier, on Vance street for the summer. Charles Porter recently passed the examination of the State Board of Pharmacy and will take up his work In Black Mountain drug store. Mr. and Mrs. J.. V. Pool and family arrived this week and will make Black Mountain their permanent home. Mr. and Mrs. G. W. Marsh, a newly married oouple from Bath, N. C, are guests at the Gresham hotel for this week. Among the guests for the week at the Gresham are Mr. Matthews of Favettevllle: Mrs. Est of New ork: W. C. Jennings of Spartanburg S. C; Miss Catherine Jennings of Rock Hill. S. C: F. R. Lyons from New York and James McCoy of Charlotte, LOCH DENTISTS WILL ATTEND STRTE MEET Dr. J. A. Sinclair Is Presided Drs. Hunt and Howard Will Also Attend Drs. J. A. Sinclair, F. L. Hunt and C. C. Howard of this city will fmv tomorrow, according to present plans, for the forty-flrU annual meet ing of the North Carolina Dental so clety, which convene at Wrights- vllle Beach Monday for sessions last log three days. Dr. Sinclair la president of the so clety and will deliver the president' address on the opening session of the society. The stata board of examiner Will be in session for threa days prior to the convening of the convention for the purpose of examining applicants for license. The opening session of the Daniel society will be held Wednesday even lag, June 11, at 8:10 oolock, being opened with prayer by Rev. Dr. A D. McClure. pastor of St. Andrews' Presbyterian church, Wilmington. The address of welcome will made by W. P. Stacy of the WU mlngtoa bar, and the response will be mad by Pr. D. L. Jams of Green villa, Other feature of the opening sesslen will be the President's ad dress by Pr. J. A. Slnolalr of Ash vllle, and tha annual assay by Dr. A. McClung of Winston-Salem. Thursday morning and afternoon poet-graduata oUalca will ba held different bourn by tha following: Pr, Thomas P. Hlnman, Atlanta; pr. Clinton C. Howard, Atlanta; Pr. F. L. Hunt. Asheville; Pr. Alonao Milton Nodlae, New Tor city; Pr. J, H. Wheeler, Greensboro; Pa. J, W, Stanley, Wllmlngtoa; Dr. George 'K. Patterson WUmtngtoa. Thursday evening Pr. Howard of this airy win del a Illustrated le. turn aa "Orthodontia." HPHE value of the telephone is particu larly evident in emergency situations; It opens a quick way to relief. Accidents, delays, hurried departures, unexpected arrivals, sickness, fire, burglary all come in this category; Time, money, convenience often life itself depend upon prompt communication. 4 Relief may be in sight, or a thousand miles away.' it matters not. The Local and Long Distance Telephone can be used in either situation. ' Are you a subscriber? ASHEVILLE TELEPHONE AND TELEGRAPH CO. UNIVERSAL SERVICE. REASONABLE RATES; I Socialist Columns. of These columns are published and con trolled by tha Socialist local Asheville, which alone is responsible for the opinions expressed. The Asheville Local meets every Sund ay at 4 p. m., In Its reading room, Central Labor Union Hall. AU in terested are InvHod. ba REAL E8TATM TRANSFERS ft X. Berkley to I. B. Ingle, prop arty on Vioteria. road) aaastdaraUon, Mil. . Rutherford P. Hayes and wlfa to Emma A. Hall, property In Wast AefeevNlef eansleenUlea 1171, He found, for Instance, that Mr. Morgan, in co-operation with great private bankers and great national banks, had acted a decisive part In' the trustification of many railroad and Industries, representing In the ag gregate a capital of twenty-five mlll lans of dollars. Without knowing Mr. Morgan's exact size, everybody was aware or nis gigantic staiuro as a trustlfler. Rut this large amount of capitalistic concentration effected by Mr. Morgan and his group of bankers did not of Itself show the existence of a "monoy? trust In the first place very Utile money Is used In the course of su?h vast operations. Again, the banks do not keep more unproductive money n their vaults than Is safety required to meet the ordinary demands for ac tual cash In normal times. Nor do they keep unproductive to themselves the enormous amount of purchasing or credit power transferred to them (not in money, but In terms of money) by their depositors. Upon the use they make of those deposits depends, however, not only the safe? of their depositors, but the maintenance of In dustrlal and commercial activity and here's the rub. Had Mr. Untermeyer directed the statistician of the PuJo committee to analyze as we dld-the figures given In the printed reports of the comp troller of the currency, ha would have found that the banks had lavished upon speculators the vast resourcea at their command, to an extent that threatened general bankruptcy. They not cornered money; they had mlsap pronrlated the funds of their deposi tors. Between the trustification of money and the misappropriation of capital there Is a wide difference. Such a revelation, however, could not be thought of by the committee. The baaka ara republican In republi can districts and dsmocratlo In demo cratlo districts. Tha "statesmen' of both parties had been equally secre tive In banking matters. Tl..- Pujo committee was In fact, an object of suspicion to the democratlo and re publican leaders alike. It was feared that In the course of Its Investigation a rrf light might inadvertently ba cast on the financial attuatlon, and Mr. Pujo thought It best to postpone Its hearings until after election. Ha then showed very forcibly what ha wanted was only to find a "money trust" With tbts end In view ha up pealed to President Taft for an order to tha comptroller of the currency, di recting that official to supply the com mlttee with certain particular data which It required for the performance of Its special task; namely, the names of the largest borrow. rs and the amounts borrowed by each of them Mr. Taft refused to comply with this request, and Mr. Pujo could not prove that there was a. money trust In favor of tha great speculators, to tha detriment of tha smaller gambler. Exit the Fujo committee, it were superfluous to state that Its chairman was not re-elected to cengress, Tha new president must hara been fully aware at the financial situation when ha entered tha whit house. Ha has not to this day ventured on frankly letting tha nation know what that situation la la a message brimful of glittering eneraltlee ha imperatively 4eiuaae4 fresa eoagresa its Immediate aor.pt dc of tha. "reforms" centem plated In his administration bill Why th raforraa were necessary aad haw they would operate far the return of takr tallstlc prosperity he did not under take to soy. "Reform and don't de lay" was the sum and substance of his sophomorlc address. Quick as a congress may or may not desire to be, reform is slower an) events are quicker. While this congress was discussing the administration hill events were dally occurring that showed the futullty of attempting to prop up the banking power with a thin stick of deceptive reform. Alarming as the financial situation was when President Wilson delivered the message above referred to. It rap Idly grew worse since then. The flow of Individual deposits, which. In the fiscal year ending June SO, 1913, had still been fairly running into all kinds of banks, had been this year showing marked tendency to decline In the national banks, while In the banks subject to the supervision of the state of New Tork there had been withdraw ala to the enormous amount of $145,- 000,000 up to June 14, 1913. Then came the bankruptcy of the great railway system extending from St. Louis to San Francisco, Not only did this put an end to tha hope of our financiers that ther might be a broad, er market In Europe for American securities but it precipitated upon Wall street a mass of merlcan bonds and stocks previously held by Euro pean Investors. close upon that disaster came the forty-rnllllon-doUar failure of a great Pittsburgh National bank. A typical 'accident ' this and now more omi nous that the suspension of the Knick erbocker Trust company had been In 1907, for It Is the first tangible effect of a condition which has been steadily expanding and intensifying since the last panic and nay suddenly paralyse tha whole banking power throughout the country. Once mora ba It observed that all tha so-called reforms which have bean proposed srnca tha panlo of 1907 had only In view to extinguish with paper money and Incipient Are that might otherwise cause a widespread i narration. To that same schema Mr. Wflson la perforce but vainly apply' Ing his Inventive faoulty. No one. In deed, could undertake to . extinguish the fire that Is smouldering beneath the whole financial surface and ia from time to time, here and there, giving outward evideacee ef ita growing In tensity. The cash reserve mechanism la of necessity to be reformed also for It Is an essential part of that scheme. It does not deserve a moment of serious consideration aa a guarantee of se curlty. In normal times It Is actually superfluous and remains practically motionless. In emergencies It Is In stsntly paralysed. Conclusion. -In the natural course of capitalist development the banking power ob tained supreme command over the actlvltle c! the nation. In that elevated position It lost an sense of economlo responsibility, pub lic duty and moral principle. For the purpose ef Illicit gain It diverted the Immense wealth In It keeping from the beneficent ohannala of p reduction tale the male Been t cfcaneela of speculation, -; Its infamous treatment ef the In dustrloua class whose labor created all that wealth and all the machinery used la the production ef It, will re main forever a blot on the reoorda ef Industrial pregresa. ' - Through Ita directing agents la the railways, aa In the mines, works, OiUle, factories, etc., under Its control it hat made the servitude of that class noit ana more lmaierame, its existence more and more miserable, with a nli view to the Increase of dividends ani the rise of stocks. Unscrupulous In all Its mothodi it has corrupted the publto power vii made them the instruments of its dee-' potlsm. In Its rough ride over th nation. It has, however, reached a potnt when It must fall under the weight of tti iniquities, Nothing can save It from th come-; quences of Its misdeeds. Its eollipM ; is Inevitable. Shall the people the working m ple allow themselves to bo burled In the ruins of the banking itractun? ' In their own hands lie the means d their own salvation. The last day of ths banking power' should be the last day of the capital! system and the first day of tat social- 1st commonwealth. THE END. 5 II Grave of Revolutionary and Indian War Soldiers to Be Marked Congressman James J. Brltt in obtained authority from the secretin of war to have marked, with appropri ate headstones, at the federal fows- roent's expense, a numbet of giaw of Revolutionary soldiers, and somen of Indian and later wart. It Macoi county. The monuments will M up as soon as the Identification!, names, dates, and other data art com pleted. It la the purpose of tho con gressman to follow this up throornoM the entire tenth dlatrlct as rapW possible, .."' Take a ahowar bath and T M. C. A. dally. 6pedal Stuonw Rate Join today. , TRUSTEE'S SUiB. By virtue of the power of 1 talned In a certain deed of made by George W. Chambers wife to L. R. Chambers to th un dersigned trustee, dated the V" day of April 1914, and duly r tered In the office of the T deeds for Buncombe county, v-j In book of mortgagee and deem trust No, X at page U t J J which reference Is hereby ma" " default having been made payment of the indebtedness sm" by said deed Of trust wh.reby t power of sale therein contain! " become operative, said "4T trustee win on Tuesday the tn of July, 1911. at 11 c,0 , ll at public auction for . court house door In the city oi " vllle. county ef Buncombe an of North farollna the fan" land, and premises, ".i, and Mate of North Carolina edja Ing lands of Geo. Roger W. . Holeomb. er. and being the lands s conveyed to George Chambvn i n Tlrlrman t Aft.d OH .k. In th for avii, snu Bui ...--- for office of the reget ef at Banoembe eeunty. N. c-. booh Ne. 17 at page r which refereaee "br metes and bounda This June Ith, HI"- QWTN EDWARDS. Tr II June l-II-ls-l. ' I i
The Asheville Times (Asheville, N.C.)
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June 19, 1915, edition 1
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