Newspapers / The Alamance Gleaner (Graham, … / July 20, 1933, edition 1 / Page 2
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1 HE GLEANER GRAHAM. N. C., JULY 20, 1933. iSBCED KYKMY IHCkdDAT J. D. KERNODLE, Editor. $1.00 A YEAR, IN ADVANCE. Entered at toe atoiflce atUrabai .N C.. as tecc * i-olaa* matter Every State, so far, vu _c on the repeal of the 1-th Amendment, has cast its v< ;e for repeal. Co-operation is an essential element in the effort to lift the country out of the depression. "Everybody Help" should be the slogan. Give every plan and measure a fair trial, wh< le beartedly. Half the folks pull ing in one direction and the other half in an opposite direc tion will get nobody anywhere. It may be some trouble to do some of the things required un der the "New Deal," but that is better than doing nothing and not getting anywhere. News comes from Raleigh that Congressman Frank Han cock and Henry L. Stevens, for mer Commander of the Ameri can Legion, will probably be candidates for the United States Senate in opposition to Senator Josiah William Bailey when it comes time to name his sua s sor. It's too early for Mr. Bailey to be losing any sloep on that score. He is making a place for himself in Washing ton that his opponents will tiud it no easy job to oust him from. The North Carolina Weekly News, a newspaper to be pub lished in Raleigh, Carroll Wil son. president-editor, announces that it has been delayed. Ic is to appear in a few weeks. The State, a weekly from the capi tal city, Carl Goereh, editor, gave notice of its coming about the same time as the former. It appeared the first of June and is an interesting publica tion. Mr. Goerch is a facile writer and sees things of inter est to tell about. Both are t V loids and the aim of each i ? make a paper of state- widt terest. Traders, gamblers, or ly what name one prefers to dis ignate them, on the exchanges have been doing some reckless trading in stock and grain, forcing up the prices?skyrock eting. The baloon cracked yes- ] terday and prices tumbled. The advance had been abnormal, but the lambs didnt' observe it?too sanguine to make bi_> money, and they got shorn. Wheat allimned as much as l-'l cents the bushel. Other grain. went flown. Cotton lost. Of course stocks took a sympathet ic flive. There is a limit; hap hy no one knows where it is but fright or conservation wih find it. Frank It. McXiuch, appoint ed a member of the Federal Power Commission by Mr Hoover, has been elevated l< the chairmanship by President Roosevelt to succeed George Otis Smith resigned. At tne time of his appointment it was alleged by some that it was a reward for his help in carrying the electoral vote of this State for Hoover against A1 Smith. But Mr. Hoover claimed to be appointing him as a DetnocrAt to preserve the political equa tion on the commission. Later, Mr. McNinch came up for con firmation by the U. S. Senate. Senator Morrison was passive, and that attitude is claimed to have helpe<" Mr. Reynolds de feat Senator Morrison in the primary. -7* A tentative -udget of county expense# for the ensuin g year has been made out and pub lished by the County C mmis sioners. The) o a re some charges budge Ud for different departments o the county gov- j eminent, but cursory <-xami nati i does i >t disdos that they ire enou ii to m i :o am mat- ial char o in the rate ot taxation for t is year. Real Movie (Romance of th - III Fated Actress1 Paiigher, S ranger Than Any Part tier Mother Kver Played, Read About ,It in Tne American Weeklv, the Magazine j Distributed With Next Sunday's (Baltimore American. Buy i from your favorite n?. vsdeaier or news boy. Twenty-one bushels of wheat av erage on 12 acre is the'production secured by S. P. Knight of Rock ingbani County this sj- ing. ? ? " ' ? 11 News of A\ hitsctt. Whitsatt, N. C? July 17,1933 Next Sunday, July 23rd, the an nual conventtion of the various Sunday Schools of Kock Creek township will convene in the Whit sett Methodist Church at this place alt 2 1'. M. The schools represented will he Springwood Presbyterian, hitsott Methodist, Gibson villa ?thodi9t, Gibsonvllle Methodist i* otestant, Sharon Lutheran, and 'i.bsonville Baptist. There Willi be several short addresses, special mu sic, etc., and the regular business meeting of -the association. The public is Invited to be present for the convention Miss Elizabeth Pluck of Edge combe county is spending a few days here with friends this week. On Saturday, Prof. J. H. Joyner at ended the Lambeth family reun ion held at Monticello near Brown Summit. William Foster has begun active work upon his new residence on. highway 10 near this place wj?h n view of having it completed with in the next few weeks. Dr. and Mrs. W. T. WhitsetC and Mr. and Mrs. A. L. Holt of Burling ton visited Kimesville Lake yester day# ( Miss Willie Brewer Myers who has been here for a visit Jell- for a few weeks' visit to Philadelphia last week, after which she will return (to her home in Winston-Salem. J. W. Taylor is remodeling his store building, and having three rooms completed for tenants in th"> rear of the building. On last Thursday Prof. J. H. ,Joy ner and Dr. W. T. (Whitse^t (went to Raleigh with Supt. Thos. R. Foust on business connected with tha county schools. A handspme residence of native stone work has Justfbeen completed On the (Whitsett-Julian highway south of here. During the pa9t week the farmers have been busy with wheat thresh ing, and This week will see 'the most of thia work completed. Miss Kate 'McLean was at Bethel Presbyterian church for ths ser vices last Sunday. Prof. E. L. MoffittTof Elon (College was a business visitor last week. Miss Minnie Clapp had charge of an interesting meeting of the Whit sett Christian Endeavor society on Sunday evening. Limestone to make clover, clover to make wheat, is the farm (plan be ing followed successfully by grow ers in Piedmont Carolina. Indica tions are that more ground lime stone will be used this fall.. REPORT OF CONDITION OF The Citizens Bank OF GRAHAM. At Graham, North Carolina, to the Commis sioner of Banks at the close of business, on the 3>th day of June. 1933. RESOURCES Loans and discounts.,, $30,413.06 Overdrafts 5 24 North Carolina Bonds 3,000.00 Furniture and Fixtures 900.00 Cash in vault and amounts due from Approved Depository Banks 2.340.11 Cash items held over 24 hours 278 1"> Total .$42,906 56 LIABILITIES Capital stock pa:d in 10.000.00 Surplus fund 3,657.13 Undivided profits, net amount 121.56 (Jueamed Interest 63.12 Other Deposits subject to cheek .. ... 18,481.32 Cashier's checks outstanding: 58.06 Time Certificates of Deposit, Due on orafter30 days 449.10 Savings Deposits Due on or after 30 days. 10,1.V.37 Total $42 93616 State ol North Carolina. | County of Alamance, ) J. D. Foust, Cashier, M. R. Neeae, Di rector, aud J. S. Cook, Director of the Citizens Bank, each personally appeared be- 1 me this day. aud being duly sworn, each for himself, says that the foregoing report is j true to the best of his knowledge and belief. J. D. Foust, Cashier. I M. R. Xeese, Director, I J. S. Cook, Director, Sworn to ai.d subscribed before me, this the 15th day of July, 193J. , KEPORT OF CONDITION OF The Bank of Haw River, ? At Haw River, North Carolina to the Com- { miss-toner of Banks, at the close of business 1 on the 30th day of June, 1933. ( RESOURCES ( Loans and discounts $67,466.78 j Overdrafts .19 North Carolina Bonds 3,000.00 1 Furniture and Fixtures 750.00 ( Cash in vault and amounts due < from Approved Depository Banks 19,940.23 Checks forclearlnk and transit Items 1.113 25 4 Cash Items (items held over 21 hours 51.50 \ Other Real Estate 5,916 41 ^ Total $96,248 36 ^ LIABILITIES Capital atock Paid In #10.000.00 1 Undivided profits, net amount 406.01 , Reserved for Depreciation 1,107.22 . Other Deposits subject to check, 44,685.72 i'Ashler's Checks outstanding 182 61 t Time Certificates of Deposit (Due on J or After : 0 Days) 1J38.09 Havings Deposits (Due on or after Mdays'j .. ... - 40.1 6 65 1 Total ( State of North Carolina. 1 { County of Alamanc ?, ) S. A. Vest, President, W.M Myrick Director, 4 ml K. K. Lasley. Dlre;tor of the Bank of 1 Haw River, each personally appeared be ( fore me this day, and, being duly sworn, j ?ach L?r himself, says thai the foregoing re- i |x>rt is true to the best of bis know ledge an d I belief. . 8. A. VEST, Pres. W. M. MYRICK, K. K. LASLEY. Directors. Sworn to and subscribed before me, this ] the 13th day of July, 1933. J. Archie Long. Notary Public, tfy commission expires Dec. 9.1933. r VARICOSE VEINS j Healed By New Method No operations nor Injections. No * enforced rest. This simple home treat- ( ment permits you to go about your , business as usual?unless, of course, 1 you are already so disabled as to be c confined to your bed. In that case. Emerald Oil acts so quickly to heal ' your leg sores, reduce any swelling j and end all pain, that you are up and about again in no time. Just follow t, the simple directions and you are sure f to be helped. <Your druggist won't | keep j*9ur mogey uoIcm you axjv ?* 1 Catawba County farmers, living in i the Banoak section, have begun the production of work ^tock and have ( a number of excellent coJlts dropped , this spring. Madison County farmers ar tak ing advantage of the newly estab lished livestock market at Ashetille and are disposing of surplus ani mals. Though they grow their cotton in small patches in Granville Coury y farmers have responded to the acre age reduction plan in a commend - able way, reports the farm agent. A Mystery "Thriller" In Real Life. Not One, buit Two Sherlock Holmes Needed 1 Read About the Strange Dearth Ride in The Ameri can Weekly, the Magazine Distrib uted With Next Sunday's Baltimore American. Buy it from your favor ite newsdealer or newsboy. ?A bargain for readers! Three magazines and The Gleaner a year fory$1.50. Look up club offer ad in) this lsaue. Samples can be seen ait Gleaner Office. Notice ot Foreclosure Sa 1 e. Under lind by virtue of the power of sate contained in a cer tain deed of trust made f,by Marion L. Brown and Husband, Walter C. Brown, to Carolina Mortgage Company, Trustee, dat ed the 1st day of June, 1930, and recorded in Book 114 D. T., Page 393, etc., in the office of the Re gister of Deeds of Alamance* County, North Carolina, default having been made in the payment of the note thereby secured, and the holder thereof having direct tha(t the deed of trust be fore - closed, the undersigned Trustee will offer for ?ale at (the^ court house door in the City of Graham, North Carolina, on Monday, July 31st, 1933, at 12 :00 o'clock, noon. ? and will sell to the highest bid der for cash a certain lot or par cel of land in or near the City of Burlington, Township of Bur lington, Counfty of Alamance, State of 'North Carolina, and more parti cularly described as follows; Adjoining the lairds Sot J. 1,, Scott and R. P. Williams, North Railroad right of way, Tony Je nican and Zarelda Jenican, Andrews Street and described as follows; Beginning at an iron stake on North side of Andrews Street and corner with J. L. Scott and R. P. Williams, running thence wfch line of J. L Scott and R. P. Wli liams North 56 degrees East 100 leet to an iron bolt, corner with North Carolina Railroad right of way; running thence with North Carolina R. R. right of way, S. 34 degrees East 30 fe^b to an Iron bolt, corner With Tony Jenl ean and Zarelda Jenican; running thence with line ol Tony Jenl ;an and Zeralda Jenican South 56 degrees West 105 feeft to a'n iron bolt corner with Andrews Street; running thence with line of An drews Street North 34 degrees W. 10 feet to the (beginning and rontainlng 3000 sq. ft. more or ess. Being the same property :onveyed to A. H. King by the Mebane Real Estate & Trust Co. dated March 2tth, 1922, and filed . (or registration on the 8th day of . July, 1922, in the office of Regis- , :er of Deeds for Alamance Coun- ( (y, and recorded in Book 70, Page >?5. The above described property | aeing the same property convey- ( h1 to Marion L. Brown by fore;- ( rlosure deed from Carolina Mort- ( fage Company, Trustee, darted August 8Ch. 1930, and delivered ! :ontemporaneously with the de- ( itery of this deed of trust, the ^ leliveries bclifg parts of one and , he same transaction and the noney hereby secured being the >urchase money for aaid property; This the 19>th day of June, 1933, CAROLINA MORTGAGE CO. ] Trustees. -ong & Long, Attys. i Trustee's Sale of Ileal Estate. j (( Under and by virtue of the power * contained in that certain de;d of rust Executed and delivered by J. C. Black and wife, Eva Black, to W. 5. Sharpe, trustee, on the 2nd day ^ if February, 1928, and recorded in SoolC HO, D. T? Page 233, of the legister's Office of Alamance Coun y, securing the payment of the note herein referred to, and default hav- t ng been made in the payment of , ?? ~ ( aaid, note, as therein provided, and the holder of said note having re- J guested the foreclosure of said deed I of trust, the undersigned substituted ] trustee will offer for sale and sell, 1 tor cash', to the highest bidder, on Monday, JUly 31st, 1833, 1 at 12:00 o'clock, noon at the Courthouse door, in Graham, N. Ct, the following described tract or parcel of landj fto-vtft; A certain tract or parcel of land in Alamance County, North Carolina, adjoining the lands of Artthony St., Belmont Road and others, bounded as follows: Eeginrgag at co'ner *1 int rs; ction of Anthony Street and Belmont Road; running thence with lino of Belmont Road1 S. 4 1-2 deg. E. 80 ft. to corner with 0. L. Smith; thence with line of O. L. Snufth in an east ern direction 120 tt. to corner in line of lot No. 6; thence with line of lot Ntoj,' 6 In a Northern direction 741-2 ft. to corner on Anthony Street; thence with line of Anthony Street N. 88 1-2 deg. W. 120 ft. to t(he be ginning, being lot No. 1 and part qf lot No. 2 of the Ella J. Holt prop erty, as surveyed by Lewis H. Holt, May 22, 1923, on which is situated a seven-room dwelling. This the 29th day of June, 1933. V C. G. SOMERS, Substituted Trustee. / C. A Hall, Atty. Trustee's Sale of Heal Property! Under and by virtue of the power of saje contained in a certain deed of tru^t executed by S. G. Walker and wife, Pauline Walker, to the un dersigned trustee on the 2nd dey of August, 1929, and recorded in Book of Trusts 113, at page 355, in office of the Register of Deeds for Alamance County, to secure a cer tain bond therein mentioned, de fault hat ing been made in the pay ment thereof, the undersigned trus tee will offer for sale to the highest bi'djder for cash, at the Courthouse door in Graham, on Monday, August 7th, 1933, at 12 .00 o'clock, noon, the following real estate, to-wlt: In Alamance County, North Caro lina, on road leading from Burling ton ,to Glencoe, and beginning at an iron stake, running thence S? 88 - 1-3 deg. E. 219 feet to a stake; thence N. 28 1-2 deg. ,W. 87 feetfco astafce; thence Nl; 88 1-3 deg. W. 175 feet! to a stake on the Glencoe road;thence with said road 75 feet to the begin ning, upon which is situated a dwell ing house. This property", is in good repair and will rent attractively. Time of sale; 12;00, Noon, Aug. 7th, 1933. Place of .sale; Courthouse door in Graham. Terms of sale; Cash. This June 28th, 1933. John S. Thomas. Trustee. J. S. Cook, Atty. Summons by Publication NORTH CAROLINA, ALAMANCE COUNTY. IN THE SUPERIOR COURT. Mrs. Bertha Tyndle VS. Wallace Tyndle The defendant, .Wallace Tyndle, will take notice that an action en titled as above has been commence i in the Superior Court of Alamance "ounty, North Carolina, foi^ the pur pose of securing an absolute di iorce; and the said defendant will further .take notice that he is re- 1 luired to appear at the office of the ")erk of the Superior Court of said :ounty at the courthouse in Graham, N. C.,on the To day of September, 1 1933, and answer or demur to the complaint In this action, or the plaintiff will apply to the court for 1 '.he relief demanded in sild com plaint. / . This 19th day of July, 1933, SARAH MURRAY, Deputy Clerk of Superior Court. ' -rong & Ross, Attvs. Trustee's Sale of Land ! Under and by virtue of the powers contained in a certain deed of as signment executed to the under- ' ligned trustee by J. Carter Black, E darch J2, 1933, and recorded in Book E >f Deeds 105, at page 119, in office ( )f Register of Deeds for Alamance ' bounty, I .will sell to the highest ' >idder for cash, at the Court House loor, in Graham, N. C.,o'n Monday, August 14th, 1933, at 12:00 o'clock, noon, he following real property, to-wit; A house ^and lot ig Graham, on I Mill Street, described; Beginning aft a root, corner with Rachel May in line of L. Banks Holt Mfg. Co.. running thence N1. 1 1-4 deg. W. 83 lirfka to a rock, Corner w^h S. C Shoe: thence S. 89 1-4 deg. E.3.03 eh9. to a corner wi|th said Shoe; thence 9, 1 1-4 deg. E. 83 links., rock, thence N. 89 1-4 deg. \V. 3.03 chs. to the beginning and cont lin ing one fourth acre more or less. This property is sold subject to a prior Hem pf a deed of Truat I , J. Dojlph Long for $500.00, registere-i in Trust register Not 116 at page I. in Office of Register of Deeds; also subject to Homestead and dow?r rights in tho excess, if any, oft sum bid oner the amount of costs of sale and the lien of the Graham Home Builders Association. Place of sale; Court House door. Terms of sale; Cash. Time of sale; 12 ;00, o'clock, M? Monday, August 14th, 1933. This July 12, 1933. J. S. COOK, Trustee, Trustee's Sale of Real Estate! Under and by virtue of the power contained In that certain deed of trust executed and delivered by C. C. Fonville, unmarried, and D. H. Fonville and Aflne W, Fonville, his wife* to E. B. Thomason and L. O. Lohmann, trustees, on the 1st day of February, 1929, and recorded in Book 111, page 290, D. T., of the Regist er's Office of Alamance County, secuiiig the paymenjt of the notes therein referred to, and default having been made in the payment of the notes, as thereiH provided, and the holders of said notes having requested the foreclosure of said deed of tru^', the undersigned trustees will offer for sale anfdl sell, for cash, to the highest bidder, on Monday, August 7th, 1933, at u :U0 o cioca, noon, at the court house door, Gnha 11 N, C? the following described tra-?t or parcel of land, to-wit; AH th^t certain tract or parcel of land in the City of Burlington, Bur lington Township, Alamance Coun'.v St^te of North Carolina, adjoiri ig the lands of J. H. Moser, U.K.and G. C. Fonville, D. R. F Seville's sub division of Bev erly Hills. The above property is bounded as follows; Beginning at a stake 51.2 feet in a northeasternly direction from th in teraeqt ion of Rolling Road with North Main Street, said stake being on the northwest side of Rolling Road anjd corner to J. H. Moser: thence with J. H. Moser (Lot No. 3i North 30 deg. 42 min. West, 191! feet to a stake corner to D. R. and G. C. Fonville (Lot No. 17); thence with D(. R. and C. C. Fon vil I'c s line North 34 deg. 30 min.Bast 2S.7 feet to a stake corner with D. Hi Fonville (Lot No, 5); [thence with D. R. Fonville's line South 54 deg. 23 minj. East 172.5 feet to a stake, corner on Rolling Road ; thence wi h the Northwest side of (Rolling Road South 32 deg. 15 rain. West 100 feet to the beginning. This the 6th day of July, 1933. E. B. Thomason and L. O. Gob man a Trustees. Cooper A. Hall, Atty. Summons by Publication NORTH CAROLINA, ALAMANCE COUNTY. IN THE SUPERIOR COURT. Cora McParland VS. Eugene McFarland From the application of the plain tiff In the above entitled action, that Eugeno McFarland, the defendant therein, is not to he found in Hat ham County, and cannot after d ie diligence be found in the State "f North Carolina, and it further pearing that a cause of action ex ists against the defendant for an n" solute divorce, and that this is "ri? of the cases in which service of sum mons may be made by publication It is therefore ordered that - aions be served on said Euger Mc Farland by publication, and to tr. it end notice of this action be publish ed on(ce a week for four (4) success ve weetks In the Alamance Gli " iter, i newspaper published in Alan i"-C: County, setting forth the title he action, the purpose of the same md requiring the defendan ippear at the office of th' Clerk of the Superior Court of M' nance County, in the courtho is Jraham, Nf. C., on the 8th da iugust, 1933, and answer or <i o the complaint'of the plain i ' ?aid action. This ithe ^th day of July, 1 ' E. E. MURRAY, Clerk of the Superior Court , .ong & Ross, Attys. . I How All the People Played a Part In Building Nation's Credit Stru dure \ Banker Describes the Way I oans and Securities of Banks Are Based on the Hopes and Plans of All Classes?Values Dependent on Public's Ability to Meet Obligations By FRANCIS H. SISSON, President America.- Bankers Association in The Forum CREDIT may be informally described as future hopes, plans and good In 1 tentlons converted into pres< it pur I chasing power. The iarmer, me manu facturer, the mer chant, the home buyer, the pur chaser of household goods. the Investor and the speculator all borrow at times. They plan to repay | with the earnings I of their crops, pro I ceeds of the sales of . their goods. In comes from their wages and salaries w P. H. SISSON or profits from the resales of their securities at enb 'iceil market values, I each as the case ly be. The greater p. ,t of these various forms of credit is obtained by the bor rowers directly or Indirectly through the expansion of the loans ar t invest ments of the banks. It is this which creates the notes, securit.es and mort gages in the portfolios of the hanks. The banks are able to extend these loans because a great many people de posit money will them. Even under th" best conditions the plan i of a small , orcenta ;e of borrow ers , i wrong th jugh mistak s, hard luck i* dishones , and the j dgment of the banker in such cr. es Is proved by th - after event o have been t fault. The losses caused under such condi tions are ordinarily fully met fc; funds set aside out of the ea nings of the banks for just thi purp e and do not affect the money of the depositors, who seldom hear anything about such losses. In the vast maj rlty of cases and in the overwhelming volume of business involved the confidence of the bankers in their customei: and the confidence of the customers n th: r own ability to carry out their plans and obligations to successful conclusions are wholly Justified. This is I he normal economic situation and it c istitutes the condi tions under which the use of credit adds to public welfare and progress. The I:aith of the Iianks Such was the structure of hopes, gooA Intentions aud common confidence in one another that existed among all classes of the nation's community life when the series of economic shocks began to shake the nation's social fab- j rlc In 1929. The people had deposited billions of dollars with the inmks be cause they had confidence in them. The banks bad loaned large volumes of these deposits on farm and home mort gages and on notes of manufacturers, busln s men and finance concerns, and had Invested In the standard securi ties of the nation's corporation state and local government units and the national government Itself, because they had conf^enre in the citizenship and business condition of the n tion. Their mortgage rnd other loans to owners of farms aggregated $6,500,000, 000. L: ans on urban real estate were $4,000."00.000. I. ans to individuals se cured by L". S. Government, municipal and c r>.rate si iritles totalled $lf, OOO.Ouf 000. Lean* to industrial and commercial enterprises in "connection with tly production and distribution of the nation's Infinite rarities of goods amounted to almost $19,500,000,000. Investments In Federal, State and mu nicipal bonds were almost $6,000,000. 000, and in various kinds of railroad and corporate securities $11 000,000.000. j These made total loans and invest ments of $58,000,000,000. This great cred structure was built ' while the countrj vas at peace, while the farms and fa .ories were produc i tive, while the n tion and the world provided great active markets for their outputs, while the earning, of r.n kinds . of enterprise were large, while the 1 is ? i ? ? i ?? r s i working people ot the nation were fully employed, while wages and sal aries were steady and generous, while j prices of commodities were strong and while the minds of the people were dominated by faith In the future and confidence In one another. Great Changes Came to the Nation Then suddenly, almost as if the sun itself had lost part ot its vitality, everything changed. Foreign markets failed and disappeared. Industry slack ened. A rapid drop in all kinds of com- . modity values set in. The earnings of ! business fell. Unemployment devel oped. Wages and salaries went down. Domestic markets shrank. Fear be- j came general. The securities markets became panic-ridden as the prices of stocks and bonds withered to fractions of their former values. It was the greatest disintegration of human plans, economic conditions and worldly values that history had ever witnessed. These destructive changes cut right through the qualities and values of the loans and investments, the notes and securities in the banks. Business men and manufacturers could not repay their notes to the banks as due. Many governmental units and corporations defaulted the payments on their bonds. Property underlying real estate mort ges became worth less than the face i the mortgages. The market values of standard securities became less than the banks had paid for them as in vestments or accepted them at as col lateral for customers' loans. This meant, in fine, that the ability of borrowers to carry out the future hopes, plans and good Intentions that 1 I have denned above as the basis of credit, had become impaired to a far greater extent than had ever before oc curred in the nation's history. The re sulting losses could not be absorbed by the banks alone out of the normally ample funds that had been set aside against the expectancy of a certain in evitable percentage of human plans gone wrong. Banks Showed All Reasonable Care It was in loans and investments, whose values thus became so unfore seeably impaired, that the banks, in all i confidence, in all good faith, In all humanly reasonable care and good judgment had entrusted the billions of j dollars of deposits which their cus- 1 tomers had entrusted to them. | Those loans and investments were, under all normal corditlons, as good as j' gold Itself. Indeed, if the banks in stead had filled their vaults with gold 1 bars, and then some unknown cosmic j ray had transmuted them into lead, the results would have been scarcely more startling than the depreciation that was caused in the assets ot the banks by the unforeseeable economic forces which permeated and debased them. The Inevitable result was that, when the banks urgently needed the money , they had entrusted to those assets, so , that they could meet the unreasoning | demands of their depositors, they could i not get it back. It was not that our banking system and methods were of themselves weak or reprehensible, apart from the rest ot the life ot the nation, as has so much been made to appear. It was not that our banks were per- j meated with Incompetency or dis honesty or with lower standards ot business ethics than were the other forms of human activity with which their own fate and activities were in extricably Interwoven, as, it almost seemed at times, there was a concerted national conspiracy to lead our people to believe. The great fact of American banking I is that it shared fully In the plans and hopes and hazards o. the American peo ple,?and when those plans went wrong, the banks carried their share of the burden and suffered their share ot the misfortune.
The Alamance Gleaner (Graham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 20, 1933, edition 1
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