Newspapers / Carolina watchman. / Oct. 15, 1931, edition 1 / Page 3
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Half Billion Dollars Lost In 932 Bank Failures DEPOSITORS LOST 698 MILLION THIS YEAR, ESTIMATED Numerous Bank Failures May Cause Congress To Pass Special Legislation At Next Session. Further need for more rigid bank ing laws to protect depositors is seen in the Federal Reserve bulletin for September, which reports that 154 banking institutions closed their doors during the month of August. Since January 1, 1931, 932 banks with deposits amounting to $698, 816,000 have failed. Untold suffering has resulted from these bank failures and thousands have seen life savings swept from them ov ernight. The depositors placed their money in these banks in good faith and the loss they have sustained can not in any way be charged to fault on their part. Neglect by bank examiners and in adequate State and national banking law's are two of the reasons given for the bank failures. Two hundred of the defunct bankt were members of the Federal Reserve System, 162 of which w'ere national banks. The 932 banks that have failed is a challenge to Congress and to the va rious State Legislatures Some States have already taken steps to improve their banking law's, not only with the view of affording ample protection to depositors but to restore confidence in the banking industry. Many Senators and Representatives are giving thought to the banking question. A Congressional investigation of the Federal Reserve System and na tional bank methods will likely be or dered early in the Seventy-second Congress. One Senator has pointed out that in China when a bank fails the cashier is beheaded Of course no such legis lation as that is anticipated but there is a growing demand for more drastic punishments for bank officials who by neglect or unlawful acts allow banks to fail. Seven States, Maine, New Hamp shire, Vermont, Rhode Island, Con necticut, Delaware, and New Mexico have had no bank failures during 1931. There also has beet no bank to close in the District of Columbia The number of banks that have failed in the various States is as fol lows : Massachusetts _ 1 New York _..._ 19 New Jersey . 11 Pennsylvania __ 41 Ohio _ 62 Indiana _ 47 Illinois _117 Michigan ____ 3 3 Wisconsin _ 27 Minnesota .. _ f0 Iowa _ 32 Missouri _ 49 North Dakota_ 29 South Dakota_ _ „ 3 2 Nebraska _ 30 Kansas __ 19 Maryland _ . 2 Virginia _ 14 West Virginia .. 12 North Carolina _ 2 3 South Carolina ... ... 11 Georgia _ . 18 Florida .. ..... 8 Kentucky_ .. 12 Tennessee . . 17 Alabama. 18 Mississippi .. . .. ... ... 37 Arkansas __„.. 12 Oklahoma _ . .. 8 Texas .. — 27 Montana . 6 Idaho .... _...... . 3 Wyoming ...... ... ... 1 Colorado .. . ... . 3 Arizona. ... 1 Utah _ 5 Nevada . 1 Washington ... 6 Oregon 7 California - 3 Total .. 932 -« A concert was recently given at Vi enna in which 800 musicians took part, including 5 00 violinists and 100 cellists. NATION NEEDS MORATORIUM ON BIRTHS, SAYS MRS. SANGER -3 New York, N. Y.—Many proposals have been offered to meet the prevail ing economic depression but none per haps are as odd as the plan for a "mo ratorium on births” being advocated by Mrs. Margaret Sanger, leader in the birth control movement. "No more babies for two years” is the plea of Mrs. Sasger. She takes the position that to bring more children into the world with financial condi tions as they are will only serve to complicate economic problems and place a greater burden on charitable institutions. Mrs. Sanger said: "No woman should have any more children this year or until the indus trial situation has returned to normal. "Every child that is born now will only add to the financial distress of the family, imperiling the health of the older children and adding a pre sumably ill-nourished and puny speci men of humanity to a world that is already overburdened with dependents. "This moratorium should apply not only to the very poor, but also to the wel-to-do. This is a period of anxiety for the rich as well as the poor—per haps of greater anxiety for them, as they are not so accustomed to finan cial insecurity.” ROWAN REALTY TRANSFERS -5 The following real estate transfers were filed with Register of Deeds Kiz ziah during the week of Oct. 5-10: R. B. Snider, trustee, to D. I. Frecz or and others, of Davidson county, house and lot in Spencer, former W. H. Walker place, $1,700 and other considerations. Wachovia Bank and Trust Co., trus tee, to Metropolitan Life Insurance Co. of New York, house and lot on southeast side of South Fulton street, 6S feet south from Marsh street, $5, 000. Wachovia Bank and Trust Co., trustee, to Metropolitan Life Insur ance Co. of New York, house and lot at south corner of intersection of Maupin avenue and Bean street, $5, 800. Wachovia Bank and Trust Co., to Metropolitan Life Insurance Co. of New York, house and lot on northeast side of East Cemetery street, 50 feet south from Shaver street, $2,300. J. F. Park, trustee, to J. B Park, 2 5 acres in Litaker township, adjoin ing Barger and Basinger lands; also house and lot in South Ward, Salis bury, $1,050. J. Luther Fisher and others to W. B. Corriher, lot in town of Landis, on Chapel street, $100 and other con siderations. C. D. Alexander to G. N. Norville, lot on highway No. 15, In North Kan napolis, $100 and other considerations. John Van Hanford to trustees of Salisbury Associate Reformed Presby terian church, lot on Fulton street, 57 feet north from Maupin avenue, $ 1 00 and other considerations. T. G. Furr to E. H. Miller, house and lot on south side of West Marsh street, near Fulton street, $100 and exchange of land. Julia A. Brady to L. A. Irene Earn hardt and others, 10 acres in Morgan township, adjoining Brady and Hol shouser lines, also about four acres in same locality, $1 and other considera tions. W. T. Elium to trustees of Dunn’s Mountain Baptist church, about one1 acre on road leading from Dunn’s | Mountain road to Granite Quarry, $1 and other considerations A. M. Hanna, trustee, to the Bank of China Grove, tract of land in China Grove township, on main line of Southern railway, and intersection of Railroad avenue and I.ibcrtv street, adjoining Miller and Waggoner lines also tract on national highway, oppo site Farm Life school, consisting of 18 lets, $2,812.50. C. S. File to Malinda Kennerly, lot in Granite Quarry, on Peeler street, adjoining school house lot and Peel er’s line, $100 and other considera tions, also tract in Granite Quarry, known as the Martin L. Heilig home place, $100 and other considerations. General Real Estate Co., Inc., of Delaware, to Greyling Realty Cor poration, of Delaware, house and lot at 712 East Council street, Salisbury, $10 and other considerations. General Real Estate Co., Inc., of Delaware, to Greyling Realty Cor poration, of Delaware, house and lot at 721 Elm street, Salisbury, $10 and other considerations General Real Estate Co., Inc., of Delaware, to Greyling Realty Corpo ration, of Delaware, house and lot on Richard street, "Steelworth,” Salis bury, $10 and other considerations. C. H. A. McCombs to P. S. Carl ton, lot on Yadkin avenue, near Sev enth street, Spencer, $10 and other considerations _a_. . o Two Headed Turtle Puzzles Best Experts -5 Ocala, Fla.—A two-headed six leg ged terrapin is leading a life of lux ury and ease here. The creature, no bigger than a sil ver dollar, is believed to be one of the few animals on earth with two per fectly-formed and normally function ing heads and one body Found more than five months ago in Union county, it was sold by Louis Tyson to U. R. Parker, filling station operator for $100. Parker said he already had refused $5 00 for the freak. Director F. C. Van Hyning of the Florida State Museum has studied it, and reported that it had one stomach. It can eat with either or both of its two heads. The terrapin may cat a cricket, one of its favorite dishes, with one mouth, and beef, another favorite, with the other. The freak terrapin is now about six months old. -3 Read The Watchman Ads. Plans Are Made For Livestock Co-Op. -5 A North Carolina unit of the East ern States Livestock Cooperative Mar keting Association which is affiliated with the National Livestock Coopera tive may be organized within the next year, according to plans made at a meeting held at State College last week. "The new marketing association will render a receiving and selling service for shippers of livestock from this State at a lower cost than present commission firms charge and will pro rate profits of the business back to the producer members,” says Dean I O. Schaub, in discussing the proposed organization. "The Eastern States Livestock Association will have its membership among the producers throughout the eastern half of the United States and is being organized under the auspices of the Federal Farm Board. The principal offices will be maintained at Baltimore and receiv ing stations are being set up at Bal timore, Jersey City and Lancaster. Pa. W. W. Jarvis of Moyock, Currituck county, is a member of the Board of directors from North Carolina and is also chairman of the North Carolina advisory committee.” —-5 Negroes Seek Posts In Tammany Council -1 New York.—Two Negroes, one an employment agent, the other "a cow boy from Texas,” have announced they want to wear the eagle feathers of Tammany Hall chieftains. And that’s not all. They plan to elect members of their own race to political office, and have candidates already selected to run in their Harlem districts where colored voters predominate. One Assembly candidate is a Pull man porter and another is a funeral director. "We can’t lose,” one of them said, "for colored people outnumber the white enrolled Democratic voters in this district for the first time.” six October 19-24 six BIG DAYS V/tlUUCI 1 %J LdTK BIG NIGHTS Everybody Else Will Be There... So Why Not You? TWICE DAILY GRAND FIREWORKS DISPLAY EACH NIGHT Fun, Frolic And Amusements For Everybody!
Oct. 15, 1931, edition 1
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