The Oldest Newspaper Published In North Carolina
The Carolina Watchman
_ "The Watchman Carries a Summary of cAll The Thews’’
roPNDED 18.2-1 OOTH YEAR SALISBURY, FRIDAY MORNING, JANUARY 20, 193 3 VOL. 100 NO. 25 PRICE 2 CENTS
bankers Urged To Invest In Mortgages
Realtors Seek To
Create Market For
Loans On Property
Call on Salisbury financial interests to follow
New York plan of lowering interest charges on all
new and renewed first mortgages—Real estate
obligations seen as first-rate investment for part
of surplus funds in banks—Would aid realty val
ues.
As a definite step to business re
covery, a number of Salisbury’s
leading property owners and real
estate men are urging bankers of the
city to seek employment of their
surplus in Salisbury and Rowan
county real estate.
This movement, although unor
ganized as yet, was revealed in a
survey made by The Watchman
this week.
The property owners and real
tors felt the banks should lend
money on secured, first mortgages,
thus giving real estate owners the
encouragement to carry on by
creating a market for good real
estate mortgages and thus lifting
from many property owners the
ifear of foreclosure,
f Sound jnortgages on real estate
■ are prime investments, said one '
realtor, and the revival of the
mortgage business would be a big
step toward recovery. He urged
that Salisbury concerns should fol
low the example set by New York
where, beginning with the new
year, all new and renewed first first
mortgages on New York city real
estate placed by the leading title
and mortgage companies of the city
have carried a rate of five per cent
instead of the former rate of five
and one-half per cent. For Salis
bury’s present rate of six per cent
to be reduced a half of one per cent
or, better still, one per cent would
be a great help in reviving the
market, it was declared.
If banks, trust companies and
other concerns that have money to
invest would follow the example
of New York companies, there
should soon be splendid results in
Salisbury it was declared. It was
pointed out that a 60 per cent
mortgage, based on current apprais
als as established by recognized
authorities is a fine investment,
comparing in safety with a high
grade bond, and—even on a five per
cent basis—yielding from three
quarters of one per cent to one per
cent more than can currently be
be obtained from bonds of this
character.
A reduction in interest rate, it
was said, is justified by the trend
of interest on all high-grade invest
ments and also has other import
ance. The important fact is that
real estate owners would be reliev
ed of the fear of foreclosure and
would no longer "talk down” the
value of real estate as an invest
ment.
Even if the property is earning
the old rate of interest, the reduc
ed rate is advisable because of the
fact that earnings over the new
rate might be used to reduce the
principal of the mortgage and thus
would still further adust the own
er’s obligations to present condi
tions.
Two aims are seen in the move-1
ment. The first is to bring about
a general readjustment of mortga
ges to conform with present con
ditions and the second is to re
awaken for investors their faith in
the soundness of mortgage invest
ments.
In working toward the first ob
jective, it has been suggested that
mortgages coming up for renewal
should be scaled down to amounts
'consistent with the present value
and income of the properties. The
Continued on page seven
GOOD
MORNING
OH YEAH?
We have a baby,
And the baby has a brother;
But when times get better
We’re going to have another!
TROUBLE BREWED
Woman Caller: "Is the mana
ger in?”
Office Boy: "No, he has gone
aut to lunch with his wife.”
Woman Caller: "I see. When
le gets back with his stenograph
:r, teil him his wife called.”
Singer: "After I’d sung my en
:ore, I heard a gentleman from one
}f the papers call out, 'Fine, Fine!’ ”
Bored Listener: "And did you
have to pay it?”
"Is it true that you’re going to
be married?” I
"No, but I’m thankful for the
rumor.”
Nervous Suitor: "I’ve come to
see your sister.”
Little Brother: "She’s been ex
pecting you.”
Nervous Suitor (beaming): "Ah!
that’s good. Here’s sixpence for
you. How do you know she’s
been expecting me?”
Little Brother: "She’s gone out!”
A member of congress was very
much impressed with the dignity
of his position, and it was always on
his mind. One night his wife a
wakened him and whispered:
"John, there are burglars in the
house.”
"JYou must be mstakeh, my
dear,” he answered. "There may be
a few in the senate, but in the house
—oh, no; the idea is preposter
ous.”
"Jones’ wife thinks the world of
her husband.”
"Does she?”
"Yes; she even believes that the
parrot taught him to swear.”
"The last thing you sent in was
good,” said the editor. "We all en
joyed reading it very much.”
"Well, in that case,” said the
youthful poet, "I take back what
I said in the letter I wrote you yes
terday about my determination
never to send you any of my work
again.”
The editor shook his head. "Don’t
do that,” he murmured; "why, that
letter is what I referred to.”
Sweet Young Thing—"I’m a bill
collector, and—”
Sleepy Citizen—"Sorry, but I
can’t help you—my name happens
to be John.
Brown was loaded up with par
cels when his friend met him.
"Been doing a bit of shopping?”
asked the friend.
"Yes. I’ve bought my wife two
new hats, two boxes of chocolates,
and a string of pearls.”
"Good heavens! What an awful
quarrel you must have had!”
!i-;-'
England’s Beauty Queen
Being named ‘ ‘ England’s Queen
Df Beauty’’ is an honor to thrill any
jirl . . . but when such an award car
ries a $2,000 cash prize, then one
irould be as happy as Miss Laura
Wilde of London . . . who won.
“Stonewall” Kin
The first kin of Gen. ‘‘ Stonewall”
Jackgon ever to reach stardom in
moving pictures is a great-great
granddaughter, Miss Gretchen Wil
son of Alexandria, La., 19 years old.
She has just signed a staring con
tract.
I Bride Is Killed |
Traveling from Philadephia to
China and wed on Christmas to .Chris
topher Mathewson Jr., former Mar
garet Philips, crashed with her flying
husband and was killed on their first
trip.
industrial Leaders
Want Small Plants
First inquiries since the recenl
business depression are being re
ceived at the Chamber of Commer
ce from industrial plants wishing
to move to Salisbury, or to estab
lish branches here.
Most of these industries are in
terested in obtaining small build
ings suitable for small manufac
turing enterprises. In order tc
have the information readily at
hand for these inquiring firms, the
Chamber of Commerce will com
pile a list of Salisbury property
that can be used for manufactur
ing purposes.
Owners of this type of buisness
property are requested to write
the Chamber of Commerce and
send it the following information
about their buildings:
Blueprints, photograph of build
ing, location, frame or brick, ma
terial of roof, floor area, number
of stories, height of' ceilings, sewer
and water and gas connections,
railway sidings, cash price, term
price, dimensions, class of floor,
load, floor will bear, if not for sale
what rental plans are, method of
heating, name of owner, date built,
sprinkler system, type of construc
tion.
It was explained that members
of the Chamber of Commerce who
are giving the organization finan
cial support will be given the pre
ference in referring them to pos
sible renters of property here, but
nonmembers are asked to send the
information about their buildings
as they might be the more suitable
for the particular purposes of
some manufacturing planning to
come here.
Reynolds Begins
Advertising Drive; i
Watchman Included:
Beginning this week Camel cig
arette returns to the newspapers in
a big way after a year of scarcely
any newspaper advertising.
, The Watchman was awarded a
R. J. Reynolds contract, being one
of the 150 weekly newspapers in
this country to obtain it.
Contracts have been placed by
William Esty and Company, New
York, the advertising agency for
R. J. Reynolds Tobacco Company,
in a list of about 1,100 newspapers,
of which some 15 0 are weeklies, it
was stated at the agency.
Oipjening copy is in full-page
form in all the papers. Later copy
will be from 1,5 75 lines down to
850 lines, depending upon each pa
per’s circulation.
Plates and copy were held as
long as posible in an effort to keep
the nature of the copy secret, but
in informed advertising circles it
was believed that the advertise
ments would prove a bombshell in
the cigarette world.
One man in close touch with the
campaign predicted that the cam
paign would reveal "one of the
most powerful advertising ideas
used for a cigarette in years.”
This campaign is expected to run
twelve wefeks at least, although
duration has not been decided. Pa
pers in the larger cities will carry
copy three times a week, and other
papers about twice a week.
For the present the newspaper
campaign will stand alone. Maga
zine copy will appear later, and
[according to advance information,
will be immediately recognizable!
as belonging to the new series of
advertisements. The Esty agency
takes responsibility for the maga
Continued on page four
Dietrich Is Sued
_.^ggigy_
Marlene Dietrich, screen star and
possessor of shapely legs, hides all
under a great coat and newly adopted
mannish trouser make-up and confers
daily with her lawyer about the
$200,000 suit filed against her by
movie producers, alleging ^refusal to
act in pictures in which she signed
to appear.
Who rays
Our Taxes?
It required 89 million tax dol
lars to run thje government in
North Carolina in 1931.
That’s the combined total of
state, county, municipal and dis
trict taxes in this state that year—
$89,000,000 to put the wholi
thing in numerals.
Where did it come from? Wh<
paid it?
Well, real estate paid 39.6.
Personal property, 8.8.
Automotive vehicles, 23.1.
Incomes, 8.7.
Franchises, 7.5.
Railroads, utilities, all corporate
excesses 5.1.
State licenses, 2.6.
Local licenses, 1.1.
Polls contributed, 1.2.
State inheritances, .5.
Dogs turned in, .2.
Non tax revenue (state) 1.6.
4U Counties
In Default
Forty of North Carolina’s 100
counties are in default in payments
of principal and interest on their
bonded indebtedness, the Local
Government Commission reported.
The amount involved was not re
vealed.
Counties in default were listed
as: Buncombe, Alexander, Ashe,
Avery, Beaufort, Bertie, Bladen,
Brunswick, Camden, Carteret, Cas
well, Chowan, Craven, Cumber
and, Edgecombe, Graham, Greene,
Henderson, Hyde, Jackson, John
son, Jones, Lenoir, Macon, Nash,
Dnslow, Pamlico, Pasquotank,
Ander, Perquimans, Polk, Samp
ion, Swain, Transylvania, Tyrell,
Washington, Watauga, Wayne,
Wilson, and Yancey.
Buncombe County has been op
iating since July, 1932, under an
igreement with its creditors.
Superior Court
Convenes Mon.
With Judge Wilson Warlick, of
Newton, presiding, the special term
>f January superior court will
:onvene here Monday for the trial
>f civil cases only.
Apprdximately 150 cases are
scheduled for trial. Seven are un
;ontested divorce cases.
The term will continue through
Friday, February 3rd.
mOENIX SHRINE POTEN
TATE
Oasis temple of the Shrine at
Gharlotte elevated John J. Phoenix,
Greensboro, to its chief office, pot
:ntate of the temple. D. J. Craig,
Gharlotte is chief rabban.
NEWS
BRIEFS
GOLDSBORO LAWYER
KILLED
James J. Hatch, Goldsboro at
torney, died in a Richmond, Va.,
hospital from injuries receivec
three days before in an automobik
accident near Richmond.
SUGGESTS SURRY INDICT
MENTS
Attorney General Dennis Brum
■ mitt has reported to Solicitor Car
: lisle Higgins that findings on ir
regularities in Surry county in th
i last primary, justify indictment
against six citizens. The attorney
general directed a probe at Dobsor
on June 24 and 25.
WILSON’S DAUGHTER DIES
Mrs. Jessie Sayre, daughter of
Woodrow Wilson, herself active in
state and national politics, died at
Cambridge, Mass., on Sunday. She
underwent an operation on Sat
urday.
KILLS SELF IN REMORSE
Clinton Grate, 3 3, the convict
who split the kindling used in
starting the April, 1930, fire in the
Ohio penitentiary which took 322
convicts’ lives, hanged himself in
his cell. Another of the three men
who started the fire had previously
hung himself,
$12.21 IS TOBACCO PRICE
Announcing a December aver
age of $11.02 per hunded on 27,
183,772 pounds of tobacco sold in
the state, the crop reporting ser
vice estimates the entire crop is
only 63 per cent of the last one
and will sell at average of $12.21
per hundred.
!EVICT MORE MILL WORKERS
■ Rockingham officers have been
igiven orders to eject 11 more fam
(ilies in the Hannah Pickett and
; Entwistle mill villages. Eighteen
families were ejected in December.
A strike closed the two mills for
two months last fall.
HUGE EMBEZZLEMENT SUIT
With only $104 remaining of
the $762,284 trust fund set up
by the late F. M. Bohannon, Wins
ton-Salem, for his four grandchild
ren, the state has filed suit against
the mother of the children , W.
T. Shore, Charlotte, and the Mas
sachusetts Bonding company,
charging Shore with diverting the
funds of his own use while acting
as joint control agent for the
bonding company. The mother says
$34,364 is the amount actually
spent in support of the children
during her guardianship.
TWO SUICIDES REPORTED
William H. Matthews, 42, pen
ned a farewell note to his Winston
Salem family, before killing him
self with monoxide gas by starting
his motor in the closed garage.
Herbert Gillian, 32, killed himself
with a shotgun at his parents’
home near Sanford, Sunday morn
ing. Ill health is cited as the cause
of both-suicides.
,.
Rowan’s Senator Is
Urged To Run For
Post In 1936 Race
Senator Clement declines to confirm or deny
report that he will be candidate for state’s high
est office—Friends busy boosting Rowan man_
Clement well qualified and considered outstand
ing candidate should he enter campaign—Two
others are mentioned.
Senator Hayden Clement, of
Rowan, is being prominently men
tioned as a probable candidate for
Governor of North Carolina! in
1936.
F.ress dispatches from, Raleigh
during the past week indicate much
pressure will be brought on Mr.
Clement by his friends to induce
him to toss his hat in the guber
national ring.
Mr. Clement, when asked if he
would be a candidate for governor
of this state in 193 6, declined to
either confirm or deny the report,
or to commit himself.
Friends of Mr. Clement have al
ready started boosting Rowan’s
, senator for governor. The last
. governor to hail from Rowan
>1 county, was Governor John W.
. Ellis, who served from 1858 to
. 1862.
Mr. Clement is well qualified to
fill the office of governor. He is
able, honest, fearless, experienced
and a man of unimpeachable char
acter ana reputation, and a man
who would uphold the traditions
Ell|is, Vance, Aycock, Glenn,
Craige, and other great governors
of the state.
Mr. Clement is one of the out
standing leaders off the present
General Assembly. Hp is thor
oughly familiar with the economic
and financial problems of the state
and has been long identified with
county and state political affairs
and government.
The next governor of North
Carolina—if custom prevails—will
come from the western part of the
state. Two other possible candi
dates arte Superior Coiyt Judge
Wilson Warlick of Newton and
Attorney Johnson, of Asheville.
Senator Clement is the eldest
son of the late Hon. Louis Henry
and Mary Carolina Clement. He
was born in Mocksville, Davie
County, September 25, 1889, and
reared in Salisbury. He attended
Horner’s Military Academy, and
after several years in the Univer
sity of North Carolina he took up
the study of law. He was admit
ted to the hnr in 1901.
In January, 1907, he was the
first appointee to the newly creat
ed office of Assistant Attorney
General, serving two years. In
1909 he returned to Salisbury and
formed a law partnership with his
father, Hon. Louis H. Clement, one
of the outstanding lawyers of the
state. In 1914 he was appointed
by Governor Craige as solicitor of
the Fifteenth Judicial District and
was unanimously elected to that
office in the fall of that year.
In 1918 he was again reelected
District solicitor and served until
1922. He was also chairman of
the Congressional Committee
which twice elected Hon. R. L.
Doughton to Congress. In 1930 he
was elected to the State Senate and
became one of the outstanding
leaders in that body. In 1932 he
was reelected to the Senate and ap
pointed Chairman of Appropria
tions Committee.
Senator Clement is a member
and former vestryman of St. Luke’s
Episcopal Church at Salisbury, a
Mason and a member of the Sigma
Nu fraternity. On June 25, 1913,
he married Miss Clay Wornall
Croxton, daughter of Col. J. H.
Croxton, of Winchester, Ken
Continued on page four