Seek Quick Action On Deposit Guarantee Bill
Measure Ready
To Be Offered
W ashington—Complete except
in controverted details, the two
biliion-dollar bank deposit guaran
tee bill, designed to reform bank
ing practices and restore depositor
confidence in such institutions, is
ready in both the senate and house.
"The administration favors the
principle of the proposed legisla
tion and the differences will be
worked out satisf,, ctorily during
the consideration of the bill, chair
man Steagall said.”
Steagall said the legislation, bas
ed on the Glass banking reform
bill and his own measure guaran
teeing bank deposits—both of
which failed in the last congress—
would be pressed for quick action.
Besides requiring banks to separ
ate themselves from securities af
filiates and increasing the mini
mum capital for national banks
from $25,000 to $50,000, the leg
islation sets up a $2,000,000,000
corporation to guarantee deposits
in federal reserve member banks.
It would not, however, be a gov
ernment guarantee. The corpora
tion is to be based on the provision
in the Glass bill for a liquidation
corporation to aid closed banks.
Steagall said he favored permit
ting state banks and trust com
panies to be admitted to the bene
fits of the guarantee corporation,
while Senator Glass did not ap
prove of admitting them unless
they first joined the Federal Re
serve system.
'This will have to be worked
our,” the Alabaman said.
He added, also, that he favored
making borrowers from banks con
tribute to the guarantee fund, as
well as depositors.
The measure provides that banks
in the Federal Reserve system con
tribute annually one-fourth of one
per cent of their deposits to the
reserve fund.
The initial capital of the cor
poration — $ 5 00,000,000 — would
be raised by requiring federal re
sc, ve Dames to suoscnDe $15 0,000,
000 of the surplus, with the treas
ury also paying $150,000,000 as
representing a portion of the earn
ings the federal reserve banks have
paid in lieu of franchise taxes. The
emainder would be raised through
the assessment on federal reserve
members bank deposits.
The balance cf the billion and a
half would be raised through the
sale of obligations.
Life Insurance
Is The Greatest
World Business
The total amount of life insur
| ance in force in the United States
;on January 1, 1933, was $193,
700,000,000.
Additional life insurance put on
the books of American life insur
ance companies in 1932 amounted
; to $14,700,000,000.
| There are 65,000,000 policyhold
j ers today, which is one-half the
population of the United States.
In 1932, the life insurance com
panies of America paid to their
policyholders and beneficiaries the
sum of $3,100,000,000. This a
mount was approximately $5 00,
000, more than the companies paid
out in 1931. Of this gigantic sum
$925,000,000 represents death
claims. The remaining $2,175,
000,000 was paid to living policy
holders in matured endownments,
annuities, surrender values, divid
ends and other benefits. In two
years $5,000,000,000 has been paid
to people in the United States by
American life insurance companies.
This money has not gone to a
limited number of persons. Millions
of citizens, rich and poor have
shared in this distribution. What
would be the financial condition if
this vast reserve had not been avail
able in the economic crisis? It can
readily be realized what this huge
amount of $5,000,000,000 has
done in the way of paying bills,
maintaining credit and aiding busi
ness.
Life insurance has been appro
priately termed the “Greatest
Business in the World.” The man
ner in which the institution of life
nsurancc_J^j| met the strain of
business depression during the last
three years justifies the name ap
plied to it.
The world views life insurance
as one of its most staple and reli
able businesses . . . one which not
jnly provides for dependents in the
event of death, but also as a fin
ancial haven of credit to be used
in times of emergency.
The events of the past three
years has given the public a new
perspective of the value of life in
surance. Not only has life insur
ance demonstrated its stability
I through a period of crashing val
ues, but during that time it has
rendered a great service to the A
merican people. Hundreds of
thousands of men have had press
| ing needs for money who, faced
j with the impossibility of raising it
! through the usual channels, ' turn
I ed to the cash values of their life
I insurance policies.
| URGE CONCERTED PRAYER
New York.—Before 6,000 men
and women of all creeds, promin
ent spokesmen for the Catholic,
Protestant and Jewish faiths ap
pealed to the nation to join in con
certed! prayer in accordance with
the holy year decree of Pope Pius
XI, for the betterment of world
conditions and a resurgence of re
ligion.
I + Do You Know? +
0 Photograph, Canadian National Ratlwa)l
THAT the largest dam of its kind in the world is the Gouin dam on
the Saint Maurice River in northern Quebec? The dam forms an
artificial lake covering 300 square miles with a storage capacity of 16C
Piilion square feet of water. In order to build the dam a number o<
'villages had to be evacuated. The houses that once formed these
Villages are now covered by many feet of water. The dam gets its name
/from a former prime minister of Quebec, and the water is used to
provide electric energy. Only a portion of the dam is shown in the
photograph. *
Divorce By Mail
Given In Court
A unique case of "Divorce by
mail” was jieard in Superior court
at Statesville last week. Neithe:
the plaintiff nor the defendant was
in court, but the separation was
confirmed in compliance with the
legal requirements.
The case was listed on the calen
dar as Annie Crawford vs. Sam
Crawford,” the plaintiff petition
ing the court for divorce on the
ground of five years seperation.
The evidence presented by the
plaintiff had been taken before a
New York notary public, was sent
here by mail and presented to the
jury, who readily granted the re
lief asked for. Annie Crawford
claims Statesville as her place of
residence. Sam Crawford, her for
mer husband, is understood to be
temporarily residing in New York
City.
LARGEST JIGSAW HAS
10,000 PIECES
Sherrill, N. Y.—It’s the world’s
largest jigsaw puzzle, says Pierr
pont B. Noyes, and so far no one
has disputed him.
It was made from a West Point
Military Academy poster. It is 5
feet 1 V2 inches by 6 feet 9 % in
ches and contains 10,000 pieces.
Noyes, with the assistance of his
nephew, Ray Noyes, and many
friends, put it together between
August 15, 1927, and February,
192 8. They figure it took them a
total of ,500 hours of puzzling.
Look Lovelier
ANOLA FACE POWDER imparts
a fresh, tempting bloom that ac
cents your natural beauty. Cannot
clog pores. Never looks "pasty ’
Helps prevent pimples, premature
lines. Finest, purest texture known
Try anola face powder today,
PURCELL’S and all drug stores.
Gorilla Loose
In Back Yarc
Los Angeles.—A 175-pound Af
rican gorilla, 5 feet high, roamei
oose in Los Angeles for sever a
hours Until a squad of officers re
turned it to its private zoo cag
from where it escaped.
Terrified housewives made fran
tic telephone calls to police as th<
gorilla made its noctural calls, peer
ing into windows and scampering
around back yards.
It first appeared at the home oi
Mrs. Ethel Miller. She saw the ani
mal’s face peering through a win
dow. A wild scream preceded hei
call for aid.
Later Mrs. Alice Tanner notifiec
authorities the gorilla was roving
around in her, back yard. Then
the police found it. It offered no
resistance.
GERMANY HAS QUIET
SUNDAY
Berlin.—One of the quietest
Sundays in years was experienced
in Germany on the heels of Nazi
boycott against the Jews. The boy
cott appeared likely tc, be the last
organized affair of the sort, at
least for the present.
( Dons Walsh Toga
‘
Senator John E. Eriekson of
Montana, retiring as Governor of that
slate to be named to fill out the un
expired term of the late Thomas H.
Walsh, has had his appointment
protested, but bids fair to be seated.
BOSTON TO DRINK ALE
Boston.—Law or no law1—Bost
onians won’t be able to purchase
beer next Friday. Although all lo
cal breweries are working full tilt
they are making no beer. Instead
they are concentrating all their
efforts on the production of ale
and stout. They expect to have
2,000,000 bottles ready Friday.
A family of seven, including
Mr. and Mrs. Gleen Grimes and
five children, was killed when their
motor car was struck at a grade
crossing six miles west of Chilli
cothe, Mo., by Burlington passen
ger train No. 14.
How Cardui
Helps. Women
"Mal-nutrition” means that your
body is not getting enough to keep
it up, so that what it has to do is
not done well. You may not be eat
ing enough to keep up the work of
the body, or there may be something
wrong that keeps you from getting
full value from the food you eat.
Because of mal-nutrition, soma
women have aches and pains every
month. Such pains should not ba
neglected.
Take Cardui to give you a better
appetite, to give you more strength
from the food you eat — to build up
and Increase your feeling of well
being. Aches and pains go away as
you build up with the help of Cardui.
HEMORRHOIDS
and other Rectal conditions
treated without loss of time
from work.
DR. S. O. HOLLAND
410 Wallace Bldg. Phone 346
3 RULES
big help to BOWELS
What a joy to have the bowels move
like clockwork, every day! It’s easy,
if you mind these simple rules of a
famous old doctor:
1. Drink a big tumblerful of water
before breakfast, and several
times a day.
2. Get plenty of outdoor exercise
without unduly fatiguing your
self.
3. Try for a bowel movement at
exactly the same hour every day.
Everyone’s bowels need help at
times, but the thing to use is Dr.
Caldwell’s Syrup Pepsin. You’ll get
a thorough cleaning-out, and it won’t
leave your insides weak and watery.
This family doctor’s prescription is
just fresh laxative herbs, pure pepsin,
and other helpful ingredients that
couldn’t hurt a child. But how it
wakes up those lazy bowels! How
good you feel with your system rid
of all that poisonous waste matter.
Dr. W. B. Caldwell’s
SYRUP PEPSIN
A Doctor's Family Laxative
USED CARS
High In Quality-Low In Price
’28 Ford Roadster ’29 Chrysler Sedan
’29 Chevrolet Coupe ’30 Ford Coach
’30 Chrysler Sedan ’31 Chevrolet Landau Phaeton
’30 Dodge Sedan ’30 Ford Road'ster jj
’30 Chevrolet Sport Coupe ’29 Nash Sedan
’30 Plymouth Sedan ’31 Ch|evrtolet Sedan
Raney-Cline Motor Co.
S. MAIN STREET PHONE <33
LATEST
SUIT NEWS
Big shipment of men’s and young men’s
suits to be put on sale at real money sav
ing prices of
SI 2.45
✓
AND
$14.75
Other Suits $9.95 to $19.75 !
FINE FELT HATS
j All Spring Shades
$1.95
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Flexible Gas Control Valve to
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This one feature—Service Control Valve—Will amaze you. It enables you to regulate the amount
of gas used and the amount of hot water delivered. It can be regulated to give you full capacity
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SPECIAL ANNUAL OFFER
$10.00 $5.00 18
Allowance on Your Old Heater Cash Payment Monthly Payments on Balance j
Southern Public Utilities Co.
SALISBURY, N. C. PHONE 1900
Our Radio Program, WBT 9:15 A. M., Mon., Wed., Fri.
Rid* the street can and avoid th* parkins nonane.