Newspapers / Carolina Watchman (Salisbury, N.C.) / Dec. 29, 1933, edition 1 / Page 4
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Bank Deposit Insurance Begins With New Year 7,000 Banks Are Ready For The New Insurance ■ "*Tanporary\ Federal Deposit Insur ance Will Insure Amounts Up to $2,S00 Until July 1. * * ’--- . 7 With the new year will begin • a nation-wide experiment of intense interest to many millions of bank ..depositors of whom all too many have suffered losses in bank failures during the last decade. J. iiis experiment is authorized by • Congress under the terms of the Glass-Steagall act, approved at the last session of Congress. It provides for a federal deposit insurance cor poration. The purpose of this a -gency will be to safeguard the as sets of national banks which have been closed and the assets of state banks which are members of the Federal Reserve System. It also will insure the deposits of all banks entitled to the benuefits of insur ance under the act. The temporary federal deposit insurance fund will insure bank de posits up to $2,500 from the be ginning of the new year until the new fiscal year begins on July 1, 1934. On the latter date, the perman ent provisions of the Glass-Steagall act go into effect. Under these provisions one hundred fifty million dollars will be appropriated from the Treasury to pay for the capital stock of the federal deposit insuran ce corporation. Every bank which is or which becomes a member of the Federal Reserve System on or befor July 1, 1934, is required to take all the steps necessary to become a Class A stockholder of the deposit insur ance corporation. Member banks will hold Class A stock that will be authorized to pay dividends out of net earnings. Only Federal Reserve Banks will hold Class B stock, and these will not be entitled to any payment of dividend. Banks which are members of the Federal Reserve System will be re 1 quired to apply to the federal de , * posit insurance corporation for Oissxk stock in an amount equal to one-frdf of 1 per cent of their total deposit k:a.bilitites. The new law" requires that the banks must be thoroughly examin ed to determine the adequacy of the assets of the bank to meet all of its liabilities to depositors and other creditors. More than 7,000 banks have al ready been examined under the de posit insurance provisions of the new law, and the examination will be completed as rapidly as it can be conducted effectively. After‘July 1, 1934, when the -permanent deposit insurance plan - goes into effect, the following class "es will apply to deposits in banks .insured Under this plan. "One hundred per cent insurance on deposits not exceeding $10,0^0, 75 per dent'of the amount, if any, which exceeds $10,000, but dyes “not exceed $50,000, and $0- ' per; cent of the amount, if ■ any, .by •.which-such .sum exceeds $ 5 0,005). . Senator i Eletcher, chairman-^ of " the Senate, committee on banking,; •recently announced that the.deposit : insurance features of the; Gl-ass . Steagall act will be strengthened' a,t the coming session if further ex ■' amination shows any weak spot iii. rbp pxi«?riniT law. ' ' There is nothing particularly new in the protection for bank de posits written into the Glass-Stya gall act at the last session. Many bankers have forgotten that when the Federal Reserve act passed the .Senate in 1913 it included a provi sion inserted by Senator John Sharp Williams, of Mississippi, long a conservative leader of the Demo cratic Party, to guarantee bank de posits from the profits of the Fed . eral Reserve- System. This provision _was stricken in conference upon tha ground that, as the Federal Reserve . System was in the nature of an ex periment, its initial operations might be embarrassed by ineludjng • at the outset the guarantee provi ’ sion proposed by the late Senator Williams. < , For-' the last ten years Congress man Steagall, of Alabama, has ...fought hard for federal protection -for bank deposits, and the Roose velt adminstration is- If irmly re solved 'to give, the experiment a fair ■ 'trial. * 1 Forty 4-H club boys of Caldwell County planted 2? black walnut seedlings each during the past fall. THIS WEEK IN WASHINGTON (Continued From Page One) est on the debt, and it would be enough to warrant 30 billions oi debt. Tlie National Debt todiy is under- twenty billions. So we may look for recomm endation by the President for much greater authority to incur- debt foi public works and other occupation; which will put men to work. II enough can be put on Government payrolls, or the payrolls of Govern ment contractors so that nobody who is able and willing to, work is left unemployed, at work 'which is actually constructive, then the wheel will begin to turn over by itself, and prosperity will not need any further coaxing to come back. I That is the theory on which vast |spendings for public works are jus itified. ___ As to Agriculture, that will be one of the high spots in the Presi dent’s message. He will point to the success of the wheat program, the cotton . program, the tobacco program, the corn-hog program, and the steps which have ben taken to stabilize the milk situation, and the benefits which have accrued to farmers, not only in better prices for their products but in the shape of cash payments out of processing taxes, for their services in reducing production. On the money question nobody ventures a guess with any great confidence behind it, for the Presi dent has not disclosed, at least to anyone who will tell, just what he is aiming to do. The best opinion however, is that he will assure Congress that he does not contem plate issuing "Printing press money,” that he would like to have authority to buy silver without having to coin it into dollars or establish a definite ratio to gold, and that the time has not yet come to stabilize the dollar in interna tional trade. In other words, the expectation |is that he will let the dollar con tinue to drop until its gold value is somewhere around JO cents by the old standard, unless other na tions, especially France and Great Britain, indicate their desire to stabilize their currencies in respect of the dollar at a ratio which Mr. Roosevelt regards as satisfactory. And that has not yet been reached. Morgans Give $50 To Fake Charity New York—-Even the firm of J. P. Morgan & Company falls vic tim to racketeers—sometimes. The firm gave a check for $50 to a supposed welfare organization which doesn’t exist. Learning of this, James W. Kel ly, deputy commissioner of public welfare, urged the Morgan bank to stop payment.- Put the check already had been honored. Kelly ascertained that1 thousands of business and professional men had been similarly victimized in New York during the* Christifias season. . i • DO THIS TODAY * ' ’ ’ v, «• After a summer of driving every motorist should take particular care, to check his tires, according to the Atlas tire engineers. By ’going over tItem now and. picking from them any nails, glass dr other sharp obstacles which are in the tread he will save himself trouble later on. At the same time he can check the tread. If any of his tires are too smooth, he owes it to hini self to replace them before winter snows and slushy streets are her.e with their possibility of dangerous skidding. Take a Pinch of • BLACK-DRAUGHT For Distress After Meals , -He had suffered, distress after meals, but by taking Thadford’S' Black-Draught he was relieved of this trouble, writes Mr. Jess Hig gins, of Dawsonville, Ga. “I had sour stomach and gas," . Mr. Higgins explains, "and often I would have bilious spells. ,1 read • about Thedford’s Black-Draught and began to take it. It relieved me of this trouble. I keep it all the time now. I consider it a fine medicine. I take a pinch of Black Draught after meals when I ri^ed it. It helps to prevent-eiclc head' ache and to keep' the system in good order." Now you can get Black-Draught tn the form of a SYRUP, for Childkin. 1 KNEES OF THE WEEK i NEWS STORY: "We have put ‘Kneed on our 1934 automobiles'* 1 Alfred P. Sloan, Jr., President of General Motors I _ -.. JUST COMPARING [ MINE pft\p^AjNG x SM* ->AM£S, NT WE COMS TO THAT X d&tour. bey6T W** Right / l \ M/M£ ARt \ Bu<lt for COMFORT 1 REASONABLE ERROR. DDtTTY SMOOTH EH. KID? 1 ^ KNPP ACTION A 1934 POSSIBILITY-/ / INDIANAPOL!' STEEPLECHASb ■ iCARPENTER HEADS | LOAN OFFICE I Congressman A. L. Bulwinklc 'announced that Miles Carpentei had been selected as manager ol the agency of the Home Owners corporation that will open at Gas tonia January 1. Carpenter wil have offices in the civil service room of the Gastonia pcltoffia building. The agency which is tc operate under the .Salisbury state office, will handle loans for dis tressed home owners in Mecklen burg, Gaston, Lincoln, Cleveland Rutherford, Catawba and Burke counties. DR. BROOKS’ IMPROVED Tlie condition of Dr. E. C Brooks, president of N. C. State college, who has been seriously ill for the last few weeks, was report ed considerably improved. Hi? physician said he probably would be able to see visitors shortly. Cleveland Rt. 2 Items Mr. and Mrs. C. E. Steele spent Monday night and Tuesday with her parents, Mr. and Mrs. T. D. Miller. Mrs. J. H. Steele is still on the sick list we are sorry to write. Cleveland-Scotch Irish Grange met Tuesday night at the regular meeting with a very good attend ance. After an interesting lecture program, candy, fruit and ice cream were served. . Mr. and Mrs. Leslie Phelps spent Sunday night with Miss Meta Long. , The many friends of Miss Mamie Miller wilj be interested to learn of her marriage to Mr. Howard Setzei of Eufola, N. C., on Saturday, Dec. 23rd. i Miss Bessie Earley and Mr. Knox Gunn were united in marriage on Sunday, Dec. 24th at Fifth Creek Presbyterian church. We wish for both young couples a long and hap py married life. Mr. and Mrs. G. C. Steele and children spent Tuesday evening with, his sister, Mrs. P. A. Johnson. Mrs. Maggie Young and children spent Christmas with her father, Mr. H. W. Miller. • Mrs. Hugh Rumple and daugh ter, spent a few days with her mother during Christmas. A-very interesting Christmas pro gram was given by Amity Luther an church at Providence Saturday night. ; A play and box supper was given by the Pine Grove Sunday School on Monday night. A kitchen shower was given by Mrs. Leslie Phelps and Miss Lulli bine Heptinstall in honor of Miss June Wallace was is to be married to Mr. Hoyt Hill on January 1st, ^atprday evening. Refreshments, consisting of a tempting salad course, fruits, candy and nuts were served to the 21 young ladies pres ent. Mr. and Mrs. T. D. Steele and children spent a cciuple of days with her parents, Mr. and Mrs. N. S. Steele. I Mr. John Wilhelm and Mr. and Mrs. Henry Swain spent Christmas jday with relatives here. Mr. Wil j helm is still with relatives. Messrs Paul, Bill and Oliver ! Whitley visited relatives here Tues day. ! EDITOR IS HONORED Isaac S. London, editor of the Rockingham Post-Dispatch and president of the Civitan club, was awarded the club's annual citizen ship award at a banquet there. The banquet was in observance of the club’s tenth anniversary. i DAVIE COUPLE CELEBRATE ' 5 Oth ANNIVERSARY Mr. and Mrs. M. D. Brown, twc of Mocksville’s oldest and mosi widely known residents, celebratec the golden anniversary of theii wedding at their home on Christ mas day. The sons, daughters grandchildren and other near rela tives and close friends were preseni to help this well beloved couph celebrate their 5 0 years of weddet life. DAMAGED PARTNER' "Have you heard that Mr. Leh mann has had both his legs cut ofl on the railway?” "What a shame! He danced s( beautfully!” USED CARS — | When you buy a used car you want the greatest* value for your money. You will always find the most for your money in our used car department. Raney-Cline Motor Co. S. MAIN STREET **40NE ! THE NEW “NRA” I CODE PRICE I Tfl is all you pay FARABEE BROS, today for Drycleaning. j^B ! flH On every order—on every article you get the best fpT' 9B craftsmanship our plant, facilities and trained staff can j^B B produce—at the legal minimum price. BB I PLAIN DRESSES pm /\ _ I | and / I 1C I ■ MEN’S SUITS .. 1 V I m b ill EXQUISITELY CLEANED, PATIENTLY HAND B IP '' PRESSED. 18 YEAR’S EXPERIENCE 9 m KNOWN QUALITY AND RESPONSIBILITY NOW I' ■§ COST YOU NO MORE. B I FARABEE BROS. B PHQNE 243 I 122 E. Innes St. Salisbury, N. C. ANSWERS TO QUESTIONS 1. The Caribbean. 2. Derived from the Roman milliare which contained 1,000 paces. 3. Oklahoma. 4. Joel Chandler Harris. 5. No. 6. Colonnade. 7. The 'original Gaelic colonist! of Ireland. 8. The Alps. 9. 1907. 10. Sobre I.as Olas. Use This Laxative made from plants Thedfobd’s BLACK-DRAUGHT is made from plants that come up from seeds and grow in the ground, like the garden vegetables you eat at every meal. NATURE has put into these plants an active medicine that stimulates the bowels to act — just as Nature put the materials that sustain your body into the vegetable foods you eat. In Black-Draught you have a natu ral laxative, free from synthetic drugs. Its proper use does not make you have to depend on cathartic chemical drugs to get the bowels to act daily. Find out by trying Black-Draught what a good medicine it is for con stipation troubles. In 25tf pkgs. (dry). P.S. — For Children, get the new, pleasant tasting SYRUP of Thedford’s Black-Draught. ?"'<£ Sc 50if bottles. c wsasK^vmjaaaKc.. .’anyreoccococ-::: ■•.■:■•:->»oosc* ■ WHEN you are suffering, you ™ want relief—not tomorrow— not next week—but right away. DR. MILES ANTI-PAIN PILLS relieve in just a few minutes— less than half the time required for many other pain-relieving medicines to act. Next time you have a Headache, or Neuralgia, or Muscular, Sci atic, Rheumatic, or Periodic Pains, just take an Anti-Pain Pill. Learn for yourself how prompt and effective these little pain relievers are. You will never again want to use slower, less effective, less palatable medicines, after you have used Dr. Miles Anti-Pain Pills. I am much pleased with your Anti-Pain Pills. They sure are wonderful for a headache and for functional pains. I have tried every kind of pills for head ache, but none satisfied me as your Anti-Pain Pills have. Ann Mikitko, St. Benedict, Pa. DR.MILES’ Anti-Pain Pills The Final Face Powder • You can choose no finer pow der for face, throat, shoulders and arms than Djer-Kiss Face Powder. It ranks first, giving a petal-soft film so thin that it is invisible and it stays on all day. Of course it has the perfect inimitable Djer-Kiss fragrance. This better face powder is Priced at jj ggjgggll I ! ■ ONE WAV FARES ONE and ONE-HALF CENTS PER MILE . for one way tickets good in COACHES • THREE CENTS PER MILE for one way r tickets good in sleeping and parlor cars — NO SURCHARGE - , ( m ROUND TRIP FARES ' -TWO CENTS PER MILE for each mile —c traveled for Round Trip Tickets, with 15-day limit . -NO SURCHARGE- / • " *T\VO and ONE-HALF CENTS PER MILE , ' for each mile traveled for Round Trip Tickets, with 30-day limit. '-NO SURCHARGE- ^ • Good In Sleeping and Parlor Car*. |» f:\T| Pf — »j i ^*Xo«*ortable, Economical, Safa JSj» , \ fCsuntl P.«M» . 1VB” Ticktl A«tn«. for IuU i»form.t.«. — I (FRANK U .. J^',!^ff sou railway
Carolina Watchman (Salisbury, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 29, 1933, edition 1
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