North Carolina Newspapers

    The Watchman “ *
—— ---anewspaper devoted to the upbuilding of rowan county isbury
FOUNDED 1832— 103Rd"yEAR -■■ ■■ ~~ - -1
The Man From Utah
His Banking Record
Invited to Washington
Insurance and Busi
Folks are going to hear a lot
about Marriner Stoddard Ecdes,
the new Governor of the Federal
Reserve Board. For one thing, he
will be the first man to occupy
that post who can be counted on
co "play ball” with the Treasury all
the time. That is regarded as of
the highest importance, for it is
through the Federal Reserve Banks
that all of the funds must be raised
for the Government’s spending
program—and there is going to be
some more.
Under Governor Eccles the Fed
eral Reserve system will function
as a central bank cooperating with
the Government and under com
plete Government supervision. And
if anybody asks you who thought
of that idea, tell ’em it’s one of
Flccles' own. And that is only one
of the financial and economic ideas
which have originated with this
slender, dark-eyed, 44-)tear-old
banker from Utah. He has been
around Washington only since the
beginning of the year, but he has
been the Administration’s chief ad
viser on banking and credit policies
from the moment of his arrival.
Born in Utah, where his father,
a Scotch immigrant, had settled,
Eccles was brought up in the Mor
.nion church, and when he was 20
he was sent to Europe as a Mormon
missionary. It is not disclosed how
many converts he made, but he
brought back a wife, whom he
found in his father’s native Scot
land. Then he got a job in a bank,
and before long he owned a bank,
then another and another. By the
end of 1932 he controlled two big
banking institutions, one of them
with sixteen branches and the other
with seven. Every one of them in
cidentally, was sound as a nut when
the banking crisis occured.
Mr. Eccles wanted to find out
what was the matter with the na
tion's economic system. Shortly
after the depression began he made
it his business to collect everything
that anyone else had written about
it and to talk to as many men is
he could find who had opinions.
Out of all of these contacts he
evolved a financial program for the
United States, which he reduced ro
paper. He was sure it would work,
but not being a politician, not even
a Democrat, he didn’t have much
expectation of getting anybody in
the Roosevelt Administration to
.... ... L:. _1„_
V V 'wll lUUli n L 1UJ
Eccles then happened to meet
Stuart Chase, who had been work
ing out some ideas for the New
Deal himself. He and Chase hit it
off, and Chase suggested that Ec
cles get in touch with a Columbia
Professor named Rexford Guy Tug
well, who was close to the President
elect. Since he had to come east
to answer some questions to which
the Senate Banking Committee
wanted answers, and which he ans
wered by giving the committee a
-copy of his document, he stopped
off in New York and called up
Professor Tugwell. The two men
spent a few hours together, then
Eccles hopped a plane and flew
back to Utah. The bank holidays
were beginning, and he couldn’t
stay East to attend the inaugura
tion of President Roosevelt.
Along in October last year Tug
well invited him to come to Wash
ington and meet some folks. He
met all the king-pins of the Ad
ministration, and the next thing he
knew was that the President asked
him to drop his banking business in
Utah and come to Washington as
assistant to the Secretary of the
Treasury. Mr. Eccles is independ
ently wealthy, and liked the idea
of being useful in helping to get
national affairs straightened out,
(Continued on page four)
New Auto Tags Will Go
On Sale Here Saturday
The new 193 5 state automobile
license plates will go on sale at the
headquarters here of the Carolina
Motor club Saturday morning, and
every automobile and truck in the
state must display the new plates
on and after January 1.
The tags have a black back
ground with aluminum figures.
The fee this year will be at the
rate of 55 cents a hundred pounds
of weight of the automobile. The
minimum cost for passenger cars ,
will be $12.50, which can be used j
only on Model "T” Fords and Aus- ■
tins. Newer Fords, Chevrolet! ;
and Plymouths and other light cars j
will require license costing $12.65 ;
or $13.20. (
A large sale of the new tags to ;
motorists who recently have pur- j
chased new cars and have not ob- J
tained licenses is expected to begin <
Saturday. ,
Easy Passage
Of Bonus Bill
Seen In House
Belief That Majority Of
Democrats Will Desert
Administration On
Washington.—Balky members of
the 74th congress predicted a ma
jority of house Democrats would
join with Republicans to pass again
with an overwhelming vote the
$2,200,000,000 soldier bonus bill.
The fate of the measure in the
senate is problematical. Party
leaders have informed President
Roosevelt that the bill is certain
of increased support in the body
which twice has voted against it.
! Bi-partisan pressure in favor of
the legislation was forecast by Re
presentative Isaac Bacharach (R.,
N. J.). Belief that a majority of
Democratic members would desert
|the administration on this issue was
expressed by Representative Fred
j Vinson (D., Ky.). Both are mem
bers of the powerful house ways
land means committee in charge of
I the legislation; both voted against
ja bonus bill at the last session and
(both believe the house can pass
jsuch a measure over Mr. Roose
velt’s veto.
mere is every indication tnat tne;
bonus is on the President’s list of:
official worries. He has discussed]
the question with two of his sen
ate leaders—Joe T. Robinson of|
Arkansas, and Pat Harrison of i
Mississippi. Afterward, the impres
sion was left that Mr. Roosevelt
] favored a "pay-as-you-go” policy in
! regard to regular government ex
] In other words, if the 74th con
j gress insists upon the immediate
j payment of the bonus—then it is
jup to the congress to find means of
^obtaining sufficient federal revenue
to meet the proposed huge outlay
of cash. The chief executive is not
disposed, friends say, to consider
; the bonus as an emergency meas- j
As opposing forces maneuvered
{Continued on page five)
Antarctic Postmaster
--—x-x-x-xy ■ _
SAN FBANCISCO . . . Charles F.
Anderson (above), TJ. S. Postal In
spector is now on the high seas
enroute to Admiral Byrd's base in
Little America, to become postmaster
these. He is the first postal worker
ever to leave U. S. territory with
authority to caned stamps.
Cleveland Murray. 45, unmar
ried farmer living near Hillsboro,
was burned to death Sunday morn
ing when his cabin was destroyed
by fire. The body was burned al
most beyond recognition. The fire
was adjudged accidental.
John L. Nelson, 60, a Junior Or
der official at Morganton, was in
stantly killed on the highway near
Henderson when His coupe collided
with a truck. Mr. Nelson was a
native of Caldwell county, and was
prominently known and a popular
business man.
There is a family in Greene
county faced with a problem of the
depression to hold the land which
has served the family through sev
en generations, under the original
land grant from King George III.
The adjustment committee is said
to be using its efforts towards sav
ing the land to the owners, who arc
said to be worthy persons.
L. W. Hutchins, 43, for many
years foreman of the Observer
Printing house, job printing, of
Charlatte, died Sunday morning
following a short illness of pneu
monia. He was authority on job
printing and a genial man. He is
survived by his widow, one son, and
three brothers. Rev. W. L. Hutch
ins, of Concord, a brother, was once
pastor of the church at New
London, in Stanly county.
Alexander Lowrie Stockton, 5 8,
for 23 years managing editor of
the Greensboro News, died Sunday
morning in a Greensboro hospital,
where he had been a patient two
days. Mr. Stockton had been con
fined to his home with low grade
influenza, from which he was sup
posed to have recovered. His
weakened condition probably led
to the hemorrhage and death as
the direct cause of a septic ulcer.
Mr. Stockton was prominent in
newspaper circles, and was presi
dent of the N. C. Press association
at one time. His widow, one
daughter, and five sisters survive.
Charles Smith, Honea Path po
liceman, and Robert Calvert, spe
cial deputy, were indicted in An
derson, S. C., by the grand jury on
seven counts of murder in con
nection with the slaying of seven
strikers at the Chiquola manufac
turing plant. Honea Path, during
the national textile strike Septem
ber 6. No bills were returned
igainst eight other officers and de
putized officers.
One hundred and seven persons
tvere killed in automobile accidents
n North Carolina in October, a
aew all-time high toll for one
nonth since records have been
kept, L. S. Harris, director of the
■notor vehicle bureau in Raleigh re
sorts. The death list bearing 107
lames—15 of them children killed
while playing in the street—top
sed by one the 106 in September
md by 25 the toll of 82 ip Octo
ser, 1933. September had set a
lew high record. Hit-and-run
Irivers caused 10 fatal and 30 non
atal accidents but reckless drivers,
vho figured in 27 fatal wrecks and
>9 non-fatal, led the list of irres
sonsible operators who figured in
tccidents. There were 5050 acci
lents in all and in addition to the
.07 persons killed a total of 754
teople were injured or maimed.
Sunday was the most dangerous
lay in October on which tp go
■ " ■ — 5 — -—— —
|j -— ■
I Ifs Saturday Night for National Capitol
WASHINGTON . . . Tons of water are being poured on the United
States Capitol building by District of Columbia firemen. Not to put out
any fire there but in giving the famous old structure its annual bath, in
preparation for the opening of Congress in January.
District HOLC v |
Heads Confer;
Meet Here T6 Talk With
New State | Manager
District heads q4 the Home Own
ers’ Loan corporation of North
S Carolina, met here Monday to con
jfer with Thomas C. Abernethy,
.newly appointed state manager, on|
problems and matters pertaining to
the organization.
Resolutions expressing the ap
preciation of the leadership of C. j
j Stott Noble, state manager the past
j three months, and congratulations!
j upon his recent appointment as
regional manager with headquarters
at Memphis, were passed. The dis
trict managers also expressed grati- ’
jfication at the naming of Mr.
I Abernethy, and pledged him their
[full loyalty and support,
j Those present for the conference j
were: George D. Robertson, man
ager of the Asheville district; F.
L. Williamson, manager of the I
Greensboro district; Roy S. Smith,1
head of the Charlotte district; R.!
B. Davis, manager of the Green
ville district; Adrian M. Carroll,1
[manager of the Raleigh district;
jand R. B. Cantwell, Jr., acting
manager of the Wilmington dis
| Others attending Werfe: P. S.
Carlton, state counsel; J. LeGrand
[Everett, chief disbursing officer;!
John M. Geary, state recondition
ing supervisor; Paul M. Sherrill,
state appraiser; C. H. Neal, special
[assistant to Mr. Abernethy; and
[Eric W. Rodgers, assistant state
manager in charge of field opera
At China Grove, Landis
and in every section of
Rowan County Corres
pondents and Repre
sentatives to work for
An interesting prop
osition will be made
you. Send in a news
letter from your sec
tion for our next issue
and tell us if you would
like to represent us.
Business Manager.
Woman Is Trapped j
By Store Elevator
Miss Julia Moose Criti
cally Hurt—Her Head
And Spinal Cord
Miss Julia Rebecca Moose, mem
ber of the office force of the Mont
gomery-Ward store here, was criti
cally injured Tuesday afternoon
when caught by a descending1
freight elevator.
Investigating to see why the ele
vator had stopped on its downward
way, an employe saw Miss Moose’s
head wedged between the elevator;
and the guard gate.
She was rushed to the Rowan ■
general hospital, where it was said
she had suffered injuries to the
brain and the spinal cord and was;
in a critical condition.
Miss Moose evidently had been j
looking down the elevator shaft;
when caught. She is 21 years old':
and daughter of W. B. Moose, mer-!
chant at Badin. Last year she was.)
a sophomore at Catawba college and
had been with Montgomery-Ward
for some months.
Football Results!
N. C. State and Duke game post-^
Doned until Saturday, Dec. 1, ow
ng to wet grounds and rain.
Catawba_0 0 0 0—0
Len'oir-Rhyne_0 0 0 0—O'
Carolina _19 0 6 0—25 j(
Virginia _ 0 0 6 0— 6;
Kentucky_0 0 0 0— 0,'
Tennessee_6 7 0 6—19 j,
- ! ■
Wake Forest_6 0 0 0— 6
Davidson _0 7 6 0—13
Furman _0 0 0 0—0
Clemson_7 0 0 0—7
Washington-Lee_0 7 0 7—14
S. C. University_7 0 0 0— 7
V. M. I._0 0 0 0—0
V. P. I._0 7 6 0—13
Alabama _13 7 7 7—34
Vanderbilt _ 0 0 0 0— 0
Thanksgiving Passes
Thursday, Thanksgiving day |
vas quietly observed in the city, all
msiness being at a standstill. The
HKtoffice, county offices and
>anks all observing the day. The
nain attraction here being the foot* r
>all game between Lenoir-Rhyne 1
ind Catawba college, which was i
vitnessed by a large crowd, despite >
he inclemency of the weather. !
Raleigh women held for hitting
man with automobile..
—Some women will throw any
Coroner—"Was the man you
found dead on the railroad track,
a total stranger?”
Witness—"No sir—just a partial
Coroner—"What do yon mean
by that?”’
Witness—"Well,, sir, both- legs
were gone.”
Did you hear of the Irishman in
Russia who was being examined
by the Soviet for citizenship?
"If you had a million dollars,,
would you give half to the state?”
"If you had a thousand acres of
land, would you give half to the
"If you had two shirts, would
you give one to the state?”
"Why not?”
Mike—"Well, I’ve got two
Goofus—"What did they put;
Old Jimson in jail for?”
Rufus—"Trigonometry. He had
three wives."
During a crap game two Salis
bury negroes had a difference of
opinion as to the ownership of a
one dollar bill. The argument soon
became a dispute that threatened
to grow serious. The right hand
of one beligerent stole slowly to- j
ward his hip pocket.
"Nigger,” he inquired softly.!
"What date is dis?”
"I ain’t payin’ no notice to de
dates,” flung back the other.
"Well, you better begin to do
so!” was the rejoinder.
"How cum, nigger?”
"Does you ask me hom cum?
'Cause jest 12 months from today j
you’ll a ’ben daid prazackly one
^eah.” i
"An’ how’s Lawyer Jones doing, j
Doctor—"Poor fellow, he’s ly-.1
ng at death’s door.”
Farmer—"That’s grit for ye! at i.
Jeath’s door, an’ still lying.”
"What is the difference between ^
tn old-fashioned girl and a mod
:rn girl?” 1
"An old-fashioned girl blushes ‘
vhen she is ashamed and a mod- .
irn girl is ashamed when she 1
)lushes.” ‘
Lad}'—"That language you are|
ising to that mule is perfectly/
hocking.” }
Driver—"Yes, it seems to get a 1
ise out of everybody exceptin’ the t
nule. You’re about the 20th per
on who has objected to it.” a
I" # "111 i t
LindberghNursemaid j jf
TRENTON, N. J_Betty Gow
■bore), nursemaid to the Lindbergh
shy at the tint* of the kidnapping;
1 returning from Seotlaadto teetify
k ttMil of Bruno* Hauptmann for
t*fy Recover
One-Half Of
This Amount
$4,123*915,017 Appropri- —
ated As Loans or Se
curities For Recov
ery Agencies
Washington.—Relief and recov
ery have cost the United States
government more than $7,500,
000,000 to date, treasury figures
More than half of this vast sum,
however, treasury officials said,
ultimately will be recovered when
various recovery agencies are
The total monetary cost of the
depression to the United States
government, exclusive of lost tax
revenues, was set by treasury ex
perts at $7,523,928,063. Of this
sum $4,123,915,017 went into such
assets as loans to banks and railroad.
ar in securities of various recovery
agencies and was listed by the treas
urv as "recoverable.”
On this basis, it was estimated
that the federal government ulti
mately might recover about 54
cents out of each dollar put out for
full relief and recovery purposes.
The relief costs are not recoverable.
Among the sums iisted by the
treasury as ultimately recoverable
was $2,345,671,715 from the Re
construction Finance Corporation,
whose assets mostly went into loan
and stock purchases in banks. The
government’s interest in the Fed
eral Farm Mortgage corporation
was set at $196,180,857 and in the
Federal Deposit Insurance corpora
tion at $157,789,015.
With the new sums poured into
various recovery agencies, treasury
officials counted the "value” of all
lecurities held by the United States
government at $17,03 6,03 8,05 5, a
lew all time record.
Among these securities, however,
vere posted the face value of the
var debt obligations totaling $12,
>15,056,371, of which only a small
lortion is expected to be paid. They
ire required to be carried at par
'alue on the government’s books,
lowever, until congress should de
ride to write them off as "bad
Despite the size of the govern
nent’s security holdings, Secretary
if Treasury Henry Morgenthau,
fr., was laying plans to borrow
nore than a billion dollars in Dec
mber to run the government over
he first quarter of 1935.
Heavy expenditures in the first
■ 1-2 months of the current fiscal
■ear, which exceeded income by
1,371,308,116, have pared the
reasury’s huge cash balance.
The treasury’s "working bal
nce” or the amount of cash avail
ble for immediate spending was
lown to $729,386,130.67. com
iared with a balance of $1,168,
72,374.78 a year ago. The present
alance together with current in
come was believed sufficient t«
carry the government until Dec
ember 15 when Morgenthau plans
a large financing operation.
At that time $992,000,000 or
short term notes fall due and must
be refunded into new obligations.
[At the same time, it is likely that
$500,000,000 to $1,000,000,000 in
| new money will be sought coincid
ent with the refunding.
7,584 Bales Cotton
Ginned In Rowan
Census report shows that there
were 7,584 bales of cotton ginned
in Rowan county from the crop
of 1934, prior to November 14,
as compared with 10,440 bales gin
|ned to November 14, crop of 1933r
reports E. B. Marsh, special agent.

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