Newspapers / The Journal-Patriot (North Wilkesboro, … / Aug. 30, 1934, edition 1 / Page 15
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a WMkiBKton, Xn«u8t *7 —Out of Um tUiics wMch th9 PrMdent ta «q^ed i© o*U on (kAxrMs to atralKhten out n«rt Winter 1» Um -matter of control^ Imakliir ud aredlt*. Ulttmately, miutr Mk here be- the OoTBrament irill be- eome the aele primary source of credit. AU the Indications - itoint . that way. At preaent, howerer. there are throe separate Instltu tioas deallnr with the banks ..and each exercising some sort of ooati:pl orer credit. And those three are pulling in different di rections. There is the Reconstruction nuance Corporation, the Treaa- and the Federal Reserve ^Bank system. The first two are Ooremmental departments, the last ostensibly a private institu tion, but under close Govern' meat supervision and control. The RFC not only has lent a ^few billion dollars to banks, but it is now, under a law passed at . last seslon of Congress, mak-, inf loans' to privata industries. Ait of'tlKMlh iohu nie amply •»> cured. Indeed, the RFC—which te,*’tneidentaliy, one grMt Qov-|\ ewnmental agency which was es tablished. wader the ^ preceding admiaistratloiB—is the** source to which almost all sound business turning for working capital. There is no donbt In the mind of anybody that these loans will uHimately all be paid back, with interest. RFC and the Banks The RFC also has Invested a great deal of Federal money in the preferred stock of many banks all over the country. The theory of this is not only that weak banks needed this streng thening but that, being a large stockholder, the Government would thus be entitled to a seat' on the board of directors, and so keep watch that no depositors' money was lent for speculative purposes. The Administration be lieves, and rightly, that a large part of olir financial difficulties have arisen from too easy credit for purely speculative purposes. But it was definitely the Intent that this additional bank capital, provided by the RFC, should be v; ( Welcome To Nemar and the Crowds That Will Be Here FRIDAY and SATURDAY To See His BLINDFOLD DRIVES NEMAR SAYS: “The Wilkes Hatchery will have its first healthy chicks ready for deliveiT Tuesday, November 13th. Get the best—Wilkes Hatchery Chicks.” NEMAR will stop at our hatchery and pre.sent to someone in the rvnwd an order good for one dozen , , «i/ , . Poultry Feeds "Wilkes Hatchery MR. & MRS. C. C. GAMBILL, Props. Tenth Street : North Wilkesbori, N. C. Nemar Says: “Building Mateiial Prices are now as low as they were in 1932.’’ BUILD NOW A n will present someone in the crowd * ^ith an order for a roll of Roofing good at our factory. Wilkesboro Manufacturing Co. ALL KINDS OF BUILDING MATERIAL r Just Received Fresh shipment of T. W. WOOD’S SEED WHEAT and GRASS SEEDS —all tested. Also a carload of V-C FERTILIZER NEMAR.. Will tell you more about Wood’s Tested Seeds, and Virginia-Carolina Chemical Co.’s Fertilizers. , SEE US FOR YOUR SEED OATS Cash Fertilizer & Seed Store Phone 373 SHOAF & GREENE ;—: North Wilkesboro, N. C. used to enable banka to legitimate loan* to^ hualnasa Indnatry:'1b otlter .^ords, to. loeoaa^up bai>lt-oP^lt^’*p'".--'!|p|^' That would have^ been^ all rlght- if it hod not been for the directly opposite view on credUs taken by tto Comptroller of the Currency’s office. That brineh of the Treasury is charged^ with the periodical mcaminatlon all na tional banks. In instance after 'instance, when banks which have sold preferred stock to the RFC c have used the proceeds In loans Okf unquestionable soundness, bank ezaminen have called their directors together and “bawled them out” for making such loans. At Oross-Pnrpoeos Instructions from Washington to bank examiners' are to compel every bank to call In every dol lar of outstanding loans not se cured by good collateral or made against financial statements which indicate many times the value of the loan. And in the case of debtors of long standing who have been unable to do much more than pay their Inter est on bank loans, the Comptrol ler’s office Is Inclined to insist upon banks suing the ..delinquent borrowers and obtaining Judg ments so that If, at any time within twenty years, the poor fellow does get hold of anything, the bank can take it over. In other words, while the Ad ministration and the RPC are aiming for a reasonable Inflation of credit,, or at least toward loos ening up, the Comptroller’s of fice is still working on a policy of deflation which, if pursued to its logical end, would mean pret ty nearly general bankruptcy. The answer to this apparent paradox is that the Comptroller’s office Is still under the control of the same group which have been running it for years, through many administrations. Out of this situation has aris en the idea, which is beginning to gain adherents here, that the Comptroller's office should be entirely detached from the Treasury and its functions dele gated to some other body, per haps the Federal Reserve Board. I'o do that would necessitate new banking legislation, enlarging the Federal fleserve’s powers; but that is not impossible. A Xationnl Central Hank What some of the clearest fi nancial thinkers believe should be done, though that does not mean that it will be done, is to consolidate the RFC and the Federal Reserve, put all banks under their jurisdiction and let the Gov'ernment do all of its hanking functions through what would be, in effect a great na tional central bank. That is the way in which nearly every other nation in the world operates. Government Itself does not en- gage in banking, hanking does not attempt to exercise govern mental functions. Treasury and central bank cooperate, the bank’s faction being to keep its finger On the pulse of business and industry and to float gov ernmental bond issues or provide financing for the government in other ways. Something of the sort will cer tainly be discussed next Winter when Congress again meets. How far it will get will depend upon many things, including the .Administration’s strength in the next Congress. That is still in the future, but with little doubt here of a safe working majority on the Democratic side. iMsii „ Norft C#ditif V'J l.g^Ixuy, Aug. 17,—iHeiury C.' 9flller,i-. 18, voa^lmost ihstsotty .klHed skoBt S:10 o’clock ikis im>riilhK four miles west q| :'alfshury on highway 10 when '1^ car "collided head-on with oim driven by Dan Toder.' “"5^! Tit. Miller, who owns a fining station near the scene of the ac cident, was taking his eM>*lB- law, BUl.Bame, part of the way to Wtnaton-Salem after the lat ter had spqnt Sunday with him. Toder^' lirea near * Newton, buti works st a hosiery mill st High Pdint, and .was on his way to the tatter city.' ; Hlon Cetlsge, Ang. Sf.- cream eating hMdits Cion College ^ ahont i .this morning, hlaw file poeti>fit>l|. OqAe, /while they were enjtqrfns: ’’lolly-pops” . stolen front' fiiji- town’s «sdw''shop.: and away with approximately fSAA'te cash and poetoge labels. Lionor Tax ColIwdiiffiBa: Washington, Aug. 25.—^ fiv« million dollar sport In Ifqnar tne collections was reported tonight - by the treasury to have corMA July revenue from this sonree to a new post-repeal record eC';^ t38..828,580, SAYS- “It’s a Better Place To Dine.” BUS STA'nON IN CONNECTION. ROOMS ^ AT REASONABLE PRICES GREEN LANTERN CAFE Odan—Sanitaiy—^Modern BEACH KELLA^ Priqirietor Civil Service Examinations The United States civil service commission has announced open competititive examinations as follows: Junior civil service examiner, $1,620 a year, civil service com mission. College graduation from so-called “cultural’’ course, as distinguished from vocational or professional course, required: senior students admitted. Closing date, September 11, 1934. Junior technologist (milling and baking investigations), $2,- 000 to $2,500'a year, bureau of plant industry, department of agriculture. College graduation, with major work in cereal chem istry including at least six semes ter hours in milling and baking technology, required. Closing date, September 20, 1934. Associate cotton technologist, $3,200 to $3,800, assistant cot ton technologist, $2,600 to $3,200 a year, bureau of agricultural economies, department of agri culture. Optional subjects are (1) Yarn and fabric manufac ture and (2) Fiber technology. Closing date, September 20, 1934. Bandits Take Cue From Pilot And Grab $51,000 Butler, Pa., Aug. 24.—Appar ently taking their signals from an airplane which circled su spiciously 1 o w, three brasen holdup men today pounced upon an unarmed mail truck driver, robbed him of $51,000 . payroll and escaped by auto. The darfhg daylight robbery, said by police to have been the richest haul of its kind ever made In the Pittsburgh area, took place only a short distance Mary Use Qsorgs, Of Otosr., North Carolina, hat boon adjudged tho most beautiful baby In North Carolina and Is now one of the 49 finalists who have their pictures on display at the Soart-Roobuek building at the Cen tury of Progress In Chicago. Visitors to the fair are each allowed one vote for their choice. Sears, sponsors of tho contest, received more than 114,(XX) entries from all parts of tho country. A total of $40,000 In prizes will be awarded. Winners will be announced about October S. FOOTBALL SCHEDULE OF N. C. BIG FIVE For the benefit of the alumni of the various North Carolina colleges who will be interested in learning the foo'tball schedule this year and attending some of the games, below is given the composite schedule of the col leges in the state: Saturday, September 22: Dav idson vs Elon at Davidson; Wake Forest vs Guilford at Wake For est. Saturday. September 29: Duke vs V. M. I. at Lexington, Va.; North Carolina vs Wake Forest at Chapel Hill; Davidson vs N. C. State at Greensboro (night). Saturday, October 6: Duke vs Clemson at Durham; North Car olina vs Tennessee at Chapel Hill; Davidson vs Army at West Point, N. Y.; N. C. State vs Wake Forest at Raleigh (night). Thursday, October 11: Walie Forest vs Furman at Florence, S. C. Saturday, October 13: Duke VS Georgia Tech at Durham: Hottest And Dryest On Record The year 1934 is the hottest and dryest on record, thus far. The weather bureau at Wash ington says so and it has been keeping tab on precipitation and temperature for 70 years. The drought has beea aggra vated by sizzling heat. “Nothing remotely approach ing the severity for this'combi-! nation appears in the annals of the weather bureau,” J. B. Kin- cer, weather bureau meteorolog ist, said Saturday. Other droiiglit year-, notably 1894-95, 1910, 1914 and 1930 were exceedingly dry in many sections, he said, but no prev ious 12 months has shown gen erally deficient rainfall during April, May, June and July. / Specials On Bedroom Suites $35.00 up FRIDAY and SATURDAY NEMAR... Will stop at our store and present a picture to someone in the crowd that will be here to see him make his blindfold drives. SMOAK FURNITURE CO. , D. 0. CLARY, Manager NORTH WILKESBORO NORTH CAROLINA 1 North Carolina vs Georgia at Athens, Ga.; N. C. State vs South Carolina at Raleigh (night): Davidson open—will not be fill ed. Saturday, October 20: Duke vs Davidson at Durham; North Carolina vs Kentucky at Chapel Hill; N. C. State vs Florida at Tampa, Fla.; Wake Forest vs Presbyterian at Wake Forest. Friday, October 26: Wake Forest vs George Washington at Washington, D. C. (night). Saturday, October 27: Duke V 8 Tennessee a t Knoxville, Tenn.; North Carolina vs N. C. State at Chapel Hill; Davidson vs The Citadel at Charleston, S. C. Saturday, November 3; Duke vs Auburn in Birmir.gham, Ala.; North Carolina vs Georgia Tech In Atlanta, Ga.; Davidson vs William and Mary at Davidson; N. C. State vs Clemson at Ra leigh; Wake Forest vs Emory and Henry at Emory, Va. (night). Saturday, November 10: Duke vs Wake Forest at Durham; North Carolina vs Davidson at j Davidson; N. C. State vs V. P. I. i at Portsmouth, Va. j Saturday, November 17: Duke vs North Carolina at Chapel Hill; N. C. State vs Georgia at Athens, Ga.; Wake Forest vs Richmond University at Char-! lotte; Davidson vs V. M. I. at ^ Davidson. • I Thursday, Nov. 29, (Thanks-[ giving Day): Duke vs N. C. State at Durham; North Carolina vs Virginia at Charlottesville: Wake Forest vs Davidson st Davidson. Read Journal-Patriot ads. The home of The Plumb Axe CHURCH HARDWARE CO. TENTH STREET * NEMAR says: A good place to buy your Hardware. Nemar will stop at our store and present someone in the crowd with a can of Varnish Stain. Nemar Says: GOOD NEWS FOR THOSE PLANNING TO Build a New Home- Remodel or Repair LUMBER PRICES Reduced! * Effective Thursday, Aug. 9th Telephone No. 138 WHY WAIT? Prices on lumber and building materials are now as low as tiiey were in 1932. This statement is based on careful study and a thoronpi cne^-^. Don’t put off building any longer—it’s a good time to saw money. We re in position to furnish you rough or finished lumber, flooring, ceilmg. weatherboarding, windows, sash, dooirs, moulding, roofing and wall board —CELOTEX. ' ' May We Quote Prices To You? NEMAR Will present some farmer in the crowd with an order good for $1.50 on building material and a caipmiter’s apron aa- conqiliments of our firm. BUILDING We«l “D’’ Street^, WilkMa^V N. C
The Journal-Patriot (North Wilkesboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Aug. 30, 1934, edition 1
15
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