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B. & L. ASSOCIATIONS
BUILT 8,868 NEW
HOMES LAST YEAR
North Carolina Has 235- As
sociations With Assets of
Over $90,000,000
The building and loan associations
in North Carolina, numbering 235,
built 8,868 new homes in the state
last year, bringing an average in
crease of $250,000 in taxable values
in each of the state's 100 counties,
it is reported by Dan C. Boney, state
Insurance commissioner, in releasing
his report of the activities of the
building and loan associations in
* 1927.
In financing the construction of 8,-
868 Hew homes the building and loan
associations worked together to con
struct houses enough to make a new
city the size of Greensboro, Durham
or Raleigh. This affords a means of
visualizing just what a contribution
to the building industry of North Car
olina and to its business prosperity
was rendered by the associations in
'the last year.
j Commissioner Boney declared him- j
self highly pleased to find there had J
been no slowing up in the march of
the building and Joan progress.
| His report revealed the 235 assoc
iations with total assets of $90,060,-
| 657.07 at the close of 1927, an in
crease of $5,915,236.72 over 1926. j
The rapid advance is shown in com- 1
parison with assets of but $18,000,- !
000 held by 164 associations in 1917
and $45,000,000 in assets held by i
215 associations in 1922.
j The 1927 report reveals a gain
of $900,000 in cash over 1926 and a
gain of $5,000,000 in mortgage loans,
Installment stock, outstanding, show
ed a gain of $2,500,000, full-paid
stock a gain of $2,500,000 and other
stock a gain of $1,000,000.
Total shares showed an increase of
$130,000, the number of homes a
gain of 2,000, and the value of
homes a gain of $9,000,000. The net
earning showed a slight increase
while the ratio of expense to install
ments collected was at about the
same figure as in 1926. Total loans
during the year increased by $1,500,-
000 with a figure of $30,081,014.19
being registered. There was a gain
THE FOREST ITY COURIER, THURSDAY, JUNE 21, 1928
of 35,000 in shares of new stock sub
scribed.
Because of the mutual nature of
the business done by the associations,
the net cost to borrowers is ap
proximately 3 1-2 per cent, the com
missioner reports, while the net in
come to savers is approximately 6
per cent.
The building and loan division, un
der the direction of the insurance
Commissioner and headed by Oscar
K. Laßoque, has a force of four
trained examiners who examine all
building and loan associations in a
regular way.
INTERESTING
AND
OTHERWISE
(CLARENCE GRIFFIN)
f Removal of The Cherokee*
1 At the opening of the Revolution
the Cherokee Indians occupied all
1 the lands in the state west of the
" Blue Ridge. The further elimination
7 of the Indians became a function of
1 the Federal Government after the
adoption of the Articles of the Con
' federation. Territory was secured
| from the Indians in 1785 and further
cessions were made in 1797, 1798 and
in 1819.
In 1835 a last cession, including
all the land the Cherokees then oc
cupied, was negotiated.
J In 1835 there were 3,644 Indians
iin Western North Carolina. The
treaty of that year provided that a
(limited number of them might re
main and become citizens of the
United States, but this clause was
striken out by President Jackson.
There now followed a sad and pa
thetic chapter of Indian history-* Al
though practically all of the Chero
kees protested against the removal
treaty of 1835, between 1835-40 an
army of 7,000 men was sent to en
!force the treaty. Forts or stockades
)
were erected at several points west
of Asheville for the collection of the
Indians. Against concentration and
removal there was resistance. Leader
ship of the Indians was taken by Old
Man Tsali (Charley). He and his
; family were arrested, but killed their
captors and escaped. General Scott,
fearing their influence, offered' a
compromise by which Utsali, Chief of
The Cherokees, and 1,000 of his fol
lowers might remain in North Caro
lina, provided Old Man Tsali was de
livered up. Eventually he was brought
in and executed. Official documents
in confirmation of the compromise do
not exist; but many Indians were al
lowed to remain and in 1846 their
rights were recognized by treaty,
| and annual allowance of $3.20 per
capita was granted.
The muster rolls of the companies
who served in military service
engaged in removing the Indians in
1835 have been recently brought to
light. It is interesting to note here
that Rutherford county furnished one
company of sixty-four members, in
cluding the officers to assist in the
removal of the Indians to Oklahoma.
The period of enlistment was for
three months and the company roll
shows that the company was muster
ed in at Franklin, N. C., May 24,
1838, and is signed "A. Montgomery,
mustering officer."
The officers of this company were
Marcus O. Dickerson, captain; John
H. Alley, first lieutenant; Oliver
Carson, ensign; Leander Pace, first
sergeant; James D. Butler, second
sergeant; Stanhope W. Hill, third
sergeant ;«Abner G. McEntyre, fourth
sergeant; Sylvestus Dedman, first
corporal; Madison Kilpatrick, second
corporal; Henry Gibbs, third corpor
al; Allen D. Kilpatrick, fourth cor
poral. John Williams and John Rob
erson were listed as musicians. These
men were practically all drawn from
Rutherford county, and the company
was commanded by Rutherford coun
ty men. M. O. Dickerson, captain,
was the father of Mr. M. O. Dicker
son, of Rutherfordton, who for a
number of years was clerk of court
of this county, and is now connected
with the Rutherford County Bank &
i Trust Co.
The Federal 'government was not
j altogether successful in its unholy
! ambition to remove all of the Chero-
S kee tribe to Oklahoma and a few
years later set about to recompense
this wrong. Lands were set aside for
a reservation, and schools and roads
were provided. The Confederate gov
ernment had occasion to call on these
Indians during the War Between the
States, and the tribe furnished more
than four hundred men to the Con
federate cause. In 1889 the Eastern
Band of Cherokees were incorporated
under the laws of North Carolina and
they now enjoy all the "rights, fran
chises, privileges and powers," be
longing to any other citizen of North
Carolina.
t
HENRIETTA MILLS
DENIED FULL BENCH
Injunction To Be Heard Be
fore Judge E. Yates Webb
Case of the Henrietta Mills com
pany against Rutherford county and
its sheriff, W. C. Hardin, seeking an
interlocutory injunction, to enjoin
the collection of taxes, on the ground
of an alleged excessive property val
uation, will have to be tried before
Judge E. Yates Webb of the United
States District court rather than be
fore a special court of three judges
as prayed by the complainant, says
the Asheville Citizen of June 14.
This decision was handed down
Wednesday in an opinion by Judjge
John J. Parker of the United States
Circuit Court of Appeals and con
curred in by Justices Johnson J.
Hayes and E. Yates Webb.
This case, which is Deing watch
ed with keen interest throughout
North Carolina, comes within the
province of the District Judge, the
court held, and does not lie within
the jurisdiction of a special court of
three judges.
Application by the complainant for
a court of three judges was made
under Section 266 of the Judicial
code, but the court held that it
could not take jurisdiction of the
case under this Section of the law
on several grounds.
Among other things the statute
requires that in order to convene a
court of three judges when an in
terlocutory injunction is sought, "the
injunction must result in suspending
or restraining the enforcement, op
eration, and execution of a state sta
tute; or the order of an adminis
trative board or commission; that the
ground on which the interlocutory in
junction is sought is the unconstitu
tionality of the statute or order; and
that it seeks to restrain a state of
ficer."
"The case," the decision read, "is
simply one against the county and
the sheriff as collector of the taxes;
and it is perfectly clear that it does
not fall within the letter or the
spirit of Section 266 of the Judi
cial code."
Interest in the case is widespread
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From an investment of $53.50 for
9 ewes and one ram, G. F. Bateman
of Pasquotank County sold sls
worth of lambs and $lB worth of
wool this spring. He saved four lambs
valued at S2O to add to his original
flock.
because the complainant alleges that
the taxes sought to be collected are
on an alleged improper and unfair
valuation in violation of its rights
under the 14th Amendment of the
United States. w •
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