Newspapers / The Yadkin Ripple (Yadkinville, … / Oct. 6, 1932, edition 1 / Page 1
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Truth, Honesty of Purpose and Untiring Fidelity To Our Country and Our Flag Is Our Aim and Our Purpose VOL. XXXVIII YADKINVILLE, YADKIN COUNTY, N. C., THURSDAY, OCTOBER 6, 1932 No. 39 Yadkin Banker Denies Political Influence Was Connected With Loans MAKES LONG REPLY Says Audit of Sinking Fund Made Regu larly FIGURES CORRECT Relative to the discussion that has appeared in various North Caro lina newspapers concerning the man agement of the Yadkin county sink ing fund, W. A. Hall, president of the Bank of Yadkin, which is the county treasury, said in an inter view with a correspondent of The Journal Saturday: “The articles appear to have been written from Raleigh,” declared Mr. Hall. “The information as to fig ures, different issues of bonds, etc., are from the reports filed with the local government commission, of which Charles M. Johnson, of Ra leigh, is director. These figures are essentially correct. “The first issue of bonds by the county was for $60,000 for road improvements. They were issued January, 1 1915. In the legislative act authorizing them, it specified that in addition to a tax levy to meet the annual interest on the bonds, there should be included a tax to create a sinking fund which is to be kept loaned at 6 per cent., so as to have a fund large enough to retire the bonds at maturity. This applies to all the other bond issues. The county commissioners at that time decided that the county treas urer would be the proper party to handle and keep the records of this fund. Thus, from that date to the present time, there have been no changes made or suggested as to the handling of this fund. “The first loan” continued Mr. Hall ($1,000) was made January 14, 1918. This loan fund gradually grew from interest collected and sinking funds annually collected from the various bond issues until the loans now aggregate $136,109. 94. Many loans have been made from this fund and collected and re-loaned. There has been collected to date interest to the amount of $57,752. 63, which is included in the above named loans ana our records are so kept that you can determine at once to whom the loans were made, when paid and the amount of inter est collected. Every penny has been accounted for and not a loan, or any part of one, has ever been charged off. Our records are audited by certified public accountants and their findings certified to the coun ty commissioners and filed in their office as public records'. The work for the past six or eight years has been heavy but has been done with out cost to the county. “Every loan that has been made, was made in good faith, conserva tively, and relative to the times, amply secured. Nearly all of them are secured by real estate—the board of commissioners taking 4;he view that real estate was the best and safest security for this fund. “In the article which appeared in The Journal,” declared Mr. Hall dis cussing the management of the fund, the author refers to “three real estate firms.” The loans refer red to are secured by real estate, or collateral secured by real estate. The loans were made in good faith, amply secured, and at the time made, these firms were solvent and in good standing. Should they now be insolvent the loans on the real estate still hold good. Many of the individual loans are referred to as having political significance. This is absolutely untrue. The board, in making a loan, never once consider ed a man’s political affiliations. "There are a number of Demo crats who obtained some of the largest loans from this fund who were not mentioned in the article at all. In fact the first loan of $1, 000 made from the fund, was to a Democrat. This fund has been handled without preferment of fav oritism, and I feel sure that when the country regains some of its former economic prosperity, the county will suffer virtually no loss from its management. “The first maturity of any of the bonds,” Mr. Hall states, “is not un til 1945—some of them run until 1959. All serial bonds have, been ¥_ Pipe the Pipe Lisbeth Viennese fashion design er, her pipe and Dasehund pups, in the U. S., looking for America’s best dressed woman, so ’tis said. She proposes to send American fash ion hints back to Europe. met promptly at maturity dates. There has been no defaulting in the interest on any of the bonds at all. I am of the opinion that Yadkin county will show as good a rating They were made with the prospect of running for several years, inter est to be paid annually, as the bonds were being sold on long-term maturi ties. Estimated values were used in arriving at the true value of the se curities—assessed values are used for taxation and not for loans. Fed eral land banks, insurance com panies and other loaning institu tions take real estate appraisal val ues and not tax assessments, as a basis for their loans, as to its bonded indebtedness and sinking funds as any county in the state. Charles M. Johnson, director of the local government commission would concur in this opinion, I feel quite sure. I am personally acquain ted with Mr. Johnson and esteem him to be a fair and honest gentle man. You will find none of our bonds listed for sale by the bond brokers. I have a price list before me from one of these brokers of fering large blocks of bonds of cer tain counties of the state for sale. Prices range from $45 to $19 on the hundred. “At the time Little Yadkin town ship was sold for $70,000,” con cluded Mr. Hall, “we tried to locate some of our bonds in order to re tire them. We finally located $90, 000 worth and asked the holders to make us a price. They refused to do so, saying they did not want to dispose of them, at any price. Only six of our bonds have we been able to get hold of. So after all, Yadkin county’s financial condition appar ently is not so bad.” REVIVAL TO BEGIN SUNDAY.OCTOBER S Janesville Baptists To Hear Rev. M. A. Adams, of S. C. A series of revival meetings w-gl get under way at the ■ Jonesville Baptist church Sunday, it was an nounced by Rev. Mr. Martin, the pastor, who stated that Rev. M. A. Adams of Jonesville, S. C., will do the preaching. The meeting will begin Sunday morning at 11 o’clock. Evening services will begin at 7:30. During week days, a daily service will be held at 3:30. The revival is ex-* pected to continue for 10 days or two weeks. Mr. Martin spoke highly of R,ev. Mr. Adams and stated that he was a preacher of high ability, and well worth hearing. Everyone is cor dially invited to attend the meeting. EMERGED FROM BOTTOM Los Angeles, Oct. 4.—H. J. Haas, Philadelphia, president of the American Bakers’ association, told the annual convention here today that finance in the last 12 months had emerged from the “verty bottom of the slough of de pression.’' HOLD FINAL RITES FOR MRS. H1NSHAW Former Yadkin County Woman To Be Buried Today Funeral services will be conducted Thursday morning at 9:30 o’clock, at the home in Winston-Salem and the funeral proper will be held at 11 o’clock at Union Grove Baptist church, Yadkin county, for Mrs. B. C. Hinshaw, 58, who died sudden ly at her home in Winston-Salem Tuesday morning. Rev. R. P. Corum and Rev. R. M. Hauss will be in charge of the services. Mrs. Hinshaw had been in declin ing health for several months but had suffered no extreme change in recent weeks. She was preparing breakfast when she was stricken and died before medical aid could be summoned. The deceased was formerly Miss Perry Bonnie Adams, of Yadkin county. She had been a resident of Winston-Salem for the past twen ty-five years. She was a member of the Calvary Moravian church. - Survivors include her husband, four daughters, Mrs. L. A. Ldggans, Kernersville; Mrs. G. W. Howard, Mrs. A. A. Fulp and Mrs. W. W. Haynes, Winston-Salem, and a son, Tbad Hinshaw, also of Winston Salem. Two brothers, O. N. and M. P. Adams, of Winston-Salem; one sister, Mrs. T. C. Pardue, of Boon vilie; thirteen grandchildren and four great-grandchildren also sur vive. FIRE GUTS HAYNES DWELLING MONDAY Family Were AYorking In Field When Maze Was Discovered; H Home Was Practically New Fire of undetermined origin com pletely destroyed the home and fur nishings of Mr. and Mrs. Gene Haynes, three miles south of Jones ville Monday morning about 10 o’clock. The fire was discovered by the family who were working in a nearby field and consequently the flames were beyond control before they reached their home. The building was an eight room wooden structure and was practical ly new, having been completed just a few years ago. The amount of in surance is not known. TO FIGHT FOR CURTIS Attorneys for John Hughes Curtis, Norfolk boat builder, announced Monday night they will fight a move to dismiss Curtis’ appeal from con viction of obstructing the search for the kidnapers of Charles A. Lind bergh, Jr. 3,600 RETURN TO WORK More than 3,600 men and women —bread winners for about 20,000 people—returned to work Monday in Pittsburgh, Pa. JONESVILLE HOME IS RAZED BY FIRE Fire Department Hand icapped By Lack of Water Flames said to have originated from an oil stove in the basement early Tuesday morning completely destroyed the home and household furnishings of Noah Marshall, of Jonesville. The blaze was discovered about 8 o’clock by a neighbor, who turned in the alarm. The Elkin fire de partment answered the call, but up on arriving at the scene discovered that water was not available in suf ficient quantity to quech the flames. However, by use of all available chemicals the blaze was brought un der control for a few minutes and could have been easily extinguished if the chemical supply had not be come exhausted, W. W. Whitaker, local fire chief, stated. Due to the fact that the fire orig nated in the lower part of the house and had made considerable headway when discovered, it was found impossible to remove the furn iture from the upper rooms, the blaze already having undermined the floor. * It is understood that Mr. Marsh all had $C00 in insurance on the house, but that no insurance was carried on the household furnish ings. Yadkin People Paying Government Loans In an interview with Albert E. Rosar .government loan collector yesterday, The Ripple learns that Yadkin county farmers who secured loans from the government have made a record in the payment of those loans that is equal, if not bet ter, to any county in the section. Mr. Rosar- also stated that those farmers from Yadkin county who have sold tobacco on the Winston Salem market this week, have been very punctual in the payment of their loans. The government agent spoke very highly of the farmers of Yadkin county who have these loans and said the department sure ly did appreciate the promptness of these people. URGE SERMONS AGAINST BOOZE Decision to issue .“an appeal to the pastors of the church of North Carolina to preach a sermon within the next ?0 days against the bever age use of alcoholic liquors and the inherent iniquities of the liquor traffic” was reached Monday in Greensboro at a meeting of an inter denominational committee of minis ters. NOT DOLE, BUT JOB In a Sabbath day speech to sev eral thousand citizens of Detroit, Franklin D. Roosevelt called for social justice and said his long range objective was “not a dole but a job.” Robbers Who Get Away With $1,200 From Car Have Police Up Stump After two days of investigation on the part of Elkn police, railway agents and Southeastern Express cocmpany officials, the mystery which has surrounded the theft of over $1,200 from a Southern Rail way train there Monday afternoon, continues as dark as on the after noon on which the money was taken. Although officers have declined to discuss what steps are being tak en at the present, it is known that an exhaustive investigation has been, and is being, conducted. According to W. E. Jones, Elkin railway agent, W. S. Hall, of Wash ington, superintendent of the South eastern Express company, and As sistant superintendent J. R. Sowell, of Greensboro, were in the city Tuesday to aid in the investigation They were said to have left town early Wednesday morning. According to Mr. Jones, the theory has been expressed and seems high ly probable that the thief, or thieves were in possession of keys which enabled them to enter the locked car, and to open the strongbox. Both tbe car door and the strong box were locked when the express mes senger left the car to assist in switching. As related by Mr. Jones, the ex press car was switched to a track between the new bridge and the Elkin Roller Mills, and W'as left there for approximately 40 minutes while Express Agent Pegram assisted in the shifting of a number of box cars, which made up the mixed train. When the messenger returned to the car he found the car door cracked open and the lid to the strong box unlocked and not quite closed. The box contained approximately $75*0 in cash and in the neighbor hood of $600 in checks, Mr. Jones said. Local police and railway agents have questioned everyone known to be in the vicinity of the car when it was robbed in the hopes of getting a clue as to the robber or robbers. However, so far as is known their efforts have met with no 'success, although a number of local people were said to have been working in the vicinity of the car during the time in which it was evidently en tered. It is not known whether the thief rode to Elkin on the train or was waiting for it here. It is thought possible that he made his getaway id an automobile and that he was assisted by accomplices. County AttorneyMakes Explanation of Yadkin Sinking F und Saturday V Miss America Henrietta Bakker, 18, Downey, Cal., is declared “America’s Cham pion Farm Ctrl for 19352,” over a large field of farmerettes who com peted in a novel farm yard pentath lon at Dos Angeles County Pair. LATE ITEMS OF INTEREST FROM NATIONAL NEWS FAIL TO END STRIKE Rockingham, Oct. 4.—The dove of peace literally took wing at noon today, and the conference of | mill owners, strikers and business men broke up in a complete stale mate. The mills had fully agreed to the governor’s recommenda tions, but these proved unaccepta , ble to the strikers’ committee, and the conference came to an end at 12:15 o’clock with each side apparently firmly entrenched in opposite views. The big ob stacle to an agreement is over the recognition of a grievance committee in the mills to act be tween management and employes. HOOVER SPEAKS Des Moines, Iowa, Oct. 4.—Be fore a cheering farm-belt audi ence, President Hoover tonight de clared “a great national victory has been achieved against depres sive economic forces, and enuci ated a series of 12 Republican “policies” in aid of agriculture. INDICT INSULLS Chicago, Oct. 4.—Samuel Insull, 72-year-old public utility ruler until his realm crumbled during the depression, was indicted today with his brother, Martin, on charges of embezzlement and lar ceny. The collapse of the Insull holding companies caused losses of many millions. SMITH, ROOSEVELT CHOICE WINS State Armory, Albany, N. Y., Oct. 4.—“Al” Smith, the “happy warrior,” and Governor Roosevelt, who gave him that sobriquet, met with handclasps and praise for each other on the platform of the Democratic state convention to night, as their mutual choice, Herbert H. Lehman, was nomi nated for governor. PRICE CONFIRMED Washington, Oct. 4.—Late this afternoon Chairman Fort, of the home loan bank board, announced the names of officers who are to serve in the fourth regional bank district, with headquarters at Winston-Salem. The appoint ment of Julian Price, of Greens boro, as president of the board, reported unofficially last night, was confirmed. Uniontown, Pa., Oct. 4.—In a wild dramatic session whch sev eral tmes swept beyond control of the officers, the first national con vention of the Bonus Expedition ary Force today re-elected Walter R. Waters as its commander. $70,000 FROM SALE Only $78,841.27 of Funds Came From Yadkin Taxpayers WRITES TO JOHNSON In an interview by The Journal correspondent Saturday with Avalon E. Hall, county attorney and county accountant of Yadkin county, con cerning the condition of the Yadkin county sinking fund, the following facts were disclosed: “Of the $206,109.94 in this sink ing fund, $70,000 came from the sale of Little Yadkin township in 19 27 to Forsyth county,” declared Mr. Hall—“$57,268.67 was interest collected on sinking fund invest ments: and only $78,841.27 came from the taxpayers of Yadkin coun ty.” He further revealed that this transaction profited the county $57, 836.89. Upon inquiry of Mr. Hall if his office had issued any statement rel ative to the large accumulation of the sinking funds, he releases for publication the following letter writ ten by him on September 28, 1932, to Chas. M. Johnson, director of the local government commission: Mr. Chas. M. Johnson, Director, Local Government Commission, Raleigh, North Carolina. Dear Mr. Johnson: I have at hand two newspaper dispatches purporting to have origi nated from your office and ap pearing in The Winston-Salem (Continued on Last Page) Spanish War Veteran Found Dead In House John Webster, aged 70, was found dead in a vacant house near hi3 home at Huntsville Friday morning. According to Dr. Hall, who ac companied the Coroner down there after the finding of the body, he had been dead several hours, pro bably dying early Thursday night. He was found Friday morning. The old veteran leaves a sister, Mrs. Amanda Loyd, of Winston Salem, but no other relatives. In terested parties here toek the mat ter up and saved him from being buried as a pauper. It was learned that the government pays a certain amount for each veteran. He was carried to Huntsville Baptist church, where the funeral was held Satur day afternoon. Members of the lo cal Veterans of Foreign Wars acted as pall bearers, these being J. C. Pass, A. L. Inscore, N. L. Hudspeth, Tom Nicks, Harry Clingman and H. B. Fant, the latter of the Winston Salem post. Rev. T. A. Plvler spoke the funeral rites at the graveyard. Tobacco Prices Exceed Forecast^ Average $14 The Winston-Salem tobacco mar ket opened Tuesday morning with prices exceeding the predictions of the forecasters. The price on the opening day was $14.13 per hundred pounds as compared with $10.56 for last year and $13.49 in 1930. This price comes as a great re lief to the farmers of this and oth er counties. The Winston market lead the old belt markets both in pounds sold and price. A good average had been looked for but even the wildest hopes did not get the average this high. Evidently Doesn’t Believe In Doing Things Half Way No sense in going about a thing half way, is no doubt the way Arthur Matthews, of Boon viile, figures it, he having had no less than 25,000 pounds of tobacco on the floors at the Win ston-Salem tobacco market Tues day. Last year Mr. Matthews deliv ered 20,000 pounds in one day to the auction floors. It required five trucks to haul Tuesday's of fering.
The Yadkin Ripple (Yadkinville, N.C.)
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Oct. 6, 1932, edition 1
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