THE ZEBULON RECORD Volume XXV. Number 9. The One Talent Candidate . |U—» ——— * (An Editorial) Mr. Charles M. Johnson, currently treasurer of the State of North Carolina, as well as candidate for governor, has denied, by implication, at least, the charges made by Mr. Kerr Scott that he has allowed large sums of money belonging to the State to lie idle in state banks without making a reasonable effort to secure any sort of income from this money by investing it in state or federal bonds. But Mr. Johnson’s statements of balances in banks at quarterly intervals, beginning on December 31, 1946, and ending with March 31, 1948, prove conclusively that Scott’s charges are true. The banks of North Carolina, on March 31, 1948, held deposits in excess of $170,000,000.00. Two hundred and thirty-four banks participated in the deposit of this enormous sum of money. (See figures on pages 4 . and 5.) An analysis of the statement issued by the state treasurer's office shows that there was no activity whatsoever in 105 of these accounts. In each one of these 105 accounts, the balance remained exactly the same, even to the odd cent, throughout the period as shown by Mr. Johnson’s own statement. In addition to these accounts in which he did not make even an additional deposit during all that time, there are 75 other accounts in which the only apparent activity was the receipt, on one or more occasions, of additional deposits. In the 105 totally inactive accounts, there was, on March 31, 1948, a total deposit of $9,569,937.79. In the 80 stagnant accounts, showing only an increasing and never a decreasing balance, there was, on March 31, 1948, a total combined balance of $70,267,958.95, making a com bined total of stagnant funds as of March 31, 1948, amount ing to $79,837,896.74. The state treasurer pleads vehemently that these funds were not subject to investment in his hands. He describes the limi tations under which he labors as a commitment of these funds. Apparently something happened to the fundamental nature of the money in the process of transmitting it from the treasurer’s office to the vaults of the various banks as startling as the dream of any medieval alchemist ever cooked up. They certainly did not remain uninvestable in the hands of the banks, so we see that something has certainly happened between the treasurer’s office and the vaults of the banks, and whatever it was, was of a very startling nature. For example, we find in Mr. Johnson’s own statement seven banks which carried, on December 31, 1947, a smaller sum of cash on hand and due from banks than the amount of the state deposit alone. In one instance, a bank actually had approxi mately $500,000.00 less of cash on hand and due from other banks than the amount of the state deposit, as shown by the treasurer’s statement. Obviously, this banker had found state funds im minently investable. In another instance, the ratio of cash on hand and due from other banks,, as shown by the published statement of the bank itself, and the amount of the state deposit, as shown by the state treasurer’s statement, was $6.66 of state deposits to every SI.OO of the banker’s own funds kept on hand in liquid condition to meet the demands of his deposi tors, including the state of North Carolina. The final observation in connection with this matter of liquid funds kept on demand deposit to be ready for instant use at the call of the treasurer, might very well be the fact that placing this published statement of the banks alongside the statement turned over by the state treasurer to the Republican candidate for his office, shows that in at least twenty instances, the state deposit of “demand cash” in various banks exceeded the combined stated investment of the owners of the bank, in capi tal stock, surplus, and undivided profits. In other words, the state deposit alone was greatly in excess of the bank’s own stated value of its entire capital structure. Mr. Johnson’s campaign has been pitched from the first on the level of a claim that he is a splendid financier and a busi ness man of great capacity. It is quite evident from the fore going that the business men of this state with whom he has had his most expensive dealings hardly agree with him. He pleads various disabilities, such as the absence of specific command of statue law to do what any ordinarily capable business man would do simply as a matter of ordi nary prudence —of decent use of his own funds. There is no provision in the statute law prohibiting the investment (Continued on Page 2) Zebulon, N. C., Friday, May 14, 1948 Memory to Be Finals Speaker; 3200 See Air Show on Sunday Carl Goerch, Griffin, Whitley Take Part In Field Dedication Over 3200 people attended the ceremony and air show last Sun day dedicating the new Zebulon Airport, built. on Highway 264, three miles north of Zebulon, to serve Zebulon and Wendell. Taking part in the exercises pre ceding the air show were Carl Goerch, editor of THE STATE magazine, Mayor J. Harold Grif fin of Wendell, President Philip Whitley of the Wendell Chamber of Commerce, and Ferd Davis, ed itor of the Zebulon Record. Also present was Mayor R. H. Bridgers of Zebulon. Davis made an address of wel come to the spectators, citing Mes srs. J. C., Graham, and Philip Bunn for their community spirit in constructing the modern airstrip, and thanking all who contributed time and money toward its comple tion. Following his talk, he in troduced Carl Goerch, who served as master of ceremonies. Griffin and Whitley, who were introduced by the magazine edit or, congratulated the community for possessing such an installation, and asked for further cooperation of this type between the twin com munities of Zebulon and Wendell. Participating in the air show, which lasted approximately two and-a-half hours, were pilots Mil ton Brannon, Millard Duke, Jack Potter, P. D. Chamblee, and Barrie Davis, and parachutist Bill Pullen of Raleigh. The spectators seemed satisfied with the aerobatics of the after noon, which set at least one rec ord for North Carolina air shows, but disappointment was evident following the parachute jump. Pullen, apparently allowing for a strong southwest wind, jumped about three miles from the air strip, and landed approximately the same distance from the field, out of sight of those attending the air show. Ballentine Is Named As Wake Speaker Lt. Gov. L. Y. Ballentine, demo cratic nominee for the office of Commissioner of Agriculture, will make the keynote address and serve as temporary chairman of the Wake County Democratic Con vention, which meets in the Wake County courthouse tomorrow at noon. Attending the convention from Zebulon will be 35 delegates, chos en by the Zebulon precinct meet ing last Saturday afternoon. Also elected at the meeting last Satur day were precinct committee mem bers, with Mrs. Rhoda Gill as chairman, Raleigh Alford as vice chairman, and Willie B. Hopkins, W. B. Bunn, and G. C. Massey as the other committeemen. Most Local Farmers Setting Tobacco Now Local farmers are hard at work setting tobacco this week, follow ing the heavy rains of Wednesday and Thursday. Blue mold has dis appeared from enough cf the larg er plants in beds to enable planting to proceed, and most Zebulon to bacco growers are taking full ad vantage of the current season. SPEAKER Xr-■ Pictured is Professor Jasper L. Memory of Wake Forest College, who will deliver the commence ment address at Wakelon School on May 28. Mrs. Nora Eddins, 91, Dies Thursday; Was Loved by Community Funeral services for Mrs. Nora Eddins, 91, who died at her home near Wakefield Thursday after noon after several months of de clining health, were held at the Wakefield Baptist Church last Saturday afternoon at 3 o’clock. Mrs. Eddins, who was one of the most beloved residents of this com munity, was the oldest member of the Wakefield Baptist Church at the time of her death. As long as her health permitted, she attended Sunday School and church serv ices, and devoted herself to other church activities as well. The body lay in state at the Wakefield Church from 1 to 3 p. m. Funeral services were conduct ed by Dr. Carl Ousley of Tarboro, a former pastor of the Wakefield church, assisted by Rev John H. McCrimmon, pastor, and Rev. Theo. B. Davis, a former pastor. Interment was in the Hephzibah Church cemetery. Surviving “Miss Nora” as she was affectionately known to scores of local residents, are a daughter, Mrs. J. E. King of Ral eigh; five sons, John Eddins of Spring Hope, Hubert, Bernice, and Robert Eddins of Zebulon, and Harry Eddins of Jacksonville, Fla., and 59 grandchildren, 60 great grandchildren, and one great great grandchild. Remodeling of Homes Is Nearly Completed Remodeling work on the homes of M. W. Page and L. M. Massey has been nearly completed. Dr. Massey’s home has had a colonial type porch added together with two bay windows, while the Wil liam Horton homeplace, purchased about a year ago by Mr. Page, has been converted to a Cape Cod type cottage. Big Sing at Wilson Wilson is going forward with plans for the annual Singing Con vention to be held at the Muni cipal Auditorium in Wilson Sun day, May 23, beginning at 10 a.m.. Many fine quartets, trios, and choirs will there to participate Theo. Davis Sons, Publishers Rev. McCrimmon Is Named as Preacher Os Closing Sermon Professor Jasper L. Memory, of Wake Forest College, chairman since 1942 of the Merit System Council of North Carolina, will deliver the commencement address at Wakelon High School Friday night, May 28, at 8 o’clock, Prin cipal Fred Smith announced yes terday. Principal Smith also announced that the Rev. John H. McCrimmon, pastor of the Wakefield Baptist Church, will deliver the bacca laureate sermon to the thirty three members of the graduating class Sunday night, May 23, at 8 o’clock. Class Day exercises will be pre sented by the Seniors Thursday night, May 27, also at 8 o’clock. Music for all commencement ex ercises will be under the direction of Mrs. Nellie Kemp. School will officially close this year on Saturday, May 29, Mr. Smith said. On that day students will receive report cards and cer tificates at 10:00 a. m. Professor Memory is well known in North Carolina educational cir cles, having served since 1929 as professor of education at Wake Forest College. He served as edi tor of theAtumni News of the col lege for ten years, and as director of the Wake Forest News Bureau for 18 years. He has directed the college placement bureau for the past 19 years, and still serves in that capa city. Mr. Memory served as act ing director of the school and di rector of the summer school at Wake Forest in 1946. Listed in the current edition of Who’s Who in America, the com. mencement speaker has served as tennis coach at Wake Forest, and was doubles champion of North Carolina for five consecutive years, pairing with Dr. Hugh Lefler to win the title in 1927 and 1928, and with John Vernon to take the title in 1929, 1930, and 1931. Prominent Farmer To Be Buried Today Funeral services for Charlie Lone Long, 74, who died at his home in Zebulon, Route 1, early Wednesday morning, after an ex tended illness, will be held at the Zebulon Baptist Church this af ternoon at 3 o’clock, conducted by the Rev. Carlton Mitchell and the Rev. Melville Stancil. Interment will be in the family cemetery. Surviving Mr. Long are his wife, the former Dora White; four daughters, Mrs. EV J. Corbitt and Mrs. W. E. Upchurch of Zebulon, Route 1, Mrs. M. M. Prince of Zebulon, and Mrs. C. E. Croom of Ruthbin, Ontario; 15 grandchiL dren and 14 great-grandchildren. Jr. Club Plans Supper The annual barbecue supper held by the Zebulon Junior Wom an’s Club will take place next Tuesday at 7:00 p. m. The meet ing, which is open to club mem bers and their husbands, and other friends of the organization, will be held at E. -P. Privette’s case east of Pilot. Each person wish ing to attend the supper is asked to notify Mrs. Elizabeth Murray by next Monday night.