North Carolina Newspapers

    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.
    

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