PUBLIC MAY JOIN
IN FINANCING NEW
RECOVERY PLAN
Total ot $850,000,000 In Government
Securities Offered by the Treas
ury; Bonds And Notes Of
Small Calibre
Washington, July 30. ? An $850, -
000,000 issue of government securi
ties was offered today to the pub
lic for use in retiring indebtedness
and to finance the administration'*
recovery program.
Dean Acheson, acting secretary of
the treasury, said the issue would
consist of $500,000,000 each-year 3
1-4 per cent bonds and $350,000,000
two-year 1 5-8 per cent treasury
notes. The bonds will be the first in
two years.
Through this program and mon
in in the treasury's general fund,
' officials hope" to have approximate
$1,000,000,000 available in mid-Aug
ust for the recovery efforts. The
bonds will be in denominations as
small as $50 and the notes as small
as $100, making them available to
people in ordiary circumstance* as
well as to large Investors who ordi
narily over-subscribe all govern
ment security issues.
Both issues are free of taxation
except estate, inheritance and sur
tax levies.
To Small Investors.
Acheson said Secretary Woodin
would make certain that persons of
^ small mean* obtained the amount of
W bonds which they were able to pur
chase in furtherance of the recovery
program. ?
They will be alloted in full all
subscriptions for amounts up to
$10,000. Other cash subscription*
will be alloted on an equal precent
age basis.
Subscriptions for thg bonds, for
which pavment is offered in Treas
ury certificate* maturing September
15. will be alloted in full, while pre
ferred whitfi offer payment in
Treasury certifcates maturing Au
gust 15.
Acheson reserved the right to in
crease the total amount of bonds to
be sold to pay off all of the cer
tificate* that are offered in ex
change for the bonds.
The financing is expected to give
the Treasury approximately $400,
000,000 in new money after paying
off the maturing certifactes.
There is now In the general fund
$837,878,856. Officials hope this will
be more than $600,000,000 on August
15, whe nthe financing is completed.
This would give the Treasury a
general fund of cash on that date
of $1,000,000,000 or more.
The Treasury has a large block of
certifactes falling due on August
15, and again <>n September 15.
Next month the six-month 4 per
cent certifactes issued during the
bank emergency of la*t March will
mature, calling for $469,000,000 while
in September $451,000,000 of 1 1-4
per cent certificates fall due.
May Be Last.
The financing is expected to be
the last until October 1, if the hold
ers of the $451,000,000 of Septem
ber maturities turn them in for the
new bonds. If this occurs, it will in
crease the total of bonds to be is
sued to $951,000,000.
Prom the original $500,000,000 of
bonds the Treasury will pay off the
August maturities of $459,000,000 and
have $31,000,00 left. In addition, it
will have $350,000,000 of new money
from the sale of the notes.
In October the Treasury will have
the opportunity to call part of the
$6,268,000,000 ountstanding 4 1-4 per
cent Fourth Liberty bond?.
The call for redumption of any
k part of it, the largest of the war
? Issues must be on six months' noticft
from an interest date. The next
one is October 15.
While no forecast has been made
by the Treasury, it is possible it may
refund part of that issue and the
additional $2,000,000,000 in other
Liberty bond now callable.
The use of the bonds in refund
ing the oertifactes on August 15 and
September 15 is the first step by
the Treasury into longer term paper.
In all, the government has $7,
900,000,000 of bills, certificates and
notes outstanding. The bills gener
ally are 91-day paper, the certificates
from six months to a year and the
notes run up to five years.
The public debt, now totalling
$22,611,204,566 will be increased by
the amount of the new. money raised
in the Sale of the new securities.
The high record established August
31, 1919, was of $6,596,701,648.
ECONOMIC PARLEY
ENDS SESSION IN
FRIENDLY MANNER
No& Of High Idealism Is Sounded
; By Statesmen In Farewell
ROOSEVELT MESSAGE
OPTIMISTIC IN TONE
President Declares Conference Did
Not Fall; Says Discussions Will
Make Achievement Of Results
fciier In Future .
London, July 27. ? The world
economic conference adjourned for
an indefinite period today as a mes
sage from President Roosevelt full
of faith in its ultimate results dis
pelled prevailing pessimism.
"Results are not always measured
In terms of formal agreements," .
the American President said in a
communication which pledged his
! country's continued efforts for
| world recovery. "They can come
[equally from a free presentation of
each nation's difficulties and each
nation's methods to meet its in- '
dividual needs."
Following this note of confidence
and hope from the head of the
American governmnet, Ramsay
| Mac Donald, British Prime Minis -
j ter and conference chairman, and
| Secretary of State Cordell Hull
terminated the six weeks of efforts
to defeat hard times by internation
al action with a high note of ideal
ism.
Final Pleas.
The British Premier and the
American Secretary of. State joined
in a fervid plea that the efforts to
remedy world ailments be carried
on tirelessly in a spirit of good will
and mutual understanding.
The conference chairman insist
ed that the dispersion of delegates
today was not a final adjournment,
but a recess in whlcH work would
be carried on in preparation for re
sumption of the plenary assembly.
The session was closed after five
hours of speceh-making, the chair
man recalling that the question of
reconvening was left in the hands
of a small executive committee. This
body, it was believed tonight, would
. not meet before mid-September at
I the earliest.
Secretary Hull, with some other
j members of the delegation, left
London this afternoon for South
i ampton to embark on the steamer
President Harding for the United
States.
The most tangible result of the
confernece was an agreement be
tween the United States and other
silver holding and producing coun
tries designed to improve the silver
market.
; Negotiations for a wheat restric
, tion accord, carried on in the mar
? gin of the larger gathering, were
adjourned today until August 21,
when the wheat delegates will re
assemble here.
President Roosevelt's massage of
cheer for the conference was ad
dressed to Mr. Macdonald as chair
man.
"Results are nox aiways iikhsuito
In terms of formal agreements," the
President said. "They can come
"equally from free presentation of
each nation's difficulties and each
nation's methods to meet its indi
vidual needs. We in the United
States understand the problems of
other nations better today than be
fore the conference met, and we
trust that other nations will in the
same spirit of good will view our
American policies which are aimed
to overcome our unprecedented eco
nomic situation at home.
"Such an interchange, especially
If its results in full discussion of all
problems and not a few only, makes
progress more, and not less possible
in the future.
"That Is why I do not regard the
economic conference as a failure.
Largely because of your tact and
perseverence, the larger and more
prominent problems will continue to
be analyzed and discussed."
Mr. Hull echoed the President's
optimism and added a note bf de
termination.
"We cannot falter," the Secretary
said in his final address. "We will
not quit. We have begun and we
will go on."
Explaining that abatement of the
emercency conditions in various
countries should mate Increasing
international co-operation possible.
Secretary Hull called upon the na
tions to launck "a full domestic
program of both ordinary and ex
THE SPENT ROCKET?
WITH POWER GONE
THE SPENT DOLLAR WHICH GOES FOR NEEDLESS
LUXURY IS AS USELESS AS THE SPENT ROCKET; IT
IS GONE FOREVER. . . . THE SAVED DOLLAR, DE
POSITED IN OUR SAVING DEPARTMENT, WILL GO
ON EARNING FOR TOU AND IN A SHORT WHILE
CREATE THE MEANS TO MAKE TOU MORE AND MORE
INDEPENDENT. . . . THE TIME TO START SAVING IS
NOW. THE HABIT SOON BRINGS "EASIER TIMES."
WE PAT FIVE PER CENT ON SAVINGS ACCOUNTS
DURHAM INDUSTRIAL BANK
OF ROXBORO
traordlnary methods to raise prices,
Increase employment and Improve,,
business."
The American chief delegate re-'
newed his appeal for cessation of
economic warfare and ) urged con
tinued efforts to retain in effect the
truce on tariffs. There are two
ways of accomplishing objectives in
International life, he said, one by
conference, the other by war.
Economic armaments are scarce
ly less dangerous than military ar
maments, Mr. Hull declared.
. o
WORLD FLIER AT
NEW YORK AGAIN
Jimmie Mattern Gets Warm Wei'
come; Pots Blame on Russian
Oil
New York, July 31, ? (AP) ? Smil
ing Jimmie Mattern came back to
day to the field from which he
started hitf flight around the world
June 3, and .blamed "that Russian
oil" for the failure to complete it
single-handed and in record time.
It was poor oil, he said, that
brought him crashing down in the
Siberian wilds June 14, wrecking
his ship go completely that only the
motor and Instruments were sal
vaged.
"I was burning two gallons an
hour," he related, "and when I got
up inside the Arctic circle, the re
serve supply of 35 gallong I had in
a rear tank wouldn't flow.
"I'd have made it at that if I
could have got down and transferred
the oil to a forward tank. But the
fog was so thick I coudn't see any
lan.d"
Missing Days.
The Texas aviator al4o said that
five of the 19 days he wandered in
the Siberian wastes before Eskimos
found him and took him to Anadyr
are missing ? just as if he never had
lived them.
T kept a diary of those days very
carefully," he said, "and had a rec
ord of 14 days. But when I got out,
I learned the time was 19 days. I
don't know what happened to those
other fire days. But then, the sun
Just rose and set around your head
and you never knew (where jytou
Fall Hat Model
Above ia modeled one of the first
new styles in fall hats. It ia a dinner
turban of twisted satin cord on a net
foundation. The short veil will be
popular on roanj models this fall.
were at."
Matern landed at Floyd Bennett
field at 3:45 p. m., after a flight
from Toronto, Ont., of four hours
and 15 minutes. He came in a plane
that was loaned him in Alaska
after a Soviet pilot flew him from
Anadyr to Nome.
A crowd estimated by airport offi
cials at between 5,000 and 8,000 per
sons gave a prolonged cheer. Twenty
motorcyle policemen surrounded the
red and silver plane.
W? Injured. *
Matern, wearing a pair of high
Russian boots, limped as he walked
to the Administration building to be
greeted by friends. He had injured
his leg when his ship crashed in the
wastelands of Northern Siberia on
June 14.
It was not until* July 7 that he
reached the little trading post of
Anadyr, and informed the world,
which had given him up for dead,
that he was safe.
Paul Cod os and Maurice Fossi,
who have been awaiting favorable
weather for a projected non-stop
flight to France, rushed to Mat
tern's side. Representatives of Mayor
John P .O'Brien, expressed gratifi
cation that be had returned safely.
Two hours before Mat tern arrived, |
a rescue ship that had flown to|
Alasaka a month ago to join in the
search for the missing pilot landed
at the field.
THIS IS A
FLYING YEAR1
Perhaps the time is not so far
distant, after all, when people go
In? to Europe will go by airplane
if they are in a hurry. It seemd al
most certain that it won't be long
now before mall matter will be .
carried across the ocean in a day
or so, so fast and far has aviation'
proved itself.
Look at what has been going on
in the air in the past few week?.
Here we have Lnidbergh and his
brave yuong wife flying to Green
land to pick out a good landing
place for planes on a proposed pos
tal route to Europe. Most people
think of the southern route across
the Atlantic, by way of Bermuda
and the Azores, because of weather
conditions. But the Greenland rout?
is far shorter, and is getting so that
planes can fly in the northern alti
tudes more safely than formerly.
General Balbo and his 24 Italian
army planes came over by the
northern route, via Iceland, which
isn't as cold a s its name implies
because of the great volcanic hot
springs which modify the climate
and enable everybody to keep his
house warm without fuel.
Htere's Wilfey Post, making his
second flight around the world in
the same 'plane. He crashed once,
but didn't do any serious damage
to himself or his plane. And here
are the Mollisons, husband and wife,
who flew safely from Wales to
Bridgeport, Conn., and only crashed
on landing in the dark because they
got into a mud-flat near the land
ing field. And we've all read about
brave Jimmy Mattern who, crashing
in the Siberian wilderness, was re
sourceful enough to keep himself
alive for eleven days, by shooting
game and catching fish, until res
cued. ,
Lincoln Ellsworth is getting ready
for a flight to the South Pole.
Crossing the American continent be
tween daylight and dark is go com- '
monplace that nobody paid much
attention when Amelia Earhart did
it again in record time not long ago. I
The rising generation will learn
how to fly just as their parents,
learned to drive a car. ? Autocaster.
? tv
INTERNATIONAL
AGREEMENTS
We do not quite understand why
folks should be saying that the
World Economic Conference in Lon
don hag been a failure, when the
United States comes out of it with
in six weeks with two important
prizes.
Our delegations succeeded beyond ,
expectations in getting all of the
nations in the world which have an
interest in diver to sign an agree
ment which is calculated to put',
the price of silver up to where it,
was before the war, or higher. That
is important to the United States
for several reasons. For one thing,
it will be profltalbe to our produc
ers of silver, but of greater impor- I
tance i4 the fact that it will increase |
the value of the silver money of
India. China, Mexico, and other
sllver-mtng nations, making it eas
ier for them to buy our cotton and
other commodities, and at the same
time making it harder for them to
undersell us In the competitive mar
kets of the world.
Another plum which we seem to
have picked at London 1* the In
ternational agreement for controll
ing the production of wheat, and
so keeping the price up in foreign
trade. This will benefit directly a
much larger number of American
producers than will the silver agree
ment, although its effect on the to
tal of world commodity prices may
not be as great.
Of course, some of the nations,
like Prance, who went to the con
ference determined to give nothing
and take everything, are crying
' failure." But when it come to In
ternational agreements thode neces
sarily take time, and the point that
has been spent in each nation get
ting* the others' points of view has
not been wasted. Such understand
ing of the other man's problems
iff essential to any sort of an agree
ment.? Autocaster.
BOB. HAVE YOU NOTICED
THAT EVERYBODY
SEEMS TO BE SM0KIN6
CAMELS NOW ?
THEY HAVE FOUND
OUT THAT CAMELS
ARE BETTER FOR
STEADY SMOKING !|
CAMEL'S COSTLIER TOBACCOS
NEVER GET ON YOUR NERVES . . .
NEVER TIRE YOUR TASTE!
1 . ,p .. ' J*- ? "" " : . . 1 1 ? - ?. ? ? ... , ?? 7 ? ^ ^ ? ; . ? ? ? ? -l v v . 1 ? ?? ? i" , 1
? ? ? ? ? ^ ?
) * -?
? ? ? ?. .. ? ' ;
, ' . ' ' .
The cars rolled up
with the
ANSWER!
N July 7th, The American Oil
Company made a startling an
nouncement ? the premium on
AMOCO-GAS was reduced 2 pf!*
Public response was instant and
emphatic !
From the north ? the south ? the
east? the west ? the same news poured
in: lines of cars rolling up to the
AMOCO pump ! Old users congratu
lating themselves on new savings; new
users congratulating themselves on
this long-awaited opportunity to enjoy
the new power, performance and low
cost-per-mile of AMOCO-GAS. For
now there was no reason for any
motorist to deprive himself of the
finest motor fuel on earth!
Even when AMOCO-GAS sold at the
higher premium thousands of motor
ists had positively made up their minds
that they could not afford to buy imi
tations or inferior motor fuels at a
lower price. Nothing less than AMOCO
GAS would ever do!
Her^s a specific example of how
AMOCO-GAS performs. In the recent
official A. A. A. Ford V-8 Economy
Run conducted in Washington, D. C.,
AMOCO-GAS averaged 22.5 miles to
the gallon. The Ford Factory con
siders 18.8 miles per gallon good
Ford V-8 performance.
The mileage on AMOCO-GAS was
.20% greater! AMOCO-GAS at today's
average price does not cost motorists
that much more per gallon. That
means AMOCO-GAS costs even less
on a mileage basis alone. The greater
riding ease . . .greater driving ease ...
greater freedom from repairs cost
you nothing.
Fill up on AMOCO-GAS. Always the
best buy ? now a better buy than ever.
.
V" *">f?
The AMERICAN OIL COMPANY
? ..
And 2f, per gallon CASH DISCOUNT alto continued in Uncni I
where now in effect-making a combined saving of 4^ per gallon J
\ -