Newspapers / The Pilot (Southern Pines, … / Jan. 16, 1931, edition 1 / Page 6
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Pafire Six THE PILOT, a Paper With Character, Aberdeen, North Carolina Friday, January 16, 193] ®he Ark Snuthertt Jtnr5, N, A Country Day-School for Boys and Girls with Kindergarten. Limited Boarders Received. \ Organized games twice weciily in cluding basket ball, volley balr and tennis Dancing Classes Wednesdays Elastic Interest Rate Answer to North Carolina’s Banking Problem COAL! COAL! A Good Place to Buy Good Coal. C. G. FARRELL Aberdeen Phone 58 GEORGE B. ARNOLD Watchmaker & Jeweler West Broad Street Next Bank Building^ Phone 7121 — Southern Pines is a doctor’s Prescription for COLDS and HEADACHES It is the most speedy remedy known, r geHg them at 666 also in Tablets Dr. J. I. Neal Veterinarfan At Pindhqrst Race Track 10 to 12 Daily EYE»CHT SfECtAtlST Will be Post Office, in his office over the Sanford, N. C., every Wednesday, from 10:00 a. m. to 3:00 p. m. Don’t fail to see him if your eyes are weak. DR. E. D. HARBOUR OPTOMETRIST at Tarlton’s Jewelry Store every first Tuesday in each month. 1 to 4 p. m. CLEAN COAL Delivered Promptly Phone 139 H. W. DOUB ABERDEEN Final census figures show New Orleans has a total of 458,762 resi dents, a gain of 18.5 per cent over 1920. Law of Supply and Dem^d Must Be Permitted To Act i^th Money as with Merchandise By Ralph W. Page That the law limiting the banks of North Carolina to a six per cent in terest rate on loans is responsible in 'a large measure for the insolvency of so many of the banking institutions of the state is the opinion expressed by Ralph W. Page of Aberdeen in an article given to the state press last week. Mr. Page goes into the matter ac length, from which The Pilot re prints the following excerpts: “All loans involve a risk. Even gov ernment bonds m^y go down in v-al- ue. The man or institution has never existed that could lend large sums of money or purchase securities, and not incur some losses. Where is the money to come from to pay the operating expenses, the expert and experienced management, the profit necessary to get the capital which safeguards the deipositors, and to take care of the inevitable losses? Under present circumstances it is supposed to come from lending the money of the depositors. Or in bor rowing money and relending that mon ey. So far the transaction is the same as that of a shoe store. The store keeper buys shoes trholesale at $3 a $5. If the I wholesale price goes to $5 he sells them at $7. If he cannot make ex- i penses at $7, he raises the price to ; $8. What of the bank ; It is required by law to sell its : money at 6 per cent. I Everyone knows he must—or i should—keep 20 per cent of all his ! money in cash, earning nothing, j- Everyone knows he should keep another 20 per cent in store or gov ernment or sure-fire, high grade bonds yielding about 4 per cent. So it is assumed as a mathemati cal fact that six per cent upon the remainder, as a maximum, no mat ter whether times be piping or mori bund, will pay. 1. All expenses, including admin istration. 2. Keep care of all losses, good times and "bad. 3. Pay a reasonable dividend. Is it fair to point out to the wise men as well as all depositors, and the supposed beneficiaries of this as sumption, that it is a falsehood. That in the hard world of trial and error, it did not work? There is no difficulty in pointing out why it does not work. There is not a student of finance, nor a prac tical business man in the state who does not know absolutely why it did not work. * ♦ > In all the rest of the world money is a commodity. It is quoted and dealt in exactly like wheat or cotton. Moreover, there is every kind of money, and each kind has a different market. In all cases, the 'better the risk, the lower the rate. And then short time money has a different quo tation from long time money. It is simply a fact that no bank and no group of bankers, and no gov ernment nor known human agency does or can control the market for these different sorts of credit. Early in 1929 the banks were get- Everett, Zane and Muse Certified Public Accountants Sanford, N. C. Greensboro, N. C. J. C. Muse, C. p. A,, Resident Partner E. V. PERKINSON General Contractor Southern Pines, Telephone 5033 North Carolina DR. E. W. BUSH OSTEOPATHIC PHYSICIAN Southern Pines, North Carolina J. N. POWELL UNDERTAKING — EMBALMING SOUTHERN PINBS BAST BROAD STREET Moore County’s Leading Restaurant— JACK’S GRILL Southern Pines, North Carolina FREEMAN’S FURNITURE HOUSE UNDERTAKING—EMBALMING AMBULANCE SERVICE Day Phone 7 Night Phone 73 ABERDEEN, » NORTH CAROLINA D. D. SHIELDS CAMERON REAL ESTATE—RENTALS—INSURANCE Telephone 5461 ost Office Block Southern Pines, N. C. Opens 13th Office Page Trust Company of Aber- deen Supplants Bank of Montgomery in Troy The Page Trust Company last Saturday added another branch to its growing string in North Car olina, opening its 13th office in the quarters of the Bank of Mont gomery in Troy, which suspended business the day before. Page Trust is liquidating agent for the Bank of Montgomery. The Bank of Montgomery in its statement of June 30, 1930, show ed capital of $60,000 and deposits of approximately $450,000. It has a fine building in Troy and serves a wide territory. ed bond-holder-paid the difference when they shut up the bank. Who benefited? Nobody. The whole community was ruined. LEGAL NOTICES Are we to rei>eat all this deed of trust made by A. C. McDon ald, Jos. D. Peele and their respective wives Virgie McDonald and Mahala T pe^le, of date. June 3, 192^ to J. non- Graham, Trustee for Aberdeen I Building and Loan Association, which • • aaiH deed of trust is of Record in the Are we to go on ruining the very Register of Deeds of Moore County, North Garohna, m Book of Mortgages No. 47, at page 217, the conditions thereof having been broken and demand having been sense ting nine per cent for money in New York secured by the best collateral in the world. Today they are getting two per cent for the same loans. Now observe the result of our own wise law. In 1929 the banks all over the world could make 9 per cent. They could lay up a surplus against bad times. But our banks must only charge six per cent. They laid up no surplus. But that is not all. Who, but banks blackmailed by a string of shyster lawyers would keep money in North Carolina at six per cent if he could get 9 iper in New York? Nobody. Not one living soul. Not the preacher, nor the legislator who passed this law, nor the sainted editor who is its prophet, nor even the worthy who borrowed this six per cent money. _They all rushed to the 9 per cent market, and money flowed out of Carolina in a flood. That’s natural. Isn’t it?’’ Let^s take another case: All Carolina took to building homes, and apartments, and office buildings in 1928. Practically without exception they borrowed a large part of the money. Did they borrow it at 6 per cent ? They did nqt. They went into the market for this particular sort of credit in Norfolk, Baltimore and Richmond, and paid from 8 per cent to 14 per cent. The average of the whole movement was certainly 10 per cent. Was this robbery? Not at all. The event shows that the rate was too low. It is A. B. C.— simply mathematical fact—that the greater the risk, the greater propor tion lost, the greater the interest rate has to be. * * * Times come to every business when it has losses. Unless during their good season they not only make good profits, but save a part of them, the bad seasons will ruin them. And the truth is that in the wide open markets of today—when both money and goods can be bought and sold 'by anyone in any part of the world—it takes a very capable man agement to maintain a prosperous business over a period of years, mak ing every cent it is able. It would take a first class banker to’ keep his bank in absolutely first class shape through"* the depressions if he made every nickel his ingenuity could conceive during the good times. ♦ ★ * Not only are our banks required to sell money at 6 per cent by law when everyone else in the world is selling at 10 and when money goes to 3 per cent are compelled by the nature of things to sell it at 3 per cent, but time in all cases works against them. Assume that a country bank 20 years ago could pay expenses, admin-1 istration, losses and dividends on a holy, flat and perpetual 6 per cent. Every item of expenses has nearly people we are supposed to be help ing. Probably. 'Certainly if "ve leave it to th© pol-,.—- --"rr 4. jr , . .J ri. j made by the owner of the notes tnere iticians who are by nature timid. It | foreclosure of the sai< is not their business to risk their necks in correcting people’s preju dices and ancient customs. ' Certainly if we leave it to the bankers, who are the most easily frightened of all beings in the world, mice not excluded. Their fear of public opinion is pitiful to contem plate. They would give the money away before they would meet that ogre, ‘^people say thus and so.” Is there any hope? There is. The hope is in the 'depositor. He at least fears no man. He at least has no interest in having his money in an institution ordaified, rigged and carefully set up to bust. He isn’t con- LEGAL NOTICES by secured for foreclosure of the said deed of trust, the undersigned Trus tee will offer for sae to the highest bidder for cash, before the ^^rt House Door of Moore County, Nor^^ Carolina, on Monday, February 1931, at twelve o’clock noon, all 01 the right, title and interest owned ^ the said A. C. McDonald, Jos. D. Peele and their respective wives, Vir gie McDonald and Mahala J. Peele, on June 3, 1927, or thereafter, in and to the following described real estate: Lot No. 40 as contained and de scribed in a certain map of “Hill- crest Heights,’^ made by Trancis Deaton, C. E., which said map is re corded in the office of the ^gister of Deeds of Moore County in Book 76, Page 600, which map is hereby referred to for a more complete de scription, and iby this reference made , . , . . .J ^ a part hereof; also being one of the cerned about having his improvident identical lots conveyed to L. M. Dan- (if worthy) neighbor get his money | iels by Johnson, Slate and Sparrow, at a loss to himself. When he finds out that the only safe bank is one that makes all the money it can—which isn’t so stupen dous—and which charges for serv ices it renders at least what they cost—why, no ballyhoo, nor false econ omics,- nor pathetic fallacy, nor po litical expediency, nor ignorant news- pajpei" blah will get him. to risk his money in the old-fashioned bank. The time is coming. Let us all get down to facts. Let us not believe that we can get something for nothing, nor that we can change the laws of supply and de mand. And let every neighborhood re quire that the bank that holds its money make irioney. Not only make it, but save it up against the inevi table storm. which deed is likewise duly recorded in the office of the Register of Deeds of Moore County and Mso hereby re ferred to. Said lot being about 1-2 mile from the corporate limits of the town of Aberdeen, N. C., and on the west side of the Aberdeen-Southern Pines Highway. Date of Sale: Monday, February 2, 1931. Hour of Sale: 12 o’clock noon. Place of Sale: Court House Door, Moore County, Carthage, N. C. Terms of Sale: Cash. J. W. GRAHAM, Trustee. By Johnson & Johnson, December 30, 1930. Attorneys. J9-30. NOTICE OF SALE UNDER DEED OF TRUST NOTICE OF FORECLOSURE SALE Under and by virtue of authority contained in a certain deed of trust executed on July 12, 1924 by Mrs. Lora Kivett and recorded in Book 42, at page 301, Registry of Moore County, North Carolina, default hav ing been made in the payment of the indebtedness secured thereby, the un dersigned will offer for sale at pub lic auction, for cash, in front of the Moore County Court House door on Tuesday, January 20, 1931, at 12:00 o’clock noon, a certain piece or tract Notice is hereby given, that-under and by virtue of the provisions of a deed of tust made by W. A. Sides and wife, Saphronia A. Sides, of date March 1, 1929, to J. W» Graham, Trustee for Aberdeen Building and Loan Association, which said deed of trust is of record in the office of tha Register of Deeds of Moore County, North Carolina, in Book of Mort gages No. 50 at page 47, the condi tions thereof having been broken and demand having been made by the owner of the notes thereby secured for foreclosure of the said deed of trust, the undersigned Trustee will of fer for sale to the highest bidder for cash, before the Court House Door of Moore County, North' Carolina, on Monday, February 2 1931, at twelve o’clock noon, all of the right, title and interest owned by the said W. A. Sides and wife, Saphronia A. Sides, on March 1, 1929, or thereafter, in and to the following described real estate: of land lying and being in Moore i,- County, State of North Carolina, and' Lying on the Old Raeford Road just described and defined as follows: the corporate limits of the All that ceitain piece, parcel or Town of Aberdeen, being Lots Nos. tract of land containing 306 acres, ^ 2 of a certain su‘b-division of more or less, situate, lying and being on Brooklyn Street, about 1 mile from the town of Carthage, in Carthage Township, County of Moore, State of North Carolina, having such shapes, metes, courses and distances as will more fully appear by reference to a plat thereof made by M. McL. Kelly, Surveyor, on the 4th day of May, 1923, which is attached to the abstract on file with The First Carolinas Joiat Stock Land of Columbia, South Caro lina, the same being bounded on the north by the lands of J. G. Downing, E. G. Seagroves, G. M. Muse, D. T. Caddell, Wm. Johnson and Roy Tay- December 30, 1930 lor, on the east by the lands of H. F. Seawell, W. H. Jackson and J. C. Wal lace, on the south by the lands of W. A. Seawell, Geo. Dees, R. G. Jeffress and M. E. Blue, and on the west by the lands of Mrs. Laura Lang and J. F. Cole. This the 15th day of December, 1930. THE RALEIGH BANKING & TRUST COMPANY, Trustee for The First -Carolinas Joint Stock Land Bank of Columbia. Smith & Joyner, Attorneys, Raleigh, N. C. D26-J16 land known as “East End Addition'’ as shown on a map of same made by C. Hafer, C. E., which map is record ed in the Office of the Register 3f Deeds of Moore County, in Book 87, page 613, to which reference is hereby made for a more complete description. Date of Sale: Monday, February 2, 1931. Hour of Sale: 12 o’clock noon. Place of Sale: Court House Door. Moore County, Carthage, N. C. Terms of Sale: Cash . J. W. GRAHAM, Trustee. By Johnson & Johnson, Attorneys. J9-30 NOTICE OF FORECLOSURE SALE UNITED STATES DISTRICT COURT Middle District'of North Carolina IN BANKRUPTCY: NOTICE OF HEARING OF DISCHARGE PETITION: In the Matter of J. Bruce Cameron trebled in that time. Up go the costs ! Cameron, Bankrupts. —the unseen losses accumulate—but i Bankrupt: the income remains the same. Take | been filed "i^aid cLrt bfxBrSce a pencil and figure it out. It is an Cameron and Etta Cameron of the absolutely guaranteed' and infallible formula for bankruptcy. * * * - 'V# Every little community^in the state finds its saving and frugal, peoiple paying the difference today. Every mechanic and artisan, every farm^^r and housewife who has followed the advice of Poor Richard and saved a nest egg, finds it^cut in two to pay the interest the bad risks in the com munity should have been paying. Af ter all, the money may have cost the borrower only 6 per cent when he should have paid 10. But the depos itor—^the fellow who saved the money —and he is just as likely to be a mother with six children as a bloat- County of Moore in said district, who has each been duly adjudged a bank rupt under the Act of Congress of July 1, 1898, for a discharge from all debts provable against his or her estate under said Act, and that the 16th day of Feb., 1931, 10 o’clock a. m. is assigned for ?, hearing of the same before H. F. Seawell, Jr., as Special Master of said District, when and where you may attend and show cause, if any you have,' why the prayer of said petition should not be granted. This the 8th day of January, 1981. H. F. SEAWELL, JR., United States Special Master. J9-30. NOTICE OF FORECLOSURE SALE Notice is hereby given that under and by virtue of the provisions of a Notice is hereby given that under and by virtue of the provisions of a deed of trust made by W. T. Bob bitt, of date January 18, 1926, to J. W. Graham, Trustee for Aberdeen Building and Loan Association, which said deed of trust is of record in the office of the Register of Deeds of Moore County, North Carolina, in Book of Mortgages No.. 39, at page 320, the conditions thereof halving been broken and demand having ibeen made by the owner of the notes there by secured for foreclosure of the said deed of trust, the undersigned Trus tee will offer for sale to the highest bidder for cash, before the , Court House Door of Moore County, Norfn Carolina, on Monday, February 2, 1931, at twelve o’clock noon, all of the right, title and interest owned by the said W. T. Bobbitt on January 18* 1926, or thereafter, in and to the follov/ing described real estate: In the Town of Aberdeen, on the East side of Poplar Street, and ibeing Lot No. 19 as shown on a map en titled “Park Place, Aberdeen, N. C.,” which said map is duly recorded in the office of the Register of Deeds of Moore County, and which is hereby referred-to for location, said lot be ing bounded and described as follows, viz:^Beginning at a stake in the Eastern edge of Poplar Street lOO feet-S. 30 degrees, 49 min. E. from the intersection of Poplar Street with Rush Street; runs thence S. 59 de grees, 11 min. E. 150 feet to a stake in the edge of an alley; thence S. 30 degrees 49 min. W. 50 feet to a stake in the edge of Lot No. 18; runs thence with the line of Lot No. 18 N. 59 degrees, 11 min. W. 150 feet to a stake in tihe edge of Poplar Street; thence N. 30 dgrees, 49 min. E. 50 feet to the point of beginning, and being one of the lots described in , a d«ed from Fred C. Page and wife, Christine Page to Geo. R. Ross, dated June 19, 1922, and which is likewise recorded in the office of the Register of Deeds of Moore County, and later LEGAL NOTICES conveyed by George R. Ross to Feliv 0. Bell by Warranty Deed dated Dec 1, 1922. recorded in the office of the Register of Deeds in Book 87, pai-p 84, and subsequently conveyed by Fe lix O. Bell to the Grantor herein bv Warranty Deed dated January 1/ 1926. . Date of Sale: Monday, Februarv •> 1931. ^ Hour of Sale: 12 o’clock noon. Place of Sale: Court House boor Moore County, Carthage, N. C. ' Terms of Sale: Cash. J. W. Graham, Trustee By Johnson & Johnson, AttomeU December 30, 1930 J9-30 STATE OF NORTH CAROLINA DEPARTMENT OF STATE CERTIFICATE OF DISSOLUTIOX TO ALL TO WHOM THESE PRpq ENTS MAY COME—GREETINGS- WHEREAS. It appears to my sa^l isfaction, by duly authenticated rec ord of the proceedings for the volun tary dissolution thereof by the unan imous consent of all the stockholders' deposited in my office, that the Aber deen Grocery Company, a corporation of this State, whose principal office is situated in the Town of A'berdeen County of Moore, State of North Car olina (G. C. Seymour being the agent therein and in charge thereof, upon' whom process may be served), has complied with the requirements of Chapter 22, Consolidated Statutes, en titled “Corporations,” preliminary to the issuing of this Certificate of Dis solution: NOW, THEREFOR, I, J. A. Hart- ness. Secretary of State of the State of North Carolina, do hereby certi fy that the said corporation did, on -the 20th day of December, 1930, file in my office a duly executed and at tested consent in writing to the disso lution of said corporation, executed by all the stockholders thereof, which said consent and the record of the proceedings aforesaid are now on file in my said office as provided bv law IN TESTIMONY WHEREOF, I have hereto set my hand and affixed my official seal at Raleigh, this 20th day of December, A. D. 1930. J. A. HARTNESS, Secretary of State. NOTICE OF SALE UNDER DEED OF, TRUST Under and by . virtue of authority contained in a certain deed of trust executed on November 20th, 1924, by Frederick C. Page and wife, Christine McI. Page, recorded in Book 42, at page 446, Registry of Moore County, North Carolina, default having been made in the payment of the indebted ness secured thereby, the undersigned will offer for sale at public auction, for cash, in front of the Moore County Court House door on Tuesday, Janu ary 20th, 1931, at twelve o’clock noon,^ a certain piece or tract of land lying and being in Moore County, State of North Carolina^and described and de fined as follows: Being about 2 1-2 miles west from the Town of Aberdeen, on the south side of Norfolk-Southern Railway, be ginning at a stake in the edge of the Aberdeen-Pinehurst hard clay road at the point where the Pinebluff-Pine- hurst hard clay road intersects it; runs thence with the Pinebluff-Pine- hurst clay road S. 16 degrees 30^ W. 911 feet to a stake; thence continu ing with said road S. 21 degrees LV W. 321 feet to a slight curve; thence continuing with said road S. 26 de grees W. 900 feet to a slight curve; thence continuing with said road S. 29 1-4 W. 200 feet; thence continuing" with said road S. 43 W. 1630 feet; thence continuing with said road S. 32 degrees 15’ W. 100 feet; thence continuing with said road S. 25 de grees 30’ W. 1508 feet to the comer of the Marlboro Farm lands; tiience con tinuing the same course 800 feet to the Aberdeen-Roseland hard road, thence with that road the following calls S. 88 degrees 30’ 700 feet; S. 85 E. 365 feet; S. 52 degrees 45’ E. 291 feet; S. 75 E. 500 feet to a stake; thence leaving said road N. 26 E. 475 feet to the line of the Bonnie B^lle Orchard Tract; thence with that lin- N. 63 degrees 45’ W. 214.6 feet to the Bonnie Belle Orchard Company’ corner; thence with their line N. 27 degrees 45’ E. 5785 feet crossing the Aberdeen-Pinehurst hard road to a stake in the edge of the Norfolk- Southern right of way 80 feet from the center of the track; thence with said right of way N. 73 degrees 20’ W. 1611.4 feet to the beginning, con taining Two hundred sixteen and 32-100 (216.32) acres, and embracing: One Hundred Seventy-One and 94-100 (171.94) acres, of the lands convey ed to F. C. Page by S. B. Chapin anH Twenty-two and 75-100 (22.75) acre^ and one and 29-100 (1.29) acres con veyed to F. C. Page by S. Foui^ and also Twenty and 34-100 (20.31> acres conveyed to F. C. Page by Marl boro Farming Company. Excepting therefrom a certair tract of land released from the opera tion of the said deed of trust on De cember 13th, 1928, the said tract ex cepted being described as follows: All that piece, parcel or tract f land beginning at a point on the ea?r side of Route 70, between Aberdeen and Pinehurst; runs thence South !'• degrees 30 minutes west, 670 fe^^ along the Pinebluff Road to an ir^ -' pipe; thence South 80 degrees 35 utes east 620 feet to an' iron pip-^ thence North 19 degrees 08 minutes east 586 feet across N. C. Route to ui: iron pipe in the right of way of the Norfolk-Southern to the point of be ginning, containing nine (9) acres, 2^ shown on map*made by J. B. Sw:tt. C E ^ 'This the 15th day of Decembev. 1930. THE RALEIGN BANKING & TKUbl COMPANY, Trustee for The firs Carolinas Joint Stock Land Ban.'v of Columbia. Smith & Jo3mer, Attorneys, Raleigh, N. C. Dec. 26-J16."
The Pilot (Southern Pines, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 16, 1931, edition 1
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