OmM Makes Statement
Regarding The New
Emergency Farm Act
Prank A. Daniel, President of The;
Federal Land Bank of Columbia, made
the following statement regarding
the new Emergency Farm Mortgage
Act:
"The Emergency Farm Mortgage
Act of 1933 which recently passed
Congress and was approved by the
President May 12th, is of great im
portance not only to the borrowers
from the Federal Land Bank of Col
umbia, which operates in the states
of North Carolina, # Sooth Carolina,
Georgia and Florida, hot to the thou
sands of other fanners who are now
in debt To the Federal Land Bank
borrowers it means that for a period
of 5 years beginning July 11th, the
interest rate on their long-term,
amortised, first mortgage loans from
the Federal Land Bank will be reduc
ed to 4% per cent The rate of inter
?*? naid by the borrowers from this
beak now varies from 5 to 6 per cent,
the average being not far from 5%
pep cent. This means an average re
duction of one per cent a year in the
rate of interest which the borrowers
will hav* to pay this bank during
that period. To the borrowers from
the 12 Federal Land Banks, totaling
nearly 400,000, it will mean a saving
in interest of approximately $11,000,
000 annually or a total of $55,000,0.0
in the next 5 years.
Fully as important as the reduction
in the rate of interest to old borrow
ers is the announcement that under
the new act the Federal Land Bank
will be able to make loans, through
national farm loan associations, dur
ing the next two years, at a rate
not to exceed 4& per cent. The low
rate of interest will continue until
July 1038, and is considerably lower
than that which prevails throughout
this district. By reducing the rates
charged by the Federal Land Banks
it is anticipated, indeed expected, that
rates charged by many other mort
gage holders will be reduced as these
banks, since their organization in
1917, have established a minimnm
rate in the farm mortgage field, other
institutions and individuals following
closely behind.
The Emergency Farm Mortgage Act
also provides that borrowers from
Federal Land Banks whose loans are
in good standing will be required to
make no payments on the principal
of their loans during the same five
year period. Loans which are not
made through national farm loan as
sociations but directly by the bank
will bear one-half of one per cent
higher rate of interest until such time
as a new association is formed in the
borrower's community when the rates
charged will be the same as on loans
through associations at that time. All
borrowers will have to purchase stock
in an amount equal to $6.00 for each
$100.00 loaned.
"During the next two years the
Federal Land Banks have authority
to issue to issue their tax-exempt,
long-term bonds in an aggregate not
exceeding $2ftQ0fi00fl00. These bonds
may bear an interest rate not to ex
ceed 4 per cent and this interest is to
be guaranteed by the United States.
To make these securities still more
attractive, Congress made them eligi
ble as security for 15-day loans from
the Federal Beaerve Banks to mem
ber banks This gives them a greater
marketability and liquidity. These
bonds may be sold to the investing
public to secure funds to loan or they
may be exchanged with banks, loan
* ? *? t. i_ _ ? .
companies ana lnamawus who mm
hold duly recorded first farm mort
gages. Also, after a period of one
year they may, be sold to refund oat
standing issues of Federal Land Bank
bonds from such new bonds are not
needed to make new loans.
"The mortgages held by banks, loan
companies and individuals which may
be accepted in exchange for bond.*
must have bees in existence prior to
the passage of the Act. The amount
of the bonds so exchanged must not
exceed in each individual case the un
paid principal of the mortgage on the
date of purchase or exchange or 50
per cent ef the appraised value of the
land mortgaged and 20 per cent of
"the value of the permanent, insured
improvements thereon, whichever isj
the mailer. The mortgaged farms
will be appraised in the same manner
as fains upon which loans are made
by the Federal Land Bank through
. national loan associations. After the
exchange the fanner's mortgage anil
be earned by the Federal Land Bank
and he will be entitled to iepayft over
"Holders of fint mortgages in Otis
be willing to five for the mortgages.
"On all loans acquired by the Land
Banks, either through exchange for
bonds or by purchase, , the borrower
will pay the reduced rate of interest
and will have the privilege of paying
only interest for the 5-year period.
"Farmers also, of course, may take
the initiative in an effort to refinance
existing mortgages and indebtedness
in order to obtain the benefits per
mitted under this law. A fanner may
either apuly to the load nationalfarm
loan association directly or to the Fed
eral Land Bank in case there is no
local association, for a loan, and, upon
being advised of the amount of loan,
if any, that may be obtained, with
the proceeds of this loan. Another
course for the farmer would be to
negotiate first with his creditors and
then apply to the Federal Land Bank
for the amount necessary to liquidate
the amounts needed to pay off his
debts.
"Quite aside and distinct from the
activities of the Federal Land Banks
in making loans is the aid in refinanc
ing which will be extended by the
Farm Loan Commissioner through his
agent at Columbia. The Commission
er was voted by Congress a total of
$200,000,000 for this purpose. With
this money he fe authorized to make
loans (1) to refinance either secured
or unsecured indebtedness of farmers,
(2) to supply working capital for farm
operations, and (3) to supply funds to
enable the farmer to redeem or pur
chase farm property lost by foreclos
ure or involuntary sale within the last
two years. These loans will be made
'to refinance the farmer after his debts
have been sealed down or extended
in conformity with agreements reach*
ed between the creditors and the far
mer. \ *
"The amount which the Commis
sioner may loan to any one farmer
can not exceed $5,000. The amount
of the mortgage, together with all
prior mortgages or other evidences of
indebtedness secured by the same
farm property, shall not exceed 75
per cent of the appraised value there
of. Such loans hear an interest rate
of 5 per cent and may be repaid in in
stallments over a series of years, but
during the first three years payment
of interest only will be required. To
secure such & loan it is not necessary
that a farmer be a borrower from the
Federal Land Bank.
"Requests for information or appli
;ations for Federal Land Bank loans
in North Carolina, South Carolina,
Georgia and Florida, should be ad
dressed to the Federal Land Bank of
Columbia, Columbia, South Carolina,
while requests relating to the Com
missioner's loans should be addressed
to Agent, Farm Loan Commisioner,
care of the Federal Xand Bank, Col
umbia, South Carolina."
FARMVILLE NATIONAL FARM
LOAN ASSOCIATION,
D. E. OGLESBY,
: Sec'y.-Treas.
several Nations
Default War -
Debt Payments
Washington, June 16.?With several
nations defaulting and others making
part payments, European countries to
day fell in behind Great Britain in in
forming the Washington government
of their decision on the war debt in
stallment. ?
Early in the day?the semi-annudl
pay day for war debts?the Polish
embassy announced it had informed
the state department it could not pay
the $3,559,000 due. Poland also de
faulted last December.
Next Ambassador Rosso of Italy
advised the state department his
?ountry would pay $1,000,00(1 of the
,13,545,uOO due. litis was $245,000
less than the actual amount of inter
est payable, the remainder being prin
cipal.
Dispatches from Puis said France
would default on the $40,733,000 pay
able today. France took the same
action last December.
Britain made it known last night it
would pay $10,000,000 in silver at
fifty cents an ounce on the $75,955,
000 owed.
However, the full febt was ac
knowledged in the final settlement
Conferences will be held shortly be
tween representatives of Great Brit
am and the United States $o go over
the debt problem, the decision to be
submitted to congress.
V A few cherry trees furnish a de
uendable source of feira*inconuti: says
?ri5| Carpenter-of Idncotn* County, j
who sells about 500 gallons of the
fruit a season.
eently.
Senate Adopts Amend
ment To Take Care Of
Veterans Orer 55
Washington, June 14.?The Senate
today adopted an administration per
fecting amendment to the house vet
erans compromise to take care of
Spanish- American war veterans over
55 years of age. '
The motion that the Senate accept
the compromise with an amendment
providing for pensions of Spanish
American war veterans was put be
fore the body by Senator Byrnes,
Democrat, South Carolina and admin
tration spokesman.
Byrnes' motion brought to a,close
cut issue the impending fight between
the President and the Senate over
liberalising the effect of the economy
law's reductions'in benefits to former
soldiers.
?, \
Says Warren
Best Office
Under the caption "Gallery GddiSx
presses Pungent Opinion of House of
Representatives,1" The Washington
Poet of June 6 carried the following
letter from a reader:
To the Editor of the Post?Sir: 1
have always been a great partisan of
the House of'Representatives and al
most continuously* for the last 26 years
have sat in galleries, but unless its
decorum improves it will lose a well
wisher, and I will transfer my affec
tions to the Senate.
This has been the noisest House 1
have ever seen, and it does not leave
a good impression with visitors. Dur
ing the piddle works bill the presiding
officer, Mr. Lozier, sat there as if
dazed for 16 minutes, with bedlam
reigning supreme, and it presented a
sorry spectacle.
I have known all of the Speakers
since Cannon, but the greatest parlia
mentarian produced in this century
was the late James R. Mann, of Illi
nois, and the greatest presiding offi
cer is Lindsay C. Warren, of North
Carolina. * J. R. HALIE.
? ? ? . . r ? ? ? ? ? ? J
Cotton, watermelons and canta
loupes have been retarded by the re
cent cool weather in Hoke and ad
jacent counties .
I
NOTICE OF SALE
Under and by virtue of the powers
of sale contained in that certain deed
of tfcst from Bettie Waddell and Vic
toria Bergeron of record in Book F-17
page 135 in the office of the Register
of Deeds~ of Pitt County, default hav
ing been made in the: indebtedness
thereby secured, the undersigned will
offer for sale, and sell, to the highest
bidder, for cash, before the courthouse
door in Greenville, on Thursday, July
6th, 1933, between the hours of 12:00
o'clock NOON, and 1:00 o'clock P. M.,
the following described property:
Adjoining the lands of Ed Hill on
the North, the lands of Tom McLaw
horn on the south, L. 0. Dixon lands
on the West and the Celia Garris
lands on the East, containing 59 acres,
more or less (the interest sold being
one-half undivided).
This 5th day of June, 1933.
ARTHUR B. COREY, Trustee.
NOTICE OF SUMMONS
North Carolina, Pitt County?In the
Superior Court
Special Proceeding
(Miss) Lizzie Gay, Administratis
of Jesse Gay, Deceased,
?vs.?
W. G. Gay and wife, Rosa Gay,
Susie Gay, William A. Gay and wife,
Mary Gay, Mrs. Etta Gay Stewart
and husband,, A. A. Stewart, Mrs.
Maggie Gay Burnett, Mrs. Lula Gay
Parker and husband, Boyd Parker.
To MRS. MAGGIE GAY BURNETT:
You will hereby take notice that an
action entitled as above has been com
menced in the Superior Court of Pitt
County, North Carolina, by the Ad
ministratrix of the late Jesse Gay to
sell a certain house and lot loqttedin
Fartttville ?or the- purpose of making
assets with which to pay the debts of
Mid deceased And* the said Maggie
Gay Burnett will {fetter tlite notice
Mat she is required ? appear at the
office of the Clerk of the Superior
Courtjsf said Oounty, in the court
house in Greenville, North Carolina,
Within ten days after this service of
Ikistetiee tot thirty fe ft*
p?mvine Enterprise, and answer or
pKTjte*, 4.
Two Men Rounded Up
t&S&SSrto
?
Or^ville, June 18.?A white man
named Hardison was held by county
officers today on a charge of manu
facturing liquor following the cap
ture of a still in Chicod township yes
terday. He waa to be given prelimi
nary hearing sometime today.
The still, a three hundred gallon
capacity affair, five hundred gal
lons of beer and five gallons of
whiskey were captured along with
the alleged distiller.
Officers also captured two stills
Saturday at Haddock's Cross Roads
and the Alpine section of Belvoir
township. An alleged distilled by
the name of Sollie Jones was cap
tured at Alpine along with considera
ble paraphernalia and five gallons of
whiskey.
The still in the Haddock's Cross
Roads community waa not in opera
tion but officers seised the two hun
dred gallon still and three barrels of
beer.
Dunlap Appointed
Budget Director
Raleigh, June 14.?Frank S. Dun
lap, of Wadesboro, today was ap
pointed assistant director of the State
budget bureau by Governor J. C. B.
Ehringhaus to succeed Henry Burke
who resigned.
Dunlap is a former state senator
and was appointed personal officer of
the state in 1931 by Former Gov. 0.
Max Gardner. He served in that ca
pacity until the 1933 legislature com
bined his office with the budget
bureau.
Burke has served the state as bud
get bureau executive since the admin
istration of Gov. A. W. McLean, hav
ing come to the state about eight
years ago. He announced some time
ago he desired to retire and will leave
the state's services July 1.
Cleveland county poultry growers
used much blood-tested stock this
spring and as a ivsult have had one
of their best seasons in growing out
baby chicks, says the farm agent.
Timber is an essential part of the
equipment of every farm and any
rational farm program must include
the growing of timber for home use
with a surplus for sale.
"Elephant Man" la Real Human Be
ing. Read About This Remarkable
Character in The Americas Weekly,
the Magazine Distributed With Next
Sunday's BALTIMORE AMERICAN.
Buy it from your favorite newsboy or
newsdealer.
NOTICE OF SALE ,
r
Under and by virtue of the power
of sale contained in a certain deed-of
trust executed on the 10th ? day of
March, 1980, by W. Ellis and wife,
Sebra Ellis, to the undersigned, re
corded in Book M-18, page 376 of the
Pitt County Registry, default having
been made in the payment of the in
debtedness thereby secured, the un
dersigned Trustee will offer for sale
to the hi?*est bidder for cash, at
twelve o'clock noon on Monday, the
10th day of July, 1933, at the Court
House door in Pitt County, North
Carolina, a certain lot of land situated
in the town of FarmviUe, Pitt Coun
ty, North Carolina, being the same
lot of land conveyed to W. Ellis by
Joseph Farris and wife by deed re
corded in the office of the Register of
Deeds of said Pitt County in Book
B-14 at page 404, and therein describ
ed as follows:
Beginning at J. Y. and A. C. Monk's
northwest comer and runs with their
line easterly about 100 feet to an al
low; thence with said alley northerly
about 24tt feet to Harry Lang's line;
thence with Lang's line westerly about
100 feet to the beginning. /
This 7th day of June, 1988.
GEO. K. FREEMAN, Trustee.
Kenneth C. Royal, Attorney.
j Black-Draught
Clears Up Sluggish,
Dull Feeling
"I have used Thedford's Black*
Draught for conutipatlou for a
long time, and find It gives relief
fpr this trouble," writes Mrs.
" Frank Champion, of Wynne, Art J
:^r think it il 'good^ fa*; spells . ;
caused from gas on the stomach,
fil:yet up In the morning ifcelinf-- -
dull and slnggiah, a dose of Black- :
and in a day or two 1 feel like a
-pew person. After many years of ?
use we would not exchangeBlack* |:
j>raught^ for any^m^ctne/^ ^
Mperanons oiatcti
::|RaleiRhkJin>e 15?Results of sev
eral thouSmd pounds of ore taken
from 'tte property of the American
Consolidated Tin Company, near Lin
coln ton, in Lincoln County, indicate
that the deposits are among the rich
est tin ores in the country and give
promise that commercial operations
may be started within a reasonable
time, according to information re
ceived by State Geologist H. J. Bry
son and made public yesterday.
Indications, according to Geologist
Bryson's information, are that the
company was conservative in its pre
liminary estimates of percentages of
recoverable tin, mica and kaolin. He
is further informed that the results
of tests indicate that the property
may be operated commercially as a
tin mine, and that the high quality
of kaolin. and mica offers further at
traction to its commercial possibili
ties.
L. Huntley of White Store, Anson
County, says he considers soybeans
one of the best of hay crops. Proper
ly cured, the hay is relished by mules
as well as dairy cows and Mr. Hunt
ley kept his mules fat on the hay last
winter. ?
There are lands on every North
Carolina farm better suited for timber
than other crops and when such lands
are put to trees, it will pay the owner
more clear profit than will the other ]
crops, says R. W. Graeber, extension
forester.
i '? . ?
For Less Thair $1.00
mk':. ?.? ?" : . . ?>.?????.?.. *' '
( "Will wy in regards ** kruschen;
I took ft te reduce, I lest 18 poanda
after mIu nu and. fed Am.
JostT bought ma sore bottle to-dty..,
?si expect to loot IS japv* pooada.
I mvw weigh 149 and fcol ftae." Mn.
Hmrry Robinson, Akroii, Obi. (Jul
8, IMS). ;
Once a day take Kruschen Salts?
one half teaspoonfbl In a glass of hot
water first tMngetwrymornlng. Be
sides losing ugly fatSAFELY youll
gain in health and physical' attrac
tiveness?constipation, gas and add- - ,
ity will cease to bother?you H feel .
younger?more active?full of ambi
tion?clear akin?sparkling eyes.
I A jar that lasts 4 weeks costs but a
trifle at any drugstore inthe world?
but demand and get Xruschen and if
one bottle doesn't joyfully please you
?money back.
| J. A. Powell of Duplin County he*
700 turkey poults now in his brooder
houses. Green feed haa been planted
for their use \ later in the season.
A community cannery has been set
up at New Bern to save surplus pro
duce from the community relief gard
en. Some 6/MX) cases of vegetables
are expected to be canned from the
160-acre garden. -??'
;?s?_?
Wake County farmers purchased 36
percent more fertilizer this year than
they did last season, according to the
farm agent. He says growers wodld
be reluctent now to plowup any cot
ton for less than $16 or $20 an acre.
Never again does a man feel as im- '
portant and successful as on the day
he graduates from college.
? - .- ..... '.
PICK YOUR TRUCK
? ? ?. '?'? V '<t.? \ ' . V ? . ? ?*;, ' ; .
from this low-priced line
j r* ?. , ? * ? ? " ' ?* ?
For the big majority of today's trade owners,, there'*
no longer any question of what track to buy. Thejr am1
making their selection from Chevrolet's line?the lowest
priced six-cylinder tracks on the market. /
just low price that makes them choose Chevrolet.
These tracks, available in three whedbase lengths; and a
big variety of body types, cost less for gas, oil, upkeep
and repairs than any other tracks. You can aayeyjth^
Chevrolet trucks, the most popular in the world.
CHEVROLET MOTOR COMPANY, DETROIT, MICHIGAN
SPEEDY HALF-TON PICK-UP-Tlife model b A J " J 4*
helping many buain caeca improve service end cut X B. *jM MM
hauling costs. The box ia built of heavy steeL The iu t\
cab ia outfitted like a passenger car. fiyncro-Meah HM MB M
gear-shift. Can't be duplicated anywhere at M
? i .i.'V'-vit. '? ??ry *' . %?' J
f%!\ ? that has broken records for low operatingiUMiupkeep C! C
coeta. Special feature* include Mildly-built platform, ^ ?% IM
Bail
AUpriot f.o.b. Flint, Michigma. Sp*citJ ?qulpatsnt ?xtr*. Low AoUrwod prktm
mxid *m*t Q.M.A.C. torma. A Omamrml Motor* Vmlum.
H IE! ^ii TIT TT
GREENVILLE, N. C. ? PARMVILLE, N; C.