Newspapers / The Farmville Enterprise (Farmville, … / Feb. 2, 1934, edition 1 / Page 1
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' ' ' The FarmviHe Enterprise SELL Your TOBACCO In FARMVILLE And GET The TOP Dollar! I I I I I HI I I l I 11 III in t - . Patronise Oar Advertisers; For They Are Cowtantly Inviting You To Trade With Them. ? s FOL. TWENTY-FOBS " FAEMYILIJ^ PITT COUNTY", NORTH CAIOLINA, FRIDAY, FEBRUARY 2, 1934 NUMBER THIRTY-NINE ?: I ? <>i.<?> a ?^miuyuri ? , ? : , .... President Signs Order Putting United States On Modified Gold Plan ______ Devalues Dollar to 59.06 Per Cent of Former Gold Equivalent And Sets Gold price at $35 Washington, Jan. 31.?President Roosevelt today devalued the dollar and gave the world a standing offer to buy and sell gold, according to the needs of international trade, at a fix ed price in dollars, and action inter preted by Treasury officials as put ting the country "on a modified gold standard." The President fixed the value of the dollar at 59.06 per cent of its former gold equivalent, and on this basis a price of $35 an ounce was established for international deal ings in gold. With the cut in the dollar's gold content there was established auto matically a $2,600,000,000 stabiliza-1 tion fund for the purpose of regu lating the foreign value of the dol lar, which officials said might not /have to be extensively used, as they ' expected exchange rates would be firmly pegged by the price set ou gold sales for export. For the first time since last March, the President made it possible to settle America's international bal ances in gold and gave the dollar] a definite gold value for which, | under restrictions, it is exchange able. President Roosevelt told news paper men of his action shortly after 4 o'clock, telling them unneces sarily to be quick to send out the news, as he wished the American gold market, which had not closed, to have the benefit of the news, rather than foreign markets, which would open tomorrow some hours before those in the United States. "At 3:10 p. m., by proclamation,'' he said, "we fixed the weight of the gold dollar at 15 5-21 grains of gold, 9-10 fine. This is the equivalent of 59.06 per cent of the former weight of 25.8 grains. The new gold con tent of the dollar became effective the moment I signed the proclama tion at 3:10 p. m. "The Secretary of the Treasury, with the approval of the President, has issued a ptiblic announcement I that beginning February 1 he will buy, through the Federal Reserve Bank of New York as his fiscal agent, for the United States and all gold delivered to a United States mint or the assey offices ; in ? ^1 New Yoric or seanie au uie i avc vi j $35?per fine Troy ounce, less the usual mint charges and less 1-4 of one per cent for handling charges." Treasury officials explained that sales of gold for export would de pend upon fluctuations in exchange rates, which they expected to be very little. When the rate of exchange reaches a point at which it is cheap er to ship actual gold than to buy foreign exchange for the purpose of making international payments, gold will be sold. When the oppo site obtains, foreign gold will be bought. They expected European gold prices to rise immediately to the $35 quotation here as expressed through the exchange rates. Such an increase in the dollar value of gold holds a fundamental place in the monetary theory of Professor George F. Warren, commonly credit ed with originating much cf Presi dent Roosevelt's currency program. The theory is that when the value of gold as expressed in dollars is high, the price of commodities will automatically adjust itself upward. A rise in commodity prices is the first goal of the President's recov ery plan. The $35 gold price the treasury also expected to result in an im mediate depreciation of the dollar in terms of foreign curriencies, which economists say would be of great benefit to the United States by en abling foreign merchants to buy more cheaply in the United States than in their own countries. The price spread thus created be tween f America and Europe, with the higher prices, as expressed in dol lars, obtaining abroad, was expected by them to result in an adjustment which would move the American price level upward. -As to America's new relationship to the gold standard, treasury econo mists said that, of course, the coun try had not resumed a moneary sys tem making dollar* freely exchange able for gold, but that for purpose* of international trade, this had beer Under the monetary bill signed bj the President yesterday, coinage oi _Wi u ^ v***v* ***?/ J VVI 1 C? geld is ended and 'the metal is to bt kept in bullion form and used ? such only for the settlement of in 1 mm 2m /ULa4 vT8tt6 mPHUXM vWW by the treasury iJ treasury title to all the nation's! monetary gold stocks including prin-j cipally more than $3,600,000,000 ; heretofore held by the federal re . serve banks. Gold held by the.treas ury increased the total to more than > $4,011,000,000. Devaluation of the - dollar gave the treasury a profit of - about $2,750,000,000. **Of this prof it, ? $2,000,000,000 is automatically set ? aside for the stabilization fund i The Senate Appropriations Com i mittee voted to restore one-third of the 15 per cent pay est for govero r ment employes in February and an ' other third in June. J Representative Gifford, Republican, i Massachusetts, renewed his demand ? for an inveetigation at dvft Works.7' - The House Appropriations Com f mittee recommended $88,667,000 for the State, Justice, Commerce and Push dans For SconlcParkwa) Governor to Head Group Before Federal Offi cials Raleigh, Feb. 1.?Governor Ehring haus will head a delegation of Tar Heels before Federal park and road officials in Baltimore on February 6. They will urge that North Carolina's link in the proposed scenic parkway connecting Shenandoah and Great Smoky national parks follow the crest of the Blue Ridge range, entering at Low Gap, in Surry county, and pro ceeding through the most picturesque mountain country in this State. Plans for presenting the proposal were worked out yesterday at a joint meeting of the State Highway and Public Works Commission and the North Carolina Committee on the j Federal Parkway, appointed by Gov j ernor Ehringhaus, with other inter I ested parties taking part in the dis I cussion. An undivided front will be shown [ to the Federal officials, who will hear Virginia's proposal on Monday and Tennessee's on Wednesday of next week. *?> All members of the special com < t mittee and of the highway commis sion will endeavor to appear in Balti more. Chairman E. B. Jeffress plans to arrive on Sunday evening and to j hear Virginia's proposals, and Gov ernor Ehringhaus expects to get to ; Baltimore Tuesday morning. False Rumor Circulated Locally The Brown & White Chevrolet Co? of this city are in receipt of the fol lowing telegram in reply to inquiry concerning a local report, which stated that all new Chevrolet cars had been i called in due to something being wrong with "Knee-Action" wheels: Charlotte, N. C., Feb. 2, 1934. B. & W. Chevrolet Co., Farmville, N. C. No foundation for report circulated. Factories working night and day. Production this month will total ap proximately ninety thousand.. T. D. HUNTER, Zone Manager. Civil Court Here Feb, 19 Judge Frank A. Daniels, of Goldsboro to Preside Over One Week Term Greenville, Feb. 1.?A one-week term of Pitt County Superior Court for the trial of civil cases will be held ? in this city the week of February 19, J it was made known at the courthouse. The calendar for the term was ex pected to be arranged by members of the bar probably next week and will then be sent to the press. This was expected to consist of some forty or more cases of more or less interest to the people of this sec tion, and the week will be one of the busiest in sometime. Judge Frank A- Daniels, of Golds boro, who presided over the criminal term<here last week, is scheduled to return for the civil session. Mem bers of the bar and the public gen erally were greatly impressed with Judge Daniels' work here last week and are looking forward to his re turn with interest In spite of the fact that three days of last week's term were con fined to the hearing, of two cases, court disposed of over forty cases. This was due to Judge Daniels' abili ty to push things along and make every minute count for something. Leaf Safe! Go Beyand 22 Million Goal In Farnwillo Sales on the Farmvilie tobacco market were discontinued for the 1933-34 mason Friday, Jan. 26, with a total of 22,587,047 pounds of leaf being sold for $8,728,887.98, with a general price average of $16.49. Poundage for this season was the heaviest of any previous year in the history of the market, with the ex ception of 1930, and patronage was from an unusually wide territory. Sales totals for the 1932 crop, the smallest since 1917, were; 12,110,188 pounds, average $12.64. There was less fluctuation noted in prices, grade for grade, throughout the season succeeding the re-opening, than in several years. Many farm ers took advantage of the free gov ernment grading service on this mar ket and reported very favorable re sults. With the anticipated acreage re duction, enabling farmers to give more attention to cultivation, hous ing, curing and grading the next crop, for which the seed beds are al ready planted, is expected, with fav orable weather conditions, to exceed in quality that of the past few years, with many farmers increasing their acreage each season. ( Cotton Fanners Get Extension of lime May Enter Government Pool Up to February 5 and Borrow on Staple Raleigh, Feb. 2.?An extra period of time has been granted cotton farm ers holding cotton under government option to enter the pool and borrow four cents a pound on their lint, Dean I. O. Schaub, of State College, said yesterday. The extra period will close Febru ary 5. The first period ended Janu ary 15, but so many more farmers have asked to enter the pool that the extra period has been granted to take care of them, Schaub explained. The cotton pool was formed to en able farmers to borrow money on their option cotton and at the same time hold the cotton until the prices advance still farther. Indications are that it will rise several cents a pound within the next few months, Schaub said. The cotton options were given large numbers of North Carolina farmers who participated in the plow up program last -summer to reduce the State's cotton production. Many of the farmers chose direct payments but the majority prefer red to take options on cotton at six cents a pound land hold it for a bet ter price. Already cotton has brought 11 to 12 cents on some markets. I Three Perish in Atrial Venture The Stratosphere Craft Crashes Near Moscow After Record Ascen sion Moscow, Jan. 31.?The nation to night mourned the deaths of three daring Soviet scientists whose record breaking ascent into the stratosphere ended in a crash at dusk yesterday near a tiny village east of Moscow. Their crushed gondola was discov ered on the outskirts of the village of Potiiski Ostrong. The huge bag of the balloon broke from the ball and bounded away as the ship struck the earth and burst into flames. The balloonist, who radioed to earth yesterday that they had as cended higher than any other human beings, were Paul Fedossenko, pilot and in 'command of the fatal ascent; Andrew Vasenko, engineer who su pervised construction of the ball on, called the Syrius; and Ilia U&rifnn, brilliant young physicist who made the stratosphere scientific observa tions during their brief flight to ward the sun. The balloon crashed between 3:30 p. m., and 5 p. m., yesterday, ac cording to the official Soviet an nouncement. Witnesses reported two explosions as the gondola hit the earth. The bodies were mutilated beyond recognition. The precious facts gath ered in the flight were destroyed and the delicate instruments ruined. An official commission left to start an investigation, but doubt was expressed by experts that anything could be learned from the demolish ed gondola or its shattered equip ment The balloon started its flight into the stratosphere at 9:15 a. m., yes terday, without previous announce ment. It moved swiftly into the for bidding grey skies from a military air field outside Moscow. The field radio operator kept in constant touch with them until 3:08 p. m., when the last message picked up from the bal loon said they were starting to de scend. The fliers had claimed a world's record of 67,568 feet, or 12.79 miles, although whether it can be allowed was conjectural, the instruments hav ing been destroyed and there being no opportunity to calibrate them. The balloon had a gas capacity of 24,900 cubic meters. It was built at Leningrad. I Approximately 95 percent of 'he tobacco growers in Wilson county signed acreage reduction contracts, says Farm Agent W. L. Adams. Did you know that President Franklin Delano Roosevelt is the only President of the United States who has been an active member of the Boy Scouts of America. Questions and Answers Washington, Jan. 31.?Questions and answers explaining the monetary situation follow: Q. What does a 59-cent dollar mean to the average citizen? A. Nothing directly. The dollar bill in your pocket hasn't shrunk in size, and it will still buy groceries priced at 100 cents. The indirect re sult desired by the government is, to be sure, to raise the price of commo dities, and that may mean to .raise the price of groceries. But by that time, if the money policy does what is predicted by its sponsors, the wage earner will have more dollars to spend. Q. Why was the figure 59.6 cents selected by 'the government as the new dollar price in terms of the old gold price? A. That, President Roosevelt ex plained today, is a matter of "higher, mathematics." The exact figure was unimportant, within a range of a few miles; The object was to get the dollar slightly, but not far below 60 leents. But the, government decided it might as well have a round fig ure for the purchas of gold and se leced $35 an ounce as the price. The amount of gold in the new dol lar, nine-tenths fine* was calculated from the $35 price. It is the amount of gold in the dollar which regulates its value, and 15.23 grains of gold at $85 an ounce is worth 69.06 and a fraction cents. Q. Is the dollar now stabilized at 59.06 cents? A. One official described the situ ation as "a modified return to the international gold standard." The dollar ts "pegged" until, farther no tice, in relation to gold content, but whether the seme level can be main tained in foreign exchange quota tions depends on how -successfully 1 * " W I* \JT , : u'l. - . ? " tw: ymmmj the new stabilization tend operates. The President hag the power to change the gold content of the dol lar or the price of gold at any time, but must keep it between 50 and 00 per cent of its old statutory content of 25.8 grains nine-tenths fine. Q. Can gold circulate as money in this country now? A. No. Gold coins may be melted into bullion and kept by the treas ury in bars, probably worth about $5,000 each, for use in settling inter national balances and as a currency reserve. A new type of currency will be issued. The money will be gold certificates, but will not carry an un qualified promise of reduction in gold. Gold jewelry or gold plate may be owned by individuals, but mone tary gold, except old coins having a collector's value, is Illegal. Q. Does the United States now have a "commodity dollar" or a "rub ber dollar?" A. Not at tall.. The President still is interested in the ultimate goal of a "managed currency" to be regu lated so that the purchasing power of. the dollar does not change, but for the time being the dollar is just as it used to be, except that it jdoes not represent such large amount of theoretical gold as formerly. Q. What effect does the new pro gram have on the Federal Reserve banks? A. It reduces their financial im I portance somewhat, because it gives the stabilization fund director power to influence credit and bond market conditions, whereas heretofore that has been a function of the banks. The reserve system will continue, however, to perform ali functions it has hitherto engaged in, except that intenuitional gold operations will be conducted only on treasury orders. Q. Does the program put into ef fect today involve the silver dollar?. _ A. No. Its weight remains un . vy. ... /" v.* ' ?" \ The City Honors The PrasM At Birthday Bill Nearly 'IVo Thousand People Attend Gala Event a; Teachers Col lege Greenville, Jan. 31.?Greenville and Pitt County people Tuesday night joined the rest of the country in pay ing tribute to President Franklin D! Roosevelt with a birthday ball given in the Campus Building of East Caro lina Teachers College. The affair, p enerally agreed to be one of the belt ever given- here, was attended by i, crowd estimated at nearly two thousand. Part of this number sat in the spacious balconies and watched the entrancing bail room scene below and the remainder whirled about the'floor as thousands of others wers doing in other parts of the country. ? v| The building had been beautifully decorated with pines and national colors and a huge invitation birth day cake, brilliantly lighted, adorned the stage. The cake, a three-decker was electrically lighted, and was the cynosure of all eyes throughout the evening. Music was provided by Eddie Poole's orchestra of State College and the two figures of the evening were led by Mr. and Mrs. J. B. I James. Promptly at 11:20 o'clock the dance was halted for the address by Presi dent Roosevelt from Washington City. The President thanked the nation for the tribute paid.him, and declared it was "the happiest time of his life." He told of the wonderful work being done i t Warm Springs, Ga., fos children tuffering from infantile paralysis and declared the main pur poses of the :>all was to raise funds to help the institution render greater service to the nation in this respect. The addresi came to the crowd through a ralio which had been in stalled in the stage several feet above the dan ce floor ,and was plain ly audible in every section of the building.1 ? The huge [auditorium, one of tne largest in this part of the State, never formed a more entrancing ap pearance thai it did Tuesday night with brilliant ly costumed men and women swayi ig to the dance numbers rendered by the orchestra seated on the stage. It was one of the most or derly and g muinely happy affairs ever witness id here and was truly in keeping with the spirit of the oc casion, honoiing as it did the 62nd birthday of o le of the greatest Presi dent's the nation has ever had. If it made Mr. Roosevelt happy to be thus Honored in 6,000 cities and towns of the nations, then it evidently made the people much happier to lave a part in paying this tribute to him. Smiles wreath ed every fac< during the evening and the spirit of good-will which has emanated" fiom the White House since the inauguration of Mr. Roose velt was in evidence everywhere. The dancers felt like they had the Presi dent with them, evidently taking hira at his word when he told them over the ralio that he hoped his spirit would be at every party and ball given in his honor. Although the total amount of money raise 1 here had not been de termined toe ay, a full check was be ing made of ticket sales in the vari ous towns t nd it was expected the amount would be known by night fall. This will be turned over to the Warm Springs Foundation and will be use i in helping mend frail little bodies and get them in condi tion to go >ut into the world and become useiul citizens. Farmville ?Mr. and Mrs. J. M. Hobgood, h r. and Mrs. A. C. Monk, Dr. and Mis. W. M. Willis, Mr. and Mrs. G. S. Vought, Mr. and Mr& J. W. Joyner, Mr. and Mrs. J. Y: Monk, Mr. and Mis. D. E. Oglesby, Mr. and Mrs. T. C. Turn age, Mrs. SalUe K. Horton, John B. Lewis, Mr. and Mrs. R. H. Knott, Mr. and Mrs. J. L. Shackleford, Dr.-and Mrs. C. C. Joy ner. EDITOR MARRIES Editor J >hn H. Howerton of darks* ville, Va., i md Miss Virginia Bergeron of Farmviil? were'quietly married in this city at five o'clock Tuesday eve* ning last Rev. John Barclay* pastor of the Christian church of this city conducted the ceremony. The marriage occurred at 5:80 p. m., at the residence of lira. Delia If. Williams 1m Nash street^ and the hap* py couple left immediately after, the ceremony for Florida ?here they vfll spend the in honeymoon before taking op their : -esidence in Clarksville, Va., where If: % Howerton is editor of the local pap >r.?Wilson Daily Times. ^ tV ? V .o T-r: .: YeggsObtain S56: At Macclesfield Batter In Outer Door of Bank Vault Rut Fail on inner Compartment t i . Xwbaro, Jan. 3L- rhree yeggmen with the full armament of gangsters .?a submachine ? gun, a. sawod-off shotgun and steel vests?attempted to loot the Bank ofMacclesfield ear ly today, but. weresurprised by two officers and fled after a sharp gun battle. The bandits, who battered in the outer door of the bank vault but fail ed to,open an inside safe, took $66 in pennies. One of them , apparently was wounded in the exchange of shots. Walter Moore, town night watch man, and C. E. Pridgen, a deputy /sheriff, saw the bandits break ..into the bank and going on top of a build ing across the street opened fire on them. The bandits came out of the bank shooting with a sawed-off shotgun and what Pridgen and Moore said they believed was a sub-machine gun. During the exchange of shots one of the bandits drppped as though wound ed and his companions picked him up, put him into their car and fled. Sheriff W. E, Bardin was sum moned and in making an investiga tion found several flatened bullets in the street which, he said, indicated the. bandits were wealing "bullet proof" vests which had stopped the shots. . Officers in all surrounding towns were notified to watch for the men, but no reports of their being sighted had been received late today. State Revenues Meet Estimates First Seven Months Give No Indication of Sur plus Over Budget Raleigh, Feb. 1.?Improved business conditions probably will not result in North Carolina's general fund reve nue for 1938-1934 being much, if any, greater than the estimated $23,000, 000 yearly, Commissioner of Revenue A. J. Maxwell said yesterday. Mr. Maxwed mads public a state ment showing that for the first seven months of the current fiscal year, general fund collections were $3,648,769.38 higher than those for the same period last year. Collec tions for January 1934, were shown to be $745,205.16 higher than those for January, 1933 the difference being accounted for largely by the 3 per cent general sales tax which became effective last July 1. General fund collections for the current fiscal year total $10,899, 840.79, as compared with $7,251, 071.41 for the same period last year. The sales tax has yielded $3,317, 726.16 so far this year the Jan uary yield being $811,619.02. The beer tax which also was not in ef fect last year, has returned $205, 628.79 since been was / legalized on May 1. ? / " A * " ?mlmiw* vuvironiin ' collections m m^unaj ??>????>< ... the fiscal year probably will exceed the $19,000^000 estimate by approxi mately |1,000,000, Mr. .Maxwell be lieves. Collections in that fund for the first seven months of this fiscal year were $1,967,359.47 greater than those for the corresponding period in the fiscal year 1982-1933. It had been generally felt that im proved business conditions would materially increase the state's reve nue, and lay the basis for some sal ary cut restorations for teachers and other state employes. Mr. Maxwell explained that one large source of revenue in the in come tax department would fall con siderably below 'estimates. No re port has yet been received by the state on earnings of tobacco com panies, but the R. J. Reynolds To bacco Company has announced that its net income -for 1983 was $21, 168,721, as compared with $83,674,800. That means the company's income tax payment will be cut by approxi mately one-third, as compared with that paid last year. The state'never has announced income tax paymwits, but & Clay William^ president of the company, announced at a meet ing-ofthe Legislature's Finance Com mittee last year that his company paid $2,18*000. ? i ? r '"1 u -JJ'J * ' u*' Alert fanners are domtu#ig that dolomkic limestone be used in their fec|0(nn this spring in.Jie? of inert i aand and other filler, according to reports. Local Boy Scouts Plan Interesting Anniversary ?i.?????? ? - ? Friday, February 9, A Special Program Is To Be Staged at the Farm ville High School Audi torium L The week beginning February 8, is birthday week for the Boy Scouts of America, and the Farmville Troop is planning to celebrate this anniversary with appropriate ceremony. As yet the program has not been issued in its final form, but the rough draft of it bears evidence that the Soy Scouts of our city intend to put on a pro gram which is both entertaining and informative. There are to be two store window displays showing dif ferent phases of scouting. These dis plays are to be located in the Hub Hardware Building's window and in the window of The City Drug Com pany. According to Jack Barber, who is in charge of the Farmville Scouts, one of these windows will be devoted to Pioneering, and the other to First Aid. The details of 'the ar rangement have not yet been disclos ed. On Friday, February 9, a special program is to be staged at the Farm ville High School Auditorium by the Scouts. On Friday night there is to be a torch light parade by these boys, which is to be followed on. Saturday at twelve o'clock noon by a program in the High School Auditorium. Dur ing this program President Franklin Delano Roosevelt is to address the Boy Scouts of America throughout the nation. At this time he is to give to each scout troop in every communi ty some good turn to do for the com munity in which the troop is located. The public is invited to attend this meeting. Radio and Public Address equipment will be installed and those in attendance will be able to hear the President. Efforts are being made to obtain a joint meeting of the congregations of the various churches on Sunday, Feb ruary 11. At this meeting a true Boy Scout Sermon is to be preached and in case this plan goes through the church members will be notified from the pulpit of their church. The Boy Scouts are doing every thing in their power to make this an niversary celebration a huge success and it is hoped that the citizens of Farmville will co-operate with them in their efforts. .? ? The Rotary Club Meets The weekly meeting of the Farm ville Rotary Club waa called to order at the F&rmville High School Build ing by its president, Bob Boyd, at 6;16 p. m., on, January 30, 1334. An oyster supper was then served. Aft er the meal President Bob announced that the Board of Directors had ac cepted with regrets the resignation of Rotarians Richard Joyner and Rev. J. Q. Beckwith, Jr., the secretary, who is leaving to make his home in Hillsboro. xrvin Morgan was then appointed acting secretary until such time as a secretary should be elected by the Club. There jeing no further business the program was turned over to the chair man of the program committee who named Bill Smith as the program leader for the evening. BUI then presented John Holmes to the club. The speaker had been assigned the subject "Looking Ahead." He began his address by pointing out that there were three problems which has con fronted the world sinfce the dawn of time; namely, Politics, Economics, and Religion. Taking up the subject, of Economics John proceeded to show how the economic affairs of the Unit ed States directly, and of the world indirectly, were being settled by the actions of 'he President of the United States. He then stated that he was no prophet but that if men would think about these problems which confront us that they would be able to solve them. He aptly closed his address by quoting the prophecy from Tenneson's "Locksley Hall" and show- , ing bow the things prophesied in this poem have come to pass. President Bob then boned the few remaining minutes of the program over to Jack Barber, who is acting in the capacity of Scout Master for the Farmville troop. He explained to. the members of the Rotary Club quite briefly what he hoped to do for and with the boys of FarmviUe. He also explained the significance of the Anniversary of the Boy Scouts of America. % The meeting then adjourned to meet again Fbroary 6, 1384. ?? In Yadkin County, 94 wheat grow ers have . received rental payments of $2,490.20 for,: reducing the acreage this wwBk^^^
The Farmville Enterprise (Farmville, N.C.)
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Feb. 2, 1934, edition 1
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