. _TTD ^ ^ ~ ~ FARMVILLE, PITT COUNTY, NORTH CAROLINA, FRIDAY, FEBBUARY 1?,1M4 " NCM^Kt FOBTY^ONB VOL. TWh^TI-niUll ; . p a ... ' --? ' ^ ? - ' ?" -v- ' . " : i . 1 . - ir ~ ? ~ ? ~rypn ? ?? Facts About Farm Credit Associations Applications For Loans In This Section Are Handled by J. C. Gallo way, Greenville, N. C. The 1934 crop season will mean the beginning of a better system of cred it for many farmers who are prepar ing to finance the year's farming by means of short-term loans through the production credit associations which are being organized under the Farm Credit Administration through out this state. Under the Farm Credit Administra tion the- land banks will continue to make long-term real estate mortgage loans; but the administration is also providing a long needed system of short-term production credit for far mers?loans to be used for producing crops and livestock and repaid at the end of the season. This is an - *? and entirely new service it is designated to be permanent Farmers in this locality will be served by the Greenville Production Credit Association, which was char tered on December 7, 1933, to serve Producers in Pitt and Greene coun ties About ."our or five counties is the average size of an association. There is no fixed number of counties standard for all associations, but each must include enough territory to give a volume of business sufficient to se cure efficient organization and low cost of operation. The Greenville association was or ganized through the cooperation of representative farmers of the coun ties included, with the assistance of the Columbia Production Credit Cor poration. There is one of these cor porations in each of the 12 bank dis tricts in the country. The local as sociation will obtain loanable funds ? i;-*~ Kanlf from tne inienneuiaic of Columbia, which will lend money on, or discount, well secured notes of farmers. All of these institutions are a part of the Farm Credit Adminis tration. - A production credit rbsociation does not end Government money. The funds that will be loaned are ob tained by the intermediate credit banks which sell short-term bonds, or debentures, to the investing public. In other words, the money is being borrowed to be loaned to eligible far mers to enable them to produce a season's crops. The association is not a charity institution; but a busi ness credit institution for business minded farmers. The purpose is to make loans that farmers can afford to use for a Sanson's operations, and which will be repaid at the end of the season. It is a pay-as-you-go plan for agriculture. Loans needed to buy work-stock, fertilizers, seed, machinery and equipment, for purposes of dairy or poultry farming, or for other ex penses incurred for general agricul tural purposes, may be obtained from ?n credit association as con venientiy as from any carefully-man aged bank. ^ Most of the loans will run from S to 12 months, depending on the length of time required for growing and marketing the crop or livestock which the loan is made to produce. Loans for crop production will usually ma ture in less than a year, although loans such as those on dairy and breeding cattle may ran longer?up to IS months. Applications for these short-term loans are handled in this territory by Mr. J. C. Galloway. Applications will be acted upon quickly when they give a clear finan cial statement of the applicant's farm ing condition, listing all assets and liabilities and estimating net worth. The applicant should name specifically the farming assets offered as securi ty for tha loan, and give a plan, or budget, showing hum he is going to use the loan applied for and how he is going to repay it Primary secumty for production loans consists of ttvastock, farming equipment growing crops, or other personal property most appropriate to seenxw-the loan- adequately and make -up a-eft?Mi HkinRUKU. u 11 not intended that loans ?shall be se cured primarily by mortgage on real estate. Where- this type of security is taken it will be regarded as addi tional collateral. The minimum loan is $50.00 and no loan may enflsed 20 per cent of the authorised captital of the association. The amount of the loan should cor respond with the actual need for cred it. Perhaps more farmers have be come heavily involved in debt be cause of too much credit than because of the lack of it Loans'from pro duction credit,associations wiH-only be made as needed; and proper pre cautions will be taken to prevent over extension of" credit so that farms will not hare to pay unnecessary indebt security for the loan personally in spected by a loan inspector of the as sociation. The minimum charge for inspection is $2.00. Regulations about inspection charges and collection may be changed as required by the pro duction credit corporation. Usually no charge will be made for inspection if the loan is' not granted. If the report of the inspector is satisfactory and the loan is approv ed by the loan committee of the as sociation, the farmer's note ib en dorsed in the name of the association, and sent, along with his credit state ment and chattel mortgage, to the j intermediate credit bank of Columbia. If the bank approves the credit state ment and the security, it makes funds available to the association, and the association sends a check to the bor rower immediately. Each association is capitalized ac cording to the credit needs of the ter ritory it will serve. Most of the cap ital stock is purchased by the Pro duction Credit Corporation of Colum bia and this enables the association to begin making loans immediately. Funds derived from the sale of stock to the corporation are used by the local association to purchase high grade collateral, chiefly Government bonds, which are placed with the in termediate credit bank to establish a line of credit, that is, to get the bank to discount money on the notes of farmers which the association has endorsed. Ordinarily the bank will discount well-secured farmers' notes up to five times and association's capital. In this way an association may get all the;credit it needs. The authorized capital stock of the Greenville Production Credit Associa tion is $80,000.00. Of this amount the Production Credit Corporation of Columbia will pay in, as needed, about $50,000.00, making possible a maxi mum total of loans of $250,000.00 through loans and discounts with the immediate credit bank. Autually the Production credit cor porations owns about three fourths of the capital stock of the association. The farmers who borrow from it own most of the remaining portion, each borrower being required to own 5 per | cent of the amount of his loan in vot I ino? ?trv>k in the a^Moiataon. A farmer who gets a loan from the association does not have to ad vance any money to pay for his stock, j as the purchase price may be included in the loan, one $5 share being pur chased as each $100 of the loan mon ey is advanced. The stock carries no double liability. Thus a borrower's liability in a possible impairment of capital of the association extends only to his own stock holding, amounting to $5 for every $100 or fraction there of borrowed. A farmer does not have to pur chase new stock each time he bor rows unless the stock he owns has be come impaired in value or he wishes a larger loan. A farmer no indebted to the association may sell his stock to another eligible borrower, or may exchangd it at its fair book value for non-voting stock. Such an exchange must be made within two years after the holder ceases to be a borrower. The 3tock purchased by the cor poration is non-voting, but preferred as to assets in case the organjggtifm is liquidated. The voting stock is owned only by the borrowing farm ers, each having only one vote in the association no matter what the amount borrowed or stock owned. Officers and a local loan committee of each association are selected by the temporary board of directors which was elected by the charter members when the association was organized. At the first annual meet ing of the voting stockholders, that is, the farmer borrowers, a board of directors, will be elected, confirming -or replacing the temporary board. Thus each borrower has an equal chance of voting his opinion as to the management of the association. At present loans from a produc tion credit association carry an in terest rate of 6 per cent, charged on ?an annnal basis, that is, only for the actual time the loan is outstanding. A loan for six months, for instance, will carry an interest charge of about $3 on a hundred. The interest is not collected until the loan is due. The interest rate charged the in dividual borrower may not exceed by more than 3 per cent the rate at which the association gets money from the intermediate credit bank. At present the interest or discount rate charged the association by the intermediate credit bank is & per cent?these Charges make up the 6 per cent in terest rate paid by the farmer, j^the interest spread of 3 per cent between the rate paid by the associa tion and that paid by the borrower goes to the association to meet opera log expenses and build up a guaranty ffcnd or nrplus,. needed %y any care fully managed business institution...^ 4 Actually, the Farm Credit Admin istration is establishing at Greenhflle. r as at other carters of farming sec i QDoSf a xarmers simviinn credit xaaOSqlraA.:rv N. C. Tobacco Crip For 1933 Valued Over 83 MHIion Total of $83,553,000 Re ported by Crop Report ing Service; Average, To Be $16.10 Raleigh, Feb. 14.?North Carolina's 1933 tobacco crop was valued at $83, 553,000 in estimates announced yes terday by the crop reporting service of the state department of agricul ture. This is $48,280,000 more than the <WTO AAA 1AOO | OyWV 111 1?7U6 Vl Vy pvuiivvu. With 509,060,854 pounds of the estimated 1933 production of 518, 522,000 pounds marketed through January, the crop already has brought in approximately. $81,296, 000, the report revealed. The average price paid through January was $15.97 a hundred, .as compared to $12.03 for the 1932 crop marketed through the; same period a year ago. The report esti mated the yearly average for 1933 would be $16.10 a hundred as com pared with $12 the previous year. The estimated 1933 production represented an increase of 76.5 per cent ever the 1932 crop which total led 293,694,000 pounds, the report said. This tremendous gain was at tributed in the main to a 43 per cent increase in acreage planted and a marked improvement in the yield per acre. The estimated yield an acre was ' - - J -x nnt\ ?3~ t AO piacea at nv puuiiua, a.?*u an acre more than the previous sta son. Market sales during January were unusually active this season, the re port declared. Producers sales last ( month totalled 36,437,492 pounds at an average of $14.31 a hundred, . compared with only 13,007,833 last year at an average of $8.67. New bright belt markets, which sold 281,059,405 pounds through January at an average of $16.31 a hundred, led the state in poundage, I but old bright belt markets with an average of $16.84 a hundred for 154,999,206 pounds, led in price, South Carolina belt markets, which closed in November, sold 70,- , 056,428 pounds at an average of $12.93 while sales on the Asheville hurley market through Jhnuary total led 2,945,315 pounds at an average of $9.66 a hundred. The average- prices the previous year in these belts were: New bright $12.41; old bright, $11.14; South Carolina, $12.66, and Asheville bur ley, $15.22?a lower price than pre vailed for the 1933 crop in each in stance except the Asheville market. ] CAPTAIN ANDERSON EXHIBITS HIS THiKTY WORLD WONDERS HERE ' i Featuring the exhibit of a number 1 of'deep sea specimens of Capt. A. J. ' Anderson, now on view in tie store formerly occupied by the Hub Hard- j ware Co., ig a "monkey fish" said by Hie Captain to belong to the "skate" j family. Of a broad type with a head apd tail shaped like those of a monk- J ey, the freak also his'wings. Capt Anderson has traveled around ' in this and other countries for thirty years, and has spent the past nineteen J years in gathering these wonders. , Among the curiosities offered for in spection I is a two headed calf and a baby whale. . 1 business. Each borrower has part 1 ownership in the business. His lia- ] bility for loans of the organization is j only 5 per cent of the amount he bor rows. The management of the busi- i ness is being entrusted to represents- ] tive farmers chosen by the member j borrowers. This is the only method | ever devised which permits farmers < with the aid of the Federal Govern- < ment to ultimately own -and operate i their own production credit business. Co. Board Ibhl Meeting Friday County's Finances In Better Shape; To Push Collection of Personal Property Taxes Greenville, Feb. 15.?Holding its the Board of Commissioners of Pitt regular monthly meeting Friday. Cpunty transacted routine business, reviewed reports that showed the county to be in the best financial condition in five years, and urged in creased efforts on the part of the tax collection department to collect personal property and poll taxes. The regular monthly meeting was scheduled to have been held on 1st Monday, but was delayed because of the illness early in the week of R. H. McLawhorn, chairman of the board. The tax department's" report for the fall's operations showed that the better business conditions in the county had been reflected in tax collections. Indicating that shodld the proportions of collections con tinue for the coming spring months of the county would complete its fis cal year within its operating budget without borrowing any money, for the first time in more than five years. The debt service budget for the year were also beyond expecta tions and with good collections from now out that portion of the county affairs would likewise find itself in the clear for this year. Noting from the tax department's records that there was still out standing a large amount of uncol lected personal property tax money, the board ordered the tax officials to concentrate their efforts on col lecting these taxes in order to make it possible for the county to operate in the clear this year. The nearer collections reach the 100 per cent mark each year, the lower the tax rate will have to be, the board point ed out, and citizens who have not paid will be urged to do their part by paying now. Cotton Drive Nears Close Fifteen Hundred Con tracts Expected To Be In the Office Here By Tomorrow TPAVI 1 K _ TV?A rtrttfAM VriTTtTJl ViUCf 4'CU. 4-C/. iiJO wviw* production campaign which has been in progress in the county the last several weeks will be brought to a dose tomorrow night, E. F. Arnold, lirector of the Pitt County Farm De monstration, stated today. Farmers who have not signed the contract "calling for acreage re duction during the next planting season were urged to do so at once and be'in position to take advantage jf the splendid government bene fits to be derived from such action. Mr. Arnold said 1,200 contracts had been received at his office so far, but he 'expected 1,500 would be on hand by the end of the cam paign. Committeemen were at their places in various parts of the county as sisting growers in putting their sig natures on the dotted line and they were expected to be quite busy today helping those who put off signing until the last minutes. Mr. Arnold when the campaign L-omes to a close and urged commit teemen to do everything in their power to bring the recalcitrant ones into the fold. The agreemnt to cut acreage has already resulted in,a boost of cotton prices, and this advantage is ex pected to hold good as long as the growers show an inclination to co sperate with the government in its efforts to cut production, and relieve the surplus supplies glutting the world market at this time. ? Mouth Health Survey To Be Made in Public Schools of th Members of the North Carolina Dental Society will make a Mouth Health Survey of the public schools of the State on Tuesday, February 20th, and Thursday, February 22nd. These gentlemen, am giving their time without any remuneration but as their contribution toward improving the health conditions of our children. . It is expected that 700 dentists will visit the schools on these, two days and during this time they will inspect the mouths of at least two hundred thousand children for den tal defects. This is the greatest con certed effort ever to be undertaken in two day's time in the health an nals of Safe- iMsfe? . '..v*- -? i:;? -h: ? -? ' fly. It is reported that undernourish' ment ranks first in the physical de fects of our school children, and inas much as undernourishment is reflect ed in the mouth of the child by im proper development of the teeth, the dentist has an unusual opportuni ty to find if t&s is true. If the child is found to nave dental defects, the parent will be notified d such conditions. It is hoped that they will take the child to their regulai dentist and have these conditions cor rected. - 4 This servey will be Conducted in Farmville School, of Pitt County, bj Doctors Jones ahd Roddick, Feb 20ti and 22nd, who will be Out of theii d$ces onth*? N. C. Has Best Systey of Roads In United Status Filed Supervisor of Bu reau of Narcotics Says State Has One of Best Administrations i. ? - Raleigh, Feb. 14.?"North Carolina has the best system of roadsinHhe United States and one of ..the-, best administrations.o{ the federal nareo* ii- <?? tr T vr tic lawf Hi *?? 11 AWIU visor of the bureau-of narcotics, today when he was making the :neual supervisory visit, A little more coaxing.might.have made a double superlative . .for the state, but he stopped, at extravagance on the narcotic enforcement The state .is freer from the traffic , illeg ally in these deadly drugs -than., any that he knows. He told clerks: ill the federal offices that the national government is . .getting great ooop eration from this state. He amaeed the departmentajists with his praise. He is a Phi'adelphian and was ap pointed 10 years ago, "The state is better off economic ally and innuatrially than any I know," he continued. He thought that of himself though another may have told him the details. It astound ed him to hear that the state met an interest installment of more than 43,000,000 in January and paid an other 43,000,000 on principal. He learned about the promptly,: though poorly paid teachers, and hc acclaim ed North Carolina as :thebest fixed state in the union. "I can tell the moment I get on your roads," he continued. "They! are better marked and better built"' I know something about roads, trav eling as I do from 25,000 to 30,000 miles a year. I learn that you have taken over all the county roads, In time they* wijl be finely eared for. ''Your gasoline tax is high, but you have a lot to pay with it You of course make more mileage' and your cars last much longer arthere sult of your roads, But there Is no where in the country that seems to be quite so well - fixed as North Carolina.^ To be able to keep up in terest and principal on your state debt ia a great arcomplishment and it seems to answer the question whe <* - ?x LJ?J1 X mer you went into ouiiuiuk on wo {Treat a scale." . ?<?? - i i TOWN GIVES CITIZENS BENEFIT OF STREEY IMPROVEMENT With the idea in view of improv-j ing the sidewalks here, the Town of Farmville has purchased at wholesale prices such materials as sand, cement, and stone, and will furnish the labor under the CWA to repair or lay new pavement within the city limits where desir?* ed, if the property owner Will pay. for the materials used. Mayor Lewis and the committee i wish to get in touch with citlsens i desiring this improvement at once i as it is uncertain just how Umffj this service may be continued. ii ? i ... ? niiip.il if a a . -mm ?? uoiiege Buuaing Reduced to Ruins . j Early Morning Fire De* stroys WingateHall a< Wake Forest Wake Forest, Feb. 14.?Winrgate Hall, the second building to be erect-' ed at Wake Forest College, wasre-' duced to ruins by fire today causing! damage estimated at approximately! $85,000 by Dr. ThurmanD. Kitchen.,i president pi the school. -5 Plans fori replacing *the structure, which housed the Baptist school's chapel, physics, phochology, Latin and Greek departments, will await adjustment of insurance, totalling $80,000 on the building and $12,500 on the equipment, Dr. Kitchen Said. Meanwhile, room will be made in other buildinga 'at the college to iUDVV VMC ViUM^Via/t Wingate Hall was erected more than four-score years ago. It was the oldest building on the campus as the college's first building, Wait Hall, ^.destroyed by fire about a year ago. Wait Hall, originally built ^tlM replaced. : ? Tba fij? in Wingate Hall was dis covered about. 2 a.: mu and had gain ed such headway that the combined efforts of the Wake Forest and Ra-; leigh fire departments failed to save the structure. Its origin was not detemked. 5!Dr.- Kitchen tojny>Ttf'rd loss oi a ______ . _?-?-?"1 6m, jchrssb to Spssk atOBan NBAChieftainAccejota imitation of ' Extern CardinaTradeBody . Dann,F?b, 14.?Gen. Hugh S. Jdhn ison,-:duef of the^lktiotnl Recovery Administration,- willspeak -1% Dusn b*ft>mith?P twetttkttimuai mwttag oi -th Eastern Carolina Chamber of Commerce/ April 10. Gwmnor J; C. B. Ehrtaghaua may also appear on theproptmmrofthe cMetfng, ^ which wiltibe 'S dinner session held in the Btauviwnany. Preliminary plans for the convene - .. - thm-were made at -a'-' mating last night of i rejMWeRtatiWs of the Rotary -and - Liens -clubs, the Mer chants' Assodattoai and1 the Woman's -Chib, presided over1 by-Henry M. Tyier, vice^rostoent of; the Eastern Carolina Chamber'of Commerce, and attended by N. G. Bartlett, of Kins ton, secretary of the organisation. There-are 110 members of the chain* ,i ber in- Dunn. Officers of the trade body-aomouneed -the NRA chief had accepted an invitation to speak. More than 500 members of the commerce body will be in Dunn for . the annual ^meeting. ' Elaborate- en- r tertaimnent tor them on their "first visit to Dunn is being arranged. Thei^dteter session- will dbe followed by a public danee,lol-which Weide meyer's orchastra of Washington will furnish .the music, The complete ?'pro gram or the event will be published | by Socntxry within a- few days. - Committees on - arrangements for the meeting will be made public. General Johnson, who has pre viously spoken in Georgia wid in the West, vrtll come to eastern North Carolina for the first time. Seek Tat On ln-Si|Mts In Leaf Drive FarmBoard -Urges Con gressman to -Provide Legislation For Sign ers Protection Greenville, Feb. 14.?Federal legis lation seeking taxation of non-signers of tobacco reduction . contracts at ? .warehouses is being pressed .by .agri cultural leaders of this county as a means of protecting those who hay? agreed to take part in the. govern- ' ment campaign to cut next year's crop and relieve the glutted condi tion of the American market, it be- 1 came known today. H. 'F. Arnold, director of the De partment of Agriculture of this ! -county, -made - public a telegarxn < which J. E. Wlnslow, chairman of i the Pitt County Department of Ag riculture, recently dispatched to Con gressman Lindsey Warren at Wash- i ington, urging that the Congressman take immediate action looking to I the question ofsuch-legislation. 1 - The-telegram -said that 2,500 toi ? -bacco growers who signed -the 'to* ? bacco reduction contracts urged tfcei i government to start-action'for acrej ?< age control through taxation at to-* j baccp warehouses on airnotr-atgnersJ - It statedgrowers wonld ibe flOrB-t * ly disappointed 'if such action wasi ? not taken. In explanation of the mcftstfg*,! Mr. Arnold said, the retjoest'applied to new fanners planting after the tobacco campaign' has?? doled. It also'would affect farmem whose pro duction is above what they signed for. ; The farm director .said practically all growers of the uoMTty Idul-sign ed the government contract, V but that acmiiBition oftarm tfisds t>y in-J forests which did^SE^BI^ptid sorely affect the redaction campaign if something Is not done to improve the situation. Although no reply has yet**H re ceived from Congressman WttKH) 1 this was expected in the -tenet ;>few yean. The board members felt'that the Congressman fully appreciated the situation and would -take Jtetoi diate steps to remedy aame. i ?- V * ;? ? ? A score or mora of portrait* of dis tinguished sons of WMfc^pWtert which hung on the walls in Wfcigate Haii's iUtr: "! I Surley-^owora in Haywood Gaun Ihad not i,?JS M SLs .v'-;.;; MaetJmaken and Brittin Given Ten Days in Jail Senate Finds Both Gull* ty of Contempt; Ean shue and Gitren Fueed Washington, Feb. H.?Wttliam P. MacCracken, who led the Senate a merry legal chase for almost !* week, and 1* H. (Brittin, who tore op some papers a Senate committee had sub poenaed just like he would hare torn upaay other papers, were found guil ty of-contempt of the Senate tonight and sentenced to ten days in jaiL -Harris-M. Hanshue and Gflbert Oiwin, who took some papers from MacCracken's file, but retained them, were found not guilty. The four, held waiting in a com mitter room while the Senate locked its -doorsto deliberate over the ? evi dence that had-been put before it in -open- session, were brought back Into the chamber to hear the find ings read in sonorous tones by a clerk. Frank J. Hogan, counsel for Mac Cracken, pvho had protested that the Senate had no authority to try His client for contempt, did not indicate immediately what his next legal step would-be. He already had said he intended to appeal a decision by the District of Columbia supreme court which turned ' Mac Crack en over to the Senate. 31 New Credit Groups In State Corporations Organiz ed For Loans to Farm ers Organized Washington, Feb. 14.?There have now been organized in North Caro lina 31 production credit corpora a An/tV /lAtfAMnrr f?rA f A - TAtll* wviwj ? yovxi wiwuig^ wv w AVM*. counties, which have combined capi tal of 11,772,500 and which an au thorized to- make short term loans to eligible borrowers to cover the cash costs of producing livestock, dairy and poultry products and other gen eral agricultural purposes. Borrow ers may obtain loans by becoming members of these associations, ob taining the voting stock, obtain ing oner five dollar share for ; each $100- borrowed sad by offering ade quate security. Both the facilities of these asso ciations innd the $40,000 >seed "loan bill will be available to North Caro lina farmers in financing their 19S4 crops. The seed loan'bill, which pro vides ? for no security except liens upon the crops, provides that no farmers may receive nid 'who have not signed reduction agreements and a similar restriction is expected to be placed around the loans of the production credit corporations. Locations of -the* 81 'associations in i Notth Carolina,' together with the capital stock of-each, follow: Eliza beth City, $85,000; Greenville," $80, 000; Waafc&gton, $85,000;raw Bern, $60,000; Laurinburg-, 960,000; Car thage, $60,000; Ahoakie, $46,000; Kinaton, $45,000; Fayetteviile, $40, 000; Lomberton, $76,000; CherryviUe, $80,000; Wadeabora $60,000; Statea ville, $50,000; Lfcaiaburg, $82*00; Henderaon, $90,000; Goklaboro, $50, 900; Dunn, $90,000; Franklin, $26, 000; Marion, $80,000; Hil!ebor?v$86, 000; Asheville, $40,000; Winatotf-Sa lem, $40,000; Gwenaboro, $40*00; Cencord, $40>000; Wiltesboro, $86, ?00; Roeky >Mo?nt,i $90*00; Sndth ffcld, $60,000; WeWon, $80,000: Wil mington, $40,000; Knwnavttle, $40, 000; ? and Raleigh, $604)00. Italy Wary of Intervention Will Support Austriaas Suggested by French A- ? 1 DMAwi l/IUy HB A MMMl UCOUli . . t ' Roue, Italy, in the opinion-of wtll fnforued persona, will consider in tervention in Austria's civil war*?as suggested in.-Paris?only as a last re sort. Many Italians fear the Nazis raay seise upon the Austria crisis' as in opportune time .to drive political potter. It is tUrfbctor which, causes chief concern. There was no official comment on the unofficial proposal in Parts by Henry Berenger, Senate Elralgn Affairs Committee thai Austrian independence be ..protected by France,' Britain and Italy. !. V: ? ? ? ? ? J Brunswich County have pooled tbrtr

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