North Carolina Newspapers

    REPORT OF THE CONDITION OF
THE BANK OF FARMVILLE
FARMVILLE, NORTH CAROLINA
At the close of biuJaeM oo Jane SO, 1938
-
ASSETS
I. Cash, balances with other banks, and cash items in process
at collection ?:???;?i? 3 341,468.06
3. United States Government obligations, direct and fully
"guaranteed i - : 88,629.69
A State, counV, and municipal obligations 219,036.68
6. Corporate " stodtg" : 1,600.00
T. Loans and discounts 261,052.97
9. Banking house owned, furniture and fixtures 26,641.60
(Bank's squity, subject to None encumbrances not
assumed by bank).
15. Other Assets v 1 _? 5,511.80
16. TOTAL ASSETS : 3 948,827.59
LIABILITIES AND CAPITAL
17. Deposits of individuals, partnerships, and corporations:
(a) Demand deposits . $ 566,206.18
(b) Time deposits evidenced by savings pass book 72,648.79
(c) Other time deposits 52,883.58,
19. State, county, and municipal deposits 102,873.15
20. Deposits of other banks .?, 1 13,779.57
21. Certified and officers' checks, letters of credit and travelers'
checks sold for cash, and amounts due to Federal
Reserve bank (transit account) .?_ 2,558.34
22. TOTAL DEPOSITS 8 809,398.56
29. Other liabilities 8,025.86
?i ? . .
30. TOTAL LIABILITIES EXCLUDING CAPITAL AC
COUNT 3 817,424.42
81. Capital account:
(a) Capital stock and capital notes and
debentures! 3 50,000.00
(b) Surplus 50,000.00
(c) Undivided profits ' 26,408.17
(e) Total capital account 126,403.17
82. TOTAL LIABILITIES AND CAPITAL 3 943,827.69
33. On June 30th, 1938, the required legal reserve against deposits of this
bank waa 3108,527.80. Assets reported above which were eligible as
legal reserve amounted to $340,393.01.
34. tThis bank's capital is represented by 1000 shares of common stock,
par 3 50.00 per share.
MEMORANDA
35. Fledged assets (except real estate), rediscounts, and ;
: securities loaned: \
(b) Other assets (except real estate) pledged to secure
liabilities (including notes and bills rediscounted
and securities sold under repurchase agreement? 90,000.00
(e) TOTAL , 90,000.00
36. Secured and preferred liabilities:'
(a) Deposits secured by pledged assets pursuant to
requirement of law 102,873.15
(e) TOTAL - ; 102,873.15
I, L. E. Walston, Cashier of the above-named bank, do solemnly swear
that the above statement is true, and that it fully and correctly represents
the true state of the several matters herein contained and set forth; to the
best of my knowledge and belief. ?*
Correct.?Attest: L. E. WALSTON, Cashier.
JNO. T. THORNE, Director.
A. C. MONK, Director.
T. C. TURNAGE, Director.
State of North Carolina, County of Pitt
Sworn to and subscribed before me this 9th day of July, 1938, and I
hereby certify that I am not an officer or director of this bank.
(SEAL) GERALDINE GARDNER, Notary Public,
My Commission expires March 14, 1940.
There are parents who have chil
dren who spend money faster than <
the parents can find it. ? ?;
Fasrism is the idea that a man with
$100,000 is worth ten men with $10,- I
000 and 100 men with only $1,000
apiece.
The adjournment of Congress will
enable many congressmen to attend to
some very important business.
Frankly, we do not see how fisher
men in 1938 can tell any bigger lies
than have been told by fishermen in
the past.
REPORT OF THE CONDITION OF
THE BANK OF FOUNTAIN
FOUNTAIN, NORTH CAROLINA,
At the close of business on June SO, 1938
ASSETS
1. Cash, Jxhucos with other banks, and cadi items in process
^ at collection I ? I 25,849.87
8. United States Government obligations, direct and fully
4. State, county, and municipal obligations 9,894:24
7. Loans and discounts ... 106,271.79
16. Other assets 198.90
It TOTAL ASSETS I 150,369.42
LIABILITIES AND CAPITAL
17. Seposits at individuals, partnerships, and corporations: ? ~
t%) Demand deposits ~ f 62,625.70
(b) Time deposits evidenced by savings pass books? . 28,107.29
It. United States Government and postal savings deposits 38.31
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Fists at NortlLjQirfML-flBto of Pitt ? ????? -' -
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Ky coBuaiflskm tni'liw Jsuuary 11 1989*"
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BUYING SURPLUS FOOD.
FSGC END IT? WWE.
s??
WHAT HAS BEEN DONE.
(Hafo & Sims,. Wsfhiagton Corres
pondent.)
?
The farmers of the Unit^p States
have long been acquainted with the
problem of acute want in the midst
of abundance. They know thfttuieod
goes to rot for want of markets
while farmers are ruined by prte&r
which do-not return them-enough to
meet- obligations. Our cities team|
with hungry and underlclad families, j
unable to buy the farm surplus. Asj
< Senator Borah says, "This country
would have no farm problem if the
people in the cities chad enough to. eat
and to wear."
Faced with this situation, nearly
five years ago the -Government ex
perimented with the purchase of sur
plus farm commodities for distribu
tion to persons op direct, relief. Since
August, 1933, rhore ihatt ' $220,000,
000 worth of food has been distribu
ted and now the Federal Surplus Com
modities Corporation, with :$80,000,000
to spend is attracting widespread at
tention throughout the nation.
' " . ''J -A 'st <-? ? ? -"J
Recent reports indicate that " the
Federal Surplus Commodities Corpo
ration will buy up to 15,000 tons of
surplus raisins, 250,000 gallons of
maple syrup, 2^00,000- pounds of
surplus cheese, 9*000,000 hags of
flour, 500,000 cases of surplus grape
fruit, 8,000,000 bushels of apples, to
gether with eggs, potatoes and other
commodities.
? ' ;; I
| The commodities will be distributed
to relief organizations in various
states which will pass theni out to
relief clients. The purpose of the
distribution is to increase consump
tion and at the same time, relieve
farm commodities of surpluses which
tend to drag prices lower.
One result of the Government's ef
fort to dispose of these surplus farm
commodities is a drive to extend the
policy into other areas. Already, it
is announced that 110,000,000 .worth
of clothing will be purchased for dis
tribution to relief-aided ^families.
However, the FSCC will confine its
activities to the farm surpluses, leav
ing to other agencies all efforts to
bring about the distribution of other
surplus commodities. The argument
is made that the FSCC, an ageney de
signed to aid farmers, cannot risk the
blame that might attach if other buy
ing programs arouse popular resent
ment. I>tV
Advocates of the FSCC policy in
sist that food and clothing are funda
mental and that the . Government
should remedy a ? situation which
leaves the people under-nourished
and ill-clad. At the same time, the
prices are far under a profit level to
?farmers and yet the purchases pre
vent market demoralization and
wbuld intensify farm distress.
Secretary of Agriculture Henry A.
Wallace is intensely interested in the
economic prospects" of the buying and
giving program. He has largely con
fined the operations of the FSCC to
bolstering commodity markets in
periods of heavy supplies that put
great pressure on prices. Experience
has shown that a relatively small
amount of support prevents a break
in prices that would mean financial
distress to large numbers of farmers.
. -vvf:' :
As an eiample of tb^wkration
[let us take up die case of butter.
[This is a basic commodity for dairy
! farmers. Its price is set on the pro
dutff exchanges.
In the past, when surplus butter
appeared, prices broke disastrously.
Now, when the price of butter gets
to about 23 cents a pound, the FSCC
is likely to begin to buy. Consequent
ly, the pressure to sell eases, the
price tends to stabilize and all dairy
farmers are protected by the activity
of the FSCC. In less than five years
the Government has purchased 90,
000,000 pounds of butter St a cost of
more than $22,000,000.
The purchasing is done to stabilize
prices, but as soon as the market im
chasing puts a floor under prices of
miscellaneous products, just as com
modity loans place-a floor under the
level of cotton, wheat and corn
prices
Secretary Wallace argues that the
controls whieh industry, better or
ganized, already utilizes to its ad
vantage. Agriculture he says, divided
into six million small competing
units, lacks the means of voluntary
cooperation while industry, concen
3|Fm' **
I Contrasting agriculture with in
dustry, Mr. Wallace says thktfar
I raers continue to produce at a rate
[per cent lower in purchasing power
^^^^ggry, 1937. This means
? "? ? - ??"i ?
1 On the other hand, says Mr. Wal
lace, industry Axes its price and
sticks to it, sacrificing production and
jobs in the process. The Steel indus
try, he says, cut production from
ninety per cent to twenty-five per
cent of capacity, thus?*'plowing un
der" half of the worfcerg. The auto
mobile industry cut production from
one hundred to forty-five per cent
and "plowing under" vast numbers ol
workers. All industry cut produc
tioiT from" one bunded'fifteen per
cent of the 1928-25 average to sevens
ty-four per cent and "plowed underi*
millions of workers. These workers,
the Secretary of Agriculture points
.out, rapidly get on the relief rolTs
?nd;the Government has to take care
of them. In other words, under pres
ent conditions in the United] States,
the Government cares fbr the work
ers until industry needs them again*
This resume of the activities of the
FSCC is given because the agenm
and < its practices will probably cojme
in for Bharp criticism during the next
few months. Farmers should know
what it is all about.
FOUNTAIN NEWS
<Br MK3. iL P. YBLVBBTONj
Miss Elizabeth Smith is spending
the week at Myrtle Beach.
Mrs. W. D. Owens is visiting rela
tives near Stantonaburg.
L Mrs. G. L. linker of Durham la a
-guest efber-sister, Mrs. B. H. Owens.
Mrs. Ava Ware of r Raleigh spent
the week-end with Miss Nelle Owens.
Mrs. Jimmie Sutton spent Sunday
at Moreehadd Beach with relatives.
James Forrest of Greenville spent
several days recently-with 'relatives.
Mrs. Wade Barber of Pittsboro is
visiting her sister, Mrs. E. B. Bess
ley.
Rufus Wilson Brown underwent a1
tonsil operation Monday in Park!
View hospital.
Mrs. J. W. Jefferson spent Thurs
day with her sister; Mrs. B. C, Eason
in Macclesfield.
Gibbs Johnson left Mondays for
Salemburg where he will attend sum
mer school at Pineland college.
R. L. Eagles of Richmond, Va.,
spent a few dayB recently with his
parents, Mr. and Mrs. F. L. Eagles.
Mrs. W. E. Smith and Miss Carrie
Smith spent the week end with Mr.
and Mrs. E. B. Beasley in Raleigh.
Mr. and Mrs. Glen Cobb and
daughters, Betty Jean of Brooklyn,
N. Y., were guest recently of Mr.
and Mrs. Jimmie Sutton.
Miss Edna Gardner left Sunday for
Ashville where she has accepted a
position in a beauty parlor for the
summer months.
Mrs. J. W. Redick and daughters,
Misses Julia Ward and Mary Carolyn
Redick are visiting relatives at Hope
well, Va. \
Mr. and Mrs. Horace Eagles trod
daughters, Ann of Erie Pennsylva
nia, and Mrs. Eric Copeland of Dur
ham are house guests this week of
Mrs. J. R. Eagles.
fc&rfVj*.' ?' ? (< I ? ?* *
? ? ?
ENTERTAINS AT BRIDGE AND
ROOK
Mrs. E. B. Beasley entertained
Wednesday afternoon in honor of her
sister, Mrs. Wade Barber of Pitts
boro. Sharing honors with Mrs.
Barber were Mrs. Horace Eagles of
Brooklyn, N. Y., and Mrs. 'Eric Cope
land of Durham.
Bridge-and Rook were anjoyed.
High score prize for bridge was won
by Mrs. A. C. Gay and for Rook by
Mrs. C. M. Smith. The honorees were
presented gifts,
The guests were served coco-colas
while playing and at the conclusion
of the game the hostess served frozen
fruit salad with wafers, sandwiches,
iced tea and cakes'.
Livestock Controls?,
I Dodder In Lespedeza
?
Pasturing livestock on lespedeza
fields in summer: is a good way of
?controlling dodder, or love vine, that
infests North Carolina legume fields,
said A. C. Kimrey, extension dairy
?Medalist t at State College. Dodder
is a serious menaee, especially where
lespedeza is being grown for seed.
1;^ When the animals eat this, parasite,
duced, but the lespedeza will later
produce seeds for harvest or for re
seeding anothr crop on the same
land the following year. One dodder
plant, allowed to grow, may yield 8,
000 seeds, and if harvested with the
lespedeza wiH make the legume dan
gerous to use. Under the State seed
law, dodder is classed as a noxious
The surest way'to fight this para
site iB to plant only lesj^cdeza seed I
known to be free from dodder, said
E. C. Blair, extension agronomist
This meitts that growers should not
harvest seed from fields that are
itnd?
mm* on lespedeza or other plants
Every good citizen should contri
bute some of his time to the support
of worthwhile community undertak
ings. Farmville could make faster
progress if everyone volunteered to
help.
;J?Tot every man- who praises democ
racy believes in his own doctrines.
, ,
k -
' Give n* woman & sew outfit and she
immediately wants to wear it some
where
. ;?
Almost anybody is interested in
getting something for nothing,
Yon can say one thing about the
Congress it knows how to appropriate
public money.
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