jnKn Banker Denies
Hieai Influence Was
mneeted With Loans
KES LONG REPLY
Rlys Audit of Sinking
Fund Made Regu
larly
I FIGURES CORRECT
Yadkinville, October I.—Rela
[ tive to the dicussion that has
appeared in -various North Caro
lina newspapers concerning the man
agement of the Yadkin county sink
ing fund, W. A. Hall, president of
the Bank of Yadkin, which is the
county treasury, said in an inter
view with a correspondent of The
Journal today:
"The articles appear to have been
written from Raleigh," declared Mr.
Hall. "The_ information as to fig
ures, different issues of bonds, etc.,
are from the reports filed with the
local government commission, of
which Charles M. Johnson, of Ra
leigh, is director. These figures are
essentially correct.
"The first issue of bonds by the
county was for $60,000 for road
Improvements. They were issued
January, 1 1915. In the legislative
act authorizing them, it specified
that in addition to a tax levy to
meet the annual interest on the
bonds, there should be included a
tax to create a sinking fund which
is to be kept loaned at 6 per cent.,
BO as to have a fund large enough
to retire the bonds at maturity. This
applies to all the other bond issues.
The county commissioners at that
time decided that the county treas
urer would be the proper party to
- handle and keep the records of this
fund. Thus, from that date to the
present time, there have been no
changes made or suggested as to the
* handling of this fund.
"The first loan" continued Mr.
Hall ($1,000) was made January
from interest collected and
Bulking funds annually collected
the various bond Issues until
now aggregate $136,109.-
Pp Many loans have been made
from this fund and collected and
re-loaned.
There has been collected to date
Interest to the amount of $57,752.-
* 63, which is included in the above
*nsmed loans and our records are so
k. kept that you can determine at
once to whom the loans were made,
when paid and the amount of inter-
West collected. Every penny has been
I accounted for and not a loan, or any
A part of one, has ever been charged
p off. Our record are audited by
I certified- public accountants and
their findings certified to the coun
ty commissioners and filed in their
office as public records. The work
for the past six or eight years has
been heavy but has been done with
out cost to the county.
"*• ' "Every loan that has been made,
was made in good faith, conserva
tively, and relative to the times,,
amply secured. Nearly all of them
- are secured by real estate —the
board of commissioners taking the
view that real estate was the best
and safest security for this fund.
Announcement!
We have bought the stock of the Elkin
Hardware Co., and have opened for busi
ness. We invite all the old customers and
the public to come and trade with us. Our
prices are low and service courteous. We
are making a special price on the follow
ing:
Superior Wheat Drills, Stoves and Ranges
Heaters, Chattanooga and Oliver Plows,
Disc Harrows, Galvanized Shingles and
many other articles.
Our Prices Are Cash and Less
CASTEVENS
Hardware Co.
O. D. Castevens, Owner Elkin, N. C.
iter 6,1932
>
First World Seriei Fan
Wm. Cunningham, 28, former rail
road fireman of Kansas City, bought
the first general admission ticket to
the Yanks-Cubs world series game at
New York. September 28. Cunning
ham sat himself down by the Yankee
ticket window on September 19th,
where he held vigil until tickets went
on sale the day of the game.
They were made with the prospect
of running for several years, inter
est to be paid annually, as the bonds
were being sold on long-term maturi
ties. Estimated values were used in
arriving at the true value of the se
curities^—assessed values are used
for taxation and not for loans. Fed
eral land banks, insurance com
panies and other loaning institu
tions take real estate appraisal val
ues and not tax assessments, as a
basis for their loans.
"In the article which appeared in
The Journal," declared. Mr. Hall dis
cussing the management of the
fund, the author refers to "three
real estate firms." The loans refer
red to are secured by real estate, or
collateral secured by real estate.
The loans were made in good faith,
amply secured, and at the time
made, these firms were solvent and
in good standing. Should they now
be insolvent the loans on the real
estate still hold goou. Many of the
individual loans are referred to as
having political significance. This
is absolutely untrue. The board, in
making a loan, never once consider
ed a man's political affiliations.
"There are a number of Demo
crats who obtained some of the
largest loans from th'is fund who
were not mentioned in the article
at all. In fact the first loan of sl,-
000 made from the fund, was to a
Democrat. This fund has been
handled without preferment of fav
oritism, and I feel sure that when
the country regains some of its
former economic prosperity, the
county will suffer virtually no loss
from its management.
"The first maturity of any of the
bonds," Mr. Hall states, "is not un
til 1945—some of them run until
1959. All serial bonds have been
met promptly at maturity dates.
There has been no defaulting in the
interest on any of the bonds at all.
1 am of the opinion that Yadkin
county will show as good a rating
THE ELKIN TRIBUNE, EtKIN, NORTH CAROLINA
as to its bonded indebtedness and
sinking funds as any county in the
state. Charles M. Johnson, director
of the local government commission
would concur In this opinion, I feel
quite sure. I am personally acquain
ted with Mr. Johnson and esteem
him to be a fair and honest gentle
man. You will find none of our
bonds listed for sale by the bond
brokers. I hare a price list before
me from one of these brokers of
fering large blocks of bonds of cer
tain counties of the state for sale.
Prices range from $45 to sl9 on the
hundred.
"At the time Little Yadkin town
ship was sold for $70,000," con
cluded Mr. Hall, "we tried to locate
some of our bonds in order to re
tire them. We finally located $90,-
000 worth and asked the holders to
make us a price. They refused to
do so, saying they did not want to
dispose of them, at any price. Only
six of our bonds have we been able
to get hold of. So after all, Yadkin
county's financial condition appar
ently is not so bad."
The consideration shown at the
Olympic games by American ath
letes extends even to not allowing
the visitors to be burdened with
excess baggage through carrying
trophies home.—Washington Post.
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§i :h llf ir | 1IS» KIW2I HI 311 ** I
|| Ltmil 111Tf dilKUl •£=• J
g» VOL. 5, No. 8 ELKIN, N. C. PUBLISHED MONTHLY* j
- THE GRINDSTONE commissions, and with no under- ——————————
I. J. C. Penney Co. , «*„- ■* » 2* Z SSSViST BANK OF ELKIN
g DEPARTMENT STORE fl»u'dtnJnd* on Ther ® ar ® 80 many Wayß fn "BUILT FOR SERVICE"
=Q DEPARTMENT STORE the edge off of. It depends on wbicb thl(J c i oßer relation between ?v
"First Quality Always" [7° the farmer and the clty man can K
the tool held against the stone be brought about that nothing M
at the right angle, it will get a vftr j OUß c i ub activities will answer J. H. BEESON, Cashier
75 sharp edge. If the metal is poor, .. =
g J. G. Akins, Klwanian or the angle toward the stone Some c , u ; s haye found the Klwan an g|
wron *' the tOGI 18 blunted instead BolutJon , n cO - o perative market-
of sharpened. , ng otberg ln providing proper
U"ll • T *ll .v Kiwan ' 8 18 being b ® ld aga i° Bt facilities for home marketing, r 1 A ¥?/YF TIM A
= Elkin-Jonesville th e grindstone these days. The Qthera , n rest . roomß and parking CAKOLiIjNA
3 Building & r ho,e WOr , ld f fl ep , a co " d 7 Ui ° n M places reserved in towns for farm- JfJE & FUEL CO.
g DUliaing« LOan has never faced before. We know en} and thelr wiyes and yet oth _ V r W.
Association that the metal of Kiwanis is right. erß ln get . together dinners and BLUE GEM AND RED
The temper of the organization is p , cnlcß where rural and urban A g H QUALITY COAL
i= Own Your Own Home and P pri ect. It is founded on princi- popu i atlon mee t and fraternize. PHONE 88
H Pay No More Rent P6B as ° ,d 88 ClvlHzation / The farmer-city man problem is
g ' Pl f ß W x T lCh aVe DeVer fa le « l ° almost entirely a local issue. Each h ~,T\r, « H
M C. G. ARMFIELD, Klwanian h " man 4 ° r , ganl f" on neighborhood has a different W. N. Sherrlll, Kiwanlan gg
which has not as its foundation b , and the B , tU ation must « g|
=| the spirit of the Golden Rule can be approached from local angleß
B h , ope to , B " rviv ®- This is the prin- there , 8 n0 nelghborhood
H SYDNOR- f p e °'™ wa n. !■ an , d L"
a prin- wbere W orh on this "object ve II SOUTHERN PUB- I
(•n k iu»/Mm ciple which will endure forever. cannot be done , to the betterment LIC UTILITIES CO @
SPAINHOUR The philosophy of Kiwanis is as Qf bQth the farmer and the clty U 11L.11 1E.3 £g
mMPAMV ? f maD ' u man - LIGHT AND POWER M
= COMPANY is the foundation of every reli- R , B the duty Qf each Klwanls gj
gion, every fraternity and every cJub president to burst a paper Electrical Appliances
H "Elkin's Finest Store" group of men who are trying to nnder tWs Btandlng com mit- All Kinds
live right and make the world a tee tQ u from sUtlng dQWn g
E. S. Spainhour, Klwanian * U better becaUße they were ln on the job at this, the most ad- H " T " Brown - Klwanian te
. . .. . vantaseous time of the year to —————______—
§ —— With these foundations of prin- ,
. , . . . , approach the farmer. JCS
ciple and philosophy, there is
t9*t 2 not bing left for us but to put Ki- ® ||
wanis against the grindstone of AGE PATRONIZE m
n • L n n the times at the right angle. The =
Keich-Hayes-Boren anfele wlll be the thought of each "Tempos fngit." There is a =
m individual. If we think of Ki- fab led fountain of eternal youth OTTR
Fnneral Directors : : : wanis as Just another organize- ' n but so many of us do.
1 i : : Home P»™bihers anotber 80cfe ty, if we consider it wax old and become fat, placid A nVF/RTTSERS
aii *«_». ÜBt another luncheon club, it and inactive.
Ambulance Day or Night wiU be jußt thoße thingß to UB "Old men for council and young
m and no more. • men for war " In Kiwanis we
But if we look on our Kiwanis bave more men each year who
== _ membership as a privilege, if we ar ® anxious to advise, and fewer pr; =
R. J. BARKER think of it as an opportunity, if wh ° are inclined to go on the . Sinclair Ke&ning
we consider it a splendid chance I,ne - .. Comoanv
= INSURANCE AND LOayh to band with other right thinking Without the slightest thought
AND LOAMS men tQ heJp tfae communlty and of discouraging the admission of -gindai, Gasoline and Oils
- middle-aged or elderly men in Ki- grade that makes
1 Bervioe (hat nate, we are holding Kiwanis to we should have an eye ouj ** M
, senrlce that satisfies gr , ndstone of thege difflcult for those up and coming young the grade
m V{ , times at the right angie, and it me » ,n ®« to 7" who will take n raham , Klwanian
Kiwanlan wlll come thrbugb them with a U P th e burden the elders are so
' keener edge to do still more ef- w ii'i n K to lay on their broad gj
f fpftlvp woi"lr In thp wnrlrt shoulders. C'/
B CIIDDV "As a man thinketh in his heart The average age in Kiwanis is A RFRNETHY'S
ig SURRY so is he," and as a man thinks of increesing, not diminishing. We ABfc.KNfc.lHT2>
Sf HARDWARF CCI human institutions, so do these bave a real need for the enthu
r\r\Ej lnstitutlonß be come. If we keep siasm - th e Pep. the push and the # Drlnk at OIIr , ||
"Ttte best little hardware the right thought angle on Ki- action which has ever been char- Sanltary white Fountain
= store in the best little town wanis, it will come through sharp- aeteristic of youtn. "g|
in North Carolina" er for its work, and with Its When the Committee on Mem- "A Good Drug Store"
gj ' metal better • tempered by the bership is considering new ma
— J R PninHortw iri « stress of these perilous days. terial, it is well to keep this fact Abernethv Klwanian
1 J - R - Polnd exter, Kiwanlan The Uon6 fg rough but the in mind. The wheel horses of J - Abernetby, Klwanian
metal is good. We need only Kiwanis are men past high noon L- K
place them together at the right ln H ' e - We need y oun Ker men to g
FI K PRINTIMr* nr\ angle to "bring a keener edge to take their places when they shall fUATUAM
M tLIV rKINIING CO the tool with which we are work- have become inactive. CHAI HAM S
Publishers ing for community betterment. The old form of assessment life r"Tt TDIMr
THE elkin TRIBUNE —k— srsrsss Lssnrii MANUFAC
Western North Carolina's AUTUMN DAYS inability to keep down the aver- COMPANY
Leading Weekly Newspaper .. The frOßt ls on tbe pumpkin age age of its policy holders.
H. F, Laffoon and the corn is in the shock. The ot b®r human institution is Q q Poindexter aud W. A. 5E
»*. ' , ' farmer has "laid hv" his >ron H !lab, e to the same misfortune if J25
and now is the time to develop 14 fai,B to Conß,d «r the value of Neaves, Kiwanians g
■ that better understanding between c °nstantly adding young men to » =
— the farmer and the city man. He the J an t ß 1° ke ? P . UP th ® ave "* a ««- 1
S TURNFR HRITP Cf\ bad the leisure to fraternize and Wat ch the rising young busi
g lURmr-K UKUU CU. become merry wlth hiß Blippoßed ness or professional man in your T^ llWp Raffle
| "The Friendly Drug enemy, the "city feller." £ wn needs Kiwanis just as XWUDie MhdgW g
Pew organizations on the con- Kiwanis needs him. He is the Service Co. §
tinent are making this objective beßt P°f" lb l« material and should ft
primary. and there is plenty of bis youth count in his fa- Washing Polishing
tSL CURB SERVICE work to be done by Kiwaniß to ™* th ® r than m,,lt fte against Greasimr i =
g disabuse the mind of the agri- b,m ' f ° r mwanl » membership. urvanng
1 Geo. E. Royall, Kiwanlan rl . B ' 1^ a .. tha |. he ,B ~ A. O. Bryan, Kiwanlan §|
being imposed on by the city man A tool and bis money make
who rides on hie back with heavy most parties. ——— g
A Boy—or Girl?
Pro! Untcrbcrger of Koenigsberg
University, Germany, claims devel
opment of a chemical for parents
wtiicK will determine whether an un
born child shall be a boy or girl. It
is claimed the sex has been deter
mined 77 out of 80 cases.
»
LEARNS ALL ABOUT DAD
King Carol of Rumania has called
his son, Crown Prince Michael, from
London because the boy learned for
the first time of his father's love
affairs from an English language
newspaper in Paris:
Cool Springs News
Oar school opened Monday morn
ing with a large enrollment, and
bright prospects for a very success
ful session. Mr. Ouy Durham 1b
principal again this year, with Miss
Mary Gladys Carter assistant. Mr.
Durham is a very thorough teacher,
building from the foundation, and
we are very fortunate in securing
him again; Miss Carter is well
trained for her work in the pri
mary department.
Our Sunday school is still doing
fine, however we lost a lot of folks
to the Carter reunion last Sunday,
also a number attended the Elkin
Baptist association. % .
Little Miss Harris entertained
her classmates at a very successful
party and weiner roast Saturday
afternoon, with nineteen class mem
bers present, and eleven visitors
from the Busy Bee class. Honor
guests of the occasion were Mrs. J.
W. Newman, former class teacher,
and Mrs. L. W. Casey, wife of the
former superintendent. Games were
played in the wide pastureland, and
the children were allowed to care
for the fire and prepare refresh
ments to suit themselves. One en
joyable feature of the party was the
reciting of an old poem by the
grandfather of ihe little hostess,
Mr. Harris, a former teacher in the
schools, who knows many poems
learned in his boyhood, and la
ready to entertain the little folks
at all tlmeß.
The Sunbeams have nine honor
roll students for the quarter.
Gene Hall Sustains
Injury In Practice
Gene Hall, son* of Mr. and Mrs.
J. L. Hall, of West Main street, is
recovering from an ankle injury
sustained Monday afternoon during
practice of the Elkin high school
football team, of which he is a /
member.
According to witnesses, Gene
twisted the ankle as he fell to the
ground during tackle practice, chip
ping "the bone slightly on either
side. However, although he will
be unable to walk upon the foot for
some weeks, the injury is not con
sidered serious.
SELECT ROOKY MOUNT
Rocky Mount was selected as next
year's meeting place by delegates to *
the annual convention of the Uni
versalist Church in North Carolina
as they closed their meeting near
Clinton.