Newspapers / Polk County News and … / Jan. 9, 1914, edition 1 / Page 3
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Report of the condition of 1 pe lDcuiiiift on Jiiryoe Try on, N. C. - at the close of business, October 21st, 1913. LIABILITIES. . , stock.. $10,000.00 5,000.00 Capital Surplus. Undivided "profits, less cur- fAC jit i : r iicuu rent exp"0" 1 Deposits subject to check.. Savin?s deposits.. Cashier's checks outstanding 4,957.46 68,084.45 12,549.94 125.72 Total . . . . .$100,717.57 - RESOURCES. Loans and discounts..... Overdrafts secured and un secured.". All other stocks, bonds and mortgages . . .......... Banking house furniture and fixtures. . .... .... .... Due from banks & bankers Gold coin . . . . ; . .' Silver coin, including all minor coin currency . . . . , Na tional Bank notes and U. S. Notes.. ..... ... .... .$ 72,407.5 193.54 7,048.16 4f920.50 13,499.60 356.00 372.24 1,920.00 Total. u... $100,717.57. State of North Carolina, County of Polk, ss: I J B. Hester, cashier of the above named : bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. V . J. B. HESTER, Cashier. Subscribed and sworn to before me. this 31st day of October, 1913. i - WM. S. STRONG, Notary Public Correct Attect: V;. T. Litfdsey, B. L. Ballenger, T. T. Ballenger, Directors. ecmc CONDEMNED HE VIEW OF 7 - new currency3 law. The following condensed statement presents tire details of the new cur- ' "... r . , - .. renqy law about as accurately as can be given without adhering to the tech. nical language of the statute Itself: At the head of the system will be placed a federal reserve board at Washington," appointed by the presi dent, which will consist of the secre tary of the treasury, the' comptroller of the currency,, and rive other mem bers. Two of these, the law requires, shall be expert bankers, but hone j shall have , banking affiliations or own any bank stock during their service. This board will haye general control over the entire system. The temporary organization com. mittee, or the federal reserve board. will select from eight to twelve cities in which regional reserve banks sbill be established, i and will divide .the wholfe Oouhtvy -'.geographically;': with these cities as the centers of districts. All national banks in a district are, by the law, required to subscribe" lor stock in the regional reserve bank in that district, and to keep a porcion of their reserve funds there. Local banks are to be known as 'member banks," because they -will own the stock of the regional reserve bank of their district. Each member I ank 'is required by -the law to take capital stock of -the -regional' reserve bank;' equal to 6 per cent, of tli3 mem- jber bank's capital and surplus. The capital of the regional bank will In crease or decrease so that it will, al ways represent 6 per cent., of the com. bined capital and surplus of -all . the banks of the district T. system. 1 . , national that join th and Feed Crusher now in operation in basement of Wil kins & Gaines Building. F1rst class grinding of all kinds dons promptly and satisfactorily. ROBT. GAINES, Miller E. E, LEWIS, Owner Good Salesman Wanted TO SELL OUR FRUIT TREES Best terms known to the Nursery world, steady employment, casv. weekly, cood money made-selling our excellent stock. Satisfaction guaranteed. Th3 chance ef a lifetime for hustlers, nons other need apply. V. Cedar Hill Nursery and Orchard Company, Box'Fj Winchester, Tennessee.. . 1 THE CAROLINA STATE : SALUDA N. C. 4 per cent, paid on a vings STRONG 1 COURTEOUS PROGRESSIVE EVERY BANKING FACILITY It has been the constant endeavor of the management 6f this bank to fur nish every possible facility for the convenience of its depositors together with absolute safety for their money. - . - An account with this bank will prove a valuable asset to any corporation, firm, or individual requiring the best banking facilities. We solicit your account. I. 0. BARROW, President. Q. C. SOX NER, Vice- President. II. B. LANE, Cashier W. C. ROBERTSON, Vice -President. Do you ftnow TheYouttis Comp anion as if is to-day? improved and broadened in its scope. Enlarged by the addition of a Special Family Page, Boys' Page, Girls Page and Chil- j!l'iKT 5.1nm!iv' i,nimr 5.T!!iim?J 2.TKr IS n FREE TO JAN. 1914 Cm tkit out tad lend it with $2.00 for TIm Ur. 19 14, awl we will tend I-K all thm Jmum for the remaining weeks of 1913 Md Til Youth' Compan w Practical Heme Caiendar for 1914. , THE YOUTH'S COS? ANION. BOSTON. HASS. dreti's Page. Great serial stories. 250 short storiesvl A remarkable Editorial Page. Current Events, and Science. A wealth of variety and quality, and all ot it the best. nhisUated Announcement for 1914 free on reqnert. Remember 52 Times a Year, Not, 1 2 Great Family Combination Offer We do not know of any Family Weekly that we can more heartily recommend to our readers than The Youth's Companion. It gives us pleasure, therefore, to announce that we have arranged .with; the publishers to make the following offer. : -r r. ' i The Polk County News The Youth's Companion Regular . CI ) , Both. Papier ;To Price - Vf getherfofr 1 year $2V $2.50 take advantage of this club rate send all subscriptions ... . .. : . " . '. .:. -V'; , -.i. - to The Polk County Newsj rTryotu tN, G -.if 4, banks are compelled to ioin. and state banks are permited to do so if they bring their reserve' re quirements up to what is required of national banks, and submit to exam inations by government officials. The public cannot own stock in tho regional banks, except in cases where a sufficient number of local banks 'do not ioin in any district to provide a capital stock of 4,000,000. In sucb event the public generally may pur chase the stock in quantities limited to, $25,000 to each individual. Ths voting of this-stock, however, willbo placed with representatives of the government' who hold positions on the board of directors of the regional banks. The law provides that regional re. serve banks may do business onlj with their member banks, and not - S " V with the public, - except that certaiif "open ' market "operaUons, "such : a3 the buying and selling of good govern ment or municipal bonds, and certain other" form of bills of exchange named inUhe act, are permitted. The regio nal banks will make, their earnings from loans to the member banks, and fronr the purchase and sale of bonds, and foreign bills of exchange. Member banks are required to p;it in cash only one-half of the amount of their subscriptions to the capital of the regional banks; the rest to b called for, if ever needed by the re serve bank. Dividends of six per cent, are to be paid on the amount of stock subscribed for by members banks, and the stock shall be non taxable. After these dividends are paid one-half of the surplus of the net earnings go to create a regional surplus fund, and m when this has reached 40 per cent, of the regional bank's paid in capital these earnings are to be turned into the United States treasury. The balance of the net earnings will be paid to the gov ernment a sa franchise tax. With the machinery of this new banklhg'TByslern created supplemental to the commercial banks of the coun tiy, the law provides for a - gradual transfer of part of the bank reserves to these new regional banks. In or der not to withdraw too suddenly the heavy deposits of country banks into large cities, the law provides that three years may be consumed in shift ing these balances, and that, if neces sary, part of the reserves transferred to the. regional banks may be'of com mercial paper. v I The amount of reserves required from every bank under this new law, end the place where it has got to be kept, are as. follows; y p . . Country banks : ! Total reserve re quired 12 per ; "cent, "of1 demand de posit aJld 5 per ceni. of timej deposits. Fiv-twelfthsi. .must .Tb , kej? Jn thv bank's . Vaults for a period- of two years and four-twelfths' , after that time; For the first ;year two-twelfths must be kept in tht? regional bank, in creasing ; bnjJtwelfth each six months thereafter until it reaches five twelfths of the. total reserve. For three years bound to court in the sum of $300 oil a cnarge oi illicit uisumng. rne ra the unallottee part - of the - resertes may be -kept in thebanka or reserve cities ; after that time it must be kept either in the. country banks - vaults or la the regional reserve banks. - . ' ' 1 Reserve City Banks i' Total reser e required, 15 per cent, of demand dni 5 1 tentha; vaults for the first ; two years, and five-fifteenths after that time. Three fifteenths must be kept i.nthe refio nal bank for the first year, increas ing one-fifteenth every six: month3 thereafter until it reaches six.fif teenths. For. three years the unal lotted' portion of. the reserve may be kept in other-banks; in its own vaults on, in the regional ' bank; after that time it must be kept in its own bank vault or in the regional bank. Reserve city banks: Total reserve required 15 per cent, of demand and 5 per cent, of time deposits. Six-eighteenths must be kept in the bank's own vaults ; seven-eighteenths in the regional; reserve bank and the remain. ing five-eighteenths in either place tho bank may desire. ' ' y Central reserve city banks (these to be located in New York, Chicago and St. Louis): Total reserve required 1$ per cent, of demand and 5 per cent, of time deposits. Six-eighteenths must be kept in the bank's, own vaults; three-eighteenths in the regional re serve banks for the first six months, and six-eighteenths may .be kept in the banks own vaults, or in the regio nal reserve bank. These funds of "reserves of member banks, together with government moneys make up the deposits of the regional reserve banks. The affair3 of each of-these banks will be con ducted under the , supervision of r boards of nine directors, six of whom will be elected by the banks, an:1 three appointed by the feleral reserve board. The law makes one important chang-i in the national banking methods " as they have existed heretofore. The new system permits all national banks, except those in New York, Chicago and St. Louis, to make direct loans on five-year mortgages, up no 25 per cent. oZ their capital and sur plus, or up to one-third of theri time deposits. The. .lav requires little direc change in he operation of the present national banks. The burden of the new law is to get the reserve funas keretofore required to be kept by na tional banks, into circulation when necessary, without lessening the safe ty )f any bank, and to provide a place to which local" national banks may go in the time of a money strin- gency, ana get casn lor meir ursi class commercial paper A new form of paper currency is jalso provided, to be issued in cases of emergency, and which is expected to find its way back into the hands' of the government when times aro normal. This new- form- of -currency the law provides, shall be printed by !thc government, and isued tnrougti each regional reserve bank, and will bear the guarantee of both the gov ernment and regional bank. CONDENSED NEWS OF 10TH, " COGRESSIO?iAL DISTRICT. Review of the Latest Important Hap - ( penings of Thirteen Surround N ing Counties. PLANS MxiKING FOR BIG A boys corn, club and a girls' tomats club Have been organized at Ellenboro and the young people of thajt place are preparing for some good crops of corn and tomatoes for next year. Camp Jackson has been selected as the name of the summer training school which is to be conducted at the f?ir grounds at Sylva during the com. iri summer. ; . . , ' . - - : ' ' The Jackson county singing conven tion will be held at Addie on the third Saturday and Sunday in January. Walter E. Moore of Sylva, is a can didate for the position of district at- tnrnev for the western district of North Carolina. county corn, show. When Corporation Commissioner W Lee went to Bryson City last Tues day to give a special hearing on com Dlaints. filed by shippers against, ex ' t i A Li.' it.. C3vktl-' eessive ireignt raies uy me oiuoivy Mountain Railroad company, the rail road officials submitted a schedule o reductions that, proved acceptable .'to tbe shippers. Therefore, the commis sion made an order approving the new reduced schedule of rates and the rail.. road ' company is directed to publish and apply the reduced" rates at once. An order has been made by Govern or Craig fo ra special term of Swain Superior court to open January 26, for one week. Judge W. A. Delvin, pre siding, for trial of civil cases. Frank Warren, son of Mr. and Mrs. H G. Warren .of Canton, was accident ally short in the side while hunting last week. He was rushed to an Ashe ville hospital. -. SCIENTIST LOOKS FOR RADIUM IN HENDERSON CO. MINES. Dr. Kelly. lhe Noted Cancer Doctor. Investigates Zircon Mines at ZIrconia for Radium. Dr. Howard A. Kelly, the noted Bal timore surgeon, who i3 recognized as being one of the , country's greatest ancer doctors, visited the zircon mines oi Capt. M. C. Toms and Hon. C. F Toms at Zirconia last week in search of radium, vhich has been discoverel to be a cure for cancer. While the results of the investiga tion are yet unknown, Dr. Kelly ex pressed himself as being 'highly pleased with his visit to the mine in company with Dr. evLi Jones of Zir conia. and took with him a quantity of the mine products for assaying pur poses. The results ot the assay ha Vi not "been announced, but those with whom Dr. Kelly talked after visiting the mines were of the opinion that the noted physician was optimistic over the outlook for the -precipus mineral or which there is known tb.be onJy stout a teaspoonful in k the whole world, a little having been discovered iu Colorado.' He is quoted as having said ' that about two and one-half teaspoonfuls of radium would be am ply sufficient to carry out all his plans for effecting permanent cancer cure3 in the most serious cases. Radium is estimated to be worth $50,000,000 per pound. " . . The zircon mines at Zirconia were operated by Capt. Toms and son as far back as thirty years ago, when zircon yjus a very precious product and when there had been only a few such disco. erie3 in the country: Additional ma chinery and equipment .was installed about a year ago but by reason of the 1 large quantities of the mineral disco v. ered in other parts of the country it cannot be worked here on a profitable basisV although this is the second mine ho far discovered that contains the zir con Ma gravel vi form. When these mines were first operated the product vaV very precious and in the early dis cpvery: of zircon it was quoted at U C00.OOO per pound. - ; ' . It is highly probable that further in vestigations will -reveal the "fact. 4hat t here is an abundance o -radium yk t At riieir meeting last week, the mem bers o fthe joint Board of Health of Asheville decided to reduce the tax of $1 a head on all dairy cattle whose wners furnish milk to consumers in that city to 75 cents. The . decision fellows litigation of several months" and a decisive victory for the city in the Supreme court of North Carolina, to which the case was carried. Plans are on foot for the organiza tion of a military company in Canton. C. B. Skipper, president or tne ure vard Cotton Mills, and one of the best known and most experienced cotton mill men in North Carolina, was run over by a street car and instantly kill ed in Charlotte on Christmas night The long looked for traction engine to haul freight from Dilliard to High- lends has arrived and after many hard cfrntririoa Mnppppdd in setting to C 1,1 utiB11-") " Highlands. We predict-a great deal of work will have to be done on the tta hpfnrp a traction can be used successfully Franklin" Press. The . commissioners cf Franklin township, Mace n - county, h.ve sold 'irH-vMr hnnds to the amount of S80.000 for the improvement of tb? roads in that township. Probably the largest pay roll ever iven out here since the Champion iur re company's !a.v.t '' began opera tions was distributed Tuesday of this ' eek Nearly ;?"22 ,t CO was; pai d to em ployes of the Fibre company and they were alsr. 'granted holiday of three days, with the exception of those who work in departments that cannot be closed down Canton Observer. Demonstrator Perkins Has JLssnranea of Over One Hundred Individual Exhibits of Seed Corn. The First Annual Henderson Coun ty Corn show will be held at the court ncuse : in tiendersonvllle sometime during te next few weeks. ' Over one hundred individual exhib ts are already assured. Farm Demon. strator Perkins is activelytat work ar ranging for the show, which will b given under the auspices of the Great er Hendersonville club. . A Hot coffee and j good ; sandwiches ,( will be served the farmers, twho. oti : that day will be the guests of the GreaterHendersonville club and of thc city. -.' The purpose of the corn show is to demonstrate the'selection of seed corn, something which is virtually import. ant to the farmer and to the commun ity. ; For no matter how good the soil, ... how deep the .plowing, how carefully ' the crop is tended, without good seed the crop must be a total or at best s partial failure. E S. Millsaps, of Statesville, and other- agricultural experts will be present. A speaker who knows his subject will deliver a lecture on thb importance of seed selection and what it has done in the way of increasd production. and the figures he will pre. sent are really staortling. In addition, to this the farmers will be actually shown , how to select good seed corn and will be shown the difference be tween good and bad seed. ' . Farm 5 Demonstrator ., Perkins, for vbom the the Greater Hehdersonvillc club is responsible, is enthusiasti3 over the possibilities of the show and as enthusiasm is catching worse than the measles, he is spreading that en thusiasm broadcasst. He says he is meeting with every encouragement in his efforts and advises getting many gallons of good coffee and several baskets of sandwiches ready for ths farmers who will be in attendance at the show. pr -centv of time deposits. t Six-fit- J Uu ntha;inuEt be kept v in. the banVs la undiscovered in that it is found 5 only' zircon' mines.'- HENDERSON COUNTY FARMERS USING CREAMERY ADVANTAGES GENERAL REYIEW OF EVENTS THROUGHOUT XORTH CAROLINA. Summary of the Important Happen, ings of. the Past Week Throngh- oat the State, i Iu their celebration of the fifty-fifsl freedom anniversary, Raleigh negroes Ihursday appealed to white North Carolinians to oppose segregation which contemplates the prevention of negroes from buying lands adjoining white properties, v The Raleigh fire department contri buted a steamer and other apparatus Friday night sent on a special traia to help put out a destuctiye fire in the heart ot the business section of Wake Forest Atone time, when the appeal to Raleigh was sent, it looked likri tha wholt of the " business ' section wa3 doomed. In the end only the Citizens bank and the big stores ot W. C Brew, er & Co.. were destroyed. The loss is estimated at $75,000. ; , : Three hundred" ex-tiaves of New Hanover were made happy Thursdaj afternoon when a sumptuous dinner vas given them by white people of ths city at StStephens's church (ecljored). Dr. -J. R. Gordon, Represehtatlvo rom Guilford, has just accepted a posi tion with the Department or Vital Sta tistics of the State Board of Healthas a special field agent to assist in secur ing the registration of every birth and death occurring in the Old North State in '1914. Signing Contracts for Delivering Dairy' Products. Daily to Wagons of Blue Ridge Creamery. The nalure and advantages of tne operations of the BluVRidge Creamery o? Hendersonville are gradually be coming better known throughout Hen derson' county as a result of which the creamery is now working on enlarged plans and preparing for an extensive business in the future. In connection with the inauguration! of delivery service in Hendersonville each day, the creamery will operate five wagons to collect milk and cream throughout the county, arrangements having been made for this service at i lies KooinTlnor rf fVio nrnoanf raor J. C. Morrow, who is in charge of the business, reeoritly visited the great-. er part of the county, educating thd people as to the nature of. the work, prices, etc., as a result of which he signed contracts with several farmers who have agreed to furnish milk and cream during the .coming; year. For the convenience of those who will fur. nish this dairy product the creamery will run wagons daily in the countyvto csake the collections. Mr. Morrow states that a number of farmers owning cOvrs hesitate in mak. ing agreements for the reason .that they cannot understand that it is noth ing more than a business proposition of selling milk and cream at a , stated price, the creamery only wanting the assurance of a sufficient amount of the products to justify the operation of the plant. r--.'y-':';''-;,--- An admirable new " feature of the creamery is the pasteurization process of purifying the milk before it is de livered to customers. ; This process was practiced for a. while by the White Pine creamery formerly at Fletcher, this being the first experience of the kind In the county. ; The- creamery is now in excellent shape to handle' a. large quantity of milk and cream as it has found a ready market for its, products.' V FARMERS' MARKET; REPORTER. Will be Issaed by Agricultural Depart " . meni for Information of Bayers. . The farmers of North Carolina wiil dcubtless be interested in the publi cation of the Farmers' Market Report er by the State 1 Division of Markq under the supervision of Wm. Jt. Camp of Raleigh. ' This publication will regularly list articles for cale for tho information of buyers; whether they be fanners, general consumers' in the city, retail ers or iobbers. andwO be sent to all pfcrsom requiting saraci
Polk County News and The Tryon Bee (Tryon, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 9, 1914, edition 1
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