Newspapers / The Wallace Enterprise (Wallace, … / March 14, 1935, edition 1 / Page 3
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State Treasurer Johnson Explains Fund Problem - r-—, Telia Why State Has Been Car rying Part of Deficit Out of Own Funds The reason the state did not fund all of the 1933 deficit of $15,602,090 and issued bonds for only $12,230,00 of this amount was that there were sufficient funds in the state treasury to carry the balance of $3,302,090 and thus save $64, 278 a year in interest charges, State Treasurer Charles M. Johnson revealed recently; This balance due on the unfunded portion of the 1933 deficit has been carried from the surplus in the highway fund, but will be funded whenever this high way surplus is needed for oth er purposes, so that not a sin gle penny of the highway fund has been permanenttly divert ed for the payment of any of this deficit, Johnson said. But since none of this sur plus could be used without spe cial enactment by the general assembly, State Treasurer Johnson, the governor and council of state thought it was better to carry this unfunded portion of the deficit out of un used state funds which were available, rather than sell bonds and have to pay $64,278 a year interest on the bonds, ' Johnson pointed out. Thus by carrying this amount of the de ficit debt out of state funds on hand, instead of selling bonds, the state has saved $8,034 a month in interest charges. “It seem8 to be the opinion „of some people that the amount used to carry the unfunded por tion of the deficit, amounting to /$3,302,090, which accumulated /prior to June 30, 1933, has been permanently diverted from the highway fund,” Johnson said. “But this i8 not the case. I am therefore making this statement of the facts so that the entire matter may be clear to everyone.” State Treasurer Johnson then points out that the 1933 gener al assembly gave the state treasurer authority to issue bonds, with the approval of the governor and council of state, to fund the deficit that had ac-. cumulated up to June 30, 1933, which amounted to $15,532,090. Of this amount $14,960,000 was an operating deficit from the Gardner administration, $572, 000 for permanent improve ments at various state institu tions, making the total of $15, 632,090. The 1935 act empow ered the state treasurer, gov ernor and council of state to issue bonds to fund the entire deficit. But because there was sufficient cash in the state treasury, they decided to issue only $12,230,00 in bonds, the amount of the notes outstand ing and to continue to carry the balance out of the surplus in the highway fund. “If we had sold bonds for the full amount, we would merely have placed $572,000 back in the general fund and $2,730,000 in cash back in the highway fund,” Johnson said. “The highway commission could not have used any part of this money. It therefore would have been drawing only three fourths of one per cent inter est while we would have hsd to pay 3.78 per cent interest if it had been refunded with bonds. It did not appear, therefore, to be a good busi ness proposition to sell the bond& and pay interest on them and then to put the actual cash in the general and highway funds where the money was not needed. This money would have earned only $16,510 in in terest from July 1, 1934, the date the bonds were delivered, to March 1, 1935, while the in terest on the bonds for this amount for this same period would have been $80,788.94, a difference of $64,278 which the state has saved and which it will continue to save at the rate of $8,034 a month as long as the remainder of the deficit iB carried this way. “If and when these surplus highway funds are used, either by the highway commission or for any other purpose, it will be necessary to sell the addi tional $3,302,000 in bonds. But this of course will not be done a8 long as we can continue to save $8,034 a month in inter est charges by carrying it as we are now doing.” The joke is on the neighbor’s | chickens when you fail to plant a garden. || MAGNOLIA NEWS || By MISS MACY COX mini—i—--mini Miss Lena Middleton of Win ter Park is spending a few days with Mrs. T. H. Williams^ in the home of her father, Mr.* Theo. Middleton wha gradual ly grows weaker. Mr. and Mrs. J. T. Thorne and little daughter, Mary Leah of Farmville, spent ' Sunday with Mrs. Thorne’s parents, Mr. and Mrs. J. F. Croom. Guests of Mr. and Mrs. M. H. King Sunday were her brother and wife, Mr. and Mrs. Walton, of Wilmington. The G. A. and Sunbeam Band of the Baptist Church had un usually good meetings Sunday A. M. Miss Elizabeth Gavin led the G. A. meeting with fif teen members present and tak ing part on the program. Forty wre present at the Sun beam, meeting and all took part in the singing and Bible verses. Twelve gave short readings. Little Delores Bradshaw cel ebrated her sixth birthday on Wednesday afternoon with a delightful party. The twenty little guests played games till they were tired and Mrs. Brad shaw served them to dainty re freshments. Miss Macy Cox leaves Tues day A. M. to attend the State Baptist W. M. U. annual meet ing in Durham so can’t send in news later than Monday. Miss Elizabeth Sanderson of E. C. T. C. Greenville spent the week-end with her parents, Mr. and Mrs. L. M. Sanderson. Miss Walker of E. C. T. C., Greenville spent the week-end with her sister, Miss Irene Walker. Mrs. Robert Carroll Wells and Miss Nancy Jussley of Kenansville were in town Mon day afternoon. The Home Demonstration Club met on Thursday after noon in the Junior Hall with the vice-president, Mrs. L. D. Dail presiding. After dispos ition of business old and new and the presentation of the March program Mrs. C. H. Mc-> Swain gave an illustrated talk on the selection and hanging of pictures in the home. The hogTesses, Mrs. M. T. Tucker, Mrs. Anna Croom and Miss Elizabeth Smith, served iced tea and sandwiche8 to the thirty-six members present. A miscellaneous shower was giv en Mrs. John D. Bland, nee Miss Josephine Johnson. Two new members were added to the roll, Mrs. P. J. Heath and Miss Mamie Waters. —I!-—*-II— || CHINQUAPIN NEWS || -4-;---II Mr. W. B. Ward has been ill for the past few days with flu. Mr. Hyden Seawell, who has been in New York City for the past few days, has returned to his home here. Mrs. L. R. Hagood who has been quite ill for the past few weeks is now out again, friends are glad to hear. Miss Doris Quinn of Green ville spent last week-end with her parents here. Mr. and Mrs. G. C. Quinn vis ited relatives in the communi ty Tuesday of this week. Mrs. Mattie Seawell Smith has been added to the list of F. E. R. A. teachers in the com munity. Reading, Writing, Ar ithmetic, sewing and music will be taught in her classes. Mr. Emory Quinn was ill for a few days this week with flu. The Junior-Senior banquet will take place here at the j school building on Saturday night of this week. Mrs. Frank James, Pauline, Margaret and Hyden Seawell spent Wednesday afternoon in Wallace. The annual basketball tour nament took place at Beulaville last week, beginning on Fri day. The Chinquapin girls were victorious in three games, namely with Calypso, Wallace and Rose Hill. Forwards for Chinquapin were: Margaret Seawell, Vera Sloan, Mary Da vis Williams. Substitutes were Edna James, Melba Sholar, and Mattie Suggs. Team guards were Ruth Sholar, Helen An drews, and Nannie Mae Batch Vice-President Babe Ruth of the Braves BOSTON f , . "Babe" Kuth (left;, got a new baseball tbriii when be signed S 8 year contract with Judge Emil Fuchs, whereby he became }Vice-President and Assistant-Manager of the Boston (N. L.) Braves. Boston fans greeted the Babe by the thousands in welcoming him back to the town where_he started his major league career 81 years ago. elor. Substitutes were Pauline Seawell, Marie Parker, and Nettie Mae Andrews. Miss Mary Carter spent last week-end with Miss Ellen Clif ton at the latter’s home in Fai son. Misses Alice Farrior, Mar garet Williams, Sallie Mae Johnson and Kathleen Bryce, all teachers in the school here, spent last week-end at their re spective homes. COMMERCE BODY TO MEET IN KINSTON APRIL NINTH The thirteenth annual meet ing of the Eastern Carolina Chamber of Commerce will be held in Kinston, headquarters of the organization, Tuesday night, April ninth, according tc an announcement made by N. G. Bartlett, Secretary, this week. The organization will be thirteen years old April tenth and the dinner will be held on the ninth at 7 o’clock. A feature of the annual din ner this year will be Isham Jones (Chevrolet) Orchestra of eighteen real artists, will play for the dinner at 7 o’clock and for the organization’s thir teenth annual dance from 10 P. M. to 2 A. M. Radio fans will easily recognize this national ly, known orchestra. This is the regular Chevrolet orches tra that is heard each week ov er a coast to coast hook-up. The principal speaker of the occasion has not yet been an nounced, but his name will be ready for release next week. It goes without saying that the regional organization will be satisfied with nothing short of j the very best that the nation [has to offer for an occasion of this kind. Secretary Bartlett stated that the dinner will not [be limited to members, but will be open to the general public. “We want to make this the most reporesentative sectional meet ing of the year”, the secretary said. Reservations "for plates should be made to N. G. Bart lett, Secretary, Kinston, N. C. The price per plate, including the music furnished for the dinner by Isham Jones and his eighteen real artists will be $1.00. The price for the dance will .be $1.50 plus the tax. Ex pecting the usual overflow when an orchestra of this cali bre comes to Eastern Carolina, Secretary Bartlett emphasized the fact that there will be plen ty of room for the dancing con tingency of the section. Plates will be provided for all who care to attend the dinner pro per. It will be a real treat for the music lovers of Eastern Carolina to have the opportun ity of hearing in peson, Isham Jones and his Chevrolet orches tra. Wins $19,800 in 10 Minutes Monte Carlo.—As train time approached, Edward Robson, an Englishman, who had lost all his funds, borrowed a small sum from a friend, placed it in No. 17 and the number came up three times running. With only ten minutes to catch his train, Robson dashed off approxi mately $19,800 richer. NOTICE A previous bid having been raised by A. W. Mallard, to meet the requirements of law, the undersigned will resell to the highest bidder for cash on the premises, at Charity Cross Roads in Duplin County, on State Highway number 40, at 12 o’clock, noon, on the 23rd DAY OF MARCH, 1935, the Charity Cross Roads Public School site, containing 2 acres, more or less, same purchased by the Board from A. W. Mal lard and wife. This February 25th, 1935. By order of the Board. J. O. BOWMAN, Secretary Board of Education of Duplin County. Feb. 28 Mar. 7-14-21 —711 NOTICE North Carolina, Duplin County. In The Superior Court W. D. Fussell Vfl. Wren Reid Fussell The defendant above named will take notice that an action entitled as above has been com menced in the Superior Court of Duplin County, North Car olina, by the plaintiff against the defendant to secure an ab solute divorce on the ground* of two years separation, and the said defendant will further take notice that she is required to appear before the Clerk of the Superior Court of Duplin County, at his office in Kenans ville, North Carolina on the 8th DAY OF APRIL, 1935, and answer or demur to the com plaint which has been filed in the office of the said Clerk of the Superior Court of Duplin County, and the said defendant Wren Reid Fussell will take no tice, that if she fails to answer or demur to the 9aid complaint within the time above specified, the plaintiff will apply to the court for the relief demanded in the complaint. Given under my hand this the 8th day of March, 1936. R. V. WELLS, Clerk Superior Court, Duplin County. March 14-21-28 April 4 —712 /,=■' = EXPERIENCE... The men who direct the affairs of The Branch Bank ing & Trust Co. are experienced bankers. Their pound judgment and policy in handling money belonging to others has proved them capable bankers worthy of trust. If you sail on a sturdy ship, piloted by an experienced crew, you will have little cause for worry in case of a storm. BANK WITH A STURDY AND STRONG BANK WITH EXPERIENCED OFFICERS Branch Banking & Trust Co. “THE SAFE EXECUTOR” nmayt® & oover $m .... /CHEVROLET i Truck owners know economy THAT’S WHY THEY BUY CHEVROLET TRUCKS mao. a IN who study haulage costs know that IV A Chevrolet trucks are as outstanding in economy and durability as they are in price. Chevrolet trucks handle tough hauling jobs day after day at small operating cost, because they are built to Chevrolet’s own high standards of quality in every part. The powerful six-cylinder valve-in-head engines are truck motors, espe cially designed to give sustained pulling power. Chevrolet trucks offer maximum capacity, economy and quality—because Chevrolet is the world’s largest builder of trucks. CHEVROLET MOTOR CO., DETROIT, MICHIGAN Compare Chevrolet's law delivered prices and easy C.M.A ,C. terms. A General Motors Value Illustrated: 11A-Ton Panel TrOck (131" Wheelbase) sedan $e-i e DELIVERY.v010 (107' Wheelbase) HALF-TON CANOPY $£££ EXPRESS.wOOO (112' Wheelbase) HALF-TON PICK-UP....*kOO (112' Wheelbase) *m-TON w CHASSIS AND CAB.vOUD (157' Wheelbase) s¥a^n *660 (131' Wheelbue) *ffi°N“GH.»745 \ (157' Wheelbase) 1H-TON OPEN EXPRESS. (131' Wheelbase) ♦1^-TON STAKE. (157' Wheelbase) •1M-TON PLATFORM (131' Wheelbase) HALF-TON PICK UP WITH CANOPY. (112* Wheelbase) half-ton $e/:n PANEL.*DOU (112* Wheelbase) ♦1M-TON $JO C CHASSIS. (131* Wheelbase) Above ore list prices oj commercial cart at Flint, Michigan. Special equipment extra. *Dual wheels and tires $20 extra. Prices subiect to chanse without notice. *655 *720 *630 DEALER ADVERTISEMENT CHEVROLET TRUCKS * World’s Lowest Prices CAVANAUGH CHEVROLET CO., Inc. -
The Wallace Enterprise (Wallace, N.C.)
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March 14, 1935, edition 1
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