Newspapers / Shelby Daily Star (Shelby, … / March 22, 1933, edition 1 / Page 8
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Restricted Banks Get More Orders As To Their Rules Ms? Renew Notes, Deliver Bank Statements. Pay Public Money Protected By Bonds. Etc. Further orders have been Issued to banks operating without license and under restrictions by State Coitflntatfoner of Banks, Gurney P Hood, reading as follows: "Under and by virtue of the au thority contained In an act entitled •An act to provide for banking hol > Mays, and to conserve and protect thq assets and resources of banking corporation.' ratified the 7th day of March. 1833, the following rules and regulation* for the governing of state banking corporations In the state of North Carolina, which hate not been licensed to reopen for business without restrictions are hereby provided: “Section 1—Sub-section (J) of or der NO, 170, dated March 7, 1933. 1: hereby revoked, said sub-section reading as follows: "(J) To exercise the usual bank ing functions, to provide for abso lute necessary needs of communi ties for food, medicine, relief or A - tress, payrolls and expenditures tc maintain employment; provided nc gold or gold certificates shall be paid out.’ , "Section 9—That sub-section (K) of section 1 of order No. 170 dated biarch 7, 1933, is hereby amended tc read as follows: To continue to act as trustees, executors, administra tors, and to perform other estate functions: provided that no fund.' shall be disturbed unless the unin vested trust funds are fully secured by collateral exceeding in value the amount of such funds. "Section 3—Any bank which ha.1 not been licensed to reopen with out restrictions may under the lan perform the following functions: “(a) Institute or defend suit/ where absolutely necessary to pro tect the interests of the bank. Renew Notes **<b) Renew notes for s period not exceeding 90 days, where at least Interest Is paid. *‘(C) Pay salaries of officers anc employees provided that all salarte.’ of over $150,000 per month must be approved by the commisslone! of banks before payment is made. “fd) Deliever to customers theli bank statements In the customary manner. "(e) Prepare and file Income ta: returns, but no payment of taxes b made without authority from th commissioner of banks. "(f) Obtain, If possible, addition al collateral for loans “fg> Effect or continue In force proper fire and liability Insurance and surety bonds. "(h) Preserve and maintain prop erty, making minor emergency re pairs thereto. "(i) To permit th< withdrawal ol time and demand deposits which have heretofore been segregated In trust under orders of the commis sioner of banks or the corporation commission. “(J) To permit the withdraw? 1 of deposits which are fully secured. "(k) To pay an indebtedness due by the bank which is entitled by law to a preference In payment. •'Section 4. Without express au thorlty from the commissioner ol banks a bank which has not been licensed to perform the usual bonk ing functions Without restrictions shall not perform any bank func tions except as provided In this or der, and in order No. 170, dated March 7tli, 1933, as amended by this order. In particular no such bank Is permitted to transfer any stock on its books.'' Fifty Killed In State Accidents (CONTINUED PROM PSOE ONEi non-fatal accidents resulted from drivers driving on the wrong side of the road, while one fatal and seven non-fatal accidents resulted from drivers going ahead when they did not have the rignt of way. Hit and-rim drivers caused four fatal and eight non-fatal accidents. Drinking Causes Eight. Drunken drivers were held re sponsible for eight fatal and 30 non-fatal accidents. Of the 50 persons killed and the 280 persons -injured. 1!) of those killed and 42 ol the Injured were pedestrians. Of these pedestrians, three of the killed and three of the injured were reported as being in toxicated on the' roadway. Four of the pedestrians killed and 16 of the injured were children under 14 years of age. killed or Injured while playing in the street. Seven pedes trians were killed and five Injured while walking on the highway. Most of the ears involved In the 192 accidents were passenger cars, with 48 of these involved in fatal and 191 In non-fntai accidents. Only eight trucks were involved in fatal accidents and only 16 trucks in non-fatal crashes Only seven fatal and 64 non-fatal accidents took place in cities and towns, while 41 fatal and 80 non-la tal accidents took place on rural stretches of highways. Gives Status Of Banks Here; j Expresses Faith In Future (CONTINUED FROM PAG* ONE) protection to the depositors is about the same In each bank. I own per sonally $38,000 stock In the Union Trust company and would, of course.! be liable for an assessment for that i amount if needed to protect all depositors and pay them In full. “I mention these facts merely to Indicate my financial Interest in these Institutions. I need not say to the people of Cleveland or Ruther ford counties—where the banks 1! am Interested in are located—-that I am going to exert every effort to meet all the requirements of the state and national governments Just as soon us the examinations and appraisals are made and It Can be ascertained* what Is required In or der to open these banks and i * sum0 normal business. “I have Invested the best years of my life In these financial institu tions and ray highest arfbttion has been that they might be Of real i \ service to the people of this section : I shall certainly not desert them now. I believe all of the banks are both sound and solvent. I know many good people cannot pay their notes now. but I have implicit faith and confidence In the patrons of these banks, and I know that they can and will pay as soon as condi tions improve, and happily It ap pears that we have reached bottom i and started on the up-grade. “The deposits in the banks have declined largely during the past pei - iod of depression. This has come about because it became necessary for many people to use up the money which they had saved- and had on deposits. In other Instances, the deposits were withdrawn and invested In government bonds or i postal savings This resulted In re | dueing the amount of deposits and j necessarily has made It more dif-1 ficult to properly take care of the j business and to keep the banks in a strong cash position. The govern ment requires the bank to be not alone Sound, but liquid, and by li quid’ it means to have sufficient amount of cash on hand at all times | to meet any and all demands, so as l to take care of any withdrawals. We still have an abundant cash supply to take care of all ordinary business needs. "I stand ready to back these banks to the limit of my ability in order to enable them to re-open and resume business. “ft may require sometime and the public will have to be patient. We can only act when authorized by the governmental authorities, but our friends may rest assured that we shall put forward every ef fort to relieve the {situation as early as possible and meet every reason able requirement of the state and federal governments. In the mean time, the banks will continue to re ceive new deposits and pay out all of the new deposits upon demand, but we are not allowed to pay any of the old deposits until authorized by the proper authorities.” Saint Patrick Is A Chapel Feature Shelby High Students Present Pro gram On Irish Phase Of American Life. The last assembly program pre sented at the Shelby high school was on Saint Patrick and the Irish in American Life given by Mrs Hendrick’s 8-D room last Friday. March 17. This program was very interesting and educational, show ing the contributions made by the Irish to modern literature and music. The students taking part are to be commended on their excellent presentation. The program follows: Devotional. Malcolm Wallace. Introduction. Hugh Craft. Saint Patrick, the Torch Bearer. Charles Turner. Brief Topics on Irish Music, L. D Hunt. Irish Literature, Eleanor Cash. Old Irish Fairy Tale. Curtis San ders, Loudobberry Air, most famous oi all Irish folk songs, Mr. Lewis. A Lyric from the Emerald Island mother, Burene Hughes; songs, Mrs Kalter; dancers. Mary Sue Mar tin, Ruth Hamrick, Gladys Blan ton. A- the pupil;, and teachers enter ed the auditorium. a committee from the home room gave to each a copy of the program and a sham rock. which has played such an im portant part in Irish history. 107-Year-Old Negro Nabbed As A Drunk Wilmington.—'William Jones, ne gro, claims to be 107 years old. At least that is the age printed on a sign ,he wears when he asks alms on the business streets here. But William can still enjoy his toddy. Officers were called to the Smith creek bridge here Sunday and found that William had become tipsy and had fallen into shallow water. He was lifted into the patrol wagon, tlienoc into jail. Bank Official To Richmond Reserve ■■ ■ (CONTINUED FROM PAGE ONE ) j purchase preferred stocks In banks The federal law authorize the is suance of preferred stock by na-1 tionnl banks apd the general assem bly has already passed a similar law for banks chartered by this state. Commissioner Hood yesterday li censed the Farmers and Merchants bank of Fair Bluff operating with out restrictions, thus raising to 193 the number of state banks so li censed, that number including 156 parent banks and 37 branches. There still remain 86 parent banks with 42 branches, or a total of 228 state banks, not yet licensed to re open. > There are in addition 12 of the 42 national banks in the state which have not yet been permitted to re open, for six of which conservators have been appointed, nothing hav ing been done about the other six. Farm Relief Is Fo Be Rushed Now (CONTINUED FROM PAGE ONE.) would be possible. Democrats Are Split i They faced, however, not only the | first genera) Republican opposition | of the special session, but consider ! able disaffection within the party. 1 The Republicans hit heavily at elim ! i nation by the house agriculture | committee of the requirement that j men employed to car 17 out its pro visions be under civil service rules. Republican Leader Snell called i this the ‘‘rawest piece” of patron age dispensing ever put before the house. The bill is designed to help pro ducers of nine major commodities: Wheat, cotton, corn, hogs, cattle. | sheep, rice, tobacco, milk and its | products. The farmer, in return for I acreage or production curtailment,; would receive compensation from a tax levied on the processors of his commodity. * Wide latitude In administration ■would be vested In the secretary of agriculture. Penny Column ; FOR SALE—CHEAP, FOR cash! 1928 Chevrolet sedan. I Clean, new rubber. Bargain. | Sterchi Bros. ltc It Pay* To Advertise N Nl E Y ’S ^lEEO JSn? OUR SECOND FLOOR Announces Another Gala Day On Thursday We have JUST RECEIVED a Big Shipment of the most Alluring, Captivating and Charming Frocks. Each one breathes its own Breath of Spring and Happiness. WE ARE INVITING ALL OUR FRIENDS to attend our DRESS PARTY starting at 9 O’clock Thursday morning. Come and help us Usher in Spring. . . . and now for the Startling Announcement ONE DAY ONLY We will allow you choice not only from the galaxy of New Frocks but your choice of ANY DRESS IN THE STORE (Evening Dresses excepted) for ONLY M We cannot extend this Hospitality beyond the ONE DAY. And we feel sure that you will under stand why we must limit each guest to the purchase of One Frock. w Now Isn’t This A REAL New Deal? And Wait! Best 'JHH0SE! WRAY’S Fine Stock endous Loss — News In To-Days Paper ~ Read! Must Be Sold To The Public Everything To Go In A Gigantic MEN’S ATHLETIC SHORTS_!ic TJNION SUITS— $1 “Hanes” Samson-back 35c PAJAMAS, Entire stock worth to $3 39c ' 97c LOT GOOD SILK TIES LADIES’ BEDROOM SLIPPERS .. 19c MEN’S WORK PANTS_ 69t MEN’S HEAVY OVERALLS 44c PURE HOSIERY Like you’ve paid up to !S1 pair. Full fashioned chiffon and service . . . ail sizes and shad es re-inforced too! 35c 3 PAIRS 1.00 2000 YARDS PRINTS Full yard wide, full pieces, new patterns on sale FRIDAY 9 A. M. — When we open at BANKRUPT SALE Selling Starts Friday March 24 9 A. M. SHIRTS “Arrow’* and *ide’ Worth up to $1.95 at 67c 97c rook! For 19c Boys’ Overalls MEN’S and BOYS' WORK SHIRTS 19c LADIES’ HOSE Silk and Lisle PAIR Only 8c Yard Heaviest Hickory Mattress Ticking All Shades Broadcloth 8c VOILES Solid, all shades. French Selvage, fast colors for 5 c YARD TkT . • I FOR FURTHER PARTICULARS ABOUT THE SELLING OF THIS HIGH M GRADE STOCK AND THE LOWEST PRICES EVER! SEE AND READ OUR JL BIG FOUR PAGE CIRCULAR NOW BEING DISTRIBUTED. PRINTS "Punjab.” "Fruit of the Loom", finest fast color new patterns 10c SILKS Georgette. Satin back and Flat Crepe, up to $1.95 value at 39c TOWELS Huck and Glass - 2 F0K 5 c ENTIRE STOCK “STETSON” HATS New Styles ^297 and ^^,97 $19.95 to $35.00 “Michaels” and “Monroe” Suits $9.87 NOW! THE STORE IS CLOSED DOWN AND WILL NOT OPEN UNTIL FRIDAY MORNING AT THE STROKE OF NINE. THERE IS A VERY BUSY FORCE IN EVERY DEPARTMENT OF THIS BIG STORE TICKETING AND MARKING DOWN EVERY ITEM. STOCK NOW IN HANDS OF SELLING AGENTS WITH ORDERS TO SELL AT ONCE! A. V. WRAY & 6 SONS ENTIRE STOCK TO BE SOLD AND TURNED INTO CASH. SHELBY, N. C. 300 DOZEN THREAD Standard Spool Cotton Sewing Thread FRIDAY 9 A. M. at Jc spool l'OYS’ WOOL SUITS AS LOW AS Lot Men’s “STAR BRAND’ WORK SHOES MEN’S OXFORDS
Shelby Daily Star (Shelby, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 22, 1933, edition 1
8
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