s? '
PAGE THREE
If
LOOKING AT WASHINGTON
By Hugo S. Sims, Washington Correspondent
Bute Farmers' Demands
., i Critical of Labor
Political Effect.
ut.of the five major farm or
..ascationsi in the United States
i, a ve united to support a program,
demanding changed administration of
existing statutes and new laws on
agriculture and labor.
, -The four organizations, including
the National Grange, the American
Farm Bureau Federation, the Na
tional Council of Farmer Coopera
tives and the National Cooperative
Milk Producing Federation, in a pol
icy statement sighed by their leaders,
waned of a food and fiber shortage
unless price ceilings are raised and
manpower conditions improved.
The organizations want revision
of the parity, or "fair exchange"
.formula, so that all farm labor, in
cluding that performed by the farm
family, would be recognized in any
.computation of parity for price ceil
ing purposes.
,They warned that when studies now
!;Tii)derway are concluded, they may
seek additional legislation calling for
more fundamental changes in the
method of computing parity prices.
'They want adequate machinery and
uipment for essential production,
ination of "impractical" restric-
On the placement of domestic
a labor, the use of voluntary and
,iooI labor and the importation of
lexican". and West Indian labor un
'er practical procurement and distri
'ori: conditions.
f considerable interest is the de
d; of the farm organizations for
extension of the industrial work
k to "at least fifty-four hours,"
.th all over-time rates of pay
iminated.
Moreover, the farm leaders called
Xor a cessation of tributes, "now be
ing exacted as a requisite for em
ployment" and the abandonment of
attempts to impose union conditions
in the employment of farm labor.
They. are for the elimination of slow
downs -and racketeering practices be
"imposed by organized labor."
T)e program of the farm organi
sations,; even as it involves agricul
ture, -will be the subject of some de
bate. , ' Their activities have been
misfortune.
Another problem which confronts
the nation is the conversion of our j
industries from war-time to peace-,
time operations. This economic i tation of tax liability.
citizens or not. It contains spaces to
show the amount of income from va
rious sources, deductions allowable,
exemptions and credits, and compu-
As most of
criticized by some who have asserted
that they represent the prosperous,
land-owning class and fail to repre
sent millions of agricultural workers,
tenants and sharecroppers.
So far as the press dispatch indi
cates, the program makes little or no
mention of increased wages for farm
workers and seems to be concerned
mainly with the problems that con
front the upper crust of the nation's
agriculturists.
It is also interesting to note that
the program announced goes beyond
the province of agriculture and boldly
confronts labor organizations with
demands as to the work week, over
time, union dues and other practices
which have been ad ,pted by organ
ized labor.
Whether this forecasts a bitter
fight between the leaders of agricul
ture and the leaders of labor is a
matter of opinion. Certainly, if there
is a conflict between those who re
present the interests of agriculture
and labor, the entire political situa
tion in the United States will be
affected.
Moreover, some of the legislation
recently passed in the interest of
farmers and labor may be altered in
the combat that will ensue.
Certificate Buying Plan.
Pay Noiw; Deliver Later.
Henderson Approves Idea.
Every American is familiar with
the fact that due to war spending,
there is a quick turn-over of money
in the counry and a stupendous "in
flationary gap," which represents
excess of income over goods avail
able for buyers.
To prevent inflation it js consider
ed necessary by financial experts to
cut down the excess. Heavier Fed
eral taxes, besides financing the war,
play a part in this function and
money invested in War Bonds does
the same, because it is taken out of
the current spending total.
The prevention of inflation is one
of the prime responsibilities of Gov
ernment because of the inevitable
deflation that will follow. The ex
perience of the last postwar period is
enough to convince anyone of the
necessity of extreme measures to
prevent a repetition of the national
change-over is a serious operation the items require some explanation
and its speed and success will depend, 1 in order to be allowable, the form al
in a large degree, upon the spending so contains appropriate schedules to
power of the people when war is con- show in more detail how the income
eluded. A heavy demand for con-1 or the deductions are determined,
sumer products would speed up the1 Form 1040A. This is a simplified
change and diminish the prospect of report, which may, at the option of
widespread unemployment. ; the taxpayer who makes his return
One of the plans which has been , on the cash basis, be filed instead of
suggested would permit individuals j Form 1040 by citizens and residents
REPORT OF THE CONDITION OF
HERTFORD BANKING CO.
.'t-rtford, in the State of North Carolina, at the close of business on
'uber 31, 1942.
I L ASSETS
1 Loans and discounts 140,021.37
United States Government obligations, direct and guaranteed 319,255.04
i Obligations of States and political subdivisions 277,.mi8
' Corporate stocks :!,30O.OO
j Cash, balances with other banks, including reserve bal
ances, and cash items in process of collection (s:!,l.91
. Bank premises owned $7,610.00, furniture and fixtures
$1,753.80 9,363.80
8 Real estate owned other than bank premises 17,703.89
11 - Other assets 31,437.14
' j TOTAL ASSETS ... $1,481,528.33
' V, LIABILITIES
1 v Demand deposits of individuals, partnerships, and or-
porations $ 928,293.06
t .; Time deposits of individuals, partnerships and corporations 368,487.60
..Deposits of United States Government (including postal
" savings) 18,181.53
'. Deposits of iStates and political subdivisions 62,664.74
4 f Other deposits (certified and officers' checks, etc.) 8,765.55
K TOTAL DETOSITS $1,386,492.48
1 Other liabilities 1,294.14
24 TOTAL LIABILITIES (not including subordinated obliga
' k tions shown below)
CAPITAL ACCOUNTS
Capital $ 48,000.00
26. Surplus 1 14,500.00
27 Undivided profits 21,469.71
28 Reserves (and retirement account for preferred capital) 9,872.00
with excess incomes at this time to!
buy preferred claims on post-war '
products not now available. j
The automobile industry will illus-j
trate how the plan might work.
Americans who are unable to buy new j
cars now will need them after the
war. They would be permitted to set
apart some of the present excess in
come for the purchase of a car when
production is resumed and, in con
s'deration of so doing, would get a ,
"priority" on the first cars manufac-;
tured.
The same idea would apply to the i
post-war purchases of refrigerators, J
oil-burners or stokers, washing ma-,
chines, kitchen ranges, high-price
ranio-phonograpn sets, Home air-conditioning
un ts, vacation travel by
ship, plane and railway and, possibly,
the construction of houses. Obvious
ly, it could likewise apply to other
purchases.
Kolf Nugent, director of credit
policy in the OPA, has given some
thought to the nlan which, he says
has aroused enthusiasm among offi-1
rials of concerns manufacturing dur j
able consumer goods and among con-1
sumer finance companies which would
have a part in the program. Hei
thinks that it might absorb a consid- I
erable portion of the expected 1943
excess between consumer income of
$130,000,000,000 and $77,000,000,000;
in avaiiaDie goous.
The plan, if it can get underway,
would not only provide a market for
post-war production but would give
thn r;ivfrnment the use of the
money now ii. financing the war.
Thus it would cut down the "infla
tionary gap" and help provide cash
for military purposes.
Leon Henderson suggests that the
plan be considered by the public and
explains that each purchaser of the
certificates would receive 110 per
cent, of the investment in merchan
fln;p nr 100 ner cent, of his invest -
ment in cash after the war. Should
I the investor want cash earlier, he
WOU1U De pam uie iuiiuuni, innr.-nv.,
less sales and collection costs.
The OPA points out that the cus
tomary channels of private enterprise
would be utilized for selling the cer
tificates. The dealers selling them
would receive the down payment and
two per cent, of subsequent pay
ments. Bookkeeping and delinquent
collections would be handled by fi
nance companies and banks. In
stallments would be paid at tele
phone, telegraph and light companies,
post offices, etc.
A special plan would take care of
the interests of men and women in
the armed forces who would be given
longer terms of payment to compen
sate for lower incomes. Moreover
sales and collection costs would be
avoided and the military personnel
would probably be given higher prior
ity than civilians.
There may be difficulties in con
nection with the application of the
proposal, but, it seems to us. that the
merits outweigh the disadvantages.
Certainly, if the purchase of the
certificates develop generally through
out the nation, with individuals indi
cating present intentions as to the
products to be delivered, industry
would secure- some valuable leads as
to the probable demand for products
after the war. This would aid pri
vate industry in preparing for the
post-war period.
whose gross income was $3,000 or
less during 1942, provided all this
income consists wholly of one or
more of the following: salary, wages,
dividends, interest, or annuities. In
using this form it is necessary only
to enter the amount of gross income
as shown, deduct the credit allowable
for dependents, and insert the appro
priate amount of tax in accordance
with one's personal exemption status,
as shown on the table on the reverse I
of the form. This form has no en
tries for deductions allowable, since
the taxes indicated in the table on
the back of the form are computed
after tak.ng into account what have
i. ecu considered average deductions
for person of this income class.
A taxpayer should, therefoie, con
sider carefully which form, would ;ie
appropriate for his purposes. W hich
ever form is employed, all the infor
mation called for in the spaces should
be inserted so far as applicable to
the taxpayer, in order to avoid the
expense to the Government, and the
possible inconvenience to the tax
payer, of subsequent check and in
quiry. With each return form is a set of
accompanying instructions, and these
instructions should be carefully read
by the taxpayer before mak:ng his
return.
Returns for the ci'endar ytar 194?
must be filed not later than March 15
1943. They may be filed by mailing
! to the Collector of Internal Revenue
of the appropriate district in which
is located the legal residence or prin
cipal place of business of the tax
payer. If the return is filed by
I mailing, it should be posted in ample
time to reach the Collector's office
on or before March 15, 194.".. Re
turns received later than the due date
are subject to penalty variable ar-
viu.ii io me lateness in Tiling.
TOMMY DORSEY PICKS
NEW TUNE HIT
"It Started All Over Again" is th
name of Tommy Dorsey's selectiot
u; krt toi'i ,.,..,1
n ora wn s ann nil .s i m rni
romantic and appealing song in the
January 24th issue of
THE AMERICAN WEEKLY
The Big Magazine D'slributed
With The
BALTIMORE
SI M)AY AMERICAN
On Sale At All Newsstands
AT FIRST
SMM0FA
USE
666 TABLETS. SALVE. NOSE DROPS
CARD OF THANKS
We wish to extend our sincere
thanks to those many friends and
neighbors for their kind expressions
of sympathy, flowers and cards dur
ing the death of our mother, Mrs.
Maggie C. lSroughton.
i. W . Catling and W. ('. Gat
"ig.
CARD OF THANKS
I wish to express my sincere
pieciation and thanks to each
every person for their kindness
for the beautiful flowers sent at the
time of the death of my mother,
! Mrs. Julia Gibson.
Mrs. H. C. West.
ap
and and
29 TOTAL CAPITAL ACCOUNTS $ 93,841.71
Curb Market Sales
Establish Record
30 TOTAL LIABILITIES AND CAPJTAL ACCOUNTS $1,481,528.33
This bank's capital consists of first preferred stock with total par value of
l&S.OOO.OO, total retirable value $23,000.00; and common stock with total par
vaiiue of $25,000.00.
Si
Pledged lissets (and securities loaned) (book value);
(b) Other assets pledged to secure deposits and other lia
bilities (including notes and. bills rediscounted arid se
curities sold under repurchase agreement) $ 25,148.86
MEMORANDA
L'.'(e) TOTAL 1 $ 25,148.86
Si Secured and preferred liabilities:
() Deposits secured by pledged assets pursuant to require
ments of law $ 25,148.86
(d) Deposits preferred under provisions of law but not se
cured by pledge of assets 26,947.08
, (e) TOTAL $ 52,095.94
84 (a) On date of report the required legal reserve against de-
posits of this bank; was- $ 171,125.11
(b) Assets reported above which were eligible as legal reserve
amounted to 683,108.91
. I, R. M. Riddick, Jr., Cashier of the above-named bank, do solemnly
gwear that the above statement is true, and that it fully and correctly rep
resents the true state of the several matters herein contained and set forth,
to the best of my knowledge and belief.
' . R. M. RIDDICK, JR.
' ' f Correct Attest:
. & T. P. BRINN,
1 J j CHAB. WHEDBEE,
' ',C CHAS. E. JOHNSON,
f ; ' - ' Directors.
; of North Carolina,
ty of Perquimans. . , v ,
. Sworn to and subscribed before me this 14th day of January, 1943, and I
reby certify that I am not Ml officer or dfrctof of this bank. ' 1
:EAL) 'V,l.l v ' C. WINSLOW, Notary Public.
My commission expires October 151948, ; ; ,
FEDERAL DEPOSIT, insurance corporation - '
Marketing surplus farm products
placed North Carolina home demon
stration club members in the big
business class in 1942, as sales on
the 55 organized markets topped the
half-million dollar mark for the first
time.
Mrs. Cornelia C. Morris, Extension
economist in food conservation and
marketing at N. C. State College,
pointed out in a year-end summary
that other sales in addition to those
on the curb market pushed the 1942
total to $1,199,656.66.
. (Continued on Page Four)
Income Tax News
Persons subject to the Federal in
come tax must report their income to
the Government on forms, or blanks,
prescribed b y regulations. These
forms are obtainable from any Col
lector of Internal Revenue, and gen
erally from any bank. Special forms
are designated for corporations, for
partnerships, for trusts and fiduciar
ies, and for non-resident aliens.
Farmers who keep no books of ac
count on the accrual method must
attach a special schedule to their re
turn (Form 1040F). For individuals,
two forms are used, depending upon
the amount and source of income to
be reported. .
Form 1040. This form is intended
for general use of individuals who
are citizens of the United States, or
residents in this country, whether
Era
for You To Feel Well
24 hour every day, 7 days pvorv
week, nevrr stopping, the ktdneyB filter
waste matter from the blood.
If more people were aware of how the
kidneys must constantly remove sur
plus fluid, excess acids and other waste
matter that cannot stay in the blood
without injury to health, there would
be better understanding of why t he
whole system is upset when kidneys fail
to function properly.
liurning, scanty or too frequent urina
tion sometimes warns that something
is wrong. You may sulTer nagging back
ache, headaches, dizziness, rheumat ic
pains, getting up at nights, Bwelling.
Whv not try Doan's Pills' You will
be using a medicine recommended the
count rv over. Dtmn's stimulate the func
tion of the kidneys and help them to
flush out poisonous waste f mm t he
blood. They contain nothing harmful.
Get ituan's today. Use with confidence.
At all drug stores.
NEW . . . MODERN
3 Piece Bed Room Suites
modern designs.
apiece nec
Modern-minded people like
know you will like these new
Suites we now have on display . . . they are o
construction. olid wood with walnut finish,
this week-end and see these suites.
and we
Room
sturdy
Stop in
Reirinninj? Saturday, January 23, We Will
(lose Our Store at 7 P. M. O'clock
Every Saturday
Quinn Furniture Co.
North Toindexler
j I Ml 211 North Toindexler Sr. Klizal flh City, N. C.
U II
WHERE CAN I GET 1 J&3W
J THE SAME BRAND OF J 5 UJj 1
MOTOR OIL USED BY I - MW
AMERICAN AIRLINES ? J
ASK FOR SINCLAIR.
(l ' ) PENNSYLVANIA AT fSjl
I STATIONS DISPLAyiNGj p
WITHSHICUUm I jjr- j
OIL IS AMMUNITION USE" IT WISELY
JJ. IHI. TTdDWE, Aggeimtl
SINCLAIR REFINING CO.
Hertford, N. C
4 " - V