IfflttT BANKING | WENT THROUGH | By JOHN H. PUELICHER American Bankers Auociatiea DANKINQ in its long caretr he* been ** compelled to withstand many seri •u shocks, but It ran Into the most perplezlnt *n tanglement of Its whols history sines ths general break down of yaluss in 1929. Ths cominer e 1 a I structure of tbs satire world stsmsd to bars besn shaken from its foundations and ths manrsl is that ths b a n k s r. with i. U. PUBL1CHEX everytmn* Dreaa Uf down all around him, w a a abla to come through a* he haa. General bualneas fallhrea, agricul tural stagnation, Income losses, capi tal losses, Inabilities to meet debts •ad therefore inabilities of bankers to 9»9 back depositors when loans were •ot paid, were the reasons, in most Instances, for the bank failures. No profession, no department of life Is Without Its weaker elements, but bnl proper consideration been given to the relatively few instances In bank tog, bad exaggerated and startling headlines been kept In true proportion, bad bnnklng not been used as a target tor political self-seeking and with vote seeking motives, had unbounded ru mors net been spread the people’s con tdenee might have been retained and laanei»l losses, for many bank failures Vere caused that need not have hap There were factors la our banking experience which every earnest banker deplores—factors which many had worked years to eliminate, which it WSs tearfully recognised would ag gravate any difficult days which might One of (he worst of these was to political regulation which char many banks that should never have been chartered. That there have been Incompetence Md dishonesty in banking Is admitted That the Instances that did oocnr were tod grossly to Increase fear la the public mind, we affirm. We shall coo pane to strive for higher attainments to our profession and strive for laws that require competence and ability to management That we cannot leg honesty and unselfishness Into n hanker or a borrower must be conceded, bat dishonesty, wherever he aid be punished. It Is as In banking a* elsewhere that no bow good the lew, dtfinonest hfci laoem potent men can make it In effisetlve. Good laws are essential. We aitot strive tor ever better ones, but toffir enforcement will com# only as toe pebMe recognises that it Is a mat tor net of laws or codes alone but of toe men who administer them. The Public’s Pert people must be brought to real the welfare of our country de pend* upen its banking system, that toe strength ef the hanking system de pends span the public's faith and Understanding and the vast majority of Because of faithful service rea even through the whole of this Breakdown, had the right to the trust and confidence ef the f* every great catastrophe, ne mat tor what Its nature, no matter what its otosm someone must be crucified. The Bngber was this time selected. la the toto ft's, pel It leal agitation started a C%edc against (he railroads, gome rail rents may have done reprehensible (kings. Bat the agitation became se ■snetdl and se violent ns utmost to tostriy one ef the fundamental factors to the progress of a country. Today too tome thing has been dene to the tonher. In spite of all that* has hap pened. the fast remains that even most ef toe beaks which failed aye paying out Infinitely better than are Invest ments In almost anything also. Agriculture MKMtetlou of bankers to •■*7 agricultural a late* art giTlas Uaa and fifianclal support U aicour K practices among tbalr farmers that I brtag about Uttar farm result* The major actlriUaa reported from •M ataU ta tU Agricultural Cammta alaa of tha American Bankers Aaao /)atloa which la aatlonally active la feromotlag thla Uaa at eooparatloa ara aa followa: A Drought rallaf work: Local b*nk« have played a vital part 1a thla work, hatag rapraaaatad oa tha eounty com* aUttaaa for passing oa all aaad loan a »»••• committees mat practically ovary day daring tha spring to paaa •» Ua loans la order ta gat aa quick aatlM aa possible. A total of 114 ap plications wars rsealvad and handled by ana committee. III Mag granted. A Fonr-H Cl ah work: Bankers helped stlmalate 4-H Clab work, flnane lag maay members who otharwlaa could not have enrolled. They also helped finance fifteen 4-H Cfab dele gates to tha state elnb convention. A Livestock feeding: Tha banks co operated with tha Extension Service la the state and tha railroads in In creasing tha amount of livestock feed ing. Assistance was given tha feeders ft securing finances tor their feeding wferatlona ■ A Crap Improvement: The bankers Aoak part In the crop standardisation Jwegram of the Extension Service and wewaged the farmers to use pure ' and in many eases madi The housewife speaks through^ the figures. Department store sales, bas ed on dollar value and not volume, Base fallen steadily. Mrs. American become accustomed to bargains; they disappeared she stopped buying. To offset this, the govern ment is Intensifying its campaign to get more into the hands of the pub 11* Christmas Choristers of North Earle W. Gage j Nature’* Christmas choristers of the Far North stag a wild sysqphony In song under the glare of Artie skies. Not “waits” of old England, but wolves, tamed wolves with un tamed voices, these animals celebr ate the Yuletide under wlerd north ern lights. Like a peal of bells in a cathedral steeple, above the height of land, as a choir loft, they sing the Shristmas carols of the hinterland. How these Husky dogs do throw back their throats and show red tongues—red as holly berries—teeth as white as organ keys as they sing! They are baritones, basso prof undos, and ten ors. They run the whole gamut of Christmas glee. They are Arctic con traltos and mezzo, but never muzzl ed, sopranos. On Christmas Eve they are off on the snowy trail with a wall. They are calling to Christmas? dinner all that immense country that lies north of the 60th degree symbol ized in ancient and modem history. It is no "caput apri refero” that they are chanting. They would be overjoyed with a moose head; they would even be content with fish heads. These Carusos and Galli Cur cis of true Santa Clause Land do not insist on a Metropolitan Opera House in which to sing their carols. At Christmas, the northland is divided into two empires, the holly belt and the Husky belt. If you live in the latter your heart will leap with joy at the open mouths of these native Christmas songsters. If you have run on frozen trails, or tramped knee deep or waist deep in snow-drifted trails, making all speed, Aoq,e TT3M uaaq 0abh sdoao o}B}od 3 bushels per capita, and some have orovided more than 4 bushels for each person. There is ample reason for the advance in potato prices. Cattle production seems to be con tinuing the upward movement to ward a peak of its cycle, and both the beef and dairy industries continue to feel the weight of heavy supplies. Current hog production also is large in relation to the curtailed market outlet. On the other hand, the trend of sheep production has been down ward for a couple of years; lambs and wool have been moving gradu ally into a more advantageous price position. Potato Position Strong The strength of the potato situa tion rests on the very short crop, now estimated as scarcely 2% bus els for each person. Anything be low 3 bushels per capita is consider ed light production even in times when consuming demands is reduced. Mosts crops have been well above 3 bushels per capita, and some have provided more than 4 bushels to each consumer, but this year’s crop compares only with years of scarci ty Back in 1916, the season of the spring “potato famine”, production per capita was 2.8. bushels. Prices reached $4 per 100 pounds at Chicago the following spring. In 1919, pro duction was again down to about 3 bushels per capita. The price in Sep tember, 1919, at Chicago was $2.85 per 100 pounds, and it rose to about $5.50 the following March. In 1925, there was again light production a round 2.8 bushels per capita, and the Chicago price advanced form $2 in September to $4 ih March. These pre vious years of short crops were all ’n comparatively good times, and 1919 was a year of high prices in a general way. Probably for that reason the prices in the fall of these years were higher than they were this year Recent carlot sales at Chicago av eraged about $.20 per 100 pounds compared with somewhat higher pri ces these other years, but the point is that the autumn price doubled before spring of these preceding ?hort crop seasons. If recent figures were doubled, iit would mean about ?2.50 per 100 pounds at Chicago in March, and possible higher levels in eastern city markets. Sheep The number of sheep in the world now appears to be on the downward trend after having reached the peak of the current cycle of production a bout the. year 1931. It is expected, therefore, that world production of wool during the next few years will be on a somewhat lower level than ■or the 5 years 1928-32. It may be loted that in Australia and South Africa the number of sheep had been on the upward trend for 25 or 13 years until the recent setback, ind it is probably that the increase will again be resumed in those coun tries. In the United States, New Zea land, and Uruguay, the long-time trend in sheep numbers has been fairly steady, whereas in Argentina :t has been downward. The total nu mber of sheep in the world averaged 751,000,000 during the 5-year period 1926-30. This compared with an aver age of 644,000,000, during 1921-25 rnd 692,000,000 in 1909-13. Smaller Production Of Wool World wool production in 1933 is expected to be condiserable below the average in the preceding 5 years. Production in 12 countries, which or dinarily supply about two thirds of the world’s clip (exclusive of Russia and China), is estimated at only 2.081.000. 000 pounds, a reduction of 8 per cent as compared with 1932. Although the shorn wool clip in the United States in 1933, estimated at 348.000. 000 pounds, was about the same as the clip of 1932, it was con siderable smaller than the record clip of 372,000,000 pounds shorn in 1931. The decrease in sheep numbers in 1933 was offset by a heavier weight of fleece. Fewer Lambs in Western States The 1933 lamb crop in^his country estimated at 28,988,000 head, was 729,000 head or 2.5 per cent smaller than the 1932 lamb crop, and was the smallest sirtce 1929. Practically all the decrease was in the western sheep States. The decrase in lamb crop per 100 ewes was accompained by a decrease of 592,000 head in the number of breeding ewes in western sheep States. The reduction in the lamb crop this year was caused by1 the unfavorable spring weather, with severe storms in April and May, and the shortage of feed dur ing the lambing period in the late lambing States. Death losses were much above average, both in 1932 and 1933. Hogs The market movement of new crop hogs (1933 spring pigs) appar ently has been somewhat slow in get ting under way, pending the ann ouncement of the Federal program for controlling hog supplies and production. Slaughter supplies dur ing November and December, how ever are expected to be not greatly different form those of a year era lier. Hog prices rose sharply during the laBt half of September in re sponce to a seasonal redustion in slaughter supplies and a stimulation in the demand for fresh pork as a result of cooler temperatures. The advance continued during early Oct ober, and in the second week of that month the top price of $5.55 per 100 pounds paid in Chicago was the high est reached thus far in 1933 and was equal to the highest prices paid at any time since September 1931. Storage holdings of pork and lard in September were reduced more than usual for the month but are still larger than the stocks of a year earlier, which were about av erage. Although prices of heavy weight hogs have advanced more than those for the lighter weights the spread between prices of heavy hogs and medium hogs is still relatively wide. The average price of hogs at Chicago in September was $4.24 per 100 pounds compared with $3.97 in August and $4 in September 1932. The average during the first week in October was $4.68, compared with $3.71 in the corresponding week last year. Beef Cattle The upswing in cattle and calf slaughter, which got under way in early 1933, is expected to continue for several years. Slaughter supplies in 1934, however, will probably in clude fever of the better finished kinds and more of the lower grades. Cattle numbers have been increas ing since 1928 and are expected to continue ti increase through 1934. Although low prices naturally tend to restrict marketings, the shortage of feeds in many areas and financial necessity are causing cattlemen to make relatively heavy shipments, with the result that cattle slaughter and supplies of beef for consumption are large at a time when consumer purchasing power is still at a low level. The increase in slaughter since April of this year, however, is only about what would be expected from the large supplies of cattle now on farms, but it is larger than would have occured at the prices prevail ing if the feed situation were more favorable. See Castevens Motor Co., for radio batteries, tubes, and service.—adv. RU-BALM for yours and baby’s ;olds.—adv. e Guar an Traction J 111 I Nl>'- K * **■ 65 V P rl M ^rllrrtJf")n Cord' j New TIRES “broken in” dur ing cold, wet weather average 10% more total mileage than tirea started off new in he spring. That’-; an extra reasc i for buying nr Goodyears at t day’s low prices yougetmoremi: age plus the.su grip and prot tion of tough r Center Tract treads during . winter when re are glipperlc' Alleghany Motor Sales Sparta, N. C. ECONOMIC HIGHLIGHTS Happenings that affect the dinner pails, dividend checks and tax bills of every individual. National and In ternational problems inseparable from local welfare. ***** A not wholly unjustified tradition has grown up both here and abroad, that European diplomats are pretty smooth stuff, and that American public men are so many babes in the woods when it comes to dealing with them. It’s possible that that thought was in* the mind of Russia’s shrewd, experienced Litvinoff when he climbed the steps of the White House to confer with President Roosevelt over American-Russian re cognition. If so, Mr. Litvinoff soon became sadder and wiser. He found himself confronted by an excellent horse-tra der—a suave, polite horse-trader with a Harvard accent to be sure, but a horse-trader nevertheless. Where Mr. Litvinoff had announced that so far as he was concerned, the negotia tions could be concluded in half an hour, he found them extending on through the days. Upshot was that the 16-year brea ch between two of the major powers was ended, with the United States on the long end of the deal so far as most of its demands were concerned. Points of the treaty include: Waiver by the Soviet of all claims growing ( out of the famous Siberian expedi tion of 1918; a guarantee against of ficial Soviet propaganda in this country; another guarantee against the formation of any group designed to change the government of the United States; fair and prompt trials for Americans erring against Soviet law; guarantee of the free exercise of religious beliefs of Americans re sident in Russia. Little mention is made of trade relations and details concering them remain to be worked out. First American Ambassador to present himself to steel-jawed, steel eyed, steel-mannered Number 1 dic tator of the world, Stalin, whose a lopted name means Steel, will be William C. Bullit, wealthy young So cialite, who has written a sophiscat ed novel satirizing Park Avenuites, a popular song or two, and has been the State Department’s Russian ex pert. One of Mr. Roosevelt’s bright young men, he was instrumental in bringing about recognition and is considered an excellent choise. Colorful, dramatic, important, biz arre-all these adjectives fit the Nov ember municipal elections. They de monstrate that the American people are still in a belligerest mood as they demanded, and received, a change in National Administration a year ago, they demanded and receiv ed many changes in municipal ad ministration. Main counts on which oldmachines were thrown out, were inefficiency, high taxes, graft. Most important was the election in New York where fire-eater LaGuar dia, who has earned a reputation as an erratic political genius, decisive ly defeated Tammy’s O’Brien and the Revovery ticket’s McKee. For the first time in 20 years the Phia delphia Republican machine was overthrown. Republicans won in Cleveland and Pittsburg. Nowhere did partisan spirit seem strong; the demand was for a new municipal deal, and the cards were shuffled tirelessly. Also important were proposals for communities to go into the power business. Public ownership advocates beleived that government power de velopment at Muscle Shoals would assure them sweeping victories. But when the votes were counted, results were mixed, and the expected land slide did not materialize--apparently the tax burdens invalved caused the voters to turn away from increased municipal debts. Camden, New Jer sey, which is already $30,000,000 in debt, gave the city government per mission to spent $10,000,000 for a , Power plant, but this election was fought principally on the theme of unemployment releif, rather than government ownership. In a number ! of smaller towns public ownership j mayors were elected, city light i plants authorized. Mrs. C. W. Edwards Passes at Morganton Mrs C. W. Edwards, 56, died early Wednesday morning at Morganton from a stroke of paralisis. She is survived by her husband, C. W. Ed wards, of Sparta, and two children, a boy and one girl. The Reins-Sturdi vanj. ambulance left Sparta Wednes day for Morganton to bring back the remains for interment in Alleghany, As the Times goes to press details of the funeral arrangements are not' available. TWIN OAKS Bea Mabe and daughter, visited relatives at Piney cree ing the weekend. Dr. Williams of Welch, W. passed thru the village Monday. Marvin Wilson and wife of Kistler, W. Va. were visiting here Saturday apd Sunday. Louise Crouse and Rosemand Reeves visited Rose Irwin Saturday night. Several from here attended the show at Independence Theater Sat urday night. Turner Bouger and family of Hanes spent Saturday night here. Several of the boys from here went to the mountains for a rabbit hunt Thanksgiving Day. There has been plenty of excite ment in the village since Sunday night,, when three men were seen entering the State highway Garage by forcing their ways between*. the doors, their car was parcked near by and they were drawing gas from the State truck and carrying it in a twc gallon can to their car. They were interuppted after their first trip by a nearby neighbor who had become suspicious by their movements and had gone ouj. to investigate. Help was called, the Sheriff and his dep uties were notified and hot chase fol lowed, then watchful waiting which lasted through Sunday night and Monday night. The guilty parties are known and the car which was parck ed on the scene has been definitely identified by several witnesses. A* this time no arrests have been made Judging from the Cooperation of the neighbors, the Sheriff and hit deputies, it looks as though they art determined to break up this band ol housebreakers and “gas borrowers.' Eight gallons of liquor was located in an occupied dwelling by j.he sher iff and his deputies during tht search which was used to wash the streets of Sparta Tuesday morning. The odor is still there. SPECIALS f | ONE Flash—0—Scope | The New And Exciting | “Shadow Movies” I FREE | With Purchase Of Any! ! EVERREADY Flashlight 3 Lavender Mentholated Shaving Cream .... 35c. Permedge Razor Blades For Gillettes.25c. 39c BOTH FOR >#o#c#cx B & T DRUG CO umies Winter Loats —$4.98 and $9.98 Children’s Coats-. $1.98 All Wool 39in. Crepe Yard --79c. 36in. Foulard in Dark and Bright Colors Yard — --l9c. All Silk Scarfs Each-24c. and 39c. Double Cotton Blankets Pair — $1.25 Unfinished Ail Silk Crepe Yard_29c. Sweat shirts and sweaters for boys—35c Ladies Jackets With Zipper. — $3.98 0 Men’s All Wool Suits Withl Two Pairs Of Pants Only_$17.51 Men’s All Wool Suits With] One Pair Of pants.$14.95 Men’s Big Ben Overalls Special.. $1.19| Men’s Overall Jackets 25% Wool linn Only----$1,691 Boys Overalls Pair-48 and 65c.| Men s Work Gloves Pr. — 10c. andl9c.| Men’s dress oxfords Special_ $1.95 and $2.48| SMITHEY’S GROCERY DEPARTMENT “The Place For Bargains” lOOlbs. Sugar--$4.75 21bs. Pure Coffee-25c. 6 lbs. Rice-26c. Fresh Prunes —---— Tf/gc.lb, 2 gals. Penn. Motor Oil-$1.15 *iiiiiiisii*i*i*ftiiii>i*iillii*lait mici,iiits*l*alliai«lll| PRODUCE Market Prices on Wednesday, Dec. 6.! Chickens Heavy Rocks-10c. lb. Turkeys No. 1-11c. lb. Dried Fruit —-3c. lb.f Butter-10c. lb. Eggs, Fresh--25c. doz. Walnut Kernels-20c. lb. .. .We are hoping for a better market for turkeys for the Christmas olidays. We will want turkeys next week. See us for highest cash rices. SPARTA,