North Carolina Newspapers

    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,
<or no speed at all, to some distant
Christmas dinner, the very sight of
these dog songsters caroling lustily
will make you exclaim as never be
fore, "Hark, the herald angels sing!”
Down in the soft, southern, slush
land, where a white Christmas brings
unexpected rapture to the hearts of
small boys, who have found a tobog
gan or a pair of skis in their stock
ing, church bell calls to church bell
the glad news that Chrictmas Eve
has passed into Christmas Day. Way
up in the great North, from Lake
Mistasainni to the mighty Macken
zie, where pork and beans are as
likely as not to comprise the Christ
mas feast, like wild bells ringing out
to a wild sky, Husky calls to Husky,
from Hudson’s Bay Postto Hudson’s
Bay Post That is the true wireless of
the North, the one native Christmas
greeting all understand, to be thrill
ad.
On Christmas Eve, tune out the
jazz from the radio and time in on
the land of the wild drake and the
Arctic Circle, tfreak through the
southern static of church bells and
listen in on the chorus of Husky yells
that from Labrador to the Mountains
of British Columbia and Alaska,
chant northern carols to the accom
paniment of northern lights.
Then you will konw something of
the music of a real Christmas in the
North. Perhaps you are content with
the music of the red tissue paper
Christmas bells that hang in the win
dow, or from the parlor chandelier
Perhaps you shiver at the very
thought of/the north wind whistling
over the frozen muskeg, and think
the true Christmas music the whistle
of the traffic officer shepherding the
late Christmas shoppers at a down
town intersection. You just do not
like the frozen music of the North!
Well, there is no disputing of tastes,
whether in Christmas music or Chri
stmas festivities, but the fact that
remains that the true Christmas is
born of the North, where these Hus
kies sing their carols.
Don’t be too dogmatic in asserting
that these Husky was sailers are not
singing a true Christmas glee. You
have read somewhere that the Hus
kies spend their nights weeping the
blows they have received during the
day. Writers have made your flesh
creep by their description of the long
drawn, mournful howls, the upper re
gister sheik and the lower register
sob, of these Huskies of the north
ern trails mouthing their melancholy
ballads of bondage. You just can’t
imagine that a mameluke aria can be
a mirthful madrigal to any one.
You think the tinkle of reindeer
bells, the honk of taxi horns, the
postman’s knock lyrical because they
bring you Christmas presents. You
would soon feel that these Husky
carols are poetical, if you but real
ized that they are the Christmas car
riers of the North.
This Christmas Eve there will be
men hiking down the Moose River tc
Moose Factory, or down the Nelson
River to York Factory from the
Great Slave Lake to Fort Chipe
wayan. Away ni the distance they
will hear the northern buglers blar
ing out the call to the cook-house
door. Over the sub-arctic tundra or
over the Ontario or Manitoba mus
keg, it will come, crisp and clear as
the sizzling of bacon in the pan. It
will make the horizon blaze with the
glow of an open oven. It will sound
light as buckwheat cakes, or the top
notes of a soprano. It will be as
heavy with sweetness as golden sy
rup, or the low notes of Chaliapin.
The men of the snow trail will
quicken their steps. Their dogs will
break into a gallop. Their sled will
leap over the hummocks as if full
of Christmas spirit. No children wak
ing early on Christmas morn will
rush so Impetuously as they to their
Christmas tree, which is their near
est roof tree. Do not endeavor to tell
; these men and these dogs that tile
canine Chaliapins of the North, are j
not sinking true carols of their own!
hinterland.
FARM NEWS
BY W. B. COLLINS, County Agent.
The picture of production and
prices is, as usual, avaried one as
idle major crops enter the winter
marketing season. The uncertainty
also as to the probable trend of the
general commodity price level adds
an unknown factor in the fluctations
of the various individual products.
The potato crop is seemingly in a
strong position. The crop is very
short, estimated as amounting to
scarcely 2 ya buchels for each person.
».'his is the smallest production per
capita in 43 years. Anything below
J bushels per capita is considered a
light crop even in times when con
suming demand is reduced. Most
•>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,
    

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