of Condition
Goldsboro Building & Loan Association
As d Dtembtf 3lot 1937
ASSETS
Hfc* Association Owns: ,
Oxsh on Hand and in Banks_* 4,462.1Z
State ol North Carolina and U. S. Government Bonds 7,500 00
Sleek in Federal Home Loan Bank -- 5,000.00
Mortgage Loans_ 511,868.62
Money loaned to shareholders for the purpose of enabling
them to own their homes Each loan secured by first mort
gage on local improved real estate.
Sto^lr Loans ________7,040.45
Advances made to our shareholders against their stock. No
loan exceeds 90% of amount actually paid in.
Rcounta Receivable --- 1,640.26
Temporary Advances for Insurance, Taxes, Etc.
Office Furniture cmd Fixtures--- 500.30
Heal Estate Sold Under Contract..Sl.935.06 1,935.36
Ofher Assets_—- 3,225.65
TOTAL.$543,172.16
LIABILITIES
11m Association Owes:
To Shareholder*
msNualrri to our care in the form of payments
' tMtcJEaVoc^^—_J__—-$169,519.40
Full-Raid Stodk7_55l£-_.-_ 293,800.00
Running Stock______ 2,988.96
Other Stock_?>wttw.—.-$466,308.36
Ko*es Payable, FodaBFft'Hnme T Bonk—-- 50,000.00
Motes Payable, Other---—-- 5,000.00
Money borrowed for use in making loans to members, or
retiring matured stock. Each note approved by at least two
thirds of entire Board of Directors as required by law.
Recounts Payable---- 650.41
Undivided Profits_ 16.511.52
Xarning* held In trust for diatribution to share-holders at
Maturity of stock.
fiMerve for Contingencies___ 4,028 73
Tto be used for the payment of any losses, if sustained. This
reserve increases the safety and strength of the Association.
Other Liabilities_ 673.14
TOTAL.......$543,172.16
STATE OF NORTH CAROLINA
COUNTY OF WAYNE
V. G. Herring, Jr., Secretary-Treasurer of the above named Asso
ciation personally appeared before me this day. and being duly sworn
Mura that the foregoing report is true to the best of his knowledge and
V. G. HERRING. Jr., Secretary-Treasurer.
Sworn to and subscribed before me, this 10th day of January. 1938.
ULMA LANGSTON, Notary Public.
My Commission expires November 12, 1939.
|yOBI|A
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Tampa .*18-40
St Petersburg #19.20
W. Palm Boh. *20.55
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GREYHOUND TERMINAL
IK S. Jehu St Phone 863
GREYHOUND
BIRD
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BEFORE you build, before you reroof, by all mean*
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us
M. O.
National Topics Interpreted
By WILLIAM BRUCKART
Washington.—It is a little early in
the new year to become despondent.
1 suppose, after
“BUTf Not the manner of a
Happy certain radio star.
I ought to be hap
py about the whole thing. But I
am not. The outlook Is too g too my.
Developments of the last few weeks
have combined to iraka me • pes
simist of the first water. 1 hope I
am wrong; yet, present conditions
force the conclusion that this coun
try faces a condition as serious as
that through which it passed in 1932
and 1933. There is no reason evi
dent lo me why we should not face
the facts, discouraging as they ap
pear.
So, let us consider some of the
things that have happened lately,
and some that are happening these
days. Only In that way, I believe,
can we get a correct understaitding
Of this new depression which a thou
sand government propagandists in
sist upon calling a ‘’recession.”
Four months ago, industry began
to lay off men and women workers.
There was no market for the goods
they were manufacturing. The re
duction in payrolls was necessary
to avoid bankruptcy. Nobody can
afford to pay workers if there is
no work to do. Dismissal of work
ers continued in an ever-growing
volume until on January 1. the great
General Motors corporation laid off
something like 80.000 men at one
time and placed its remaining 200.
000 workers on a four-day week.
That action, while it appears sensa
tional, was illustrative of what had
been going on during the four
months that I mentioned; it brought
public attention and political atten
tion lo a focua. but it was sensa
tional only because of the numbers.
It made an impression that dis
missal of a few or several hundred
here and there had failed to make.
During this same period, prices
were undergoing a natural and nor
mal reaction. Some were up: some
were down. Altogether, they were
and are in a topsy-turvy condition.
Government business analysts
smelled the mouse. Tln-y were
watching all of the trends that were
evident during those four months.
Those officials in high places and
charged with responsibility for na
tional welfare were informed of
whot was m prospect But govern
ment propaganda continued to show
bright and smiling faces in the pic
ture. It won't last, they were say
ing in tha written and spoken words.
It is a psychological condition, Pres
ident Roosevelt said—and thereby
made the same mistake that Presi
dent Hoover made when he an
nounced that prosperity was Just
around the corner in 1931. It is the
same old corner and it is the same
old prosperity, but apparently the
Roosevelt administration ts going to
have just as much trouble finding
either the corner or the prosperity
as Mr. Hoover did.
To get back to the sequence of
events: the time came when the re
sponsible officials
{More Trust had to say some
8Listing lhln« by way of
admitting the ex
istence of the depression ‘‘reces
sion.’’ Mr. Roosevelt, it will be re
called, went off on a fishing trip
around December 1. He took with
him the brilliant and able young
Robert Jackson, of the Department
of Justice. Now, Mr. Jackson's par
ticular ability lies in the direction of
breaking up trusts, monopolies, big
business combinations. Those of us
whose Job it is to watch Washing
ton, thought we foresaw the next
move by the administration. We
have it now In full flower—a great
drive against all of those sinful
big business interests who simply
must be the folks responsible for the
depression. Of course, it should be
remembered at the same time that
there must be a "goat” when poli
tics guts boiled up, and big busi
ness again is the ‘ goat" of the ad
ministration.
In consequence of the crash in
business, tile coll.a pro of the theories
of the long-haired crew that seeks
to remould America under the guise
of New Deal plans, and the general
running out of Democrats on the
New Deal leadership, the country is
now to be treated to another trust
busting drive comparable to that
conducted by the late Theodore
Roosevelt when he was President.
Yes. big business can always be at
tacked. cajoled, threatened It is
a proper stunt, nearly always re
sorted to by politicians and others
who find themselves locked within
the meshes of their own fishnets.
Big business is the red herring that
the administration Is trying to drag
across the trail. It Is because the
administration Is attempting to eon
ce l its nvsbkes, a- d melee people
f. ig.-l tl ;ni un'ca l r.I dr»iig a cjij
atri.dive Job tl at I llrd myself de
spondent in the early wicks of 18'Jd.
The real tip off to the drive oc
btg business was In tho form of a
speech by Mr. Jackson who said by
way of the radio that:
"The only way to insure a raa
soaably steady well-being for the aa
lion as a whole U for the govern
ment to act as an Impartial over
seer of ojf industrial progress,
ready to call a halt at all times on
monopolistic practices which threat
en to throw our economy out of or
der "
That theory is basic with most of
the New Dealers. America must be
made responsive to the Washington
government It is that theory to
which more and more business men,
little as well as big. are objecting.
They are tearful of It for the reasoD
that they can not see how this ad
ministration or any that may follow
will be •'Impartial" In overseeing
Industry. It Is quite natural for a
political group to be Intent upon pre
serving itself in power, end that end
never has been accomplished by im
partiality.
But the New Dealers wish to avoid
blame for the conditions now con
fronting the na
Would tion. Conveniently
Shift Blamm «wu*h* Jf
no menlion being
made now of the tremendous pres
sure that was exerted through four
of the last five years to bring about
higher prices. Those prices now
are held to be the result of mo
nopoly. not the fault of the profes
sors who were saying a few years
ago when prices were moving high
er that “we planned it that way.”
So political guns nre turned on big
business—but my guess is that lit
tle business will be hurt mure than
big business by the refusal of the
Wallaces, live Ickes, the Ollphants,
the Jerome Franks, the Corcorans
and the Cohens to recognize that
Hi'.Ier'i style of business manage
ment must fail hare as in Germany.
The frankest statement about the
whole thing has come from Mr.
Roosevelt himself. He declared re
cently that ‘'over-extension of in
ventories" was responsible for the
current depression. That is to say,
producers and manufacturers, feel
ing that business was booming, pro
duced or manufacUsred too much.
They d.d not recognize that the bet
ter business we appeared tc have iu
1635 and 193b was highly superfi
cial. Nor were: they aware what
the Washington government would
do In the way of controlling or bur
dening business of all kinds with
new taxation ar.d new restrictive
legisl-lipn.
It was from those latter two
things that a fear was bred and the
factories and farms that were being
worked lull lilt because prices were
going htg.ner were left with an over
stock. I think it can be fairly said
also that few persons expected to
see such encouragement from the
administration for labor to flout the
law and take over control of prop
erly as has happened. Whatever
else may be said, however, the fact
remains the thecries constantly be
ing advanced by one or another of
Mr. Roosevelt's advisers have
frightened million* of persons who
still have a lew dollars which they
would like to put to work On the
whole, 1 am convinced those dollars
will not be put to work unless and
until there Is assurance from Wash
ington that sanity and not monkey
doodle schemes will he exercised in
country's business. It is dishonest
governmental dealings with the
on the part of government, regard
less of political party, to charge
that business brings about depres
sions; anv person with a grain of
sense must know that no individual
desires to throw away his own mon
ey or throw away a chance to make
more.
President Roosevelt has taken a
firm standi for a larger navy. His ac
tion deserves corn
ier Larger inundation. Condi
Navv tiuns throughout
tile world are such
that he would be loolish to dis
regard the necessity tor a strong
defense. It will cost mor.ey, of
course, but preparedness has
proved cheaper always than being
thrown into war because no other
naLion is alrtiid of us.
I have an idea that Mr. Roose
velt will be attached from a dozen
differed directions. So-called peace
organizations will try to pin his ears
back and make him say “uncle,"
but I have gained the impression
that Mr. Roosevelt will adhere to
Uis program. Certainly, nearly all
studeuls of international affairs
agree that he is 100 per cent right.
In a letter to house leaders. Mr.
Roosevelt suggested the necessity
for eowilruction ol two battleships,
two light cruisers, eight destroyers
and six submarines during the fiscal
year beginning next July 1. These
craft are in addition to other naval
construction already considered for
the next fiscal year. It will take
tvo or three years to build some
c, thosi toa.s. Ph i«> if and pr>
Unvmry worJ cuglit to bu started
on ifc' in us si*>n as pc ,.101#. Mr.
1 Roust veil believes the work ought
to start right away—and after all 1
think most folks will agree that the
President is in a belter position
than anyone else in the country to
know what the dancers are.
• Western Newatutaer Union.
Stevens Mill News
Miss Maude Hollowell of Dayton.
Ohio, is now spending tone time
with her parents, Mr, and Mrs. Lee
Hollo well.
Mr. and Mrs. A. C. Horton visited
Mr. and Mrs. Rexford Stevens and
Mr. David Blackman Sunday after
noon.
Mr. sod Mrs. D. .1 Hollowell and
family accompanied Mr. and Mrs.
Seth Hollowoli to Snow Camp. N.
C., Sunday where they visited Mr
and Mis. E. M. Teague, the latter
being a sister of Mrs. D J. Hol
lowell.
Mr. FJwood Edwards spent Sun
day afternoon with Mr. and Mrs
Walter Hollowell.
Mr. and Mrs James Merritt vis
ited Mr. and Mrs. Ira Mozingo Sun
day afternoon.
Mr. and Mrs. A. P. Hollowell and
Misa Margie Hollowell were the
dinner guests of Mr, and Mra. Lea
mon Britt of Mt. Olive Sunday.
Miss Hilda Hollowell returned
home Sunday after a two weeks
visit with relatives and friends of
Greensboro.
Miss Estelle Creech visited Miss
Thelma Horton Tuesday.
Mr and Mrs. Murray Hollowell
visited Mr. David Eason, who is uj
at his home near Dudley with par
alysis Tuesday afternoon.
Mr. and Mrs. William Hollowell
of Kinston were the week end
guests of Mr. and Mrs. Elom Cox.
Brogden School
Presents Group
The Johnston County Ramblers,
stars of rndlo. stage and recording
artiste, will present one full hour
and a half of fun and music for the
whole family ir. the Brogden High
School Friday evening at 8 o’clock.
The Ramblers are presenting
their new show, ''Pudding Head
und Slow Foot,” which promises
good singing, music, (lancing, and
novelty playing.
They include on ell programs,
twenty minutes of Hawaiin music
on electric guitar*.
This entertainment is sponsored
by Brogden School. Admission Is
fifteen and tuenty-five cents. Come
out and enjoy an evening of fun.
The agricultural conservation
program is designed to stabilize
productioon not only to protect
the farmer but also to assure the
Nation a more dependable supply :
of food and fiber.
DANGEROUS
ft is dangerous to sell a SUBSTI
TUTE for can just to make three or
four rente more. Customers are
your best assets; lose them awl yon
lose your business. (M is worth
three or four times at much as a
SUBSTITUTE.
For Results Advertise
ii
Tax Notice
One per cent penalty applies to
1937 taxes February 1st and penal
ties on delinquent taxes increase on
the same date. Pay your taxes now
and save money.
A. G. PELT.
Wayne County Tax Collector.
We have fust added a famous fine of
Men’s Work Shoes
FARMERS: Here's a solid leather shoe, tope and soles—
the soles are underlaid with composition soles which
makes these shoes outwear 2 leather soles.
These shoes which come in low and high tops will
stand the very roughest wear—Reasonable prices.
Smith Hardware Co. I J
For Results Advertise in Goldsboro Herald |
l
Statement ol Condition oi
THE BANK
OF WAYNE
At the close oi business December 31,1937
*
*
RESOURCES
Cash and jut Iron Banks- ...-.... S974.S83.64
U. S* Bonds and Not#* ----- 232.738.25
State of North Carolina Bonds-- 68.124.39
Municipal. Land Bank and other Marketable Bonds 227.162.34
Loans secured by li*t®d stock, marketable bonds
warehouse receipts ...------165,033.13
or
Banks
Certificates of D«PO«tt other
Other lrwrY^q and discounts.
Banking House. Furniture and Fixture*
Prepaid Expense -
Accrued Interest on Bonds. Elc.
Other Assets___
28.000.00
$1,695,741.75
260.543.16
97.566.47
2,843.32
5,504.91
79.02
TOTAL RESOURCES
LIABILITIES
Capital $100,000.00
suipim ____-100.000.00
Undivided Profits - 30.500.00
Reserve for unearned discount and interest due depositors
Reserve lor taxes, etc. - -
Reserve for Dividends
DEPOSITS ____
$2,063,356.63
t 330.500.00
2.912.79
6.468.77
6.000.00
1.816^77.07
TOTAL LIABILITIES .-.-. $2,062^58.63
December
December
December
D jceinl 3i
COMPARISON OF DEPOSITS
31.1834 __-.
31. 1938 .—.i'KI'51’2
31, 1937 ___ 1.818,477.07
u___ a| federal Deport Insurance Corporation — Deposits insured up to
$5,000 for each depositor.