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The Oldest Newspaper Published In North Carolina
The Carolina Watchman ( "The Watchman Carries a Summary of ^All The Hews" FOUNDED 1832—101ST YEAR SALISBURY, FRIDAY MORNING, AUGUST S VOL. 28 NO. 1 Price 2 CENTS " "-;-—, c»t»wv>» :- - —=~ Federal Reserve Ready For Industrial Loams RAILROADS ASKEDTO PROVIDE JOBS R.F.C. Moves To Put Many Idle ToWork PRESIDENT HOOVER HAS RE QUESTED THAT FULL MAIN TENANCE AND REPAIR FORCES OF THE NATION’S RAILROADS BE EMPLOYED Backed By I. C. C. RAILROADS RETURN TO PROS PERITY WILL BOOST OTHER CHANNELS OF BUSINESS, IT IS BELIEVED; MAY MEAN MORE EMPLOYMENT IN ROWAN COUNTY. The Southern Railway, along with the other railroads of the nation, has been requested by the Reconstruction Finance Corporation, to further as sist in stimulating business by re suming full maintenance and repair work, according toi information reaching local officials. The Southern shops, located in this county, during the past few weeks have been adding men frcm time to time. Some of the men added are those who have been layed off local ly for some months while others have been brought here from other railroad centers. This same request, it is understood, has been made of all the lead ng railroads of the country. President Hoover made mainten ance and repair work . on i ailroads one of nine points in his recent pro gram for enlivening business. The president took the attitude that the purchase of material! and the money paid to the workmen would go a long way toward causing busi ness to pick up. Nothing definite has been done up to the present. The railroads can not borrow money from any source without the consent of the Inter state Commerce commission. The commissioners present today form the division that "investigates and grants loans. The Pennsylvania railroad recent ly obtained a loan of $27,500,000 from the corporation to continue the work of electrifying its line! between Washington and New York. The Baltimore and Ohio has received $32,500,000 in loans to pay maturing obligations and $2,500,000 for its subsidiary, the Alton. Conferences between directors of the R. F. C. are being held weekly in Washington ;n the hope of further restoring normalcy in this country. The railroad employment move is backed by the interstate commerce commilsion. 11 PRISIONERS FREED Paroles to 11 state prisoners were granted by Governor Max Gardner, including Jodie Whitley sent up from Pitt county in 1930 to serve 10 to 15 years for manslaughter. Back In The Ring Miriam A. "Ma hergusou ot Texas is back in the political ring again, leading all six opponents for the Democratic gubernatorial nomi nation. This is her third attempt since defeated for renomination in 1926; and again in 1928. Good Morning HER DILEMMA Agnes—Weren’t you embarrassed when young Doctor Jones asked you for your hand? Amy—Indeed’ I was. I didn’t know whether he wanted to take me or my pulse. THE SMILE He smiled a smile of cheer. ’Twas plain his heart was gay And happiness was his As now he went his way Among the gloomy throng That plodded up and down The dingy, gloomy street That crossed a gloomy town. No other smile was seen. Not one but scowled and frowned Or wore a mien of woe And made a mournful sound. Depression bent their backs; They had financial blues; Their thoughts were on the jobs Once had, or feared to lose. And still he smiled, this gent, Or so it seemed, at least, And people stopped to stare And give their eyes a feast. And why do you suppose He smiled in tines Uk rlicw? ■ He didn’t smile at all! His face was drawn to sneeze. WE’LL SELL HIM OURS Husband—I’ve brought you this beautiful String of pearls for your birthday, darling. Wife—But you knew I wanted a motor car. Husband—I know, dearest, but I’ve tried everywhere and can’t get an imi tation car. HUMOR From the Pearl Harbor Weekly "What were you and Alice talking about all evening?” "Oh, about the weather.” "What weather?” "Whether she would or whether she wouldn’t.” SO THAT WAS SETTLED Thus sang the lovelorn youth— "You’re just the girl for me!” Snapped she—"A headache’s all You’d ever be to me!” ITS A HARD LIFE "You look sore at the world today What’s the matter?” asked Smither.-. "Ah,’’ growled Withers- "I had a blowout going home last night and then' got blown up for being late after I got there!” A FAMILY MAN To be a goat I wouldn’t care a dam— And yet, alack, A goat’s what I am.—B. B. THIS MAY INTEREST SOME BODY A scientist says carrots writhe in pain when they are cut up! So do a lotta husbands when they are forced to eat the sufferin’ things. JUSTICE FOR HUBBIES Heck! We don’t believe even the hardest-hearted wife would want to see a husband get all she thinks her hub has coming to him. PASSING OBSERVATION A lot of people think it can’t be a good time unless it boosts the sale of aspirin tablets next day. ADD DEFINITIONS A pessimist often is the optimist who thought he’d save money by buying a used car. ENOUGH SAID Just to show how unpopular 1931 was we haven’t heard of a single person! since January 1 forgetting to write it 1932! Scenes Of Bonus Riot At Washington —————————I■ ■ ■'W'i AMTOCAST&fe SERVIC0 No. 1. United States troops swiriging into action to clear Washington of Bonus rioters when the District of Columbia authorities confessed defeat and the rituat.on out of control. The detachments of cavalry and tanks shown marching up Pennsylvania Avenue, were in support of infantry and machine gun crews which staged the tear-gas offensive on the bonus camps. . . . No. 2. Scene in one of the Pennsylvania Avenue Bonus Camp4 when the battle with the District pol ce was at its height. In the rioting 2 were killed and 44 injured, four of them seriously, many of them police, . . . No. 3. General Douglas MacArthur, Chief of Staff of the U. S. Army, who was in personal charge of the Federal troops in both the afternoon and even ing offensives. No. 4. Here was a battle over an American flag between Bonuf Veterans and Washington police and in which one of the police shown in the picture was seriously injured. No. 5. U. S. Infantrymen with drawn bayonets and in gas masks clearing the Pen nsylvania Bonus Camps, then set fire and burned the huts. After mopp ng up and clearing these camps, the troops advanced in an evening attack on Camp Marks on the Anacostia River to which 7,000 BonuJ seekers had retreated. The tear-gas offensive was resumed, the veterans driven out and all structures destroyed and burned. These scenes mark the most extensive use of troops in the National Capitol since the Civil War.In the foreground of picture No. 5, note the cam erman within the rioting zorie . . gathering these pic tures for the reader’s perusal. Three cameramen were injured. > .- 1 News Briefs i TOLL COLLECTOR DROWNS The body of T. O. Cooper, 39, Cape Fear bridge collector at Wil mington, was found i:n Northeast riper, 10 mile.) from Wijlmingtor/. Cooper had gone on a fishing trip, and alarm was given when he failed to return. FOGLEMAN IS RETURNED Clay Fogleman, wanted for two murders near Leaksville and caught after shooting an officer in Cincin nati, was returned to the state last week and is held at Greensboro pen ding trial in Rockingham county in the term of court opening August 8. REIDSVILLE HAS $100,000 FIRE Fire destroyed three large tobacco sheds at Reidsville belonging to J. H. Burton and Co., Inc., the damage being estimated over $100,000. TAR HEEL WINS FREEDOM Garland Smith, Catawba county, after once facing a death ^Sentence and one for 20-years imprisonment, finally won to complete freedom when Governor Pollard, of Virginia, pardoned him from the prison sen tence following recent acquittal at Danville on the first degree charge of murdering two Virginia officers. 4-H PRESIDENT CHOSEN Larry McLendon, of Duplin coun tv, was chosen president of the 4-H clubs in North Carolina in the final session of the annual short course at State college. Iredell county won over Pasquotank in the singing con test anVl Gladys Vestal, Alamance, won the cotton dre ) revue and will compete nationally. 7TH R. F. C. DIRECTOR NAMED President Hoover has appointed Charles A. Miller, Republican, bank er of Utica, N. Y., as die seventh member of the directing board of the Reconstruction Finance corpor ation. HOOVER’S EASTERN LEADERS President Hoover has picked Fe lix Herbert, R'node Island senator, as his campaign manager in 12 east ern stated, and Jeremiah Milbank. New York banker, as campaign fund director in that territory. . LIGHTNING KILLS GOAT Lightning struck a building near where little Zella Jarvis was feeding a goat, near Roaring River, N. C. A chain fastened to the goat and at tached to the house caused the goat’s death, while the child was unharm ed. TWINS THREE DAYS APART Twins were born to Mrs. Harold E. Brown last week in a New York city hospital. The first, on Mon day, was a black-haired daughter weighing five pounds and 10 ounces, The second arrived Thursday morn ing, had red hair, and weighs six pounds and 12 ounce i To all ap pearances, they are a normal set of twins. The father is a telegraph op erator for the Associated Press. Seeking To Boost Trade With Loans UNLIMITED AMOUNT OF MON EY AVAILABLE FOR LOANS TO M£ET PRESENT BUSINESS NEEDS; INDIVIDUALS MAY BORROW FROM RESERVE BANKS IF CREDIT RATING O. K. Emergency Move LOANS TO BeIZaDE AT INTER EST RATES PRESCRIBED TiY FEDERAL RESERVE BANKS; EXPECT BIG SPURT IN BUSI NESS AFTER PUTTING BIL LIONS OF DOLLARS INTO CIRCULATION. • The Federal Reserve system has stepped into the industrial situation of the nation and acted to furnish money to revive industry, trade and agriculture. While the amount placed at the disposal of current business is unlimi ted the board made no estimate of how much it would be. Acting under an amendment to the Federal Reserve law signed by President Hoover on July 21, the duals, partnerships and corporations for an emergency period of six mon ths. The loans may be made upon paper eligible for rediscount by the Federal Reserve banks ufed to fin ance current business operations. The amendment to the Federal Re serve law provides that the banks may be authorized by the board to make the loans in "unusual and exigent cir mcustances,” by the affirmative vote of not fewer than five members of the board and for such periods as the board may determine. It alb re quires that before mak’ng such a loan the Federal Reserve bank shall obtain evidence that the individual, partnership or corporation was un able to secure adequate credit accom modations from other banking insti tutions. The action of the board in author izing the loans for the emergency period follows complaints that busi ness, industry and1 agriculture ha<d been unable to obtain-fund'd with which to carry on legitimate opera tions. Tlso pmproPnrv mnup will nPrtnif o / * individuals to borrow from Federal Reserve banks upon agricultural pa per or not more than nine months maturity and trade *,and industrial paper of three months. Borrowing upon speculative paper is barred. Commercial banks are not included in the corporations which can bor row. The board provided that the loans must be made at interest rates pre scribed by Federal Reserve bank ' and approved by the board; and that each application for a loan must be made to the Federal Reserve bank of that district and contain a statement of circumstances giving rise to the ap plication. It also specified that each applicant must satisfy the Federal Reserve bank of the eligibility of the security offered, give a statement of efort.' made to obtain credit from banks and state whether the applications for such credit accommodations were definitely refused and why, give a list of its banking relations and com plete credit data, agree to furnish ad ditional security if called upon to do so and submit to audits and ex aminations by representative* of the bank. The Federal Reserve banks are re quired to see that the financial stand ing of the applicant justifies the loan that the security offered is acceptable from a credit standpoint and eligible legally, that there is a reasonable need for the credit and that the security is adequate to protect the Federal Re serve bang from loss. .