Newspaper Page Text
ASSOCIATED AND CENTRAL PRESS SERVICE
Home Building And Loan Closes Successful Year Assisted in Financing 37 Home* in 1931, Lending $56,- 388; Stock Earnings for Year 6.75 Percent; Di rectors Elected; Mr. Hunt 111, Absent A successful year in IMI. with its condition exceptionally gratifying, eras reported to the stockholders of the Home Building and Loan Association last night at their annual meeting. New directors for the. ydkr were elect ed and there was an evident spirit of optimism over the organisation's outlook for the oomin gtwelve months. Joel T. Cheatham, secretary-trea surer of the association, reported that the association in 1931 assisted in financing and building 37 homes, on which it had loaned $36,338.04, no loan exceeding 70 percent of the appraised committee's valuation, uring the year $31,781.25 was loaned to shareholders on their stock, no loan exceeding 90 percent of amounts they had actually paid in. Total mortgage loans repaid in 1931 amounted to $70,465 an dtotal stock loans repaid were $31,630.93. Profits paid shareholders amounted to $10,864.47. Earnings from interest, fines and fees were $12,942.25. Two new series were Opened during the year, in which 940 shares were sold. Two series were matured during the year, paying shareholders $44,906.25. both maturing ahead of time. Earnings on the stock for 1931 were reported at 6.73 percent, free, with no second mortgages held, and the lar gest individual loan being $5,000. No loan Is in any way doubtful, it was stated, and all are amply secured. The association reported 345 white and 39 colored shareholders, and a total of 3.609 shares in force. Assets of the aiitabciatlon were given as $229,202.52, with cash on hand of $7,771.12. Mortgage loans outstanding amount to $194,938.04. and stock loans are $22.t0.23. Surplus and undivided profits amount to $26,564.71. • Directors electro to serve during the year were as follows. A. A. Bunn, S.' R. Burwell. Joel T. Cheatham. R. E. Clements. T. H. Crudup, R. G. S. Davis. E. G. Flannagan, Henry A. Dennis. M. Y. Cooper. J. B. Hicks, W. A Hunt. T. S. Kittrell, Rev. E. R Nelson. E. F. Parham, Thomas M. Pittman. F. B. Rob&rds. Alex S. Wat kins. J. 1* Wester. Dr. T. S. Royster. M L. Wood. In the absence of W. A. Hunt, presi dent of the association since it was organized in 1912. was absent from the meeting, and Frank B. Robards. vice-president, presided. The meeting wa sthe first annual gathering of the stockholders that Mr. Hunt has missed in the history of ihe association. He is ill in a Durham hospital, but sent a letter to Joel T. Cheatham, secretary-treasurer, which was read to the members. It was voted that a message be sent to Mr. Hunt Tooth Paste Regular 10c Size Forhans Ipana Pepsodent Pebeco Listerine Colgate’s 10< each Kemer Drug Co. Prescription Druggist Phone 112. We have several desirable Residences and Apartments FOR RENT If interested in making a change call 139-J. . I, Henderson Loan & Real Estate Co. AL B. WESTER, Secy .-Treat. regretting his absence and his illness, and wishing for him a speedy recovery and the return to his duties here. He is president of the Citizens Bank and Trust Company. His letter to Mr. Cheatham follows: "For the first time since the or ganisation of the association, 1 will be absent from the annual meeting to be held January 19. but I desire to convey to the stockholders my best wishes ants to congratulate the share holders upon their confidence and loyalty to the association. I am glad to know the financial condition of the association is good, and I look for ward to the year 1932 as one of better conditions, and with the hopes that this association can be of more ser vice to its members and increase its usefulness to the community, as there is no better system of savings than the building and loan way. "As Ames and Andy would say. my dogs are giving me trouble, and I have had 4o take off my shoes and rest for a few days, but hope to be buck on the job shortly." KinRELL HEARD BY KIWANIS IN OXFORD Henderson Man Principal Speaker On Anniversary Program of Club J. C. Kittrell. of this city, lieutenant fovernor of Kiwanis clubs in this dis rict. was the principal speaker on the program at the regular meeting of the Oxford club last night, at which time the annual Anniversary Week program was given. Mr. Kittrell had been invited to make the principal address on this occasion and took as his subject "Kiwanis International." He outlined the founding of the or ganization and told of its contribu tions to community life in the cities where clubs are located. In telling of the accomplishments of the club in its seventeen years of existence, he declared that it is still in search of greater civic betterment and social welfare programs. He briefly outlined the history of the organization and pointed to some of the main achieve ments of the past year. In addition to Mr. Kittrell. Al Barnes, president of the Henderson club. Horace Robinson, and L. E. Turner, of Henderson, also attended the meeting in Oxford last night. CITY EXECUTIVES WANT ROAD FUNDS Anxious for State Highway Commis sion to Maintain Links In Sys tem in the Cities • Municipal executives attending the mid-winter meeting of the North Car olina Municipal Association in Char lotte last Monday and Tuesday were strongly in favor of the State taking over maintenance and upkeep of the links of highways that pass through cities. Mayor Irvine B. Watkins of Henderson said today on his return from the meeting, which he attended as the official representative of this city. The mayor sensed a decided sen timent in favor of the departure, which would relieve the cities of con siderable extreme, but found a dis position not to press the matter at the present time, and until business conditions improve so as to improve the State's financial position. Many of the municipalities of .tho State were represented at the con vention. the mayor said. The Hender son City Council recently voted to affiliate with the association and in structed the mayor to attend the Charlotte meeting. There is a time when thou mayest say nothing, and a time when thou mayest say something; but there never will be a time when thou shouldest say ail things. 3iter,l»ersmt Bails Btapafrl? “Stop Borrowing Habit, Pay Cash, ” Says Mayor Os City Showing Profit This Is Advice of Socialist Executive to Cites Who Would Follow In Milwaukee's Financial Footsteps Top, Milwaukee river, looking north, and below ,the county courthouse in the Wiscon sin city. (Editor’s Note: This, is the second of a series of three dispatches on Mil waukee as a shining example of muni cipal efficiency.) By I.KO WOLFSOHN Central Press Correspondent Milwaukee. Wis., Jan. 20. The first step to put a city on a sound finan cial basis is to check the borrowing habit and to pay cash as it goes. That is the advice of Daniel W. Hoan, So cialist mayor of Milwaukee, who has been in office for 15 years and whose city ended its fiscal year with all bills paid and a surplus of $2,000,000 in the treasury. Milwaukee began heading that way, the mayor points out when the first Socialist administration was elected. Prior to that time, it was the cus tom of administrations to proclaim that they stood for more improve ments and less taxes ‘‘a perfectly .hypocritical issue, to say the least," as Mayor Hoan puts it. The govern ments of those days indulged in both those practices. The tax rate was indeed kept low for a time, but in a little while every fund in the city was utterly depleted. Fire and police pension funds were bankrupt to the tune of $2,000,000. There were insufficient funds in the budget to operate the city. There was a shortage of nine school houses. Bridges and streets were in disrepajr, and there were no playgrounds for children. In brief Milwaukee was in the same quagmire a number of other cities find themselves in today. Bond Issues Stopped. With the change in administrations, and the Socialists at the helm, the first step was to stop this incessant issuing of bonds and adding to the interest demands. First, bond issues for the city’s share of street improve ments were stopped, and even a law passed In the state legislature to for bid the practice. Next, bond issues for drodging the river and similar run ning expenses were stopped. And in both places (he city levied a cash tax to meet these costs. Thus the administration began the task of checking what had been the mounting burden of debt. But, to pre vent these added tax burdens from becoming too great a hardship on the taxpayer, it was necessary to effect several economies. Therefore, Mayor Hoan tells you, the city entered into a gigantic eco nomic program—but not by cutting off essential needs. A Budget System Established. The first step in the economy pro gram was the establishment of a scientific budget system. Under this budget system the city officials must estimate for the coming year the sums they will need to supply their depart ments. Then came the board of estimates, which compared the thousands of items with the amounts spent the previous year, and revised and re duced these amounts where possible, finally adopting a budget. Upon this budget the tax rate was fixed and taxes collected. This is the system to this day. From that time on it became impos sible to operate the city with a de ficit. The money was collected as pro vided in the budget and no depart ment could spend a penny more than its budget appropriation. In fact, with the urge to economy, departments frequently spent somewhat less than their budgets and each finished the year with something left over. Centralised Buying Agency. To effect still further savings, a centralized purchasing agency was es tablished. By systematizing the buy ing, and purchasing in large quan tities through a single bureau, a sav ing estimated conservatively at 10 per cent has been made. As time went on progress was made in the attempt to put the departments on a cash basis. Legislation was en acted to provide for an additional small annual tax to accumulate a fund from whicb this could be done. And thereafter, one by one, departments were added for the expenses of which the cash was collected on Jan. 1. “ Year by year," the mayor goes 00, "we have placed one department after another on this cash basis until today more than three-fourths of our city work on this basis. Within the next three years all our departments will be so financed. In other words, over a period of years we have not only been able to wipe out the financial deficit of the past, but to accumulate funds to place us further and further on the cash basis." (Final Dispatch later.) Sidetracking Os Report By Wickersham Committee On Mooney Is Explained (Continued rrom Page one.) ed that there were interests in the slate which wanted Tom Mooney and Warren Billings out of the way, and were unscrupulous enough to take advantage of the opportunity offered by the San Francisco bombing to frame them. It involved exceptional callousness of conscience, but not a puzzling callousness. The policy wmen nas permitted the pair to remain behind the bars long after the wrongfulness of their con viction became evident also is under standable, Mooney sympathizers say. The pardoning power obviously fear ed to act in defiance of the interests which were actively and the sentiment which was passively responsible for the framing. But, Mooney sympathisers declare they cannot follow forensic mental processes, as exemplified in lawyers of such standing as the Wickersham commissioners, iwho, on having sd gross an injustice brought forcibly to their attention, decided that it would not be to the "public interest” to have the facts disclosed —and actually did their utmost to hush them up, leaving Mooney and Billings presumably to end their lives in prison. Being a state case, it is explained, the commissioners held that they, as a federal body, could do nothing about it. “What did they not, as citizens. If not as commissioners, at least have broadcast the information gathered by their investigators?" Mooney sym pathizers demand. Anyway, it was not because they felt that they had not a right to do so. for Chairman Wicker sham finally did do it—when suf ficiently pressed by the senate. Whether or not the commissioners were unanimous in deciding to sup press the its investigators is a matter of guesswork. The record does show that the mo tion consigning the report to oblivion was made by NeWton D. Baker. This course evidently was acquiesced in by Federal Judge W. S. Kenyon, since he was head of the sub-committee which conducted the investigation. And it was Chairman George W. Wickersham who, on turning over the commission's accumulation of docu ments to Attorney General Mitchell, at the termination of its activities, suggested the desirability of secrecy as to the Mooney-Billings case —in the "public Interest.” A Bargain in Good Beading 5 months of &ie As ATLANTIC MONTHLY | for Here you will rind stimulating articles that reflect every phase of our complex modern life and thought articles by men and wo men, outstanding in many fields, who have something real to say and a rare way of saying it. Best of all you will like the Intimately companionable quality of the At lantic, which more even than Its topical Importance of Its Mterary Charm makes it such a high ad venture for you* precious reading hours, i Send *1.09 (mentioning this ad) to the AtimwtJe MeaAtly, S Aittngton St, Boston FIVE CASES TRIED IN POLICE COURT Prohibition Law Charge* Bring Three Into Court *' Before Mayor Today Five cases were tried in police court here this morning, these being cases which have accumulated during the past several days whil« Mayor Irvine B. Watkins was absent from the city attending a meeting of the North Carotins Municipal League in lot*e.| ; ‘ ■ * Percy Sherrod, charged with com mitting a nuisance by' soliciting; toup -Ist trade on the strdebs; was foUUd not guilty and discharged. Lewis Harris was tried for posses sion and given sixty days, commit ment not to issue on payment of a fine of SSO and court costs. Ollie Davie drew a term of sixty days on the roads for an assault charge. C. D. Poythreas was ordered to pay a fine of $1 and costs for being drunk on the streets. Eugene M. Teiser faced a charge of being drunk on the streets and was ordered to pay court coses. A suspend ed sentence of thirty days In JaTl, imposed on December 16, was also imposed upon the defendant in this case. History tell of illustrious villians; but never of an illustrious miser. If we wel knew how little others enjoy, it would rescue the world from one sin —there would be no such thing as envy upon earth. RIDE CONTROL, RUBBER CUSHIONING AND LONGER WHEELBASE GIVE PONTIAC RIDING COMFORT With Ride Control the newest development -you adjust shock afarorber action to tough or smooth roads, by touching a button on the dash. Then, there' is rubber cushioning at 47 chassis points-a remarkably complete system which insuhttes the motor and other meehan ica! units from the frame, and the frame from the body. The long wheelbase assure* road-steadiness, and the enclosed, self-lubricating springs further promote easy riding. || NEW PONTIAC SIX Brings tho Important Dovolopmonts Pontiac offers these of the Yaar *° Low-Prico FMd important developments Pont “ c o **"* r • • • R,de Control, Syncro-Mesh transmission, a qmet at no extra cost. «»»d gear, and free wheeling ... no extra emt! f Pontiac’s powerful motor, further improved and SYNCRO-MESH refined, offers flashing pick-up and top speed. Yet you QUIET SECOND ***« no more fuel than in cars built for economy alone. • Fisher craftsmen have provided beauty of design, FRS WHEELING and true luxury in finish and appointments. See ■ the new Pontiac—let us give you a demonstration. RIDE CONTROL G. M. A. C. time payment plan available if dewwd m LONGER WHEELBASE 7 INCREASED POWER AND fIIGH SPED NEW PONTIAC V-8 Oltur* th» OfaltoctfM ot ... Ftf formatter at a Liat Price under *BSO • NEW, ROOMIER FISHER BODIES ~ . . , a V-Eight motors have been identified with the RUBBER CUSHIONING world’s finest cars. Now Pontiac V-* offers this AT 47 CHASSIS POINTS brilliance and reliability at moderate cost. ■ If you have owned smaller cars, the Pontiac V-8 will ENCLOSED SPRINGS enable you to advance all your motoring standard* RIDING COMFORT “”***“* W" "P endit “". If y*« m tr •ccustomed to- driving expensive cars, Pontiac Puu PRESSURE LUBRICATION Y' 8 * ive 7°** IDO « t °f the same advantages at far lower cost. . . 3** the new Pontiac V-8 at your "" aadieat opportunity. Motor Sales Co. Henderwn, N, C. Warren ton, N. C. Ngf AL ' MOTORS VALU^ WEDNESDAY, JANUARY 20,1932 21 WET “ T - / Offering* Fairly Heavy In Volume on Tobacco Sales Tuesday Cutters and good lugs were irr strong demand but marketed .in small quantities on the Henderson tobacco market In Tuesday's sale*, says the Tobacco Market News Service sum mary of the day’s activities. Offerings were fairly in volume, and the day's consisted mostly of fair to common *af and medium to fair lugs. The News Service summary said of sales In Oxford and Henderson markets combined: "Compared with Monday's averages, medium to sixth quality lemon leaf grades averaged about five percent higher prices, medium and sixth qual ity orange leaf averaged slightly low er, fair orange leaf advanced about six percent and seventh quality or ange leaf decreased about 70 percent. First quality lemon lugs advanced about 30 percent and sold for about the same price as the corresponding week of 1930 season. Medium quality lemon lugs decreased about 7 percent, medium orange lug 3 increased about 5 percent and fourth quality orange lugs averaged slightly lower.” Deed Recorded In a deed recorded in the office of the register of deeds here yesterday T. P. Gho Ison sold to S. P. Green, two acres of land on the Henderson- Norlina road for $lO and other Con siderations. This was the only deed recorded for the day. ONE CASE TRIED • ‘ BEFORE RECORDER One case in which two p 1 . l involved wa ß tried in recorder's here this morning before Recorder ? 8. • Kittrell. Jesse Burton and Hm» rie*e Burwell faced charged of Si orderly conduct. Burton was not guilty and the .other ordered to pay court costs., FALSEALARMCALLS FIRE FIGHTERS OUT A false alarm from box 13 called firemen out, this morning at shortlv after eleven o'clock. The box ai corner of Arch and Zen* str eeu SL pulled by an unknown party, and tbe firemen were unable to find any tree, of a fire, or the person who turned in the alarm. Race Relations Sunday corner FeK. ruary 14th. " Stop that Cough Quick! Men, women and children every, where are amazed at the quick re sults from the first swallow of Tbox ine—a doctor’s famous prescription. Acts like magic, on a new principle. Stops the cough at once and goes di rect to the internal cause preventing further trouble Taken before retiring Thoxine ab solutely prevents night coughing It gives fihe same speedy relief for sore chroat too. Safe for the whole fam ily—guaranteed no dope. Money back if not satisfied 35c. Thomaa-Colpep per Drug Co , and all other good drug stores —Adv.