Henderson daily dispatch., August 01, 1932, Image 6

About Henderson daily dispatch. (Henderson, N.C.) 1914-1995

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

                
ASSOCIATED AND CENTRAL PRESS SERVICE
-
New Sign-Up Is Ordered
Os First National Bank
Depositors On New Plan
Only 70 Percent of Deposits
Will Be Guaranteed by
New Bank Under
Revised Plan
FINAL 30 PERCENT
WILL~BE TRUSTEED
Approximately $250,000 Os
Old Bank's Paper To Be
Set Aside for Collection To
Pay Off That Amount; De
ferred 70 Per Cent Will
Draw Interest
Ans% s:gn-up of depositors in the
eloped First National Bank on a dif
ferent ba-'is from that on which the
preparation wa* at first submitted to
them was ordered by the reorganiza
tion committee at a meeting held Wist*
Saturday afternoon at the bank. The
action followed advices from the of
ilce of the comptroller of the currency
In Washington that the original and
only sign-up plan that was carried
through was unsatisfactory, and the
department was fearful lest the new
bank would be unable to make good
Its promises of full payment to de
positors.
Under the new plan depositors
would be paid ten per cent on the
opening of the bank, and 20 percent a
year on November 1. 1933. and the
unif date in 1931 and 1935. the de- j
ferred payments to draw three per-1
cent interest. Depositors with less!
than 320 in the bank would be paid in
ful l at the opening. The remaining 30
percent or about $115,000. not guar-J
enteed would bo trusteed to be paid ■
for by collections on commercial |
paj?r of the old bank amounting to
approximately $250,000.
The old plan was to pay all deposits i
of S2O or less in full at the opening, j
together with ten percent of all de- j
posits, and the remainder in one. two'
and three years, but none of the de-;
fer’ed payments would bear interest. I
The paper from the old bank to be’
trusteed would be in the hands of!
Jasper B. Hicks. W'. B. Daniel, Jr.,’
and fcl. R Boyd.
Mi. Hicks was appointed by the re
organization committee as chairman:
of a committee that would have
cherg? of the new sign-up, which is
to be launched immediately. As soon j
as this can be completed, the new ;
bank will be opened
Follawing is a statement in full that ;
wa3 made today by Mr. Hicks in con- :
neefion with the new sign-up plan:
"On account of the general financial
cor.ditions (not of this section par-:
tlcularlyi the department at Wash-1
ington is apprehensive that the First I
Nat ional Bank of Henderson could not '
pay of its depositors in full in so i
ahe't a time as three years.
"The appraisals of the assets have j
not been revised, but it is considered ]
best for the new bank and for the ;
depositors, that only 70 percent of the j
deposits be guaranteed by the new
bank, and paid in yearly installments j
for three years. These three yearly in
stallments will be represented by tlipe
certificate;, bearing three per cent in
terest
The balance of the assets of the ;
old bank will be held by trustees, and i
as collected will be paid to the re-i
maining 30 per cent of deposits.
"This, we understand, is the same
plan as was used by the First Na
tional Bank of Burlington and the
First National Bank of Wilson, and
were successful.
"It is believed that the depositors
of the First National Bank of Hen
derson will be paid in full, but the
last 30 per cent may not be paid with
in three years.
"Under the new plan it will be
necessary for all of the depositors to
sign a new agreement, and it Is be
lieved this will be done in a very few
days, and *hat the new will
at an early date.
"Jasper B. Hicks has oeen appoint
ed chairman of the new committee to
get the depositors to sign up this new
agreement at once.
"It is regretted that this change in '
I SPECIAL SALE !
I —OF HUNDREDS OF— I
I Shirts —Ties —Pajamas I
Purchased by us nt a manuf.icturers outlet sale at prices
that enables us to pass a tremendous savings to j'ou.
1200 $2.00 shirts at $1.35 or 3 for $4.00
500 shirts slightly seconds at each SI.OO I
000 Ties, *I.OO values, 55c or 2 for SI.OO
300 suits of pajamas $2.50 and $4.00 values
I at $1 50 and $1.95
Complete range of sizes ami patterns. Come early and
make your selections.
I Geo. A. Rose & Sons Co. I
Henderson, N. 0.
ROLLINS ELECTED
CITY SCHOOL HEAD
Salary as City Superintend.
end Is Voted at S6OO for
Coming Year
JOINT MEETING HELD
County And City Boards In Session;
. Budgets Are Given Endorsement
And Will Go Before
Commissioners
E. M. Rolhns. for the past eight
years superintendent of the city
schools. was re-elected' to that office
today ala joint mettthfe at the city
and county school boards, hied'in his
office. - 4
Mr. Rollins during that ‘period of
t ine has-served the city in addition to
being county superintendent, which of
fice he has held for about 20,years.
The erty and county schools opera l o
under .a single directing administrative
he*ad as superintendent, and t<he tax
rate is ntade and levied as a single tax
item.
Today's rheHtinjf of the two school
boards approved budget estimates for
operation of the schools hfter flndinrr
'•he various items satisfactory and
meeting tiherir approval.
The salary of the superintendent |
for his services to the city schools was,
fixed at S6OO per year, which was cut
from 900 he has hitherto received,
and amounts to a reduction of one
third.
Under the present S’ote rating, the
Salary forth ecourvtv superintendent
is $3,000. paid by the State. But State
school authortfiee are expecting a 20
per cent cut from that figure as soo -i
"8 hhe legislature meets to enact laws
to balance the State budget.
FIREMEN OFF FOR
STATE CONVENTION
Chief E T Shepherd and Others Go
To Annual Gathering Held This
Week In Hamlet
Chief E. T. Shepherd of the Hen
derson fire department. and two
volunteer firemen, went to Hamlet
today to attend the annua! conven
tion and tournament of the North
Carolina Firemen’s Association, which
is being held there this week. They
will also attend the peach show which
is being staged in connection with
the tournament.
Henderson will not be represented
in the tournament, but the delegation
will attend the sessions of the con
vention. In addition to the chief, Wil
liam H. Norvell and George R. Honey
cutt are at the convention.
19 DEEDS RECORDED
IN MONTH OF JULY.
Real estate transfers increased
sharply in July over the month of
June, according to statistics in the
office of the register of deeds. Last
month's total of deeds was 19, com
pared with 11 in June and 22 in July
last year. The figures for July make
a total of 168 realty transfers for the
first seven months of the year, as
compared with '221 for the correspond
ing period yasi year.
the plans has to be made, but it is the
consensus of opinion that this plan is
much better than the old plan, both
to the new stockholders and to the de
positors.
"In any event, all of the collections
available for this purpose will be paid
•to the old depositors, and the col
lections will be made in the least ex
pensive way. The trustees will receive
no compensation for their services."
UtetSatstan
BONUS ARMY EAT IN NEW CAMP,
PUBafcT • J 3
- v < _ * v ' s \ J
■ jjf pMgHHKH
While bonus marchers, above, par
took of their first meal in their
new camp at Johnstown, Pa.,
♦hither they migrated following
their eviction from Washington,
D. C.. federal troops stood guard
LONGSESSION HELD
BEFORE RECORDER
Liquor Cases Dominate In
Court Here With 7
Cases Tried
An unusually long session of record
er's court faced T. S. Kilt roll here this
morning, with a varied docket ap
pearing for trial. Os the seven cases
tried, four involved white defendants
and whiskey charges dominated.
Clarence Peeden. white, charged
with larceny of chickeqs. was given
90 days and bond for appeal was set
at S2BO.
Melvin Henly, wnite, was found
guilty of possession and whs given 60
days, commitment not to issue on
payment of $lO fine and costs.
G. W. Wilks, white, was found guilty
of possession and was given 60 days,
commitment not to issue on payment
of $lO fir** and costs.
Tom Manuel, white, charged witn
juperating an automobile on the public
•hignway in a reckless manner, was
found guilty of entering the hignway
without due caution, and was fined
$1 and costs.
Earlie and Charlie Matthews, white
entered a plea of guilty to charges of
drunkenness on the public highway,
and both were fined $1 and costs.
Colonial Johnson, colored, found
guilty of operating an automobile on
the highway while under the influence
of whiskey, was given 6 months on
the roads, commitment not to issue
on payment of $75 and costs, and not
operate an automobile for two years.
William Bass, Richard Alston, Lee
Ethel Hunt. Lilly Mae Jones and Fan
ny Reed, were found guilty of using
profane language and being rowdy
jand disorderly' on the public high
way's. and were fined $1 and costs
each.
BANK LIQUIDATING
EXPENSES ARE CUT
(Continued from Page One.)
salaries paid for liquidation since last
May in the salary cost per hank, and
a decrease of 25 per cent in the aver
age salary paid per employe.
In May. 1931, there were 85 banks
in process of liquidation with total
resources of $57,876,908. , There were
112 employes in the liquidating de
partment at an average salary of
$173. The aveiage salary cost per
bank was $228. making a total pay
roll of $19,388.
The situation in the lisuidation de
partment in July, 1932. was quite dif
ferent, with marked increase in the
number of banks and resources, but
with a decrease in the number of em
ployes. In July, there were 136 banka
with a total resources of $65,180,086,
with only 97 employes, as compared
with 112 employes in May. 1931, for
only 85 banks. The average salary
cost of these 97 employes was $l2B a
month, instead of $173 a month for
the 112 employes in May, 1931. The
average salary cost per bank in July'
of this year wan only $91.20, making
a total monthly payroll of $12,503 as
compared with the monthly payroll of
$19,388 in May, 1931.
The total resources in liquidation
in closed State banks in June, 1932.
were $73,495,745. In July several closed
banks. reopened, among them the
United Bank and Trust Company of
Greensboro with branches in Burling
ton, Reidsville and Sanford, with re
•ourcee of $7,361,095 and the Wilson
Trust and Savings Bank of Wilson,
with resources of $954,564, making a
decrease of $8,315,659 in the total re
sources. so that the total resources at
the end of July amounted to $65,180,-
066, __ _
SaQgßiapafrJ)
at the remains of the bonus camp
at Anacostia, D. C,, to prevent
any return there. The soldiers
are shown looking over a deserted,
piano, about all that remains of!
the former camp.
City of Raleigh
Spends $1,449,367
To Run For Year
Washington, Aug. 1 (API The city
of Raleigh, North Carolina spent sl.-
449,367 : n operation of its government
tor the fiscal year ending Jur.e 30‘ 1931
the Census Bureau reporie.j today.
Raleigh ii was reported speti* $857,-
or $22 57 pu - cap;'a in rurfnmg
s- in ial dep-iri/r :r.:-; $45 265 m- run
ning public service enterprises; $381.-
985 in interest on debt, and SljU.6oo
in outlay on peiman-U improvements.
The lob' 1 included S4B3.MH for schools.
Revenue rev-ip*s invl :>1 ng ih .-«•
f..r schools, i" . e $1466 513 or S? 8 59
per capita. This was 517.14* : more
tir n total payn , t s.
Vne total fun •' t debt was T 3.652.-
562 on June 39. 1931, an ! the p ipula
':rn was esAmatoc as 38.0U0. The
net debt was $5.323.4><4 or $l4O 25 per
capita compared wttJh 140.20 debt per
cipia in 1930.
The assessed valuaion was $53,676,-
195. The per capita tax levy for the
city, school and county was $40.12 in
1931 and $41.30 in 1930.
Adams. Mass., connoting all that is
Puritan, American and Yankee in
name, is composed of some two-thirds
foreign-born or children of foreign
born.
FORECLOSURE SALE
By virtue of power contained in a
chattel deed of trutft, executed by
Grisaom Tailors and Cleaners, record
ed in the office of the Register of
Deeds of Vance County in Book 168,
at page 116, default having been made
In the payment of the debt therein
secured, at the writt en request of
the holder of the notes. I shall sell by
public auction, to the highest bidder
foi casn at the store bulking on Gar
nett Street in the Ctfy of Henderson,
foimerly occupied by Grissom Tailors
and Cleaners, at twelve oclock noon
on Monday the 22nd day of August.
1932, the following described property;
1-Oiover H-l System Complete
1-Glover 30x48 Reverse Washer
1-150 Gallon Supply Tank.
1-Glover Rapid Deodorizer KD Type
D
1-5 H. P. Motor 1800 itPM—6O
Cycle
1-20 Ft. 1 11-16 in. Lineshaft. with
Collars.
4-16 Ft. Steel Hangers.
3-21 Ft. Diameter by 4 in. Flat
Face Pulleys
1-14 Ft. Diameter by 6 in. Flkt
Face Pulleys
1-8 F.t. Diameter by 6 in. Flat
Face Pulleys
1-4 Ft. Diameter by 8 in. Flat
F'aoe Pulley*.
1-4 Ft. Diameter by 4 in. Flat
Face Pulleys
1-12 Ft. Diameter by 4 ft. Flat Face
Pulleys
1-24 Clear Plate Glass Spotting
Table
1- Solid Curb Extractor.
(Purchased from the Glover Sales
Division of the Butler Manufacturing
Company of Kansas City. Mo.)
2- Steam Presses bought of
United States Hoffman Machinery
Oarportthion of Atlanta. Georgia.
1-Panrtex Steam Pres*.
1-Volclone Tumbler Machine bought
of VokJone Company of Milwaukee,
Wte.
1-Uprigt* O. and S. Boiler.
Aiso *'U other stock. goods, fixtures
and Merchandise which we own now
situate in that building on Garnett
Street in Ofcty of Henderson. North
Carolina, wherein w« operate a clean -
hre and pressing establishment.
This the lat day of August, 1932.
WADDELL GHOLSON, JR.,
a Wa TlXbteU
MEDICO!! RETURN
FROM THEIR CAMP
Arrive In City Early Sunday
After Two Weeks At
Camp Jackson
A SUCCESSFUL EVENT
Humorous Side of Camp Life Strewed
As Means of Recreation and Re
laxation for Group of
Soldiers
By PRIVATE I- R. OAKLET.
With the sounding of pay call Sat
urday morning. July 30, the annual
field training period of the service
company, one of the local units of the
North Carolina National Guard, was
brought to an end.
From the standpoint of proficiency
attained, and experience gained, re
garding ultimate duties during ac
tual warfare, the past encampment is
outstanding as the most successful
one since the organiatlon of the 106th
Medical Regiment, in which the ser
vice company plays a• heading part,
inasmuch as its duties are to service
the entire regiment, with transporta
tion, the issuance of food and medical
supplies.
The most Interesting events of the
past week were /urnished again by
Sergeant Jimmie Muatian’s "kangaroo
court," in which several interesting
and greatly appropriate <wpre
given to those members of the or
ganiation. who. judging from their
actions during the encampment, were
entitled to them.
To Lt. V. C. Reedy, a booklet on 1
highway rules. and how to drive in
the State of South Carolina, were pre
sented, with very sincere regrets that
the court was unable to present it to
him before he smashed a fender on
Sergeant Clement Rodwell s car.
The next presentation was a pamp
iet published by the Keeley Institute
of South Carolina, given to Sergeant
Clarence Greene, with instructions
that in the future he be guided by it
the use of aicoholic beverages.
Next, Private Brooks Ayscue was pre
sented with a miniature pump, with
the best wishes that he continue his
pump handling" In order that some
day he might rate the stripes he has
been working so hard for. "Laza” Mur
phy, the company laundress, was next
awarded a small washboard and tub
since it was generally felt that, since
there was so much room for improve
ment in his services, he would find
them to great advantage.
Sergeant Voilie Manning and Pri
vate Robert Whitten each received a
"gold brick" in recognition of their
ability to "skip” all detail duties dur
ing the encampment with various ex
cuses from headaches to acute ap
pendicitis.
Sergeant Clement Rodwell. enjoyed
the distinction of receiving two awards
ATTENTION
1
Entire Stock From Specialty Shop
Moved to
ECONOMY STORE
For Final Clean-Up
All Dresses Further Reduced for
Quick Clearance
EVERYTHING MUST GO
Roth-Stewart Co.
Specialty Stock in Economy Store
MONDAY, AUGUST 1, 198*
County Commissioners
Order 1931 Tax Sales
To Be Started At Once
'No Option Left To Them A* Arrearages Must be Clear,
ed off Books To Permit of Settlement With
Sheriff Before New Books Are Given Him
Sale of land for arrearages on 1931
taxes was ordered by bhe Vance Board
of County Commissioners today to be
gin at once, and the firet appearance
of the advertisement is expected to be
tomorrow. The sale win be held the
drat Monday in September.
The saJe has been postponed three
times by the board in order to allow
as much (time as possible for payment
by those who have not made settle
ment of their accounts. Now, how
ever, it is impossible for further de
lays to be permitted, because the sale
must be held -in order that the sheriff
can clear his books and make settle
ment with the oommdasioners before
one a beautiful compact, to be used
during the rest of the encampment,
since in twelve days he was accused
of using eight boxes of Coty's very
best face powder. His other gift was
none other than a silver spoon, since
the general opinion of all the men in
Ihe outfit wa3 that any man. entering
the company as a private and in one
week receiving a promotion as staff
sergeant, was very deserving of such
an appropriate gift.
Mess Sergeant Leftie E. Ranes re
ceived a cook book with instructions
that he either study it for the next
encampment, or turn in his stripes,
but this was presented in the form of
a joke, as the mess, and cooking, has
been the best since the organization
of the company.
At the conclusion of the court all
rookies were required to express their
honest opinion of the camp. The court.
the con-commissioned officers, and
commissioned officers, and needless to
say all of them unamtnously agreed
that the period of the encampment
was the most enjoyable two weeks
of their lives. One member of the
company, who for several years has
been attending camp at Morehead
City with a machine gun outfit in the
120th Infanrty, expressed his appre
ciation for the friendliness, extended
him by the officers, non-commission
ed officers, and other men of the ser
vice company, and commented on the
excellent manner in which mess was
served %,~»d other details han<Se^
Ail in all. much has been gained
from the field training period Just
completed, and the men will now set
tle down to another year of hard
armory training in preparation for
next year’s encampment.
the new books for 1932 are turned o e
to him Hot collection.
Because of some delay in fi ra j
prova.l of school budgets and b.V,
final figures had not been recei
n the 1932 prpoeity valuat» n >. •
boar dtoday was utiabl* r 0
withe the fixing of the tax ;a
1932. Wnen it adjourned late
it was to leave to meet again rr.
oafll of the chairman to take up •
and other matters that will derr.-i
attention.
ASSAULT AND DRUNK
CHARGES ARE HEARD
Johnnie Green and Ed Glov* r r.-,
tried in police court today on
of assaulting and beartng each
and the additional charge of an a «
sauk wvth a deadly weapon was ,».j
on Green. Green was sent t o*h*> \
for 60 days and Glovre was disrhw-
George Lloyd was charged w. n Tl ,
ing drunk, and was let off with „
upended judgment on payment of
coots.
.NO MORE
ACHING CORNS
Im New I
Try this new
CORN PAD . ..Steps pain instantly
■nd tor good . . . Then medicated
of pad toon dissolves away tbs
com. Finest pad in the world.
Parker’B Drug Store
The Re sail 8 tor**
Dm. K. H. Pattbbsob
Eye Slfbf Spent htt
Rbxdbbsov, N G.