The Camden chronicle. (Camden, S.C.) 1888-1981, July 24, 1931, Image 2
BANKERS SUGGEST
BANKING REFORMS
Economic Policy Commission of ;l
American Bankers Association
Recommends Aids to Progi
rest in Banking Business.
i
WJOLLOWJNO a nation-wide survey
* of banking conditions and opinion
among bankers, the Economic Policy
Commission of the American Hankers
Association has made the following
recommendations for banking betterment:
"Under the category of improved
bank management specific improve'merits
we might summarize are:
"(1) Liquidation or consolidation of
banks where changed local economic
conditions render this desirable;
"(2) Wider affiliation among state
banka with the Federal Reserve Hystern;
"(3) Development of limited branch
banking where economic conditions
and legal authority make this expedient;
"(4) A more gonerul practice, especially
lacking among country hanks, to
analyze the cost of carrying accounts
and other operating details and tire
. ftfltftWJt.hmont of proper service charges
to make all classes of function profitable
;
"(5) A more t'.cm.ra) application of
the theory and practice of secondary
reservos;
"(6) Avoldanco by hanks of undue
borrowing merely to increase their own
profits by reloading at higher rales, or
to over-expand credit to local business
in order to Increase their own business;
"(7) Cooperation among hankers In
local communities through city, county
or regional clearinghouses so as to
promote mutually beneficial conditions
and practices;
"(8) The Insistence upon higher
educational effort and qualifications
among employees, especially those to be
trusted with executive duties.
Legislative Measures Proposed
"Thore are some external measures,
along moderate legislative and supervisory
lines, that we also bellove
would help strengthen hanking. Among
these are:
"(1) The broadening In the states
of branch banking laws where conditions
warrant an extension of this
type of banking service to the public;
"(2) The establishment of sound
minimum capital funds under which
hanks will he allowed to operate, which
should be materially higher than now
prevails in most states; specifically,
wo believe that t*'n miTilirium capital
with which any new hank shall ho
chartered, whether state or national,
should he nt least 550,000;
"(3) The provision of funds and
regulations to keep the official stnrfs
of all supervisory departments up to
a level of ability and Integrity that
will universally inspire confidence
among hankers whoso activities they
are empowered to review, and will supply
real added defenses to the public
interests they are appointed to protect.
"(4) In connection with the policies
of bank chartering departments, we
would recommend that, even to a
greater extent than Is now the practlcu,
the gie.iteat care and moderationshould
bo exercised in granting new
charters, so as to guard against overbanking
or the launching of new banks
by unqualified persons, which have
doubtless been serious factors in the
bank failure situation In the past.
"(6) Also, referring to Foderal Reserve
practice not requiring legislation,
we believo that the Federal Re"U??Ul
O.V n .uiua mala f-Efiuwly
their rights to examine banks and
use their discretionary power to refuse
rediscount facilities to banks indulging
In objectionable banking methods.'*
Banker-Farmer Plan
An editorial In Southern Cultivator
ways: "Favorable comment la being
msde upon the wisdom and promised
results of the farmer-banker agricultural
program in Georgia. Industrial
leaders andi*mblielsta# noting that 116
of the 161 counties in the state have
pledged prosecution of the 'llre-athome'
farm reform, are regarding the
working out of the plan this year as of
more Interest to American farmers
J??n any developments of the Soviet
five-year plan in Russia. Agricultural
actuaries are of the opinion that If
Georgia farmers, hacked by our cooperating
bankers and supply men, demonstrate
the expected economies and
profits of this home-support plan, it
will quickly become a contagious custom
all over the agricultural areas of
the nation. It will be the writing of a
now 'declaration of independence' for
the individualist farmers of the Country,
putting them upon solid terais of
credit ahd prosperity without need of
recourse to federal or state financial relief
measures. Tha man of the soil
who lives year in ar.d year out 'on his
own' will stand up In his community as
an economic freeman, making his own
terms with the world of finance and
trade."
A meeting of farmers, bankers, and
newspaper men of St. Croix County,
Wisconsin, recently organised a drive
to promote the growing of alfalfa in
each quantity as to save the dairyman
the expense of commercial feed,
and Insure greater dairy profits. It
Is planned in this campaign to have,
within the next three years, at least
one acre of alfalfa produced for each
dairy cow in the county, or a totsrt
of about 40,000 acres. y.
Two Young Men
Rob Their Host
William Gathings, a resident of
the mill villas played the good Samaritan
to hit torrow on Wendcaday
n? he fed and lodged two boys who
Lame here from Rockingham and wat
robbed for hit trouble. The two boy*
named Thornwell iiall and Norman
Powell were arrested by the Sheriff's
force on Thursday morning at Heath
Springs and after a hearing before
Magistrate Gardner this morning
they were sentenced to serve thirty
days on the chain gang.
Gathings and another young friend
from the mill village were at Rockingham
recently and they met these
boys who claimed to be in search of
work. They were brought to Lancaster
where the local men endeavored
to find employment for their companions.
Being unable to get work for
the two boys Gathings fed and lodged
the hoys while here. While he was
at work on Wednesday night the two
boys took $1.75 uM the money that
was in the house, a pair of pants and
one or two other articles. Whd/i bv11
ertaken at Heath 'Springs the money
was found sewed up in the cap of
Powell.
The two boys appear to be about
eighteen years of age. Powell claims
that his home was near Kingwtree
but that he had been working at
Rockingham. Hall said his home was
at Hartsvillo.?I^ancaster News.
Uncle Sam's Trade
With Chile Growing
Our Manufacturers Supply
One-third of Import*
to That Country
Chile Is one of Uncle Sam's best customers,
according to the U. S. Depart
meat of Commerce. Thirty-three cents
of every dollar she spends abroad
comeB to the United States. In 1929
this amounted to sixty million dollars,
or more than double the amount spent
in any otner country. Chile 8 imported
goods amounted to $44 per capita that
year.
The principal productB purchased
from the United States Included cotton
fabrics, automobiles, trucks, gasoline,
and iron and steel manufactured prod
ucts. Since these and many other
products are manuraccurea ia vyircountry
In excess'of the home demand,
the development of markets in othe:
countries is essential to the future
prosperity of our country.
In exchange for the product! sold t<
Chile, the United States bought raw
materials, principally copper te be con
erted into manufactured products ant
nitrate of soda to be used by farmers in
producing profitable crops. Govern
menu of both countries actively en
courage this exchange of trade. Our
commerce officials have shown that
American manufacturers can enlarge
their markets In South America. Nearly
all these countries have raw prod
ucts to exchange for the goods we
produce.
The administrator or the estate of
Opal Ix>slie, a child killed while crossing
a road in Spartanburg county, has
sued Walter L. Upchurch, of Charlotte,
for $70,000 Cor causing the
death of the child last July by driving
in a careless and reckless manner.
Unloading Cargo American Marin 1 nrnmotives
In Valparaiso, Chlla
"I used Cardul
about sixteen years
ago, and found It
helpful," aays Mrs.
Ruth Scott, of Tuaeurohln,
Ala. "I also
used tt during ohanga
of Ufa I was vary
nsrroua and my back
was wash. I did aot
Imp wall at night,
and was rastlasa and
rary worn-out In
daytime. I took Cardul
at this time. Zt
built ma up and from
than Z have baarf wall
and strong.**
CHANGE OF LIFE
4 '
Nobody's Business |
1 " i
Written for The Chronicle by Gee
McGee, Copyright, 1928.
A WKKK'H VACATION I
(Third Day)
flat rock, . C. julie 2, IlKil
deer gee mcgee:?
1 have just rec'd yore postal card
which aed?"the water ia fine, wish
you wan here." the watter might be
fine but you don't wiah i was there,
as i would make you behave your aeff
and not be sending postal cards thru
the maile with pitchers of girls on
same with migh nigh nothing a-tall
on, like the one you sent me.
me and my wife was talking last
night and she sed that if you had
monney enuff to take a week's vacation
at the beech on the ocean, she
would like to know how come you
diddent have anny monney to pay me
back them 10$ i loant you a few
weeks ago, but i told her that you
might finely pay it, as you have plenty
life insurance, and the doctor
thinks you have high blood presher,
?o don't pay no attention to her, as
i am charging yore beef ansoforth
now to yore wife.
well, every thing is mowing alpri*
verry well up here, i was at ym'fe
house yestiddy and found out that
the milk man is still fetching yore
milk right on and leaving same outside
the back door where i am leaving
yore beef, you will therefoar find
plenty to eat when you get back, as
it is yore fault and not ours about
same being left there, you will no
(lout he supprise to hear that 1 of
yore mules dide last tuesday and the
tenant has moved olf yore farm to
where he can get something to eat. .
i don't want to tell you no bad news
so's you will worry, but it hassent
rained here yet and yore biznesv
seems duller than ever and 4 more of
yore customers has busted since you
left, but i saw a collector at yore
house this morning trying to peep in
but i told him where you wuz and he
sed?"oh, yeah: no wonder he can't
pay for his radio." i was sorry to
notis this morning that someboddy'r
live stock had tore up yore wife's
flower yard and 2 of yore awnings
had bio wed down and the watter spickets
in the front yard and the back
yai\l was running at full blast, and it
looked like all yore eleetrick lights
up stairs was burning and i smelt /
gas down in the seller where you keep
that rudd heater.
i hope you will keep on having a
fine time down there, but don't stay |
too long, as the note you endorsed
for me falls due next week and you
will hafter pay same, as the collattry
1 gave you fell ded betwixt the shaft3
sunday. rite or foam when i can
look for you and my IOf that is allso
past due.
yores trulie,
mike Clark, rfd.
A WEKK'S VACATION
(Fourth Day
I am sure that my epidermis doesn't
know what to think of me. The
2 baths or swims I am taking every
day i? so unusual. The water continues
fine and the weather can't be
beat for vacationing, therefore, I am
having a good time while recuperating?or
rather, trying to get well.
This beach is a high-toned beach
in spots. A fellow can't Stay here a
week for a song, even if he's a good
singer. There are some very expensive
hotels here, so they say?but 10
dollars a day for 3 is still enough for
me, as i am still holding my cotton
for 15 cents a pound.
Mr. Armsted Tite of the firm of
Industrial Shares arrived yesterday
for a month's stay. He was going
down hill pretty fast on account of
(he depression which had depressed
him a right smart. He and his wife
went to The Forest Club. ' She asked
for rates. The clerk said?"25 dollars
per day per person, 2 in a room."
Armsted fainted and bellowed forth:
"Why, man: that's higher than Anaconda
copper." They sent him to the
hospital.
Twenty-nine different representatives
call at our Inn every morning
with things to sell or something. Every
thing from crabs to pressing
clubs is offered. We have all kinds
of amusements at this beach, but due
to Hoover prosperity, the people seem
mighty hard to amuse. Nearly ev-j
erybody I see is sitting around?wondering
when better times will venture
"around the corner" where the republicans
claim they are.
I have just returned from my second
swim of the day. I ventured a
little bit too far out once, and a big
wave met' me and slapped me down
and spat in my face and tromped all
over me and left my mouth full of
salt water and sand, plus a big bruise
on my krtee. The briny deep has no
respect for any person when it comes
to having its own way. I felt sorry
for an old lady this morning'Who was
swimming in my midst. Her suit had
busted at the wrong place irtd she
had to stay under the surf till night
so's she could get out in decency.
I hope I can take my present appetite
home with me and find a grocer
with things to sell on credit like
we have at our stopping place. Before
I came here, I was limited to
soft boiled eggs, toast, crackers and
pills. Now 1 am eating fricasede
crabs, baked shrimp, par-boiled mud
-turkle, steamed rice au jus, hashbrown
trout with peanut butter sauce,
eel cutlets, mashed sardines and stewed
cabbage. Fine place, fine folks,
and fine chiggers.
Private Olaf Nelson, of Fort Bliss,
Texas, died at the Walter Reed hospital
in Washington after he had
been taken there by an airplane ambulance
from the Texas fort in the
hope that surgeons could remove
from his throat artificial teeth on a
bridge that he had swallowed several
days before. All efforts of the surgeons
to remove the teeth were unavatfmg--and
he died from the effects
of prongs on the teeth piercing his
aesophagus.
Mrs. Katherine L. Vallee, mother
of Rudy Vallee, the bandmaster, is
dead at Westbrook, Me.
,
Daughter Succeeds Father
Miss Helen Halfacre, daughter
the late J. B. Halfacre, for 16 yg
auditor of Newberry county, was i
pointed yesterday by Governor Bin
wood to fill out the unexpired t?
of her father who died last weeit
Miss Halfacre has been working
(he auditor'* office under her Uft
for about one and orte-half
and is familiar with the duties of t
iposf. i
A considerable delegation
Newberry county visited the gov*
or yesterday in behalf of Miss Hi
acre.?Tuesday's StatePolice
of New Orleans and
eral officers have started a camp*
to clean up the book-makers, ri
eteers and gamblers in Louisii
ranging from horse race betting
a purported million dollar sweepsti
fraud. The district attorney of J
Orleans has laid before the gr
jury information on (><5 alleged hi
book makers.
Armed with a dummy pistol a
ed out of wood, and plenty of nei
Jack Martin, life termer, led tvi
other prisoners in a successful bt
for liberty at the -state prison atl
ledgeville, Ga., Wednesday. Then
prominent escapee was Leland H
vey, ring leader of the plot, servii
sentence of 110 years for robbery,
was Harvey's seventh escape.
Jack (Legs) Diamond, .gang
chief, charged with assault on Gn
Parks, Catskill, N. Y., truckman,!
acquitted Friday by a jury at 11
N. Y.
This Great Healing Oil Must ^
Speedily Bring Comforting Relief
To Tired, Aching, Swollen Feet
H' I . " I .I.I
Or Your Money Back. That's the Plan on Which Em?r.i
Oil is Sold By All Good Druggists. ^
This wonderful preparation now
known all over America as tyoone's
Emerald Oil is so efficient In the
treatment of inflammatory foot
troubles that the unbearable soreness
and pain often stops *with one
application.
Moone's Emerald Oil is safe and
{deasant to use; it doesn't stain or
eave a greasy residue. It is so
powerfully antiseptic and deodorant
that all unpleasant odors resulting
from executive foot perspiration J
instantly killed.
Be patient; don't expect a BiaJ
application to do it at once fl
one bottle we know will show 1
beyond all question that you havB|
last discovered the way to solid f?
comfort.
Ask DeKalb Pharmacy or y?
druxgist today for a 2 ounce or irk
bottle of "Moone's Emerald OiUb
of all, it only costs 86 cents.
The Wateree Building and Loan Association
?
Camden, South Carolina
Shareholders in Our Hghth Series May Now Present
Their Certificate of Stock and Receive
$106.00 PER SHARE
Sevcnui 3caicniciic kA Nv,, S for 7S* Mor.thcr E.rrd:r.~ r?9y 1934 V ~'S
- >
ASSETS / ' * v
Loans, Mortgages and Bonds ~ $ 96,035.00
Oash in First National Bank 5,059.86
Accounts Receivable 5,050.01
. $106,144.87 J*
LIABILITIES
978 Shares at $78.00 ' $ 76,284.00
Bills Payable 2,350.00
Reserve foT Liquidation 100.00
Profits:
Interest and fines $ 31,349.60 * *
Less Expenses .V? 3,938.73
Net Undivided Profits 27,410.87
$106,144.87
Payments per Share $ 78.00
Earnings per Share 28.00
Liquidating at $106.00
Average earnings 11.05 per cent, per annum.
Attest Correct:
JOHN T. NETTLES
N. C. ARNETT
L. A. WITTKOWSKY
Series Number Eleven Opened July 20, 1931. We are Now
Taking Subscriptions for Stock. See us at once. |
DAVID WOLFE, President LEWIS L. CLYBURN, $ec. & Tre?* J
a Am vi v i Xfc w