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The Camden Chronicle I VOLUME 45 CAMDEN, SOUTH CAROLINA, FRIDAY, JUNE 23, 1933 NUMBER 13 ?' ' " " ' LJ_,_L? . ' ii i ^ III, ! _ . . _ J ? LL S^JL- -1 - . 1 -i, ! J-H gtevenson Explains Federal Home Aid Congressional ltecord, June 10. lAlr Walsh, 1 to.have printed L the Record a statement by W. F. Stevenson, chairman of the Federal Home Loan Rank Board, giving invjLnntion as to the Home Owners' .^n corporation.^ Many inquiries hgve been made of senators and members of the house and of the members of the board as to just what U the objective of the Home Loan' tord The statement gives that information and 1 think It will be very' helpful (o members of congress and, the public at large. So 1 ask to have, ,t printed in the Record. ' There bc'ng no objection, the state-j men; ??- ..rdered to be printed in the Record. as follows: What 1- the Home Owners' Loan: foroorathm? ,l >8' a corporation; treated b> congress'to be adminis-j nred by the Federal Home Loan Bank board as directors for the pur-j poses of -aving the homes of home owners where they are unable to secure money to pay mortgages other-; wise and where the mortgagee is; threatening foreclosure. 1 What capital has the corporation?! It has $200,000,000 of capital stock subscribed for and to be paid by the: United States* treasury, and it has( the authority to issue $2,000,000,000! of bonds, running 18 years with 4 per cent, interest, the interest being guaranteed by the United States government. What homes can be dealt with under this corporation? Homes not exceeding $20,000 in value. What mortgages can be taken up I on homes? Only those which are of record June 12, 1033, the date of the approval of the act. How will the citizen get the loan; to which he is entitled? There will be a general manager for the corporation established in each.state, with sufficient employes to handle the business, whoso location will be well known, and applications to such manftgar should be made by mail or! personal call for blanks to fill out, j making applications for loans to take, up mortgages in existence. If, from the application, it appears that the j loan is one that the corporation can make under the law, it will be referred to an appraiser or agent in the county where the applicant lives, whoj will immediately appraise the prop-j erty and have the local attorney there! determine as to the soundness of thej title, and on their report, if favorable,, the loan will be closed, papers exe- j cuted, and the bonds or cash, as the| case may be, paid to take over the mortgage which is in existence. How about the loaning of bonds and of ca>h ? The provision is and the expectation is that the mortgagor: can arrange with his mortgagee to! take the lK-year bonds, which have back o: them the $200,000,000 stock and a'.! of the mortgages which are taken ; arts made by the corporation , ; hange for his mortgage an-i h>- w transfer his mortgage to the c r;> .* at ion upon being paid the amount ' bonds he agrees to take for h.-- n. -tgage. Th" \ :poration will loan in bonds per cent, of the value of the prop T'y 'kinir up such a mortgage. It will also furnish the money to pay taxe. :. a may be in arrears on the, Property which will be made a partj of th? ? > pc.r cent, loaned. When the exchange is made and the mortgage; 4*s:gr.c.: to the corporation, the cor-; P?rawill then take a new mort- ^ fage from the home owner, running, for 1** years, with payments either! "ton:*..;., quarterly, semi-annually, or inr.ua d v. according to the agreement) thcr. f-ru-red into, with interest at i r*-r n*, and the home owner will fber. ::;o ;i long-term loan with sma . ments. j If ini* mortgagee refuses to take; ??r'l and the mortgage and taxes! ar,f* '.' r encumbrances due are not 'r- ox c,f .jo per cent, of the value; 0. perty, the corporation will ?ar mortgagor up to *10 per cent.: value of his property, or so., m'J ' 1 i- necessary below 40 per 'ake up the mortgage with ca';-- ar.d also any taxes due, and a mortgage from home owner at payable as in the other sr; ^-th interest at 6 per cent. T' ls the method of making loans *cop- that where a home owner has, , - * unioranee^ on-his home but'" 18 m default in taxes and in danger ? io<5.r,g hid property from tax sale, corpora ion will loan him the n*y on the home to pay the taxes o amortize that for 15 years, just i i ? : , that this corporation will only deal' with the redemption of homes valued at not over $'30i>00 and it will not loan over $14,0<}0\on any one home, either in bonds or m cash. The corporation may grant an extension of time to any home owner under conditions of stress if he continues to pay the interest instalments and this indulgence may extend to three years in the currency of the 115-year period. To give a specific example: Mr. A towns a home and lives jn it; it is unfortunately encumbered; the house is worth $10,000; the mortgage is for $7,500; his neighbor who holds the mortgage, Mr. B, needs cash or its equivalent and yet he does not like to sell out his neighbor. Mr. A ap* plies to the manager in his state who furnishes him with a blank and assists him n ietnr.shrdlushrdlum'bbb sists him in filling out the blank, giving the entire facts about the #case. The mortgage necessarily was on record June 13, 1933. Mr. A gets- an agreement with Mr. B that he will take $7,500 of the bonds of the Corporation, guaranteed as to interest by the United States and assign his mortgage without recourse to the Corporation. The Corporation finds that Mr. A owes $475 in taxes. Mr. A is unable to pay the taxes; the Corporation then furnishes Mr. A with $7,500 of bonds, and pays the $475 taxes and pays expense of registration and investigation of the title with the other j $25, making $8,000 which is 80 percent of the value. Then he takes a new mortgage from Mr. A, canceling the old mortgage or extending it> and in this way they give Mr. A 15 years to pay the $8,000 made up as above stated. If Mr. A is a laboring man, getting wages, they will want him to pay monthly. If it suits him better, they rtiay allow him to pay quarterly or under certain conditions may require him to pay semi-annually or annually and give him 15 years in which to redeem his property. But suppose Mr. B will not take the bonds. Then if the debt is over 40 per cent, of the value of the property, nothing can ; be done. But suppose the debt,.in-, stead of being $7,500, was $3,500. The corporation will loan the cash on that amount and take up the taxes and everything so it does not run over $4,000 and complete the transaction with the cash settlement, but the owner gives a new mortgage at 15 years, just as in the other cases, with. a v&te of interest at 6 P^r cent, instead of 5 per cent, which is the rate where bond3 are loaned. That is the illustration of the manner in which it is to be handled. Finally, the second part of the act provides for the establishment and organization of building and loan associations under national charter and , supervision. The building and loan associations are now the principal source of money to bo had by people who desire to acquire or build a home, and there are 1,500 counties in the United States in which there is no such associations. The idea is to pro- , mote the organization of such associations by the corporation taking 50 per cent, of the stock right along' with the citizen of any local com-j munity, who desires to establish such an association. The association, when | established, would be a source from xx/KinV* lcC3t! pCOpiu COtflu uui t v/wr ' money to build, buy or improve th'?f* homes, and the associations therefore would be a co-operative effort to save and conserve capital in the local communities. The corporation says to a community, "If you want to or The South Carolina highway jiaircl has been asked to find a stolon steam i-aliwpe looted from a circus at Robinson, Illinois, and belived to have been brought to this state. The Palmetto patrol is examining all carnivals in this state to see whether they can And a caliope Ailing the description of the stolen one. A. -Jq| * " r ? "* Robert L. Peebles Dies After Illness | Robert Lewis Peebles, "56 years of jage, died at his home on .South Mill street Monday afternoon at 6:30 o'clock. Mr. Peebles had been in ill health for some time and his death was not unexpected. For the greater part of his life he had been engaged in farming and the lumber industry. He is survived by his widow, Mrs. Janie Brown Peebles; four sons, Roy Peebles, Peter Peebles, Parker Peebles and Carson Peebles, all of Camden. Th(^ five daughters are Misses Blanch Peebles, Mary Peebles, Rosa'Peebles, Lillian Peebles and Bobby*? Peebles, lalso of Camden. Funeral services were held from the grave at the family burial ground in Lee county, with services beingJ conducted Tuesday afternoon by Rev.! J. B. Gaston, of Camden. The Kornegay Funeral Home had' charge of the funeral arrangements, i Asks For Destruction Of Acreage of Cotton Washington, June 19.?(Secretary Wallace today called for the destruction of ten million acres of growing cotton in a long-limbed experiment to curb production and reduce the potential surplus of the South's big money crop. Tho secretary announced that maximum processing taxes?about 4.1 cents a pound on tho basis of present price relationships?would be levied beginning August 1 to finance the prog nam under which growers will be asked to plow up portions of their crop in return for rental benefits payments and the right to obtain options ] iin government-owned cotton. A campaign will be started in the! South next Monday when growers j will be asked to sign contracts to rent cotton lands at from $t> an acre up. depending on the average past yields and estimated production of i the bind this year. u I The farmer can either otTer to take an outright cash payment for plowing up portions- of his crop or can take a smaller rental and obtain in ! addition an option on about 2,400,000 bales in an amount equal to the estimated output of the land he retires from production. These options will be offered him at six cents a pound or nearly three cents (below the current market price. He may order these options exercised at any time vfcp to next January, his profit being the difference between the six cents and the price cotton is selling for at the time he sells. Wallace said operations of the whole plan was contingent upon the degree of co-operation shown by growers during the week's campaign to obtain contracts. Unless Wallace is certain that he can take a large amount of cotton out of production, equivalent to at least 2,000,000 bales production, he js not prepared to proceed further the plan. However, he indicated that he was confident of the success of the campaign and his associates said there was virtually no doubt but that the plan would be employed and that about $100,000,000 would be distribi uted in rentals to growers in the next i few months. I Wallace will use about $54,000,000 ! from the $200,000,000 made available by the farm act and subsequent laws to acquire full title to coHon on which government loans were made by the farm board and other agencies. He is making settlement for the cotton, which is under the control of the new farm credit administration, at the rate of 9 1-2 cents a pound. Wallace, in whose name the pool cotton will be held, may sell any portion Of it he desires up to March 1, 1936, when the law requires that he must complete disposition of it. While fixing a 2,000,000 hale minimum, Wallace hopes to take out of production land capable of producing ; at least 3,000,0#0 bales. When the i contract offers to be gathered up dur! ing the campaign have been broug i*. 1 together, the official decision will be made as to which shall be accepted, i The campaign will be handled by I extension workers and other agrk Iture officials and will involve contact with nearly 2,000,000 cotton producers. The drive will be conducted , on a county basis with an effort-made to distribute rental payments as widely as possible in order to make the moneys serve the purpose of widespread business stimulation. i as in other cases. It is desired to emphasize the fact ganize a building and loan association of this type, we will put in a dollar of capital for every dollar that you can figure. If you take $10,000 capital, we will take $10,000. pay it in as fast as you pay yours in, and that association will become a member of one of the federal home-loan banks and as it loans to its members in a local community it can take that paper to the federal home-lean bar^ to which it btfongs and use it for procuring money from the home-loan bank to reloan to the people in its community. It is to encourage thr.ft in the first place and to build up a great co-operative financial structure dealing strictly with homes. Depositors Signing Bank Agreement The committee of depositor* end stockholders, working for the reorganization of the Bank of Camden, state that the outlook is very encouraging-more encouraging, in fact, than it has appeared at any time since the closing of tho hank in March. The reorganisation agreement has been sent out to t*e stockholders, and the depositors having more than $(10 on deposit. The signed agreements are now being returned rapidly. ,1 The committee emphasises the need fur prompt action in-order thdt they may know as soon as possible what steps to take next. Every depositor is nged to return his signed consent us promptly as possible. j As soon as tho necessary seventyfive per cent of the depositors arej signed up, then the further steps necessary to be taken before reopening; car. bo proceeded with. H, M. Kennedy, Jr., chairman of the committee and Henry Savage, Jr., appeared before the state committee of bank control at their meeting in Columbia, Monday, June 19. No objection was made to tho plan proposed. On the contrary, the plan was I highly commended over practically all others., that had been submitted to them by other banks in-the state. Julian Scarborough, chairman of the committee, remarked that they like the plan because it is practical and at the same time has for its primary object the protection of the depositors and also because it insures permanency for the reorganized institution. The question as to what will be the status of the depositors who do not consent to the plan of reorganization, arose. While a definite ruling on the point was not given, it was indicated that these non-cooperting depositors would be given no advantage. Their deposits will be frozen, to be released, probably, only as those of the cooperating depositors. Therefore, no advantage can be gained by a depositor through refusal to consent to the reorganization plan. On the contrary, by refusing to consent to the plan, he may contribute to its failure and a failure of the plan would be highly costly to every depositor of the bank. Baruch Acting For President Washington, June 19.?To Bernard M. Baruch, financier and economist, President Roosevelt has left the task of helping officials here to deal with (problems of economic policy, particuI larly those arising from the London conference, while the chief executive is enjoying his vacation cruise. At Mr. Roosevelt's request, Baruch ' will stay in Washington until the President returns, will communicate ' frequently with the chief executive and inform acting departmental heads of the President's views on important questions as they come up. An office has been0' provided for him at the state department, should he care to use it. The department's files, it was said, will be placed at his disposal and dispatches to and from London will be given to him so j that he may keep abreast of developments there as an inside observer, j Assistant Secretary Moley of the state department described Baruch's activities today to forestall, he said, ' unfounded speculation as to the nature of the New Yorkers' work. 1 "The President has asked Mr. Baruch to advise various officials in all informal way while he is gone. He will watch especially the developments at London. He is a man thoroughly familiar with the problems involved." The assistant secretary added that Baruch has not been made formally an official of the government nor placed on the government payroll. Baptist Church Services The following services are announced at the First Baptist church for Sunday, June 20: Sunday school at 10 o'clock with C. O. Stogner, superintendent in charge. Public worship conducted by the pastor, J. B. Tas'on at 1115 a. m. and 8:39 P- m. Mom ng subject Qu*M?oo of Q*?5" tions." Evening subject, "Habit." V'tP'. prayer meeting Sunday morning at 9:30. B. Y. P. U. Sunday evea 7:30. Midweek service Wednesday evening at 8:30. The public is cordially invited to attend all the services of this church. Thomas J. Mosier Died in Norfolk, The remains of Thomas Jeflfersn Mosier, formerly of the Cassatt section, who died suddenly in Norfolk, Vu., in the Protestant hospital, Tuesday afternoon, were brought to Camden Wednesday and from here were taken to tho Union Baptist church in Lancaster county where the funeral and burial occurred with Rev. J. B. Caston conducting the services. At tho time of his death Mr. Mosier was an employe of tho Virginia power and light company and was lit), yours of age. He left Camden in 1924, and for the past nine years has j been in Norfolk where he was popu-, lur with his employes ami associates.! He was the son of the late T. Milburn ('. .Mosier of Lancaster, He is sur t \ ived by his mother, Mrs. <'. A. Mo-, sier, of Cassatt. He also leaves tlu>i j following brothers and sisters: A.! | \V. Mosier, of Cassatt; M. O. Mosier, M. (', Mosier, T. M. C, Mosier, R. H. j Mosier, of Brooklyn, N. Y.; W. P.; Mosier, of Philadelphia; C. C. Mosier,' of Detroit; Mrs. Claflin Garst, of Bradenton, Fin., and JMijsses Jano Mosier and Ruby Mosier, of Brooklyn, N. Y. He was born in Lancaster county and was a member of Taxahaw Masonic Lodge, graduated from tho Lancaster high schools and later attended tho University of Virginia at Ch&rlottesVille. Car Badly Damaged; Occupants Not Hurt j A new Plymouth automobile enroute from Tampa, Fla., to a point in North Carolina, was badly wrecked when it turned over just outside the city limits on the Camden-Columbia highway Sunday afternoon. It was being driven by Mrs. Margaret Carup, and was occupied by six other people including several children. Mrs. iCarup stated that^ the accident was caused by a young child climbing over to the front seat and struck her steering wheel unexpectedly. Three wheels were crushed, the side windows 4 smashed and the top( crushed. But out of all the damage J to tho car the occupants escaped ex-' cept for a few minor bruises. A privately owned car carried them on to their destination and the car was left here for repairs. Vacation Bible School at Hagood Monday morning, 'June 26, at nine o'clock, the third* annual Vacation Bible School will' begin at the Hagood Community House. All boys and girls between the ages of six and fourteen, who like to sing songs, hoar good stories, make things, learn about the Bible and other worthwhile things are cordially invited to attend. The 'sessions will be from 9 to 11:30 each morning for five days, closing Friday, June 30, with a picnic at Ellerbe's Mill. The school is interdenominational and registration is free to all. : Rev. Geo. II. Harris will be director. .Mr. Russell Atkinson, Jr. will have charge of the boys craftwork. Mrs. i Clyde Clark will direct the music and several others will take part on the program. Mt, Pisgah Baptist Church Services are scheduled at the Mt. Pisgah Baptist church next Lord's Day as follows: Bible school at 10 a. m.; chdrch worship at 11 a. m. i The sernlon theme will be "Gods | Challenge to Needy Humanity." The B. Y. P. U'S will meet at 7 p. m. "Put first things first in your Life. Seek ye first the kingdom of God, and His righteousness, and all these things shall be added unto you.? ! (Matt. 6:.'13)" Attend church next I Sunday and you will be assisted in i keeping the Sabbath day holy. We cordially invite the public to worship with us.?Luther Knight, ptfktor. To Serve Chicken Supper The ladies of the Camden Baptist church will serve another one of their delightful chicken suppers Saturday evening from 7 to 9 o'clock in the M asonic Hall dining room. The price will be 35 and 50 cents, and tho. proceeds will go for the parsonage debt. One agency for the Home Owners Ixxin corporation will be at Columbia. and another in this state will be i decided upon after the wishes of I Scr.st-or Byrnes "nave been told the .hoard, of which former Congressman W. F. Stevenson is chairman. The act under which the corporation will function made 12,000,000,000 available to home owners for refinancing mortgages on homes worth up to j $20,000. * * "Wildwood Manor" Selected as a Camp The Reforestation Camp to be located in Kershaw county ha^een put on property owned by Karl T. Roaborough, of Lugoff. This land is *n West Wateree Township, one ahd one-half miles from U. S. Highway No. One and nine miles from Camden. known us "Wildwood Munor," and consists of over 800 acres. Construction work on the camp will begin at once and bo well under way by July first, by the Reconstruction Finance Corporation forces. A recreation hall, dining hall,, tent floors, pumps and incidental buildings will be built. - ? High ranking army officers have been in frequent conferences recently with Clonics Nuite, county forester, who has worked day and night in an a effort to secure the'camp for shaw county. At one time it looked a* though We would lose the camp but through Mr. Nuite's guidance and Mr. Rosborough's co-operation the Forestry Commission granted an inspection of this county site and the deal was consumated. There will be around 250 men assigned to this camp, most of them from points in South Carolina. Interested land owners should seo Mr. Nuite at once regarding putting their lands in the Association in order to benefit from the work to be done. Necessary fire lanes, roads, bridges and trails will be constructed on lands entered in the Forestry Organization. Airport Office Robbed. For the second time in the,past few weeks the office of Woodward Airport has been entered and robbed. On Friday, June 16th, thieveB broke the door, entered and stole several articles of value but no money was taken. Just recently from this same office a sum of money was stolen and officers have a suspect under arrest. Freak of Nature. . The Chronicle office last ,w?ek added to its curios two pine Toots which nature through the years had formed into a perfect auger?<m? root evidently grown near water had been worn down by sand and water running through it and the smaller root following the moisture grew upwards in the groove thus worn by time. This wns picked up and brought to us by J. E. Mangum, from his farm nine miles north of Bethune. X ??? Pollye West Meets First Lady. Miss Pollye West, of this county, one of the National 4-H Club representatives in Washington, was chosen one of the five girls from a group of over one hundred to present gifts toMrs. Franklin D. Roosevelt, first lady ! of the land, when she visited the 4-H girls in their camp. Miss West and the party with Mrs. Roosevelt were shown in a photograph in one of the Washington dailies on last Sunday. No Services at Grace Church 1 There will be no services held at Grace Episcopal church on Sunday, June 25, as the rector is attending 1 thr> Young Peoples Conference at ' Kanuga. Methodist Church Next Sunday "Parable of the Mustard Seed" will be the third message in a series of j sermons being preached at the Methj odist church each Sunday morning, | f rom the great prophetic chapter 18 | of the book of Matthew. The public lis invited to hear these sermons which are startling in their prophetic i realism?"The Mysteries of the King1 dom." Sunday school at the regular j hour, 10 a. m. The Junior church asI sembly will be at 10:50 with a chalk talk by the pastor. Preaching of the ! above message at 11115. Preaching at night at 8:30 by Rev. G. F. Kirby, presiding elder, and followed by the quarterly conference. The official members are expected to be present, j?'C. F. Wimberly, pastor. I ' Rev. Guerry at Statcburg Sunday I Rev. Moultrie Guerry, chaplain of the University of the South, Sewanee, Tenn., will pre.tch it the Church of the Holy Cross, Stateburg, Sunday ! afternoon, June 25, at 5 o'clock. Mr. Guerry was rector of the Stateburg . churth for three year*.. to Se[ warhee in 1029. He has been on a ! visit to "Ch&rtcilon where his brother I was ordained to the ministry. At 11:30 Sunday morning Mr. Guenry will pTeach at the Church of the Ascension, Hagood, which was also <one of his former charges. Everyone is cordially invited to attend.