The Camden chronicle. (Camden, S.C.) 1888-1981, June 23, 1933, Image 1
The Camden Chronicle
I VOLUME 45 CAMDEN, SOUTH CAROLINA, FRIDAY, JUNE 23, 1933 NUMBER 13
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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.