University of South Carolina Libraries
T- ThoarsdaySeptember 17, 1931 McCORMICK MESSENGER, McCORMICK, SOUTH CAROLINA PAGE NUMBER SEVWM IJLS RATS *nd mir—that’s RAT-SNAP, the Hardy Perennials Professional Card Gardeners in all sections of the rodent destroyer. Comes country find that hardy perennials in exit—mixing with other food, mr money back if it fails. as well as annuals add color to permanent shrubbery plantings. 35b«se - 1 cake - enough for says the Bureau of Plant Industry. PantarKitchen or Cellar. Though the hardy herbaceous per- C siae - 2 cakes - for Chicken ennials listed in seed catalogs are Honsroooiis, or small buildings. usually adapted to cool, moist re- $25 size - 5 cakes - enough for gions, many other kinds, especial- alf f.fn and out-buildings, storage ly native plants, grow well in the warmer and drier parts of the i United States. Various species of violets, phlox, trillumps, rudbeck-^f ias, sedums, yuccas, Columbines, | asters, and goldenrods give good re sults in all sections. The Bureau of Plant Industry suggests plant- ! .Notice is hereby given that the hardy perennials in irregular ttdersigned, as Administrator of groups at openings of shrubbery,! he Estate of Henry Thomas, de- j or hy themselves in long, narrow /eased, will on the 21st day of Sep- jbeds. They are also appropriate :n | W. K. CHARLES Attorney-At-Law office, Farmers Bank Building Days at McCormick WEDNESDAYS and SATURDAYS bufstAffs, or factory buildings. Sofd And guaranteed by STROMS’ DRUG STORE McCormick, S. C. NflfTCE OF FINAL SETTLEMENT iprrhrr 1931, or as soon thereafter special gardens such as rock gard- the matter can be heard, will e ns, wall gardens, fern gardens, |rexHler his final accounting to the cactus gardens, and bog gardens. Probate Court for McCormick. County, South Carolina, and ask said Court for a discharge as Ad- manistr&tor aforesaid. P. J. ROBINSON, Administrator of the Estate of Henry Thomas, deceased. McCormick, S. C., Aug. 25. 1931.—4t Eyes examin ed. Spectacles, Eye Glasses, -and Artificial Ayes fitted without Drugs, Drops or Danger. DK. HENRY J. GODIN Uptometristi 956 Broad Street Augusta. Ga ALL LIGHT CARS $6.65 WHITTLE BATTERY SERVICE 622 BROAD PHONE 1166 AUGUSTA, GA. CHAIN, GROUP AND BRANCH BANKING Bankers’ Commission Describes Diffe rences Among Various Kinds or Multi-Cfficc Banks. Many hardy perennials will grow well if started from seed. Most of them should be divided and reset every three or four years. T X T Swine contract tuberculosis from Work kills few people. It’s the cattle and fowls. Don’t allow your “betweentimes” that do the dam- hogs to feed with tuberculosis cat- age. i tie or poultry. — * .rnffm . **17 Nssgggy Largest Ship of the Skies Ever Built The Do-X completed its Atlantic flight when it alighted in the waters of New York Harbor. The airship ried 72 passengers on its trip to four continents, visiting in turn Africa, South Aimerica and North America, xflcr covering a large part of Western Europe at the start. The vessel’s carrying capacity can be best likened that of two Pullman cars, with additional space for dining facilities, lounging and moving about. Stamp Collectors Visit the President e now collecting air-mail stamps and envelopes carried by famous flyers. President Hoover their national officers on the White House lawn. Five-Year-Old Fire Hero I lUt* Frank Watson, Jr., 5, of Blenheim, N. J., carried his two brothers anu ns&cr to safety when fire destroyed their farm home. A neighbor saved 4kc bate}'. Betty Pond, Oregon co-ed, has been chosen Queen of the Fendicion- roundup to be held this ...onth. , r . Ijt u r-a^ GEEMOTJVEP.SCWOOC OPENS AM 1 Mow I WONJ HUPRAY f 0R Wh/METIC ANb ALL THE HEAPS O* Homework wwayJ// (40 AAOPE SommbQ no moc£ fun/ x DREAM Queen of Roundup ’ i *HE Economic Policy Commission ^ of the American Bankers Associa tion has made the following statement on various types of banking systems operating through more than one office: “Wc find that there are recognized in the banking world three types of multiple banking organizations, name ly, chain bank systems, group bank systems and branch bank systems. They are alike solely in respect to the fact that each embraces under some form of common control or In fluence two or more banking places, but here the similarity stops since there are essential differences in or ganization and administration, espe cially as between branch banking and the chain and group forms. “Chain banking is recognized as probably the least definite form of multiple banking organization. Gen erally speaking, this term refers to merely a string of individual separate ly chartered banks owmed or con trolled through stock holdings by one or more common individuals, some times without public knowledge of the common ownership. Frequently the controlled banks are not administered as a coherent whole under the guid ance of a central, publicly known head office, but rather each bank is run as a separate unit bank in accord with the wishes of the dominant interest. In some cases, however, there is a central, publicly known control with a head office that formally supervises the operations of all the banks con trolled, and this is perhaps the more desirable arrangement. It lacks, how ever, the definite legal responsibility that a corporate head organization would have. Each bank in a chain system operates under its own capital and there is ordinarily no binding rela tion among members of the string. Group Responsibility “Group banking, on the other hand, Is a system in which, while the member banks are separately chartered and operate as individual units with their own capital, control is exercised through a publicly known corporate organization under the direction of a responsible head office. It openly holds stock control of the member banks and is morally and legally re sponsible as tka chief stockholder for their administration and the statutory share of their liabilities. An essential feature is the fact that an organiza tion of this kind is publicly known, which creates a large degree of re sponsiveness to public opinion. This is true because anything of an unde sirable nature developing in one nlem- ber of the group would create public distrust of the whole group. Therefore its sense of self-preservation as a group, if nothing else, tends to make it enforce standards of conduct throughout the members of the group and to assume responsibilities for them beyond what mere legal respon sibilities would bring about. “Branch banking is completely dis tinct from the two foregoing forms of multiple organization in that it does not consist of a string, chain or group of independent banks, for there is only one chartered bank in a branch or ganization and the extensions from it are all in the form of sub-offices with out separate capital or corporate ex istence. For everything that is done through these offices the bank itself is just as responsible legally and in every other sense of the word as though it were done over its own coun ters in its head office.” SOME DEPRESSIONS WORSE THAN THIS By ROME C. STEPHENSON President America* Bankers Association of the most significant aspects of the present business period is that, while we had a speculative panic and while we have had a gen- eral economic breakdown yet we have not had any | semblance of a financial panic, such as occurred in 1907, and in other years when the credit and monetary machin- Town Tax Notice AN ORDINANCE TO LEVY AN NUAL T «;es UPON THE tax able pWperty within tseb TOWN OF McCORMICK FYm THE PURPOSE OF MEETING CURRENT AND FISCAL EXT- PENSES AND TO PROVIDE FTWPR THE PAYMENT OF INTEIIEV^ ON OUTSTANDING BONDS OF* THE TOWN OF McCOFWW<r*s: AND TO PROVIDE A STNK T *" r ^i FUND FOR THE RETIREMENT THEREOF. BE IT ORDAINED BY THE TOW7» COUNCIL OF THE TOWN ■y" McCORMICK, McCORMTCS: COUNTY. SOUTH CAROT ^ J REGULAR COUNCIL ASSESSES- LED * SECTION 1. That a tax levy Fourteen (14) Mills on every 'faf- lar’s worth of property, real araS ^ , . personal, not exempt by law from ery broke down taxation, situate and within and we had money : corporate limits of the Town of Ma- panics, suspension , Cormick, be and the same is of specie pay- levied for current expenses arref &■> ments and kindred disasters. defray public expenses of the Town None of these elements of a true McCormick for the fiscal financial panic has been present in this ending October 31st, 1931, and? lO ‘ - .. Af Hrna meet current indebtedness cor?- depression of the 1030 a. At no time tracted b sai(J Town for was the banking structure as a whole corporate purposes. R. C. STEPHENSON shaken, despite the unprecedented rate of small bank failures that it had to SECTION 2. That over andT aikasra and in addition to the levy c* absorb. At no time was the banking Fourteen (14) Mills as herelna&ope and credit machinery unable to extend | provided in section one of this 3ir?- support to the panic-stricken and broken stock markets and cooperation to all kinds of business and manufac turing. Anyone would have been a wise prophet who could have foretold that our banking and credit structure would stand up so well under condi tions so bad. Finance Taking Cuts And hanking and corporate finance in this period of depression are unflinch ingly taking their portions of short rations and enforced self-denial that the nation's need for readjustment de mands. Interest rates on money, yields on securities and dividends on corpo rate investment have all dropped to levels that constitute drastic reductions in the compensation of capital. These are but part of the necessary economic realignments that all phases of the country’s working life must go through before a general revival of business activity can start. It is my belief—indeed it is my hope —that the tempo of the next cycle of prosperity will be somewhat more mod erate than the mad whirl of jazz that brought the fast one to a close. I think it will be agreed that the worst aspect of the collapse of that period of false prosperity is the condition of in security for employment which it caused. Unemployment is our great est public problem today. Unemployment is the worst wage cut that the worker can suffer. It is the worst cause of stagnation that businsss has to strive against. The sooner we can get our masses of workers back into jobs on almost any terms the bet ter it will be both for capital and labor Bankers Help In a report on banker-tarmer work, H. Lane Young, Chairman Agricultural Commission, American Bankers As sociation, shows that during the past year there were 409 meetings reported in 3S states, with a total attendance of 33,578. County key hankers number ing 2,541 were appointed in 39 states. Thirty-four states reported an expendi ture hy banks of $105,926 for develop ing better agricultural practices. Special banker-farmer activities en gaged in by banks in 27 states num bered 8,493, while 7,140 projects or j farm programs were carried on by 1 rural people through the influence of bankers. * For three years the Agricultural Commission has given special recogni tion to the state reporting the highect record of accomplishments and this year Georgia achieved first place with its banker-farmer agricultural pro gram. Representatives of the Georgia State College and officials of the Georgia Bankers Association de veloped the methods and policies which made it possible for Georgia to carry out an effective program which em phasized “directed credit from banks for producing crops on the live-at-home br.sis.” TRUST BANKING SPREADING FAST Government Official Shows That This Type of Financial Service Is Enlarging Its Field Appreciation for the cooperation re ceived from local bankers was recent ly expressed by County Agent R. E. Bodley of Gallatine County, Montana, who said: “My personal experience has been that the average banker will go more than half way with the county agent, pro\ iding the latter has demon strated that his work is constructive and conservative, that he is a man capable of handling confidential In formation and treating it as such, and one who can ‘keep his feet on the ground’.” OPECTACULAIt growth of trust service in the banking field is re fleeted in the national banking system. Aubrey B. Carter, jn charge of True department supervision in the offic of Comptroller of the Currency, Wash ington, D. C., brings out in an article , in. the American Bankers Association Journal. “At the close of the 1930 fiscal yea: there were 2.472 rational banks with trust powers,” he says. “Their bankinc. resources aggregated 323,529,100,000 which represented 34 per cent of the number of banks and 80 per cent o' the total hanking resources of the 7,277 national banks. Trust department had been established by 1,829 of thas banks which were administering 79,001 individual trusts with trust assets ag gregating $4,473,000,000, and in addi tion were- adroinisiering 11,500 corpe rate trusts and acting as trustees fo outstanding note and bond issues ag gregating $11,503,700,000. “These figures represent an increas during a four-year period of 416, o 22 per cent, in the number of nations banks authorized to exercise true powers; an increase of 725, or 66 pe cent, in the number of banks activek administering trusts; an increase c 6.j,370, or 250 per cent, in the numbe of trusts being administered; an ir. crease of ?S,!»OO.OCO.OOO, or 385 pe cent, in the volume of individual true assets under administration, and a Increase of $0,340,000,000, or 379 pe cent, in the volume of bond issue outstanding for which these Institu tions were acting as trustees.” These facts, he concludes are “a striking testimonial of the growing public Tipcognition of the desirability inance, a levy of Six (6) MiTfo k hereby made upon every daffar’s worth of property, real and person al, not exempt by law from taxa tion .situate and within the cor porate limits of the Town of .Mc Cormick, and the same is hrerefcgE levied for the purpose of n&sapg taxes to meet the interest accrrans; on Thirty Thousand (SSOffiWtffMi) Dollars Town of McCormick issued and sold for the purpose* 23 aiding in the construction of ctmU- lic buildings of the County of Nfc- Cormick. and to create a sfrifean*f fund to be used for the retire^araat and oavment of said bonds. SECTION 3. That over and sfvowe, and in addition to the abovr? iepy of Fourteen (14) Mills and! Sii (6) Mils, as hereinabove pmrviAdtoil in sections one and two respeef^ve*- ly of this ordinance, a levy' r>I Twenty-five (25) Mills be arx! i* hereby made on every doOaEr** worth of property, real and prsr- sonal. not exempt by law from tax ation. situate and within the cor porate limits of the Town of Mrv Cormick, and the same is her\?iyy levied for the purpose of raisinj? taxes to meet the interest accnang’ on Twenty-Eight Thousand <S28,- 000.00) Dollars Electric Ligfr/Jng Plant Bonds of the Town of Mc Cormick dated July 1st, 192S ; an! Fifty-Three Thousand ($53,GCR?i33* Dollars Water Works System Bonds ‘ j of the Town of McCormick dhdsed July 1st, 1925, and Forty-Thsrca- i Thousand ($43,000.00) Dollars Ste erage System Bonds of the Tfcwn of McCormick dated July 1st, IiS25i, and to create a sinking fund ta tw used in the retirement and oat.y- ment of said bonds . SECTION 4. That the Clerk: Treasurer of the said Town sf&zE enter said levies and assessments upon the books of the said Tfc«*rB of McCormick and receive' sail taxes, that the said taxes levied shall be paid to the xaiS Clerk and Treasurer hr fewfiA iponey of the United States: ast fihe office of the said Clerk and Tfc«UB- urer between the Fifteenth of October, 1931, and the First day of January, 1932. SECTION 5. That on all and assessments, or any pertkot thereof, charged against any prnp- erty or party on the duplicate for *he fiscal current year and doe the Town of McCormick, S. C., tfaat shall not have been paid on or be fore the First Day of January. 1932. the Town Clerk and Treasur er shall proceed to add a peaafty of Five (5) per cent on the T icate. and the Town Cleric tusS Treasurer shall proceed to onSecfc the same, and if the said taxes aoA penalties and assessments shaft riot have been paid on or before the First Day of February, 193*4. thereafter an additional peraafttr off Two (2) per cent shall be aehfcrf tqr the Town Clerk and TreasuxEsr s* the Town Duplicate and tkse jrsme collected by said Clerk and Thsas- urer, and if the said taxes arses as sessments are not paid, together with the penalties added on or before the fifteenth day cl March. 1932, next, thereafter, che Town Clerk and Treasurer sfaall issue his tax executions for taxes, assessments and pem^ifcies against the property of the de faulting taxpayer according to M«?. SECTION 6. That all ordinance and parts of ordinances inconsad- ent with the provisions of this snd- inance be and the same are Irensfcy DONE AND RATIFIED by Town Council of the Town of Mc*- Cormick in Council Assembled .arraS ;he Corporate Seal of the Ssitil Town hereto affixed this 13tLi dtey of August 1931. C. K. EPTING, May;::.-. L. N. BROWN. C. H. HUGULEYT, C. R. STROM. J. L. JENNINGS!. J. W. CORLEY. J. T. FAULKNER'. Town Council of the Town oS: M> of the corporate fiduciary in the settle- 1 ATTEST-^’ Soufcl1 Carolina., ment of ost^tos tho administration j q PATTIilRSOT^ - of trusts” I * cleric .... , September 7, 1931.—3t. "No corn—no credit” was a slogar . adopted by hankers of Saluda, Sout i 1 Carolina, last year. “The proposition was kept before our people by a di?-! play advertisement in the county | paper several weeks prior to cor~ ! planting time. As a result we have more corn raised in the county thi? year than ever previously, regardle?^ of the reed of rain in many sections.” said one of the bankers in reviewing the results. Home gardens was anothe project advocated with like results. 66S LIQUID OR TABLETS Relieves a Headache or Neurraf!,’** in 30 minutes, checks a ^ first day, and checks Malaria v*» three days. 6 6 6 Salve for Baby's LlwtLJL