Newspaper Page Text
FRIDAY, JANUARY 5, 1934
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banking tjgr
IP PHONE 244 JACKSON, GA.
OFFICERS NAMED FOR
THE FARMERS HANK
PARR HEADS LOCUST GROVE
BANK AS PRESIDENT. INSTI
TUTION APPLIES FOR GOV
ERNMENT INSURANCE
At a recent meeting of stockhold
ers directors were elected to serve
the Farmers Bank of Locust Grove.
The board is composed of W. E.
Parr, E. I. Drewery, H. C. Childs,
L. L. Fitts and J. O. Mintcr.
Officers of the bank, are: W. E.
Parr, president; L. L. Pitts, vice pres
ident; J. 0. Minter, vice president;
H. C. Childs, cashier.
The Farmers Bank, after serving
Jenkinsburg and community for a
long number of years, was recently
moved to Locust Grove. The change
was made to serve a larger territory,
it was declared.
The bank has a capital stock of
$15,000 and is regarded as one of the
strongest and best managed financial
institutions in the state. Government
insurance of deposits has been ap
plied for, it is stated.
In its new field the bank is said
to be enjoying an increased business
and faces the new year with pros
pects for continued growth and ser
vice to its patrons.
FOUR TIMES BETTER THAN
COMMON REMEDIES FOR
INDIGESTION
Probably you know several reliefs
for acid stomach, indigestion and
similar ills. But Bisma-Rex is anew,
delicious tasting antacid powder that
acts FOUR WAYS to give you quick
relief. It neutralizes excess acid; re
lieves gas; soothes irritated mem
branes; and aids digestion of foods
likely to ferment. Get a jar today
at Carmichael Drug Cos., the Rexall
Drug Store. Big jar for only 50c.
New Shipment
TENNESSEE mules
AND HORSES
Well broken, and ready to pull a plow or
hitch to a wagon. All young and select
animals. Give us a trial—sell or trade.
OUR PRICES are: right
Carter & Cole
JACKSON, GEORGIA
BUSTS TEACHERS TO
MtET IN COURTHOUSE
FIRST SESSION OF NEW YEAR
WILL BE HELD FRIDAY AF
TERNOON AT 2 O’CLOCK. AN
ATTRACTIVE PROGRAM
The Butts County Education As
sociation will have its first meeting
of the year in the court house in
Jackson Friday afternoon at 2 o’clock,
central time. The presence of all
I teachers is desired.
The work of the fall tei'm will be
reviewed and plans made for the new
year’s work. The following program
is announced:
Song—Battle Hymn of Republic.
Prayer—Prof. H. M. Linkous. '
Business meeting.
“What a County-wide Rally Should
Include”—James Childs.
Piano solo —Miss Mae Childs.
Departmental meetings.
MASTER ILA SMITH TAKEN
BY DEATH AT WORTHVILLE
Mr. and Mrs. H. O. Smith, of
Worthville, have the sympathy of
friends in the death of their three
vear-old son, Ila, which occurred Sat
urday afternoon at 2 o’clock. Death
was due to measles, it was stated,
and other members of the family are
ill of the same disease.
The boy is survived by his parents,
three brothers and three sisters;
grandparents, Mr. and Mrs. A. M.
Smith; grandmother, Mrs. A. L. Per
doe, of Griffin.
Funeral services were held at the
home Sunday afternoon at 2 o’clock,
with Rev. J. B. Stodghill officiating
and interment was in the church
cemetery.
THE JACKSON PROGRESS-ARGUS, JACKSON, GEORGIA
LOWER POWER RATES ASSURED
FOR THE CITIZENS OF STATE
ESTIMATED SAVINGS TO POWER
USERS $900,000 PER YEAR.
SERVICE CHARGE IS ELIMI
NATED IN NEW ORDER
Atlanta, Ga., Jan. 3.—Revision of
power rates in Georgia was complet
ed by the public service commission
today with agreement on an order
eliminating the service charge from
the schedules of the Georgia Powe-
Company and cutting the bills of the
consumers in the lower brackets.
That revision was estimated to save
the consumers around $14,000 a year
on the basis of last year’s consump
BANK INSURANCE
EFFECTIVE JAN. 1
GUARANTEE OF BANK DEPO
SITS UP TO $2,500 IN EFFECT
WITH BEGINNING OF THE
NEW YEAR
Washington, D. C. —The federal
government starts the New Year by
putting into effect its biggest experi
ment in the banking field since es
tablishment of the reserve system.
Beginning January 1, deposits up
to $2,500 in participating banks are
insured under the Glass-Steagall
measure designed primarily to stop
bank runs and failures and to curb
hoarding, the three deflationary
forces responsible for the banking
moratorium declared by President
Roosevelt last March.
Treasury officials look for this in
surance of deposits to bolster public
confidence and to bring large
amounts of cash out of hoarding.
When the banking reform measure
was enacted last summer, republican
and democratic leaders joined in hail
ing it is a landmark on the road to
permanent stabilization of the 'bank
ing structure.
The insuring of deposits up to $2,-'
500 is a preliminary program. The
permanent program, which will go
into effect July 1, next, unless
amended by congress, insures depos
its up to SIO,OOO, provides 75 per
cent insurance for deposits between
SIO,OOO and $50,000 and 50 percent
for deposits over and above $50,000.
In other words, a depositor who had
$60,000 on account in an insured
bank which failed would be guaran
teed SIO,OOO on his first $10,000;
$30,000 on his next SIO,OOO and $5,-
000 on his last SIO,OOO.
In the preliminary insurance plan,
two types of banks may participate—
members of the federal reserve and
non-member banks applying for in
clusion in the insurance plan which
can obtain certificates of solvency
from their state banking authorities.
Every member bank of the federal
reserve system which is open on Jan
uary 1 or is reopened thereafter
must participate in the temporary in
surance plan. Banks joining the re
serve system after January 1 also
must participate.
After July 1 only member banks
of the federal reserve system may
participate in the insurance plan ex
cept that non-member banks which
joined the temporary fund may con
tinue in the permanent fund until
July, 1936.
It has been estimated that about
35 per cent of the deposits of all na
tional banks will be covered by th
temporary fund and that about 35
per cent of the deposits of all mem
ber banks of the federal reserve sys
tem, state and national, will come un
der the protection.
In some of the smaller banks out
side of the system, however, the cov
erage may run close to 100 per cent
because many little banks have few
or no accounts larger than $2,500,
the limit of coverage.
PSil
tion, and brought to $990,000 the
estimated saving to power users over
the state.
Saving*Be Passed on
Mayor Lyons and members of city
council state the saving to the city
of Jackson under the new schedule
will be passed on to the consumers.
J. H. Rooks, superintendent of the
water and light department, working
in conjunction with city officials, is
arranging anew schedule of charges
and these will be announced within
a few days. The new rates will be
effective as of January 1, it is stated.
TEN MILLION PAID
GEORGIA FARMERS
GEORGIA COTTON GROWERS
ASKED TO CUT ACREAGE
MORE THAN MILLION FOR
1934 COTTON CAMPAIGN
Beginning Monday, farmers of
Georgia will be asked to sign con
tacts to reduce the planted cotton
acreage next season to approximate
ly 1,900,000 acres, Harry L. Brown,
acting director of the State Agri
cultural Extension Service announced
Saturday.
Under provisions of the 1934-35
cotton acreage adjustment contracts
of the Agricultural Adjustment Ad
ministration, Georgia plants will re
ceive in rental and benefit payments
this year approximately $10,700,000
if a 40 per cent reduction of the five
year average of the annual acreage
planted to cotton is achieved, Brown
said.
■ i
The reduction program in Georgia
is part of a south-wide campaign to
restrict total plantings to 25,000,000
acres.
The AAA has fixed a tentative
goal of a reduction of 1,288,000
acres in Georgia. The average for
the base period 1928-32 is 3,220,000
acres, A 40 per cent reduction of this
average acreage would mean that
Georgia cotton farmers would plant
about 1,930,000 acres this year in
cotton. The average annual produc
tion in Georgia during the base pe
riod was 1,242,000 bales.
Figures from Washington late in
December showed, Brown said, that
$8,001,598 has gone into Georgia
alone from the AAA in the form of
rental payments on 98,326 contracts
accepted, covering 694,847 acres re
moved from cotton production, Geor
gia producers also hold options on
213,550 bales of cotton at 6 cents, a
pound. The initial payment of S2O a
bale is now available on theese op
tions and $4,271,000 is now being
distributed in Georgia. Thus Georgia
producers have received, or will re
ceive, $12,272,598 as their compensa
tion for taking 694,847 acres from
production in 1933, Brown said.
m. MATTIE HAM SMITH
DIES AT BERNER HOME
The death of Mrs. Mattie Ham
Smith, 73 years of age, a beloved
resident of Berner, occurred at the
home of her daughter, Mrs. O. G.
Martin, Friday morning at 2:30.
Mrs. Smith was born and reared
at High Falls and was connected
with a well known family of that
section. She was a member of Paran
Baptist church and was widely belov
ed for her fine qualities of charafcterj.
She is survived by her 'daughter',
Mrs. O. G. Martin, and a brother,
Mr. Jeffie Ham, of Blount; several
nephews.
Funeral services were held at Pa
ran church Sunday morning at 11
oclock, with Rev. .J. B. Stodghill of
ficiating. Interment was in the Webb
family cemetery.
More than 50 nationalities are
ri ptesented in the 20,000 men of the
French Legion of Honor.
TFTR
PRINCESS
THEATRE
JACKSON, GA.
PROGRAM FOR WEEK
JANUARY 7-13
MONDAY & TUESDAY
BURAEU OF
Missing Persons
WITH
Bette Davis, Lewis S. Stone, Pat O’Brien,
Glenda Farrell, Allen Jenkins, Ruth Don
nelly, Hugh Herbert, Allan Dinehart.
A powerful picture dealing with
kidnapping and crime racket
THURSDAY
CLARA BOW
-IN--
‘HOOPLA’
WITH
Preston Foster, Richard Cromwell, Her
bert Mundin, lames Gleason, Minna Gombell
FRIDAY & SATURDAY
TIM McCOY
—IN—
“Man of Action”
WITH
CARYL LINCOLN
Also Fox News, Krazy Kat and Sports News
MONDAY, TUESDAY, WEDNESDAY,
THURSDAY, FRIDAY, SATURDAY
SATURDAY MATINEE 2:30
FIRST SHOW 6:30; SECOND SHOW 8:15
ADMISSION 10 AND 20 CENTS.
BUTTS’ FIRST NEW YEAR
BABY BORN 12:30 JAN. 1
Father Time and the Stork had a
close race, the bird winning by a nar
row margin. At 12:30 a. m. January
President Franklin D. Roosevelt addresses
joint session of 73rd Congress convening
Ja luary 3, 1934.
1, Butts county’s first baby of the
new year was born to Mr. and Mrs.
Dozier Brooks, ot Indian Springs.
The name of the son i r James Harold
Brooks. Both mother and child are
reported as doing well.