The Courier News from Blytheville, Arkansas on August 25, 1933 · Page 2
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The Courier News from Blytheville, Arkansas · Page 2

Blytheville, Arkansas
Issue Date:
Friday, August 25, 1933
Page 2
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FRIDAY. AUGUST 25. 19JW SAY RUN (ARK.) COURIER NEWS Here's What You Get On Government Loan But Officials Admit Success Depends On Action of Mortgage Holders. W ROON'CV DllTCHEH NBA S'rvlc* Writer WASHINGTON, Aug. 25, —The Home Loan system, under hotter lire tlian any other federal emergency agency, is Just beginning to /unction. UK officials say they arc confident of exculltnl results. But llie fate of the distressed home owner depends principally on the willingness of morlgase-hold- i-rs to accent In exchange for their mortgages the four per cent bonds of the Home Owners' Loan Corporation which may be Issued up tn I3.n00.000.000. Ktinf)Interest Ciiuranued . The ijewTrnmfm guarantees the Interest on these Jw>nds but not I • the principal. An official campaign, 1 )(-d off by a personal apoeal from I prffMunt Roosevelt, has been' wa?td to attract the sympathy of I Insurance companies, banks. buiW- im; and loan associations and other "morfaeees to the bonds. Pessimists have held that the ''• "'Is could not be unloaded and Hint most, mortgages couldn't l"?a)|v exchange mortgages for fri^m in many states. It has al?o been chnreed that Oliftnn«h William F. Stevenson of the Home Loan Bank Board has made [he system a politicians' ^nradi.'* and thtat there.has beari unwarranted- delay in getting it slprled. Con'ri'.w endowed the corporn- tlon with i200.000.000 caoital which miv bf lent, in cash up to 40 per cent pf the propertv's present value when n mortgagee refuses to nr.cent. bonds. But most mnrtgnees 8r« for more ihnn the 40 per cent nf "nine, ponds mav be exchan<r- ed for morteaees ut> lo.M.'nfr cent of the property's present value. Act Wld«lv Mhundmlood y".m r - lii"* 1 officials c av 'hfev are reaction (n the bond 1 ' Thr' P.. p r* verir.>"»i pe c ^rvH. Treasun 1 and •>() i>int iv,ev will ncceut the ob- 1 tute Presidential liertioa-; in one way or another. Agreements which sur-rpjLs has been met in geU iliv .'filiation and official nil- rtr^lTied tn make them Manila Society ~ Personal What you get when Uncle Sam hnnds out a loan OP. your home. John P. Flnnnr.gan and v.ifp. of Scimyl- klll, Pa., ore .shewn (below), holding the first certificate lalso reproiluccd above) Issued by ilie ' Owners' Loan Corporation. NRANews To help the people of this community to understand and co-operate In the national recovery program this column will appear daily or as occasion demands. Persons uncertain about, any requirements of the President's Re-employment Agreement or other features of the recovery movement are invited to submit inquiries. urges every employer and dlsplayer lor the Blue Eagle to clip the form at the end of this column, fill It in as completely as possible and have the Information ready for -the Blue Ea^li: 'mnri or woman who calLs upon them. Alma Aslinbrtuincr who has lion Usltliii! Miss Helen Claim Ir. Jc-nrsloro returned Sunday. She was iK'i-oiupunlcd by Mr. and Mrs. Louis Townscnd. nnimlil ami Ili'iiny Fend- li'r sjn'iu i-'rlday In lilyihevllle. Mr. mxl Mrs. II. rj. Jones and liiildrni n( Kotinelt, Mo., wi'ie visitors of Mr. iinil Mis. W. VI. Eduiuxls .Sunday. Misses Albrilu Koonci', Lucille! riai'oii, 7.0111 Miller mid LOB-PHP AlMou inn 1 Mrs. Im U. Hhedd uric lluiiKTsvllli' visitors .Sunday. Mr. nml MI*, nui, Klllluu ol H'«;insvllli', Mo., wen 1 Sunday fciii'Ms ol Mr. mid Mra, H. M. Fin-innii, Mrs. Arnold l-Yiwlur and «-||||[|ITI) weir vlslthiB her parunts, Mr. mill Mi.s. Ulic 'Huelki-ld ut lirunns, Kl'llil.iy. Mi. mid Mrs. J. M. Clcvi Inn »»il clilldirn were In ]|e>xli> Sun- 1'i'j' vlslllnii rcliitlvi'S. MK> Mildred linlley ol IJornm- Mllc. MO., is Hie jui'sl of Mlvs A.bciiii KCOIIIT Hits \vrrt. Mis. 1). j, D[U.| ( | 0 | Ht,e)licld.| A);.. b vlsillnsj Mrs. A. 1?. U.\vld 1'iui uther ivlatlvrs for several '..crlts. Hilly Klun' of niytlicvlllu Is friends In Miinlhi this, Hfi.shel Jolinson returned home Mmday from Wnm-ii. Aik., where 1»! has Ixvn n ineinlH-r of ihe C. J. C. ramp. Mr .nml Mrs. O. C. Cimudii Jiul Mr. nnd Mre. Pete Scott mid fliuiglitor, Mnrjorii' Sin 1 , werfi in nyorsburg. Tfnii.. Sunday vIsltliiR I'rlatlvcs. Mr. and Mrs. II. T. Cosby and children of Crui] Springs. III., were wci'k-eml guoMs of Mr. nnd Mrs, V. A. M'urphy. Mr. nnd Mrs. pnul D.niBherty raid fon. Van ixini. Miss Malik Lou fnstey and Guy McHrary St'iinth, Mo., visitors Sunday. PAGE THREE Sistio inul Biiswie Welcome Grandpa to \ Vacation for invefimpnt by morteme-hold- ir-< Tirn(iTa | t.iop':. The'. Prudential T.*f<» Inciii-n'riee Cimn^nv hns prom- Jfpreient: Oit.full^ amount, ot ,ils "Ifiiii- '•f**!' r i'n-* t -irttinH itself an- !«,. ii bonds at '•.Vr In pavmeril of debts owed to it-.; 1 '.." • : • : Widesnr»iiil m isunder&tan ding pTl<ts:»'^lo thp. Iviie of refinane- in". wliicli c«n be undertaken 1111- ;i.>r ()).>-. iniy. aejrnreline 'o Home T.onn ; ^fC'^i:! 1 ^. A.nnlkant.s must rrcT-e .Ihnt .tlinv lire in distress— ,'liil-'. ;titfv can't meet payments, lajjfs pr'fUher.obliy'atlnns.-on their JiV""-. Tiie-vp 1? no. intention now of':Iib*""ilizina 'hat restriction.. • :r>ts to W«k Raoldly •.'-.Th*'.Home. Loan .Board is nroud rpftief'tlinn oslianied of the rppcd with which il organized the corporation In 4^ 'states. After the hi-i wos 'signed oh "June 13th it )j«d to crente the Ifircest mort- gase. ^business ever conducted—an operation involving billions o( dollars coverin? vast areas and i':opubrion. Officials had to be chosen and quarters and suoplies acquired. A careful accounting and aduiiinir system had to be. built up. Could ony. rival enterprise !;avc done u faster job? There isn't any ansver to the charge of political partisanship in pnnointments. Many able, experienced men aupear to have been hroneht into the set-up, but Stev- enfon was a lame duck Democratic congressman and has loaded the s.yttem here and tn the' field with noliticinns. He has been especially partial to fellow South Carolin- Including relatives. Nevertheless, some of hii own some state mari- are reporting marked siic- cers in avoiding foreclosures by straightening out matters between mon^apor ancl jnort^ngee without an" further federal aid. ' It is too early to forecast ho* nwce.'sful the bond plan will be Tlie first sizable figures to come In fr^m the field were those of Ohio which fhowcd that mortgage holders already had agreed to Uke corporation bonds for the amount of M . 000,000. . Attorney General Cummings Is corisidcrine a ruling which mieht well fstablirh the bonds at a high rat in?, as it would have the effect of informally guaranteeing their principal. The bonds mature in 18 years • and it is arfiued that If the cor- tvrotion is on the rocks at the end of trtH period, unable to nay them off.".;llnc!e Forn must still go on pnvihf the Interest. It is a principle of law that interest is pav- •'•'ij on an oblieation until the obligation Is paid, rather than .merely until maturity. There is no time limit on the interest in the Home Loan Act. Hence, ar- cordlne to the contention made to Cunjinincs, if the bonds were to be otherwise uuaid the government would have to my them off or 'ke«P on paying the interest. Since 'It c»n borrow monev tor less than 'our per «nt, It might well decide to p»y off. OIMBI Can't Low or not such * vl«w pre, Home Loan of fids Js s&y •Mwr* U no rewMti to suppose thmt Kere's the official language used by the NBA in passing out in- foimation with respect to substi- Reetnployment are approved and will be a part, of the codes: Retail Trades Including Dry Goods. Depatt- and in such case not to reduce hours of operation at all. Minimum Wages—IFor southern section). Employes (except messengers a.s provided for employes under 1C years permitted by Section 1 of tfie agreement) shall be paid not less than 114.00 per week Russia-has "sobering Institutions" wnert druiiken men,found in the streets are taken, bathed,'put'"to bed, and otherwise tended. No ptin.- ishment Ls meted until it is proved that the drunkenness habitual. 011 Illllld 10 llll'Sl PlMtlll'tlt ton wrrr his yrnndrlilldren "Sis nail, and "gniiidiiu". us they Irli llljjlim'iiti [or Uti i.e;iMt when ins trntn nulled. In al Itlihlnnd. riliawit with lliolr N. Y H from lotlier, Mrs. Curils -B.'; : Summer Willie IIoiiss ut Hyde Park.' .' '•.-' Mr. nnd Mrs. H. v. Hornvr nnd Mlssiw Hrrlle nml . Di'.Lsy, nml Mr. and Uiilhe d Mrs. herfonl. Luther McKeii7lc of vcrc Sunday jjiiests nf Mr, nml Mrs. U. V. Horner. C. W, Tlpton nml ilnuglitcrs, Mlf.s Anna mid Eilltli, niolorfd to j 01 Murke-d Tixr, nnd Mrs. Ollli; j Sicktrs unil clilldix-n. ! Mrs. II. II. Snndi'rs left Wed- iiralny lor hui' lioini! In Itotk Sprluys, Wyo. She was called here l;ig,l wiol: on account o[ the (lenth of IUT inotlK"]-, Mi'n. A. I,. ClllttOll. Mr. nml Mrs. Win. llai' Wooden Traffic Cop / Mine of Information CASTING, Me. (OP)—A woodeii' traffic cop iierts h a mine of In-' formation— ' . ' - •[ His npnilsed hand Is a hint for motorists to .slow down. His other 'hand holds a sign which warns "Dad Corner." Another sign Indicates is m,p,h'. ns thu sped limit. . '• An mow iwlnls tlw way to »" club. ' . -• An mm Indicates the direction' lo n lighthouse. '-.-.Another jxjlnter shows the W' , other' signs bear the names of Die .streets at the Junction. ' J ' .ment Stores, Specialty Shops,''In cities of from 2500 to 280,0001 Men's Clothing. Furniture, Hard- population. ware. Shoes: I The list of substitute agreements Maxinmiri Hours —For nil em-' adopted and made available to lo- ployes _jtexcepl execulives _at over cnl NRA committees to date COY- 'lW"rtW>reek. registered "pliurma- era a large list-'of industries-and cists or other professional persons, rdail businesses and will be avail- or outside siles^nen, and except able to the public. The list is too outside detlverymen and mainten- long to publish, and employers in- auce employes, who may be em- terested in any particular line are ployed 48 hours per week or more advised that If paid time and one third for available to the information is them upon request _,... .., hours over 48)'40 hours per'week made at tlie office of the Blythe- fxcept at Christmas, inventor} 1 'and vitle Chamber of Commerce. other peak periods when employes may work 1 48 hours .per week not to exceed three weeks in each 6 '.-lontlis. Store hours not to be reduced below 52 in any one week unless below 52 before July 1, 1933 and In such case not to reduce hours at all. Not to apply to em- uloves In establishments -of two uersons or less in lowiu under 25ro population. Minimum wages—In southern section in cities of from 2500 to 100,000 population. $12.00 per week. Retail Dints For stores open seven days a Check Up Week Near . With this information made available, there should . no longer j be • any doubt exist In any ployers mind as lo the hours pay scale frr retail trades, as this is the last word In official language from Washington office of •the NRA. As the time for check up. week draws nearer—only two days left— Blytheville employers, are makintt their final adjustments. The nine F«Kle workers next week will be identified by the Blue Enple bui- " 'ek. maximum hours of labor. 48 hoi^s per week, no emolove to be worked more than eight hours in -nv 24-hour period, anil provided Ihnt male employes working, as waiters may not be employed more than 54 hours per week, pending adoption of- the code for the res- tiirnnt industry. These provisions shall jot apply to registered pharmacists, assistant registered or ap-, prentice pharmacists. The hours of! nnv ftore in service operating shall I not be reduced to below 90 hours in any one week, unless such hours were below 90 prior to July 1, 1933 Hie corporation will be a financial failure. Behind the bonds will be $200,-1 000.COO in capital and the mort-1 KSges. Loans are only 30 per cent] nf present low appraisal value nnd the securities should become con- rtantly stronger as home owners maUe their payments. ton is being supplied to all ' NRA committees in 'America. When one of these workers steps into your place of business and a4:s ouestions concerning the NRA he will be doin? so as an authorized a?ent of [he NRA. In view of the fact that these workers taklnK time nwav from their vate business lo help put this cam- ! paign over, llie committee again THE COOLED GEM OSCEQI.A Sunday • Monday August 27 - 28—2 Days Sunday Matinee— 10c-2flc Night— I5c-3i5(- OUR GANG COMEDY AND CARTOON * * Three Services —Laundry --Cleaning —Storage At a Single CALL 171 UNIQUE Cleaning Service "Raises lh« Standard" Imt non-fatlcning and from bottle or keg. H«v«r, through [mir {5<-ncr:ilii>iis, liaye w« formula. \Vc uewr will! . . . ...wec6«UViM>tr (>ss ' U1 y l » akca!M ' (:r fin'd in Falstaff tlms not «»iic w covered more than a century 5, of course /. all ingredients precisely proportions known only to Falstaff. I ift a RliiBS to your lips and thrill to itB mptchleM - ,rm,n ils«.i|.r.-m«ly <lelicio» S tasle. Thehwl«p .irouiii. • • ""• "i _ J .. . !.„„_ :„ in v<-r« : :.: THE CHOICEST PRODUCT OF THE BREWER'S ART Buy it by the Case for your home

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