Pampa Daily News from Pampa, Texas on September 6, 1935 · Page 12
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Pampa Daily News from Pampa, Texas · Page 12

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Pampa, Texas
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Friday, September 6, 1935
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Page 12
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IK FISCAL YEAR ? Bonds Comprise Thaft Half of the Ehtire Amount at 1934. MS?"ffli ac f"- s ~ Th6 $59,030, 873.86 6t Texas municipal bonds ap 1 gfoyed btr the attorney geheral's de Pflrtment during" the fiscal yea which £nded August 31, 1935. Is th largest; arnouht since the year 1929 ,30 witefi $86,229,002,95 of bonds re eeived approval and is more than twice the amount of the 1933-34 fis cal • year, when $26,381,182.38 was approved, it is stated in the annua review of the financial affairs of tht political subdivisions of Texas by A Kuelirie, editor of the Bond Buyers' Bulletin, University of Texas This increase is due In part to the activity of municipalities in voting Issues of bonds to secure government loans and avail themselves o: direct, grants of funds and in part to the. growing tendency among political sub-divisions toward refinancing outstanding obligations. In this connection it is interesting to note that refunding bonds comprlsec more than half of tlie entire amount approved diirlrig the year just closed. , ' A comparison of the amounts 01 bonds in the different classifications approved during the 1934-35 year sMaws ho* the increase is distributed.: • ; ... ,-. - .. . Kind of Bonds Annrovcd Anprovei j,.... 193.1-34 1934-31; School $ 2,008,500.00 $ 6,761,760.00 692,000.00 80,000.00 1,176,500.00 — 1,807',000.00 None 7,402,700.63 9,028,150.00 1,016,000.00 3,310,500.00 4,380,000.00 4,500.00 0,071,828.00 - 6,421,582.36 11,791,679.48 763,012.14 2,188,OB6'.26 13,409,201.13 , . 269.000.00 None 140,000.00 "tetatiijiing - 4,621, 137126 Irrigation. diet. ,- .refUndiriR— 1,353,000.00 lievee dlBtrict j^efundjnjt _ , 127,000.00 Navigation' dlst. i refunding _ None . "'.-.. , $26,981,182.88 $69,030,613.81 .The Increase in original issues of all;, types of bbnds is attributable to tH§ availability of government funds for new construction projects. Many rHlinlcipalities are taking, .advantage 6|;tihe aid now obtainable from the PyirA "on trie 55 per cent loan—45 pe ( ir cent grand' basis in financing needed public works. A number 01 tjie original city issijes voted to se- CUJre PWA funds are revenue bonds payable out of receipfe of municipal utilities and do not constitute mortgages against property nor necessitate an increase in the ad valorem tax rate. The decrease in refunding issues of 1 school bonds is occasioned by the act that last year the majority ol independent and common schoo districts which were in default in thfe payment of principal and In- tfe'irest on bonds held by the state permanent school fund, refinanced th£ir bonds. These emergency steps tyere taken following passage by the legislature of a bill providing that rib, school district in default for two years or more should participate in state school aid appropriations 'School districts are Still refunding their bonds, as shown by the $6,671,828 of such issues approved, but the total of such bonds will doubtless decrease considerably from year to year, especially in view of the fadt that the State Board of Education has recently takeri a decided atind against the purchase of re- (Uhding bonds for the permanent 'fund. .Cities, counties and road districts qf the states during the year refunded approximately twice as many tipnds as during the previous year. Tnjs increased activity in refunding transactions Is explained by the Wet that officials of local subdivisions are learning that 5'/4 and 6 p'^r qent ,bonds refunded at 4 and Vfy per cent can find a ready market. Such refinetncing programs aife steadily Increasing in number tjrid are resulting in a great saving td taxpayers throughout the state. .The conspicuous increase in road refunding issues Is due to the ac- t'ipn of the Board' of .County and ^strict Roaa Indebtedness In re- fihanclng outstanding term bonds Into serial maturities at lower Interest rates, Texfts municipals are enjoying a better reputation with' investors ri$w than ,ftt any time since 1929, This observation is borne out by the fact that many municipalities ftflve sold bQtids flujtag the year just" closed at better prices than customarily received by thepi, and, in some cases, at better prices than ev;er before ,obtgln.ed. ofte prices at wjjich the $9,5.PQ,000 of state unemployment relief typnds wwe sold during the fiscal year were also more advantageous than those at which the $10,500,000' relief bonds were sold, during: the previous year. The last $$,000,000 block of relief bonds sold in June brought the best price ob- tfahied for any of the $20,000,000 of such bonds,. . , The position 1 of Texa's county and district ro&q fiords on the muni- njpsl bond, market has been streng* tjjened materially by the state government's parMfilBfrtiori, in the re- tSrernent-of approximately $93,408,'912.85 of this class of securities, The j e O f ^e state's participation i issues has gradually increased to the extent that In 1938, the $ate will pay 78 pep cent of its Share of the maturing principal' on ;fj)ese bonds instead of tha go per 'cent pajd in 1835 and the, $3 lr3 per Cepji p^id In, 19^4. Since t$e org@n- f ;Jpn 0f jfehe poard 9! Povmty ?nd trict Hoa4 . indebtedness three rs ago, the state has been paying - of its, sjjaye gf the ^ ItalyVThreact From the cities and outlying provinces, clvlllied natives and wild tribesmen rallied Uj> scores of thousands to Emperor Haile Selassie's call for general mobilization. Here you see a typical crowd attending ona of the recruiting meetings.! n Addis Ababa, fithiopla's capital. calendar year Is already being reflected In the 1935 county and road district tax rates now being f ix,ed .throughout the. state. In the majority, of instances, these tax levies are being decreased several cents oh the $100 assessed property -valuation. There is a probability that at the regular session of the legislature in 1937 a bill will be passed enlarging the state's participation in road bond payments to embrace bond is. sues for lateral road improvements In addition to those for state highways. A companion measure would increase the gasoline sales tax by one cent in order to take care of the increased participation. The system and dispatch with which the state, through its Board of County and District Road Indebt- e^ness, Is handling the numerous issues of road bonds voted for state highways and the outlook for sim- iltir concentrated management olj the lateral road bond Issues outstanding has done much to. restore the investing public's faith in Texas bonds, clouded in recent years by saveral sensationalized' defaults in various parts of the state. As a; 'matter of fact, Texas bond defaults have been exaggerated. It has been said that this state has more civil units In default than any other, with' one, or two exceptions, but on the basis of percentage of municipalities in default or on the basis of percentage of total outstanding debt inv6lved In default, the record of Texas is good. It has been pointed out by a leader in the field of municipal finance that despite reports of defaults by governmental units during the depression, only 5 per cent of the total obligations over the country have been delinquent. Attesting to the improved condition of Texas municipals is the success achieved by various municipalities in refunding outstanding obligations. Bondholders have In the majority of cases been willing to release maturities. This co-operation of bondholders with the administrative officials of cities, counties and districts, in refunding transactions has brought these subdivisions' outstanding debts within their ability to discharge promptly and has placed them in a firmer current position. Tax collections in the various subdivisions of the state have been encouraging:. Delinquent collections, particularly, far exceeded those of previous years due to the legislative remission of penalties and interest on past due laxes outstanding August 1, 1934, If paid by March 15, 1935. The subdivisions of the state are entering the new fiscal year. in much better financial condition than in past years. Substantial surpluses are being carried over in nany cases, and budgets are being jased, on increased percentages of anticipated tax collections. Cities a|hd Counties are exploiting new sources of revenue and the outlook for continued improvement Is fa- yprab}e. Taxpayers, also, are taking a' greater active Interest in local 'Defense Funds' Are Often Rackets, Says Consul for Ethiopia 'Warning has been issued by John H. Shaw (above), an American serving as Ethiopia's Consul General in New York, that many ot the so-called "Ethiopian Defense Fund" drives in this country are mere rackets. He has approved formation of an investigating body called the American Committee on Hja .EthlQDian.crisia governmental affairs and seem more disposed to meeting their obligations promptly. The recent action of the State Automatic Tax Board in lowering the state tax rate from the 77-cenl constitutional maximum to 62 cents per $100 assessed property valuation has reinforced the taxpayer's growing belief in the fact that he is receiving a fair deal. The available school fund's anticipated cash balance of $2,576,978 on September 1 1935, made possible the 15-cent reduction in the public school fund tax, from 35 cents to 20 cents. The two other state levies, 35 cents foi the general fund and 7 cents foi the Confederate pension fund remained unchanged. The financial outlook for the state next year will be influencec by several factors. The amendment repealing the prohibition provision of the constitution adopted by vote of the people in the electi6n August 24 will increase the state's income, through the taxing of liquor sales, by from $1,000,000 to $6,000,000 annually. On the other hand, the old age pension amendment, also adopted in the election, will require a very large amount of state revenue annually to meet the prospective expenditures. The state's general revenue fund deficit is ep- proximately $6,500,000. NEWS Want Ads are 'effective. VERSATILE HUEY NEW ORLEANS—In addition to his other accomplishments, Senator Huey .Long .stands revealed as a "trade puller." "I don't pay room rent in New York or almost any place else," he said. "They Imagine, I'm a trade puller." It isn't, he added, "because I haven't got money —I'm lousy with money." Mrs. Qilmore N. Nunn and daughter have returned from a stay of several"weeks in New Mexico mountains. SITSY GRANT IS ALSO SCHEDULED POft PROMOTION BY BOB CAVAONAltb. FOREST HILLS. N. Y., Sept. 6. (IP} —With the men's and women's tennis singles championships postponed four days because of rain, the tennis hungry had turned today to crystal gazing into the possible Jineup of America's "first ten" for 1935. The first five places appear to be a cut and dried issue amons five players — Don Budge of Oakland, Calif., Wilmer Allison of Austin, Texas, Prank Shields and Sidney B. Wood Jr. of New York, and Bryan M (Bltsy) Grant Jr. of Atlanta. The next five will Involve a scramble among n dozen players. Budge and Grant appear slated for the biggest promotions. They rank ninth and tenth, respectively, Budge Is a popular hunch to succeed Allison" as the "head man," but In order to gain that distinction the Callfornian must gain the final round of the tournament. Unless Allison suddenly hits a hot streak, the 31year-old Texan appears destined to drop a couple of notches. He became America's No. last year mainly because of his courageous stand against Fred Perry. This year, however, he's done little to support his ranking. Besides being slated for a higher ranking, Grant already is being considered for the 1936 Davis Cup wars as the result of his victories over Frankie Parker and Shields in winning the eastern grass courts title. The future of Wood and Shields, No. 2 and 3 on this year's list, Is up to the gods of chance. Shields' big moment will arrive when he meets t Aitfirtt)& Planned t^ELVlNATOR, Corporation's"^ •*V sales progranij -which -will ta trie most aggressive in the .company's entire history, will .include the most extensive .use, of news,paper, advertising ever planned, according- to,Sam C. Mltchellj director; of advertising, arid ; gales p.rq- motioh. "Wo believe ^hat increased sales during next y'ear will .corne most surety, to, those .companies which .do theibest, job of using the assistance of .daily .newspapers i)j, presenting, their,',, stories ts> thq buying public," Mr. Mitchell said. r'erry in one of. the quarter-finals. Dismal performances in,the championship have cost Berkeley Bell and Cliff Sutter their first-ten berths. Bell, No. 7, dropped a dive- paset first round decision to the veteran Manuel Alonso, > while Sutter, No. 8. bowed In five sets to Gene Mnko, who is due to gnln "first ten" ranking. The commiDtee today contemplated its third attempt to put on five men's fourth round matches; three women's third and one quarter-final. HILLS, N. Y., Sept. 6. J — Helen Full Jacobs surprised f h^ tennis .vorld today by predicting that.Mrs. Sarah Palfrey Pabyan cf Brcpkllne, MASS., Is the player to bp"f K she wins her fourth successive. American .singles championship. It- had: been generally conceded thot Kathsrina Stammers, the corhe- V En?iii;h rains who is bracketed in fh?- J.cwcr half: with Mrs. Fabyan, n^rolin Bobcock of Los Angeles and Ficda "Jump':, of England, would mo v do*n hrr. remaining oppon* •nts,. and reach ; the final round. "Sr"-'s n greatly Improved player r vcr la't y?nr/' said Miss Jacobs. 'ppakin? of Mrs. Fabyan. "There's T. .cirubt In my mind she can and w!'! or fcf>t-. either Miss Babcock or :vt!ss. Stammers. "FtrEtr.ally T feel she. will give "i n.mr-:- difficult test than either '•> tha other two." Mrs. Fabyan. who lost to Miss 'Jaccls.'.ia straight .sets in the final last, year,, is ^credited with one of tiie, roundest Games of anyone In the tournament.-,. Miffi, Jacr.br, who has played only '•••;. iim<r.hc,s rn far. In the tourna- mcut, ; mnsts, Evelyn Dearman of in ) next,,. : . If Miss,, Jacobs • is successful , her., title defense this year she will technically ;. bn the first player In his|»nv,:to triumph four years hancl- ramning, M'-R. Molla Bjurstedt Mai- lory won Ihe tournament four times, ,. l '-' •*,-•- s»r •.•••''' i.^':, ..-^^ •: • , • •> _ _ ending ^in 1818, bu6 tite Ifii7 even! | was officially listad as a patriotic i tournament. , • , Postponed tot the third sive day yesterday because of rain, 1 play was to be restfiwea ih Both the men's and women's divisions today. •».,Mrs. J. j. Turner tans dismissed frcrh Pampa-Jarratt hospital Wednesday night. rid Gooc Year I "I have never hncf a bad Sick sp5!l and for years I h<w3 taken Black- Draught for the J»ast symptom of upset stomnch or "Sutgish feeling"! writes Mr. W. P. Pulliam, of Oate- wcor', Mo. "I am n very hearty eater. and sometimes I not too much. If I I fnel uncomfortable, I just take- a I small dose of Blrck-Draught and! socn feel all right. I feel I owe my I good health to n-;o of this reliable vegetable medicine. Black-Draught." Where ccnstipal.ion Is at the bot-l torn of Eiich troubles as Mr. Pulliam I mentions, take a goccl laxative. Thousands of men and women I have given Black-Draught credit for I having helped them to avoid serious | development of constipation troubles. ,. (Adv.) I 24 MOtJR MECHANICAL SERVICE "1&AR" EftAME & AXLE WORK COMPLETE BRAKE SERVICE , HJGH PRESSURE WASHING SPECIALIZED LUBRICATION OTEL GARAGE OPEN ~ ~ ALL ^* NIGHT" 453— —Just West of the Schneider Hotel— —Phone *SS Eat More Ice Cream Oldest, Toughest Rooster &r Adjoining Counties, to Our Store Saturday September 7th (Alive) Drink More Pasteurized Dairy Products Milk Chocolate Milk Buttermilk Orangeade Complete Dairy Store at our Dairy Dells — on 208 N. Cuyler and 314 E. Francis (old Taylor Creamery). Pasteurized Milk 12c qt. Buttermilk , 10c qt. Cheese, 12 oz. 15c Orange Juice 12c qt. Chocolate Milk __^ 12c qt. Butter 30c Ib. Use More Butter and Cheese SCHOOL We Cater to Parties ail RAY COUNT CREAMERIES OWNED AND OPERATED BT QERHARD'S Inc. "The Home of Perfectly Pasteurized

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