Pampa Daily News from Pampa, Texas on February 17, 1935 · Page 8
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Pampa Daily News from Pampa, Texas · Page 8

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Pampa, Texas
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Sunday, February 17, 1935
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Page 8
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FAOB BIGHT PAMPAr DAILY , PatttpS, SUNDAY MORNING, FJMtJARY 1*?, 1935. EDITORIAL FEAR NOT: Thus saith the Lord that created thee, O Jacob, and he that formed thee, O Israel. Fear not: for I have redeemed thee, I have called by thy name; thou art mine.—Jftaiah 43:1. Federal Plans Move Slowly If there is one thing that is tnofe to be remehlberec than anything else about federal buftiness, it is that haste is next to, impossible. Even if the new public works appropriation is made in sortie form, the money will not likely be available 'before July 1, We have this date from Congressman Marvin Jones, who ought to know. Relief funds will, therefore, be continued ai least in part until July .1. There is ample reason- for dbubt that relief can be stopped/ on that summer date for the reason that there are many men now jobless bul not on relief who will demand a chance to work. Mr. Jones rightly i» urging that the rural districts be allowed a share in the huge appropriation. Rural unemployment is troublesome. The money could be used for building roads, grade crossings, rural parks, soil ero- sfon work with ponds, and in similar projects. We have more than a million miles of unimproved farm-to-market roads in this country, in addition to the 70,000 miles of unpaved state and federal highways. It now seems likely that a Texas state board will have to pass on all loans and grants made in this state. That, too, will mean consumption of more time. The federal home loan act has definitely failed in many of _ its phases, while succeeding in others. New construction has not been spurred as hoped. The promise of money for new work came too close to the repair loan section. However, tho government is said to be determined to make the act work. Within 3 months, it is believed, many lending agencies wML have qualified to handle the new, cheaper homo loans. When this circumstance takes place, Pampa should go forward with construction of much needed dwellings. Meanwhile, othei phases of the home loan act are being carried forward gradually. Revision of American home mortgage practices, with the purpose of making loans safer for the lender and more economical for the borrower, is making steady progress under the four agencies administered by the Federal Home Loan Bank board, it was brought out in a statement issued by the Boardl. This is being accomplished by rapid 1 substitution of the long-term amortixcd loan, payable mothly in small amounts, to replace the short-term lump sum maturity loan, which has led to difficulty and widespread default during the last few years. The same amortization principle underlies the mortgage loans insured by the Federal Housing administration under Title II of the National Housing act. The Federal Home Loan Bank system was established in 1932 to provide unlimited reserve credit for private thrift institutions which specialize in long-term financing. To date, it has advanced to members a total of $131,888,305. When it was found necessary in 1933 for the' government as a relief measure to lend directly to distressed individual mortgagors, the Home Owners' Loan corporation was authorized by congress to make amortized loans on a 15-year basis. The required monthly installment of $7.81 per $1000 of loan, covering both principal and' interest, pays off the entire mortgage within thai period. In a large proportion of cases, borrowers from the Home Owners' Loan corporation faced foreclosure because their three or five-year mortgages came clue at a time when they could not obtain refinancing anywhere. Up to January 31, 1935, the corporation had closed 781,231 loans, the great majority for 15 years. This figure represents more than one out of ten of all owner-occupied homes in the country. Some 700 Federal Savings and Loan associations authorized by Congress 'in 1933 are now operating in 43 states, either as new thrift and home-finiancing institutions or converted building and loan associations formerly under state charter. Loans by Federal Savings and Loan associations are amortized' over periods from 5 to 20 years. An opportunity for building and loan associations to encourage new investment in their shares and 1 thus expand their loaning facilities, is provided by means of insurance of share accounts available to qualified institutions through the Federal Savings and Loan Insurance corporation, established in June, 1934. As of February 1, 1935, 553 associations had been insured, representing total assets of approximately' $176,000,000 held by some 130,000 people of small or moderate means whose savings are now protected up to $5,000 for each individual. "The mainspring of the government's program is the conviction that the long-term amortized loan is essential to sound home financing" it was stated. "Home are intended to provide service for many years. They should bo paid for gradually during their use. It is best for the home owner because every payment made increases hig equity in his home. It eliminated the need and cost of renewing the mortgage periodically. It encourages thrift and builds up the most desirable kind of estate. The long-term amortized loan is best also for the lender, because every payment reduces the risk of loss through default. The home owner's growing equity is a guarantee of his intention to carry out his contract." Cotton Crisis Is Serious The American cotton crisis is deepening, according to Dr; A. B. Cox, director of the Bureau of Business Research of the University of Texas and internationally jsacGgiMxed cotton authority. He said that Secretary Wallace,' in announcing the government restriction program, in reality has notified foreign competitors to proceed full steam ahead for at least one year with their increased cotton production program. "Senator B an khead says he is already preparing a bill to project restriction through 1936-37 or to cut carryover of American cotton to 4,000,000 bales," Dr. Cox pointed out. "Is not this the equivalent of telling foreign producers our government proposes to tie the American cotton producers down ;by means of production restriction programs even to the extent of a licencing law, if necessary, to give them a free hand, an unmolested opportunity to take American cotton growers' foreign markets? High motives and objectives of our government and its officials are in no sense called in question. It is rather a question of the wisdom of the poMcy. "Cotton growing is not an isolated enterprise in the south. It has been pointed out many times it is bound up in the Sooth's whole economic life. Recent experiences haw demonstrated most clearly that the 1 cotton program affects profoundly our livestock enterprises. Drought yfltarasuoh a» we have just experienced demonstrate that Cotton seed and their products are the so\vth j s most dependable, aa well as its best feed crop 1 , Farmers, dairy- men, and! even ranchmen are having to sell their cattle and sheep to the government td be killed to prevent their starving to death because tine government ployed up cotton in 1983 arid kept land out of cottoti fh 1934. Ranchmen and dairymen thus find themselves victims of the government's cotton policy, another demonstration that the cotton problem concerns a wide circle of interests and not merely cotton growers." Ftittefal Is Meld For Gu» Cyt Dusting The Covers Of Tex&s Histdry For THE TEXAS CENTENNIAL CELEBRATION OF 1936 Fatigued men heaved with the weight of the two horse carcasses they were piling up RS breastworks. The night was pitch dark. Their movements sounded uncannily loud, and their breathing was deep and pained. Rapid fingers were hastily llgging entrenchments. The morn- ng must not find them without sufficient preparations for defense. Not a staf shone In the sky. The pierc- ng wind Increased their feelings of ortellness and depression. Escape would have been possible, though they were surrounded by the Mexican army, but no Texan was willing .o leave his wounded companions to suffer at the hands of the en;my. There was not food to give .hem strength; not even water to :leanse wounds or ease thirst. Adding to the discouragement of ,he Texan army was the fact that reinforcements had come to TJrrea hat morning. With almost n thousand men he was attacking two itindretl Americans. John Sowers Brooks, chief cnglneeer, had been wounded, and it was doubtful that artillery could be used at all. The Mexican at tlllcry was enough for iomplcte annihilation with one fir- ""Wc~must surrender," unanimously ho officers urged Pannin. It would je war to the death of every man f they so foollshjy tried to withstand the Mexicans. With n heavy Heart and deep misgivings, Pannin •alsed the white flag. Col. Pannin and Col. Urren slowly walked across the land separating he Texans and Mexicans. They talked quietly. Yes, the Mexicans would agree to n surrender with terms In writing. But, tho Americans must surrender at their own discretion. Writing in his Dlario, Urrca said, "When the white flag was raised by the enemy, I ordered .heir leaders to be informed that t would have no other agreement nan that they should surrender at llscretion, without any otherd cori- lltlon, and this was agreed to by the persons stated above." (The agreement was signed by Major B. C. Wallace, Adjutant J. M. Chad- vick, and Commander J. W Fan- iln.) The terms of surrender wore that they were to be treated according to the usage of civilized nations; their wounded were to be taken back to Ooliad and be properly attended to; all private rights should be respected. "Urrea declared that the Americans surrendered In full confidence that Mexican generosity would not make their sacrifice fruitless; otherwise, they would have resisted and sold their lives as dearly as possible. They sold their lives dearly; there was no Mexican generosity. The tragedy at Ooliad figures notably In annals of the conflict in which Texas achieved the Independence, the Centennial of which is to bp observed in 1930. EX-STUDENT IS REGENT CANYON, Feb. 16.—For the first time in its twenty-five years of history the West Texas State Teachers college has an ex-student on the board of regents of the Texas State Teachers colleges. He is B. A. Stuart, former slate senator of Fort Worth. Mr. Stuart was graduated from West Texas in 1912. He has visited the college recently. Stuart was until last month n member of the board of regents of the Texus Technological college. PANHANDLE, Feb. 16.— Funeral i services for T. A. fGus) O'Keefe. 51 resident of Carson county for 3J years, were held Thursday afternoon at the Methodist church. The crowd filled the church to capacity The Rev. C. C. Armstrong was in charge. Mr. O'Keefe had been in poor health about 10 years. A month ago he became seriously ill, influenza developing into pneumonia. Survivors include the widow, three daughters, Irene, assistant editor oi the Panhandle Herald, Eleanor, 16 a senior in Panhandle high school ii ml Helen. 12; his father, J. E. O'Keefe of Panhandle; three brothers, J. Sid, John and R. C. O'Keefe of Panhandle. Mr. and Mrs. Earl O'Keefe of Pampa and Mr. and Mrs. Wayne O'Keefe of Borser were among the relatives who attended the funeral. CIVII, SERVICE EXAMINATIONS The United States Civil Service competitive examinations as follows: compctive examinations as follows: Junior bacteriologist (food products), $2,000 to $2,500 a year, Food and Drug Admlnisiration. Associate bacteriologist, $3,200 to $3,700 a year, assistant bacteriologist, $2,000 to $3,100 a year. Food and Drug Administration. Optional subjects are: General, food products, and soils. All states except Utah, Vermont, Virginia, Maryland, and the District of Columbia have received less than their quota of appointments in the apportioned departmental service In Washington, D. C. Full information may be obtained from O. K. Oaylor, Secretary of the Upitcd States Civill Service Board of examiners, at the postofflce. Are You Using ROA^ RU^JER GASOLINE j • '' i l/smen Are Our Customers ./Ask Thrin! r Up at thrf Tank" B & B LUBRICATING CO. B. & B. Oils ; Fisk Tires CLARENCE BARRETT, Mgr. THE PAMPA DAILY NEWS Published evenings except Saturday, and Sundajf morning by PftmiJa DaUy NiWS, too., 322 West Poster, Patnpa, Texas OHiMORE N. NTTNN, Pen. Mgr.; PHILIP B. POND, Business Mgr.; OLIN E. HINKLB, Managing Editor MEMBER OP THE ASSOCIATED PRESS^-Full Leased Wire, The Associated Press is exclusively en- tltied to the use for publication of all news dispatches credited to or net otherwise credited In thld newspaper and also the local news published herein. All rights for re-publication of special dispatches herein also are reserved. Entered as second-class matter Marcii IS, 1921, at the pbstoff'ice at Pampa, Texas, under" the Act of Mftrch 3, 1879. __^ . . SUBSCRIPTION RATES OF THE PAMPA DAILY NEWS By Carrier in Pampa One Tear $8.00 Six Months $3.00 One Month $.60 One Week $.15 By Mall In Gray and Adjoining Counties One tfeaf $6.09 SI* Months $2.75 Three Months $1.50 One Month .......I .80 By Mail Ontslde Gray and Adjoining Counties One Year .$7.00 Six Months $3.75 yhree Months $2.10 One Month $ .78 NOTICE—It Is not the Intention of this newspaper to cast reflection upon the character of anyone knowingly and If through error it should the management will appreciate having atteritlon called to same, and will gladly and fully correct'ahy erroneous statement made. OUT OUR WAY. WILLIAMS] THE NEWFANGLES (Mom'n Pop) Parboiled ' I'LU pftCK tms POLL UP WIT, . BROWN PAPER, &ND fAfcKt \T LOOK UKE. fteo,OOO-WWT TU.UPOP THIS ONE ON TUW GNNG OF WCKS W THE GftPAGE. 'EANWHlLt, IN SMOOTHY'S BATHROOM, THE REAL WINDY LOOKS OflOUT TOR •SOMETHING TO HELP PhSS THE TIME AWAY I'VE HEKRD OF THESE THINGS/ ft, COW OF TAN IN YOUR OWN BATUROOfA-HERE'S THE DIRECTIONS—I'LL TRY IT ALLEY OOP BY WHISKEROOSKY -I'D SWEAR I SAW SOMEONE MOVIN 1 AROUND IN THE OUNGLE —CSNIFF) -THERE IS! I SMELL SMOKE MAYBE I'M CGAZY, £>UT I'M GONNA. SEE WHAT THIS 'IS ALL ABOUT/ Strangers! I OQN'T SEE. HOW SOU GUVS CAM STAND (WDOORS- IT WOULD V<il_U tViE OFF, \N TIME. A.K1Q \T us OFF, IM TlNAE, TOO P) 1535 BY NEA SERVICE, INC. _-..._ _ _^. . .. * T. M; REG. U..S?PAT. OFF. THE OUTIMG By COWAN MOT PATOOTIE / THIS IS TH'LIFE By HAMLIft OF LEMIAMS,I'M GONMA CLEAN 'EM OUr JUS ©1935BYNEASERVIC OH, DIANA! OlANA.THAT YOUNG PELt-A BUDDY. WHO SENT VA ALL TH 1 FLCWEBS, is DOWNSTAIRS' OOE5 LOOK LIKE? HIM I'LL. BE 6eB.-~ | Op HOPE HE'S HANDSOME AND TALL. BUDDY---THAT'S A NICE NAME A Bit Tardy By FLOWERS I JUST GWrJ DECIDE \^& WHICH OEE55 id WEAR, NEVER MIND -TH' Boys BEEN GONE FOR. "TWO HOUR. S " CORCHY SMITH A Military Secret - AU THE SHIPS ARE IN SHAP6 Tb TrtKE OFF - VAWAT TIME WE LEAVIN'? SAY-flREYttU STUL fioin' TO FOIIOW TUE . . .. -wesrCOAST ROUTE-? DONV KNOW, FAT: NO pouer MADDOX HAS TAKEN THAT Roure. Melt WAIT SOMEWHERE /UONG IT Tb JUMP US, IVE BEEN ORPERED tz> THROUGH. -TRY Tb AVOID HIM, IF POSSIBLE- -My GUESS is THAT WILL TRY To ATTflCK US BY SURPRISE SOMEWHERE JUST " ' SOUTH OF MEXICO CITY- If: WE PROP DOWN THE COAST FROM TflMPlCO To VERA CRXJZ VVE MIGHT ,£ _ SWIMS- CUtf*"5 PAST No VOLI WoNr/ WE'RE KEEPING OUR MOVEMENTS SECR6T/ THATi fl RRSr PRINCIPLE OP MILITARY, STRATEGY- KEEP WHAT YOU HEAR UNPER HAT/' GET TOM PICO SOUTH TO THE WEST COAST, THEN To PANAMA ? ILL GOTEU.THE FEU-OWS — By TERRY

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