Historical Newspapers of South Carolina

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Facilities Fa, WAREHOUSE COMMISSIONER SETS OUT LOAN VALUE OF STATE'S COTTON RE CEIPTS SAYS HOME BANKS CAN SAVE THE DAY Teilt ol Interviews ita Washington and New York-Exhibit* Let ter* From Reserve Board? Farmer's Note Eligible for Rediscount at Richmond. "Nc-w this means that we have two avenues of relief: First, the Wade loan fund ($135,000,00); second, the discount festure of the federal re serve act," said -John L. Mclaurin, Stato cotton Warehouse commissioner yesterday, in discussing the result of a trip to Washington and New York. "In both cases the situation is squsrely up to the banks in South Carolina. The federal government of fers the machinery; if we fail to tal;o y advantage of the opportunity, we are . responsible for the consequences." Mr. McLaurln has prepared a1 statement which defines the attitude of the federal 'reserve board and oth ers toward South Carolina's cotton warehouse system. The statement follows: I am making this statement in re sponse to numerous inquiries ss to how much money may be obtained on State warehouse certificates, and you can hand inciosed copies to your local bank? and other Interest ed. When in Washington I visited treasury officials and conferred with PICTURE FRAMES 0 made to order, 5 o new patterns to select from, expert workmanship. Give us a trial order. We can piesse you and save you money. Green's Art Shop On The Square. Nangatta*) Prescription. Try a, bottle of Naniotta's Pre scription for impure blood; kidVjy, liver and stomach. It haa pleas ed hundreds and thousands, why shouldn't it please you.. Doctore and druggists claim it can not be improved upon, for what it is re commended. Sold and guaranteed by all lead ing drug stores and the Nannet te Mullein* Company, 114 Coffee Greenville, 8. C. Pone 1316. ?aagaaaausg^gejk^ Are Youl Are your walt? and floor they need some of our i make them a source of % brighton up your home to or see tis at 113 W. Earl S "Guest Sells the Best* Now ?m F manch members of tho reserve board to whom matters relating to cotton aro especially referred. I will make a clear statement, just aa I see it, because our people need enlightenment on financial matters more than on any other subject. If this question ls to be settled to our advantage, it must be on sane business principles. Consulted Mr. McAdoo. On November 17 I addressed a let ter to Secretary McAdoo, setting forth the terms of the warehouse and acreage reduction acts, calling spe cific attention to the former, viz: "1, The title of the cotton is made absolute to the holder of a State warehouse receipt. '2. The weight, grade and condi tion of the cotton are guaranteed by the State of South Carolina. "3. The Identity of each bale ls fixed In the receipt eo as to prevent substitution. I give a heavy bond, and bonds are exacted from mana gers, weighers ard graders. "4. The State grants holders of receipts permission to sunland estab lish rights under same. This right does not exist even as to State bonds, an they can be repudiated and the holder can*not sue the State." I asked Secretary McAdoo it "a farmer's note indorsed by his lien merchant and accepted by a member bank., would be discounted by the federal resents bank at Richmond." I sent a copy of this letter- to Senator Tillman and a copy to Congressman Lever. The following letters are self-explanatory : "Washington, D. C. "December 4. 1914.' "Hon. John L. McLaurln, Columbia, 8. C. "My dear Senators: I have jost re ceived the Inclosed'letter from the reserve board, which explains itself. I had to write Secretary McAdoo again before I could get a reply, but I suppose this was due to the fact that, they were figuring just what kind of answer to give. If I can [ you further let me know. I ? ' "Very" truly. -A. F. LEVER.' Reserve Board Replies. "Federal Reserve Board. "Washington, Dec. 2, 1914 "My Dear Congressman: Your let I ter of November 13 addressed to Sec ' rotary McAdoo was referred to and i has been considered by tho federal r?serva board. In this letter you ?transmitted an Inquiry from Mr. John I L .McLaurln, State* warehouse com I mission for South Carolina, asking j I whether notes and necur?t?cc ?ieesr?b- ' I ed therein would be eligible for re I discount under the provisions of the I federal reserve set. I "In reply I am having.' forwarded ! you today copios^of all regulations Issued to date by the federa) reserve hoard! relating to paper eligible for rediscount by federal reserve banks, j "You will, of course, understand i that the board. ?? not consistently make ruling on the subject of the ?eligibility of any paper unless the request for such 'ruling emanates ? from one ot the federal ' reserve banks. The general, regulations of 'the board are" designed to Inform both the public and the banks what qualifications v the paper must possess In order to be eligible. These regu lations having been Issued, any Inter pretation of them must be based up on S concrete case growing out of an application for . rediscount made to a federal reserve bank. You will, of course, appreciate the fact that this course is necessary to avoid confus ion add to insure a systematic and expeditious handling of applications. "Respectfully. "C. S. HAMLIN. "Governor." "Hon A. F. Lever, "House of Reprnoptatlres, "Washington. D. C." I left on November 26 for Wash? Inarlnh. accompanied by W. D., Grist oTYorkvillo. I found that Mr. Mc Adoo was off on a vacation and saw the assistant secretary. Mr. Idalpurn, and John Skelton Williams. ? went over the situation fully and waa re rocred to Mr. Harding. The latter has a thorough understanding, of the sit uation and expressed pleasure at tho action South Carolina had taken. Ho agreed to tiring thc matter before a full board meeting on the following Monday and communicate with me In ? clean and bright, OP do ??nts and wallpapers to le? Why not let rw? Call phone ?We Know How" >' PA? pie ig Cotton New York. On the following Tues iay I heard from Mr. Harding, aa fol lows: South Carolina*? Leadership. "I desire to say that at thia meowing yesterday the board discussed the cotton situation at great length. 1 reported what had been done in South Carolina and tho individual members of tbe board were greatly interested. I am sure each member of the board ls glad to- know that your State baa taken the lead in so progressive a measure." On my return to Columbia I ad dressed the following letter to Mr. Harding: "Columbia, 8. C., Dec. 3, 1914. 'Mr. W. P. O. Har/ng, Federal Re aeree Board. Washington, D. C. "My Dear Sir: I thank you for your letter ot 1st inst, addressed to me, Imperial hotel, New York city. "I find many inqr/rles awaiting my return and I would like to get th? following Information: "If a note, with State warehouse receipts as colateral, ie given by i termer to a merchant for advances sud the note is indorsed by the mer chant and accepted by a membei bank, ls such a paper eligible for dis count under section 13 of the federa reserve act? "I would greatly appreciate als< any information that you can give nt ss to the loans contemplated by th Wade plan. It seems to be under stood as little by onr bankers as b: farmers. "Yours truly, v "JNO. h. MCLAURIN, ("State Warehouse Commissioner." Farmer's Note Eligible. The folowing is his reply: "Washington, December 4, 1914. "My Dear Sir: Replying to yob letter of the 3rd Inst, would say thn lt ls the policy of this board to ref rai is far as possible from reply to lc luirlos as to what constitutes pape 3 li pi bl o for discount under section 1 ?f the federal reserve act. The boar Ima issued a circular on the sttbjec which has been published and whlc ls In the hands of all of the fe den reserve banks and the board great] prefers that direct inquiries should t made to tho officers of the respecth Tederal reserve banks and I would r ipectfully suggest that you refer b luirles to the federal reserve bank < Richmond. I have, however, no ol lection to stating, as a matter of pe ional opinion, that notes given by rarmer to a merchant for advene sud Indore ed by the merchant ai Uncounted with a member hank.a unquestionably eligible for red! ioaat. npoii the i?-ior?emc?it ci ii member bank, with a federal reser sank. "In regard to the cotton loan fun would say that cotton loan comm: Mea'have been appointed in tho v, flous States and the South Carolli Committee is as follows: PL G. Rhe chairman, president Peopto's Natio Ut bank. Charleston; Henry Schach president Gc-rm ama Savings nae Charleston; EL H. Pringle, Jr., vi president Bank of Cnarleston, N. V.; E. W. Robertson, president N ional Loan and Exchange bank. C umbia; C. G. Rowland, preside Sank of South Carolina. Sumter, a lohn M. Kinara, president Comm? .lal bank, Newberry. ' "t Inclose for your Information inofficial analysis of the plan whl tas been substantially followed in t :om ploted draft abd also a ty ph >ank statement showing how s. ba ?au ease itself by participating in t und and place itself in position ilscount moro freely all class?e ;ood paper that may be offered to "Very truly yours, "W. P. G. HARDING. "Member Federal Reserve Board Hon Jno. ti McLaur^., State Wa house Commissioner. "Columbia, & C." Two Relief Sources. Now. this means that we have t ivenues of relief: 1. The Wade loan fund. 2. The discount feature of the f ?ral reserve act In both cases the situation quarely up Ur tba banka in Soi ?arollna. The federal governm ?ffera the machinery; if we fail eke ad van toge of the opportunity ire responsible for. the consequent I have been carefully over the tere sent me by Mr. Harding and i ?deavor to explain them so the ai ige man can understand it. ' -V?de vina contemplates a loan .ce year direct upon cotton on tasia of 6 Centn, per pound.- Tb er i loan committee In each State 1 mae upon applications . and t rill soon make some announcen ts to Sowth rnroHna. I found Jn 1 fork that the mere statement by tecTvtary of *be treasury that cen fund waa complete had a stet ng effect on the market and cres i better footing In flnanclsl circlet vard cotton. An Example. la order to illustrate the opera >t the Wade plan. I will suppose ASS of a farmer who has fust ? en- te me that ho has 600 bsfei k>tton In a State warehouse and tires a loan of 615,000, Mr. Har. ?aid that oas ct tho difficulties wrns experiencing was the titi he cotton and weights and grad .ks were objecting to ree '.itv on that geer*. This can c io trouble in South Carolina, as kai* racelpt covers title, weight trade. Supposing thats tho 600 i tvshage noddling and too pound P""* CZ A Regul w3i L adjoininj 1 Commerical J LARGEST COTTON CROP IN HISTORY OF NATION Production Exceeds Any Crop Ever Grown, Bot Its Value Will Be Far Leas. (By AsnoJ?trd Praia.) WASHINGTON, Dec. 10.-The Unit ed States this year has produced the greatest crop of cotton in its history. More then sixteen million bales, or 15,96-1,000 bales of Une cotton snd linton cotton, unofficially estimated at from 600,000 to 650,000 balea, consti tute the crop. Last year 14.342,367 balea, includ ing linters, were produced sod in the previous record yeer, 1011, tbs pro duction was 16,250,276 bales, Includ ing linters. The production of lint ls estimated at 7,637,113,000 pounds or 69,500,000 pounds more than vin 1911. While the production exceeds any crop ever grown its value*will be far leaa, and smaller than any other year during the past five. Based on the average price of 6.8 cents a pound on December 1, the lint is worth $519. 684, while last year lt was valued at $887,160.000. The estimated production by States follows: Virginia 24,000; North Carolina 950,000; South Carolina 1,500,000; Georgia 2,650,000; Florida 75.000; Ala bama 1.690000; Mississippi 1,275,000; Louisiana 460,009; Texas 4,500,000; Arkansas 1,040,000; Tennessee 365, 000; Missouri 75,000; Oklahoma 1, 250,000; all other States 52,000. o New York Cotton NEW YORK, Dec. 10.-The govern ment report estimating the cotton crop cf this year at 15,966,000 bales, excluding Untres, exceeded average expectations in the local cotton trade. European houses were heavy Bell ara, while there was liquidation by recent investment buyers. The mar ket closed barely steady at g net de cline of 12 to 17 points. Trading was quiet. befoi " Ute .re port was issued and after opening at an advance of 2 to ,3 points prices worked about 2 to 7 points net high er, on covering by yesterday's ute sellers and a more favorable view of the war situation, but the market showed little trading feature until'the break In the last hour. Closing pric es were ?he' lowest of the das Spot cftton quiet: middling uplands 7.40; Gulf 7.65. No sales. Cotton, futures closed barely steady. Open high low cloe January .. .. 7.1? 7.18 7.16 7.02 March .. ..- 7.35 7.28 7.16 7.17 May. 7.53 7.56 7.25 7.35 July. 7.68 7.74 7.50 7.50 October .. .. 7.94 7.98 7.96 7.V6 New Orleans Cotton NEW ORLEANS, Dec. 10.-The gov ernment's estimate of a record breaking cotton crop this season caused a break of 22 to 23 points In the prices of most active future months on the local market today'. At the lowest, prices were 16 to 17 points nuder yesterday's final quota tions. The close was. at a net loss fdr the day of 12 to 17 points. The market acted short all day and gossip on the floor late in the session wes to the.effect tj-.at If the short In terest had been smaller more selling would have followed the estimate and Ute break. In prices would have been wider. Spot cotton quiet Sales on the spot 65; to arrive 1,850. Cotton futures closing: Janaury 6.92; March 7.03; May 7.21; July 7.40; OctoberJ.67. Liverpool Cott?n LIVERPOOL, Dec. 10.-Cotton, spot, quiet; prices easier; American mid dling fair 5.24; good middling 4.60; middling 4.34; low middling 3.88; good ordinary 2.23; ordinary 2 . ?, Sales 6,000 bales. Including MOO American and 1,000 for speculation and export. Receipts 10,331 bales, no Amerlcrn. Futaies ' closed steady. Kay-June 4.10; July-August 4.1Qj Ootobor-No r?5b?r i?; January-February 4.3i. Cott?rTs??d Oit NEW YOPJK, Dec 10.-43etton seed oil started steady but later broke sharply under the bearish government report on cotton which brought out general liquidation. Final pri?es ware 10 to 17 pointe! net lower. Sales 12,400 barrels. The market closed week. Spot *5.70?6"?; December $5.7605.78; JaatMry 36.84 ?5.87; February $6.91? Kier March ts.02?6.04; April $6.10? 9.14; Kay $6.25?8.26; June $6.30? 6JS9; July $6.46?6.47. --a-* Dry Goods N3TW1 YORK. Dee. 10.-The buying ot domestic cotton was stimulated by the price redactions announced today. Raw silk was firmer snd slightly bish er. Overcoatings for fall ware offer ed at en advance ot 10c a yard. ar Weekly Feature S Counties. Contrito ernd Financial I INCREASED DEMAND FOR GOOD SECURITIES [Conspicuous Feature of General Financial Situation on the Stock Exchange. (By Aaaoriatcd Pre?.) NETT YORK, Dec 10.-Continued broadening ot tbe demand tor bigb grade securities waa the conspicuous feature of the general financial situa tion on the stock exchange here to ld ay. Both bonds and stocke of specula tive quality mored Irregularly. The I scope and extent of trading waa be low that of recent activo days.- Ia j the stock Hst the weakest feature waa j Ncr York Central, which reflected [yesterday's dividen dannouncement Routine news Included the Novem ber tonnage statement ot the United States 8teel Corporation, which was moro favorable than most J forecasts, [and the government cotton report, which estimated the 1914-M5 yield at almost 16,000.000 without Unters. Cot ton options broke precipitately on publication of the report. Leading steel milla .according to report, havo increased their produc tion thus far this month, and Indica tions of genuine betterment were of fered by advances In special products. Bankers again were In conference with representatives of European gov ernments planning the placing of ad ditional credits in this market, but no [details concerning these projects were obtainable. Chicago Grain CHICAGO, Dec 10.-Fear of grave damage by frost in Argentina more than offset the bearish Influence to day of the Gercsan nevill defeat ai.d the Illness of Emperor William. The wheat market although much unset' tied, closed 1.0801-4 to 3-8 shore last night Corn scored a net galu of. 1-3 ?3-8 to 3-8, oats finished 1-8 down to 1-4 up,, sud provision's at a ddbllne of 21-2?5 to 209121-2. Grain and provisions closed: Wheats i December .$1.16 I May. 1.20 5-8 Cent I December. 62 3-4 I May. 68 7-8 Oates I December ..$., 46 7-8 (Hay. iii o-s Cash wheat No. 8 red, $l.l6?3-4; ?No .? hard $1.15.1-4?1.16. Corn, Nc 2 yellow. 63@l-2. Oats, No. 3 white 47?3-4. -? Live Stock CHICAGO, Dec 10.-Hogs lower. I Bulk S7&7.30?. li*ht ts?0?7.40; mix ed $6.80@7.40; heavy i8.75?7.40; I rough $6.75 ?5.90; pigs *3.25?7.40. Cattle firm. Christmas beeves ll? 13; native steers $5.70?lO.86; wes tern steers $5.25 ?8.40, cows and heifers $S.?6@8.50; calves 16.50? 9.21. Sheep strong. Sheep $5.40@6.50; j yearlings $6.60?7.76; lambs 86.76? ?MARKETING IN SOUTH CAROLINA ?Clemson Cottas? to Give Market ing Facto Each Week From Every County in the State. (Sistemen of W. W. Long, state agent of demonstration and director of 1 Extension of Clemson College.) "We know too mach theory ??4 pot enough fact about marketing condi tions la South Carolina. The great bar to marketing progress Is that one j1 corner of the state is utterly ignor-f ant to what another Is paying for cot- {1 ton seed or pork or corn or beef or butter or any other products which our farmers have to sell. 'In view of this situation. Clemson College propos?e to give to the pub lic each week tho essential makeiing facts from every county in tbe state, arranged in parallel columns in such , a manner that valuable comp?rtaos? . will be strongly impressed upon tho ; As an experiment, a table ojPk; and cottonseed Agares was ' from quotations received by at tho same hour Batur Iday, December 6, from every, county demonstration agent in South Caro lina. v5n tho weekly market reports which we expect to compile, we pope to give information on two grades or eOUon, on cottonseed, baot, pork, corn and butter. Each Saturday thc county demonstrsion agents will report to Clemson College the prices . offered that day on their marketa. The tables will go to the press aa soon aa prac t?cahta. "The public is asked to be indul gent with the reports in the begin ning, -aa.* it ? altogether a new un dertaking for our agents and in many casse they will have to get informa - tic*. f*am other*. "W* expect to make ea cornmeals on the marte** reports. The facts will for the Farmers < iitions for this page Producing Sheep o Sheep have a pla? oa southern /arms. By keeping a flock of from 6 to 12 ewes, farmers- In that section can provide themselves vrlth meat for the table, sell a few iambs for mot ton and secure additional revenues through the ssle ot wool. For those who have no sheep, let us consider Just how to get started In the busi ness with a small outlay of capital and how to handle the flock after ob taining it. Choosing and Buying. Your first ewes can be native ewes, purchased from near-by sheep owner?. Go Into a flock and pick out vigorous ewes with compact bodies. Get young healthy ewes. If you must buy old ones, do not take those having spread, broken, or worn-off teeth. Such ewes can not eat well and will make no money as breeders for their purchas ers; Do not use anything but good rams of s mutton breed upon your ewes. A Southdown, Shropshire, Hamp shire, or Dorset Horn rsm will prove moSt desirable. Ha should be about 2 years ot age, healthy, and carry plenty of mutton. Such a ram will cost, delivered, from 115 to $25, and CSA. be bought by a half dosen farm ers clubbed together. He will breed from ?0 to 60 ewes. Protection from Storms and Bogs. Sheep do not require closed build ings for protection from cold, ss their fleeces afford protection it kept dry, A low shed, built on dry ground and opening to the south, ls sufficient. Such a shed need cost but very little, as scraps of lumber about the farm can he utilised in building it Place your flocks within a dog proof fenced enclosure at night, as dogs often attack and destroy sheep. A fence that will turn a dog must be at least 60 Inches high, have a barbed wire stretched, flat to the surface of the ground at Its bottom, and th re? barbed wires 7 inces spart stretched at the 'top. The space between the bar bed wires can ba Ailed in with old boards, poles or any other fence building material, provided it is so built as to keep the dog from crawl ing through. General Cara of tim Ewes. Often ewes become taggy or have dungy locks collect on the wool about the tall and between tho bind lega Such locks should be cut off and the ewes kept clean about this part of the body. Ticks and lice frequently Infect aheep. Guard against this by dipping once each year In dtps tor this pur pose. A rain barrel or tub can be used to hold the dip Pick up bodily sud work lt round gradually in the dip un til all parts are submerged and drench??! to the skin. Keep salt before the flock at an times. Sheep require a great deal ot salt and lt ls essential for them.. Oive the sheep access to ail harvest ed and vacated fields, but do not de pend entirely upon auch forages. Tho ideal way is to provid? lots of forage of fuch also as will pasture the flocks for only, two week periods during warm weather. By changing the pas turing ground of lambs every two weeks there ls little danger of loss from stomach worms, ss clean pas tures do npt infect sheep. Rape, sow peas, oats, vetch, crimson clover, and soy beam should constitute the prin cipal forages used. During the fall and winter permanent pastures can be used. Evan regular fields of. winter wheat and barley can be pastured without injury to them. When pasture is not available feed hay or fodder to the flock. Keep up the appetites ot the ewes by adding small quantit'.ea of rape, colbvoa. chopped co?: jage, or rou along with the hay. Do not feed sugar beeta and Bungle wnraeis to your rams or weathers. Begin feeding the ewes a little grain, about two weeks before lambing ana gradually Inc: case the amount to one half pound dally at that Hmo. After lambing, slowly Increase the saw uni to 1 1-4 or 2 pounds ditly, and con tinue this ration during the Bucktins period. Ewes need nod be grained when dry if good pasture ls provided. Olva tho ram just enough grain to keep him u good onndttjon. Th* amount fed should be increased dur ing tbs breeding season. Teach the lambs to eat grain as soon aa possible after birth, and ooo* lineally faed them what they will eat up cleanly until ready for the market. Feed them twice dally, using creeps to keep out the ewes. The following grain ration, general ly available on the tann, is suitable Ur sheep: Corn, 3 parts by we'ght; cottonseed meal. 1 part by weight, beedie* and Lambing Senses. Probably August and September are the bast months for ms Ung. as ibis will,bring your lambs in January and Fabruary. Do not leavo the rsm with ?ff ewes continually, but Uko the awes to him fer a few minutes each [norning. Allow only one service to a nra during each period of, beat, but be ce ruin that the ewe geU in lamb before dropping breeding operation. Watch the. ewes carefully during I A special discount te off? arrangetiaenis now, and ?repa <^nt career. More calis (ot c iply. ?ataiogue free- ;\ )f Anderson gladly receiv n Southern F; the lambing season, bot do nqs fere with them unless necessary, lambs are born, see that they promptly dried and stickled. Frc ly ewes disown their, lambs forced to nurse them. dire the ewe little, if any1 ration for two or three days lambing. At the expiration ot time lt can be gradually giren h Ul the full ration ls reached. Shearing Sheep. In small dooks the fleeces c most economically removed by hand shears. AfUr the sheep ls remove ail tags and burs from fleece, carefully roll lt up inside and tie neatly with cotton or string. It only a few fleeces are they eau be placed in clean sacks and sold to local dealers.' there ls a wollen mill in your vk perhaps it will make you wool cloth for you. ' Betaraf from Six Swes. Now let us summarise the rete .to be expected from six of pro" handled ewes. L Four fat lambs ready for tablo or market and weighting 70 to 8i> pounds when 8 1:8 or months old. 2. Two ewe lambs to remain in flock. 3. One old ewe ?nilled for the cher. 4. Six fleeced, giving 40 pound? wool. 6. . Increased valuation in flock to Improved breeding. 6. Increased valuation in flock duh to forage 'crops and manure produc ed. 7. .A new source of income pravid ed for the farm.' Just Arrived ?n*-n 11 ri rn1 A rall new stock ot We want to ceil special atTention to our ?Lot us paper that room at a vary small v et to you, Drop m and look it "Ask Dugan Why" Anderson Print Compafly Watson VaedivcJr Bldg. Pboao ?547? Li?entoThisWiUYoo? Now is a good time to buy a farm as they are cheaper how than they would be if (cotton w&? 12 1-2 cents per pou?<L I nave several farms Shat can ?be bought on estoy I h?ve them in any size you want- ^ ? ^ One 30 acre t? act One 40 acre tract One 51 i-2 acre tract One 74 acre tract One 65 acre tract One 86 acre tract One 82 acre tract One 210 acre and. lots of oin ers that 1 naven*t space io men tion. vi; G* Love* Real Estate Office Orm BakfefuraV t iegiiis Jan? 4 ?red for first week. Make re yourself for an independ? ompetent help than we eau Write