The Abbeville press and banner. (Abbeville, S.C.) 1869-1924, October 15, 1920, Image 8
STATEMENT WILL COME
FROM RESERVE BOAARD
Policy Covering Credits Situation
Will Be Outlined Soon.?Delegations
Tell Plight of Farm
ers?Request Hearing
Washington, Oct. 14.?The agricultural
conference in session here decided
tonight to request a hearing
before the full membership of the
federal reserve board and its agents
assembled for the regular fall policy
tonference before that policy shall be
tenuulated by the board in so far as
? affects agricultural credits. The
resolution was adopted after a delegation
from the agricultural interests
kad spent three hours in conference
with Governor Harding of the reserve
board. The convention named Sena-'
WrvL-n Cmi+Vi fjpnrtria: E. D.
South, South Carolina, and Overman,
North Carolina, to convey its re-J
^oest to the board in writing tomorrow.
Daring the conference today Gov-]
ernor Harding said the federal re-,
serve bank's announcement of credit
policy was in process of formulation
and probably would be ready for pub-'
lication by Saturday. The resolution
adopted by' the convention requests
further hearing in order that de-i
mands of the various agricultural interests
may be fully presented before
the bankers arrive at any.conclusion.:
Washington, Oct. 14.?The federal
roserve board is preparing to make
a new statement of policy covering
all phases of the credit situation,
Governor Harding told representatives
of agricultural interests in convention
here who appealed to him today
for relief from "stringent" credit
conditions. The statement, Gov-j
ernor Harding said, probably would
be made public Saturday after the
conclusion of the fall conference of
federal reserve agents and reserve
l?ank governors here.
A committee from the reserve,
ieard listened for three hours to ac-j
caonts of conditions which the agri-j
s cultural delegation said threatened,'
the life of the nation through a re-j
duction of food production. Difficul-;
ties of the farmers were laid almost
wholly to inability to obtain financial j
assistance. It was asserted that banks
sf the reserve system were not sup-j
plying the needed funds and that
many local bankers claimed to be act-i
rug under instructions from the fed-}
col reserve board.
Governor Harding denied that the
tend had issued instructions which'
. vnld result in curtailing farmers
credit. The board and officials of the:
reserve banks were in sympathy with'
the plight of the farmers, he said, anftj
were encouraging loans to aid them,i
but the board was without authority!
to instruct member banks as to loans
they could or could not make.
Board Knows Trials.
"In the first place." the governor j
said, "I can see no practical value in
yoor visit to the board. Our acts arej
defined by law. Your conference;
fcere with us has resulted only in yourj
retelling what we already knew. The(
board knows your trials and your dif-j
faculties and is in entire sympathy;
with you."
Meanwhile the delegates considered i
wether they should press their request
for a conference with President Wil-|
an and his cabinet. Some had thought!
it would be unnecessary to lay their j
grievances before the cabinet afterj
the conference with the reserve board j
It was said also that most cabinet!
members were out of the city, and
that as the delegates expected to con-!
fer with Secretaries Houston and;
Meredith tomorrow a cabinet confer-1
Mice might not be insisted upon.
Governor Harding told the delegation
that German interests had in-;
farmed him they were in the market j
for 2,000,000 bales of American cot-J
Ion. A German commercial agent who (
called on him, he said, had told himi
that German manufacurers were eager
to buy, but the cotton producers,
^ust accept paper maturing in nine
Tnonths in payment. The governor j
suggested to the cotton interests rep-:
resented that they make use of the'
German market after the delegates
tad said there was no domestic mar-!
ket.
Spokesmen for the cotton men said
afso that confidence of banking inter- j
csts in cotton appeared to have been
shaken. The offered no explanation
for it, but complained that it was
Jefeating them in their efforts to borrow.
Burning of Gins.
*! would suggest that the burning
of girts and other destructive work
which has been going on in certain
sections of the South is not calculated
to restore confidence," Governor
Harding said. "You can not blame a
I banker for not wanting to make a
j loan on a commodity which might be
destroyed, can you?"
Appeals were made to the board
for the issuance of more currency.
speakers said the belief existed that
it would relieve the financial "strin-f
gency."
, J. S. Wannamaker, president of thei
i American Cotton association, asked
, the board whether there was not some!
way in which this could be dor.e. He
.said he was a banker and that he.
believed an increase in the federal
reserve note issue would remedy the
situation*
I Governor Harding replied that the!
note issue was now nearly ' $1,000,-;
000,000 more than a year ago and'
that charges that deflation were re-!
sponsible for the situation confront-!
ing producers were without founda-'
tion. The amount of note issues was
frnverned bv law he said, and added
that if the farmers would have the;
country country on a "paper basis",
they should ask congress to change
the laws. I
"But the federal reserve board wiil
be no party to any such scheme," he
continued. "It is economically wrong
and you would all be sorry for proposing
the change once it had been
made.'
Senators Smith of South Carolina
and Smith of Georgia were with the
delegation and both voiced approval
of the governor's attitude.
Below Production Costs.
Reports submitted today by com-j
mittees respecting the various agri-j
cultural products represented at the,
convention declared that each was in,
the same condition. A falling market,!
the report said forced farmers to sell
their products below the cost of pro-J
duction. A committee was created to
sit in Washington indefinitely and
look after fhe needs of the farmers'
r*c? KWAIIf Aiif of 4-Vm moofinffa
ao Miuugub vuw i*v uiiv luvvviii^wi
A special committee on cotton recommended
that no acreage be plant-j
ed next year unless conditions mate-i
rially improved. It started a fight in J
the convention, representatives of;
other farming sections asserting- such j
a course would create an "unfavor-;
able" impression on the rest of the'
country.
The general conference finally
adopted a substitute requesting farmers
to plant less cotton next year
unless conditions improve. "If thej
present conditions confronting thej
cotton faremsr are not materially"
improved," the resolution said, we
would not jeopardize the agricultural
and commercial interests of the country
by planting a large cotton crop
next year. If cotton acreage can be
materially reduced the market will be
reestablished at a price that would
justify the producers as a business j
pi UJJVOl L-I V/ i 1 WW WilVlllWV VMMV?..D
cotton."
A committee recommendation that
each state be requested to organize a
bonded state tobacco warehouse similar
to that of the cotton interests also
was adopted.
Wheat producers asked through a
committee that the federal reserve
board be requested to extend sufficient
credit^ to enable them to market |
the crop as it was needed. Wheat, thej
report said, was selling at less than'
cost of production.
Reports setting forth the situation!
respecting the sugar, perishable products,
rice, apples, live stock and oth- ,
er interests were read to the convention.,
COTTON PLANTERS FACE
LOSS OF $500,000,000
Washington, Oct. 14.?The South
is facing a loss of more than $500,000,000
on its cotton crop, according
to J. J. Brown,- Agricultural Commissioner
of Georgia. Brown is attending
a general conference of farmers from
all parts of the country held under
the auspices of the National Board of
Farm Organizations.
Wheat growers of the West and
Central West are face to face with aj
similar probable loss due to the fall j
in the price of wheat, according to j
t _ i? m i _ - ??, 5
donn iromoieux dcioh, ivaii., an-1
other delegate to the conference.
"It costs 38.1 cents per pound to
produce it," said Commissioner
Brown. "We're going to lose $50 on
every bale we sell at 21 cents."
"To produce wheat costs $2.77 a
bushel," said Tromble. "A price of
$2.14 therefore represents a loss of
63 cents per bushel."
THE FISH PLATFORM. jU
L. If
Policeman Bonds has resigned his; an
position as officer at the Abbeville Sf
Cotton Mills, and will enter business,
A successor to Mr. Bonds will be Jjp
elected later. Among the candidates
i': Col. R. W. Smith, newspaper correspondent
and fish merchant. One
of the planks of the platform on ^
which he is running- is the;, "fish ^
plank." He states that if elected he |f;
will use a fish for a "billyh He [E
thinks a fish would knock a man down K
much more easily han a leather-cov- 3
ered club, and that there would be jg
no danger of hurting the culprit be- -ij
? m\ i _ _ -C _1_ "fa
mg arrested, men too using nsn ior
this purpose would promote the fish
business. Besides a man who was
knocked down with a fish, if drunk,
would have the fish smell after he Jjp
became sober to remind him of his U!
offense and he would not be so apt yj
to commit the same offense again. We
hope Dote will not be scaled in the UP
race. ' rtj
Mrs. Guy Burgess, of Florence,
was acquitted yesterday of the
charge of murder. Mrs. Burgess
killed her husband when, growing Lfj
tired of her, he threatened to quit UC
her. Her defense was temporary in-|LC
sanity caused by the treatment of, UI
her husband and the sudden receipt ^
of a letter from another woman m
named Bernice.
MASTER'S SALE |jj
The State of South Carolina, JJfj
COUNTY OF ABBEVILLE l|j
Court of Common Pleas. If]
W. L. HILL, RAYMOND HILL and IfJ
others Plaintiffs IE
aaginst , |?
MRS. B. L. MORRISON, H. T. MOR- S
RISON and others, Defendants, jjj
By authority of a Decree of Sale .|i"
by the Court of Common Pleas for|S
Abbeville County, in said State, made 'S
in the above stated case, I will offer H
for sale, at Public Outcry, on the ?
premises described, on Salesday in Sy
Mrvi7o.TYiKnr A T) 1 Q90 within t.Vip
gal hours of sale the folT&wing des-|i
cribed land, to wit: All that tract or,"
parcel of land situate, lying and be-!
ing in school district 41 in Abbeville I
County, in the State aforesaid, con- I taining
about two hundred and sixty- | f
four (264) Acres, being the same i *
lands now in possession of the widow, | j
Mrs. B. L. Morrison. ? 1
The said lands will be subdivided f J
and sold in separate tracts, the plats'? J
for which will be exhibited on the day j ]
of sale. * ]
TERMS OF SALE?Cash. Pur- ! j
chaser to pay for stamps and papers. J j
THOS. P. THOMSON, J j
Oct. 15. 1920 Master A. C., S. C. | l
- ij
"WANTS"!!
-1
LOST?Thursday between Morse's j J
store and Pete Holmes, suit case J
containing black suit of clothes andl? ]
blue pair pants. Suitable reward if i J
? j. 1 j._ TT : rpi A 1* ! L
re milieu tu naniiiuu xnvmas, nu- jJJ
beville, Route 1, Box 5- 10-15-2tpd. UEJ
FOR SALE?One brand new 6-room yj
Bungalow with all modern conven mj
iences, on Magazine Street. jjJ
The Home Buuilding Corporation, 3
See T. G. White, Pres. 9- -tf.c
FOR SALE?A limited quantity of ft
Galvanized Corrugated Roofing
for cash. The L. W. White Co. |^|
10-13-2tc. |LE
CRIMSON CLOVER?Clean 12 cents gjj
pound, burr clover 12 cents pound, 3
hairy vetcn za cents pouna, anaua ??
38 cents pound, rape 15 cents SH
pound, home grown appler oats ?fj
$1.55 bushel, native rye $3.00 bu., Ifi
barley $3.30, blue stem wheat MR
$3.20, white, yellow and bermuda ypj
onion sets $3.00 bushel. We pay ^
the freight. FARIS SEED CO.,
Greenwood, S.- C. 10-6-ltw-3t. |?
W
TEACHERS.?Fifty to one hundred g
requests daily from all classes southern
schools. If you want rural 31
work, graded, high school or prin- SJl
cipalship, salary $75 to $250, write "Jl
us today for special enrollment.
Offices: Columbia, S. C., Richmond U
Va., and Chattanooga, Tenn. Sou- IC
TAarliocc' Atrpncv. Colum i f
bia,. S. C. 9-20-4wks.ei. S
CONTRACTORS AND BUILDERSSave
10 to 25 per cent on Flooring,
Ceiling, Siding, Laths and
Shingles. Buy in car lots. Send list, ME
for delivered prices. Greenwood UI
Sales Co., Box 435, Greenwood, S. LC
C. 9,13.-26wks.-c. ^
ararafBJiinimra^^
snnMIMHMMT]
The Rosenbei
DEPARTME
i Four Stores - Abbevill
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! DRY GOO
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Silks a
or W 1 / V
Haiti
Several weeks ago we re
over the Seaboard which w
ter damage in transit. The
end and not all the way thi
The Claim Adjuster jus
the silks $nd file clai mfor 1
I i-1 1 A4- TTT1 /-vii 4- /-vl mr ittq o
LAIC lUt wiliwui uciajf vv t u
prices that will move it quic
<
This shipment consists.
Crepe de Chine, Georgette
r
The colors are all good
standard.
< There is not a yard of si
tails for less than $2.00 a ya
One lot is so slightly da
hardly notice it. We are off
Another lot is noticeab
fering this at 75 cents per y
f
This is a rare opportuni
We are also offering so
Tricotines, All-wool Storm
Plaids and Stripes, White a
Dress Plaids, Silk Popli
. '
\ 4 0
10-4 Ppnpral Rleached She
9-4 Peperal Bleached She
j
, Special prices on Outing, G
! Staples <
I
| k
Coats, Suits, Dresses, Skirts
j' Ready-to-Wear. Prices base
I
!
The Rosenberg M
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I
araiamnin
i jdiiiriinnni^^
tie ? ! |
|j
vrc Mav/OO ?#;i A 1
ig mmtannic \y
NT*STORES i|
e, S. C. Many Dep'ts j j.
DS STORE I
it II
'rice I
ceived a shipment of Silks ffi
e refused on account of wa- [ |
! Silk was wet only on one , j j
ough. * ji .
1
?t came, and asked us to sell pi
oss. In order to sell the en- [ i
,re offering it to the public at I
:kly. " j]
of Silk Taffeta, ' Satin, |j ,
and Pongee. j j
this fall, the quality is . {j '
Ik in the shipment that re- ?j
rd. j 3
maged that you would j 5
ering this lot for $1.00 yd. g!
ly damaged and we are of- [j
ard. / |
ty to get a real bargain. |j
me very special values in j }
l and French Serge, all-wool ' j!
nd Cream Wool Serges. j j
' i 3
n, all-wool Cloaking. [ i
jeting 85c Per Yd. | \
eting 80c Per Yd. E j
s
inghams, Cheviots' and [ J
of all kinds. j2
; and everything in Ladies' %
id on present market. ?
ercantile Company |