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r uu<ty, may jo, I BANKERS TO HELP COTTON EXPORTS New York, May 9.?Cooperation in financing cotton exportation was promised by important New York bankers at a meeting today with the committee of Southen} bankers and cotton exporters, Eugene Meyer, managing director of the war finance corporation declared in a statement tonight. The committee was formed at Atlanta recently under the auspices of the Federal International Banking company. "The committee' discussed at length," Mr. Meyer said, "the details ? offnotivo tVio OX Lilt; pmil lui Kiaivm^ v ?uv offer of the war finance corporation to make advances on cotton under contract for export in future months. It was expected that very considerable advance to exporters or to banks that are financing exporters would be made available from the war finance coloration under this arrangement, with corresponding relief to Southern spot markets and "Southern banking insHt.iit.inns. "The committee also discussed the question of sales on credit to European countries in order that they may be able to purchase additional amounts of American products over and above what they are now able to buy for cash. * On this question the meeting had the benefit of consultation with important New. York bankayc eno/>i!ili7incr in -fnrpicrn trade. As wo surances of strong cooperation were given by the New York representatives present at the meeting. No formal plan of syndic;? e cooperation was adopted or considered necessary but it was agreed that this cooperation will be forthcoming when concrete export propositions are ready for consideration. PHONE SITUATION STATED, IN DETAIL (Continued From Page 1.) made to sho^' substantial profits or substantial loss, according to the wishes and purposes' of the controlling parent corporation. From the facts in hand,- .we believe that the Southern Bell Telephone and Telegraph company in South Carolina have been charged* excessive fees, ccmrmssions and licenses'bv the affili ated apd controlling companies and that such charges are unwarranted by sound business practices* Without such charges, the Southern Bell would have shown a much larger net profit in this state and an adequate- return on its investment. "The statement ' submitted shows changes as expense" kret- year- otf repairs and dfcpjrtc&tpn $n their property in this state tov,the amount of $592,000.00. This aiftount in our opinion can not be substantiated under a careful analysis of the items cMarged to this" account. This amounts to more than, fourteen per cent, of the total value of the property, a ratio that in our, opinion is absolutely unreasonable. No evidence was submitted to show the rates of depreciation changes by them nor was any evidence submitted to show that depreciation for prior vears had been' deducted from the original investment accounts. The petition of the company stated that it was necessary, for the company to have increased rates in order that it could raise additional money with which to carry on their business in this state. We have evidence that in the same month the Southern Bell was pleading poverty in South Carolina it bought common'stock of another telephone company and paid for it to the amount of $2,400,000.GO. We believe that the distribution of income from long distance toll service between the Southern Bell ^Telephone & Telegraph company and their parent tompany, -the Ameridan Telephone & Telegraph company, is unfair to the Southern Bell. The Southern Bell makes the cOnnertion and performs the larger part of the service, but it receives only twenty-five per cent of gross income for such service (in no ~case more than 30 cents per call) and the American parent company receives seventy-five per cent. The result is a reduction of Southern Bell income and apparently sman revenue irom such scivrco. Such arrangements as these made it possible for the American company to earn last year more than ten per cent of its capital stock while the Southern Bell Earned approximately four and three-quarters per cent on its capital. A change in the terms of the contracts between the Southern Bel] and the other companies slightly more favorable to the Southern Bell would have resulted in a net income to them of five and one-half to six per cent on their capital stock. We are informed that the Federal tflYPs were charged bv the jiavuiv vv.? v Southern Bell as a part of their operating expense. All business mer know that such a charge against income is improper as a cost of operating. .Such a tax represents cost tc [the stockholders rather than a cost [fig! 'of furnishing service. tat The statement furnished by the C01 ! Southern Bell to the railroad com-1 ths ; mission contained only three items of j revenue and nine items of expense.1 tes These lump figures were not ex-jfi < plained or analyzed and no attempt J car !was made to show how these gross! J figures were arrived at. I tha The new rates were requested on a j fin; plant investment figure as of Decern-jail i'ber 31st, of $5,368,000. Telephone I Lit [company witnesses testified that the!Soi 'actual value of the property wasjtre i probably eighty-eight per cent more, j fur I making a total present value of ap- :dir proxmiately ten million dollars. Yet j the the company submitted sworn state- j ing 'ments to the South Carolina tax com-J be ; mission that the value of their prop-j$K J prtv in this state was only $3,256,- {phc 1000 and were assessed by the com- cos mission approximately forty-two per J | cent of that figure or $1,353,000.00. sta In other words it is apparent that $6( j they have used one set of figures in j assessing the public for revenue and "~ | another set for tax assessment by the j state. And it should be remembered : that telephone companies are required to report one hundred per cent j values and that the tax commission (assesses only forty-two per cent of 'such values. As one illustration of the inconsistencies of their 'statements, it has been discovered that the telephone company pays tax on a certain lot in this state on the basis of $42.00, whereas, the actual value of the lot is between $4,000 and j $5,000. I One of the most serious changes made by the telephoen company is the! discontinuance cf direct inter-community service formerly furnished at nominal cost and the placing of this service on a long distance toll basis. The whole economic and social life of South Carolina is affected by ihis change. Communities that were formerly in constant touch with each other are now practically cut oiT by slow and expensive service. The whole fabric of the business Jife of [some communities will be changed, j Instead of quick and easy communication and the richest development of j inter-community life, the whole projcess will be reversed. The telephone | company estimates that this change j will produce a small revenue to them : of $12,600.00 and we estimate that it wiU cost th(i people of South CarI'olina in their progress and developjment hundreds of thouynds Df dollars a year. Will the people of South i Carolina submit to an act of any corporation. however powerful it may be, that will retard' the progress and development of the state and our people? ; The* rate increase asked by the telephone company was not based on 'experience of the past but was basled on their estimate of increased expenses in the future. All-of know | that* commodity prices have declined | tremendously within the last few 'months. We know that labor costs 1 | have seriously come down and must 'decline further. We also know that the operations of any company for the past year or two is no indication of the ability of a company to earn fair dividends over a long period of time. We know further that in the midst of a financial depression it is 'no time to increase the load of ex I pense. Our people, who have suffered severe losses within the past year, not only of income but of capital, are unwilling to guarantee to any man or set of men an unfailing dividend through bad times as well as good. The telephone company has not (been fair with the people : South j Carolina. They carried out expensive and costly propaganda through 1 j-- J.~ the press and by paia agenis ll? d.ua.% | popular feeling and explained in advance that the increases sought would be negligible. They stated that they were asking for less than a five per cent return on the:~ investment. And yet we find that i,.. people of South Carolina will be forced to carry an j additional financial burden that will | easily* reach a half million dollars in I a year in the near future in order) | that the northern stockholders of the 'parent company may regularly receive ! their nine per cent dividends. The (Southern Bell said nothing in advance J about the discontinuance of direct - ? ~ ~ ? .1 Knf uruitorl inter-community scivac uhl, until the last night of the hearing shortly before it adjourned and put it ovsi or. the people of South Carolina. Will the people submit or will they seek to establish their rights? The Telephone Subscribers associa-1 [ tion was formed by representative j citizens from communities all over J t South Carolina. The executive com- j i mittee consists of a representative! ; citizen from each of the seven cono^-occmnal districts in the state. They [ are able and determined men. All | ! committeemen and officers are serv- j ing without pay. However, funds are j i needed for the employment of ex perts, accountants, engineers and - counsel. One dollar per telephone > will pay the cost of prosecuting this I I I I I I I II I I I I II II II ?? M JP ht. Every community is ufrged to ;e immediate action, to form local Timittees and to raise an amount, it will equal one dollor per phone, j ..cs meetings are suggested but pro-; ts will be in vain unless there is a' ancial backing strong enough toj ry on this wQrk. j Fhe executive committee suggests ' .t local committees conduct their! ' 1 4U..4 i inciai campaign at ontc aim nun , funds raised be- forwarded to the j >erty Trust company, Columbia,! ith Carolina, which will act as! i asurer, by Friday, May 13. No' ids will be spent except under the j ection and upon the approval of | executive committee. In solicitcontributions, no person should j asked to contribute more than j ).00, as the fight is for the tele- j )ne subesribers as a whole and the ts should be borne by all. \ similar fight is going on in other tes. Louisiana is raising a fund of ),000 and New York City has ap ? ^ ???at? ! ?!# m T"*1 ? : & a Special p ^ T 1( ery, Ladi this store ? money. # MILLINE a One table of $5+ on s< $1 V ? $2.00 Georgette m 1 spe t $1.4? ,J One lot Men's c ? all at o $1.7! / A ' * ? OT? * Children's Slipp pr ^ Men's Overa w 1 9 "? BOYS' O ? 50c and _________ ? " Job lot IV $s @ ? #> ^5^ * Upper Me propriated approximately the same amount. We understand that the rate increase in Alabama has been thrown into the courts; in Mississippi the attorney gtyieral has secured an injunction; in North Carolina, the commission has not reached a deei-1 sion. The people of the South have been j slow to realize the seriousness of this! new finanicai load that has been im-1 posed upon them. But they are now j arousing themselves and thev will not! longer submit to the dictates of a; monopolistic billion dollar corpora-{ tion . Relief may be had through the state railroad commission or through the courts. The interstate commerce commission might welcome an investigation or the federal trade commission might be asked to investigate this ; gigantic telephone monopoly. Wej believe, however, that relief in South j Carolina will be quick and effective j and that our state railroad commission will welcome the evidence we turchases of 5 ies' Ready-to: in position Visit this sto * I RY SALE ".a 00 to $8.50 Kats ed, j l^e a* 'I valu larh vo was V . . nece > supj , assorted colors, Rati ;cial trial take ? yard bars mat* of w xnd Boys' Shoes, | ^ I bro\ ne price l i 1 j sale 5 pair L; blac ers at the right pric ice _ L row .lis, sale price saje 8c V ' blac t AT ? c V LKAL.LO L 98c pair blac len's Suits $ Hos 1.98 I B. T. A tin St. I can present t<; show that the public | has been unjustly dealt with by the n Bell Telephone company. \ d The response by the people to this ! call of their committee will determine j our freedom or our submission. Signed: Telephone Subscribers Association. By A. L. M. Wiggins, president, ^ Hartsville, S. ('. W. J. Thackstcn, vice presi'1 nt,; (Jreer.ville, S. ('. j H C. S. Monteith, secretary, Co'umbia, j s. c. ' jx Executive Committee: 1st dis-Jd; trict, Dr. A. J. Geer, Charleston. j 2nd district, C. F. Riser, Olar. j ?' 3rd district, G. C. Sullivan, An-j?. derson. j b< 4th district, B. H. Brown, Spartan- J 9 burg, * 5th district, E. I). Blakeney, Cam- f, den. Ji 6th district, D. D. McColl, Ben- } nettsville. * ^ 7th district, W. B. West, Columbia. jr inc In , fmu in * ? AT* I awhbga?jaaj i n 11 iiibi hi hi? ii ii mi i mi Hw C\fM /II WCj 1^1 J Wear and Ge to give you ?, 1 TC UllCU UUiin SALE OF HOSIERY 11 hosiery, white and col is cn sale at this time, 1 es in white hose are parti j notable. White footws never more popular wh sssitates having a generc >Iy of hosiery to mat ler than be bothered with 1 c nf a tlinrf simnlv. whv J o WA V*. rr-^ 7 ^ t advantage of these gr< ^ains and be generous in 1 ter of a comfortable sup] hite hose. adies' white, black a vn Silk Hose, $1.50 vali price 98c adies' lace striped Silk He 1 * r* a 1 k only, $l.DU vamesj *> e 98c adies5 white and black j stripe Silk Hose, $2 vali price $1.69 ery special in Silk He :k only, value $3; sale pri< A 4 /\ N adies' Silk Lace Hose :k; special $1.25, 1.00 Black and White ? e, sale price 50c ???gr: 11 ipowc- ?i ik Tr\nnr?AiVT n _ JNUHKOun, rroj Sign at an Allentown, I'ennsylva-I ia, eating house during -he economy ays: SAVE THE SUGAR STIR LIKE HELL -11*1' rtnv'T 1IIVI) TIIV VMIQV I V\ L 17V7?N 1 JI l.> 1 / l 11 u ?> v/ikj ii * I NOTICE OF SALE f $400,000 Newberry County, South ' Carciina, Highway and Bridge' Bonds. Sealed bids will be received by the l ighway Commission of Xewberry >unty, at the office of the Highway ommission of New jerry county, in ewberry, South Carolina, until Friay, May 20, 1021, at 12 o'clock, [>on, when they will be publicly pened, for the purchase of not less lan par and accrued interest of 400,000 coupon highway and bridge ands of Ne\Vberry county, boutn j arolina, in -the denomination of j 1000.00 each, dated June 1, 1921. j ids shall be made both for bonds ma-: ning serially, $16,000 of bonds on} jne 1st in each of the years 1922 to . )4f>, inclusive, and Coi bonds matur!g serially, $10,000 of bonds on June | 5t in each of the years 1922 to 1961, iclusive, and bearing interest at a A11 O ods, Clothing nts' Furnishii ? ? big values g this sale. LADIES' S or iiiuvru cu" i cial prices jar ich $1.98 to JUS ch. ????^ 10|. J. & P. Coats ! eat the 5< piy ____________ .nd $2.50 Taffeta J je; $1.! ?se, ale LADIES' in all the new st \rue; $3.98 to >se, 20c Heavi :e 12 l-2c $2.50 Crepe de iilk colors, spe $1.50 awHaras^ prietor. Newfc rate noi exceeding six per cent per annum, payable semi-annually, on June 1st and December 1st. Principal and interest will be payable in the City of New York. Bids must be accompanied by a certified check or checks, drawn, upon an incorporated bank or trust eompany, fot 2 per cent of the par value of the bonds bid for, payable to the order of (.he Countv Treasurer of *-? ' ?- -1 u,. Newberry county. i>ias snoum ut ?< dressed to the undersigned and enclosed in a sealed envelope marked "Bids for Bonds." The bonds wiil be approved as to legality by Messrs. Reed, Dougherty & Hoyt, l.j William street, New York City, whose favorable opinion will be c rm>v>hn<;pr without i Ui iiisiiiru LU luv wn. ----charge. The bonds will be prepared at the expense of the Highway Commission of Newberry county, and will be delivered to the purchaser in New York City as soon as they can be prepared.. The right is reserved to reject any and all bids. H. C. HOLLOWAY, Clerk Highway Commission of Newborn: Countv. 5-10-3t. _ m* mmmi HKrasnsnsm ^ [, Miilin tigs puts for your ?& -i'r; ift I IDDCDQ 7 V 1_.1I X JUiVvJ A s, Whites; spe . $7.50 J Spool Thread ? ? ? ? jilk, sale price ^ 50 SKIRTS yles, sale price $12.50 ? j Dipviot : yard Chine, assorted :cial price $ yard ___ __ 9 jerry, b. L.