The Bamberg herald. (Bamberg, S.C.) 1891-1972, February 26, 1914, Page 6, Image 6
NEW BANKING SYSTEM.
McAdoo Hopes Reserve Banks Will
be in Operation Soon.
Washington. February 18.?The
Federal reserve bank organizatior
after a five-weeks' trip through the
country, in a statement to-night announced
that its selection of Federal
reserve cities and definition of reserve
districts would not be made
until it had carefully considered information
accumulated on the trip
'""he statement said the committee
found the country prosperous anc
learned that bankers and business
men are confident of the success o]
the new banking system.
In a supplemental statement Secretary
McAdoo declared he hoped
the new system would be established
in time to take care of crop moving
contingencies next year, but that il
it were not the treasury departmehl
would stand ready to place its funds
again at the disposal of business
men.
Committee's Statement.
The committee's statement it
part:
"We have spent practically from
the 4th of January to the present
time in hearing the views of business
men and bankers on the problem
of dividing the country into not less
. than eight or more than twelve districts
and \>f locating in each district
the main office of a Federal reserve
bank. Of the two questions the division
of the country into districts
A * 14.
is the more important ana aiuicuit.
The committee asked those who appeared
before it to direct their attention
to these two problems.
"A great many able and impartial
business men and bankers have submitted
their best information and
opinions, and always in a spirit of
/ great fairness.
"The committee has held hearings
in eighteen cities and has heard
from every community of consequence
in the sections of the country
\ it has visited.
Confidence in System.
"In every section of the country
the committee has found a practically
unanimous conviction that the currency
bill will bring about most
beneficial changes in business. The
committee was presented with overwhelming
evidence of the enormous
economic strength of the country
- and of the rapid progress of every
section. The fact that the nation's
banking resources as a whole made
enormous advances every twelve or
fifteen years, approximately doubling
in each such period, was made evident;
while this is true of the country
as a whole, it was shown that
certain sections are advancing with
more rapid strides than others, and
that the country is fundamentally
J J
exceptionally suuuu auu auuug economically.
Facts and figures in
every part of the country show amazing
growth and strength and disclose
a condition of financial, industrial,
commercial and agricultural soundness
and prosperity that leaves no
doubt as to the future.
Flaws in Present System.
"The committee was impressed by
the frank admission of bankers that
the present banking system not only
encourages, but actually has created
artificial banking conditions. With
practical unanimity the opinion was
expressed that the new measure will
restore normal conditions avith great
resulting 'benefits; that the present
system not only furnishes no protection
in times of real stringency, but
also, even in times#of great prosperity,
makes it impossible to meet
the conditions, and that there has
been presented the singular contradiction
of having bankers thrown into
fear of panic by the emergence of
wealth. Bankers unanimously wore
of the opinion that the establishment
of this reserve system no longer will
>- - ?:i... ~ ~~v. +
niaKe our yiuspci itjt_ <x yci u w-uu Lnai
it will relieve them of apprehension
and distress in those conditions and
give confidence and stability to business
generally.
Field Survey Complete. >
"The committee has finished its
survey in the field. It has yet tc
make examination of important documents
and data, and can not render
any decision until it has thoroughly
examined this matter.
"Already practically all capital represented
by the national banks has
come in. A number of State banks
have applied for national charters
and many have applied for member
ship in the Federal reserve system
In every State the committee has
visited it has heard expressions fron
governors, banking commissioners
and others, to the effect that \vher<
there is legal disability against sub
scription by State banks, that disabili
ty would be removed, and the furthei
expression that eligible State banks
very generally would seek to entei
the system.
"The committee is graunea win
the results of its trip."
McAdoo's Statement.
Here is Secretary McAdoo's state
ment:
"In a few instances the questioi
was asked if the new Federal reservi
banks would be organized in time t<
GOETHALS COMING HOME.
' Expected to Say Whether He Will
Govern Canal Zone or Police.
* New York, Feb. 19.?Colonel
1 George W. Goethals, chairman of the
Isthmian Canal commission, is
aboard the steamship Metapan due
to arrive in New York late to-day,
but which received wireless reports
of the schooner Kineo in distress
north of Diamond Shoals and went
in search of her. This may delay
the arrival of the Metapan until tomorrow.
3 Colonel Goethals recently was
f nominated by President Wilson as
the first civil governor of tne Manama
canal zone and is coming home to
I confer with President Wilson and
1 Secretary of War Garrison on the
> subject of the civil government of
c the zone that will come into existence
t on April 1.
? Colonel Goethals is sure to be ask5
ed when he lands from the Metapan
what he proposes to do* with respect
to the offer made to him by Mayor
1 Mitchel of the police commissionship
of New York, which offer Mayor Mit1
chel insists the colonel has accepted.
i PROBLEM FOR OFFICIALS.
t
; Mr. Wilson Recognizes No Government
in Mexico.
Washington, February 18.?Capture
on American soil of Maximo
, Castillo, the Mexican bandit chief,
charged with responsibility for the
Cumbre tunnel tragedy, has furnished
a knotty problem for officials here.
From the moment Gen. Bliss reported
to-day that Castillo and his companions
had been taken by the border
patrol in New Mexico there have
been conferences and exchanges between
the State ahd war department
officials to determine what should
be done with the prisoners, who
temporarily are held at Fort Bliss.
4 ? " nl. n JTT A Atrlinct
AS LUC LI I HI C Liidi ^CVl A^qxuov
tillo was committed in Mexican territory,
American courts are without
jurisdiction. In time of peace the
prisoners would be surrendered under
extradition proceedings to the
government of the Mexican State of
Chihuahua. But as President Wilson
has declared there is no government
in Mexico, any extradition
proceedings would involve grave difficulties.
The State department has been appealed
to and pending its final decision,
it is the intention of the war
department to retain Castillo and
his party in custody under the same
conditions as Gen. Salazar and the
Federal soldiers, who came across
the international line with arms in
hand, thereby subjecting themselves
to internment. '
GIVES THREE RECEPTIONS.
Mrs. S. H. Saunders Compliments Her
Niece at Florence.
Florence, February 18.?Mrs. S
Harry Saunders entertained yesterday
morning at her home, -1 25 South
Dargan street, in nonor of her niece,
Miss Pearl Counts, of E>amberg, who
is here on a visit to Mrs. Saunders.
The entertainment was from 11 to
12 o'clock. Mrs. Saunders was assisted
by a member of her most intimate
friends, and the hospitality extended
was cordial to a degree.
The Saunders home was charmingly
decorated with hot house plants
and choice cut flowers, and despite
the severe cold which prevailed the
warm- welcome and the splendidly
heated home were sufficient to make
all who attended feel glad that they
had braved the biting wind.
iMrs. Saunders entertained again
to-day and will do so to-morrow at
the same hour in order that her many
friends may have the pleasure of
meeting her niece and thus save
: crowding at one reception.
Bell Blown From Steeple.
Paris, February 22.?At Dijon a
hurricane blew the bell out of the
tower of the Church of Xotre Dame,
5| a thirteenth century structure, and
sent it crashing through the roof of
i the chancel. The edifice was so
shaken that the tall steeple threatens
to fall and the police have roped
off adjoining streets.
5 take care of the crop moving contin;
gencies next fall. It is hoped that
s the system may be established be
fore that time but if it should not be,
. the resources of the United States
s treasury will again be placed at the
i disposal of and be used for the pro5
tection of the legitimate business inJ
terests. Treasury resources are be
lieved to be adequate for the purpose
- and if they should not prove to be.
r then it should be remembered that j
5 the Aldrich-Vreeland Act has been
r extended until June JO, 1915, and
the tax on circulation taken out un1
der this measure has been reduced
to the point where bankers may resort
to it with advantage in case
* |
- necessity should arise. The financial
situation is, therefore, sound and
i satisfactory and there is every reason
e why business should proceed normala
ly and with confidence and courage."
FRIEL ALLEN SEEKING P All DON. |"i
Preparing Petition in Behalf of Young ; U
Clansman. to
' i
Richmond, Va.?Governor Stuart j
will shortly be presented with a j:e-!
tition asking him to pardon Friel!
Allen, the youngest member of the |
Hillsville clan which wipe 1 out the j
Carroll County Circuit Court in
March, 1912. Friel is now serving
an eighteen year term in the State
Penitentiary for the murder of Cornwealth's
Attorney W. M. Foster.
Word has reached the Capitol from
Carroll that the residents of Mt. Airy
and the neighboring territory, are
uniting in the effort to have the H
Governor give Friel his fredom.
During the period of hysteria
which assumed unprecedented proportions
in the unsuccessful effort tc
have Governor Mann commute the
death sentence of Floyd and Claude
Swanson Allen, the present governor
refrained from any public comment
on the movement. No one was able
to have Mr. Stewart lend his assistance
to the campaign. Those who
know him best say that there is little
reason to believe that Governor
Stewart will exercise clemency for 1
Friel Allen's benefit so quickly after
his commitment to prison.
Friel Allen, who is seventeen years
old, is the most popular member of
the Allen clan with the people of
Carroll county. The persons circulating
the petition in his behalf
say that the young man's share in
the Hillsville tragedy was negligible,
and that he did not join in the
shooting until he had been fired upon
by members of the court. In his
trial, Friel testified that he fired only
at two persons?Clerk Dexter
Goad and Commonwealth's. Attorney
Foster. Goad escaped death and the
evidence was to the effect that Foster
had received a mortal hurt when
he came within range of Friel's revolver.
He was found guilty of mur- ,
der in the second degree. M
fl
siana iiiawarus, iwem>-iwu )eais
old, another member of the Allen
gang, who is serving a fifteen-yearterm
in the penitentiary, is reported
by Superintendent Wood to be in
better health. He has been taken h
out of the shops and is given as
much freedom of movement as is
practicable.
COAL RATE INQUIRY OPENS.
Attorney States He Will Ask for
State What Spartanburg Asks.
Washington, February 19.?-Be- 81
fore Interstate Commerce Commissioner
Harlan to-day, a hearing began
here in the case of the Cotton
Manufacturers' Association of South W.
Carolina and the city of Spartan- Lf
burg against the C. C. and O. Railway
et al, on the ground of discrimination
in coal rates from the Virginia,
Tennessee and West Virginia
fields. W. A. Wimbish, of Atlanta,
appeared for the cotton manufacturers,
and L. A. Phifer, of Spartanburg,
for that city. ^
The commerce commission declar- ||
ed that it had consolidated these R 1
cases with about fourteen others. I a
In view of that announcement, Mr. ||
Wimbish gave notice that he would f jj
have to reopen the whole matter and |l
amend the petition of his clients so 2*
as to attack the reasonableness of W
all coal rates to South Carolina ter- 1
ritory. This is important and means
that Mr. Wimbish proposes to ask for
the whole State what Mr. Phifer asks
for Spartanburg. There will probably
be several more hearings and
the case will not be decided for H
months.
IjOVERS turn"to tragedy.
Four Killed, One Dying and Others
Seriously Wounded.
Philadelphia, February 21.?Four
persons are dead, four are seriously
wounded and one is dying in a hospital
to-night as the result of two
shooting affairs here to-day. In both
cases linauiauoii wilii ?umcu ?uc mbb
rejected professions of love, was re- |j|
sponsible for the tragedies. gji
Early in the day Carl Kinlock,
aged 3S, shot and instantly killed a ||
waitress, an elderly woman he did H
not know, while vainly trying to kill
a young waitress who had spurned R
him. He wounded her, shot him- n
self and is dying.
Late to-day Herman Peters, infuriated
because his boarding house
! mistress refused to elope with him,
| shot and killed two women against
whom he held a grudge, seriously
injuring the one who rejected him. MJ
wounding two other persons and Iff
then fired a bullet into his own head, J
dying several hours later.
The first shooting was in a restaurant
filled with patrons and the other
in a small room crowded with
guests bidden to a farewell party
given by the slayer. Those dead as
a result of the second shooting are:
Herman Peters, the slayer; Mrs.
Margaret Snyder, 25: Mrs. Annie
Tennison, aged 2ti. rue injured:
Ole Tennison, husband of one of the
women killed; Miss Louise L. Gar- ^
man, Mrs. Lillian A. Blossar, proprietress
of the boarding house.
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