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« , • ' THE TRESS AND STANDARD. WALTERBC TO, S. C. NOVEMBER 18, 1914. HOW FEDERAL ’ 'rrars to have paesed, the conditions that time. This summarizes briefly c i.a ether countries make it nocossary-the effect of the European war on . ! . ituti the Lcited Stans should, to the the American cotton Industry. a „ RANIT? WIM WADir ^ defre ® of organisa disclosed today by the. October co - DAnHj Tv ILL VvUllzY Iind make avail4bls Its own resour ton consumption pad cistribution re lees In order that it may provide for port of thd' census bureau. • ^ .. . . its own needs and replace the facil-1 The United Kingdom during o,. Plan of Operation Catlined for itio* cuddcnly destroyed by the ckSs- tober increased its takings of Amer- 4 the First Tine. l;ng of so many of Ute accustomed (can cotton. 232.065 bales having TKV nrttNfmvra 'channels of credit and trade.* > v ibeen exported to lu Germany re- Ititu i^r 1«1 IIOW W?; ^ | i n defining commercial paper* the reived no American cotton, whilr • ^OMIIBKCIAL PAPER board announced these basic princ.- Prance tooA 22.302 bales -ri^ ^ . ; | _ a " • tiStv. ‘One of the Moat Important Feature*. D ^' * > first It had received since the be- ln '.'hat no bill shall be admitted to gfnhing of the war. Wording of Act; War Coriditiont! DiMcnssed. - •• - vV/. . •' ■i' bt#s « 41 llltsf iK-ih'-f..-, V Ivi X. , ylng e reduceunt by a reserve t>a2nk. tpe Cotton oir band October 31 i r yrcceeds of whiciP have been, or are manufacturing estahfshments wa.* to be. applied to a permanent in- TJi.407 hale*, compared with 1.023. Washington, Nov. 11.—Tho scop<, vott,cont> " '015 a ybar ago, and in independent taihirltiM of ^la^ountoH hit fa —-:—i —- « -ca aaa of operations of the twelve ^federal reserve banks, to he opened for bus, iness next Monday, was defined the first few months Of their cxlet Maturities of discounted bill*'warehouses 3,730.035 compared v.*::, should be weH distributed so that a 2.509,658 a year ago. . . roeonre bank should be in a position Exports '' were 497,180 balr>. ^ ;to liquidate one-third of all its in against 1.517,838 last year, and ?bt , vertments within thirty' dayj. fKl l-i; i. K-t J- «‘u ‘ *<*r • ; -'•Isfv tc Jsinw.-' V. t 7' : Httitr t'tbi’J« i f-r!* e«.vxt*li;' H-e-s m X Si .f r* M '/ ..M li*«i % 'x r 6 l'3 , lfl I* i\ fq« n M fx \ i M j ' i tyjpti enre in a circular issued today ty the federal reserve board. For the present- the bunks will not exerciue all tee functions give© th*?m ty con-j gross. The board .con- urr \n;i ,w?t^ th" bank dlwrtor. «■><!'««v.r U or V ip-, •*4 Ihis.-itiau: * the throe months H 14^08 again' Dills ptMsonted for rediscount 2,7«r r 322 a year a^t>. should be “fe«2«8jlally selMiuniiU. fmrorts wcr e 12.152 b?.le,- r.-Min : iri:,". which tho board explain^, j.sgj, | art year" actKfor thc*thr ‘ means that they should represent month* 54.556. against LH.Su:’ a , '* pome distinct stop in the productive a(fo e proces* and-ho ef Cc^tcrf * cpfndkis active ember i : . , .4, »*: - * iiat, .vjeh papfctevbe•Indsraetl by* ti.- ^ 4leppi]|,s ,,°5 *** ' 6 lDI ■:/r frt-v.-u by unember taorkXVnn’v ' il ' ir ^ r ’ brok oflertn#-4t,*for. iW lii- f5#€s3 k i" i. i ^ ■ chatr the indhreer -baok W*iW Xn• *n/ar.ufar*urfnjpe^fih^itiV... rfriq bank in a. re#eevq city within , , 4 . . ~ J ' * n niar.uiar.uring CrtanjtsnTt'O’iX < ■tel? “ 1 '~»***>~~* W» Mt imanimm** 4 * 9m«»■ i.ttejf-r,™ •L^*" ,or ** w “*« 4 *^#5' rnm-t *v j-ftiV nv. i^ho estabilshniejft of safe jcfi . f 64?. against „8.©.,8 a year ago. ^•Trr lent; organisation permits. purges. . _ . * r ! .* . T . ., ' - ; * the proceeds of which, have.been so citation ft— ieti*‘r<4 br , •In its circular,lbe board gave the , , , J . vigawen.it. i.eti r* <»r -tonilm t: > , ^ j a ... . used; that If in the form of accpp- . * *• #?„,, * long eapeqted definition of commer- . . . . . , . • “.•* . . • * lon . . . ■ , ; . . . , casecs they must he based on trans- stato of South Carniinn <h! paper... which.»s.to be tho basis “ Carolina. ( *• ’r^bl. - ■ for the* new federal reserve mrren- s ;', and. the means through which. actions involving the Importation or* exportation of goods and have a ma Colleton. By G. Albert*-each, Esc;. Pr 1- • nation’s circulating medium M Parity of not niontbs. ade s’.:;* of pclini‘1- and effects < f. longer than three _ .. , , s . . Acceptances mu Et b» in- "Sported to moot tn. eip-u,, ct.» .o1, oreed by , memker bank aBd he X "' contractions of trade and industry *. . . « _ a ^ w o* me esiaij ...* 4 , 4 . , otal amount offered by any member Robert L. Carson; ’ A s< ^ mn * • • nncitinc . hank shall not exceed one-half of Us These are. therefore, to , cite ar.l ° ° ^ ’ • Scouni "^ R0 . ^"- paid up capital and^ surplus. The *d m o n ‘*h all and singular the ki - nonpeed and probably will not be ^ ' „ . . , ^ ^ m • , .. . dred and creditors of the said Hoy Until ,Mpnday v It-wUl be uniform in ^ ggrogil,c ° pape earing he in ert ^ Cmr8on> deceased, that they i fifl-banks. ^oraemoat of any one persofr. cor- and appear before me in the Con . - ' , . ’ ' ' , , poriitlon 'of' firm rediscounted for of Probate to be held in Woltcrhur. t . The definition of Vomnjercia^ pa- r<>r is broad and relies to s£. large de lay ontycank- shall not at any time x X .f ree upqn the language of the cur rency act. The board . declined sK the present jtjine to discuss the que; n of double qnd single noino/Com- : ■ r :orc!al paper. It did make clear,. J r. that it had a/ftreferwic ‘ >r the two name sort; and left no on the 19tb day' of Nbv* < :.eeetr'lo; per cent of the unlmpalr “T*\}^ a / ter pi . lt) ^ < r '' ,,0 ' ! ' ia; ' X j, , , ^ at 11 o clock in the foreno. u, VP«ta! and surplus, this not,to „ how ca0Wi if any , h ,. y huUl .. iy to bills cf exchange drawn the said a^pnnlstrauotf Khouhi agtvlnst tuftually existing values. ^ be granted. Paver That, I'* Ni*f Acceptable. Giv^ivuitder my hand thh f*t*i i XV3; i •■** ■.-n *70 * VT TVf v; /fh "? * L& f eted careful inquiry into one name . 1 ■' PX X S ;-*. ;. ,v 4, MirnperIpmsonup i % rydist >un>. vl/ C'A -V .. iJjid w*-l ■ Is 'The firydtCr dWcitrtsed the f o n for banks to. foubf that it ex- .. ^ .... „ tn%trcr of Ncn'eniber. Anno Domini, l-i p« r draw n for trade in stocks v...ki«„i ^ .... • - .... , Published on the lllh ami securities wUKnot be arrepta^ay* Qf : Nyvomber. 1914 in th 1 r n Tor a '! mg Od' \ Oh 9 on We have / / Up-io-date job / you can find in Kinds of Work done cn .. ■■ ■ —■V > - • / short notice. Satisfaction guaranteed. • * X" ■’ " ^ s' When in nsed cf, anything, givers a caii X A triai is ail we need, tr convince yon ■ . / i * *, . that we are on. our job. ■x- \ “Just fe a Letter X . Home’ have arisen t!ir::uyh w; r ave/Fcme in iyh* tnfo t?fie wo- lic ch.inrcn which might ho e:> ; ctrU to result. Cash Duo Europe. It should he home in mind,’* ! f raid., “that although our exports In■n.‘nr; a gratifying increase, tlion' la still a largo rash* bale nee due in European countries, tor which gold may be demanded, and that a large - ® * ■■ * c ‘nntlty of American securities held abroad may be returned io *he l ni- led State's,'While on ih-* otti r hand :u.;re than three hundred million dollar* of emergency currency must be gradually retired.. ' “No one can estimate the dura tion of the war or predict what its effect wl ioheebnt 1 pNgge effect will be on 'financial or com mercial conditions when peace shall be restored. Our own industrial de velopment has been greatly facilita ted by foreign capital and we have been accustomed juj borrow sum* an nually In Europe and,, to sell Aiper- tcan securities there, which attract ed foreigners beStauso of their higher raie-of return compared with Euro pean investments. ! hi ‘nor will sych paper drawl •■mX. Iy invo/.tvents.” and thcxhoanl Interprets this p!ireshologjr(>r the Jaw t to /'xclude pMcer^-tlie proceeds of v.hfch n.ay bo upd la\lnvo::in»eni/ him . ;{cnxK.tiv?.t >r;;voRienDKd’r attr&ctlcn\ of ,.5ri- <! ir nhdfujX.The p:*rchare df con- ncciitPS for mere ly spevat'tivV purr in- and Standard. G. ALEUT HKM t. Probate Judge, Colleton*,c' >X i. t.d, pi’.* would constitute J ao”mcrc^ eyes c. the ■■ boa^I ur.ent in the a nd he excluded. The boarthsdso announced that for tho present It had fixed 25 per cent ‘.a bank’s capital as the limit up jo which it may rediscount paper “for agricultural purposes or based • o i livotoi g'^having not more than ; x months’ maturity. This limit tray be increased in agriculttiral din tricts 4n time of need. . / ! The board announced its hope tc / riablhh a central credit bureau in v hit h the financial records of big borrowing corporations hd iAdividu als will bo kept. Cntil January 15th next a written Etatemeht of an ofilcer of a bank ap plying for the rediscount of any bill that Is to be used for the purposes designated will be sufficient. After ♦Tint date, however, no paper will ^ r discounted unless it bears on its face evldehce thafr’ It Is eligible un der the board’s regulations, and that'*| p\m X 1 rVt'X - ^ t.A'. .xv' .... , , nder oath and must show the char- ”It is probable that at the end of , k , . .. r / . _ ,,, Cm seller has given a statement tc the war interest rates in Europe will ,, , . _ the member bank. j This statement is to be .signed ccfer of business, The balance sheet,' the profit and loss account; porma- nen* nru! fixed Investhients, slow and quick asset*; capital, long term and rhont term lopng.' It will show, also , , ^fhemtaximum aggregate .up to which elgn investors to return the sechw- Surope be higher than they have been in the past and greater Investment n*- turns' will ft be yielded. Th? tremen dous destruction of property and ♦ *• j waste of capital will rot only cheek the flow of European savings to the United .States, but may dispose foi- ties they now hold „ . ”I,ower money nrlea in this coun try would be likely to accentuate this tendency, while on'the other hand higher interest rates and large In vestment returns on ,odr side would check ft. • 'f \-. s ^“The function of the federal r> banks is therefore a twofold the borrowing concern, expects *q rail shot paper. The signature.of a'mem ber bank on such paper w?tll be ctri <«hlered binding and a guarantee shat the borrower’s statement compile: .with the law. ‘ • V’* .r * 14*ji:2imats$2n y For Youd j and Old Th*#ae:;ij9 nj-ost3tm» pain, of ,r!r 1 urgit.i:.'n! !* goc j^sl g't one? l.y Nloah’s Linjmcnt. Danot rub—it to t!ie tore rp» t, r. com/crt net •ir -anv-d of until trxJ.- Get a boUlefodiju - - -*• \. / RHEUMATISM \ Hers Whmt Odters Ssy« *T his?i!y treAra-n-nd y-our Ij-vm-nt 1 *• «h« br*» rec»<!yiiT rheum iv u I ever A IW fore U: tng it Pvpcat Inrg- eurns f cf money trytny to f-t tehef of the mijety *n<. |wwn» in »*inbs a.id body, ao I tried yo ir Liniinent both iur»¥a*l end external [ ana I IouikI «;ui>'k r- fief, and now am w’ Jl and 'trp-,* tgain.' - —O'ca. Curtu, 22j ♦*■ Hi., .vna j/loVf, /If. Here’# Proof • g 11 *! f*'' you nbont a i v*'*- 1 *• ud .wn '• .<irt-i£TT strps,and brui.«-d fay i t k r:.a Lip vi ry L_.i. I n"t I j e'- P n« alf. 1 e';-1 ray w t * f- r a X> <> nt [ K-:; <* <if jo-rr Liaioent i.j-J i • tw ilivd 1 t.n - I oaa < n my fe. t »gaia.”—i ’harttt -V • l-D’a i ra.>it.u , $t. io,. , J.j. SLOANS 1 j«Mi \ * fc r neitral^b, egintcr. »pr brtiiacs. “ f AH Drwccbts. 25.-, cents in stninn; ? *rve r cliaracter. it They should extend cred- 1.250.715 BALES OF COTTON CONSUMED RUL BOTTUi Dr^Eari S. Sloan, Inc. L|’ Philadslplua, Ps. & To prwvuct Stood Pc^c.iln^ revaiiing American Spinners Used ’ Less ^ at «»ee the woedeXt nt r-f sk r niand-, J ?-> v o k rt r>> a NTisepr ic h .w: o:u.* *'t- During Thrre Montlis. : SSSffiS^. , tSSr to a rS-tf»2 fuciHttes. particularly where the abnormal conditions now- have created emergencies ing prompt accommodations n>«f or, Ihe other hand they must protect ; * tHe gold holdings of this cotintry in Washington. Nov. 14—Cotton con order that such holdings may remain, auraed during October was 451.841 adequate, to meet the demands that\ales exclusive pf linters. compare.! may be made upon them; , *Hh 511,923 in October last yeaf j K “While credit facilities* should be the\fnsu» bureau announced todav Mberally extended in sonie parts of Consumption for the three months ,-he country, it would appear advis- ending\ OctobwsSl was 1.250,715 able to proceed with caution In dis- bales against 1.368.T08 last year. j •plots not In need of immediate re- AmericaU cotton spinnebs used less for cm-CH^THas lief, and to await the' effect of the cotton during.the first three months o*>s.i»^<rt3©Uc bans. •«iUed a wtta' * ' release of reserves and of the chan- of the cotton War than they did In CHICHESTER SHI BRAND last year; expor’a '»taM#a» muksm pills, far . i. ^ ^ , >*ar* rr--3lUel as BeM.lafcst, Always RrUabMb ra'r^>*0LD r BY ALL DRUGGISTS .v • t; TIMK PUPDYWUPRP WORTli polf< 1 • v anu atiiivivi^ia million Iwilca more Yniirf# t w tli I wFUCnc Acute Mage Is Passed. \ were in the* hand* of •’While the most acute stage of and In warehouses at the end of Oc-j tfce recent financial emergency up- tober than thefe were last \>;ear at eges which- the credit mechanism ot thy same period last , ho country la about to. experience-during October we^e before establishing a definite count third of what they W« ' „ v and almost 9 4L ixsi.na WEf&zusem -A*- *