The press and standard. [volume] (Walterboro, S.C.) 1890-current, November 18, 1914, Image 2
« ,
• '
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 iurȴa*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*-
*