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LEARN FINANCIAL 1^^ HERE THURSDAY VOLUME 1, NUMBER 366. Weekly, Established I860; Delly, Jan, lt, 1914. ANDERSON, S. C,WEDNESDAY MORNING? NOVEMBER 18, 1914. $5.00 PER ANNUM PRICE FIVE CENTS SOUTH CAROLINIAN'S MILLION BRINGS COTTON LOAN FUND TO SUCCESSFUL CONCLUSION Secretary of the Treasury McAdoo Announces Completion of Plan to Furnish Aid to Cotton Producers-Bernard M. Baruch, a Former South Carolinian Subscribes Last Million Dollars to the, Fund. Federal Reserve Board Believes the Carrying Out Of This plan Will Be Beneficial, Not Only in Helping the Cotton and Foreign Exchange Situations, But by Promoting the General Prosperity of the Country. MOST SERIOUS EFFECTS PASSED RESTORATION OF CREDIT BALANCE WITH EUROPE HAS EASED SITUATION DEMAND FOR FOOD SUPPLIES (By Associated Pi*?.) Simmons of St Louis, for their ear- ' WASHINGTON, Nov. 17.-The conn- nest and effective work, try wide effort to furnish aid to cot- "The success of this plan has at (BY A**??1?? Pres?.) ton producers and find ? bottom for no time been in doubt, but its com- WASHINGTON. Nev, 17.-Officials the cotton market came to a success- pletlon has been delayed hy thc self- of the various government depart ful conclusion tonight when Secre- lish opposition of certain tertile man- menta in touch with the county's bu? tay of the Treasury McAdoo announc- uf act ur ors and local interests who i ness activities feel confident that the ed the completion of the $135,000,000 have tried Lo defeat it I am happy to most serious effects ot the European cotton loan fund. In making his an- say, for the sake of- the country as war on American business have paas nouncement Mr. McAdoo said the sue- well as for themselves, that they have ed. The restoration pf the credit cess of the plan was assured. been unsuccessful. balance with Europe has greatly The secretary's statement came at "The successful completion of this eased tbe situation. The increasing the end of ii day. devoted to efforts to pli.i throws upon shy associates ot demand from Europe fer American obtain subscriptions necessary to the federal reserve board and myself food supplies and also to the sudden completa me $100,000,000 portion of added responsibilities and a large develonment of an abnormal trod* in the fund M?IMH ^ l-=?2 ic ncr. riscpi cf ~ JT*. It ?S u^our artlcloa needed by the huge armies, orton producing Stoles Mr. McAdoo. orGcial duties. We are already burden- JJ the fte," *d, tQ that ? and members of the f?d?ral reserve ed with many difficult problems but ^0 aecartte *,'u1-?s on thc contracts ' board in active charge of th* pool wc bar* regarded the organisation or of*;hft i?ttor Character ar? obtainable ? pian, took active Steps to gather in thia cotton loas fund jost as we did ?^J^ff^^^S^^) the remamingSull ohs the gold fund and ita proper adminls- jT' ?T erJ??1r!.0hGJZi?? I Kuhn Loeb & Co vit New York sub- trallon, as a patriotic service and have *lot^*'J^hle" .** th* "ke aaT scribed $?000 000 " York, sub? fcU .obUged therefore to r8Bpond to ^ flooded factories and ?tockmen in scribed $?.000.000. call that ha8 bsen made u ub wme oj.tricta. It ls said that includ At a luncheon given by John Skel- ?We beiieve tho carrying oitt of ,n8 all munition orders, this business ton Williams, Bernard M. Baruch, of tnls, pian wln ^ beneficial, not only reaches the huge total of over 200,- i New York, said that ho might invest ,n neiplng the cotton situation and 000,000 of dollars. In several Unes In the fund up to $1,500,000. Hisi of- tho foreign exchange situation but al- factories are ?training to highest ca- ? for was taken to the estent of ,$1,000,- HO by prcnict?ng tbs general prosper- parity io meet the demands. 000 ana tne rund completedV A few uy of the countiy whlcl^now has such Other? factors which have aided in1 hours after Mr. BartiCb s offer word a happy Impulse that lt would be clearing up the situation are the open was received from several banks that difficult to r?tard it. It is a pleasure m?r of th? 'edera! reserve bank sys ^.t^M?nnTh?? li? ?Tu?nT to test??y to t?i? iwirionam-and broad- tera, upon which business experts look, ?? L?2?JS??S Am it atanii^ tS^n?rt Handedness of the banks and bankers ^ the backbone of the country's r? is oversubacr oed about $300,000. secretary of the treasury and the fed- Canal whlch ha8 aiready Increased In announcing tte completion of the eral reserve board in the organization fl:e,ght trWBc to the wes t coast of an?.gra^flded?t?bV able to an- ?' ^ ' _ AT?T fA T.T'Z ?f noonee the success of the cotton loan The gentlemen referred to In the ar- ??^^?dir *tnePB emer fund. Subscriptions for the entire tide aa being from South Carolina ^W^J ^IJL !.?#*. i?? ?l^fo? $100,000,000 of class A certificates was originally from Camden and at g!ency law pMMd at tne laat 8?fl8loQ were completed this afternoon. This one time practiced medicine In that or^on,f^***:. .. ~ . assures the soccess o? the plan. To city. He has a number of friends In ?* "ie B??PPln8 situaUon officials such extent aa banks i.i the Southern Anderson. Bald WV ?ere was a growing scar Statos subscribe to class B certificates -- clty ?* oornera for American export the $100,000000 realised from the Will Not Subscribe. commerce because the bulk of that clasa A certificates will be available SAVANNAH, Qa., Nov. 17.-Officials traffic waa Increasing so steadily, for loans on cotton at six cents a of the Savannah Clearing House As- Freight rates have risen remarkably pound. Full details of the plan have soclation announced tonight that lo- end It waa said shipping companies, been published and it ls not neces- ca] banks had decided not to subscribe were no wselectlng their cargoes with sary to' repeat them here. to the plan $1 SF ,000,000 cotton loan the greatest care, avoiding all arti "Thc full amount of subscriptions fund, which has been organised un- clea ot even a semKccntraband navure. I to clasa A certificates made by banks dor the direction of the federal re- Huge shipments of grain are awaiting; in non-cotton states amounted to $$7,- serve board. transportation at many ports. It ap 292,000. Tho succ?s ot the plan waa No reason for the action was given, pears probable this condition will, re conditioned upon the subscription ot other than that lt waa believed the suit in renewed activity in behalf of the full amount of $100,000,000 of these ptah waa not satisfactory- The de?la- the administration federal merchant certificates. In order to make up the ion. followed an Investigation by a marino bill when congress reassem deficlency of $3.000.000 Messrs. Kuhn special committee. The proposal, aa ?Usa ncs* -aonth although the new ifSLUP0" fSSLsL^ subscribed originally torautotsd provtdsd for compiexlon of .'the house of represen 55.000.000 and Bernald M. Baruca of the subscript'on ot $2,500,000 here. toti^ whare the Democratic contrcl I0?LSL7V^^^^m^^ ~-=~ by a narrow margin, makes the re vfX7^r^n?^^^B c Does Not Concern ^'i^? T T p The following is a ?at ot the ettie. The United States K^rU??J^1" 1 by and the amount* enbscribed to the ine UnTOa 0iaVC* Democrats. New York City- $50,000.000. Bv T^ZtedT^ai.) to Qr*m4 Baltimore- $2,500,000. WASHINGTON, Nov. 17.-Questions ^ONTOOMBB-Y, Ala., Nov. 17.T-M. Boston- i*,0S5,0O0. of neutrality of South American B- Campbell, former head bookkeeper Chicago- $13,000.000. countrioa do not concern the United ot the Ftrat National Bank of Ulta Detroit- $1,08*000, States in a strict sense. President ?ty, today waa held to the f?d?rai Cincinnati. Willson declared! today. Ha expressed ST* under bond of $10.000 by Cleveland. the hope that Assurances of nintrali- knited atates Commissioner J. A. El Kansas City. ?S.W.OOO. gjytjn ny s^uado1- and Colombia raore. The chare was "making a false ??!??.|l,?ttffl^ would bs sufficient to aatlafy Oreat ?try On ttabooks of the bank with Pi!n^?, ~%? aaa ooo' Brit?ln *?d France.- which contend tho ??tent to defraud or deceive." Camp ?? ^? Oernian fleets have been receiving aid ^VT****T!"1 Mo?^ni?l?.chftrB" Schmc5d-? SU2WK?0. from ports of those natlona. od with a soortage ot $58,550.82. lln^ciacc^?.oco. ?2,000,000 Fire Loss Purchases Florida ?B?. at Galveston, Texas Ce.^al Railroad Kuhn, Loeb & Od,- 12.000,000. _ Bernard M. Baruch, New York - - - $1,000,000. . GALVESTON, Texas, Nov. IT.-The (dy A??H?tod Frew.) "It waa coi possible to announce lo- Sunset Elevator and more than 800*- WILMINGTON, N. CV. Nov. 17.-Ap day tho sanies of the subscribers to OOO bushels ot wheat stored In the parently authentic reporta were In the fund la each of the cttiee,** the bunding Were desroyod by fire here circulation here tonight to the effect statement acid, "hut it may be said today. The loas is ?ptlmaied at $2.- that the Atlantic Coast Lino Railroad that among the largest subscribers ta 000.000. The elevator was ow.\*d by company had purchased the Florida if New York city ara Messrs. J. P. the Southern Pacific Railroad Com- Central Hal Hoad. Morgan1 A io., the National City Bank pany and was under laaas to the J. President john R. Kenly. of the At ibe Chase National Bank..sud others Rocenbaum Grain Company of Chica- lantic Coast Une. who attended sv whose nam ea may, with their pereda- go. k^ meeting of the stockholders at Rlch sion, be given as soon as tba complete Ona fireman war? seriously injured mond. Va, today could not be reach ?lsts ara supplied. The only backs In and several others wtve alightly hurt, ed tonight fur confirmation or denial the city ot Boston subscribing to fha-.- of the transaction. fund are tho National Shawmst Bank, .. 8,000 Servisse Captured. The Florida Centro', extends from the Fourth Ai?atUic Hationat Bank, WASHINGTON. Nov. 17.-Capturo Fanlew. Fla., to Tbumasrllle. Ga, a the Webster and Atlas National Bank of ?OOO Servians *J tits Austrian ai*- distance of 47 mlvtsr It would give and Um Fc?eral Trust Company, my during tba occupation of.ValJevo the Atlantic Coas7. Line a link in i?a Great credit ah/JUb? bc gtvoo tc Mas- was announced today' In an official propc*ai? ?h?H? route fren: suborn sra restos J. Wad-d and George W.'diapatch to the Austrian embassy. . Florida to the Mississippi Valley. Factories Are Straining to High est Capacity to Meet the De mands. Kaiser's Minister of Foreign A ff airs] The kaiser's, minister of foreign | mann -Holl WOK. has been chary of his affairs, von Jagon. tl\" man who had ? photographs. This is the first recent as much to do with bringing Belgium ! one for which' he han posed that has and England into the war against come out of Germany since the war Germany aa did J Chancellor Beth- began. KEEP BMG AI ALLIED LINES BIG BATTLE DEVELOPING BETWEEN VISTULA AND I WARTA RIVERS BUILDING WORKS TO CHECK FLOOD British Government to Raise Loan of $1,750,000 for W*r Pur poses. PF&P.F Pl m uiub I killi *# ' ARE THREATENED GEN. OBREGON SAYS GEN. GUTIERREZ HAS CHANG ED HiS MIND WAS NOT DUE TO LACK OF HONOR Villa Advance Guards Have Been Driven Back After a Sharp . Skirmish. (By Associ?t r<i Pr??0 LONDON. Nov/ 17.-Undeterred . by wintry neather and floods, the Ger mans are still striving to break down the Allies' defense elong the Franco Belgian frontier. Although the Berlin official report says the day was quiet there has been sn almost continuous artillery duel, with occasional infan try attacks, but apparently ? without either side making progresa The line from the coast to Nleu pbrt, which has hean receiving less attention since the Germana Legan trying to force the British out of Yp res, again has been subjected to a violent bombardment. South ot Dix u???.de the Germana have been trying, under fire from the Allies' cannan, to build works to check the flood which compelled them to evacuate part of their trenches. At other points the big guns have bees, bnsy, and Rheims has been sub jected to another rain of shells. From the Aides point ot view prob ably the most Important operations are those south nf Vnrdnn. where the French troops for some time have been trying further to relieve the pressure which the Germans have been exerting on the.fortress. They at last' have- succeeded, according to the French official communication,' and besides making some progress on tho heights of the Meuse, hsve advanced on St Mlhiel. the only point on the i lett bank of tho Meuse which the Ger mans have held. Another big battle is developing in Poland between the Vistula and Warta rivera, where the Russian advance has been met by large forces of Germana coming from Thorn. The German plan apparently ls to attack the Russian canter ?nd draw their wings- tram Bast Prussia and Cracow. In the for mer region the Russians report a further advance, but they l-<tf>t not been able to dislodge the Germans from the passages o? the Masurian Lakes. In Galicia Emperor Ntchatas' troops are driving the Austrians southward and westward and have engaged the rear gu? eds at Dpkla, at the foot of the Carpathian rwuntalns. Th? Servians and Montenegrins ron tlruo to fall back before larger Aus trian forces. It is str.tcd from Vienna (By Ajsoriatrd Preta.) MEXICO CITY, Nov. 17.-Peace plans in Mexico again are threatened with failure, according to a statement here today by General Alvaro Ob re gen, who declared Eulalie Ouetierroz, named provisional president by the Aguas Calientes convention, had changed his mind and rejected Gen eral Carran ra's latent proposals. General Obregon today assumed command of. the capital and federal district "Just when we believed arm ed strife would bo avoided," Obregon said. "Gutierre.- changed his mind. I do not believe this waa due to lack of honor on. Guterres's part, but to pres sure by Francisco Villa" A number ot foreign factory owners in the federal district have made com plaint to their respective legations concerning alleged forced loans Im posed by Zapata followers under Gen eral Navarro, whose activities have resultad in a strengthening of the en tire Constitutionalist line. Word was received here today from the governor or the H ta te of Guana juato that the Villa advance guards had been driven back after a sharp skirmish south of Lagos. (Continued on Page 8.) Begras Aggressive Movement. EL PASO. Twas, Noy. 17.-General Vlila'a troops i?c .o begun an aggres sive movement against the Carrara forces, disregarding further attempts to adjust the disagreement of the Con stitutionalist factions. ThU was re ported today In press telegrams and official messages from Aguas Calien tes. The convention troops took with out opposition the town, of I?con, it was reported. Later advices rumor ed the occupation of QuereUtro. Car rin ra's proposition that he and Villa exile themselves from Mexico ar : go to Havana on November 25 was re garded by local Villa officiais merely as a final attempt to delay attack from the division of the north. ? A communication received today b> Carranza, officials from Rafael Zu bcran Capra any, the Constitutional's agent at Washington, called on loyal elements to assist lu waging (Continued on page 6.) A FUTURE CLEAR AND BRIGHT, WITH PROMISE OF THE BEST THINGS Fondamental Wrongs Once Righted as They May Now Easily and Quickly Be. All Dif ferences Will Clear Away, Says President Wilson In Letter to Secretary McAdoo Congratulating Him Upon Opening of Banks The Future Will Be Different From the Past; Dif ferent in Action and Different in Spirit; Differ* ent in a Time of Healing Because a Time ot3 Just Dealing and Co-operation Between Men Made Equal Before the Law in Fact as Well as In Name. <n>- Ai?oriat*d Pre?.) brought her business IdeaU Into WASHINGTON. Nov. 17.-"A future qQost,orit condemned her social stan clear and bright, with promise of the dttrdiit denled tne honegt of her g? be ter things." wa. the way President of ^ the IntegrIt ' ot her ?E Wilson summed up his view of tho nomlc processes, & morality and bu=mesH prospect tonight in a lefter ^ falth of m of the 'tbJ to Secretary McAdoo of the treasury which her Uw 8UBtained. department, congratulating him upon who nad er| whether m buB|heta the opening of the new federal re- or ln poUtlca( were aim0Bt universal serve bank system. ,y lpoked utK)n wlta Bagplc,on and "Fundamental wrong once righted little attempt was made to distinguish as they may uow easily and Quickly the Just from the unjust They, in be," ^rote the president "all differ- their turn, seemed to distrust the enees will, clear away. We are all In people and to wish to limit their tbs same boat though apparently we control. There was aa ominous an ted 5cT---ti-~ it V.'c T.Z~ ?n;ov tl.?, iagouHjm oetween classes. Capitol port for which vre are bound. Wc and labor were in sharp conflict have, and shall have more and more without prospect of accommodation as dur new understandings ripen, a between them., Interests harshly common discipline of patriotic pur- clashed which should have cooperat pose. We shall advance, and ad? ed. vance together, with a new spirit nt ..Tnl5 waa not me^iy ^ WOrk Of new enthusiasm, a new cordiality ot j irresponsible agitators. There wera spirited cooperation. It is an in-1 real wrongs which cried ont to ba spiring prospect righted, and fearless men had called Mr. Wilson referred to the new attention to them, demanding that' tariff law, thc new.currency law, the they be dealt with, by law. We were new trade commission ?aw and tho tiring under a tariff which had heed labor provisions of the new anti-trust purposely contrived to confer private law as the means through which "the favors upon those who were cooper- ? soil hos everywhere been laid bare atlng to keep the party that orlginat out of which monopoly is slowly to ed lt in power; and in that alt too be eradicated." He added that "un- fertile soil all the bad. interior doubtedly the means by which credit growth and jungle of monopoly had has been set free ls at the heart ol sprung up. Credit, the very life of all these things; is the key piece of trade, the very sir men must breath* the whole structure." if they would meet their opportun!? referring to the opportuneness of ties, was too largely In the control of - the currency law, the president said : the same small groups who had "The war which has Involved the planted and cultivated monopoly. The whole of the heart of Europe has control of all big bushiest, and of made it necessary that the United all little business, too, waa for the States should mobilize Its resources roost part potentially, it not actually, In the most effective way possible." in their hands. He spoke of the dlfllculty in market- "And the thing stood so tttttll the lng tho cotton crop of the country Democratic party came into power and added that "no doubt in the light iMt y^-. The legislation cf the past ot the new day with its new under- year and a haW has, in very ; large standings, tho problems of the rsll- niessnre, done away with these roads will s!so be met and dealt thing*. With their correction, - soe with In a spirit cf candor and Jus- plclon and in.wjii wm paM ?wuy. Uce." . . ?ror not only have these things been The president's letter, which waa righted, but new things have bean in reply to one from Secretary Mc- pat tato ^tion. which are sure to Adoo, announcing the opening of the pr0ve the Instruments of a new life, reserve banks, said: in which the mists and Estompera "My Dear Mr. Secretary: I warm- which have embarrassed aa will ly appreciate your letter of yesterday, ^ cleared away; the wrongs and for I shsre your feeling entirely misunderstandings corrected . which about the significance of the opening haVe brought distrust upon so many of the federal reserve banks for bus- honest men unjustly. That ta th? iness. , , main ground of my own satisfaction v/rp? ? phVTn 'the Sab? a T?f t?ftr?n^th^fav^red we^hdl?v,8hno7e soBr.c?hf Tn U VF^iJS^STi The laboTsn? 'fori- rL^t?^o?? ?2^J?l^^rt!^^ c?e".thwlthrtheCr?e?ct niu? who~nav.~*cor?;rate^"wTtn Tnuau?? . ^t^^ m^?S??TV *Zm wisdom and admirable public spirit ^TSl ^?JS^SFl rUn None of them. I am sure, will be "f^mJ'J* S'rS^T!^^ jealous of Gie distribotion of the .?}. X,?*?^?? rJ,n Praise for the great piece of legisla- ..?'. * ^?.J^l^^^^S lion upon which the new system ******* W*?* ^iS^Tn rests; they will only rejoice unsel- and opprwtive^praotU^ In flVhly to see tho thing sccompllshed f?^?? ^Jr^3ui?^S?? upon which they bsd set their hearts. p??>or has o?*? J?3SfT?JJ? "It has been accompllsh-d, and its ?? ** ??ow ?J^Jftw th^JKE ; accomplishment ls of tho df.epe-t merraiUile ^ commodity. _ wm^lng ' signlhcsnce, both because of the h?man and linked wUh theJrtvitajeee , things lt baa done away with and of life itself. The soil has erery becsuse of the things it has supplied ?*rJ??J|f *? that the country lacked and bad long ? to, *Vwl? 06 er?d,^tt*. ^**Z needed. It haa dono awav with agi- *0}ib**}* ?oans hy walch credit tallon and suspicion, because it hss *>*. *tS , done away with certain fundamental the*f **In**' *? th> *oypleea ot tba wrongs. It ba* supplied means ot w??2i?1*t,?ict*re" * . , eccoramodation In the business Tula ls the more etgntflcant be worid ead an Instrumentality by ca?o?^o? 1U opportuneness. It is which the interests of all, without brou*ht .*0 ?ta ?n?l aoeotnplishiasat regard to elaes. may readily be serv- ? lt ?B moat hnperaUvely aeea ed od. The war which has involved the "Wie have only to look back ten wbo,e heart of Europa has made lt years or sc to resits* the iacp per- ooceasary that the United Staten Blextties and dangerous ill-humors should moboiUxe ita rsaourcas ?a the out of which we have now st last ta- woet effectlvo way possible, sud 'sued, as it trtm a bewildering fog. a ?naka her cr?ait, and har ?H?fu1ceaa roxlous miasma. Ten or twslve years *??o tor the service -nt .the whole sgo the country waa torn and excit- world. It bas created. ?Od,, special ed by an agitation which shook the - ,. ... , ._, very foundations of ber puHtlcal life,! (Continued Qa; Pagf gojuA