Historical Newspapers of South Carolina

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WOULD REVISE BANKING LAWS ri-an h \s hi:k\ inthoih < i i> 1VTO l.Milsl \T1VB CIRCLES. With Rep?irt of Currency Hill. New Uwt Are Heounmc uh\l to CJo with HymfBj Rural Credits Considered ?Money Trust I?testlgstov* Re |H>rt, Washington, Nov. U ? With the ad? ministration currency tdll du* to be reported to the senate this week after long delay, a plan to revise the na? tional banking laws to meet the new currency system has made its ap? pearance in legislative i ircles. It will elude important questions originally ?ntemplated as a part of the cur ncy bill, but set aside until the next selon of congress, when a general vlslc n of banktng laws has been promi:?ed by the administration. In connection with this proposed revision congress will take up the far reaching question of rural credits, the problem of providing cheaper money for the farmer who now mort gagts his land at high rates of Interest to ?teure ready funds. The rural cred? its commission, after an exhaustive investigation of the subject, Including un examination of farm loan sys Geo.H. Hurst rjNHERTAJLRR AND ?MBAJbMKR Prosnps aftsntlata to osi or night AT MLP J V?. CRAW st\Sit sos s Mahl ?trat. ? las? Phos? Mi Night Phoeje fS / Greelyville BUSINESS SCHOOL lilliMul Triltlif for Boys Iii Blrlt. *T*H R cenrw of all EnsMsh branches, ? ? .v,?4 ? ?meriting and book jrpas?ed opportu is of your county ?i ? ?le price. me*q U)wd. For paru? J, M JKRVEY, GREELYVILLE. . S. C. MM abroad la at work on a report to | congress which will recommend some sort of a law on the subject. The commission expects to report early in the next session. The many recommendations of the money trust investigating committee of the house, which wont into the question of the concentration of money and credits exhaustively dur? ing the last congress, also will he used In the work of revision. The reg? ul?ren of clearing house associations and stuck exchanges by federal law will be considered In this connection. One of the provisions which probably will he inserted in the new law will forbid interlocking directorates in na? tional banks. An effort has been made to put this prohibition in the pend? ing currency bill. The senate banking aim currency administration supporters this week declined to consider a scheme for guaranteeing national bank deposits, with the understanding that that ques? tion would be taken up next session. Advocates of the bank law revision plan are seeking to place their pro- j jects ahead of the proposed anti? trust legislation in the administration programme. The anti-trust pro? gramme is being vigorously discussed, but had not yet taken definite form so far as the administration is concern? ed, although many individual anti? trust measures are appearing in the house and senate. The progressive antl-tru*t pro? gramme, the main feature of the third party's legislative plans for the next session, 1? outlined in bills which Rep? resentatives Murdock of Kansa, Pro? gressive leader of the house will In? troduce tomorrow. They embody pro? posals to create an interstate trade commission, to prohibit unfair com? petition and to suppress monopolies, following conferences held during the past six months. They are the joint production of Mr. Murdock, Dean William Draper Lewis of the Univer? sity of Pennsylvania law school, Her? bert Knox Smith, former commission? er of corporations, and Donald R. Richberg. director of the Progressive National Legislative Reference bureau. These measures -will be added to the house Judiciary committee's al? ready full docket of anti-trust bills, introduced by members of all three parties. Mr. Murdock said tonight that his bills, which he called the "Progressive | trust triplets," would solve the whole trust problem, would wipe out mo? nopoly, and create a trade commls slon that would relieve the courts of administrative functions in business regulation and bring quick, adequate: relief to the small business man. The proposed commission would have seven members, serving seven year terms, at $10,000 a year each. The eoinn\lsison's jurisdiction would be limited to corporations and busi- , ness combinations having more than j $3,00^,000 gross annual receipts from' business in the United States. It would have plenary powers to get complete Information, to eriticbo and make public over-capitalization, unfair com? petition, misrepresentation or op? pressive use of credit, and to assist the courts in enforcing decrees of disso? lution. Interlocking directorate, oppressive exclusive contracts, localized price cut ? ting, procuring favors from common carriers and procuring dishonest con? duct from employes of competitors j are among unfair trade practices the second bill would put under the ban. The third bill would empower the trade cmomission to investigate com? plaints of any business organization j exercising a "substantially inonopolis- j tic power" and is designed to deal , with acts not in themselves wrongful but resulting in intolerable condl- j tlons. It would make "contrary to! public policy" a corporation's controi over a sufficient portion of an indus? try to control prices of raw materials or finished or partly finished products. The commission would be empowered to restrain the unlawful acts or to work out a reorganization plan if the acts only "tend to monopolize." Administration senators hoped to? night to begin work on the floor of the senate on the currency bill the latter part of this week. The admin? istration draft of the bill, as framed by six Democratic members of the hanking Mid currency committee was discussed with the president tonight by Chairman Owen of the committee. The president generally indorses the bill as finally agreed on by the six Democrats. In an effort to hurry the bill along, the five Republicans on the commit? tee and Hitchcock held a meeting to? night and continued work on their draft of the bill, making minor changes and correcting phraseology. The Republicans hope to conclude their Urft draft by Tuesday, and the bill will be taken up in a meeting of the full committee called lor that day. Republicans and Democrats will re? port unanimously on those features of the bill upon which they can agree, and will report a disagreement on disputed points. Hope for a unammous report from the committee on even a few of the features of the bill was about dis? pelled at tonight's meeting of the Re-1 publicans and Senator Hitchcock. Af? ter the meeting Senator Hitchcock said that probably no formal com? mittee report would be submitted to the senate. Administration Demo-1 crats. he said, would file their views! and he and the Republicans would do the same. Senator Hitchcock stated that a motion would be made in the senate to discharge the committee from fur? ther consideration of the bill and the senate then could take up the meas? ure as it came from the house. He added that his wing of the commit? tee probably would not complete its draft of the bill until Thursday. Tonight the Republicans amended the reverse section of the bill, in? creasing the gold reserve to be held against the new currency from 33 1-3 per cent to 40 per cent. The amend? ment also would provido that the new notes should not be available for use in reserves. Another amendment adopted would give the secretary of the treasury power to increase the 5 per cent re-1 demption fund held against the new notes in the treasury, from 5 nor Cent up to 10 per cent, If necessity required. SUMTER COTTON MARKET. Corrected Dally By Ernest Field Cotton Buyer. Sumter, Nov. 17. Good .Middling 13 1-2. Strict Middling II 3-8. Middling 13 1-4. Strict Low Middling 12 7-8. Low Middling 12 1-4. Staple cotton 14 to 16. New York Cotton Market. New York, Nov. 17. Open Close. Jan.13.25 13.13 Mar.13.3G 13.22 May.13.32 13.16 July.13.22 13.06 Aug. 12.82 Nov.12.90 13.02 Dec.13.45 13.42 TWO CASES IN COURT. Standard Supply Comi>any vs. North eutt and Levl vs. Southern Railway. The Standard Supply Company won its suit against T. L, and L. T. North cutt Monday morning in the court of Common Pleas. The case was one to recover for goods alleged to have been sold on account. The Jury re? turned a verdict in favor of the plain? tiff for $275. The next case taken up was that of Levi against tho Southern Railway. This was a suit for $2,250 damages be? cause of the alleged burning off of a certain tract of timber belonging to the Plaintiff. The railroad denied having caused the fire. In general it may be stated that most dangerous forest fire periods in the wort are in middle and late sum? mer; in the east they are la the spring and fall. We Paj' Highest Cash Prices for < _f Don't give your profits away? ship direct to us by express and get your money next day. We pay highest prices fcr green and dry hides of all kinds Beeswax, Tallow and old Metals, old Rubber and Furs. Try us with a ship? ment now. Send for Price List. CAROLINA HIDE & JUNK CO. CHARLESTON, S. C. Climb! 1fl Don't stand still and watch the others getting ahead of you?Climb! (| The way to climb is to have a bank account and keep it growing. i Bank of Sumter IT PilS TO BUY THE BEST Especially When It Costs No More Than the Inferior Kind. We are showing on our floor the largest and best bought stock of furniture in Sumter. It will pay you to see us before you spend even a single dollar for House Furnishings, as we sell it for less. Q A large line of new arrivals in Bed Room Suits in Quartered Oak, Mahogany and Circassian Walnut. $ Dining Room Furniture in Mission, Oak and Solid Mahogany. Q Fos? ter Bros. Ideal line of Brass and Iron Beds and Cribs. And last, but not least, we are sole agents for the Celebrated Globe-Wernick Elastic BOOK CASES A Book Case that Fws Anywhere and Any Purse. cherry Bros. Carolina Furniture Co. Che"y B?? 18 N. MAIN ST. SUMTER., S. C.