Historical Newspapers of South Carolina

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RESERVE BANK SYSTEM OPENS NEW FEDEKAL LAWS 00 INTO EFFECT TODAY. Inaugun tloa of Government Banking System W ill bo Most ltadicul ihange In Bus Ine? Operation?Tvrchc Ito "mo Dunk* In Country. Washington. Nov. 15.?After months of preparations by the federal reserve t board and tho country's bankers, the 12 federal reserve banks will open tomorrow for banking business, mark? ing; the greatest charge in the bank log system of this country In the last 50 years. The 12 banks, designed to take care of the commercial needs of the entire nation, ere locUed In tue fol? lowing cities: Boston. New York. Philadelphia. Klchmond. Atlanta, Cleveland, Chicago. Minneapolis. It Louis. Kansas City, Dallas and Sin Francisco. Tor the present their operations will be limited largely to rediscounting of notes, drafts and bills of exchange, hut as experience is gained, steps to have them exercise their other func? tions under the currency act will be taken. The directors of all the banks have been elected, the board has named its representatives for each, and suitable quarters have been re cured in all the 12 cities. Officials here will watch progress of the stystem with utmost interest. It starts with 7.571 member banks, with authorised capital of $106,79:>, 100, of which one^lxth is In their vaults. The exact amount of the ca-ih reserves in all 12 banks has not beon accurately computed, but is estimat d at close to $250,000,000. The reserve hanks begin operations at a time w hen members of the board feel there Is an excellent opportunity to teat out the system. Their ability to rediscount commercial paper has been counted upon to loosen the purse strings of banks, provide machinery for taking care of crops and generally mee'. business needs. The formal call for the opening will be sent out tomorrow by Secretary McAdoo. In speaking of tho open? ing Secretary McAdoo said tonight: "Thy opening of these banks marks a new era in the history of business and finance In this country. It is believed that they will put an end to the annual anxiety from which the country has suffered for the past gen? eration about Insufficient money and credit to move the crops each year and will gtv? such stability to tie banking business that the extreme fluctuations In Interest rat??s and avail? able credit/ which have characterized banking In the past will be destroyed permanently. The federal reserve hanks provide for a system of credits based upon commercial paper, thus at leaat securing to the country an adequate supply of the necessary crecTts to meet the legitimate de? mands of business as they develop. The supply will be absolutely respon? sive to the demand and thus business will be freed from restrictions, lim? itations and injuries from which it has suffered in the past, because it has not been able to receive at the Urn? when most needed the credit fa? cilities which were essential to |tl reg? ular and proper development. The whole country is to be congratulated." The secretary says he was gratified wit i the prompt and cheerful re? sponse to his suggestion that the banks be ready for business tomorrow. In every district, he said, the member banks had joined In an earnest ef? fort to open the system under the most auspicious circumstances. It has taken the reserve bank or? ganisation committee and the feder? al reserve board almost twelve months to work out details of organization to the ? o?nt where an opening date was chosen. Notwithstanding careful de? liberations Which prereded every | TO liminar\ step, the || banks will not for man> weeks take up and exercise nil the functions bestowed upon them by congress. Such evolution as will result from the old national banking system of necessity will In most re? spects be .do\.. The iescr\e board, the guiding spirit of the UOU s; ' Hi I? itself feeling its era) over strange ground and th*? men in charge of Urn lLanks probably will feel the sain d. s.re to work I'- ly a ml u it It su ?< lo ss r 11 her than be sent un -.M The new system is generali) conced ed la be I compromise between a ren* tral tank and the present ssstem With Its thousands of units, scattered re? serves ami fixed limits of currency, its < atef attrnt I log ami value, those s bo lateral et it And hi Ike elaatlelty it will gl\?> to recognised paper cur? rency, t'nder the p*? ent law na? tional bunk eurrene] Is almost ? Hxed uuunt.tv b ised Up< n national Nil < ipdal. issued upon ITnlted Slab s bonds and unr? MM,riM\? t-. Ihe chill of hard fines at Ike exultation ol boom days. Its us.- led. the , (perls says to unrestricted k>ai ; ?'?.! ?peculutlon In the days when money v.a ? i and to a hoarding of rcgoureeg and ? tightening of the purs.- strings Ol , i pdf! ? ben they h ? re hard, it Is i ihl to have bred the ^ n;e of I '"?,' v hen ?atvtjgg banks i Ith sarge cr< dl! i In reserve ami central reserve cities were helpless and could ?et back to their own counters none of the millions they had placed with thei ? larger and stronger correspondents. Under the new system the federal resrrvo notes, which in time prob al>ly will entirely replace the national hank notes, now so familiar, will be Issued upon commercial paper aris? ing out of actual business transac? tions. It seems plain that they will rise ami fal. In amount as the tides of business rise and fall, and that there Wtl be no plethora of money to lie idle. They will be obligations of the United States government, which national bank notes are not, and will have back of them a largo reserve of gold in the regional banks. Through them the reserve banks are expected to come to the aid of any needy mem? ber bank which has plenty of good paper but needs cash. To further in? sure the flow of money, resorvc banks themselves may be required to redis? count the discounted paper of other reserve banks. More than $250,000,000 of the new notes have been ordered by the comptroller of tho currency for the 12 banks. They are in $4, $10, $20, $50 and $100 denominations and are to bo accepted by all member banks and for all custom taxes or other dues. The federal reserve agent of every bank in the system, who is the government representative there, has these notes in custody ready for the application of member banks. Next to the elasticity of tho new currency, ollicials value tho "mobiliza? tion,but no concentration of reserves which it will Insure. This, they point out, does not mean the concentration of vast sums from country banks in reserve cities and central reserve cities as under the national banking! act, but their appearance in large part on the debit balances of the 12! reserve banks in widely scattered | parts of the country. These reserves will be as near as possible to the door of the member bank to which they belong in times of need and there can be no refusal from a reserve bank to return them in case of exigency. A remnant of the present system still remains in the provision by which banks may keep a certain propor? tion of their reserves with other mem? ber bunks in cities now known as reserve and central reserve cities. At tho end of three years, however, that will be changd and all reserves will bo held either in a bank's own vaults or with a federal bank. An effort was made in congress a few weeks ago to permit member banks to tie posit all their reserves with this re? serve bank at once. As the law stands their process 's to be spread over a period of 30 months. If it is renewed successfully ne\* winter it will mean a marked increased in the available funds of the reserve banks. As it stands the 12 banks will start out with a total cash reserve of about $243, 000.000. Another point not forgotten by ad? mirers of the law is the fact that tin different reserve requirements will re? lease abotit $401,000,000 now tied up in reserves and will afford far greater opportunity for a borrower to get a hearing and a loan. The reserve banks are not to do a banking business except with member banks1. They are empowered, how? ever, to engage in open market trans? actions in the buying or selling of o Cable transfers and banker's bills of acceptances and bills of exchange. OthCjf transactions include buying and selling of bonds or notes of the United States paper issued in anticipation of ihe Collection of taxes or assured revenues of any State or political sub? division in the continental United ?ttacs, The banks are to establish, subject to approval of the reserve board, rates of discount to be charged for each class of paper. They may also, with the board's consent, open and maintain banking accounts in foreign countries for the purchase or collection of Mils of exchange. In the future, the clearings of th? banks of the country are expected to i>c made through these regional banks, which may in time bad to the aboli? tion of many clearing house associa? te ns. ('barings which Involve banks in widely seperated parts of the country probably will be made with much gri iter rapidity through new banks than through ordinary commercial channels, it bus been estimated that through this saving in time alone, the use of hundreds of millions of dollar for man) days aill l?e saved, in time the now system will retire the - per cent. |Tnl i?d Rtntes bonds now used principally as .i basis f< i' 'national bank notes. There arc more than ?7.hmmm.f IhONC bonds now oustandlng and their retlromenl Is to be spread over a period of 80 years. With their passim: the national hank circulation based upon them and nol upon the bfo l'< it ; i>f roiutncfVe will disappear und unless hy thai time congress has enacted a new net, tie' nation will have a currency that in theory al least responds to the growth of i rops. the throb of Industrial platil ? und ih'? progress of the business ' v "1 Id. GOLD IS AVAILABLE, Deserve Bank at Dallas Hats Money on Hand. i ?alias, Tfxat, Nov, 15.?With ap? proximately 11,000,000 In g?'ld avail? able, the federal reserve bank of the Eleventh district will begin operations hero tomorrow with s membership of 77 1 banks In Oklahoma, Louisiana, Arizona, New Mexico and Texas. The opening Of the reserve hank is expect? ed also to cause the release of about $25,000,000 to borrowers in the South? west. Simultaneously an active cam? paign for the holding of cotton will be undertaken by the business men of Texas. READY FOR WORK. Richmond Hank Has Authority to Open. Richmond, Va., Nov, 15.?The cer? tificate of the federal reserve board, authorizing the federal reserve bunk for the Fifth district to open for business tomorrow here, ar? rived from Washington tonight. The bank will open at 9 o'clock in the morning in the presence of the nine members of the board of direc? tors and a delegation of local bank? ers. There will be no ceremony. Atlanta Bank Begins Business. Atlanta. NOV, 16.?The regional tank Of the Atlanta district opened for business this morning. Joseph McCord, the gov ernor, all i the directors, a number of Interested bankers and leading business men were present and all expressed the opinion that the new system will prove Of great benefit to the .southeastern section of the country, the imme? diate effect being to place two mil-' lion dollars into circulation by the reduction of the reserves from 25 to 15 per cent. The bank commences immediately the rediscounting of notes, drafts and bills of exchange, and gradually assuming the other func? tions authorized by the currency act, as experience is gained. BISIIOPVILLi: LOCAL ITEMS. 1 _ i Tire in Arrant's Store Docs Damage ?Dinner in Honor of Mr. and Mrs. | AV. M. Scott. Blshopvllle, Nov. 13.?Mrs. T. IT. Jennings spent Wednesday In Flor- j ence. Mrs. A. C, Walker of Orangeburg is' visiting Mrs. A. B. Baskin. Mr. John Sturgeon visited Mrs.' Thos. S. Joye and niece, Mini Olive sturgeon of Bumter, on last Sunday. ! Mrs. j. w. Munn, who has been Clitlcall) ill with pneumonia for sev? eral days, is slightly better. Her frlendl wish for her a speedy recov cry. Mrs. M. M. Benson IS attending the State convention of the W. M. IJ. ' which meets at Newberry. Mrs. Janle Flowers, as a delegate from the local chapter, is attending the National r. i>. c. convention In Savannah this week. A week of prayer was begun last Monday evening by the young men of the town In the Methodist chureh. A great deal of interest is being tak? en In these services and they are well attended. Rev, L. L. Legten left Thursday afternoon for New York to attend tho funeral of his mother. Miss Mary Grace Alford of Dillon! is spending sometime with her sister. Mrs. T, Q, McLeod. Fire broke out In the Arrant's "> and 1<> cents store last night about 8 o'clock. The hose wagons respond? ed promptly to the alarm and put out the Hames, but the damage from smoke and water was considerable. Mr. and Mrs. T. Q Mc Leod gave a ft O'clock ?linner on last Thursday in honor Of Mr, and Mrs. W. Marion I Scott. GUTIERREZ PROMISES JUS? TICE, Provisional President of Mexico Sends Message to Wilson, Washington, Nov. lC.~Gunrantecs of life and property to all foreigners and promises lo establish a just und equitable rub- in Mexico arc conveyed in a message to Pri sidenl Wilson from Provisional President Gutiorrca Mexico, which was received today. IN Ni ls AND WIFE ACQUITTED. Trial Judge Charge* Jurj In Ret urn Verdict uf Not Gllllty. San Antonio, Nov. I ft. ? Victor In in s ami his w He were given i verdlcl oi not guilty on peremptory Instruc? tions roni the triil judge today. Thoj Were indicted for the murd< r ol M i ? I Elolse Dennis and her sister, llcnirici N'eine. The State admitted i< hiabil ? lly lo prove i he ib > \ h of I In git I : tine TIlOU and Idle Men |?ut 1.1 IVoiU. i Gary, Ind., ?ov ds i)nc ihou at I f men who have bei |dl ? for a m??m 1 ( resun ed work In Hie steel mill 1111 morning. The steel trust ollleials mm Iex|iee1 ihe upward trend i?f buslm i I io coat inue. 1 MANY sroKTSMl \ \l H I D WITH I 1HKJ AM) UVX M.UKINt. l'ARTROICiE. C hirr Game Wurden Says Thai There are .More llirtls this Year than L'kuuI und <alls At Cent Ion to Uamo Law of State and United States Which Hunters Should Observe. From Tin- Daily Item, Xov. 16. The hunting season for South Caro? lina opened today and there were hundreds of sportsmen and would-be sportsmen afield with dog and gun today In search of partridge a ad other game. Sumter was well represented In the list and practically every man who could get off from business was out hunting, despite the heavy rains of Saturday and Sunday which rend? ered conditions underfoot somewhat ' disagreeable for the hunters, but made jit otherwise a line day for hunting, j The hunters, or at least those who have observed conditions, .say that the past was an Ideal summer for the I birds to raise their young and that the birds are more plentiful this year! I than usual. The hunter* oday will solve this problem and ascertain the J truth or falsity of these reports. I Chief Game Warden Richardson in an Interview given out today has the following to say about South Caro? lina game and game laws: "There are more birds than 1 have ever heard of before in South Caro? lina," said Alfred A. Richardso l, chief game warde n, yesterday. "! j have had eight men in the held ami the game laws have been obeyed by the people much bettor than i expect ed," he added. The game season opens in South Carolina today. The open season for partridges, wild turkeys ami other game w as begun yesti rday, November l?, under the sSStute, yet there is a law to prevent hunting on Sunday. The season continues until March 15. The season for doves opened August j l". Deer may be shot until Jan? uary 1. For woodcock, the (da n season com? mences September 1 and continue! until January; for wlllet, November i to March l; for wood ducks, Septem? ber 1 to March 1; Violations of the close season are punishable by a fine of $10 for each bird killed or pur? sued. No person is allowed to kill more, than 25 partridges, 25 doves or two wild turkeys any one day during ans one season. No person is allowed to hunt on lands of another without own? er's consent; and it UULUnlawful for persons to hunt with lire by night. This offense is punishable I y a line of not more than $10 lor each bird killed during the night, *-?"? for each deer j killed and lor each cattle or horse killed. Jt is also unlawful to trap partridges except on one's own lands, unless by the special permission of the owners of other lands. No person is allowed to sell or offer i*(,r sale doves or wlllett. The regulations of the United Stah a t department of agriculture for the I open and close seasons for migratory birds give the following closed sea? sons for the State of South Carolina: j Brant, ducks and ge< se, Nov< mbcr - 1 to February 1G; rails, c oots and galli nule, September l to December (this reduces the State open season); black-breasted or golden plover, blu< k snipe or Wilson snips greater or less r. V/ellerlegs, November 2tj to January 31, Doves are not covered by the new federal laws, but may be taken dur? ing the- open season provided by the Slate game warden. it may also be stated that n oerson who is a non? resident Of the State is allowed to | Punt in the State without a license and that no person, whether resident or non-resident, is allowed to hu il w ild ducks for market without a Ii-1 cense, which can be secured from the Chief game warden, A. A. Ulehardson, or one Of the assistant Stale cam ? wardens. i-?-; XEW ORLEANS TRAIHO KXPAXi) - New Line of Steamers to South America Established. Nrw I irleans, Nov. 16.? \ nev line of freight und passeuger ships will outer the trade 1 I ween r\V\\ I ?rlcuil* nnd Latin-American ports, w Ith regu? lar sailings every ten days, beginn nj . November 20th. (.i:ou<.i \ WILL in im cu. Thirty-three Count Ic* to fill Ifcwn < 'otton. Atlanta. Nov. 13. Thirt> three i icorgia counties w ill reduce th? Ir , otton a< reage I -' per cent. In 19 ?in compared with this year's cro| aecordin? hi reinirts re< elv? d by .1 i) price, State commissioner of avri rrtiltnr< . and made publb h< re lodii \ir. Price i ? id Inqulrb s to ch i n l as of commerce and other organ!/ i i |ons Ihroiighoul I Jeorn I i w na h . i i,, n position to give Informal l< n ? , he cotton situutl n. Ileporl fion Iof tin- count les h ild the r< ilu< ti??i j would be ? " per cent, or more. ?+???+?+?<? ? e?t?? t e? ??+?????+?? I A Thousand ! And One Ways to save, but no better way X to preserve what you have saved than by depositing in a good bank. We pay 4 per cent on savings from day of deposit. The Peoples' Bank f .^>+^.^+^+^<m?++ ?^?^x^n^+t f ? ? T ? t f ? ? ? 11 tTff ? ? ? t ? t ? -fi a ing Service" We are young, energetic and progressive, with a strong desire to serve, You will find us polite and accommodating. At? tentive, prompt and careful in looking af? ter your business, and never tiring in serv? ing our depositors and patrons. Try us. The Commercial & Savings Bank "WE DESIRE TO SERVE YOU" I Carolina Soecial llfgh Oast Electrically Lighted Train between I Charleston and Cincinnati ? -VIA t Southern Railway PREMIER CARRIER OF Til? SOUTH. 4V % In connecting with c N. O. and T. p. Railway Consisting of Corn? ed pined Baggage and Si tktng Car. Kind C !;.*s Coach, Pullman Drawing <> Itoom Sleeping Car, Pullman. Observation Sleeping <,ar and Dining Oar m g< rvlce. i> Solid between Charleston inti CinclanaU 01. tue. following conven <> lent schedules : <> ? WESTBOUND NO. 27 <> LvCharleston..9.atAM ? Lv Suromervitle.?#..?1 M 6 Lv Orangchurg.i t. i 7 AM Lv Columbia.IM PM ? LvSpartanburg... .US ? Ar \aheville.7.."i PM ? A ibcianati . 9.56AM EAST30CND NO. 28 J/v Cincinnati.6 30 PM Lv Ashevgta. 10.2SAM A r Spartanburg.1.40 PM Ar Columbia.4.35 PM Ar Oranaeburs.6.15 PM Ar Sumsacsvgis . .8.00 PM Ar Charleston.PM X Connecting at Cincinnati with through trains for Chicago. Cleve & land. Detroit. Seattle, St. Louis, Kansas <-ity, Denver, San Francibco, 9 H'.\ Points Wesl and Northwest ^ For further information call Southern Hallway Ticket Office. ? K. n. COAPMAX, %. B. HARttWICK. H. F. CAKY, ? V. P. and G. Ii. P. T. M. G. P. 4. 2 W. B, IfeUUE, W. H. OAFFEX, 6. H, Mc&EAN, i A. O, P. A. 1>. P. A. I>. P. A. Columbia, B, C. CbaeleatOB, S. C. Cciumbla, S. C. Atlantic Coa^l Line The Standard Railroad of the S?iuth Ramifies the "Nation's Gar? den Spot" Through the Sfsttss of. Virginia, North Carolina- South Carolina, Georgia, Alabama and Florida FOUR FAMOUS TRAINS "NEW YORK AND FLORIDA SPECIAL" (January to April), "FLORIDA AND WEST INDIAN LIMIT ED/' "PALMETTO LIMITED" AND "COAST LINE FLORIDA MAIL." Din ing Cars? a la carte service. AH year round through car service from New York t both Port Tampa and Knights Key, connecting wit steamships to and from Havana. For beautifully illustrated booklets und copy of tk "Purple Polder," address, T. C. WHIT!., W. J. CRAIG, General 1'assengee Agent. Paaa. Trane Mj Wilmington, N. C. frf?a+e)e)+ ???????????? >????#! MHIHHIHIHI i New Com Mill t I have installed an elec trically driven corn X mill of the most improved pattern, and am t X prepared to do grinding for the public. I I his mill turns < meal and grits of the Z best quality. Z I xt ei c\ ^een Fr IS?tfTsEEc 1