University of South Carolina Libraries
?J?f? vmi Or CrilRKNCY BAVK8 HAVE ALL nlC?OftD8 . federal TK 818 to Oontrroe* on Bus Year WIMum Rccom ?e> Bank Low it of Jaatk* to JOB. I?).?"Develop and growth no vor paralleled In the shmncial history of / oauntry." ?IM woy John 8ke n William?, snegtjtrolled of the currency. ascribes Ts) |4 annual report to congraaa vthe at the national bank 8 ander during* the period from ltll. to November, 1911. the ander too FM ral rooervo The report waa today pre* to oongreoa. ?r. WUttam* gives a compara? tive sUteinont of the conditio* of the bank* to. back up bin stats BO shows that net resources Of gha tankt Increased In the y??ar $1. t?e>ff.44S, that dopoaita Increased [a i||l,|tl.lM.lt4 and that loana and dls gfgMi genii sail ttl7.4st.ft0l. Avall mjfm aaab tacroasod In the same period litklti.m and on November 10, |gm too leportrag national banks 1M4T iJjnim ronarvao of llbi.ooo.ooo. Til lot show tbo comparative eondi tj*t> of banks ln-lftlft and ltlft. In ; tit ft, there were 1,711 re hmaan with net depots of $1, t#t -anal tootsy and discounts ?JM.tOl, whale In November, there wort lift resorting banks g*j?osttS of iMtf.4Tl.447. of $7,2M,lt4,l71 ?old by tbo national it. Ills,'* says the by tftt'i.tOO.OOO the star held at any to too passage of the F oder. Act. loans and discounts to esore than the total andv discounts of oil bank*. In national. State, savings and potato banks and loans and Unat Into as tbo year IMS.** ys that the "tanle? af tbo United State*-the circulation deposits, Oil reporting banks, national with an estimate of go. fog non-te porting banks, I ga iaaa, llU. to Mft.Mt, naV tnofoaos Id a year of IMlt.ltMlo Savings bank try 176.JM dor :-*csj atWir onfS last Jans with to of isiondu 4?tt7,ftt.tll, no In OOfftMlMtt. The avo-age At, however, doer eased / from gf so 1441.88, while t?* nam? is* banks Immsaaod frost 1.10? to oomptroller's principal recom n for leglslsUon Is for an snt to tbo bank law nuthorU and dlroctlng tbo department of os to bring salts against usurers I tnforgantloa famished either by or through other ? Other rssommsodattons given under febeedlngv To Prevent Bank Failures, ijpmoani 1 To prohibit offloers from tsatilipliis front their own banks; to to directors, oacept with of tbo board; to require and employsos to give surety to limit direct and Indirect to ono Individual, firm or cor to prevent or limit over r. to require certificates of de to bo signed by two directors; to sarsures on ths books of a I to limit Interest paid on de PS to authorise the establishment In tbo United States; to branches In Alaska and Insular to authorise minimum In t charges? which ordinarily * bo uoortor*?on small loans ts> authorise .e comptroller to proceedings against directors sustained by a hank through 04? ths bank act. report renews the comptroller's mendy/ions of last year for oth? !atl >n. Including the giving of authority to the comptroller to re? move directors guilty of persistent vio? lations of the bank act. ??Banks.1 says Mr. Williams, "noarty are broken, not by bank rob who have come from the out side, not by failure of customers to whom they have lent money, but by tbs tying up -or dissipation of the banks' funds through loans to their own officers and directors, or else by direct defalcations and emhessle meats by trusted officers. If these evlle are remedied?and they can be remedied If certain simple and much needed amendments can be secured to National Baftk Act?failures among 1 banks can be reduced to a bto number, or be absoluvely eliminated Mr. Williams shows there were four? teen failures durlns the twelve months ended October 81. In the last fifty years, be says, there were 208 full nrso attributable to crlmlnsl acts, while Injudicious or careless banking responsible for 194 others. m comptroller devotes much space IK BUS? MEN'S SUra JOLLY GYM ft SEKVE LUNCHEON IN PLEASING STYLE. I Talks of Alms of Business Men's Club aud Association Ideals by Messrs. OdK 1>. Levy and Supt. S. H. Ed rounds?W. M. Lovl Tells of Younj: Men's Claas and Basketball Team? O. E. Hurst Empluudzce Importance of (gymnasium Training?Dr. Bris? low Toils of Physical Examinations. There were between seventy-five land one hundred members of the Young Men's Christian Association present last night at the building whenr a most delightful supper was 'gracefully served by the Jolly Gyms, and Messrs. Oeo.vD. Levy and S. It. Edmunds told some of thdtatms and ideals of the Business Men's Club and the Young Men's Christian Associa? tion and called on the members of the latter organisation to put more in? terest into their work for the associa? tion. To tell the people of the organiz? ation of the Business Men's Club and to inject more life Into the workings of the Y. M. C A. were the chief ob? jects of the meeting and these objects seemed to be well set forth In the talks which were made. Mr. C. E. Hurst told of the benefits of the gym? nasium course and Mr. W. M. Levl spoke of the enjoyment derived from a participation in the exercises of the young men's class and the business men's class. He also called for a hearty support of the basketball team, which made a rood showing last year and hopes to do as well, if not better, this year. ? In the absence of Mr. J. Z. Hearon, who was kept away bn account of business, Mr. W. I. Whitehead, the sec? retary of the Business Men's Club, presided. Mr. Whitehead made a most efficient presiding officer and pointed out during the evening a nunw ber of objects which could be obtain? ed by the club and the association by closer alliance of the members with the association. The occasion was of the devising of the Business Men's Club. The guests assembled in the lobby [of the association building and at 1.30 were cordially invited to repair to the ladies parlor on the second floor,, where tabhea were set and the lovely young ladles of the Jolly Gyms organisation were waiting to serve the supper. The supper was not ah elaborate one, but it was charmingly served and prepared in a manner to Jslight ths palate of any man, the pprectatloB of 'the men of the ser? vices of the young ladles being shown by ths heartiness with which they ate. ? i i ii .I * .i BOAT FOR NAVAL MILITIA. Destroyer Will I*robabty be Turned Over to South Carolina Battalion. Columbia, Jan. 11.?Secretary Dan? iels today notified Oov. Manning that the Navy Department was contem? plating the loan of a torpedo boat de? stroyer to the South Carolina naval militia. Gov. Manning, in reply, stat? ed that all conditions would be met. The boat will very probably be turned over to the militia at an early date. to presenting; his Bids of'his fight with national banks to prevent the charg? ing of usurious Interest rates. Ha I gives tables of loanu by banks in dif Iferont sections to back up his charge, I aud says that complaints have come of this practice particularly directed against small banks in the South and Southwest, West and Northwest. "It is time," says the report, "for [all banks of this country to realize that the Federal Reserve Act was framed to benefit not only the banks, but also the customers of tho banks: that one of the great objects of the law was to decentralise the money of thp country; to effect a more equitable distribution of capita and do away with the old system ^y which the re? sources of our banku have been so greatly concentrated in a few cities or sections, there to be loaned out large? ly on speculative ventures, whilo in other regions money needed so urgent? ly for the legitimate purpose of in? dustry and of development has been scarce and oftentimes obtainable only, if at all. at rates Injurious if not pro? hibitory." Mr. Williams says that usury un? checked means "depopulation, hope? lessness, thriftlessness and resulting loss of producing capacity." Ho clos? es with the statement that intimate connection with the affairs of his of? fice has shown that tho large majority of American bankers are h?hest and anxious to obey the law??, patriotic and Intent on building up their communi? ties and the country. Speaking of the Federal reserve system Mr. Williams says tho with Irawnl of reserve funds from banks In tho large cities and their transfer to reserve banks has not caused the predicted "convulsion from which the whole country would suffer. ' "Tho business and commerce of the United States," he points out in this connec? tion, "have not contracted. They have expanded to dimensions never before reached." CITY COUNCIL MEETING AN NU Ali REPORT SHOWS FEWER DRUNKS DURING PAST YEAR. Number of Matters Acted on und oth? er* Deferred at Regular Meeting? TV> Put Light In Front of City Hall |- ?Levy llesigna from Board of Health?To Have City Insurance With Local Company. City Council held its regular semi? monthly meeting last night with [Councilman Booth absent. A large number of matters wore gone over I and action taken on some of them, while otherft were deferred until a full meeting of Council. . Gaston Sandlfer requested per? mission to install a gasoline Alling sta? tion in front of his garage on East Liberty street. Action was de? ferred. A request by Capt P. P. Finn for la ha^ dozen or more quick hitch suits 'for firemen was referred to Council? man Booth with power to act. Chief Sumter made his monthly |and yearly reports. He requested a policeman to take the place of W. J. McKagen, who had been elected 1 health offiser. Action was postponed. He asked that Council define Broad Street and Supervisor* White was re? quested to see if parties along the street would not give land for the Widening of the sidewalk with a view of also widening the street. The Sumter Lighting Company stated that a light could be installed in front of the City Hall at a cost $5 and'that the cost of this light, to burn all night, would be $1.50 a month, the light to be 64 candle pow? er. The company was authorized I to put in the light at once. A petition to sand-clay Chestnut street was deferred. The resignation of Mr. Geo. D. Levy [as secretary of the Board of Health iwas accepted. The election of W. J. McKagen as health officer was con? firmed. A letter from I. C. Strauss request? ing the installation of storm and sew? er drains and the planting of shade trees on Haynsworth street, on which he stated his intention to build, was received. The sewer line is' already installed on the street and Council stated its willingness to plant and care for the trees, if they were furnished. It was stated that storm drains were not nesded on this street, as the nat? ural drainage was sufficient to keep the street dry. Mr. Donnellson, representing Rock mac paving appeared to present to Council the advantages of Kis paving material, which, he stated, was prac? tically the same as bithulithlc, but much cheaper. Council was much Impressed with his statements. The agent of tho Southern Express Company asked that the license on his company be reduced from $160 to $100, which request was granted. Mr. Rowland was authorized to con? sult with Chief Sumter to 'determine the purchase o* blankets for the cells In the guard Rouse. The report of the librarian for the city library showed 3,735 books let out since June; 1,471 members and 63 new books purchased at a cost of $35.00. The police report for December showed: 67 arrests; 725 days; and $818.60 taken in in fines, making a to? tal of $963.60 for the month. Ar? rests, 67; dismissed 4; not guilty 1; transferred 1; contraband liquor de? stroyed 38 gallons, 3 quarts, 1-2 pint. The report for the year ending De cember 31st showed arrests 800; cash fines $6,408.23; number days earned 7.420. or $1,699, making a total of $8, 007.73; drunks 62, liquor destroyed, 68 gallons whiskey, one .quart, one half pint; 15 gallons 4>eer. A comparative statement with 19314 ishows: 1915 1914 Arrests., .800 938 Drunks. 62 103 Whiskey destroyed. .. 83 161 (Gross earnings ..$8,007.73 $8,024.57 A request from the Palmetto Insur? ance Company that all of the city bus? iness be given to that company through tho local agencies was favor? ably considered on condition that all I of this insurance be reinsured with other companies and the attachment I of the certificates of reinsurance be made to the individual insurar cc> pol? icies. Pope's Brother Dead, Rome, Jan. 11.?Angelo Sarto, a brother of (he late Pope Pius died to? day. He was an humble postman in tho government service. Ir a letter from Charleston on Bat" tin!..,. ?vas learned that among the changes in the otncial ranks of the Citadel Cadets, Cadet Wilson Spann, son of Mr. and Mrs. Henry Spann of this eity, was promoted from first lieu? tenant to Cadet Lieutenant and Ad? jutant, distinctively an honor and one much coveted by the corps. Cadet Spann's friends will no doubt he gratified t<? hear of this appointment which Is ?twsyt made on merit. ANNUAL MEET1K6S Of BAMS. STOCKHOLDERS GATHER TO HEAR WHAT INSTITUTIONS HAVE DONE DURING YEAR. Few Changes Made From Former Years?Statements All Show Banks to Be In Good Condition?List of Officers and Directors Named. Several of the banks of Sumter held their annual stockholders' meet? ing Tuesday and the statements pre? sented by the officers of the banks was In every instance in every way pleasing to the stockholders, as the business of the institutions during the P^st year has been very successful. In' most cases the former directors were Ire-elected and the old officers chosen. [A few changes were made. The First National Bank of Sumter I held its annual stockholders' meeting I at noon Tuesday with a full attend? ance, of stockholders, who were much I pleaded with the statement made for I the post year. The former directors Iwere re-elected, as follows: Nelll lO'Donnell, R. D. Lee, H. t>. Barnett. IE. P. Rlcker, Archie China, Geo. F. I Epperson, Geo. D. "Shore, W. B. jUpshur, H. N. Forrester. The officers, I are President, Neill O'Donnell; Vice ] President, R. D. Lee; Cashier, O.? L. jYates. I. Tho City National Bank stockhold? ers' meeting was held at the bank. All I of the former directors were re-elected I except Mr. H. J. Harby, who declined I to serve, owing to his frequent absence I from the city. Mr. A. C. Phelps was I elected'a director to fill the vacancy. I The bank's showing for the past year Ivae much better than for the preced llng year and the prospects are exceed llngly bright for business this year. I The directors of the bank re-elected Iwere: G. A. Lemmon, Perry Moses, I Jr., Geo. L. Rlcker, W. B. Wilson, IGeo. D. Levy, R. C. Williams, T. H. I Clarke, H. M. Stuckey, C. L. Stubbs, Ii. C. Strauss, W. W. Sibert, C. E. I Hurst, H. Harby, E. L. Witherspoon land A. C. Phelps. The officers of the jbank are: President, G. A. Lemmon; j Vice President, I. C. Strauss; Cashier, IGeo. L. Rlcker;-Assistant Cashier, J. IG. R. Wilder, who were all re-elected. The National Bank of Sumter held Iiis annual stockholders' meeting at lone o'clock and elected directors. The I directors will hold their meeting to Jday to elect officers. The directors I chosen were the same as last year, land are as follows: J. P. Booth, D. D. Moise, J. A. Mood, W. S. Manning, C. iL. Cuttlno, D. R. McCallum, James I Reaves, A. D. Harby, W. P. Shaw, H. IP. Moses, Richard I. Manning, H. J. IMcLaurin, Jr., R. B. Belser, B. W. ISegars, S. A. Harvln, Bartow Walsh, J?. H. Folley, H. C Haynsworth and J Bernard Manning. The statement of I the bank to the stockholders showed I that the bank had had a very success Jful year, its profits being over $18, 1000 during that time. An analysis of J the statement shows that the bank is I in exceptionally healthy condition to start off the new year. The bank J started off 1915 owing $351,000 all of I which obligations were retired during I the fall of the year. I The annual report of the Peoples' iBank at the annual meeting, of the stockholders Tuesday showed the in tstitutlon to be in a splendid condition, I its business during the year having j been better than last year. In fact j so much pleased were the stockhold? ers at the showing that they passed la vote of thanks for the officers com I plimenting them on their work during I the year. The former directors were lelyected, being Messrs. L. D. Jennings, IB. C. Wallace, F. K. Holman, P. B. Harvln, C. C. Beck, J. W. Shaw, M. I Green, W. T. Brogdon, J. M. Bran? don, C. P. Osteen, R. K. Wilder, F. D. I Knight, Joel Davis, W. Sv Reynolds, W. Perclval Smith,. Mr. S. W. Stubbs resigned as vice president on account of frequent absence from the city. The officers elected were: President. L. E'. Jennings; First Vice President, B. C. Wallace; Second Vice President. R. K. Wilder; Cashier, S. M. McLeod; Assistant Cashier, A. M. Broughton; Bookkeeper, B. C. Wallace, Jr. PERSIA WAS UNDER CONVOY. {Consul McNjecly Wrote Steamship Would lie Guurded All the Way. ? Wilmington, N. C, Jan. 11.?The British liner Persia, sunk in the Medi? terranean, left London convoyed by cruisers and destroyers and the escort was to be maintained "all the way," according to a letter written by Con? sul Robert Ney McNeely, who was lost when the liner went down. The letter was addressed to his mother, Mrs. W. R. McNeely, at Waxhaw, N. C, wa* mailed at Essex, England, Dec. 18, the date the Persia left London for Alexandria, Egypt, and was made public here today by M. Pratt McXce ly, brother of the late consul. "We aro starting out from London on tho Persia, a very good steamer, convoyed by cruisers and destroyers all the way, so it is said passage on this steamer is entirely safe," wrote Consul McNeely. He added that an? other letter would be mailed from Gl brsltar the ensuing Friday. GARRISON ON CONSCRIPTION. SCOTT SEES NO OTHER POSSI? BILITY TO GET MEN. Nearly 2,000,000 Men Would be Neces? sary in Case of War, Staff Chief As? serts. Washington, Jan. 10.?Universal military service in some form in the United States, possibly the require? ment that all men between 18 and 21 be given at least six months training, as a substitute for the volunteer sys? tem was discussed today before the house military committee by Maj. Gen. Scott, chief of staff of the army. j Gen. Scott told the committee that the United States would need an larmy of nearly 2,000,000 men in the j event of war. It developed during the hearings that there are more than 4,000,000 men in the country be Itween the ages of 18 and 21 and that 1700,000 reach the age of 18 annually. 1 Short of a universal military re? quirement, Gen. Scott thought the I administration's continental army plan offered the most workable solu? tion of the nation's military problems, j If the plan failed, he said, there was Jno escape from compulsory service. I Every country in Europe, he added, I realized the truth of this and Eng lland might better have realized it sooner. With military study impos? ed between 18 and 21 as a patriotic [duty with nominal pay he thought it {would cost the nation no more for Ian adequate force than to maintain its present establishment, j Gen. Scott's statement that the [country would need an army of [nearly 2,000,000 In the event of war [was questioned by Representative Anthony, who asked if It would not I be a physical impossibility for any J power to land 500,000 men in the United States In a period short of 60 days. Citing a table prepared by the war college division of the gen? eral staff under date of August, 1914, Gen. Scott said Austria-Hungary had the ships and men to send a force of 72,000 In a first expedition and 1108,000 in a second within 60 days. I "What would become of the 72. 1000?" Representative Anthony asked, j The general said that If they were well established with adequate big I guns they would be hard to dislodge I before reinforcements arrived. France, the added, could send 170,000 men in jthe first expedition and Germany I S87.00Q. Gen. Scott disclosed that the war {department had prepared estimates I for six mobile coast defense guns of I calibre probably greater than 12 I inches to be fired from railroad cars lor hauled on their own carriages by I motor trucks. He said he understood I that many contracts held by Ameri? can firms for ammunition and arms I to be exported were now a year old I with no deliveries because of the {time required to equip plants. For (this reason he favored concentrating I in advance all necessary guages and tools to convert commercial plants to I the needs of the American army in [time of war. I The committee will resume its {hearing next Wednesday with Maj. I Gen. Bliss, assistant chief of staff, Ion the stand. PERSIA VICTIM OF ACCIDENT. May Have Been Sunk by Internal Ex? plosion. Washington, Jan. 11.?Information contained in some of the affidavits taken from the Persia survivors has caused government experts here to consider the possibility that the ship might have been sunk by an internal explosion rather than by a mine or a submarine. No final opinion has been reached. The cabinet was in session more than two hours today and it was un? derstood that the submarine question, including the Lusitania case, was dis cssed. President Wilson and Secretary Lansing now are awaiting word from Berlin on the Lusitania settlement, j They expect the case will be closed within the next week. I Extension of German and Austrian assurances regarding submarine war? fare in the Mediterranean to their allies is still under consideration, but it was said today that no definite steps had been taken. KING ARRESTED AGAIN, Florence Man Released on Bail Has Brief Freedom. Florence, Jan. 11.?R. H. King, ar? rested Sunday night for shooting Buck Simpson and released this morning on bond, ran amuck again today in the north Florence section, where the shooting had occurred and was rearrested. The negroes of that section fear him greatly and have ap? plied to the police for protection. He was rearrested within two hours of his release for going to the house of Joe Nelson, seeking again the -negro woman, Lula McNeill, or Williams. This case will he heard by the re? corder in the morning. STRIKE GALLED OFF. MEN ACCEPT OFFER OF YOUNGS TOWN COMPANY. With Cliange in Situation, Command? er Expects to Order National Guard Away. Youngstown, Ohio, Jan. 11.?Fred C. Croxton of Columbus, Ohio, media? tor sent here to adjust the wage dis? pute in this district, announced to? night that tho strike of the workers at the plant of the Youngstown Sheet and Tube company had been declared off. The men at a mass meeting to? night voted to accept the company's offer of an increase in wages amount? ing to about 10 per cent. The men voted to return to work tomorrow. The plant employs 9,500 men, not all of whom, however, have buen on a strike, although they were com? pelled to quit work. Mr. Croxton is endeavoring to settle the strike at the plant or the Republic Iron and Steel company and conferences of repre? sentatives of the company and strik? en* will be resumed tomorrow. Announcement was made at head? quarters of Brig. Gen. Speaks, In command of the two regiments of Ohio National Guard here, that as a result of the change in the situation, an order for the withdrawal Of militia probably would be issued tomorrow. John D. Rockefeller, Jr., in a tele? gram received here late today, denied charges made by Thomas H. Flynn, general organizer for the American Federation of Labor, that the Rocke? feller interests were in any way in? terested in the proposed merger of big independent steel interests or were directly responsible for the riot? ing in Youngstown last Friday. Mr. Flynn in his statement said that the riot was part of a plan to press the stock of the Youngstown Sheet and Tube company so that con? trol could be obtained and a merger effected with several other com? panies, in which the Colorado Fuel find Iron company was to be Includ? ed. When the telegram was received Mr. Flynn at once replied that he would, if Mr. Rockefeller desired, submit to him the source of his in? formation. J. C. I)unbar Pleads for McLaurin's Retention. Editor Daily Item: In casting about, we see John L. McLaurin has some opposition as a candidate for re-election to the po? sition of State warehouse commission? er. The writer has a slight personal acquaintance and a general public ac qulntance by reputation with the gentleman who Is in the field to op? pose McLaurin and thinks he is a man of high motives and considerable personal ability, but does not believe there Is another man In the State who can handle the warehouse systenh as the present commissioner ban at this stage of the institution. He is the father of It and has studied It In all of its phases and now must be fh a position, after looking after all of its details for one year, to suggest reme? dies for all of Its defects, If any there be, that it may be brought to a state of perfection. While its enemies have fought it and tried to overthrow it, McLaurin has stood to the helm and steered it clear of breakers and many of the voters of South Carolina have been benefited thereby. This is no time to trade horses, for we need one now that has already worked in the harness and is pretty well trained. The system still has its enemies who would like to see it blotted out of existence and should the- legislature make a mistake in putting the wrong man at the head of it and it come into dis? repute through mismanagement, the agricultural element of the State would lose a great benefactor. A conference between Gov. Manning and Commissioner McLaurin to look into all of the features of the sys? tem was mentioned in the papers some time ago and with a combination of such brains behind it, it must develop into a great power for good. The governor is a man,of fine business per? ception and, McLaurin, having had one year's experience In the manage? ment of the system, the two can of? fer an amendment to the act establish? ing it that will cover all of its de? fective features..^ It would be an ex? tremely bad blunder should the legis? lature elect a man to that position, matters not how pure his motives may be, who under the present conditions would intentionally do something that would Injure it In tho eyes of those who are willing and ready to put their money in cotton, secured by State warehouse receipts. McLaurin put his might and soul in the fight, opposed by many obstacles, in getting the bill through that established the State cotton warehouse system, and to put him out at this stage of the proceed? ings would show the spirit of an In* grate on the part of those who favor It and that of destruction on the part of its enemies. It is hard to conceive that the voters of the State will stand for any such action by the legislature. J. C. Dun bar. Dalzcll, S. C, January 10, 1910.