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WILL NEW BANKING
* LAW PREVENT BIG GOLD EXPORTATION? About $22,000,000Worth Has Been Sent Across Water Since January 1 MOVEMENT, HOWEVER, IS NOTHING UNUSUAL | No One Is Bold Enough to Say That Tariff Has This Early Had Any Effect on It—Controlling Foreign Exchange Br HOLLAND. New York, May 22.—(Special.)—If the federal reserve banking system were now in operation would there be attempt to limit or prevent completely the exportation of gold which is now in progress? was a question put today to some of the ex perts, and particularly to some who are familiar with foreign exchange. Since the first of the year about $22, 000,000 in gold have been exported. The recent outward movement up tp the mid dle of May was about $6,000,000 in gold. Nobody seems to be able to speak with confidence respecting the ability of the federal reserve banking system to control the outward movements of gold. Some times the remark has been made that pos sibly some features of the system may tend to drive gold out of the country. On the other hand, it is said that in theory the federal reserve banking system should control the outward movement of gold partly through its authority to fix the rate of discount, but chiefly by its ability to control the foreign exchange markets. Pre sumably it chould invest such part of its surplus funds as were deemed wise to use for this purpose in securing foreign exchange and then selling it in such man ner as to control the market price, there fore bringing the control of gold exports into its hands. What is of more Interest at the present time respecting this gold movement is the as yet unanswered question: Is the move ment due to trade conditions or is it to be explained by unusual conditions? What is meant by those who ask this question is this: Is there again a tendency in for eign markets to sell American securities in the confidence that the American mar ket will be able to absorb them? If there be such selling, is it in amounts suf ficient to explain in part the movement of gold across the sea? Presumably if American securities are belhg sold in this way the transactions do not reflect any lack of confidence in American properties but do reflect any lack of confidence Jn American properties, but do reflect peculiar conditions which now prevail in other lands than our own. Does the Tariff Affect It? Another question which is asked with f>ut authoritative answer as yet is this: Is the movement of gold at the present time to he explained by the effect of the new tariff law? The aggregate of our ex portations of commodities lias fallen off as compared with the record made last >ear and the year before, whereas we are importing more goods than heretofore. Yet the apparent trade balance—that that somewhat arbitrary incomplete fig uring w'hich has now many rears mane it possible to report that the other parts of FIRST USE OF RESINOL STOPS TERRIBLE ITCH When Other Treatments Gave Xn Keller. Suffered Fight Years, Hut Heslnol Cured In a YVrek Jan. 27, 1914; "I suffered over eight iyears with eczema. It started in one little place and kept spreading until it covered my hands. My hands looked like they had been burned by fire and peeled off In large pieces until they were only raw flesh. I was told it was eczema. It Itched and burned me so lhat I could not sleep at night. I tried til sorts of eczema salves and one pre tcription after another but nothing gave me any relief until I tried Reslnol Soap and Reslnol Ointment, and after the first application my hands never Itched or burned again, and were well in one week. I want every sufferer from tezema to know that they can find a mre in Resinol." (Signed) Miss lithel Scott, Milstead. Ga. Reslnol Ointment (60c and 61.00), Ind Reslnol Soap (25c), stop Itching Instantly and speedily heal eczema, and ather skin humors, pimples, dandruff, fores, burns and piles. Sold by every Jruggist. Don’t be fooled by "substi tutes'1 for Reslnol offered by a few un acrupulous dealers. For free trial, <vrlte to Dept. 14-R, Reslnol, Baltimore. Suction Saves Clothes The washboard wears out clotlies. Modern suction wash ers protects them. The Excelsior 1b equipped with the best s machinery modern invention has devised. Save your clothes . from wearing by sending to Excelsior 1 ry 1805-1807 2d Avenue Phone 5312J5313 Main the world have bought more heavily of ua than we have of them, and in that way" there has been established a physical or apparent trade balance in our favor—Is likely to be this year a good balance. The best estimate is that early in July It will be possible to report that in the present fiscal year a vsible nr apparent trade bal ance of $600,000,000 in favor of the United States has been established. No record is kept, nor could any be kept, of the sale of American securities in the foreign markets, nor is any record kept, since it would be impossible to keep one, which would show what the United States is paying in the form of dividends or in terest upon American securities held abroad, nor is it possible to get more than a rough estimate of the amount of money which is put in American letters of credit. Yet. in any event, it is deemed by those who are qualified to speak that it is too soon to assert that the affect of the new tariff law is to be observed in the ex portations of American gold. Some in the financial district have hinted that the first operation of the federal reserve bank ing system will tend to cause gold to leave the United States for a time. It Is Nothing New The movement of gold this year from the United States to other lands Is not an un usual movement. The record of recent years shows that we have furnished Eu rope and South America with gold In the early months of the year. This often re flects special transactions; It has nothing to do with trade movements. With money In plenty and with an abundant supply of gold such as we now have. It is natural enough that the American markets be sought, since It has been for some years, the best market In which to obtain gold. Controling Foreign Exchange The statement is made In the financial districts that when the new banking sys tem Is In thorough operation It may be so utilized as to control the movement of gold from the United States to other lands. This could be done, the experts say, through accumulation of foreign exchange and the marketing of that foreign ex change in such manner as to control the market. Yet this Is not always an easy transac tion. It Is not as arbitrary a transaction as the establishing of the discount rate would be. How difficult the accumula tion of foreign exchange with intent to control gold movements may be Is best Il lustrated by the experience of the late J. P. Morgan. Once only In his entire ca reer did Mr. Morgan stand for many weeks with his hack to the wall fighting an almost irresistible financial tendency. Mr. Morgan's Intimate friends since his death have said that although at other times he fought hard, yet never did he fight so desperately for the maintenance ' of a purpose as he did at the time whert In loyalty to his pledge to President Grover Cleveland he determined to prevent the exportation of gold. Mr. Morgan's ar rangement with President Cleveland whereby the United States treasury was to be furnished some $60,000,000 of gold, and then this gold he so protected as to iprevent the operation of the endless chain Is now one of the traditions of our finan cial history. Mr. Morgan agreed with the President to prevent, if possible, the withdrawal or this gold from the federal treasury for exportation for a period of about six months. The method by which he pur posed doing this was simlliar to the meth od the federal reserve hanks would adopt in case they undertook to pre vent the exportation of gold of foreign exchange. Mr. Morgan, however, ventured upon an unprecedented undertaking. He and those associated with him were to stand for some six months between the federal treasury and foreign demands for American gold. Tn no other wav could this protecting barricade be built than by tlic accumulation of foreign exchange, so that when a demand for gold was made the exchange could b* furnished with which to meet the demand. The transaction caused the United States to be raked over for the purpose of securing exchange. Every expedient every factor in the difficult and great problem of foreign exchange, was util Izled by Mr. Morgan and his associates, but there were days when it seemed as though these resources would not avail. Those were the days when Mr. Morgan stood with his back to the wall fighting for the protection of American gold. His struggle was a successful one. but It Is likely again to he undertaken by any other American flancicr. The federal reserve banks, with their great resources and their far-reaching Influences which cover the entire country, might be able more easily to accompllsn what Mr. Mor gan undertook to accomplish and did accomplish, and yet they might meet with some of the difficulties against which Mr. Morgan struggled. OAKMAN SCHOOL HAS SUCCESSFUL YEAR Oakman, May 22.-(Speclal.)—The grad uating exercises of the Oakman graded echoed were given at the Methodist church Thursday night. At the opening of the exercises the Oakman Glee club sang a chorus, "The Violet" (Dvark Bllss). . Following this was the presen tation of honor badges by the principal, T. J. York. The graduating address was delivered by Charles B. Glenn, assistant superin tendent Birmingham public schools. After a few preliminary remarks to the audi ence, in which he spoke of Alabama's Im provement In an educational way, though ranking near the bottom according to statistics, Mr. Glenn then directed this at tention and remarks to the graduating class. This closes the third year of very suc cessful work In this school with Mr. York as principal. This school employs seven teachers and gives three years of high school work. GIRARD TO VOTE ON SCHOOL BOND ISSUE City Council Pane* Ordinance Calling for Election July 6 for $20,000 Bond Iaaue Girard, May 22.—(Special.)—The Girard city council at last night's meeting Intro duced an ordinance submitting to the vot ers of the city on July 6 an Issue of 120,000 worth of bonds for the purpose of build ing a modern seboolhouse to replace the frame structure now in • use in North Girard, and for certain other Improvement to some of the main atreeM and bridges of the city. It Is thought the Issue will be author lsed almost without opposition. The bond ed Indebtedness of the city at the present time is less than 110,000. FLORALA VISITED BY DISASTROUS FIRE Florala, May 22,-Flre destroyed here last night the Florala opera house, owned by T. L. Britton, D. A. Ewing and Gordon Williamson, Qulllln Brothers drug store, J. N. McClung & Co.'s office and electri cal supply house, and J. H. Burgess' garage. The Joss on the opera house will exceed the Insurance by about $10,000. It Is said that Qulllln Brothers lost about $3000 worth of stock. J. N. Mc Clung & Co.’s and Mr. Burgess' loss will be light on account of the fact that most of the stock was saved from these plaOea. GOVERNOR GRANTS CLEMENCY TO TWO Montgomery. May 22.—(Special.)—Execu tive clemency has been extended to two i persons by the governor. Eugene Naftel, a deputy sheriff of Montgomery county, who was lined $60 and cost for carrying concealed weapons, had his line remitted by the governor upon the payment of the cost In the case. .The governor also paroled Jim Ford, who was sent up from Dellas county to Utloned i - . - FINALS UNDER WAY AT JUDSON COLLEGE Art Exhibit Held in Marion Friday Morning - ENDOWMENT FUND I Trustees Find Affairs ftf Allege in •Splendid Shape—Birmingham Cirl in Expression Recital Marion. May 22—i Special. I—The an nual art exhiibt of Judson college was held this morning from 10:30 to 12:30 and was attended by a number of en thusiastic art lovers as well ns the townspeople. The exhibit of the ses sion is unusually large and the work of the classes far better than the aver age of Judson work In this department. Quite an Interest has been developed in the school this season in the in terest of art. by the holding of special levees during the session to which have been Invited a number of visitors, thus creating a new interest in this branch of the college work. Tile department has been under the direction of Miss Laura Bacon for a number of years. Affairs in Good Condition The board of trustees held a pre liminary session today to audit the hooks and clear away the work for the Saturday session. They repoil the books in first class condition, all the college funds accounted for and the school In a good condition. The board will recommend the establishing of the department of domestic science, which has been under way for several months. This Is a much needed work in the school, especially since other colleges have adopted similar courses. The selection of a vice president to succeed Dr. P. V. Bomar. who was pro moted to the presidency last year, will come up at this session and the board will recommend to the state Baptist convention the election or the Rev. Richard Hall, who, until recently, was pastor of the Baptist church at Ever green. Mr. Hall is now* a member of the Judson faculty, having been elected a few months ago, when it became im pe native that another male professor be added to the faculty. Mr. Hall was educated In England and came to Amer ica while a young man. He located In Montgomery and afterward attended the Southern Baptist Theological sem inary at IjOUlsville. As a pulpit ora tor he has been quite successful and as an educator, his success Is assured. Tonight the grand conceit Is being given at the alumnae auditorium to one. of the largest and most enthusi astic audiences assembled In Marlon this year. Many Visitors Present Quite a number of visitors have ar rived. attracted to the close of the com mencement of the year. It la possible that Sunday will draw the largest at tendance of the week, which w ill equal other years with the exception of the unusual attendance of last year, due to the seventy-fifth anniversary. WEEVILS BROUGHT TO GREENVILLE Specimens of Cotton Pest Brought to Town by Prominent Planter of County Greenville, May 22.— (Special.)—R. P. Atkins, a prominent planter of Mon terey. about 2(1 miles west of Greenville, in this county, brought to town today specimens of boll weevils. These are the first to be reported In this section this season. From appesrances the cotton Is infected to a large extent. A Chautauqua rally was held last night at Forest Home, near here. Dr. Orr of the state health department made an ad dress and a number of musical numbers were rendered. The purpose of the rally was to create interest in the Chautauqua w hlrh begins in Greenville on June 12 and will last one week. The naval stores business In this sec tion Is at present on a boom. Three cars of rosin snd turpentine are shipped weekly from Greenville. This industry is putting quite a large sum of money in circulation, and It is rumored that an other distiller will soon begin the build ing of a still. Articles of Incorporation Montgomery. May 22.—(Special.)—Papers reporting the incorporation of the South east Alabama Fair association of Dothan were filed in the office of Secretary of State Cyrus H. Brown. The new fair as sociation has an authorized capitaliza tion of $20,001). with $1.3,000 paid In. The Incorporators are J. R. Crawford and others. VANHOOVER FARM SOLD FOR $75,000 R. A. Cromer Purchases 1800-Acre Perry Planta tion Near Gallion j Vnlontown, May 22.—(Special.)— R. A. Cromer has purchased the Vanhooer plantation, about five miles from Gallion. This tract of land, containing 1800 acres, was bought for $75,000. Including the com plete equipment, and contracts now in force for this year, with the present crop progressed as It has for the year* The deal transfers to Mr. Cromer all the stock, cattle and everything. He will take charge at once. Mr. Cromer re cently sold n plantation of 1000 acres near Gallion. The contract for the erection of a new residence for E. R. White lias been let to Mr. Austin, who is building the Presby terian church. This work will lie started at once and rushed to completion. It will be located on the lot In the rear of the Whitfield home. Val Taylor has demonstrated the value of the canbrake soil as an oat producing asset this year on his firm in Ella white. There are 200 acres of well ma tured oats ready for harvesting. Many other farmers in this section have good oat crops and a number of binders have been brought in this year. 26 CASES PUT OUT BY THE SUPREME COURT Judgment of Jefferson Circuit Court Affirmed in Awarding Merchant Damages for Fire Loss Montgomery, May 22.—(Special.)—Twen ty-six cases were put out by the supreme court today together with a dozen or more rulings on applications for rehear ings. None of the cases was of any great importance, nearly all of them pertaining to suits for damages and relating to chan cery proceedings. The supreme court affirmed the Judg- ! ment of the Jefferson circuit court In awarding $3021.33 to R. W. Draper, a mer- ' chant near Hessemer, for loss sustained when his stock of*"goods was burned in 1910. The defendant in the trial court was the Pennsylvania Fire Insurance com pany, which had insured Draper’s stock of goods. The company refused payment on the ground that Draper had violated the “Iron safe clause’’ in that he hud not kept an inventory of his stock In his safe. An interesting, though minor, case put out by the court was that of Robert H. j Slaughter against Sarah Slaughter, ap pealed fro mthe Gadsden city court. The ' case grew out of an effort on the part i of a negro Masonic lodge at Gadsden to locate the beneficiary of Jacob Slaughter, • who had ben a member of that fraternal j organization. The lodge was prepared to pay $500 to the proper beneficiary, and 1 asked the court to determine that ques- l tion. ( Sarah Slaughter claimed to have been \ the wife of the deceased and Robert 1 Slaughter, b son, claimed that she was not. The lower court decided in favor of 1 the woman, and the supreme court' at- 1 firmed the case. 1 GREENVILLE SCHOOLS ! CLOSE FOR THE TERM I Commencement Exercises Last Night t With Address to Graduates by Dr. Bateman of Troy , — Greenville. May 22.—(Special.)—The j Greenville public schools close the most 1 successful year in its history Friday. * Commencement exercises were held at the ^ Greenville opera house. Dr. R. J. Rate- 1 man of Troy delivered the annual address. ] The graduating class was composed of I Miss Annie Traweek, Miss Sarah Thomp- ' son, Miss Vida Roberts, Miss Louise Par mar, Miss Zelma Grimes, Miss Ruth Whitehead, John L. Frazer, Edward ’ Mitchell and James Hay good. If the school is furnished during the present summer with the greatly needed equipment, the work that will bo ac complished will far surpass that of this year which has been far better than any 1 previous year. 1 Greenville is very enthusiastic over the ] approaching Chautauqua work. All of the clubs and their committees are working In the interest of the Chautauqua. Reduced 1 railroad rates to Greenville during the 1 ^eek have been granted, and people from nearby towns will have an opportunity > of enjoying the refined entertainment. - i THROUGH SLEEPING CAR SERV ICE DAILY BETWEEN BIRMINGHAM AND SAVANNAH* OA„ EFFECTIVE MAY 2ft. LEAVE BIRMINGHAM SiftO P. M., ARRIVE SAVANNAH 7>S0 A. M. VIA CENTRAL OF GEORGIA RAIL- i WAY. Highway Will Be Contested For by Three Pikes Out of Huntsville Huntsville. May 22.—(Special.)—The lo cation of the#1914 model state highway will ho contested for by at least three pikes loading out of Huntsville, and a selection will he made by the county commission ers at their first meeting In June. The residents along three pikes have made substantial offers of supplementary sub scriptlons, the amounts of which will have a distinct bearing on the selection of a route for the highway. The state and county will Ppeud $2000 each on the model road this year and more than this amount will probably be raised by subscriptions among the property owners. Henry H. Balch for 11 years a teacher In the government service in the^ Philip pine Islands, lectured to the students of the city school today on "Customs in the Philippines and My Tour Through the Orient.” Professor Balch has recently en tered the consular service of the United States and is here at his home In Madi son county awaiting assignment to some Spanish-Amertcan post. ' Herbert A. Pettus of this city, for the ; last year principal of the New Decatur High school, has been elected president ( of the State High school in Covington , county. J William A. Anderson. Jr., principal of 4 the Huntsville High school, lias been elected president of the Virginia Agricul tural school at Lebanon, Va. Albert C. Mitchell and Miss Gladys M. Price of Atlanta were married here Fri day at the First Presbyterian manse in the presence of a small party of friends, the Rev. Francis Tappey performed the ceremony. The couple met only a few hours before their marriage and they made a new speed record in courtship. EXERCISES AT END AT NOBLE INSTITUTE Commencement Address Delivered Be fore Young Ladies at Anniston by the Rev. J. D. Wing Anniston, May 22.—(Special.)—The com mencement exercises at Noble institute. Anniston’s school for young women, came to an end Thursday evening. when the Rev. John D. Wing, rector of Grace Epis copal church of this city, delivered the baccalaureate address and delivered diplo mas to seven "sweet girl graduates"— Misses Irene Beck, Thelma Dunn, Helen laedbetter, Addle Mol'aft, Sara Powers, Susie Swift and Marion Walter. Dr. Wing's address was on the topic, "Feminine Ideals in the Modern World.” He declared that Christianity has not only exalted womanhood, but that in so doing It has changed the whole world ideal if heroism. The virtues that were once looked down upon, he declared. as being womanly, such as patience, gentleness, meekness, humility, self restraint, and which any able-bodied man once would have scorned, are today the very virtues )t which our best men would be proudest. This is explainable in n large degree be cause of the fact that Christ Himself was a type of the feminine mind; that as He was represented as man, so lie was also I to the highest extent representative of all that was best In woman." In concluding his address, which was listened to with rapt attention by the large number in the audience and on the stage. Dr. Wing stated to the young ladies that this fact of the elevation of feminine Ideals imposes an obligation .thus develop ing the idea of "noblesse oblige.” The awarding of prizes was ns follows: Miss Lovel Collins, from the primary de partment. awarded by Miss Miss Lea; Miss Edith Mabry, a special prize in my thology. by Miss Harmar; Miss Elaine Lock, best deportment, by Miss Middleton; Miss Addle McCaa. in English and mathe matics; Miss Irene Beck, in I*atin. HAY INDUSTRY MEANS MUCH FOR PICKENS Carrollton. May 22.—(Special.)—A large party of citizens, about fio in number, from this section, visited the alfalf0._a.nd stock farms located In the southwestern 1 portion of the county, near Cochrane and Dancy, yesterday. At Dancy dinner was served the party and quite an Interesting and Instructive lecture was given by N. A. Negley, government silo representa tive of Auburn. The alfalfa crop in that section is fine and the hay industry is meaning much for the people since the boll weevil made his appearance. That portion of the county, west of the Tombigbee river, has been made a tick eradication dis trict and eight dipping vats will be In stalled for the purpose of freeing the cat tle of the tick. Smart Summer Oxfords with “that English look,” whatever that means, Made by “Boyden”—America’s finest shoe makers—with ALL that that means. Tan Russia, Patent, Viei, Call’ and Gunmetal, in this soa SiiT.$6 $6.50 $7 $7.50 Porter Specials -all leathers and go^d styles— , $3.50 to $5 ■ 1922-1924 First Ave. “In the Heart of Birmingham" GADSDEN STREETS TO BE OILED THIS SUMMER Coat Will Be Assessed Against Abut ting Property—Commission Form May Be Revived Gadsden, May 22.—(Special.)—Four o»* five miles of streets will be covered with white oil to abate the dust nuisance this summer. This action was ordered by the council at its meeting last night. It was decided to assess the cost against abut ting property. The ordinance will be made final in spile of objections. Forest avenue, Walnut. Chesnut, (’berry. Locust, Fourth, Fifth, Sixth ami Twelfth streets w III be oiled. Much routine business was transacted. A movement for •’.omuilssion govern ment may again ne Inaugurated. This movement has been starteu several times, but without success because citizens are dissatisfied with that clause <>f the law which provides for appointment of com missioners by the governor. One Etowah county woman lias been drawing a pension from the state, al though her husband served In a Massa chusetts regrment. This Information was given by Capt. J. T. Brooks, who Is as sisting veterans and their widows to trove their claims before the state pen sion board. He would not divulge the woman's name, but says he will assist her to secure a pension from the federal government. Local progressives are enthusiastic over the political situation in the Seventh dis trict, as well as in the nation. They ex pect to make a fight in November for this district, and among possible candi dates for Congress are A. K. Good hue, Sumter Cogswell of St. Clair county, Thomas H. Stephens ami M. \\\ Howard, The poller today began making arrests of those delinquent in the payment of the privilege license. Sev< ral cases were heard In police court today and light fines were assessed. ii ji—ii it if ii -ii jiii I AIN’T got much time f’r a toothless dog. I’d ruther 2 hev one with teeth, thet’s hed the bite cured outer him by a couple o’ years kind treatment. An’ same with tobacco. : • VELVET, the Smoothest Smoking Tobacco, is a man’s real pipe smoke, with the bite taken out ■ by two years' ageing. Full weight 2 oz. tins, 10c. Jl3C=ZlL-^LI3CIDD[ZriC7Z][==3C Notice to Customers Effective June 1st, 1914, all business heretofore conducted at our Woodlawn branch office will be transacted at our main Bank at 2nd avenue and 21st street, Birmingham, Ala. On and after said date all checks drawn against balances on our Woodlawn branch office will be paid at this bank. The Jefferson County Savings Bank By Wm. C. Sterrett, Cashier lorado The simplest diversion out in Colorado gives you the keenest kind of joy—it’s the envtron?nent! Surround yourself with Colorado’s grandeur and it doesn’t much matter whaf you do, because just being there brings* back boyhood’s eagerness for every form of fun. thru sleepers to Colorado Frisco is the short-cut. cool route to Colorado, via Memphis and over the Ozark hills. Splendid electric lighted Pullman sleeping cars thru from Jacksonville, Atlanta, Birmingham, and Memphis to Kansas City and Denver, beginning May 14th; and from Hot Springs, Little Rock and Memphis to Kansas City and Colorado Springs, beginning June 1st. Modern electric lighted chair cars and dining cars, serving Fred Harvey’s known meals. '■ riM out how low the fare* are to Colorado and bow little a vacation there need \ cost. Write or call for a beautiful book about Colorado* and full information. 'igor, District Passenger Agent, 106 N. 20th Street, Birmingnam, *la.