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; PUTS GOLD POOL Steps to Be Taken at Once to Secure Subscriptions From Banks VALUE OF CENTRAL CONTROL IS SHOWN Hundred Million-Dollar Fund Is' Expected to Be Greatest Assist ance In Bestirring Interna tional Trade Affairs By HOl.l.AND New York, September 24.—(Special.) The apprehension lest the federal reserve board would be unwilling to approve the proposition that the hanks of the na tional reserve system subscribe, propor tionately, to a gold pool or fund for the purpose of protecting and assisting Amer ican merchants, manufacturers and ex porters was groundless. When the plan was first brought to the attention of the federal reserve board it received neither approval nor disapproval. The under standing in this city was that the board was inclined to think that it would be worth while to wait until the underwrit ing syndicate in New York city had com pleted its plans for paying the indebted ness of New York city, $82,000,000 in all, which is duo before the first of the next yea r. That underwriting syndicate has been remarkably successful. New York city’s embarrassment is ended and the credit of the city is to be maintained even though to do that the New York bankers are compelled to part with $82,000,000 in gold. There having been satisfactory demon stration that this underwriting syndicate has been successful, the proposition was again brought to the attention of the federal reserve board that a large gold pool he established by the banks which are members of the national reserve sys tem. Apparently the federal reserve board was of the opinion that the amount first proposed as the maximum of this pool, $150,000,000. might be too large. For that reason the board recommended that the subscriptions be not in excess of $100, 000,000* in gold. While there Is no authoritative or for Your Hat Is the most important part of your j apparel. The smartest dressers in town tell us these swell shapes and beautiful shades in the 1914-15 models— Stetson, No-Name Imported Hats Are the "last word” in fine hats. The prices are: $3 to $6 Get Yours Today Yeatman-Baugh Co. j Brown-HIarx llldg. •Ino. T. Yrntmnii J. D. llaugli |-Hi*--1 The Bank That "jP Makes Friends While every bank must be VAiuW conservative, the Jefferson County' Savings Bank has made friends by the accom modating manner in which it conducts its affairs. Ijff It renders all its customers § the many little services |||| which are possible without |||| sacrificing safety. ||| Jefferson County || Savings Bank Capital and Surplus (ill $750,000.00 ■ ■ -VIA Southern Railway Premier Carrier of the South Tickets on Sale October 4,5,6 and 7 Limit 17th; can be extended until Nov. 17 FORD AUTOMOBILE OWNERS,' ATTENTION? We Issue ■ Special Ford Policy For S.VLOO. Covering LIABILITY—Covering Personal Injuries PROPERTY DAMAGE—Covering Damage to Property of othera COLLISION—Covering llnuiugr to Your Car Phone Main 607 and We Will Gladly Call On Yon CLARK UNDERWRITING AGENCY CLARK BUILDING A mal statement obtainable of the reasons why the board recommended $100,000,000 in gold instead of $150,000,000, still the intimations are plentiful that this was done in response to sentiment held by a large number of the banks which do business at some distance from the chief financial centers. These banks would be obliged, upon the organization of the regional banks, to part with some portion of their gold reserve which is to be paid into the re gional banks. If, in addition to this, the banks were to subscribe to a gold pool of $150,000,000 each according to its pro portionate strength, then there was some apprehension that many of the interior banks would feel that they had too greatly depleted their reserves. It was in recogniion of this sentiment, probably, that instead of $150,000,000 in gold, as at first proposed as the maximum of the gold pool, the amount was fixed at $100, 000,000. What the Result Will Be The moral support of the federal re serve hoard is now assumed. Therefore it is certain that an attempt will be be gun to establish this gold pool and to do it as quickly as' possible. As no na tional bank Is under compulsion to sub scribe to the pool, there will be, of course, a good deal of curiosity and possibly some anxiety about the result of an appeal of this kind to the national banks. The proposition involves no more than a voluntary and somewhat artificial method of getting around the embarrass ment occasioned by our lack of any cen tral or unified bank for the United States If there should be established an inter national clearing house and at the same time the federal reserve board should undertake to act, as far as in its power it may act, as a unified bank for the United States so that there may be deal ings with the central banks of Europe, then it is likely that a long step in the direction of the reinstatement of normal conditions will have been taken. Very likely Congress may be persuaded at Its session next winter so to amend the national banking act as to make it pos sible for the federal reserve board easily and quickly in emergency to assume t/ie functions of a central or unified bafik. The experiences since August 1 have clear ly demonstrated the need of an organiza tion of that kind. The federal reserve board is to have great power so far as mobilizing the resources and centralizing the credit are concerned, but there would undoubtedly be a still greater facility for the exercising of these functions if there vver« a unified bank over which the fed eral reserve board stood in complete au thority. A Great Object Lesson The United States is now learning, or at least has an opportunity to learn, a les son which in the past has not been taught, or if anyone tried to teach it the instruc tion has been disregarded. The country as a whole is now learning how essential it is that there be in the United States a great market place where quotable values for securities can be ascertained and where transactions in securities can be carried on. For it is now evident that there can he no important revival of busi ness activity in the United States until the securities market is open. The best authorities in this city are now persuaded that not at any time since credit has been utilized almost exclusively in the carrying on of business and in the con duct of financial operations has there been a problem of such magnitude and dif ficulty as is the one which now not only the American people, but the commer cial and financial peoples of the entire world, are facing. One of the difficulties which must be overcome before the prob lem is solved lies in the fact that the sit uation is without any precedent. The world has never known a financial leader ship and economic Ability must be called upon before there will be any solution of the problem. So far, the financial leaders in the United States seem to have been fully equal to their great responsibility. There is not the slightest evidence that any of these leaders either sees or seeks opportunities for money making. The underwriting syn dicate which has arranged for the pay ment of New York city’s existing obliga tions in no event will receive more than 2 per cent ns compensation and runs the risk of meeting with less. The great hank ers of New York, Boston and Chicago, in association with some of those of St. Louis. Cincinnati, Baltimore and Minne apolis. are trying to work out a plan whereby the commercial deadlock can be ended. And they are doing this without any expectation of gain. Of course, if they are able to perfect a plan which will make it possible for American mer chants, importers and manufacturers to pay their existing obligations abroad that will ultimately be a source of reasonable profit to the American banks, for it will lead to safe and large business. Our leaders in the world of finance and of business, in co-operation with the ad ministration, are persuaded that they must also act in co-operation with similar lead ers in Great Britain, France, Holland and, as soon as possible, Germany. This co operation will demonstrate the intricacy of the financial and commercial relations of the civilized nations of the world. It is upon co-operation that we must chiefly depend for creating conditions which will make it safe and practicable to reopen our great securities markets. There is now general recognition of the fact that not until this market is reopened can there be any great revival of American industrial, financial and commercial ac tivity. $8000 Building Is a Total Loss—Farmers Hold Cotton Florala, September 24.—(Special.)—Flo rala’s Chautauqua auditoHum was burned early yesterday morning. It is supposed that the fire was of incendiary origin. The fire alarm sounded shortly after I o’clock, but there was no possibility for the firemen to do anything towards sav ing the building. The building, together with all furniture. Is a complete loss, it was the largest auditorium in this part of Alabama, as it easily seated more than 2000 people. It was built by the Interstate Chautauqua association about seven yews ago at an approximate cost of $8000. It is not likely that it will be rebuilt. Very little cotton is being sold here. The farmers are inclined to store and hold their cotton despite the fact thai buyers are offering a much greater price than they were willing to give some days ago. Some of the farmers are storing their cotton in the seed and say they will not have it ginned until next year. In spite of the abnormal conditions now’ existing in the lumber market, none of the three large saw' mills near Florala has closed down. The Jackson Lumber company continues to work both day and night shifts. It» was stated by an officer , of one of the other mills that they were oversold on certain grades of their lumber for 60 days. There has, however, been a general reduction in wages in some of the departments of the mills. CHATTANOOGA WILL HELP SWELL TAX Chattanooga, Tenn., September 24—(Spe cial.)—It is estimated that Chattanooga will furnish approximately $150,000 of the $100,000,000 to be raised by a special war tax to supply the treasury deficiency due to the decrease in import duties fol lowing the outbreak of the present Eu ropean war This approximation was reached by estimating the tax upon all commodities and papers mentioned under the new revenue bill. The tax on gaso line for automobile purposes will yield a great per cent of the revenue. Bank clearings and fiscal reports show that local trade has not suffered to any material extent. No great apprehension is shown over the cotton situation by local jobbers and producers. Opelika, September 24.—(Special.)— R. Y. Jones, Lee county tax commissioner, re cently made an assessment against the Goat Rock property in this county of the Columbus Power company, which will place In Lee county’s coffers the neat little sum of $2600 in taxes This com pany claimed exemption from taxation under the law for a period of ten years, hut the commissioner contended that the company wras liable for taxes, and re ferred the case to the state tax commis sion, W'hich submitted the matter to the attorney general. The attorney general rendered a decision sustaining Jones. A ten-year exemption on this property, it is claimed, would have amounted to $1, 600,000. Ben W. Ware, superitendent of the Hudmon cotton gin here, had his hand caught in the gin saws. His right hand wras badly lacerated, and it was necessary to amputate three of his fingers. J Thomasvillc. September 24.—(Special.) The Commercial club met last night and decided to enter into the buy-a-bale-of cotton movement and the club started by buying a bale of cotton at 10 cents per pound. The people will make a united effort to aid the situation. R. G. Dun ning has announced to his customers that he will take their cotton at 10 cents per pound himself. A wedding of unusual interest occurred here today when Miss Gladys Snow, daughter of Dr. J. Louis Snow, of this place, was married to John Harris, a prominent druggist of Camden. There were numerous of-of-town guests and the couple was the recipients of many beau tiful presents. EUFAULA Eufaula, September 24.—(Special.)—Now that the cotton crop is practically “made*’ In Barbour county, farmers are looking for a bumper yield, equalling the record crop of 1911. Much progress is being made with the picking of the crop, as the weather has been unusually good. There is prospect, also, of a large top crop. # Citizens of the city are looking forward with much interest to the publication of the annual report of the water and light department, which will be presented to the city council at the first meeting in October. Want Cotton Sacks Used Troy, September 24.—(Special.)—The merchant^ of Troy have Inaugurated a movement which they believe will greatly increase the consumption of cotton. The plan is as follows. We, the undersigned merchants, in order to assist the southern farmer to in crease a greater demand for his cot ton and to assist in relieving the busi ness depression of the south, hereby insist that cotton sacks be used on all , flour, meal, feed, grains of all kinds, rice, etc., ordered by us. , ___ i PhMiM for all Ages Rfck milk, malted grain, in powder form, i For infan ts,invelide aad growing children. , Purenutntioo. upholding th. whole body. 1 Invigorate* nursing mother■ end tin aged. 1 More healthful than tea or coffee. Take automata. Ask for HOIILICK’S \ WANT FORESTRY LAW FORMA Measure Drafted by Ameri can Association Which Will Be Offered for Passage Next Session Washington. September 24.—(Special.) John H. Wallace, Jr., fish and same com missioner of Alabama, has been furnished by the American Forestry association with the draft of a model state forestry law, and will embody It in his annual re port, now being prepared, with recom mendations that it be passed by the ne?A legislature. The American Forestry association is now planning a campaign to secure the passage of this law. and in a statement showing how vital is the need of such a law, says: "Alabama's forest resources in timber alone easily exceed 100,000,000,000 board feet worth, not less than $600,000,000, besides naval stores and other secondary prod ucts. Each year these resources yield Lo the state in timber cut and other prod ucts in excess of $25,00,000. The lumber in- i iJuRtry, in fact, ranks first in importance' among the industries of the state, giving employment to more than 22,000 persons and disbursing In wnges alone $7,259,000. This industry alone employs over 30 per cent of all the wage-earners of the state. "It is of vital interest to the state, there fore, that this great enterprise should be perpetuated at least to an exent to utilize the non-agricultural soils. To do this requires first of all an adequate sys tem of forest fire protection. The state has none at present worthy of mention. Not only is there need to protect the present stand of valuable mature timber, but it is vitally important to keep fire out of the cut-ever areas, otherwise the sec ond growth which will furnish the supply of the future will be destroyed. "Then, too, there is doubtless a more or less extensive area of cut-over and burned-over land not suited to agricul ture and without productive forest growth or any immediate prospect of it. It is to the state’s Interest to encourage the planting up of this land. The water pow ers of Alabama are of enormous potential value to the state, and to a very large extent their value is dependent upon the ceeping of the headwaters of their streams *nd rlvrs forested. Alabama's needs for a strong, compre hensive forest policy exceed those of many other states which lead her in this re spect. The more far-sighted of her citi sens have seen and fell her needs In this respect keenly and have labored con scientiously to bring about a change Again this winter the legislature will be isked to pass a forestry law. It is to be hoped that this time the movement will be rewarded by success so that Alabama nay take her place with the other south ern Appalachian states—Maryland Vir ginia and Kentucky." WILSON INDORSES ANTITRUST BILL Does Not Agree That Con ferees Have Injured Measure Washington, September 24—President Wilson let It be known today that he Indorsed the Clayton antitrust bill as agrroed to In the conference report which probably will he. taken up to morrow for disposition In the Senate. The President, it became known, doe3 not agree with some opponents of the report that the conferees “took the teeth out of the hill,” and regards it as a measure that will respond ade quately to the demand for regulation of monopolies in supplementing the Sherman act. Administration leaders tonight were agreed that the President's approval of the bill would go a long way to ward limiting opposition to the con ference report. Republicans, led by Senators Nelson and Clark of Wyom Ing v. ill be aided In their opposition by Senator Reed, democratic member of the judiciary committee, who in sists that the conferees erred In strik ing some specific penalties from the hill In the sections to prohibit price discrimination and exclusive contracts. He also decries the action of the com milte^ in killing his amendment au thorizing the courts to dispose of prop erty of convicted corporations. Democratic leaders do not expect the debate In Senate to occupy more than two or three days at the most. Tn the House little opposition Is an ticipated. By the end of the next week the trust legislative programme, It Is expected, will be on the stntute hooks, the President having decided to sign the federal trade commission hill before Saturday without waiting for the Clay ton hill to reach him. Buy-a-Bale Club Active Opelika, September 24.—(Special.) \ partial canvass of the city was made yesterday by a committee of the "Buy i-Bale" club, and pledges for the sale Jf about 35 or more bales of cotton were secured. This committee orlgin ited from the Opelika and Lee County Chamber of Commerce, and the rules tnder which the pledges were given ire regulated by the "Buy-a-Bale" club. 3ne of these rules Is that no cotton ■ball be bought for less than 10 cents. The committee also reported that sev eral merchants had agreed to take con dderable cotton under the. Dothan plan, which Is to pay 20 per cent in cash ind 80 per cent In merchandise or •redit on account. At a meeting of he Opelika and Lee County Chamber >f Commerce held yesterday a resolu lon was adopted instructing President if. M. McCall and Secretary W. S. -ounsbury to attend the meeting to be i ■ eld in Atlanta October 16, to plan for ncreased food crops and finding a mar ket for such crops. Also the president .nd chairman of the board of directors vere Instructed to appoint five dele rates from the chamber to the Na lonal Good Roads congress which will >e held In Atlanta this fall. , Orphan Work Day Talladega, September 24. — (Special.) Irphanage work day for the orphan ige here Is fixed for Saturday, Sep ember 26. The plan is to get as many as will o give the earnings of one day of ls lor or the Income of one day for the mpport of the home. The home is lolng a great work for needy orphan hlldren, and Is sorely In need of funds vith which to carry on the lnstitu :ion. Remittances should be sent to leorge Dungllnson, superintendent, Talladega, Ala THE GOVERNOR WILL! ATTEND CONFERENCE Will Leave for Washington Next Monday for Cotton Meeting Montgomery, September 24.— (Special/) The governor of Alabama returned Tues day night from New York and Washing ton. In New York he transacted some j business for the state and In Washing ton conferred with Secretary McAdoo, W. P. G. Harding and others relative to the cotton situation in the south. The governor expects to return to Wash ington on next Monday, at which time the governors of the cotton growing states will hold a conference with a joint com mittee of the House and Senate relative to the cotton problem. According to the chief exe<Aitive, the Washington officials have not yet any tangible plan by which the situation may be greatly relieved. He declared that numberless suggestions have been made, but that all of them lack certain ele ments of practicability. The entire matter will be thrashed out at the Washington conference on next Monday, though the governor did not in dicate what plan he thought would be adopted. He expressed the belief that, after all. the reduction of cotton acreage would produce the only feasible plan. Invitation Issued Montgomery, September 24.—(Spe cial.)—Declaring that the time Is oppor tune to give an impetus to road build ing in Alabama, and stating that an interesting programme has been ar ranged for the next annual meeting of the Alabama Good Roads associa tion, which meets here October 21-23, the Chamber of Commerce of Montgom ery has issue a general invitation to probate judges, mayors, good roads or ganizations and other civic bodies urg ing them to attend the meeting. The local arrangement committee of Mont gomery has made preparation to take the delegates on A 76-mile ride through Montgomery county, and show them the magnificent roads in the county. Various other entertainments are being planned for the delegates. Schools to Open Ray Mlnette, September 24.—(Special.) Superintendent of Education J. S. Ram bert announces that the schools of this county will open for the winter term on Monday, the 28th. The schools in the various parts of the county, about 86 in number, require nearly 100 teachers, and present indications are that practically every school in the county will be opened on time, though several may not open un til a little later because of lack of teach- . ers. The local high school will open Mon- | day with the entire corps of teachers in ' place. It is expected that the enrollment this year will exceed that of last year by 60 scholars. 1 I .—' __ TWO STORES: Birmingham, Ala. Jacksonville, Fla. Your Shirt Cue— t Just Opened Several More Large Cases of “Manhattans" W'o receive them even* so often--keeps the stock right up to the<last notch of newness; there’s always some thing distinctive and original in Porter’s Mmihattans. Step in and "'run through” the line this morning. You’ll be loth*to leave—they’re very appealing. It?™.$1.50, $2.00, $2.50 Others up to $6 1922-11924 First,Ave. “In the Heart of Birmingham” rRUSTEES GET BIDS Jackson, 1 Alias., September 24.—(Special.) rrustees Tluames and Matthews met at the. jenitentiary office yesterday and opened •ids on six carloads of cotton send, flic lrst offerings of the season from the convict farm. There were four sealed bids ■anging from $10.75 to $18,06, the latter igure being the price offered by the Hua d hurst Oil mill. The next lowest hid vas $18. At the recent convention of the Farm ‘rs’ union in this city a resolution was Missed demanding $20 per ton for send, md agreeing not to sell any seed at less ban that price. But the Svil mills am retting ho<h1 for less and going right? ahead vlth their crushing. The gins on the Parehman* convict farm lave been tin operation nearly two weeks and have worked up some 2t*> bales of cotton. Mr. Thames stated yesterday that tho I arrhman cotton crop had been seriously Injured by the army worm. Paring Au gust they made their appearance in great ■ numbers, and great areas were dosed with Paris green and other poisons, hut tho almost daily rains washed II oft ns fust us sprinkled on, and it had little erfeet on tlie pests. There are a good many weevils on the big form, hut they are not believed to have done as great damage as have the worms; in fart, Mr. Thames is of the opinion the worms have served to keep down the weevils, having de stroyed their feeding and breeding places. Pushing Work Mountain Creek, September 24 (Special.)—Work on tho narrow gunge railroad from Morganvllle to the Chil ton Mining and Manufacturing company plant is being rushed, and ore ship ments arc to he commenced by Oc tober 15. Children Cry FOR FLETCHER’S O A S T O R I A Bottle .1 » Is the Weak Link n No chain is stronger than its weakest link. No beer in a light bottle is any purer than that bottle keeps it. The light bottle is insuffi cient protection from light. Light starts decay even in pure beer. Schlitz is made pure, and the Brown Bottle keeps it pure. You are not asked to take any risk of impurity from exposure to light. Schlitz Brown Bottle protects it. See that Crown is branded “Schlitz.” Telephone Main 1863 Fiea Liquor Co. 1 17th St. and Second Ave. Birmingham, Ala. maimaucmi ».