The Birmingham age-herald. [volume], September 25, 1914, Page 3, Image 3

About The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950

Image provided by: University of Alabama Libraries, Tuscaloosa, AL

                
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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 ».