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I FEDERAL RESERVE • - Men of Greatest Ability Naturally Acquire the Greatest Power VOLUNTARY ACTION IN RECENT CRISIS Bankers of Their Own Accord Have Been Able to Save a Situation Which Was Full of Peril ___ By HOLLAND New York, October 30.—(Special.)—In mid-November the federal reserve system will begin operations and the change from the operation under the old national bank law to the new will he with little friction, and so far as the public will have oppor tunity to observe, with none at all. Among the more important purposes which those who drafted the new banking and currency law had in mind was the limitation of the power alleged to have been held by a small group ot bankers and the scattering of that power so that It could be equitably diversified and in such manner as to take In the entire coun try. In the colloquialism of the day this alleged concentrated power was known bs "the money power.” It was charged with having concentrated into its hands many of the resources and of the banking credits of the United States to the end that it might gain profits and authority which were unreasonable. When he committees of both houses of Congress were giving consideration to the plan which when perfected became the new national bank and currency law there were many discussions bused upon the desire to limit and, so far as was pos sible, to destroy the alleged money power. Occasionally there were publications which contained a list of those who were assumed to constitute the money oli garchy, together with a statement of the amount of banking capital and resources which in the aggregate this group pos lessed. There were intimations that bankers of Chicago, a few in Boston and some in other large financial centers were, by means of interlocking directorates and lirmly established community of interest, members of this alleged money power iroup. With the opening of the federal reserve system, November lt> next, there will be opportunity to make such analysis of the directorates of various federal reserve banks, especially those of the larger finan •••••••••••••••••••••••••••••••••••••••••••••••••a** cial centers, as will be likely to lead to the suspicion that there may have been some exaggeration in the statement that a colossal money power had been estab lished in the United States which had the people under its control or would have unless the power was destroyed. The federal reserve board at Washington contains two members at least who before they accepted appointment as members? of the board were identified, one of them conspicuously, with a banking house which has often listed among the mem bers of the so-called money power, and the other had gained prestige and influ cnee as the directing force of a leading national bank of the south. He and hiv bank were known to be In cordial ’•ela tions with banks and bankers of New York and of Chicago who were sometimes identified as members of the so-called money power. Both of these members of the federal reserve board at Washington were ap pointed, however, because there was gen eral recognition of their ability, of their profound knowledge of all the features PT LOWERING ■SuL wmtwml^EAtm PHI TIME PIANO BUYER | This is no clap-trap excuse or l fake sale. No restrictions, noth ing reserved; but a sale where j 5 every piano must go. Every piano & Is included regardless of cost /j Not a piano must remain. And the time is getting short now; j dangerously short for you. Mr. Plano Purchaser. Do you know that hundreds of shrewd buyers have taken advantage of this sale to at least purchase their piano? There is a reason. There is always a reason. Remember, ' also, we offer variety—your pick of the world's best makes. What | is it keeps you from buying? Is it the price? We can sell you | upright pianos from $89 up, on terms to suit. * , O* Positively Regular Price* Will Prevail After This Sale ! IT’S NOW UP TO YOU! Plano Purchaser*, Read, Reflect, Act Quickly Our immense stock 1b rapidly oeing depleted. Will You Be the IVext, Mr. Plano | Buyer f | Are you going to be willing to j3 'ay double the price for your piano later? This is a serious question, ho decide now and your ocketbook will smile an it never smiled before. Do it now, in vestigate. Make your dollars do double duty I VKNIN0S 2017 FIRST AVENUE || Greeting to the American Iron and Steel Institute by FLoRsmig rarle hibk I ling wide the gutes of Greater Birmingham! And welcome now, thrice woloome, men of Steel’ In power ranking next to Uncle Bam, You share with us our city’s woe or weal! Encircling hills the untaught red man trod, 1 are-free and Ignorant, long years agone, Beneath the touch of science—gift of God, . Yield buried treasure to the white man's son! They sleep—white fathers of the eatly years— Just here and there one left to toll the tale ui wondrous magic which the pioneers. By hardship wrought-a light that cannot fail! First John T. Milner—Sloss—H. M. Caldwell— DeBardeleben, Hillman, many more, Earned epitaphs no sb&ft of bronsa could tell— Their deeds are written in the Iron ore! Each smoke stack as it wafts a graceful curl. However much It may bedim the sky. Is like the challenge of a saucy girl— More good than harm will follow, by and by. The coal that glistens with an ebon hue, Sends forth a tlame of gold for you and me; While down below, shut out from heaven s blue, Strong men are working for posterity. Thus, men of steel, 1n greetim, you today, The past Is mirrored in the future’s glow; And we have failed unless we can repaj By earnest effort any debt we owe. Those others toiling, they have childten, too, O give them schools and happy, wholesome play. And truth will rise triumphantly fo: you. Record your greatness In some later day. Three cheers for all—llrst for tee Tennessee! Three cheers for Teddy Roosevelt, wonder man! The democrats three cheers If they will be As good to us as this Republican! Once more a welcome, wise nun from afar; The Duke of Birmingham is long since dead But James R. Powell followed prst the star, And this is where Its radiant glory led! Three cheers for Alabama—Colton State! In wealth of Industry she stands the lest: And though denied the simple life of late, We love the dear old motto, "HERE WE REST! Of modern banking activity and, further-1 more, because of the confidence in their! absolute impartiality and sincerity, roi that they could be counted upon for ad-' ministering their office in the full sens* of their responsibility to the American people. As It Was in New York j When the organization of the federal re serve district of which New York city is the center was under consideration, and especially when the time came for select ing officers of the federal reserve bank in New York city. It was observed that every banker who was under this consideration , was in one way or another associated with the so-called money group or power. Benjamin Strong. Jr., who is the execu tive head of the reserve bank of this dis trict, went directly from one of the so called fortresses of the money power to the newr national institution. So, also, Pierre Jay, intimately associated as ivesi-i dent of the great bank which was estab lished by Aaron Burr 125 years ago was with the leaders In New York banking life. These two and others who arc to1 manage the New York institutions wore! selected because they had demonstrated that they possess constructive ability of j high order and because not the slightest doubt existed that they were to direct the | affairs of the New York reserve bank through sympathy with the principles i which are embodied in the new national law. It would be possible to extend this il-1 lustration by referring to Chicago and, possibly, one or two other federal reserve ' cities. Those who drafted the federal re serve law and the bankers of the United States who are about cordially to co-op erate In the establishment of the new organization seem to be of the opinion that not the least of the lessons which this new* organization has already taught and is to continue to teach is that in a country like the United States it is im possible to establish a money power in the sense in which that term has been used, whereas, on the other hand, it is inevitable, as well as necessary, that there be one great financial center which will be the heart of the national financial system. 19U/ and 1914 At the time of the currency panic of 1907 and occasionally after that panic was ended the accusation was made that the panic was brought on by the money power deliberately with the Intent to reap large profits out of the country's distress. No one who had opportunity for actual obser vation of the leading bankers of New York at that time could have believed the ac cusation. None of those who knew what had been in progress for two or three months was Ignorant of the fact that tha bankers were using every conceivable means to prevent disaster. The panic of 1907 undoubtedly caused the growth of public opinion which at least compelled Congress to frame a new banking and currency law. In the framing of that law. the legislators gave heed to the counsels of some who had been Identifle.l with the so-called money trust, and It was discovered after awhile that, as a whole, the bankers of the United States encour aged Congress to perfect a new tank ing and currency law on the lines which afterward Identified the law. In 1914 there Is another object lesson which is especially Impressive because the teaching of it Is coincident In point of time with the chaos and the emerging from that chaos which have character ised our banking and financial life since August 4. The new federal reserve sys tem was in process of establishment when the continental war In Europe began, and the progress of the organization has gone on step by step with the unparalleled financial achievement of the American bankers. In the sense In which the ac cusation was originally made, there has been no real money power In the United States. In the sense In which the term the financial metropolis of the United I States is properly used, there were con centration of banking resources and co operation between the banks unlike any thing which lias taken place In the United States since hanks were established here. Without such concentration of resources, such, for Instance, us that which made the underwriting of two gold pools—one exclusively for the city of New York and one national—possible, chaos would still prevail. The city of New York has undertaken to finance and aided In financ ing aproximately *300.900,000 since this war began. That would have been Impossible if there had ben no concentration of banking resources In New York. The na tion ns a whole lias undertaken, or is about to undertake, the financing of *335, OU0.000, of which tho city of New York Is to contribute nearly one-half. One hundred millions of this is tile gold fund now underwritten with which payments can be made on current accounts of Eng- 1 land and Europe and the other la a fund of *135,000,000, which New York will par ticipate in to tile extent of *50,000,000, whereby the embarrassment of the cot ton planters in the south can be ameli orated. All of this has been done by the voluntary concentration of resources with the moral aproval of the federal reserve board. The new federal reserve system will be In operation after a considerable part of the fog has been lifted through the voluntary action of the bankers of the United States. Wedding in Florence Florence, October 29.—(Special.)—The wedding of Miss Velee Evelyn Carroll and Mr. James Clyde Rhodes took place at the home of the bride at 1:30 o'clock this afternoon. The wedding was marked with simplicity in all Its appointments. Mr. and Mrs. Rhodes left immediately after the ceremony for an extended trip east, and will he at home after Novem ber It at *03 Pino 'street. I. C. C. Rules in Favor of Roads in Decision on Ap plication for Relief Washington, October SO.—Freight rates throughout what is known as "southeast ern territory’’—that part of the country east of tls Mississippi and south of the Potomac and Ohio rivers—were affected by a decision announced today by the interstate commerce commission. In a decision, supplemental to that an nounced several months ago. concerning applications of carriers for relief from the operation of the long and short haul provision of the law with respect to class and commodity rates from all sections of the south to destinations In the South Atlantic and Gulf States, the carriers In most Instances were authorized, under specified restrictions, to continue exist ing class and commodity rates, which mainly are higher to intermediate points than to more distant points. In specific orders, -which are hedged about by definite restrictions and in some instances by exceptions, the railways are permitted to continue present class and commodity rates, which involve violations of the long and short haul provision from New York to Charleston, S. C., Savan nah and Brunswick. Ga.. Jacksonville and | Pensacola. Fla., New Orleans. La., and I Mobile. Ala.; from New Orleans to I Charleston, Savannah, Brunswick. Tampa and Jacksonville; from Louisville and Cincinnati to Charleston and Port Royal, C.; Savannah, Brunswick and Jack sonville; from Cincinnati, Louisville, Cairo, 111.: St. Louis and Chicago to New Orleans. Mobile. Pensacola, Tampa and Gulfport. Mira.; from New York city to Augusta, Macon, MlUedgevUle, Hawkina ville, Dublin and Columbus. Ga.; Mem phis, Tenn., and Eufaula, Montgomery, Selma. Demopolla and Tuscaloosa. Ala.; from New Orleans to Augusta; from Cin cinnati and Louisville to Augusta, Macon and Columbus, Ga.; from New York city to Rome, Ga.; Birmingham. Ala., and Meridian and Jackson, Miss., and from New Orleans to Birmingham. The commission denied the application of the carriers to continue lower rates to the more distant points than to inter mediate destinations on both class and commodity shipments from New York city to Albany, Ga.; from New Orleans to Montgomery and Selma, Ala., and Macon, Columbus and Albany, Ga.; from Cin cinnati and Louisville to Albany, Ga.; and Chattanooga, Tenn.: from New York city t<fr Atlanta, Athens and Cordele, Ga., via Norfolk and South Alantie ports, and from New York city to Meridian and Jackson, Miss., via New Orleans and Mo bile; from Now Orleans to Atlanta, Ath ens, Cordele and Rome, Ga., and from Cincinnati ami Louisville to Atlanta. Ath ena, Rome and Cordele, Ga.. Birming ham, Ala., and Meridian and Jackson, Miss. In several Instances railroads having a longer mileage and a more circuitous route from given points of origin to given points of destination are given permis sion to charge the same rates as are concurrently effective to the same desti nations by direct lines. Tho orders of the commission will be come effective on April 1, 1916. TWO NEGROES ARE HUNG IN DADEVILLE Dadeville, October 90.—(Special.)—Leath er Sims and Henry Wright were hanged here today in the jail yard for the mur der of Fletcher Turner. This is the first hanging in Tallapoosa county in nearly 60 years. A few minutes before the execu tion both made statements that they were the guilty parties and no other persons were Implicated. GREAT IMPETUS TO France Demanding Immense Quantities of Fresh Beef—Sugar Ex ports Large Washington, October 30.—War’s demand on American granaries, mills and packing houses, as shown today In an analysis by the department of commerce, resulted In record exportations of breadstuffs, meats and other food articles during September. Many trade currents, broken by the Eu ropean upheaval, have shifted to the United States, France demanding immense quantities of fresh beef ami South Amer ica and Europe large amounts of four, while nearly all tin- markets formerly .‘lip piled from other sources are importing millions of pounds of American sugar. The value of foodstuffs sold abroad last month was #68,490,889, nearly double that of September. 1913, when the total was $38,786,624. The war demand for wheat brought ex ports for three months ending with Sep tember to the highest point ever reached in any corresponding period. Total ex ports, Including flour in terms of wheat, in the three months aggregated 89,250,000 bushels, compared with 59.000,000 bushels In that period a year ago. For September the exports of flour were about normal, but the wheat sold abroad—26.000 bushels— was more than twice that exported In Sep tember, 1913. France bought 7,572,000 bush els, the United Kingdom (1,640.000, the Netherlands 2,201,000, and other European nations 5.390,000 bushels. More than 2.560. XK> bushels were exported to Fan a da, while n not her effect of war was the shipment rtf 5SO.OOO bushels to Brazil. Exports of Hour to Katin America were nearly dou ble those of September one year ago. Exports of fresh beef In September amounted to more than 7.<»oo.0oo pounds, 3i* eleven times that sent abroad In Sep tember, 1913. The 3,000,000 pounds of •aimed beef exported was eight time.-, the (mount sold In September last year. The Increase In refined sugar c.vuort: i'fts even greater. In September. 12,290,-; 173 pounds w ere shipped abroad, compared with 3,924,540 one year ago. Other rain* for September were: 1913. 1914. Horn (bushels) . 670,444 1*152,042 >ats (bushels) . 318,928 10,7^0.168 >ntmeal (pounds) . 624.823 2,N1:\223 Rice (pounds) . 1,486,995 1 0,443,817 'aimed salmon (lbs.).. 2,849.669 4,569,811 Barley (bushels) . 250,ooo 2,750.000 Exportations of cattle and sheep de creased. compared with September last rear. More than 1600 were Sold abroad in September, 1913. compared with about 900 ast month. The decrease in sheep ship ments showed about the same percentage. NFGRO KILLED BY TALLADEGA OFFICER Frank Rowland Wanted in Connection With Another Killing Is Shot at His Home Talladega, October 30.—(Special.)—Frank ! Rowland, a negro, was killed by the of ficers Thursday evening at 9 o’clock in Ills house at Needmoro. a negro suburb 3f Talladega. Wednesday night, Dave Stor *y, who had 1 testified us a prosecuting witness in a municipal court agpinst O eta via Emphrey ’or selling whisky, was killed in his own louse, in the presence of his family, his wife and two children being also wounded j with pistol shots. The slaver was fully lescrihed by the daughter of Dave Storey, who was not fatally woundod. Following various dues the sheriff, and ds possee, assisted by local chief of po lice and assistants went to the house of Tivo Birmingham, Ala, Stores Jacksonville, Fla, Why Porter Footwear? Because tiiis footwear has plenty of smart style with the elements of comfort and service to supple ment their good looks. Porter Footwear is “Value” Footwear. It’s the footwear of a gentleman —moderately priced. j Tan Russia, Patent, Vici. Black Russia and Gunmetal $4 and $5 Everything Men and Boys Wear __ Frank Rowland, or to the place Into which j jerked the shutter of the door in such lie had moved hut a few hours previously, I manner that Rowland's arm was struck and knocking on the door asked to set and his sh.it went wild. Hefore ho could j Frank Rowland. The man answers shoot again the pnsseo opened fire oh within, uml was told that it waa off* re | him at point blank range, killing him tn tlie chief of police ami the sheriff tbs stantly. county who wished to talk w u. Rowland was brought to the undntak Rowland opened the doo ’ o I . th i tug establishment of the Tallatiogu Furnt plstol In his hand, and s. hut t t h« j t tre eompnny, where a coroner's Jury was about to slued the f.i f .otektr was held, and where he wa« identified. j — ,djf THE man that don't build j castles in the air don't build any with bricks, an’ thar ain’t u no better air castle H building material than VELVET. I] 3 There’s inspiration in VELVET, m The Smoothest Smoking Tobacco, Kentucky’s Burley de Luxe with that aged-in-the-wood mellow ness. 10c tins and 5c metal-lined bags. *s3Stacco Coi LJ H ■nr u irr* ' Now for Men’s Suits and Overcoats Thousands of fall and winter garments for thousands of men who want to select iA from the biggest clothing stock in the city men who want to save money on their ") clothes and at the same time dress absolutely correct. / \ The Home of Frankel System y Clothes With our complete line of the famous Frankel System lino of men’s clothes, we are able to fit perfectly the hard-to-fit men We offer you a wide range of newest, patterns and shades from which to make youf selection. A suit that’s as good as any $26.00 suit (P*| r on the market, our price . tDAtKUvf Men’s Furnishings Extra Extra heavy wool sweaters, coat style; come in garnet, gray, blue ami brown: splendid style with shawl QD „ t collars. Regular $1.50 value. Special today <t/OC Our regular 25c line silk sox, embracing all 1 A„ colors. Special for today only A lot of flannel shirts spread on our counters for your selection. Regular $2.50 and $5.00 (£■£ values. Special today eJ)JLe e %J Fifty dozen knee pants, good winter weights, in cas simeres and serges; extra substantial waist band; sizes up to 14. Special today only Oc/C 200 pair trousers, in cassimere, worsted and fancy mix tures; all new models; regular $4 and 'Qff $5 values. Special today only 200 dozen dress shirts, in beautiful patterns and PQ designs. Regular $1.00 values. Special today tli/C The express has just brought us in the swellest line of men’s hats to be found in the city. They come in all the latest bands and shapes. We can fit any head. They are regular $5.00 values. <J*-| Qfp ^y ■Special today only VL Men’s Stylish Shoes $4.00 Values $2.95 We'll offer today all of our $11.5U ami S4 shoes, iu tan, ttunmeuil, liurtou or Iducher style, all lasts UfO ami toes Neckwear Ml of our Neckwear In un lIn* latest style* and designs. [ detatltir 5tlc values, qq_ today OVC ' I fiiijfc 5Q Qfi See our Nineteenth street window display of heavy winter weight YlnfL'inono OUUS 4J7.70 underwear and heavy flannel shirts. Let us fit qq iMaLKIHHVVS Men's suits in you out for the winter. Garments up from $6.49 worsteds, cassimereg and fancy mixtures Big lot of Maok and blue serges. InaWs made up to Stylishly made. In date, In nice put no other store at like terns, suitable for prices can you secure “ny , young uvan, _ _ ltegular $111.00' value. aoodl toaday $9.981 . lTy-8P<#' $6.49 Is