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PAPER OF FRANCE Governor Strong Has Said * Reserve Banks Have Not Yet Done So FRENCH WILL OFFER ABOUT $300,000,000 Action Is Taken to Mean That She Will Continue to Buy Enor mous Supplies in the United States By HOLLAND New York, May 24.—(Special.)—Benjamin Strong, Jr., governor of the reserve hank for the New York district, is reported to have said that the banks of the federal reserve system have not rediscounted any acceptances or paper which represents loans made either to foreign governments or their municipalities. The statement ■was made in answer to a criticism inti mating that the reserve hanks would ex ceed their authority if they were to redis count paper of this kind. All that Gover nor Strong is ur**'••stood to have said— whatever he may have kept back—is that none of the federal reserve banks has as yet rediscounted paper of this kind. One of the greatest of world authorities In handling foreign exchange, who has su pervised or directed the passing <»f millions of exchange through one of th^ great in stitutions of New York w hich represented transactions of the very large corporation with which he is associated, put his finger Immediately after his attention had been called to Governor Strong's statement upon what he regarded as a significant fact in connection with that statement. He said that all that Governor Strong had eaid was that none of the reserve banks has rediscounted paper of this kind, but there is.no intimation that hereafter these hanks may not find it proper and expe dient to do this. Whether the federal reserve banks do rediscount paper or not is regarded by the leaders In foreign exchange as a matter of no great importance. They also agree In the opinion that some way will be foun 1 by which the great credit w h ch lies in the power to accept paper can be utilized bo that all the more easily the United States may finance these instruments of credit. A few days ago dispatches from London reported that the Bank of France, whlcn is really the French treasury, was to issu** the equivalent of $30<>,00<V>00 American money in notes and that these notes wrere to be indorsed or guaranteed or discounted by authority of the English treasury de partment. There wus also intimation-at least that is the understanding in the financial district—that much the greater part of this sum is to he utilized in pay ing for supplies of all kinds which France is now buying and will continue to buv in the United States. Some who are of ex cellent authority say that these French notes, after having been guaranteed or otherwise protected by the British treas ury, are presumably to bo sent bore for the purpose of establishing in the United States the great credit which France needs. It has also been the surmise that should these notes come here they may be offered for rediscount to th federal re serve banks. The transaction is on its face the largest one of the kind, so far as anyone knows, which any of the belligerent nations has perfected with a view of obtaining the. funds to pay for war supplies, at least perfected in co-operat on with another al ley. It leads to the inference that France expects to continue to buv supplies in enormous amounts in the United States. A Technical Question One of the leading authorities in foreign exchange said this morning that a very narrow' technical question may aris. should these French notes be offered fo» rediscount at the federal reserve banks. The authority given to the federal reserve banks, this man said, to rediscount was presumably based upon the proposition that nothing but domestic mercantUo paper should lie offered for that purpose. Behind mercantile notes are. or should he actual commodities, therefore real and vis ible wealth. But these French notes arc* Issued for the purpose of paying Ameri can merchants and manufacturers for sup plies and the question which may aris1* will be this: Does not this characteristic bring the notes within the acknowledged purpose of Congress when it. authorized federal reserve banks *o rediscount paper0 However, the incident— which has been much discussed in some circles here—is spoken of as illustrating the manner in W'hicli the United States has already per fected a wonderfully skillful and sys tematic mechanism of artificial financ ing whereby political or administration objections to making loans to belliger Knows Something About Vitalitas—Things Heard Daily at the Demon stration It la estimated that every third adult In Birmingham know, something of VI talitas, either from personul experience or from observing Us curative effects on some friend or relative. At the demon stration there are constant reports similar to the following: M'h. G. S. Thomas. Sixteenth street and Arlington avenue, says: "I am 40: have taken three bottles if Vitalitas and hope •very one suffering will try it and see for themselves what it will do: am sure L It will cure them. I was down for sev \ eral months with stomach and kidney I .trouble; was told Vitalitas would cure gt me, I tried it. and it did. I can do all ®y work and feel dandy." George Wood. 1109 Forty-fifth street, 'north, says: “For eight years I have been I ‘troubled with rheumatism and stomach I' "^rouble. Two bottles of Vitalitas cured ’ 'tno of rheumatism and am almost well of stomach trouble. Vitalitas Is a won der." Fred Thomas, 1325 St. Charles street, ■ays: “For eight years have been a suf ferer of Indigestion; have never found anything that has reached the Bpot like .Vitalitas has. Am now eating food that I dared not eat before. It Is the medl eine I have been looking for: 1 recom ’ 'mend It to sufferers of indigestion.” * Vitalitas Is nature's greatest tonic and •'•orrective, and it Is daily bringing relief .and cure to sufferers of ills of stomach. • liver, kidneys, bowels and blood. At .Averyt s drug store, 109-111 Twentieth ‘street or writ# there for Information, 'jtiao for sals by Pegram-Patton Drug ‘company, Bessemer, Ala. .. • • ' 'TELLS INSURANCE Mi HOW TO REDUCE LOCAL FIRE HAZARD James H. Hard Points to Statutes by Which Great Assistance Can be Given James H^Hard In a letter to The Age Herald tells insurance men how the fire hazard in Birmingham can be reduced by utilization of laws now on the statute books in Alabama. He writes: To the Editor of The Age-Herald. Recently several of the brightest stars in the insurance fraternity of BTrmingham called on the city commission and among other things one of them said as reported that Birmingham was paying a penalty i of $200,000 a year for had fire hazards and that unless something was done the Southeastern Underwriters would increase the rates of insurance; that the associa tion would meet in Atlantic City this month and unless the local agents mad** < a showing. 25 per cent would be added to the raise of In per cent made last year. Now, if the penalty that Birmingham is paying is $200,00o annualy and it is doubled, it follows that the local agents will receive a large increase in commissions on the business they do, and they are therefore interested In seeing the raise put into ef fect. I have already said that the raises al ready made were unreasonable, and action should be taken to prevent the under writers raising rates at their own sweet ! will, but if they are really in earnest in wanting to reduce the fire waste, there a way that they have not yet availed themselves of by which it can be done. The committee of gentlemen who called on the commissioners was composed of capable, successful business men, men | who have been prominent in many good works for the upbuilding of Birmingham. ! so I am going to make a suggestion to them. Article 4 of the insurance laws of Ala | hama provides for the organization of a fire insurance patrol or salvage corps. Section 2622 says fire underwriters and insurance agents of any city may provide a patrol of men and superintendent and accommodations and apparatus therefor, to prevent and extinguish fires and to save property or life endangered by file. The patrol to be subject to the control of the chief engineer or fire marshal. Section 2623 provides for the mainten ance of the patrol, by an assessment on all fire insurance companies doing busi ness in the city, said assessment not to exceed 2 per cent of the premiums col lected by said insurance companies. Such assessment is collectable in any court of competent jurisdiction on a suit of a person designated by the underwriters or local agents for that purpose. Section 2624 provides for a semi-annual report of premiums collected by the in surance companies, and section 2625 pro vides for a penalty for a failure to make report. A large proportion of losses are on con tents of buildings, caused by water, chemicals used in extinguishing a fire, and from smoke. A patrol of competent men und<>* proper direction would he of immense assistance to our excellent fire depart ment. and would save the citizens and in surance companies many thousands c* dollars in the course of a year. lu many cases the damage to contents of l buildings is considerable while the build 1 ings themselves may be only slightly i da maged. The patrol provided with swift moving vehicles, light ladders, extinguishers, tar paulins to protect goods from water, tools and appliances for removing or protection of contents would certainly save many dollars and had it been in <>l eration the last few years it might have saved several lives. The way is provided for the organiza tion and maintenance and operation, It is authorized by law. its need is evident, and if the local agents of the fire in surance companies will act promptly, which they should do if the insurance companies arc really in earnest about wanting to reduce the fire losses, and wi’l stand their share of the cost, they can. within 30 days, begin to get re sults. Now, gentlemen. I have told you how to do it. Get busy. Yours truly, JAMES H. HARD. Birmingham, May 24, 1915. ents it. ay easily be overcome. If the federal reserve banks do not rediscount French notes there is not the slightest doubt that the banking facilities of the United States are now sufficient for utilizing these notes In a way to make them available and that, too, without re course to the federal reserve hanks. The time has not yet come for describing in detail some of the highly perfected meth | cds adopted by American bankers by means of which they have been able tp lend money In large amounts, indirectly at least, to other nations which are bel ; llgerent The manner In which the two | gold pools were perfected early in the j fall of last year Is certainly to be de scribed by historians of the future, ac cording to excellent opinions here, as a perfect demonstration of American finan cial skill, and very delicate handling of h great proposition. So, also, the man ner in which American bankers have facilitated the approaches of Canada to the United States for the purpose of se curing funds is an illustration of won derful perfection of modern financial machinery in case there be abundant credit or resources behind it. Should France ^undertake to pay for her pur chases Tn this country through utiliza tion of her recent issue of $300,000,000,000 of notes. American financiers will, ac cording to the best opinion here, work out a plan by which this can be accom plished. The Question of Acceptances There is no authority opon finance In New York, certainly none whose depart ment Is the richt field of foreign ex change. who does not now feel free to Bay that by Rnd by and not many months hence the business world in the United Slates will realize the enormous re sources which the utilization of accept ances makes available. It Is a field, as stated this morning by a man who han dles more than tIOU.OOO.OOO of foreign ex change a year, which we have hitherto neglected. He added that it Is the per fect development of this department of credit which has served Great Britain so well In securing and maintaining not only world trade, but pre-eminence as the money power of the world. How great the demand for accommodations oi this kind It was recently proved by the experience of one of the great state chartered hanks of New York which was able to report that It had accepted about $64,000,000 of bills and had found that these acceptances created an Instant market all over the United States for these bills. Yet It Is only recently that the state of New York by a legislative act permitted the state charaterod banks to accept bills. Occasionally, when In In formal discussion the leaders of foreign exchange and those who are handling great lines of acceptances fix their atten tion upon this subject. Is Is said that ultimately the utilization of bank credit tn the form of acceptances will unques tionably lead to such modification of our federal reserve system as will authorize the organization of a unified bank, which is only a polite method of naming a great central bank.- There appears to be little or no disagreement among the great authorities that the time Is not distant when tile unified bank will be found to | be necessary and the people without i much dissent will accept it. ' .'I' * A TWELVE-CYLINDER CAR which, by a rapidity of pick-up, a range of high-gear activity, an ease of hill-climbing, a sureness of sustained speed and a nicety of control never before combined in any motor car, recasts every motor car standard and antiquates all the previous ideas of motor car sufficiency PACKARD MOTOR CAR COMPANY, DETROIT, MICHIGAN RAGLAND Ragland, May 24.—(Special.)—At a re cent meeting of the school board the fol lowing teachers were elected to teach in the public school another year: Prof. l\ J. Evlns, Marion, principal; Mrs. Anna C. Stewart, Hoaz, and Miss Mary Den man. Jacksonville, assistants. The annual memorial services were held at the cemetery yesterday. The Rev. H. B. Ralls of Piedmont preached the 11 o’clock sermon, after which the graves were decorated with flowers and a public dinner served on the grounds. A large crowd attended. Children day services at the Methodist church are being pre pared for at an early date. . Miss Myra Batchelder, superintendent of the state 8unday school primary department of this work, lectured at the Baptist church recently on more efficient Sunday school work. —It’a Delicious The drink that will make Birmingham famoua At Founta In Bottles “Maid" In Birmingham l .. .... MISSISSIPPI WAGES WAR ON CATTLE TICK Jackson, Miss.. May 24.—(Special.)—An nouncement is made that there Is not c cattle tick in Claiborne county. W. H Cooper, government Inspector for Clai borne, Adams and Jefferson, spent threi or four da>a in Claiborne recently, hunt ing for ticks. He visited all the herdi and made careful search, but failed t< find a single one of the pestiferous lit sects. The farmers of Claiborne, like those o the majority of other counties of th< state, appreciate the importance of free ing themselves of the ticks and have pai< close attention to the rules and regula tions laid down by the government am the live stock sanitary board, but nov and then one is found who simply re fuses to obey the law and defies till government. Such is the case in Plk< county, where W. H. Brent and family refuse to dip their cattle, though orders by the courts to do so. Brent wag for merly a member of the board of super visors and has been accounted a good clti sen. but he is determined not to dip till cattle nor to confine them. The ctyancel lor has granted an injunction resttainlni Brent from interfering with the flpplni of cattle, and should they dlsobdy the] will be tried for contempt of coutc. I ANNISTON j Anniston, May 25.-(Speclal.)—Nothing but the pardoning power of Governor Charles Henderson now stands between Tim Sharp, convicted of the murder of two Anniston policemen, and death on the gallows. The certificate of affirm-' once from the Supreme court has been received by A. H. Sheppard, clerk of toe city court, and turned over to Sheriff A. H. Borders. The date set for the execution Is June 25. Sharp Is now In the Birmingham jail, where he was car ried for safekeeping after his conviction here. Sharp shot and killed Policemen BUI Dillard and Jim Dashwood In a stairway leading to a dive on West Tenth street i i ! last year, when the officers were ascend ing the stairs for the purpose of serving a warrant on Sharp and arresting him for violating the prohibition law. Eleven men and women were arrested in connec tion with the killing, but all were dis charged except Sharp. Sharp appealed from the judgment ot the city court, and the judgment of tills court was affirmed on February 11, 1915, and the date of execution set for March 26. An application for a rehearing waB made by Sharp's attorneys and filed on February 25. The certificate of affirmance was recalled on the same date pending a consideration of the application for a rehearing. While attending Sunday school Sun day at the Methodist church on the cor ner of Third street and Mulberry ave nue, In Glen Addle, an eight-year-old boy named Richardson, was struck .on the head by an Iron pipe which supported the celling of the church, and seriously Injured. The pipe was fixed to the cell ing and to the floor by iron plates, the lower one of which gave way because of decay in the floor, and fell without warn ing. The little boy was knocked uncon scious and rushed to a hospital, where his Injuries were treated. It was later reported that his Bkull was net fractured and that he will recover. The schools at East and West Eulaton have been consolidated and next year the school will be held in the Masonic hall j in East Eulaton. The building will be j purchased by the school trustees, and the j faculty will consist of four teachers, one of them to teach music. The following fi nancial committee has been appointed to secure money with which to buy the building and equipment: E. E. Foster, C. C. Dean, G. C. Coleman, J. B. Wood ruff. J. D. Col£b, W. A. Waddell, T. J. Laney, J. L. Louellen, R. H. Martin ajid M. W. Haynes. The ladies will also as sist in securing the money needed. For Coughs That “Hang On“ Lingering colds, bronchial coughs, la grippe colds and similar ailments that “hang on” until May are likely to last all summer if not cured. Foley's Honey and Tar Compound will allay Inflam mation, clear stopped passages, relieve distressing discharges at the source, banish stuffy, wheeay breathing and heal and soothe raw nasal and bron chial passages. It Is prompt In action; safe and sure. Contains no opiates. Sold everywhere. ^ ^T®moo^»B«oKUi^unr^ ^ OMtcunABiUdn, of Hlgh-Clau MONUMENTS Baits BSO Browi-Man aide. Blialiitoa. Ala.