The Birmingham age-herald. [volume], July 17, 1915, Page 3, Image 3

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

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Loans by Federal Reserve
Banks Greater Than Sep
> tember Last Year
EMERGENCY NOTES
ARE FAST RETIRING
V
I --
Pome of It, However, Will Probably
Never Turn Up Just as in
Case of Civil War
Notes
By HOLLAND
New York, July 16.—(Special.)—On Sep
tember 12 of the last year the comptroller
«'f the currency, John Skelton Williams,
reported that the aggregate of outstanding
loans made bv the banks which are un
der his authority was. using round num
bers. $6,500,000,000. At the time this report
■"'as issued, recovery from the financial
chaos occasioned by the war in Europe
had not begun. There were some symp
toms of the dawn of a better day at that
time, but they were faint. Therefore it is
assumed that these figures represent the
aggregate of assistance given by the na
, tional banks at the time of the greatest
depression, or immediately after that
time.
Presumably, and in’ accord with banking
precedents, as the great strain was re
' lieyed there would be decrease in the ag
gregate amount of loan. Business depres
sion continued, there was no great demand
for funds for commercial purposes, and
the reports which came from the United
States Steel corporation did not stimulate
any hope that there would be immediate
improvement in business. Nor was there
any until some months had passed. Four
weeks after the comptroller of the cur
rency published this report the bottom
of business depression in the United States
was reached.
Nevertheless, instead of any decrease in
loans, the national banks of the United
States have increased them. The state
ment made by Comptroller Williams in
May of this year contained an item of
$6,644,000,000, round numbers, and this rep
r 214 NORTH 20TH STREET, BIRMINGHAM, ALA. £g
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la ordering: Goods Please Mention THE AGE-HERALD
WE LITTLE KNOW THE
WEALTH OF THE SIMPLE LIFE |
By MRS. J. H. REID
There are so many splendid people liv
ing among us that have lived here for
months and some even for years, and they
live so simply, so modestly and so earn
estly, so contentedly—hence they are so lit
j tie known, and I sometimes think of what
the world is missing when it does not have
their influence on society. There are many
who have suffered financial wrecks >.lse
where, and have come here to rebuild.
This might be termed a busines hospital.
The district has been so widely advertised
"with a pay roll of $1,000,000 a week" that
many contract that fever and come here
for the medicine. The process of cure has
been very gradual—so slow that they have
selected a quiet cottage to themselves
to battle with circumstances.
The fever is gone; they are making the
best of things and are working out their
own problems, and helping those around
them, giving them real help by example.
We have the opportunity to knock on
many a door opening into these reql
homes, and we carry to our own home a
lesson we have learned. Not long since
a strange voice over the ’phone called
"Mrs. - lias had a fall and asks that
you come to her." We had known Mrs.
B. and had been accustomed to the ills
that her flesh was heir to, but the voice
calling was so earnest, so eager to be of
service, that we made a hurried visit. Be
fore going to the wounded we called on
our friend at the telephone. There we
met the most wholesome young woman
that we had had the pleasure of meet
ing in a long time—not wholesome in point
of robustness, but a well-balanced char
acter.
The new’ acquaintance was from the
north, and had been a trained nurse for
a short while, for she is young. She
was both sad and happy—sad because In
her new home she had Just buried her
baby girl, and happy because she had been
restored from a serious illness to a good
husband.
It would do every woman in Birming
ham good, especially the morbid ones,
good to talk one-half hour to that woman.
Her house, its furnishings, simple, in nice
taste and the perfect order told the type
of woman that made the home and the
man that lived in it. She was almost a
stranger, yet she found her chance to do
her part as a citizen in the human wel
fare work, and was glad of the priv
ilege.
“But twas not love which heaved her
breast.
Fair child! It was the bliss within.”
If we could all know our neighbors, not
only those we meet at the club, but those
in the cottage over yonder, we would And
the sunshine and shades that make the
day beautiful to us all.
These people who are making the best of
every hour are the philosophers of the
age. and their Influence is a community
asset—when we do not reach out after
it we are throwing away an opportunity.
Locations, outside appearances do not
tell the truth always—a mere hovel some
times hides the choicest, best of life
faith. hope and charity'.
Some years ago in a trip over Mississlp- I
pi, we were looking for the industries of
women. Our purpose was a good one.
and served us well. On one drive, miles
in the country way down in a planta
tion that had been noted in bygone day s
for its wealth, its dances and its dinners, i
w'e were pointed to a hut of logs. The
door stood half open, ami the guide said.
“There she is." And fhere sat a drawn
and time worn negro woman at her work
basket, and we told her we wanted to
see what she was doing. leaning for
ward, she said: “Law- chile, I’s just doing
dis case I ain't got nothing else, and I
sells it to tlie white folks.” Opening her
basket we saw the most beautiful fancy
work, well done, neat and artistic, and
she designed her own w'ork in drochet and
embroidery.
A genius almost without eyes. She
never wore glasses and worked in day
light without a window, at night by' the
light of a fire. She had been raised on a
diet of ash cake and buttermilk and had
been a field hand. She just was born with
that genius.
There are lots of geniuses, rich charac
ters. born among us. and they are living
all around us today—living quietly' and
simply, but well, doing their best every
day and slowdy their Influence Is creeping
out among those who need them most.
Society- may never find thorn, that society'
that means n dance or a game, but wrhen
the real game of life is played they are
in It, holding a good hand, and playdng
well—playing with such determination to
win that we are reminded of what Robert
Brow-ning says:
No! let me taste the whole of it, fare like
my peers,
The heroes of old.
Bear the brunt, in a minute pay glad life’s
a rrears
Of pain, darkness and cold.”
resented the loans made by the national
banks which were reported to the comp
troller in time for him to make this state
ment as of May, 1915, which showed that
there had been an increase in the aggre
gate loans which the national banks had
made in comparison with the aggregate
reported on September 12 of last year of
approximately $250,000,000.
From one of the authorities associated
with the New York Clearing house a
Statement was obtained this morning
which shows the increase in the loans
made by the national banks of New York
City since May 1 to July 10, the date of
< omptroller WlillamB’ latest report. This
increase is approximately $100,000,000. If
from other parts of the country reports
have been received by the comptroller
which show that the national banks con
tinue to increase loans proportinate to the
increase since September 12, then it is
reasonable to assume that the increase
in loans up to July 10 is approximately
$400,000,000, possibly a little more.
There is only one interpretation of this
Increase, if the view of leading authori
ties in the financial district is correct. It
points to steady, although gradual, in
flation. There must have been some
knowledge of this tendency gained by
Benjamin Strong. Jr., governor of the
federal reserve bank for this district,
when he prepared the address which lie
delivered In June to the Bankers’ assocla
I tion which was assembled at Saratoga
1 f')r!nKu Por Governor Sfrong then said
| tha( there was some danger of a riot of
speculation and of inflation, although he
i ";as Persuaded that the bankers of the
! J- n'ted States and the federal reserve
I board of Washington would be able to re
strain this disposition so that It would
be kept within safe limits.
In March of this year Henry P. Davi
son of J. P. Morgan * Co., ventured to
sav that the only danger to tie appre
hended was inflation. Ho did not believe,
however, that this was a very great dan
ger sinre It was within the power of the
bankers and the federal reserve board
partially, at least, to overcome it. Yet
the authentic records now show that there
has been since September 12 of last year
an Increase in loans. Including the increase
made by the New York city national
banks of considerably over $46(1,1X10,0110.
A curious state of mind is discovered to
prevail among bankers respecting the
meaning which is behind this Increase.
The answer commonly made to the ques
tion is this: "I don't know. I can't ex
plain it. Of course, some Increase in
commercial demands has been made, but
great aggregate increase does not re
flect the demands made by general busi
ness throughout the Fnited States. The
presumption is thnt the increase can he
traced to the loans which the United
States has made to other nations and to
the bankers of the belligerent nations, and
yet men of finance say that if this explains
the increase in loans the fact should he
known by the bankers of the United
States.
There are apparently some extraordinary
financial currents moving, but exactly in
what direction the hankers who should
know confess themselves unable to say.
Visible Test
No doubt those persons who are fortu
nate enough to lie able to cash checks at
the counters of national banks, receiving
bills of small denomination, have discov
ered that a considerable proportion of
these bills is represented by federal re
serve notes. Apparently gradually and
very gradually national hank notes arc
beginning to be retired, and the time mav
come sooner than the public realizes when
the great bulk of notes which they receive
and carry around in their wallets is made
of federal reserve notes.
If any one wishes to obtain federal re
serve notes in exchange for gold or gold
certificates, he need only to go to a fed
eral reserve hank and he will obtain In
exchange for his gold these notes, hut the
reverse of this transaction is impossible
in law. He cannot obtain gold from a fed
eral reserve hank in exehcange for fed
eral reserve notes. He mnet reach Wash
ington in order to do that.
Another fact recently developed relates
to the Aldrlch-Vreeiand emergency cur
rency. In theory the entire amount, ex
cepting a small sum which was Issued by
the treasury department at the time of
the great emergency in August and Sep
tember. lias been retired from circulation.
So it appears upon the books of the treas
ury department. But there is still a large
amount of this money in circulation.
Banks which took out emergency currency
have by deposit with the treasury depart
ment of other funds theoretically retired
the currency they took out, but in fact a
large amount of It got into general circu
lation. although It Is gradually disappear
ing. As fast as the banks receive emer
gency currency on deposit they send It to
Washington, but It may be a long time be
fore It is actually retired. There are sev
eral millions of fractional paper currency
issued in civil war days and for some
years thereafter which have never
been retired and probably never will be.
And so it may be with some part of the
emergency currency notes.
, Exports Doubled
Washington, July 16.—The European
war has nearly doubled American ex
ports of medicines and surgical Instru
ments. The bureau of foreign and do
mestic commerce estimated today that
during the year ended June 30, ex
ports of tills class of goods amounted
to $35,774,000, compared with $10,016,
000 the preceding year.
WEEKLY. I
OF COTTt),
Estimated Require
Domestic Mills
Break Records
New York, July 16.—The heavy te,iinp
movement which was in progress in the
cotton market here at tins time last week
appeared to culminate around 8.75c for Oc
tober contracts on Saturday, and prices
have since rallied some HO or 70 points
on covering and a renewal of bull sup
port encouraged by less favorable reports
from the growing crop. The recent heavy
liquidation which included a good deal of
selling, rumored to be for German ac
count, appeared to have strengthened the
technical position of the market while
the rallies of the past few days have been
nsisted by the covering of Liverpool strad
dles. the short end of which had been
placed in the local market at the rela
tively narrow differences prevailing last
month. Business has been much less ac
tive on the advance than on the recent
decline, and demand has been attributed
chiefly to covering of shorts, with the
attendance of a more general demand at
tho decline of about 2c a pound from the
season's high records ascribed to uncer
tainty over the export outlet and the large
carry-over of old crop cotton. Daily
weather reports have been generally con
sidered of a favorable average, but scat
tering complaints of insect damage, shed
ding or drouthy conditions in the southern
part of Texas were followed- by a private
crop report this morning placing the con
dition at only 77.8 per cent, comparing
with 79.5 per cent on June 25, which prob
ably accounted for the more active de
mand from shorts and reactionists during
today’s trading. The census figures in
dicating a domestic mill consumption in
line with an estimated total of slightly
over 6,000,000 bales of lint and 1 Inters
for the season, also helped the advance,
and local bulls are predicting that tho
requirements of domestic mills for the
coming season will exceed all previous rec
ords. Such predictions, however, have been
offset by continued apprehensions of a
restricted export outlet, and bearish sen
timent has remained more or less in evi
dence during the week, although selling
has been restricted by the lower level of
prices and apprehensions of crop scares
or the absence of old crop pressure.
NEW DECATUR
Boy Seriously Hurt When Trnln Hits
Wagon—Nashville Yols May Play In
New Decatur
New Decatur. July 16.—(Special.>—Harry
Carden, aged 18, was painfully if not
seriously Injured and the two mules he
was driving to a grocery delivery wagon
were killed, when the wagon and team
was hit by No. 3 Louisville and Nashvile
southbound passenger train here late this
afternoon. The accident occurred at the
Second street grade crossing.
Carden was approaching the crossing
from West New Dec atur and his view »>f
the tracks was obstructed by several
freight cars. It is said. Seeing the locomo
tive approaching at a rapid rate, Carden
jumped from the vehicle and his wild leap
is all that saved his life, for the wagon
was torn Into splinters.
The bodies of the mules were carried
several hundred yards and the train was
stopped while the bodies were taken off
the track.
The Nashville Southern league club will
probably play a two-game series with the
local Young Men’s Christian association,
according to an announcement today. The
Southern leaguers have two off days the
first Week in August and the locals are
trying to arrange games here with them
then. The Young Men's Christian asso
ciation last year played two games with
the Birmingham Southern league club,
losing on<* and then coming back the next
day and administering a trouncing to the
leaguers, making the winning run in the
last inning off of Charlie Chaplin John
son, none other than the big Swede.
What local physicians declare to be a
remarkable case in medical science came
to light here several days ago. when Ed
Toon, aged 40. was operated on and pus
found In his right leg. The foreign mat
ter was found inside the bone, at the
same place that Mr. Toon suffered a frac
ture when he was but 5 years of age.
The leg healed and he had not been
troubled with it until a few weeks ago,
when it again began to pain.
COFFEE SITUATION
VERY FAVORABLE
Rio Janeiro, July 16.—In a message ad
dressed to Congress the president of the
state of Sao Paulo, after remarking that
the coffee situation was never so favor-1
able, added that the marketed stock of
1915-1916 would be worth $250,000,000, pro
vided efficacious government measures
were taken to protect coffee against spec
ulation.
According to the Sao Paulo State Jour
nal. the Sao Paulo deputies next week will!
present to the federal chamber a project
designed to protect coffee, as well as va-1
rious other products by the emission of]
a loan of 260.000 contos ($62,500,000), of
which 150,000 contos would be taken by
the state of Sao Paulo at 8 per cent in
terest for five years.
The loan would be secured by coffee
which the Sao Paulo government would
withdraw from sale, and by means of
the usual $1 surtax, the loan would
be reduced as the crop was garnered.
The remaining 100,000 contos would be
devoted to the protection of other prod
ucts.
FORD ANNOUNCES
$15,000,000 REFUND
Detroit, July 16.—The Ford Automo
bile company this afternoon announced
a refund of approximately $19,000,000
to owners of Ford automobiles who
have purchased their machines stney
August 1, 1914. On August 1. 1914, the
company announced that if 300,000 ma
chines were sold during the ensuing
year, each purchaser would receive a
refund of from $40 to $60. The 300,000
nia'rk was reached this afternoon. The
company says the refund is strictly In
the nature of a profit distribution policy
of the company.
Hypo-Needle
Drink Cures
AHE “OBSOLETE- In modern medic.1
science the same as the stage coach Is in
modern methods of transportation.
WE GUARANTEE that Neal Three
Day Treatment consists of harmless
veg-table medicines taken by MOUTH
ONLY at the Neal Institute. 1614 Sixth
avenue. Birmingham, Ala.
Neal Institutes In UO Principal Citlen
Store closes today at 7:30 P. M.
Open all day Thursday
dot Weather Clothes
At Cut Prices
Tropical Worsteds, Linens and Mohairs are
underpriced now, and NOW is the time to
buy and get real summer comfort.
$n nr $1S & $18 Tropical (||{A nr
.. <•'«> Z°Td’.andMo:
nr $20 V $22 Tropical ^4P nr
tf it) Worsteds and Mo- /JJ
Better Grades in Proportion
Everything Men and Boys Wear to Keep Coc!
$7 and $7.50
DOYDEN
OXFORDS
1922-1924 First Ave. In the Heart of Birmingham $5.95
In Ordering: Goods PIe«*e Mention THE AGE-HF.RAI,D
GADSDEN
Sanitary Committee Hold* Meeting.
Teacher*’ Institute End*—Seek to
Make Gadsden Iletter Cotton Mar
ket
Gadsden, July lft.—(Special.)—At a meet
ing of the sanitary’ committee of the city
council and ladies of the Gadsden Civic
league yesterday, plans were outlined for
a more extensive system of sanitation
for the city. The matter will probably
come before the city ' council on Mon
day night. It is also stated that the
council will have before It a new pro
hibition bill, conforming to the new state
law.
Farmers of Etowah county have begun
* — —
a movement to have a better cotton
market In Gadsden. There will be more
competition among buyers and the Farm
ers' Union warehouse will be enlarged.
The farmers complain that cotton sells
for an average of a quarter of a cent
lower in Gadsden than any other town
in this part of the state and charge
that a combination among locnl buyers
Is responsible. They express confidence
that they will have their plans completed
by the time the cotton season opens.
The Etowah County Teachers* Institute
was brought to a close this afternoon.
Members of the commissioners’ court,
who yesterday Inspected the convict camp,
reported that good work Is being done
on the roads. They announced that two
new convict cages have been purchased
nnd that the old solid steel cages, which
—MMi—MiM—I————W I— II ■■ ——————
give little or no ventilation, will be aban
doned.
The commissioner*' court, which ha*
been in session here for several days,
adjourned this afternoon. During the se*.
sion tax matters were considered.
Fire at Mountain Creek
Mountain Creek, July 16.—(Special.$
Fire destroyed the large mercantile store
house and content* belonging to A. A.
Culver of this place this morning at 4
o'clock. The loss is about $3600. No in
surance on either house or goods.
Revolutionists Cosing
Washington. July 16.—Consul TJv
Ingston. at ('ape Hatien, cabled the
state department today that the Hatien
government forces were continuing to
drive the revolutionists buck into the
Interior of the country.
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