Newspaper Page Text
PRACTICE OF USURY
FARMERS SHOULD GET MONEY ON
COTTON AT 6 PER CENT.
Poiu'^11 SiPPrPtilPV ,
VWilCJpvUUCUVC uviii VV MM j
FoAdoo and Warehouse Commissioner
News and Courier.
Columbia, Sept. 23.?Secretary of j
the Treasury W. G. McAdoo, in a let- j
ter to John L. McLaurin, State ware- !
h^iso rnmTniissioner. savs that if the '
banks of the South do their duty the
farmers should be able to get money i
on their cotton at 6 per cent. The secretary
of the treasury condemns the j
The letters which passed between |
the secretary of the treasury and the J
warehouse commissioner and one from
a big New York bank to the commis-i
sioner were made public here today.
They will be of much interest just at
this time. I
The letter of Mr. iMcAdoo and the
other correspondence follow?:
'"The Secretary of the Treasury,
"Washington, September 21, 1915.
"Dear Mr. McLaurin: Please accept
jmy hearty thanks for the copy of your
letter of September 1 to the president,
"which I have read with interest, and
also for the copy of your speech, which
I was glad to receive. I enclose copy
of my statement about the $30,000,000
deposit in the federal reserve banks,
and copy of the federal reserve board
regulation concerning commodity parvor
Tf fhn hante /vf t,hp iflftnt-h their
. A* ?%
duty the farmers of the South should
be able to get money at 6 per cent to
help them market their crops or carry
their crops of staple commodities for
a reasonable length of time, until they
can be marketed in an orderly manner.
"I agree with you fully about the
curse of usury in the South. I hope
to live long enough to see usurious
practices destroyed and to contribute
something myself to that end. I be
lieve it can be done and that it will be
done. The States, however, must do
their part Usury ought to be made
an offence subject to grand jury investigation
to be prosecuted by various
State's attorneys. So long as the remedy
for usury is placed in the hands
Of the borrower, not only he, but the
average lawyer, is afraid to raise the
issue. The federal reserve system will,
by extension of its benefits to the
masses of the people, educate them to
the necessity for upholding. and preserving
this great piece of legislation.
4<I congratulate you on the splendid
work you have done for an intelligent
warehouse system in the South. Cotton
seems to be doing well. With best
wishes, I am sincerely yours,
(Signed) "W. G. McAdoo.
"Hon. Jno. L. McLaurih, State .".V'arehouse
Commissioner, Columbia, S. C.'
It will be noted Mr. McAdoo refers
to Mr. McLaurin s letter of September
1. This letter has never been made
"Septemoer 23, 1915.
"The Hon. W. G. McAdoo, Treasury
Department, Washington, D. C.?My
Dear Mr. McAdoo: I thank you sincerely
for your letter, and can assure
you that the farmers of the South appreciate
the courageous stand you take
ior right and justice. Your statements,
with those of President Wilson,
have inspired a new patriotism
and given fresh hope to'the producers
of the country.
"Many of our South Carolina banks
ciivi n tr 1/vFfll fmnr?rvrt tn vAnr
<%+A \S ^ A ? -.**0 ^ WiT W- %? W ^ ^ ?Sfc
"I am enclosing an extract from a
speech delivered in Atlanta on the
21st, which is creating a storm among
some of the bankers in South Carolina,
but which is accomplishing just
what I expected it to do, in bringing
forth protestations of ability and wiliingness
to loan money at 6 per cent.
"The national banks have a splendid
rvnnnrtiinitv through thp reserve
system, but our State banks are, generally
speaking, at a distadvantage,
unless they can get accommodations
in the money center. Those who ventured
most in 1914 to aid tiieir custimers.
and' who are, therefore, most
worthy of consideration, as a rule find
their 'bill's payable* so extended that
they are not in a position to comply
with the requirements for entering the
federal reserve system. It is not that
they are not willing and anxious to
do so, but can not until their customers
can sell a sufficient amount of cotton
to reduce their liabilities, which
are treated differently under the federal
law. I am undertaking to assist
them in securing accommodations in
New York to tide them over until such
time as they can nationalize. I have
not talked to a one of these State
bankers yet who has not expressed
the intention of entering the federal
reserve system as soon as he could.
I have found the New York banks
very reasonable, and entirely willing
to extend accommodations when convinced
that they are safe in so doing.
There are those in South Carolina,
however, who, from selfish interest,
have been trying to discredit the State
system with the Xew York banks.
"I know that you have nothing to do
with the State banks, b\t your moral
support, generally speaking, is of tremendous
value even to them, and as
your letter is such a gratifying en- j
dorsement of my work, I am using it j
for that purpose. j
"With kindness personal regards and ;
assurances of my profound apprecia-!
tion, I am, Sincerely,
"John L. IMcLaurin.
"P. S.?At the convention which we !
held in Atlanta Governor Harris an- j
nounced that he would call the extra;
session of the legislature and recom-j
mend the passage of a State warehouse
bill along the same lines as the
South Carolina law."
"Guaranty Trust Company of NewYork.
"New York, September 20, 1915.
"Mr. John L. McLaurin, State Warehouse
Commissioner, Columbia, S. C.?
Dear Sir: Referring to your favor of
September 15. relative to our loaning
| certain State banks, and trust companies
in South Carolina against wareI
house receipts for cotton stored 'in
; State warehouses.
"Wo shall be glad to make these
' " 1- ?in ~ ~ 4^
loans, dui eacn case win uatt lu uc
considered separately. There are two
! methods, either of which would bo
agreeable to us:
"1. The b.ank or trust company may
' draw drafts on us, which we will ac|
cept and discount. These drafts are to
1 be secured by State warehouse receipts
for cotton and have a margin of 20 per
: cent, always to be maintained. We will
discount these drafts at from 3 per cent
count these drafts at from 3 per cent
to 4 per cent, depending on the
strength of the institution drawing
~ ? j rt/\tv>
same, anu uuaxgt? axi autcpiaiitc wuumission
of 1-2 of 1 per cent for each
: ninety days.
i 2. We will make loans to banks and
trust companies, secured by State
warehouse receipts for cotton, with a
margin of 20 per cent, always to be
maintained, at 4 per cent to 6 per cent.
"In making agreements to either ac.
cept or loan, the amount would also
depejid on the size of the institution.
"As we are not making a definite
price on cotton, we would like to hav?>
I you send us a schedule showing tne
; differentials governing the price in
South Carolna, as compared with the
New York market.
"Yours very truly,
"Robert H. Cox,
EXCURSION TO GKEEXTILLE. /
Southern Railway Announces Cheap
Round Trip Rates September 30.
A popular price excursion will be
: operated bv the Southern Railway
: iroiu ^oiuiuDia ana way stations 10
; Greenville on Thursday, September 30,
on the following schedule and fares:
Lv. Columbia 7:30 $1.50
Bookman 7:55 1.50
Alston 8:15 1.50
Peak 8:18 1.50
Pcmaria 8:30 1.25
Prosperity 8:46 1.25
Newberry 9:05 1.00
Silverstreet 9:20 1.00
Old Town 9:30 1.00
Chappells 9:42 1.00
Dysons 9:53 1.00
Ninety Six 10.12 1.00
Greenwood 10:35 1.00
Hodges 10:57 75
'Abbeville 9:55 1.00
!Ar. Greenville 12:35
j Returning, leave Greenville 10 p. m.
| same day. Connection at Hodges for
I Abbeville by special train arriving
! about 12 midnight. Separate coaches
for white and colored people and a
comfortable trip is assured. For fur;
ther information and tickets apply to
! local agents.
S. H. McLean, Dist. Pass. Agt.
Cotton Brings Good Prices.
i Cotton was selling at 11 cents or
i above in the five towns where inquiry
1 was made on the booster tour vesterI
day. The towns and their quotations
Little Mountain 11.00
In much of the section traveled
! through more than one-half of the
' crop was already opened, especially
where cotton was apparently planted
early. From everywhere the report is
heard that the crop will fall far be1
low expectations of even a few weeks
ago, because of continued drought.? i
Cotton Seed GO cents.
Tallapoosa. Ga., Sept. 21.?Tallapoosa j
has a strong cotton seed market. Seed
selling at 6<"> cents per bushel and in
great demand. The highest price paid
in the State.?Atlanta Journal.
STIR IX THE FAR EAST
MAY AFFECT ALL EUROPE
Bulgarian Mobilization Chief Feature
in >Var News?Teutons and
Slavs Both Claim Mains.
Bulgaria's activity in mobilizing her |
forces has caused a stir net only j
among the Balkan states, but in the;
European capitals. Whether Bulgaria
is to join either of the belligerents or j
intends to maintain an armed neutrality
is not definitely known. The Bui-.
ganan premier, nowever, rectm y ioia ^
the government members of parlia- i
ment that the war danger in the Bal- i
kans had decre- sed, but that the Bui- i
garian government had been obliged to 1
resort to armeo neutrality. The pre-'
! mier also ?s quoted as having told his,
supporters that Roumania and Greece j
would remain neutral and that he did !
not believe that a treaty among Roumania,
Greece and Servia against Bui- j
Bulgarian reservists are hastening
to the colors, one of the reserve offi-j
cers being authority for the statement;
that the general mobilization includesj
250,000 infantry. Bulgaria's field army j
' of all ranks numbers between 300,000
and 350,000 men.
; Berlin semi-official reports state that
there are no indications that Bulgaria's
action will lead to a general outbreak
i in the Balkans and that no news had.
, been received in the German capital
of a mobilization by either Greece or
I Nevertheless King Constantine has'
i been in conference with Premier Veni- i
zelos and the general staff of the'
Greek army, and the cabinet has had '
I the situation under consideration. Bu-!
| charest is silent with respect to the
! attitude of Roumania, which owing to
the geographical position of that coun-1
j try, will probably be quiescent until
j Bulgaria's final decision is taken.
I One of the features of the war is
i to be found in a raid by a squadron ol
i French, aeroplanes, which, inretalia-j
, tion for attacks by the Germans with
! aircraft on open towns of France and
| England, has flown from the frontier
' to Stuttgart, capital of the kingdom of j
Wurttemburg, a distance of more than 1
1100 miles, and dropped shells in the
j neighborhood of the royal palace and
j the station. The damage done is not j
Heavy artillery actions continue all
| along the line from Belgium to the
j iVosges mountains.
On the Eastern front in the region
! of Dvinsk the Russians again have
| assumed the offensive and a battle is j
: in progress. To the southeast of;
! Dvinsk the Germans have captured |
i Russian positions, according to their!
! report, over a front of two miles. Un-!
j official reports indicate that the Rus- |
! sion forces which evacuated Voluna :
| have been withdrawn from the danger
i zone. The efforts of the Austro-Ger-1
mane hr\wancr tn thp rptrpflt- i
I JLXJLCA, UU) n V " V ? V* J IrV V ^ v* v/vv ;
; ing armies still are in progress.
In Volhynia, in the region of the j
triangle of Russian fortresses and in i
bayonet attacks along the Ikwa river j
| the Russians have been victorious over i
the Austrians, capturing several <vil-.
i lages with a large number of men.
From the Machva frontier of north-:
west Servia almost to the iron gates !
of the Danube the Austrians and Ger- j
' mans are heavily bombarding Servia
The state department at Washington
has hppn nntifip/1 hv T)r flnnstari-i
tin Dumba, the Austro-Hungarian ara'
bassador. that he has been recalled on
leave by his government. Dr. Dumba:
has asked for safe conduct to Vienna,
but the American government will
await formal notification from the
Austro-Hungarian foreign office before
acting on this request.
Special Meeting of the Stockholders of
the Columbia, Newberry and Laurens
Railroad Company for the Purpose
of Applying- to the Secretary of State
for an Amendment to the Charter of
Notice is hereby given that a special
meeting of the stockholders of the Columbia,
Newberry and Laurens Railroad
company will be held at the office
of the company, 1124 Taylor street,
r./Vhi.-mhin S C on Tnesdav. the 19th
day of October, 191', at 12:30 o'clock
p. m., for the purpose of authorizing
an application to be made
to the Secretary of State of the State
of South Carolina, under Sections 2S82
and 2883 of Volume 1 of the Code of,
! Laws of South Carolina of 1912, and
other provisions of the law of South
J Carolina, for an amendment to the
charter of the corporation extending
' it perpetually, with all of the rights,
powers and privileges now enjoyed and
subject to all of the liabilities.
J. F. LIVINGSTON,
(Corporate ) President.
( Seal ) -C. P. SEABROOK,
Senor K.'arranza will do well to re- I
member that a goat also wears whis- 1
kers.?Detroit Free Press. }
Is Composed of 112 M 'mhei
The largest organized Bible class, con6
in the Oakland mill village?a village oi
Every man living in the village, with the
dent of the class ie lMr. T. J. Digby, superi
teacher is Miss Eliza McCullough.
The class meets Sunday mornings at S:
STATE OF SOUTH CAROLINA? ?
COUNTY OF NEWBERRY?COURT
OF COMMON PLEAS.
E. B. tiiease,
against ! ?
Thomas Ligon Dobbins and Imogene ,
By order of the court herein, I will!
sell to the highest bidder before the 1
court house at Newberry, within the
legal hours of sale, on saleday in Oc-:
of Geo. A. lEpting, and by Bush river
tober, 1915, all that piece, parcel and ,
plantation of land lying and being sit- j
uate in Newberry county, State of j
South Carolina, containing eighty-five!
(85) acres, more or less, and being i
bounded now, or formerly, by lands j
of J. M. Epting, lands of E. P. Matthews,
or Mrs. E. P. Matthews, lands j
?the same being the lands formerly
owned by James X. Dobbins and devised
by him to Mary C. Dobbins, William
S.. Dobbins and Thomas Ligon
Dobbins, the interest of the said Mary 1
C. Dobbins and William S. Dobbins
having been conveyed to the said 1
Thcmas Ligon Dobbins.
- . J <
Terms 01 saie: ine purcaa&ex- mu
be required to pay all of his bid in
cash, and immediateliy upon the acceptance
of the purchaser's bid he J
shall pay to the master $100 and upon
his failure to do so the master will
then and there resell the premises
at said purchaser's < risk, and if the
said purchased fails to comply with
the terms of sale herein the master
will resell the said premises on the
following salesday at the risk of . the
'former purchaser. Purchaser to pay , *
for papers and stamps.
H. H. RIKARD, Master. 1
Sept. 9, 1915.
COUXTY OF NEWBERRY?.COURT
OF COMMON PLEAS.
L W. C. Blalock, !
against . j
Edward SatterwhUe. j _
By order of the court herein, I will j
sell to the higest bidder, before the
court house at Newberry, within the J
legal hours of sale, on salesday in j Xot
October, 1915, all that lot of land sit- , dersig
uate, lying and being in the county Rober
and State aforesaid, containing one- , gnaj
half (1-2) acre, more or less, and j ,
I IWa nr
bounded by lots of George Pressley,
R. IE. Williams and G. C. Williams, ^
the same being that lot conveyed to Satur
Edward Satterwhite by the said L. W diatel
Blalock on the 6th day of April, 1895, Charg
by his deed of conveyance. sons j
SKATE OF SOUTH CAROLINA? tate v
Terms of sale: All of the purchase or be:
price to be paid in cash and the purchaser
to pay for papers and stamps; gep
L1 ? J-* Ahr lirvAn tho A r? 1
lilt? pUICIictOCl uyv/u tuv J
premises being sold to him shall de- _
posit with the Master the sum of one gr
hundred dollars as an evidence of his
good faith, and in the event of his Nnc
failure so to do, the Master will with- (jersic
out further notice immediately resell ^ ^
the premises at the risk of the said decea
Sept. 9, 1915. on M<
H. H. RIKARD, Master. o'cloc
Whenever You Need a General Tonls
Take Grove's j 1
The Old Standard Grove's Tasteless t0 the
chill Tonic is equally valuable as a settle]
General Tonic because it contains the J pe
wp11 tnown tonic croDerties of QUININE !
ar,J IRON. It acts on the Liver, Drives 1 saiu t
nut Malaria, Enriches the Blood and f attest
Guilds up the Whole System. 50 cents. 1
Will cure Rheumatism, Neu- a n
ralgia, Headaches, Cramps, Colic j into t:
Sprains, Bruises, Cuts, Burns; Old Britisi
Sores, Tetter, Ring-Worm,- Ec- of ail
zema, etc. Antiseptic Anodyne, "Whai
used internally or externally. 25c j comes
rs, But Only About Half of Theii Are
idering the size of the town, is the
r about three hundred and fifty peoj
exception of about half a dozen, is a n
ntendent of Oakland Mill, and the
: 45 in the large hall oy%t T. M. Sandert
Do Not St
With the facilitie
through the Federal
tem, we are now pr
every farmer in Ne\
enough money to pr
fice of his 1915 Cot
the price of cotton conl
cost of production, we f<
intelligent farmer will a
his crop on the market,
view we have prepared (
[f you wish to avail youi
vices, confer with some <
Dur bank at your conven
rrc ir . I n I
lne national Bank
MEMBER OF FEDERAL R
ICE OF FINAL SETTLEMENT.
ice is hereby given tnat the un;ned
as executor of the estate of j Beat"
*t Hall, deceased, will make a
settlement as such executor in
obate court for Newberrv county, ^^
at 11 o'clock in the forenoon on ??ate
day, October 16, 1915, and imme- game
y thereafter . apply for a dis- '6 t<
e are such executor. All per- m
i p fi T*
aolding demands against said essrill
present them duly attested on Srst
fore that date.
ROBERT HALL, "PP1
t. 20, 1915. Executor. peat
rTPr nF FFViT SFTT-HHTRVT. I TV,
W i n ?
>tice is hereby given that the un- ^ * e
jned will make final settlement Q-j^e
j estate of George A. Langford, Cony
sed, in the probate court for New- McCc
county, State of South Carolina, Tate
Dnday, September 27, 1915, at 11 Dorsi
k in the forenoon, and will im- Dezz<
.tely thereafter apply to the judge Powe
Dbate of Newberry county for a Nevil
discharge. All persons indebted Sui
said estate will make immediate Then
ment witi'n the undersigned, and Brow
rsons holding claims against the vers;
state will present the same duly for T;
ed. Wm. Smith Langford.. burn
ew calendar to divide the year Dors<
birteen months is advocated by touch
1 and American bishops. First
let us sing together the ditty. At
: yo' goin? to do when de rent seaso
; 'roun*?'*?Detroit Journal. "Batt
w? 5^.5$r?*- fc^sSJBw vflr j '^J
' jn the pietnre.
"Knights of Honor Bible Class"
)le in the suburbs of Newberry.
lember of the class. The preei- .
secretary is Mr. Jones. The
>' store at Oakland.
% V& JL JL AW
s offered us
to loan 1
ybeiry County fl
event a sacri
ton Crop. If
tinues below the
eel sure that no
With this idea in
)urselves to help
rself of our ser>f
the officers of
s. c. I
KGIA VARSITY 1
? Plucky Lutherans by a Score
of 76 to 0.
lens, Ga., Sept. 25.?Georgia ded
Newberry here today in the first
s of the season by the score of
) 0. Newberry spent little time
x>rgia's territory and did not gain
st down during the gamtf. The
touchdown was scored by Georgia
ur minutes. Powell was the star,
ng holes in the lighter Newberry
for gains of 20 yards at a clip re'dly.
gia 76 Position Newberry 0
ipsor. L.E Renkin v
;ate L.T Cubberly
lony L.G Smith
lliy C Crotwell
ers R.G Wessinger
nnell R.T Groover
R FJ Rnrin<*
ey Q Taylor
sndorff L.H Gottschalk
11 R.H Nichols
le F.B Dennis
jstitutions?1Georgia: Floyd for
ipson; Thrash for Wingate;
n for Garmony; Hall for ConColbreath
for McConnell; Fox
ate; Davis for Dezzendorff:Marshfor
Davis; Hutchinson forlMarsh;
Coleman for Dorsey; Knox for
11. T> 1 f Vnvillfl
l-, rifcisitrj* iui c v mi..
jchdowns, Powell 3. Knox 2,
sh, McConnell, Dezzendorff 2,
?y, Fox. Holzendorff. Goals from
down, Powell 2. Dorsey. Davis.
the first hint of the buckwheat
n the same old cry is heard of
er up!'?Washington Post.