Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1908-07-09

y
ment circular calls attention TO the
fact that there are two methods of ap-
plying for additional national bank
currency under its provisions. Banks
occupying contiguous territory may or
ganize currency associations, providing
there are at least ten banks in each
association with minimum aggregate
capital and surplus of 100000, while
individual banks must have unimpair-
ed capital and surplus of not less than
20 per cent. Any member of such an
association with outstanding circulat-
ing notes of not less than 40 per cent
OF its capital may obtain additional
circulating notes under section l of the
act. National banks of the same stand
ing as to capital and surplus, but not
members of an association, may obtain
additional circulation under section 3
Of the act. The Treasury Department
will furnish blanks to bank officers
upon which they may file application
for joining an association and other
wise take the necessary steps to COM
ply with the law, and prompt approval
or disapprOval is promised. The indi-
vidual banks of the association, how
ever, desiring to obtain additional cir
culatfon, must submit their applica-
lions to the officers of the association,
and not to the Secretary Ofthe Treas
ury, and those officers will apply to
n RI
ditional circulation under section 3 by
individual banks not members of aSSO-
Citations may be addressed to the
Comptroller of the Currency, who VIII
advise them as to the procedure. One
per cent per annum upon the average
monthly amount of public deposits held
will be paid by depOsitary banks, to be
computed from June 10, 1908, and to
be payable July l.
-:-:-
One reason why the West has greater
difficulty than usual this year in OBJ
tanning farm hands to help in gather
ing the harvest may be found in a bull
letin issued by the bureau of immigra-
ton at Washington. The bureau re-
ports that nearly 100000 laborers have
left the United States since last Octo-
Der, returning to their homes in Europe.
During the first four months of this
year 239,O10 laborers went back to Eu-
rope, compared to 96,73 for the same
period of 1907. II addition to this
drain on the labor supply, the bureau
says, the number of immigrants who
arrived in this country in the first four
months of this year was only 1882
as compared with 4O4,332 who landed
between January and June of last
year. The net loss to the labor supply
for the four months was 114,61S, while
the loss since last October will be il
excess of 100000 Nevertheless, the
number of men out of employment in
the large cities should be great enough
to guarantee farmers abundance of
help.
Secretary Taft has conferred with
the President in relation to the pro-
posed purchase of 100000 acres of land,
some houses and other property in the
Mantiago and Orienta provinces of
Cuba. This purchase is largely for the
purpose Of pacification, as the land has
been settled upon by Cuban soldiers,
the veterans of the Cuban revolution.
If the land is not purchased these set
tiers, who are merely squatters, would
he ~ = H.
church taking control of its property.
Such an event would tend to create dis
order.
Steamboat men on the Mississippi
and on the great lakes have been in
yited to send their views as to advis-
able changes in the navigation laws
to the commission appointed by the
President to examine and make report
as to the statutes at present in force.
The commission will devise navigation
regulations to cover sailing vessels
and motor boats as well as steam YES
sells, and will give particular attention
to the proposed reorganization Of the
Navigation Inspection service.
-:
The government plans to construct
a fleet of swift cutters for campaign
against smuggling in the southern Phil
ippine islands, where an extensive IL
licit traffic in opium, Cinnamon and
various dutiable goods is carried on
between Borneo and other foreign
points and the island of Mindanao, of
the Jolo group. Hundreds of vfntas
and other craft are engaged in the
trade, which has been carried on for
ages practically unchecked, the Moros
being the principal offenders.
-:
The Interstate Commerce Commits
sion has ruled that an agreement, un-
der which shipper agrees to assume
all the risk of loss is void. but that an
agreement STIMULATING that the rail
roads liability shall not exceed a GER
tain amount is valid.
A Treasury Department circular has
been issued carrying into effect the
new currency act. The main points are
that in organizing the currency asso-
Citations there must be at least ten
banks in contiguous territory for each
association and named for the locality
in which they are formed, that State
lines be observed as much as possible
and that / per cent upon the average
amount of public deposits held will be
paid by the depository banks.
President Roosevelt has carried out
the will of the recent conference of
governors by appointing a national
commission composed Of congressman
and others of special fitness to consider
and advise him on questions relating to
the conservation of the natural re-
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