davidaulloa/AmericanStories huggingface dataset:
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Restrictions Imposed on
Longer Term Paper.

Where the reserve bank has more
than 30 l-3 per cent in cash against
its outstanding demand liabilities, eX-
elusive of its outstanding Federal re-
serve notes by an amount to be fixed
by tine Federal Reserve Board, II may
discount such bills of exchange where
the maturity does not exceed 100 days,
but not more than half of-such paper
so discounted for any member bank
shall have a maturity Of more than 30
DAYS The member bank may also dis
count acCeptanCeS Of banks which are
based on the expectation and impor-
tation of goods viii in mature in not
more than six months and which bear
the signature of one member bank in
addition to that of the aCCeptor, but
the amount SO discounted shall not
exceed one half Of the actual stock Of
the member bank for which such re-
discounts are made.
These notes or aCCeptanCes coming
into the hands Of an ordinary ma
tionaI bank would he iuiOTsed and de-
livered to the reserve bank as collat-
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Open Market Provided
For Exchange Bills.

Under this power there is an open
market provided for handling bills oi
exchange and making available fol
American use, or establish foreign
market for such bills of exchange, ano
obtaining money at low rate of in
tereSt
Under Section IA, any Federal re-
serve bank
Upon the Endorsement of any
member bank may discount
notes and bills OF exchange aris-
ing out Of commercial transac-
tions-that is, notes or bills Of
exchange issued or drawn for ag-
ricultural. industrial or CONNER
cial purposes. or the proceeds Of
which have been used or may be
used for such purposes the Fed
erai Reserve Board to determine
or define the character of such
paper This paper must he of
short fixed maturity-not more
than 80 days"
1t is obvious that there is no limita-
tion upon this discount power, eX-
Cept that the reserve bank must keeT
331-2 per cent gold OF legal tender
against its demand liabilities.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
PUBLIC TAKING
UP SPECULATION
INCOTTON RING
Lack Of Leaders Only Prevents
Lively Bull Campaign-Fancy
Spots at Sixteen Cents.

NEW ORLEANS. Sept. 20. The
rains recently reported in the western
belt, which caused a declining m
denCy in the market last week, now
have turned out to be a bullish argu-
ment, as the continued precipitation
has resulted in considerable damage
to the open cotton in that section
Reports Of cotton sproutiug in me
boil is a result of continued and *
Cessive moisture are coming in from
Texas and Okl Ihoma, so that it would
seem the injury done to he crop b p
the drOuth is being completed by he
prolonged spell of wet weather.
Liverpool had been ratner indiffer-
,nt to the reports Of damage by rains,
tut was booming this week, and ca
bles received from leading Liverpool
houses stated that the advance IN
that side had been caused by unfl-
vOrable crop news from Texas and
Arkansas.
The outside public, however. is be-
ginning to nibble at the market in a
way that suggests an Outburst Of
speculation on the long side if the
bull leaders would only pass the word
along to get into the ZANE good and
strong News from Washington re-
Gently has been distinctly favorabla
in regard to the prospect of the Clarke
bill being amended in COnferen ce
committee so as to legalize future
trading as conducted under the rules
and regulations of the New Orleans
Cotton Exchange. Definite action Nv
the conference committee, putting the
quietus on the Clarke bill in its pres
ent form, would be the signal for the
inauguration Of a bull campaign in
the cotton market.
During the present week a bearish
feature, which had been made much
Of has disappeared completely. The
demand for spot cotton is no long n
slack. On the contrary, the deman]
for actual cotton has become strong,
and spot quotations are now on a
parity with contracts, and at one time
this week were ruling above contra I
prices.
Fancy staple cotton sold in this
market this week at 16 cents, an /
many of the planters shipping cotton
to factors here are giving instructions
to hold for higher prices. The result
is a strong spot demand, with COM
paratively light offerings.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
VeuOs by Experts of Finance Industry Crops
Stocks Sag Because
Of Holiday Dizziness
Market to Have Short Session Mon
day-New Haven Victim
of Bad News.

NEW YORK. sept 28-Price- were
irregular and heavy ia the dull stock
market 81 to-day. chiefly because OF the
hort session. which will be- followed by
another short session on Monday, and
the fact that the London stock Elk
change was closed for holiday. The
opening was dull and heavy owing to d
lack 81 stimulation In overnight dcvel-
opwants Union Pacific opened shade
higher. but fell OF within the first hour
Southern Pacific. Northern Pacific,
Reading ana steel ruled heavy and Ir-
lcEular during the trading.
Dispatches from Europe indicated q
possibility Of Neg York obtaining q
portion ~ The s6535 900 fresh gold sup
ply arriving there this week This is
unlikely unless exchange rates decrease
somewhat from the present 1880 for
demand bills and ASK for cable trans
iers.
New Haven July earnings showed 3
gross increase of 5E5 900. which was
turned into net deficit Of S4S3 600
The Street heard an antitrust suit
against the road Is likely
There was little or no tendency Of
iraderE 20 increase their holdings The
only feature which developed toward
the clos. was an unexpected rise Of X
points Iu Canadian Pacific and the re-
ucwod weakness In Rock Island
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
RAINS INJURING
OPEN COTTON:
PRICES FIRNER
BoIIs ROtting and Sprouting,
Staple Being Beaten Out, Say
Reports at Spot Market.

MEMPHIS. Sept. 2O.-One extrema
has followed another. Long drOuth
has been succeeded by excessive rains
. The cotton market, in consequence,
mas shown unusual strength.
Rejoicing when the drouth was
broken turned 70 dIsmav when -a-
rains showed no let-Up. Very soon a.
was realized that damage not I'M
provement. would result from IN,
downpOur. The combination Of drouth
followed by heavy rains Was partisu-
larry disastrous. The drouth forced
the cotton open prematuTely. and WITH
q large percentage o. the bOlls in The
fields open To the rain. damag 90
grade of the staple was inevitable.
The outcome, SO far as the producer
is concerned, amounts 10 the same
thing Drouih threatened to cut
T short the yield. The rains onset this
to some exteat. but cheapened the
cotton already developeS. The rains
will not reduce the number Of bales
materially The famous storm year,
1906, proved this cOrclusively.
Complaints nave poured in from the
sections that have been so heavily
d:enChed The market has respond
ed readily and has stimulated bul!is1
activity to q deEre that conservative
people fear is a bit dangerous. ]; viii
take several days after the wet spell
passes before the real situation can
be ascertained. Complaints have come
here Of bolls rotting and spToutng
as well as Of open cotton being beat
en- out. In those sections where
growth had not been practically
stopped by the drouth there win be
an added growth that win require a
late frost il much fruit Is not TO BE
nipped.
In the sections that have the weeviI
increased activity by the pest IS re-
ported. and the weevils viii get prac-
ticallv all the late fruitng whe"e
they are So numerous.
Buying has been fairly free. but
has come chiefly from those concerns
that entered into contracts during the
business has not been distributed
freely, according to the buyers in
this part Of the belt. as spinners are
not vet disposed to accept the revised
crop ideas and say they will buy just
as little as possible until more don-
mite opinions can be formed. The
tirmuess i'm money and difference I'm
cost Of raw material compared with
a year ago both encourage this wait
ing attitude. no matter how much
they have to buy later and at what
prices
The labor troubles at Texas ports
have iuterfered to some extent with
buying In that territory and caus i
some operators to go to the Atlantic
sections for cotton FOR immediate
shipment This is thought to have
helped in boosting quotations in that
direction faster than they have ad-
vanccd in the Southwest
Movement is running as freely as
expected, but the interruption To pick
ing because of the wet spell viii trui
to check receipts temporarily. There
has been nothing like "distressed'
cotton In evidence yet anywhere
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
MEATS COSTLY
ELSEWHERE AS
WELL AS HERE
WhitcOmb Company Tells How the
Packers Are Importing Beef
From Across Equator.

Part, at least, of the high cost Of
living is not due to causes in any way
peculiar to Atlanta, but to conditions
which are of national and even in
ternational scope" remarked w. NJ.
Burke, Of the H. H. Whitcomb &
Burke Co. grocery brokers. No. 140
Madison avenue.
1T may be true that meat prices
In Atlanta are higher than in any
other city except Boston. as the Gov
eminent report indicates. 1 do not
know the answer to that. But meat
prices, all the way from Bangor t.
Seattle and between, are too high. The
reason is scarcity of cattle.
Take Libby. McNeiH & Libby az
examples. Tne firm is unable ID
make fun deliveries of its canned
products just now, simply because II
can not get the raw materials in suf-
f1cient volume. Other ackers are In
the same plight.
The shortage is so acute that il
now is profitable to lport fresh beef
from Argentina and Australia. Lib
by's now are bringing large quaint
ties from South America.
Between 100000 and 3,000,06e
pounds of fresh beef, practically M
from Australia and Argentina, en-
tered the United States in the last
three months, indicating that he To-
tai for this fiscal year will exceed
5000 600 pounds.
Prior to 1912 the importations OF
fresh beef averaged about one third
OF a million pounds per annum-
The import prices range from ap-
proximately cents to 10 cents per
pound, the average having been from
Australia SO cents per pound, from
England sc cents per pound. These
are the figures OF value in the coun-
try from which the beef is sent to the
United States, and do not include the
cost of transportation or the tariff Of
l IL cents per pound"
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Wisconsin Attacks
Northern Pacific
Railroad Accused of Failing to Pay
Fee on New Stock-Charter
Forfeiture Demanded.

MADISON. WIS, Sept. Is.-Attor-
ney General Walter c. Owen APP
peared in the supreme Court to-day
and asked for permission to file an
information in the form of a qua
warranto proceeding to determine
why the charter of the Northern Pa
Ciic Railroad should not be forfeited.
He claimed the company did not
pay the fee required by the Wiscon-
sin laws for increa sing its CAPITA
stock on an increase of $3.50. 200, 0O0
Of stock. he says. the amount due is
$3.50, 000. The question will not be
argued until some time in October.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Senator Owen Explains Currency
go +'+ *'* go
How Banks VIII Handle Paper
*'+ +"* *.*
Federal Reserve Assures Safety
Author of the Measure
Clears Obscure Points.

Just how banks will go about
their des lings with the new Fed
eral reserve banks is d question
of keen interest to bankers and
also to the mercantile commu-
nifty.
The handling of commercial pa
per under the Owen Glass cur
rency bill is point on which en-
ightenment has been sought re-
peatedly.
Senator Owen, who was bank
err, and who is Chairman OF the
Senate Committee on Banking ard
Currency has, on the invitation of
The Sunday American, prepared
a careful explanation.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Cotton Prices Firm,
News FaVorS Bulls
Rumors Of Gulf Storm and Of Texas
Exporters Troubles Serve to
Sustain Market.
By EDw. Tow RANLErT

NEW YORK. Sept 2O-The cotton
market showed decided stcadincss to-
day. opening to s points higher than
the previous close There was some
slight recession ON prout taking. but ru-
nors Of Gulf storm and trouble
among Texas exporters In getting cotton
fast enough sustained prices The
weather map is practically free from
heavy rain both Fast and West and the
forecast calls for clear weather for the
western belt, with only light showers
Tor tomorrow and Monday eastward
These conditions should enable farmers
60 pick and market 'hp crop
Splnuprs tIkugs for the week We're
greater man last year This Us Of i'm
rurtanCc, particularly as the crop does
not promise 20 equal last years The
. world. * stocks, according to the Finau-
rlai chronicle, now are about 15O 900
bales less for American cotton than for
the corresponding period last year
SPeCuW lion has been conservative and
% .Was only during the latter part of
the week that spinucrs appeared TO
nave taken hold of the situation Large
1 sales nave taken place iu IiycrpuUl.
/ running al times from "A 900 fo t5 GOO
bales day The fact that the adj
vance from prices ruling about ducen
| days ago has been nearly So bale
does not appear to- deter them
Estimated cotton receipts
Monday 1912
New brlcans..... l20n To 500 gGS
Galveston ,...... q, COO lo 20 600 325S2
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
How Note Retirement
Is Expected to Work.

When these notes are paid they
will be paid at the counter of the
member bank. and will be sent there
FOR collection, and when the returns
are RENTED and the reserve bank
paid, the member bank viii be
credited with the returns on the loan
previously made the member bank.
and the reserve bank will renay,
10 the Federal reserve agent the
Treasury notes previously borrowed
on such paper. The Treasury notes
thus retire from circulation
Doubtless in ordinary practice, as
the member bank would draw down
certain notes for collection and paw
mcnt II would substitute other notes
Of ike character in lieu Of the notes
maturing, and in this way ALWAYS
keep an adequate margin and accent
ances of a qualified class as security
in the hands Of the reserve bank. and
the reserve bank in like manner
would keep a like adequate security
in the hands of the Federal reserve
agent just as Is now done in the COM
mon banking practice wher a note
about to be paid is replaced BY an
other note of like or greater value.
If the Federal reserve bank de-
sired, ii could sell these notes with
out Endorsement to banks having
idle money, and in this way a market
would be built up for commercial
paper which would be of the great
est value in enabling the manufac-
turers, merchants and business men
Of the country to market their
credits upon the Endorsement OF
their home bank. In this way ac-
Commodatiou could be furnished 20
farmers against agricultural prod
uCts. to manufacturers against manu-
featured products. to wholesale rs ana
brokers against merchandise in tran
sit and the rate of discount i'm all
of these cases would be fixed by the
FederaI Reserve Board.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Government Provided With Ample
Safeguards Against Loss by the
Failure of Borrowers or Banks.
Market for Short-Term Notes.
By ROBERT L. OWEN.
(senator From oklahoma.)

The Federal reserve banks
tSec. - are given the power
to deal in gold coin and bullion.
both at home and abroad, to
make loans thereon. and to con
tract for loans Of gold coin and
bullion. giving therefore when
necessary acceptable security, i'll
Guiding the hypothecation Of
United States bonds. "
The obvious purpose of this is to
enable these banks TO protect the gold
reserve OF the country. But they have
the further power
"to invest in United States bonds
and bonds issued by any State.
county, district or municipality"
and obviously with these securities
they could eiso obtain gold 10 pro-
Ject the gold reserve Of the nation
and of their own banks.
But they are further given power
TO purchase from member banks
and TO sell, with or without its
Endorsement, bills of exchange
arising out of commercial trans
actions. as hereinbefore defined.
payable in foreign countries tthis
ought to include domestic ex-
changes ALSO, but such bills of
exchange must have not exceed
ing 80 days to run and must bear
the signature Of two or more re-
spOnsibIe parties. Of which the
last shall be that Of a member
bank"
1t is obvious from this power that a
market is Immediately created for
foreign bills of exchange (and it ought
to include domestic bills as welD.
And il has further power
TO open and maintain banking
accounts in foreign countries and
establish agencies in such Coun-
tries wheresoeyer II may deem
best for the purpose of purchas-
ing. selling and collecting for
cien" CT should be or domestiC)
bills Of exchange and to buy and
Sell through such correspondents
ur agencies prime foreign bills Of
exchange arising out Of CONNER
cial transactions which have not
exceeding 80 days to run and
which bear the signatures Of two
or more RESPONSIBLE PARTIES
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21

erai security for loans extended to the
member bank. They would be put in
the collection portfolio Of the reserve
bank. If the reserve bank wanted TO
get treasury notes on these bills Of
exchange and acceptances. ii would
place them in the custody. or under
the control of the Federal reserve
agent located in the office of the re-
serve bank, and he would pay the re-
serve bank Treasury notes in ex-
change for like volume of these
commercial bills of exchange and ac-
ceptances which he, Of course, would
<
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
coEEEE.

NEW YORK. Sept 20 The coffee
market was strong to-day. prices at
one time advancing rs to "a making
new high ground for the movement on
continued strength in Havre and uu-
tavura BILE santos crop adViCes
was supporting September contracts in
Havro and the cost and freight marke.
was 10 to 20 points higher There was
heavy realizing at the advance here and
prices eaSed of several points. partiCu-
larry oH later months. Some houses
with European connections were heavy
SELLERS
The spot market was steady and 4,
cent higher uu the basis Of 9ss cents
for Rio IS
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21

bic begins to clamor for securities underwriters
gladly will bring forward long -delayed issues.
And ] ana told that two or three huge blocks
of stock IN other roads carried by important
railroads will be turned into cash whenever at
tractive opportunity offers. Baltimore and
Ohio, Southern Pacific and New Haven are
named
On the other hand, hear that Reading stock
holders will fare sumptuousy in the near flu
ture. Concealed assets are not now kindly
regarded by the government, hence, distribu-
ton would BE- IN order
Too much has been made of the prospective
Union Pacific melon. Any huge gift TO
stockholders would leave the company less able
idemd for q hon lnus 10 nvtrn nnlr. Mr. hn;....
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21

NEW YORK. Sept. s0-Bar silver in
London to-day was Lie penny lower
at . Sled per ounce. To-day's New
York price was Sc lower at 6i2sc.
Ns-~.iass ssar--s sclL ~ 50
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
RIcE

NEW ORLEANS Sept. 20.-The mar
krt for clean rice continues to rule
active ava honduras and steady on
Japan.
Quotations on the leading grades fol
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
BONDS

>--A WORK Sept Governments
uuu.- ,u,bongeu Railroad bonus IT.
regular
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
NAVAL STORES

NAVAL STORES
NEW YORK. Sept 20.-Turpentine
steady, AZ; at Savannah. 3SG39%; c to
G rosin strained, 405@4,1O: tar In bar
relS. $50
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Stocks MAY HOLD Up.
BUT NJ BOOM IS To BE
DESIRED, FORBES SAYS
Reading Stockholders Likely to Fare Well but
New York Central, New Haven. Rock Island
and Copper Shares Are To BE Avoided, De
cIarcS Expert Observer.
NEW YORK
By B. C. FORBES.

NEW YORK, Sept. 20It may be that stock markets viii
backward But boom neither desirable profitable
The the public begins amor for securities underwriters
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
CLEARINGS.

NEW NVRN Sept EU--F3nk cIeaT-
mss to-day. SSG5, 500 eos Holiday a
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21
Honduras. Lanan.


The following table shows receipts al
she ports to-day compared with the
same day last year.
Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-21

MAINTAIN IT'S dividend Tor hen lays no extra after being
Killed 10 per cent Reading and an cent Union Pacific may
The log cabin Democrat., 1913-09-11
BIG ATTENDANCE AT HENDRIX OPENING 200 STUDENTS TO ENROLL LARGE AUDIENCE PRESENT AT OPENING EXERCISES WE'D
 NESDAY MORNING.

That more than 200 students will be enrolled when those already here have made out and filed their matriculation papers, was the statement given out at Hendrix College today, following the opening exercises which were held in the college auditorium this morn ing. This number will exceed by nearly 50 per cent the first weeks en- rollment in any previous session IT the history of the college. Every room in the dormitor:es was reserved two weeks ago, but the students are hav- ing no difficulty in finding satisfac- tory board in private homes and stu dent boarding houses.
 The opening exercises this morning were attended by an audience that packed the auditorium to its capacity The new president, Dr. J. H. Key holds, delivered an eloquent and ln- spring address, admonishing the stu dents of their responsibilities and urging them to make the most of their opportunities. Felicitous speeches were made by the heads of the two other colleges, President J. J. Doyne of the State Normal and pr. J. w. Conger of Central College.
 Chairman G. w. Donaghey of the board of trustees found it impossible to attend the opening, and Rev. F. S. H Johnston made a short address on behalf of the board. Other brief talks were made by Rev. J. J. Galloway Rev. H. l.. Wade and Rev. Dyer.
The log cabin Democrat., 1913-09-11
SCHOOL
 BEGINS SESSION ATTENDANCE IS LARGE
OPENING EXERCISES ATTEND ED BY GOOD CROWD. DE-
 SPITE WEATHER.
From Mondays Daily.

From Mondays Daily.
 Despite the rain which began short ly before the opening hour, large crowd was present this morning when ,, the annual session of the Conway pub lie school was begun All members of the faculty were present and the teachers are busily engaged in classi- flying and enrolling the pupils. Reg ular work in all the grades vii begin tomorrow morning, at which time the enrolment will be announced.
 After devotional exercises had been conducted by Rev. Otto Wilmington pastor of the Baptist church, Secre- tary w. B. Hubbel of the school board made short address. appeal ing for the cooperation of parents with the teachers. Let us get our heads together" he said would be a good motto for all to follow. He com- plimented Supt. J. P. Womack for having outlined the work of the school in such a systematic manner and pre- dicted a highly successful session
 Other short talks were made by J. c. Clark, C. E. Condray and Dr. J. w. Conger, after which Supt. Womack made the announcements for the school He stated that he had secured the promise of a number of medals for pupils doing the best work. the details of the competition to be an nounced later. The principal change in the policy of the school, he said would be to permit promotions when. ever pupils are ready for them, with. out waiting for the entire grade tc complete the work prescribed.
 The school faculty for the year l:
 composed of the following: Prof. J
 P. Womack, superintendent; Prof. c
 R. Wilson, Misses Maggie Denison
 Zella Bond, Annie Mccain. Minnie
 Flippen, Ida Bragg, Neil Noe. Agne'
 Maddox, Mary Hamilton, Carolina
 Muth, Laura Harton and Mrs. Id;
 Burns.