The Birmingham age-herald., 1914-09-19
JEWELL MARKERS
 AT GREENV|L[E U. D. C. Also Erect Drink ing Fountain and Tablet
 At l.. X N. Station

Greenyile, September R-tSpecial)-A call meeting of the Father Ryan chapter Of the |. D. c. was recently held with Mrs. Jefferson Beeland. The purpose of th- meeting was to arrange a programme for the unveiling of the Confederate mark CTS placed by the chapter.
 The ceremony will take place in the lot of the old Confederate hospital on septem- Der 25 at 3 o'clock A bronze tablet will be unveiled here. Following this the drink ing fountain at the Louisville and Nash vile passenger station will be unveiled and given for the use of the public. Mrs l.. M. Bashinsky of Troy, president of the Alabama division of the II. D. C., Will be present and deliver an address. There will be music and other interesting feat- ures.
 Tho fountain has two self-closing heads, is perfectly sanitary The marble tablet on the wall above the fountain commorates the beautiful words of the tune of Dixie written by Miss Ina Marie Porter in 1851. The presence of the author, now Mrs. Oskenden. will make the occasion more in- teresting to the chapter and to the people of Greenville, by whom she is deeply be- loved.
 reserves can be made to perform in times of stress. A service of that kind the banks of New York are now performing without assistance. excepting possibly in- direct help from banks in many other parts of the union. It was thought ex- pedient and appropriate that the banks of New York city should undertake ex- clusively to make good the obligations of New York city which are now maturing
 In order to accomplish this, the New x.ffx A...1 Il their reserves, and the gold to the extent of $5,0o0,ooo in the initial movement on Monday last was gold which had been counted ss a part of the New York banks reserves.
 How much more gold will be necessary in order to complete the liquidation of New York city's obligations is something that none of the bankers would predict, but even if as much as $S0. 0oo, 600 should be necessary that amount of gold will be taken by the New York banks from their resources and sent to Ottawa or otherwise utilized in payment of the citys obliga- tions.
 A Master tSroke
 The organization of this syndicate is still regarded as a master stroke of finan- cial diplomacy. It represents the com bined and mentally almost exhaustive labors of J. P. Morgan, Jacob Schiff and
 
 Henry P. Davison. The labor entailed in performing this arrangement was long continued It in volved intense concentra- tion of mind and the working out of some difficult problems. For these labors the bankers will gain no recpmpense except ing the sense of having aided in relieving a most embarrassing situation. But the work of organizing the syndicate and di- recting it after it was organized clearly indicates the new financial leaders in New York city.
 Immediate Reflection
 How considerably this transaction has aided in stimulating renewed confidence Ill the international financial situation was demonstrated more speedily. perhaps. than the managers of the bankers syndicate at first thought probable. The city of New York is issuing and continues to is- sue notes bearing 6 per cent interest These the underwriting syndicate has agreed to accept and will undertake to market with the banks or the public. The probabilities are strong that. even in these times when securities are closely scrutin- ized and must be very tempting to induce capital to invest in them. New York city notes bearing 6 per cent interest will find fairly good market with the public It may be that the banking syndicate may .e able speedily to market these notes. If that should not be done, then the bankers themselves may carry the notes That would not be disagreeable responsibility in view of the fact that the notes bear 6 per cent interest.
 But as soon as prudent investors in Great Britain learned the details of this transaction our own bankers received in timations that considerable portion of these notes would be accepted by those in Great Britain who possessed capital. II this were done it would involve no more than an exchange of old notes now due to become due, for the new ones.
 The fact that the banks of New York city at this critical time bound themselves to raise a fund of $100 900 in gold. if so much were necessary, and to utilize it in paying off New York city's obligations held abroad, seems to have been grea stimulus for the return of confidence in Great Britain, and for that reason will considerably aid the financial situation in London. If this be done, then gradually but surely the powerful expansion of en- ergy in the stupendous international finan- cial machine would be well under way