Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-04-03

Washington Speclal Oh Aprl l. "
the Atlanta Journal: IF the smith
cotton futures bill has teeth 1t VIII De
reported favorably by the committee
on agriculture and passed by the house
within three weeks" declared Repre-
sentative Lever, of South Carolina,
chairman of the committee, today. III
the bill hasn't teeth to check the prac-
tices and reform the methods OF tne
exchange il will be amended by US 10
make it effective" Mr.. Lever sa1d the
agriculture committee might alloW
hearings on the bill to be limited 10 TWO
days. There is no occasion Tor eX
tended hearings" he said. The cues
tion is familiar to congress. but we 90
NOT wish TO be placed in the attitude or
taking snap judgment. southern
members of congress feel an interest
in the reported desire of certain cotton
operators in New York to have certl-
flcated by the New York exchange the
cotton that was rejected by the classl-
fication on March contracts. They are
watching closely to see II the ciassln-
cation for May is less rigid than IL was
for March with view to depressing
the price Of May ontions on the eX-
change. thereby increasing the dls-
narity between the futures and the ac-
NAL spots in the south. Representative
Hefiin, of Alabama, said yesterday that
n such manipulationS were sanctloNeu
by the exchange he thought the matter
should be investigated by the depart
ment Of justice.
Malone, n. Y, March 81: The pro-
longed Rockefeller Malora feud over
possession of hunting CABIN ana sur
rounding grounds in the AndirondacKs
has been ended, according TO Woru tnaI
has reached here, by sale Of the proper
% RnrKpfpller.
will become part of his vast game pre-
serve. The sale was made by William
Malora, who inherited the cabin ana
grounds upon the death of his father,
Oliver. who since 1892 had declined 10
dispose of the property. In 1872 VIII
liam Rockefeller set out to acquire IN.
game preserve. He bought 59,OOO acres
around the town Of Brandon, put coulo
not secure Oliver Malora's CABIN ano
clearing, which stood in the way. Out
of this arose a legal battle between the
oil mapnate's agent and the old trap
per. 1t was expensive work for Malo-
ra, but his neighbors came to his ala
financially. Malora was arrested Tor
trespassing, but twice he defeated the
Rockefeller agents in the courts Dy
showing that the fish in the Rockefel-
Ter streams were supplied by the state
hatchery and that the state law Tor
bade the setting aside OF such waters
as part of any private estate. On the
third occasion when the agents got Nd
lora into court it was over civil suit
for damages. 1t finally reached the
court of appeals which found in Rocke-
feller's favor. The damages awarded
were only Is cents but $500 in costs
was assessed against the old trapper
For the remainder of Malora's LIE the
Rockefeller agents recognized as use
less any attempt to get him to sell. Al
ter he died the son assumed the same
attitude as his father for a time, put
he finally was induced to dispose OF the
property.
The new Federal reserve banking
system will start bushes with total
authorized capital Of about $lOO,OOO,-
600 for all reserve banks, no matter
how many institutions the organization
committee decides to set up. This fact
became apparent last wednesday
night when figures were made pubic
from all national banks responding 10
the last call of the comptroller OF the
currency, made March 4. The state,
ment issued giving these figures Will
be the last of the kind before the Tor
NAL launching Of the system, unless
the organization changes It's present
purpose and delays the announcement
Of the reserve districts and cities. The
total capital and surplus OF the i,454
national banks reporting was given at
about 81. 7SS, ,O00, 900. Under the reserve
act each national bank must subscribe
six per cent OF its capital and surplus
to the capital Of the reserve bank In ltS
district and six per cent or this total
would be about $107,000,OOO. The ac-
tual working capital OF the reserve
banks may reach only half this amount
for the act provides that mandatory
subscriptions of only three SiXthS or the
total six per cent The reserve board,
the machine which will direct the sys.
tenn. however, is authorized to demand
the payment of the other three-slXtns.
The statement Wednesday shows ma
tional banks in excellent condition to
meet the demands Of the new law.
Some observers were surprised by the
fact that loans and discounts have in
creased instead Of being curtailed.
Loans and discounts on March 4, 1914
amounted to $6,357, ,535,S9S, gain over
January 13, 1914, the time OF the pre-
vious call of s1S2, ,l3O.936. The resources
and liabilities of the national banks
are s11,564, 497,26O their capital stock
81 O56, ,4S2,l2O and their individual de-
posits Sc, 1928, 457. Their reserves
were put at 1854, ,592,375.
Republican Leader Mann, on last
Tuesday told the house that there were
three questions involved in repeal OF
the Panama tolls eXemption-treaty
rights. moral rights apart from treaty
construction and the economic poncy
involved. The economic question might
he changed at any time, he said, but
decision on treaty rights must be
lasting one He maintained tnat no
construction of the Hay-Pauncefote
treaty compelled the United states 10
charge the same tolls on its own SHIPS
or those of Panama as were levied on
those of other nations "A reading OF
the rules to be observed by nations TO
receive equal treatment" he said,
plainly discloses that they are not ap-
plicable to the United States or Pana-
ma. England's attempt to secure her
construction Of the treaty at this time
is not for its present effect 1t is 1or
the long distant future. If we construe
the treaty according to the Engllsh
claims, il is sure to rise and emDarass
us whenever we have war with other
countries. War is not desirable, but II
is inevitable. We can not always main
tain peace. II we agree now to the
English construction, it is certain that
in the future when we have war with
Japan or China or some other country,
questions will arise in reference to
their use and our use of the canal, es-
pecially as to war vessels, and in that
time of stress we will be net with the
contention by England. present ally OF
Japan, or by some other country that
we have already construed that treaty
in such a way that we can not protect
the canal without bringing protest
from England or other countries Whlch
will embarrass if not defeat us in the
war. / want to treat England fairly,
but l believe that, under the construc-
ton of the treaty, we have the right to
do as we please in this matter and that
1t is an unfriendly act Of England now
at this late date to insist upon any 9TH
er construction"
Mai. Gen. William w. Wotherspoon,
now assistant chief of staff Of the Unit
ed States army. has been selected TO
succeed Maj Gen. Leonard Wood as
chief of staff at the end Of Gen. Woods
term, April %. Brig. Gen. Hugh l..
Scott, commanding the troops at Fort
Bliss, Texas, will be assistant chief of
staff. Gen. Wood will assume COM
mand of the Eastern department with
headquarters at Governors Island. n.
Y. The appointment of Gen. Wother-
spoon to be chief of staff had been eX-
pected as it was in accordance with
The Dractice of promoting the assistant