Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1917-10-18
eCREAT POWER GIVEN
WAR TRADE BOARD

MES do business in the United States
after November 5. Enemy companies
also may not change names they used
at the beginning of the war without
special license.
Affects Financial transactions.
Secretary McAdoo is vested by the
president with and is expected to turn
over to the federal reserve board 'the
executive administration OF any in.
vestigation. regulation or prohibition
OF any transaction in foreign exchange.
export or earmarking of gold or sill
YER coin. or bullion or currency trans
fers Of credit In any form( other than
credits relating solely to transactions
to be executed wholly With the
United States) and transfer of evil
dence of Indebtedness or of ownership
OF property between the United States
and any foreign country, or between
the residents fone or more foreign
countries, by any person with the
United States" The reserve board al
ready exercises virtual control over
gold and silver exports
The secretary of the treasury's vest
ed authority to prevent transmission of
information to any enemy either to or
from the United States will be exer-
etary may permit this transmission
when he wishes.
Enemy insurance Companies.
"I further authorize the secretary of
tho .fran tho nrauidapt Ina
his order. ito grant a license under
such terms and conditions as are not
inconsistent with law or to withhold
or refuse the same to any enemy or
ally Of enemy insurance or reinsur
ance company doing business within
the United States through an agency
or branch office or otherwise which
shall make application within 80 days
of October 6. 1917" (The date the
act was approved).
The censorship board is entrusted
with the censorship OF communica-
tons or mail orders, radio or other
means of transmission passing be-
tween the United States and any for
eign country from time to time speci-
fed by the president, or carried by any
vessel. or other means of transporta-
ton touching at any port. place or ter
ritory OF the United States and bound
to or from any foreign country"
among the most important and far
reaching OF the povisions OF the ene-
my act" says an official statement ex-
planning the law. ''are those dealing
with the taking over by this govern
ment of the custody and control of
enemy property within the United
States.
Enemy Property In America.
THE poperty affected by these pro-
visions Is that which Is located in the
United States and belonging to any
person or corporation that is an
enemy or ally OF enemy within the
definitions of the act. referred to
above. except those licensed to con-
tinue doing business in the United
States. German subjects and the sub
jects OF her allies resident in the Uni
ted States do not. from the mere fact
of their nationality, fall within these
definitions.
"The act makes it the duty OF every
concern within the United States issu
ing shares Of stock. within GO days af
ter the approval OF the act, to report
to the alien property custodian the
names OF such of its officers, directors
and stockholders as are known to be
or reasonably believed to be enemies
or ally of enemy and the amount
stock or shares owned by each.
THE act provides In addition under
severe penalties that every person in
the United States holding any property
an enemy or ally of enemy or for
any person who he may have reason
able cause to believe to be an enemy
or ally of enemy must report the fact
to the alien property custodian within
30 days after the passage OF the act.
So also. any person In the United
emy' or ALLY OF enemy or to per
son whom he may have reasonable
cause to believe to be an enemy. Or
ally OF enemy must make similar
report.
May Take Over Property.
Ihe alien property CUSTODIAN may
require transfer to himself OF any
property held for or debt owed to an
enemy or enemy ally and any person
so holding any property, or so owing
any money, may transfer such prop
erty or pay such money to the custo-
dian with his consent.
Property or money transferred to
the alien property custodian will be
held until the end Of the war and then
dealt with as congress shall direct. All
funds or ready money may be invested
In Liberty bonds and held in SUCH
form
The definition of an enemy" or
"ally of enemy" Is explicit. Any per-
son. regardless of nationality. who re-
sides within the territory OF the Ger
man empire. or the territory Of any o.
its allies or that occupied by their mill
itary forces is expressly made an
enemy" or ally OF enemy" by the
act. Even citizens OF the United