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'I'HK ATLANTA SEMI-WEEKLY JOURNAL, AYliANTA, GA., FRIDAY, DECEMBER 26, iaD»
HENS HAVE BECUN TO LAY.
IE OF EGGS TUMBLES
PROTECTION OF FRUIT TREES FROM RODENTS
/
Brief Description of Tree Protectors and Remarks Which Will Readily Enable the Fruit-Grower to Decide Which Form of
Protection Will Best Suit His Conditions
Government Report Blames
Weather Conditions, Not
Boycott, for Shortage
(Special Dispatch to The Journal.)
WASHINGTON, Dec. 25.—Weather
conditions during the spring and sum
mer were primarily responsible for the
recent shortage in eggs, and the recent
lowering of the price of eggs has been
due to natural causes and not to the
boycott against eggs, according to the
federal department of agriculture.
The pullets on the government farm,
near Washington, and, in fact, through
out the country, have at last begun to
lay, and already a 50 per cent egg pro
duction has been reported. The fact
that these eggs are now beginning to
reach the market has necessarily re
acted on the prices at which storage
eggs have been held.
Here is the explanation of the de
partment of agriculture concerning the
causes for the rise in thep rice of eggs:
“Investigation of weather conditions
shows that the spring was unusually
wet and cold, which set back the laying
development of the pullets; and the un
usual drouth in July further postponed
the laying period, because both of these
weather conditions affect the food hup-
ply of thep ullets. As a result, the
pullets that normally begin to lay in the
fall have not commenced their laying
until about a month later than the usual
fall laying season.
"Unless unusually cold weather inter
venes, this pullet egg supply should now
continue. The increased cold weather
will naturally affect the laying of pul
lets allowed to run on the farm without
proper shelter. The effect of cold weath
er on laying pullets can be greatly less
ened. however, if the chicken owners
provide suitable shelters from the cold.
NATURAL CAUSES RESPONSIBLE.
"The usual advance in the price of
eggs during the fall of the year-, partic
ularly of fresh eggs, is largely due to
natural causes. There is a time each
year during the hen's life known as
the mouUing period, when the hens shed
their old feathers and' grow new ones.
This process begins at any time from
July l to September 1, and occupies
about ninety days, the age of the hens
having considerable influence on the time
thoy start to moult.
"Two and three-year-old hens do not
begin to moult as early as yearlings.
Hens do not start to lay until a week
or two after the new feathers are ful
ly grown and the bodies of the hens
are well protected from cold weather
During the moulting period, few, if any,
eggs are laid because all the feed the
hen consumes Is needed to keep up her
health and vitality and produce the
new coat of feathers.
"It follows that practically the only
source of fresh eggs at this time is
the pullets hatched during: the preced
ing: spring:. Pullets seldom lay until
fully matured or grown, therefore, if
the majority of pullpts in a community
are hatched late or for any reason
have not been grown and matured
properly, a scarcity of fresh eggs is
bound to result. When climatic or
other conditions exercise a widespread
influence to retard the development of
pullets over a considerable area, this
shortage of eggs will be noticed over
a wide extent of territory.
A REMEDY OUTLINED.
"The only hope of Increasing- the
fresh egg supply in the fall lies in the
proper handling- of pullets, as hens can
not be expected to lay at this season.
To secure pullets that will lay in the
fall, the American breeds should > be
hatched about March, and the Leghorn
and other Mediterranean breeds some
what later, in April or May. The Leg
horn pullets begin to lay sooner after
hatching than the American breeds. The
question of feeding then comes in. Prop
er feeding will cause the pullets to lay
during the fall and winter, but too
heavy feeding or improper feeding will
force the growth of the pullets to
such an extent that they will begin
laying in August and September, then
pass through the moulting period in the
fall the same as hens, and cease’lay
ing until warm weather. This is a dif
ficulty that the skillful poultryman
must avoid.
"If proper methods in the growing of
pullets were employed. much larger
quantities of fresh eggs could be pro
duced during the fall and winter, and
this would assist materially in keep
ing the price for fresh eggs within
reasonable limits at such times. The
lack of a sufficient supply fresh eggs
during the fall and winter forces the
public to depend on eggs stored during
the preceding spring, and storage eg£s
advance greatly in price because of the
scarcity of fresh egg supplies.’
The old saying "No use to lock the , plete all-round protector. True, it is
stable door after the horse has been
stolen” is quite applicable in the mat
ter of protecting young and no-longer-
young fruit trees against rodents. Don’t
wait until some of your trees are ruin
ed before you adopt preventive meas
ures.
The soil or cinder mound as a pro
tection against the injury by rodents,
is very effective. Mice rarely injure
more expensive than some others,
but it is lasting and more effective
against all kinds of rodents which
prey upon young trees. Being light and
open, it presents the least obstruction
Wood veneer protectors are effective,
but as they form a tight, close, light-
excluding cylinder, various forms of
insect life thrive in the crevices and
under the cover. The woolly aphis,
root louse and other pests increase in
to strong winds; the air and sunlight great numbers under these wood cov-
are freely admitted; no dark places of
concealment, such as invite woolly-aphis
and other forms of insect life. It is
made of galvanized wire cloth of one-
4
Y
l ,.nV .
Corn stalk protectors are very good.
There is no device superior in effec
tiveness against rabbits and ground
hogs, and certainly none chepaer. Five
or six stalks bound firmly about he
yung tree with twine will constitute
a protection that will last not\ only
! one season, but for several seasons.
; The stalks readily yield as the tree in
creases in size. By mounding the bases
of the trees with fresh soil and firming
' It well, a stalk protected tree is quite
secure from all rodent enemies.
Wire cloth combined with corn stalks
! will appeal to the most exacting. The
stalks protect against rabbits, while
the wire cloth completely baffles the
mice even in badly infested orchards.
When trees have attached the age of
six or seven yeans they are usually be
yond the period of injury by rabbits.
We then have to protect only against
mice. The short, galvanized wire cloth
cylinder, well imbedded in the soil
about the tree base, is quite sufficient
trees except where grads, strawy ma-
nue, boards or trash of some kind
about the base of the tree provide a
hiding place; they will not come out
in the open but perform their depreda
tions under cover. In mounding trees,
first, clear away the grass or mulch
from the base of the tree for a foot
or more in all directions. Second, with
a "post tamper,” thoroughly firm the
surface of the soil about the base of
the tree. Third, with a few shovel
fuls of fresh soil or cinders form a
small mound twelve or fourteen inches
in diameter at the base and from four
to six inches high about the stern of the
tree, firming the soil well. The tops
of these small mounds are usually kept
quite bare by the winds and the mice
will not venture out on these exposures
to feed on the bark of the trees. These
mounds may be left all the year, but
should be repaired and tamped hard
each autumn. Where cinders are avail
able they are most excellent for mice
will not burrow through cinders.
The wire screen is an ideal and com-
quarter inch mesh (four 22-gauge wires
to the inch) which may be purchased
from any large supply house in rolls
of one hundred lineal feet and in any
width from twenty-four to thirty-six
inches. In adjusting to the tree allow
the edges to lap about one inch.
Small meshed poultry netting protec
tors are made of ordinary weight, gal
vanized wire netting of one inch mesh.
This is effective against rabbits, but
will not keep the mice out. In combi
nation with a mound of soil about the
base of the ^ree, mice will rarely prove
troublesome.
It often happens that the farmer has
a quantity of old poultry netting of
standard mesh which he could use. Rab
bits and wood chucks will not be able
to seriously injure trees protected with
this and if a mound is made at the
tree base, mice may also be baffled.
Spiral protectors of heavy wire, while
effective against rabbits are of no avail
against mice except as the trees are
mounded.
because of the fact that they afford
excellent hiding places for many insect
pests. A simple paper (even newspa
per) wrapper will serve well for a sin
gle winter.
A high grade of building or "sheath
ing” paper is, of course, preferable to
newspaper for three protection. A com-
New Currency Law Calls
For Few Direct Changes
In Old Banking System
First Steps in Bringing Bill
Into Operation Will Be in
Hands of Organization Com
mittee-Chief Provisions of
Measure
blnation of building paper and wire
cloth is a trustworthy protector un
der all conditions. The paper may be
flf
it
- l ml
even in badly infected orchards.
In combination with soil or cinder
mounds, paper wrappers are temporar
ily effective against rabbits, but these
protectors s must be removed in summer
removed and the screen retained during
the grwig season. The wire discour
ages the mice and the paper in. winter
is accepted Wy rabbits as an invitation
to look elsewhere for forage.
ANTI-SALOON LEAGUE
ASKS AID OF WILSON
Memorial Urges Him to Use
Effort to Abolish Liquor
T raffic
COLUMBUS, Ohio, Dec. 25.—President
Wilson was memorialized yesterday to
ask congress to submit a constitutional
amendment looking to the abolition of
the liquor traffic in the country at large.
The memorial, signed by a special com
mittee of twenty-five named at the Anti-
Saloon league demonstration, on the
steps of the capitol in Washington on
December 10, was an outgrowth of the
national convention of the Anti-Saloon
League of America and other, temper
ance forces held in Columbus November
10-14.
President Wilson was unable to re
ceive the special committee upon the
occasion of the Washington demonstra
tion and the memorial sent to the
White House yesterday was issued in
lieu of a personal hearing. It asserts
in effect that nation-wide prohibition
would only be an advanced step in the
application of the declarations of the
Baltimore platform upon which Presi
dent Wilson was elected.
Federal Officers Grab
Condemned Vegetables,
Offered For Sale
(By Associated Press.)
WASHINGTON, Dec. 25.—Two thou
sand cases of assorted canned vegetab
les condemned by food inspectors of
Hamilton, O., on the allegation that
they were filthy and decomposed, have
been seized by federal authorities in
Chicago, where, according to an an
nouncement of the department of agri
culture today, an attempt to offer some
of the more presentable for sale for
food purposes was planned.
The vegetables seized, the department
says, apparently had been under water
in the Ohio flood at Hamilton, though
it is not clear that their condition was
caused by the waters.
The department further states that
the goods had been condemned and that
the owners obtained, permission to ship
them to Chicago on the statement that
they were to be sold as "fertilizing ma
terial.” f
HIGH OFFICIALS PLAN
For Weakness and Loss of Appetite
The Old Standard general strengthening tonic,
GROVE’S TASTELESS chill TONIC, drive# out
Malaria and builds up tfcp system. A true tonic
and sure Appetizer. For adult* and children. 50c.
(Advt.)
TO SING OLD YEAR OUT rub UP Y0UR TELESC0PE.
While Showing Gun,
Uncle Shoots Boy,
Seated in Flis Lap
i —■ ' —— . f
(Special Dispatch to The Journal.)
WASHINGTON, Ga., Dec. 25.—While |
holding in his lap his little nephew, i
Darden Ware, three years old, Liiiton
Lewis, fifteen years old, accidentally
shot the little fellow in the forehead
early Sunday morning with a small par
lor rifle.
'The child wished his uncle to explain
the workings of the gun. Taking the
boy on his knee, young Lewis began
to show him,*when the rifle fired. The
ball penetrated the child’s skull just
above his left eye. Physicians were im^
mediately called in, but it was found
impossible to probe for the ball.
ACWORTH BOY WINS
RHODES SCHOLARSHIP
(Special Dispatch to The Journal.)
ACWORTH, Ga., Dec. 25.—Howard S.
Hilley, an Acworth youth of only twenty
years of age. has won a famous
Rhodes scholarship to Oxford univer
sity, England.
Hilley won the scholarship
through competitive examination in
December, 1912, after only one day’s
preparation, but on account of his age,
I his appointment was deferred. Yester-
GERMAN ENGINEERS TO
BUILD ROADS IN CHINA
Contracts Signed for Railways
of German Material, Back
ed by German Money
(By Associated Press.)
BERLIN, Dec. 25.—An agreement for
the construction of two railroads in
China by German engineers who are to
utilize purely German materials and
German capital was signed today by
the Chinese foreign minister and the
German minister to China at Peking.
The first line is to run from Kaomi,
near Kiaochow, on the Shantung rail
way southward to Hanchwang, where the
Tien-Tsin-Pukow railway crosses the
grand canal. The second line is. to ex
tend the Shantung railway from its ter
minus at Tsinan to Shuntep on the
Hankow railway.
The cost of the two undertakings is
estimated at from $17,500,000 to $20,-
000,000.
AMERICAN SUFFRAGETTE
IS FREED ON OWN WORK
lust See Your
Pimples Fiee
After You Have Used Stuart's
Calcium Wafers and Rid
Your Blood of All Its
Impurities.
The abolishing of all skin disorders
must begin with the blood. Lotions
salves, cosmetics, e*tc., will do no ma
terial good. The trouble comes from
within and there the remedy must oe
applied.
If you really desire quick action and
at the same time a common sense, nat
ural, harmless blood purifier, then Stu
art's Calcium Wafers is this remedy.
(By Associated Press.)
WASHINGTON, Dec. 25.—A big song
service attended by high officials of the
government, at which the old year will
be sung out and the new year in, is to
be held at the south end of the treas
ury department. The service is to be
under the auspices of the local Christ
mas Endeavor union.
Officials expected to attend Include
Secretaries Garrison, Daniels and Mc-
Adoo, Speaker Clark, Senator Borah and
Representatives Lloyd and Hobson. The
services will be featured by brief mega
phone addresses by members of the
cabinet and the senaie and nouse. A
special choir of 1,000 voices has been
arranged for.
NEW COMFIT HOMING I day - at Le S in Ston. Ky., he again won
nic.vv LUiVIS-l O hU IVIIIMU j over applicants from over the south, In
; tV
AUTO WRECK VICTIMS
FOUND BURIED IN MUD
(By Associated Press. ^
LOUISVILLE, Dec. 25.—The bodies
of Louis Wakefield, of Shelbyville, Ky.,
and Robert L. Gallatin, of York, Pa,
were found this morning imbedded in
the mud on the edge of a small creek
in the suburbs of Louisville, victims of
an automobile accident, that occurred
about 10:30 o’clock last night. The au
tomobile struck the railing of a bridge
which crosses the stream and was dash
ed to pieces ewtney feet below, pinning
the occupants beneath it.
(By Associated Press.)
CAMBRIDGE, Mass., Dec. 25.—Ob
servations of the ,Delevan comet re
ceived at the Harvard observatory from
Cordoba, Argentina, and from the na
val observatory at Washington indi
cate that the celestial visitor is in
creasing in brilliancy and now can be
seen through a small telescope.
The comet has a northerly movement
of six minutes and fifteen seconds a
day. If it continues to increase in
brightness it may prove an interesting
spectacle in the southwestern heavens
this winter.
FISHERMEN JUMP OFF
SCHOONER AS IT SINKS
competitive examination.
Mr. Hilley graduated from Transyl
vania university, Lexington, Ky., with
M. A. degree, last June, and has been
acting pastor of the Christian church
at Acworth.
With the free scholarship, board, all
necessary expenses are paid, and $1,500
per year. The scholarship is for a full
courso of four years.
(By Associated Press.)
LNDON, Dec. 25.—Charges of as
saulting the police brought against
Miss Zelio Emerson, the American suf
fragette, in connection- with a disturb
ance last week, were dismissed today.
Miss Emerson and her friends walked
Njut of court with all honors of war.
When called to the witness stand Miss
Emerson testified that the statement *f
the policeman that she had deliberately
struck him and smashed his helmet was
untrue, although she might have done
so accidentally.
The magistrate paid a tribute to the
general truthfulness of the militant suf
fragettes, remarking "if Miss Emerson
had intentionally hit the policeman she
would have said so.”
ALBANY TRAVELERS
HAVE FINE PROGRAM
TARIFF BILL M0MENT0
FOR SENATOR SIMMONS
(By* Associated Press.)
WASHINGTON, Dec. 25.—Senator
Simmons, of North Carolina, who suc
cessfully piloted the Democratic tariff
bill through the senate, will be present
ed this week with an autographed and
handsomely bound copy of the new tariff
law. The bill contains autographed notes
of appreciation from President Wilson,
Vice President Marshall and several
senators, in addition to the autographed
signatures cf all members of the senate.
(By Associated Press.)
NEW YORK, Dec. 25.—-Forty fisher
men scrambled off the schooner Seneca
in North rivei today to the tug Daniel
Willard just before the schooner with
a big gap in her side sank in twenty-
five feet of water. Backing out of her
pier, she had been rammed amidships by
the tug. No one was hurt. \
COL. GOETHAL’S GIFT MAY
BE SHIP THROUGH CANAL
(By Associated Press.)
NEW YORK, Dec. 251—Panama ad
vices received here today state that
consideration has been quietly given to
a proposition to put the U. S. S. Buf
falo or some other government vessel
through the Panama canal Wednesday,
as Colonel Goethal’s Christinas gift to
the American people.
RUTLAND IS DROWNED
IN BAY AT TAMPA
‘•After using Stuart’s Calcium Wafers
my pimples went away like magic.”
The correct and best blood purifier
known to science is—Calcium Sulphide.
This great cleanser is contained in
proper quantities in Stuart’s Calcium
Wafers and that is why all blood trou
bles and skin blemishes rapidly disap
pear afte r their use.
An unslghtful and pimply face due
to impure blood is one of the most.
disgusting sights one can see and yet, _ A1 . A | mnrt ,, A .. , A
all about us, upon the streets, in the DALTON CHURCH CALLS
these horrible results. we see WAYNESBORO MINISTER
There is no need for this condition
QUEEN t)F MONTENEGRO
REPORTED SERIOUSLY ILL
(By Associated Press.)
ZURICH, Switzerland, Dec. 25—Queen
Milena, of Montenegro, mother of Queen
Helena of Italy, is understood to be
dangerously ill in the capital of the
little Balkan kingdom. Dr. A. Genhart,
of this city, received an urgent sum
mons today to proceed to Cattinje to at
tend the queen, who has been indisposed
for several weeks. Yesterday’s symp
toms of her sickness suddenly became
serious.
(Special Dispatch to The Journal.)
WEST POINT, Ga., Dec. 25.—Tom
Rutland, a prominent young lawyer of
West Point, was drowned in the bay
at Tampa, Fla., Monday, where he had
gone to spend the winter. His body has
not been recovered.
(Special Dispatch to The Journal.)
ALBANY, Ga., Dec. 25.—A thoroughly
enjoyable affair was the joint banquet
of the Travelers’ Protective association
and the Traveling Mens Social and
Protective association, which was held
at the Sans Souci Saturday night. E. F.
Jackson acted as toastmaster. Among
the speakers were Cruger Westbrook,
solicitor-elect of the city court of Al
bany; Walter Mallard, Colonel Denis
Fleming, G. J. Callaway, Dr. E. A. Lan
dau, A. K. Hursh, Ed Harralson, W. M.
Byrne, C. D. Stiles, Hall and others.
Mr. Jackson read telegrams of regret
from Hon. Roscoe Luke, of Thomasville,
and Mr. Roland Rowe, editor of The
Atlanta Journal’s "Firing Line.”
DODGE GINNING REPORT
SHOWS BIG INCREASE
j * l
EASTMAN, Ga., Dec. 25.—The tabu
lations of the separate returns from the
ginners for the December 1st report
shows that there were 31,215 bales of
cotton ginned in Dodge county from the
crop of 4913, prior to Ilecember 1, as
compared with 20,491 bales ginned
prior to December 1, 1912, or a gain of
10,724. I
if you will take Stuart’s Calcium Wa
fers daily and keep all salves, lotions,
cosmetics and other harmful prepara
tions from clogging the pores.
Every firstclass druggist in this
country carries Stuart’s Calcium Wa
fers, which are pleasant to take, harm
less, and may be obtained for 60 cents
a box,— (Advt.)
DALTON, Ga., Dec. 26.—The First
Baptist church in conference yesterday
decided unanimously to extend to Rev.
Solon B. Cousins, of Waynesboro, a call
to the local pastorate. The congregation
is extremely anxious for him to accept
the local church. He preached two ser
mons here recently and made an excel
lent impression.
ollect Butts Taxes
(Spec/al Dispatch to The Journal.)
JACKSON, Ga., Dec. 25.—When the
books Jot Tax Collector C. S. Bryant
closed; Saturday night, only about half
of tl/e county and state taxes for the
year 1913 had been paid. Mr. Bryant
will/keep his books open up to Wed
nesday night, after which time he will
begin to issue excutions against those
who have not paid.
MRS. ANNA SHAW REFUSES
TO PAY HER INCOME TAX
NEW YORK, Dec. 25.—Dr. Anna How
ard Shaw, president of the National
National Woman Suffrage association,
has refused to pay her income tax and
yesterday announced her intention to
fight the law.
While at her house in Moylan, Pa.,
recently she was asked to fill out a pa
per stating the amount of her income
and from what source it was derived.
Instead of obeying, she wrqte on the
official sheet her declaration of princi
ples which, in brief, are that “taxation
without representation is twrannny.”
NATIVES OF AMB0YNA
KILL FEDERAL BOTANIST
(By Associated Presa.)
TORONTO, Ontario, Dec. 25—Charles
Budd Robinson, United States govern
ment botanist, recently was’killed by
natives of Amboyna island In the Ma
lay Archipelago. News of his death
arrived today via Manila. He was a
native of Canada. He had been em
ployed by the bureau of sciences «of
the Philippines to study the flora of
Amboyna Island. He was forty-one
years old.
COOKS CAKE LIKE CRATE
AND SENDS IN MAILS
(Special Dispatch to The Journal.)
WASHINGTON, Ga., Dec. 25.—A cake,
baked as though it was packed in a
crate is the unique Christmas gift
presented to tlie officials of the Wash
ington postoffioe, Saturday by Mrs.
T. T. Wolfenden, a local teacher of
domestic eclence
GEORGIA RANKS HIGH
IN GOOD ROADS STATES
WAYCROSS, Ga., Dec. 25—Af twenty-
four states through which he has driven
on his coast-to-coast tour advertising
the San Diego exposition of 1915, W. E.
MacArton today classed Georgia among
three states of the twenty-four having
the best roads. Kansas and Pennsyl
vania are the two states he ranks ahead
of Georgia.
When he reached Waycross from Sa
vannah he completed his 1,100th mile
and by the time he reaches San Diego
he will have traveled approximately
20,000 miles. Moving pictures of Way-
cross were taken today as a souvenir
of the Georgia trip.
PLENTY OF RECRUITS
FOR UNCLE SAM’S ARMY
(By Associated Press.)
WASHINGTON, t Dec. 25.—There has
been a tremendous increase recently in
the number of young men offering
themselves to the army recruiting of
ficers for military services. Last month
there were 5,000 applications, 2,000 more
than ever before recorded in time of
peace. No longer is there any appre
hension on the part of the army officers
as to the possibility of obtaining all
the recruits needed to fill the ranks to
full authorized strength.
CLEMENTS REAPPOINTED
TO U. S. COMMERCE BOARD
WASHINGTON, Dec. 25.—Judson C.
Clements, of Georgia, was reappointed
today by President Wilson a member of
the interstate commerce commission, and
his nomination was hurried to the sen-
n£te.
The senate immediately confirmed
Commissioner Clements.
(By Associated Press.)
WASHINGTON, Dec. 25.—The new
bill affecting the currency banking
and finances of the country is
one of the most far-reaching measures
relating to finance that has been enact
ed in many years. The magnitude of
the subject, the diversity of Interests
affected, and the length of< the debates
in both branches of congress, has made
it difficult for the ordinary observer to
follow the changes and grasp the es
sentials of this highly technical meas
ure in its important bearings on money,
finance, banking and the entire range
of fiscal subject^, public and private,
which it affects. With a view, there
fore, of presenting succinctly and in
non-technical language, an epitome of
the salient features of the measure as
finally framed, the following summary
is given of the bill as a whole and
of its principlal details:
Generally speaking, the first steps to
be taken to bring into operation the
nation’s new financial system will be
through an organization committee,
consisting of the secretary of the treas
ury, secretary of agriculture and comp
troller of the currency. Banks have
sixty days within which to file their
applications for membership in the new
system; and one year’s time is allow
ed before the government will com
pel the dissolution of any national bank
that refuses to join.
LITTLE DIRECT CHANGE.
The new law will make little direct
change in the operation Of the present
national banks, except to allow them
to loan a certain amount of their funds
upon farm mortgages. Its chief purpose,
is to add a new piece of machinery to
the banking system that will "take up
the slack” during the changing busi
ness conditions of each year; that will
give the banks a place to quickly con
vert their assets into* cash in time of
need, and that will bring out new fed
eral currency when it is needed^ and
retire it when money becomes ’cheap.”
Banks are now required to keep a
certain percentage of their deposits as
"reserves,” part in cash in their own
vaults, and part of which may be re
deposited in the banks of New York,
Chicago, St. Louis and other designa
ted cities. In times of sudden finan
cial defnands, when banks have loaned
up to the full limit of their resources,
these reserves furnish little relief, be
cause if they are paid out to meet de
mands, the banks are left in a preca
rious condition.
TO CIRCULATE RESERVE.
The basic principle of the new law
is to get these reserve funds out into
circulation when necessary, without
lessening the safety of any bank; and
provide a place to which local banks
may rush in a crisis and get cash for
the "prime commercial paper” they
hold in their vaults.
This is to be accomplished through
a chain of regional reserve banks, oi
"reservoirs of reserves,” In which all
banks shall deposit a stated part of
the money they are requfred to hold as
reserves. Under the new system, when
a financial flurry comes, the banks can
take commercial paper, such as notes,
drafts and bills of exchange, to these
"reservoirs,” and secure the use of
their own reserves, or if necessary even
the reserve of other banks, by (de
positing this security.
The new regional banks will receive
about one-half of the bank reserves of
the countiV. They, in turn, will be
permitted to loan back tp the banks all
but 35 per cent of these reserves, so
that in case of emergency, millions of
cash can be brought out Into circula
tion quickly. The banks will have to
pay for these loans, however, as indi
viduals have to pay for a loan from
any local bank; and this charge is ex
pected to prevent the too free use of
the reserves held by the regional banks.
NEW FORM OF CURRENCY.
A new form of paper currency is also
provided for, to come out in case of
emergency, and which is expected to
go back into the hands of the govern
ment when times are normal. These
"treasury notes” will be printed by the
government, and issued through each
! regional reserve bank, and will bear
| the guarantee both of the regional bank
and the government.
If the demand for currency in any
j section of the country exceeds the sup
ply of circulating money a regional
bank can secure this new money from
th© government and put it into circlua-
lation; but a gold reserve of 40 per cenc.
and commercial paper equal to the full
value of the note, must be held as a
reserve behind each note so issued. This
provision is expected to be the influence
that will drive the n«w njoncy_ back
into retirement when It Is no longer
needed.
DETAIL OF NEW BILL.
The following analysis presents the
details of the new law without adher
ing closely to the technical division or
language of the measure.
At the head of the system will stand
a federal reserve board at Washington,
i appointed by the president, and to con
sist of the secretary of the treasury,
j the comptroller of the currency and five
other members. Two of these shall be
expert bankers, but none shall have
banking affiliations or even bank, stock
during their service. This board will
exercise general control over the entire
system.
The temporary "organization commit
tee,” or the federal reserve board, will
select from eight to twelve cities where
regional reserve banks shall bo lo
cated, and will divide the entire coun
try geographically with these cities as
the centers of districts. All national
banks in a district will be required to
subscribe for th© stock of the regional
reserve bank in that district, and to
keep a portion of their reserves there.
! Local banks will be known as "mem
ber banks,” because they will own the
stock of the regional reserve bank of
their district. Each member bank will
be required to take capital stock of the
regional reserve bank, equal to 6 per
cent of the member bank’s capital and
surplus. The capital of the region' t
bank will increase or decrease so thai
it always represents 6 per cent of the
combined capital and surplus of all the
banks of the district that have Joined
the system.
National banks are compelled to join,
and state banks are permitted to If
they bring their reserve requirements
up to the standard set for national
banks, and submit to national examlna
tions. •
Public ownership of the stock of the
regional reserve banks is permitted only
in case enough banks do not Join in any
district to provide a capital stock of
$4,000,QfiO. In such event the public may
purchase the stock In quantities limited
to $25,000 for each individual, but th«
voting of this stock will be placed in
the hands of government represents
tlves on the board of directors of the
regional reserve bank.
The regional reserve banks may do
business only with their member banks,
not with the public, except that certain
"open market operations” such as the
purchase and sale of gold, government
or municipal bonds, and certain forms
of bills of exchange, are permitted.
These banks will make their earnings
from the loans made to member banks,
and from the purchase and sale of bonds
and foreign bills of exchange.
Member banks will be compelled to
put up in cash only one-half of their
subscription to the capital of the new
banks; the rest can be called for If
needed by the regional bank. Dividends
of 6 per cent will be paid on this stock
to the member banks, and the stock
will be non-taxable. After these divi
dends are paid, one-half of the surplus
net earnings goes to create a regional
surplus fund, and when this has reached
40 per cent of th© regional bank's paid
in capital, these earnings are to go into
the United States treasury. The bal
ance of the net earnings are to be paid,
to the United States as a franchise tax.
With the machinery thus created for
a new banking system that is supple
mentary to the commercial banks of
the country, the law provides foj* a
gradual transfer of part of the bank
reserves to these new "reservoir” banks.
In order not to disturb business condi
tions, or to withdraw too suddenly the
heavy deposits of country banks in the
large cities, the law provides that three
years may be consumed in shifting
these balances, and that if necessary
part of the reserves transferred to the
regional banks may consist of commer
cial paper.
The amount of reserve required from
every bank under the new law, and
the place where it mu&t be kept, are
as follows:
Country banks: Total reserve re
quired, 12 per cent of demand deposits
and 5 per cent of time deposits. Five-
twelfths must be kept in the bank’s
vaults foprtwo years and four-twelfths
after that time. For the first year, two-
twelfths must be kept In the regional
bank, Increasing one-twelfth each six
months thereafter until it reaches five-
twelfths of the/ total reserve. For three
years the unallotted part of the re
serves may be kept in the banks of re
serve cities; after that time It must
be kept either in the country banks'
vaults or in the regional reserve banks.
Rerserve city banks: Total reserve
required, 15 per cent of demand and 5
per cent of time deposits. Six-fifteenths
must be kept in the bank’s vaults for
tlte first two years, and flve-fifteentns
after that time. Three-fifteenths must,
be kept in the regional reserve bank
for the first year, increasing one r flf-
teenth every six months thereafter until
it reaches six-fifteenths. For three years
the unallotted portion of the reserve
may be kept in other banks, in its own
vaults or in the regional bank; after
that time in one of the latter two
places. /
Reserve city banks: Total reserve ro-
quired, 15 per cent of demand, and 5
per cent of time depq&its. Six-eigh
teenths must be kept in the bank’s own
vaults; 7-18 in the regional reserve;
bank and the remaining 6-18 in either’
place the bank may choose.
Central reserve city banks (^ow
York, Chicago and St. Louis): Total re
serve required, 18 per cent of demand,
and 5 per cent of timo deposits. Six-
eighteenths must be kept in the bank’s
own vaults; 3-18 in the regional re
serve bank for the first six months, and
6-18 thereafter. After six months
the remaining 6-18 may bo kept in the
bank’s own vaults, or in the regional
reserve bank.
These immense funds of reserves
from "member-banks,” together with
government moneys, will make up the
deposits of the regional reserve banks.
Each of these banks will be administer
ed by a board of nien directors, six
of whom will be elected by the banks,
and three appointed by the federal re
serve board.
An important change in national
banking methods, embraced In the new
law, will permit all national banks ex
cept those in New York, Chicago and
St. Louis, to make direct loans on five-
year farm mortgage, up to 26 per cent
of their capital and surplus, or up to
one-third of their time deposits. An
other provision in the law permits na
tional banks having a capital of $1,000,-
000 or more, to open foreign branches.
Similar authority Is given to the re
gional reserve banks, the purpose be
ing to facilitate the development of
American trade abroad.
Short Begins Sentence
(Special Dispatch to The Journal.)
ALBANY, Ga., Dec. 25.—Alva Short,
who was convicted in Worth county su
perior court some time ago of killing
Douglas Bass, at Sylvester, passed
though Albany Monday night in charge
of a convict warden en route to Lee
county, where he will begin serving
his life sentence.
Blinded by Explosion
(Special Dispatch to The Journal.)
ALBANY, Ga., Dec. 25.—A negro maid
w’as rendered blind, though it is believed
only temporarily, at the apartments of
Mr. and Mrs. A. C. Cox, yesterday morn
ing, when an instantaneous gas water
heater exploded.
MRS. PIERP0NT MORGAN
WRITES PRAYER FOR AGED
NEW YORK, Dee. 25.—A special
prayer for those who have passed or
nearly reacheed th allotted span of life,
has. been sent to the Rev. Karl Reiland,
rector of St. George’s Episcopal church
by Mrs. Pierpont/ Morgan, widow of
the financier. The prayer, which. It is
said, was written by Mrs. Morgan be
cause of her feeling that the aged
should be shown special favors, was
published in the church calendar yes
terday.
In the prayer Mrs. Morgan asks for
divine help to “make the noblest use
of mind and body in our advancing
years." Near the close she implores
aid to “take from us all fear of death
and all despair of undue love of life.”
Bothered by Catarrh, Bronchitis,
Asthma, Head or Chest Colds
Fry The New External Treatment—
Relieves by Inhalation and Absorp
tion. No Stomach Dosing.
For years we have been dosing our
selves to cure cold troubles despite the
fact that vapor treatments are quicker
and do not disturb the stomach. The
trouble has been that the old methods
of administering these vapors such as
vapor lamps, etc., were very cumber
some. Vick’s "Vap-O-Rub” Croup and
Pneumonia Salve contains Menthol, Thy
mol, Eucalyptol, Camphor, and Pine Tar,
combined by a special process, so that
they are vaporized when Vick's is ap
plied to the heat of the body. These
vapors open tbs ^olr passages, loosen
the phlegm, and heal the inflamed mu
cous membrane.
^or Catarrh and Head Colds melt a
little in a spoon and inhale the vapors.
Also apply well up the nostrils. For
Asthma and Hay Fever follow the above
instructions and also rub well over the
spinal column, thus relaxing the nerv
ous tension. For Bronchitis, Sore
Throat, and deep chest colds apply well
over chest and throat, first opening tft\
pores by applications of hot wet tow
els. Then cover with a warm flannel
cloth, leaving the covering loose around
the neck so the vapors arising may be
inhaled all night long. In addition
Vick’s is absorbed through the pores
taking out the tightness and soreness.
Three elzee—26c, 50c and ILOO-^-CAdvt.)