Newspaper Page Text
the weather
Fair and much cooler
tonight, Tuesday fair and
cooler.
VOLUME XIX, No. 319.
New Era Begins in
Nation’s Finance
Secretary of U. S. Treasury
Today Signs Order That the
Twelve Federal Reserve
Banks Are Open. Final Step
in Currency System.
INSTITUTIONS TO SERVE
BUSINESS REQUIREMENTS
OF THE WHOLE REPUBLIC
7,571 Member Banks Have
Authorized Capital of $106,-
795,600. Believed End Put
to Annual Anxiety in Credit
For Crops. New Paper Notes
to Soon Replace Familiar
National Bank Issues.
I
Washington, D. C—Secretary Me-
Adoo early today signed the formal or
der announcing that the twelve federal
reserve banks were established and
ready for business. It was the final
step required to set in motion the na
tion's new currency system and found
the regional banks ready for operatioa
The Purposes. •-*
The regional banks which will serve
as centers to provide for the commer
cial requirements of the country have
been established in New York, Boston,
Philadelphia, Cleveland, Chicago, Min
neapolis, St. Louis, Kansas City. At
lanta Richmond Dallas and San Fran
cisco. Their operations for the next
few months will consist largely of the
rediscounting of notes, drafts and bills
of exchange. Later their field will be
extended to permit them to exercise
remaining functions defined by the
currncy law.
7,571 Members. #
In the new system are 7,571 mem
ber banks with an authorized capital
placed at $106,795,600. One-sixth of
that amount has been called in and
placed in their vaults. Cash reserves
in the 12 regional banks is estimated at
nearly $250,000,000 drawn under the
Currency law from present reserve
agents of the member banks.
Members of the federal reserve board
felt today they had established
the system just w'h’en conditions pre
sented excellent opportunity to test is
value. Ability of the reserve banks of
rediscount commercial paper has been
looked-to as a means of providing fi
nancial machinery for the movement
of crops and meeting general business
needs.
New Era.
Asserting that the opening of the
banks marked a new era in the history
of business and finance in the United
States Secretary McAdoo added:
“It is believed they will put an end
to the annual anxiety from which the
country has suffered for the past gen
eration about insufficient money and
credit to move the crops each year
and will give such stability to the
banking business that the extreme
fluctuations in interest rate and
available credits which have charac
terized banking in the past will be de
stroyed permanently.”
Elasticity for Currency.
The chief attraction and value of the
new system, according to its inter
preters, are to be found in the elasti
city it will give to recognized paper
currency. The federal reserve notes
which probably will replace the famil
iar national bank notes will be issued
on commercial paper arising out of
actual business transactions. It is
designed that they will rise and fall in
amount according to the flow in the
tide of business. They will be gov
ernment obligations, having back of
them a large gold reserve in the regio
nal-banks Reserve banka through them
are expected to aid member banks
having good paper but needing cash
Atlanta Has $4,600,000.
Atlanta, Ga.— The federal reserve
bank for the sixth (Atlanta) district
was opened here today with deposits
of $4.4600.000. This sum represents
the first installment paid in by 3SI
member banks. The sixth district in
cludes the staes of Georgia, Florida and
Alabama and parts of Louisiana, Mis
sissippi and Tennessee. Jos. A. Mc-
Cord of Atlanta, is governor.
The federal reserve board has In
structed the regional bank here to
make a six per cent charge on paper of
30 days or less and 6 1-2 per cent on
paper o flonger maturity.
khedive leaves
TURKISH CAPITAL
Berlin, (via wireless to London,
12:55 p. m.) —According to reports
reaching here from Constantinople,
the khedive of Egypt will leave the
Turkish capital shortly to assume
command of the Turkish operations
against Egypt. He will be accompan
ied by a suite of fifty persons.
$5,000,000 A DAY.
London, 4:12 p. m.—Premier As
quith stated in the house of com
mons this afternoon that the war
Already was costing Orest Britain
from *4,500,000 to $5,000,000 daily.
Think How You’d Feel If They Ran You Out of Town. Your Dollar Has Feelings, Too. Live at Home
THE AUGUSTA HERALD
THE ONE PAPER IN MOST HOMES——THE ONLY PAPER IN MANY HOMES.
OFFENSIVE
TAKEN BY
FRENCH
Paris, 3:15 p. m.—The French of
ficial announcement given out by the
war department this afternoon says:
“The Germans who endeavored to
cross the Yser Canal between Dix
mude and Bixchoote -were driven back
and a German regiment was destroyed
south of Bixchoote. Two German at
tacks near Y’pser were repulsed and
the French have taken the offensive
and driven the enemy from positions
taken by them reveral days ago.
"On the remainder of the line there
have been artillery exchanges and en
gagements of relatively minor impor
tance.”
TURK'S SULTAN
EXHORTS TROOPS
Issues Proclamation to Army
and Navy. England, France,
Russia Blamed for War.
Constantinople, (via London, 12:25 p.
m.) —The Sultan of Turkey has Issued
a proclamation to the army and navy
in which he accuses Great. Britain,
France and Russia of having instigated
war upon Turkey. He adds in this
connection that the outcome wtll put
an end to the attempts directed against
the glory of the Turkish empire.
Exhorting his soldiers and sailors to
bra,very, the Sultan says:
“Not only the fate of our otvft coun
try, but the future existence ol ,800,-
boO.OOO Moslems depend on your vic
tory.”
CLEAR ENCLAND,
GERMAN SPIES
Members of Parliament Insist
on Appointment of Committee
on Public Safety.
London, 4:20 a. m. —Several inter
views with members of parliament
demanding the appointment of a com
mittee of public safety “to take nec
essary measures to prevent any fur
ther mischief from German spies." are
published here today. William Joyn
son-Hicks, member for Brent-Ford,
said:
“The present authorities are com
placent, almost frivolous in dealing
with the question. That the whole
coast should be cleared of all for
eigners is undoubted. There probably
are many spies among the Belgian re
fugees and even in the recruits for
the new army.”
The Daily Express says:
“The spy at the present is able to
he serviceable because it is nobody’s
business to deal with him. Three gov
ernment departments are concerned—
the war office, the home office and the
admiralty—and the result in inaction,
hesitation and all manner of mischief.
Thepe should be a committee of safety
directly responsible to parliament and
the people."
BRITISH AIRMAN'S
BOMB KILLS IS
London, 3:53 p. m.—The Central
News publishes a dispatch from Am
sterdam saying that a German news
paper appearing in Brussels declares
that a British aviator has dropped a
bomb on the town of Courtrai, in Bel
gium, on the River Lys, 26 mites
southwest of Ghent. The explosion
of the bomb killed fifteen of the local
population.
mmm
TO QUIT AWHILE
Washington,—Hostilities between
the warring factions in Mexico have
ceased pending the outcome of fur
ther peace parleys, according- to a dis
patch from American Consul Billlman
in Mexico City.
AUGUSTA, GEORGIA, MONDAY AFTERNOON, NOVEMBER 16, 1914.
Hard Fighting Belgian Soldiers in March Along Ypres River
~ V . ivN V- v ,
IN THE MUD
King Albert’s fighting men with their transports moving to a new position along
the Ypres River. These men have been fighting in the trenches filled with mud and
water for four days. The photograph illustrates the mud-bespattered condition of the
troopers.
LIVE AT HOME, BUY AT HOME, MADE AT HOME WEEK
BEGINS BRIGHT AND FAIR, WITH SPLENDID PROMISE.
ALL AUGUSTA READY TO COOPERATE IN MOVEMENT
Industrial Exhibits of Augusta-
Made Products on Display in
Many Show Windows Along
Broad Street Ready For In
spection.
MARKET HEADQUARTERS
BUSIEST PLACE IN TOWN
By Tomorrow the Movement
Will be in Full Swing/ First
Day Necessarily Given Over
to Final Preparations for
Augusta's Most Important
Week—Crowds Coming Out
to Make Round of Exhibits
and Catch the Contagious
Spirit.
Bright and fair, after the dreary,
gloomy weather of the past few days,
the sun shone forth this morning in all
his glory, a good omen —for today, for
a week, Augusta begins lilvng at home
to acquire the habit of living at home
all the time that will make Augusta
self-dependent, a better and a liver and
a more progressive city.
Already many of the Industrial dis
plays were placed In the show win
dows along Broad street when this
morning the first man to get to hts
work came downtown to business; hut
all the morning has been consumed in
the placing of exhibits and the deco
rating of show windows to complete
the exposition of Augusta-made goods,
which, by late this afternoon, will he
In readiness for the Inspection of the
Augusta public and visitors to the city.
Busiest Place in Town.
The busiest, place In town this morn
ing was the show room at N 0.629
Broad street, headquarters of The
Herald's City Market.
This large store-room Is being filled
with exhibits of Augusta-made goods
and articles—some of the heavier
things that are made In Augusta mills
and shops and factories as well as
other goods.
Here, too, is received such country
produce as the farmers of the Augusta
territory desire to send In to be sold to
the housekeepers of Augusta. The first
consignment to arrive this morning
was a coop of frying-size chickens
The U|ty Market headquarters will
he open all day every day in the week
The public Is invited to visit this place,
to view the exhibits made there, to ask
questions and to make themselves at
hame. , ,
Get Acquainted With Your Town.
The one important thing to do first
Is to get acquainted with your home
town—to ascertain by making a sys
fContlnued on Page Seven).
ENCYCLICAL OF
PUCE Bf POPE
Rome, 11:40 a. m,—The pope today
caused to be published his announced
encyclical urging peace among the
warring nations of Europe.
In this document the pontiff at
tributes the war to four causes, name
ly: Lack of mutual and sincere love
among men; contempt of authority;
injustice on the part of one class of
the people against another, and the
consideration of material welfare as
the sole object of human activity.
COTTON TRADING
ON, GONG SOUNDS
New Orleans and New York Exchanges Resume Business After
Three and Half Months Close. Business a Little Compli
cated at First Owing to New and Old Style Contracts.
New York. —The New York Cotton
Exchange re-opened for unrestricted
trading at in o’clock this morning. It
had been closed since July 31 when the
market went Into convulsions and
three firms failed through the demor
alization created by Impending war
in Europe.
The floor of the exchange was
thronged with brokers when the gong
sounded today. During the first few
minutes trading nas exceedingly brisk
and somewhat nervous. There was a
little confusion because of unfamiliar -
ity with the new style contracts and
the new rules imposed on the market
by the operation of the so-called cotton
futures law.
The Opening.
Early trading was confined almost
entirely to December cotton, sold on
old style contract. The market open
ed at 7.45 centg and dropped quickly to
7.40. A low level of 7.39 was reached
In the first half hour The market
then grew steady and the nervous tone
departed. At the end of the first hour
trading appeared to be normal and the
number of brokers on the floor had
dwindled to the usual size. Prices
were approximately three cents below
what they were when the exchange
closd on July 31st. January sold at
7.75 to 7.85; March at 785 to 7.88;
May at 8.10a8.12, and October at 8.40
to 8.50, all on new style contracts.
Interested Spectators.
Wall street brokers Inactive because
of the darkened Htork exchange were
IIS AND WIFE
IRE RELEASED
FROM CUSTODY
Instructed Verdicts of Not
Guilty on Murder Charges
Ordered Returned By the Jury
San Antonio, Tex.—lnstructed ver
dicts of not guilty today were return
ed by the Jury In the cases of Victor
E. Innes and his wife, of Eugene,
Oregon, charged with murder and
conspiracy to murder In connection
with the disappearance of Mrs. Elois
Nelms and Miss Beatrice Nelms of
Atlanta, Oa., and were released from
custody.
GERMANSCUTOFF
BY DIXMUDE FLOOD
London, 1:20 a. m.—ln consequence
the heavy week end rams, says tha
Rotterdam correspondent of the Ktar,
it is rumored that a big force of Ger
mans around Dixmude has been cul
off by floods.
Interested spectators at the opening, A
sprinkling of other spectators, friends
and families of cotton brokers were In
the galleries.
A general laugh greeted the reading
of a letter of congratulations from
members of the Liverpool Cotton As
sociation. The letter was read from
the rostrum shortly after the opening
gong sounded.
Gaily Decorated.
New Orleans With the exchange
gaily decorated with palms and flow
ers and women crowding the visitors’
gallery, the cotton market opened to
normal trading conditions at 9.05 this
morning after a suspension of almost
three months apd a half
The first trade between New Or
leans and Liverpool went through to
completion, passing censors hands and
all In 17 minutes.
First trades in local options did not
show much change from last week's
liquidation trading, January’s first
transatton being at 7.50.
A Little Complicated.
The market was somewhat com
pdleated because trading was carried
on In two styles of contracts, one be
ing the form used up to the time of
the suspension last July and the other
framed to meet the federal cotton fu
tures act Old style March brought
7.61 and the new style 7,86 on the first,
call, showing that the trade was will
ing to pay a preiniu mos a quarter of
a cent a pound for the new style.
3 WARSHIPS OF
ENGLAND ARE
DISABLED
Berlin Reports the Destroyer
Falcon, Cruiser Brilliant and
Rinaldo Hurt by Germans Off
Belgian Coast.
Berlin, via wireless. According to
Information given officially to the
press today reports re.i''hlng Berlin
from Geneva set forth that the Brit
ish torpedo boat destroyer Falcon, the
cruiser Brilliant uno the sloop of war
Rinaldo have been disabled by German
guns on the Belgian coast.
FRICK MOVES INTO HIS NEW $2,000,000
HOME; SITE COST $2,400,000; WILL
HOUSE $10,000,000 ART COLLECTION
New York.—Henry Clay Frick began to move today Into his new
$2,000,000 residence In Fifth Avenue, between 70 and 71st Streets. Con
struction of the house was begun two years ago. It occupies the new
sit* of the old Lenox Library for which Mr. Frick paid $2,400,000 In 1906.
An art gallery, which will embrace 3,500 square feet. Is the distinctive
feature of the house. It will contain the pictures said to have cost Mr.
Frick more than $10,000,000.
$6.00 PER YEAR—FIVE CENTS PER COPY,,
SNOW ANKLE DEEP
IN THE TRENCHES
Adverse Weather Conditions in Flanders Make More Fre
quent Shifts Necessary. Little Change in Positions of the
Armies of Invaders and the Allies. Germans Putting Fin
ishing Touches on Defenses in Case of Withdrawal.
JAPS RUSHING
BATTLESHIPS IN
SEARCH ENEMY
The Powerful Hizen and Asa
ma Thought Off Coast of
Chile to Engage the German
Squadron.
Honolulu, T. H. That Japan la
ruahlng naval forces toward the I
const of Chile to join other vessels of
the allies In a search for the German
vessels that brought defeat to Hear
Admiral Hir Christopher Cradock’s
British squadron was Indicated by a
report brought here last night by the
schooner Robert. R. Hind, which ar
rived from Port Townsend. Wash The
schooner’s captain said he sighted the
Japanese battleship Hizen and armor
ed cruiser Asama on Thursday, f>oo
miles southeast of this port and head
ed In a southerly direction.
Unknown Destination.
The HI sen and Asama. appeared off
Honolulu harbor soon after the Ger
man gunboat Geier put in here fbr
repairs. As soon as the captain of
the deter decided to Interne here the
two Japanese warships put In for
supplies and sailed for an unnamed
destination November ylth.
Both are powerful fighting craft.
The Hlsen has a tonnage of 12,700
and the Asama. is of 0,750 tons. Ihe
German squadron is supposed to he
near Valparaiso, which port the
cruisers Lelpsig and Dresden left
Saturday after taking on cnol.
AMERICAN WINS.
Sydney. Australis, (via London.)—
Johnny Griffiths, the American pugil
ist. knocked out Hughie Mehegsn, the
former lightweight champion of Aus
tralia. in the eighth round of their
fight here today.
RUSSIANS
LEVIES
Great German Forces Being
Concentrated to Keep Invad
ers Out of Posen and Silesia.
Word of Caution to Allies in
West Regarding Advance on
Berlin.
London, 10:25 a. m.— ln the eastern
arena of the war the Germans are
making and executing similar plans In
the face of the Russian advance, It
Is said that great German forces are
being concentrated at Thorn, Posen
and Breslau with the Idea of keeping
the Russians out of Important districts
In the provinces of Posen and Rllesla
On to Berlin.
A word of caution to the Allies comes
to the Allies from Petrograd. This ts
that they must not expect the Russians
to sweep on to Berlin overnight as
It were as this advance may take
months'and even longer The German
occupy the defenses they have been
preparing for years and In addition to
this they may he able to spare even
wore men for the operations on their
eastern front.
On Cracow.
Russian armies seem to *'*
lv converging on Gracow and the siege
or Investment of this place appeare to
be no. far off It te suggested ha
the Austrian garrison of < racow mlgh
surrender to avoid a bombardment hpt
this ran be called nothing more than
a suggestion.
Imposing Lsvlts.
The Russian forward movement In
East Prussia seems to continue and I
Is aald the Russian generals are Im
posing on the captured towns fines In
proportion to those levied by the ' er
mans or. cities of Belgium. These
fines correspond with the population
of the town taken. '
HOME
EDITION
Paris, 2:51 p. m.—The French
official announcement given out
In Paris this afternoon says that
yesterday along the Yser canal be
tween Nieuport and Dixmude the
fighting was limited to artillery
exchanges.
"The country having been fur
ther inundated, the submerged ter
ritory now stretches to the south
of Dixmude to a point five kilo
metres (three miles) north of
Blxschoote.
Weather Very Bad.
London, 10:20 a. m.—The armies of
the allies and of Germany remain
deadlocked In West Flanders today
along the battle line where snow now
Is ankle deep with the prospect of
further Intermittent artillery duels
and Infantry clashes, which for more
than a month have been swinging back
and forth without definite result.
Frequent Charges.
The snow and the generally adverse
weather conditions In Flanders will
make necessary more frequent shifts
of men in the trenches and there will
he more sickness, especially lung and
throat, affections. In short, trench
warfare already laborious and ex
hausting. will dally become a greater
ordeal.
Release Grip, Left Bank.
The tier mans have not abandoned
their attempt to reach the French
coast towns and yet they have not
advanced. Today, according to the
claims of the nllies the Germans are
hack on the right bank of the Yser.
having been forced to release their
grip on points on the left hank held,
so stubbornly by them last week. This
retirement of the breadth, of the river
Is described In the official communt--
cation given out in Paris last night as
the "most noteworthy incident of the
day,” and it shows how iittte change
there has been either in Belgium or
France.
Finishing Touches.
in the meantime the Germans are
putting the final touches to the de
fenses stretching in row aft-r row
from Ostend to the Dutch border and
should their present line* be broken
they probably will endeavor to winter
In these positions.
EXACT
ON CITIES
RUSS COMMANDER
WINS; BARS LIQUOR
London, 4.35 a. me—A dispatch front
Petrograd to the Tlmaa says:
“Grand Duke Nicholas, ths Russian
commander In chief has overridden
the decision of the council of minis
ters favoring the sale of beer and
light wlt.es and has now ordered that
wherever martial law prevails tho sale
of alcoholic dnnka of any kind Ohall
be forbidden.
“This decision was taken because
drinking among officers q.iartepsd at •
remote places had not ceased.”
THERE ARE
33
Shopping Days
Before Xmas
Read Herald ads and
call for advertised
goods if you want the
pick of styles and
bargains.
When shopping in Augusta
tomorrow Bay: “I Saw It In
Tha Herald." It will psy.
Try It.