Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-10

IN COMMERCE.
AND FINANCE
Events Significant of Present and
Future Conditions in the Busi-
ness World.

ness World.
This week the Federal Reserve Board
announced that Glass c directors had
been appointed for all Of the y Federal re-
serve banks. Actual work Of organlza-
ton has already begun in several cities.
all the directors of the u new Institutions
will confer with the Federal Reserve
Board in Washington on October 20 on
plans to place the banks in operation.
1t is felt that with the Inauguration of
the new banking system, which, as be-
lieved, will be placed in actual opera
tion the early part of November. bank
credit will be restored by bringing the
leading banks within their full legal re-
serve. Under the new currency system
reserves of banks will be cut down con-
siderably and this will be a very favora-
BILE influence, especially at the present
time.
Steps were taken by banks in all cities
in response to the call of the Gold Fund
Committee for % per cent Of the allotted
contribution to the S10jOOO0gD gold pool
for the relief Of the foreign exchange
situation. Phiadelpha's first subscrin-
tion, S2OOO.OCO was deposited at the Clear
Ing House In four hours. where it now is,
at the disposal Of the committee That
seem to indicate that conditions are be-
coming better, or else that the subscrip-
tiOns Of other cities are sufficient for the
moment. The quick action Of the Phila-
delphia bankers shows more conClusively
than it has probably ever before been
demonstrated that the banking methods
of the Quaker City bankers are good and
that the banks are in sound condition.
A delegation Of bankers from the cot
ton-growing States met in st Louis on
Monday and ratified the plan for raising
a cotton loan fund of $3.50 100000 Tho
plan now awaits the approval of the
Secretary of the Treasury and the Fed
eral Reserve Board. 1t has the approval
of President Wilson.
The bill creating the Bank OF Texas,
with proposed capital stock of 81, 10000,
for relief of the cotton situation, was
defeated by the Texas Legislature Dur
ing the week the New York Cotton Ex-
change completed a tentative plan for
taking care of outstanding contracts in
futures The plan, if it is ratified by the
members of the Exchange. is expected to
permit reopening by November 1. Two
syndicates will be formed to underwrite
the cotton represented by "long" con-
tracts and to work in preventing heavy
losses by firms with many obligations
A statement issued by Secretary Nc
Adoo on Tuesday showed that the pre-
9ailtnS rate of interest on loans of ma
lonal banks to correspondent banks in
most of che financial centres was s per
cent Philadelphia was given "A clean bill
IF health. II was stated that no case
lad been reported where a bank in this
sity had charged more than this rate
The New York, New Haven and Hart
ord Railroad started suit against John
= Billiard and five other officers of the
3illard Company to recover 81, 24147 in
with the sale of the Boston
md Maine Railroad Within a week il
S expected that the decree providing for
he dissolution of the New Haven will be
He'd in New York
Stockholders OF the Canadian Pacific
Railway voted to increase the capital
took S75,OO0,0 900 to 1895, 100000
The tortnishtly bulletin Of the Ameri-
an Railway Association showed that on
october there was net surplus of idle
reiEht cars on the sidings and in wards
I railroads in the United States and
'anada of 13l,027. compared with ls6O4g
n September Is, n decrease of 5000 AL
louEh this decrease is not large vet IL
hows that little more freight is NOV
49, and the freight business is the main
,ay of the railroads
The Government crop report which was
sued on Wednesday. showed up well
70 are now virtually assured of a bunp-
wheat crop. the greatest in the coun-
Us history This crop comes at a very
'portune time. Of course, we will have
very large surplus that will not be
seded, and will be wanted bv Eurone
his should 30 a long way toward helm
z our foreign credit The Indicated
ED OF wheat, spring and winter, is
100000 bushels, against the final Of
'5spOuO bushels in 1913. corn. 2676 900 900
Ishels against a final last year OF
AS, 900 bushels.