Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-12-09
Ono of the Days Best Cartoons.

, In our finance. There Is not at present.
except In the larger cities of this dis
trict. any great supply of commercial
paper eligible for redlscount, and Il
may require some time TO induce suci,
changes In our commercial practice aa
Will enable the reserve bank OF this
district to acquire lis full measure OF
usefulness. That the system will vi
tlmatcly accomplish the purpose for
which II has been created there seems
to be no doubt In this district it Is
receiving the hearty support of the
member banks"
Pittsburgh District.
Tho situation In the Pittsburgh dis
trict. rs told by the Peoples National
Bank. OF that city. follows:
The actual state OF trade in this
district was Indicated this week in two
official statements which are accepted
as fairly accurate gauges of volume.
The first wns The clearing -house re-
port. The exchanges for November
were s19i.66O,O00, decrease of Is per
cent compared with the same month
year ago. and IS per cent compared
with November. l0l2.
The other was the statement for
October of the Philadelphia Company
system. which virtually operates ali
the lighting. natural-gas- heating and
traction utilities OF the city. With the
exception OF an increase of only $3.50
In gross earnings of the Pittsburgh
Railways system. all the other utilities
showed decreases in gross earnings.
the aggregate loss being about $4,000.
"a part OF the decrease in gross earn
ings OF the natural gas and oil COM
panics was due to the mild weather,
which reduced consumption Of natural
gas. and part of the decrease was tdue
to the lower price OF crude oil, which
Is now quoted at sl45 a barrel for
the Pennsylvania grade, against So at
this time year ago.
However, a part of the decrease In
exchanges we'll as in earnings OF
the public utilities is due to the con-
tinued depression In the chief indus
tries, which has forced economies by
consumers employed OH reduced time.
The steel trade is looking little
better. There has been better buying
of pig iron, induced by the low price
and by the feeling that Increased de-
mand after the turn OF the year will
appear for finished steel; hence makers
are anticipating their probable needs
for pig Iron. Some inquiry for products
other than war supplies are reported
in the market from foreign consumers.
but the demand from domestic con-
sumers, and particularly from the, rail-
roads, remains extremely light"
Grain Movement Interesting.
President John Ntzhugh,, OF the First
National Bank of Sioux City, Iowa.
says there has been considerable i'm
provement noted in the business and
financial tone OF things in that vicinity
during the last week. His letter says:
while the movement of corn to
market is fully twenty days behind
that of last year, 1t is now moving
quite freely, with every prospect OF a
continuance of free market movement
from now on. There is fully 80 per
cent of the wheat and So per cent Of
the oat crops in the country at the
present time, all of which will prob
ably find it's way to market In due
season.
The railroads report much better
business and the jobbers in this sec
ton state that collections are improv-
ing. and altogether business is much
improved
with continued Improvement con-
fdently look forward to much activity
during the winter, and / believe there
Will be a great many improvements
that will make for the employment OF
labor IN the way of building and new
enterprises during the coming Year.
Many plans are being made along these
lines, and the hesitancy noted in the
early days OF the European war Is
gradually changing to one of plans for
greater activity in the future"