New-York tribune., 1914-11-17
FEDERAL RESERVE
BANKS OPENED
Continued from page 1

local bank to pay in its reserve and
received in return certificate No. /.
This institution deposited 70 its credit
with the Federal Reserve Bank S2l.-
600 900 cash, of which Sl6,000,00O was
IT, gold. In addition 20 the = per cent
required % be deposited by law, this
bank elected TO place S5.0O0OoO addi-
tional az part OF the = per cent op-
tional reserve. Others banks which
took similar action were the National
Bank Of Commerce and the American
Exchange National. 4 canvass Of the
banks in the financial district yester-
day and by telephone last evening
showed the following deposits OF re-
serves:
Reserve Banks Deposits.
Mechanics and Metals. S5,400OOO;
Irving National, S3,300O00; Chemical
National S2,1O0,O00; Hanover National,
Sf.2OO.000; National Park. S6700000;
Chase National, SS,O00,OO American
Exchange National. S5,500,000; Ma
tional Bank Of Commerce, $4,000, 600;
First National, So,000000; Citizens
National S1,400,O0O and Seaboard Ma
tional, $2O00,0O0.
The Chemical National Bank, in
making application for the first redis-
count with the new institution, an
nounced that this was an entirely sep
arate and distinct operation to the
payment Of its reserves IL was under
stood th&t the credit obtained by the
Chemical National with the New York
Reserve Bank was S2.200,000, or $780,
600 ~ excess Of its deposited reserve.
Comparatively few reserve payments,
Governor Strong stated al the close Of
business yesterday, were made to the
reserve bank by local institutions for
account of upstate members. Practi-
cally all the institutions outside the
city made their payments by express.
Three million dollars of new federal
reserve notes were received here and
deposited in the vaults of the Sub
Treasury.
Sir George Paish on Hand.
/ Among the visitors that thronged the
/ local reserve bank on its first day OF
operation were Sir George Paish and
/ Cecil Blackett. who were sent 20 this
country by Great Britain 20 assist in
adjusting the complicated foreign ex-
change problem resulting from the
outbreak Of the European war.
At the close OF the first days trading
On the Cotton Exchange. after an idle
ness Of more than fifteen weeks. Pres
ident r. K Cone expressed gratihca-
ton over the success of the plan
which had been formulated TO prevent
any recurrence of the trouble thar
took place on the last previous day 'a
trading The DAYS turnover amounted
70 about 100000 bales, which was said
20 be only q little less than normal
1--WE are all much gratiiled over the
results of the first days business.
said President Cone, owing chiefly 10
the conference committees plans,
which were thoroughly rounded out for
a proper reopcning with the hearty CO.
operation Of New York bankers. The
market was sane. normal and CONNER
cial. As soon as buyers become ia
miliar with the new contracts condi-
tions should be better"
Cotton Exchange Opening.
Arthur r. Marsh, member and
former president Of the Cotton EX-
change. who was present at yesterday 5
reopening, said:
"Thc opening was ideal. One Of the
features was the trading IN October
1915. contracts by splnners. This
means q reduction IN the surplus crop
IN that every one hundred bales bought
for delivery means one hundred bales
less weighing on the market. II shows
that the spinners regard u as good
commercial proposition 70 buy cotton at
Si2 cents.
William a. Nash. chairman Of the
Corn Exchange Bank, who was a spec
tator at yesterdays opening, made this
C, ament:
at is the best move yet, and viii
undoubtedly help in reopening the
stock Exchange. The fnarcia. sltua-
tion is much improved
The New York curb market also be-
gan official trading yesterday, and the
ropes which have not neen in evidence
since July 81 last were IN evidence.
Trading, however, did not differ from
the last few days Of last week. Another
indication of the improvement in fnan-
cial conditions was furnished yesterday
in the longest list Of applicants for
membership on the New York Produce
Exchange IN many months.
Dealings IN bonds through the Stock
Exchange Clearing House committee
reached the largest total recorded At
"a time since the closing Of the ex-
change. The trading in listed stocks
wa. also the largest since last July.