The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-11-16
ONE MILLION DOLLARS ALREADY
ON HAND FOR START Of
BUSINESS.
OUTLOOK IS BRIGHT
REoPENtNG or COTTON EXCHANGE
WHICH WILL HELP Btsi-
NESS ~ RICHMOND.


the Federal Reserve Bank viii open
Ns doors for business, and Richmond
will have become one of the great
twelve centers In the United states
for big financial transactions. There
viii be little formality. Delegations
from the local membership banks and
leading business men will he on hand
TO extend the glad hand TO the off,
GERS of the new bank and the wheels
of business will proceed without I'M
usual ceremony.
The Federal Reserve Board has fixed
the rate of interest on paper discount
ed for other banks at the local bank
st 6 per cent This rate will also pre-
/ vail AT the banks OF Boston, Chicago.
st Louis and Cleveland. New York
aud Philadelphia will require ~ per
: cent on bills and notes maturing in
thirty DAYS and per cent on paper
having longer maturity, Kansas City,
Minneapolis, Atlanta, Dallas and San
Francisco win carry per cent 'on
paper of thirty days. while all. over
that will demand an interest OF la
per cent.
Local Headquarters.
Headquarters OF the bank are at
1903 East Main Street the old home
Of the Richmond Trust and Savings
Company, The building has been fully
remodeled inside. and every facility
ia now offered for the transaction of
the business of the bank.
There rs already one million dol
lars in gold IN the vault of the bank,
representing the first installment from
member banks.
The opening OF the Federal Reserve
Bank is but one OF two events today
of financial and commercial Importance
to the whole country and especially to
! the south The other is the reopening
! of the Cotton Exchange
I Richmond. as the Fifth District CEN
/ ter. is vftally concerned with ono, and
| as n great Southern commercial CEN
! ter, equally so with the other Every
local merchant who deals with the
/ South has "a keen interest. and ma
/ terial one, in having cotton placed
once more IN position where It can
be moved freely and where the prices
can he fixed and maintained ny the
natural law Of supply and demand.
/ Once this is established the cotton
planters may be able to market some
! of the cotton which Ia now tied up
and so liauidate part of the indeht-
/ edness incurred in it's production
With its price basis once more firmly
/ established the wholesale merchants
/ and all supply men who serve the
South In the cotton growing season,
may look for some return OF the cred
It's they now have outstanding in that
section. The local banks will be
equally benefited. as many have large
commitments with banks in The South
/ which have borrowed here to tide over
the congested cotton condition pro-
duced by the war.
The Government Report.
The eetten- report issued saturday
by the Census Bureau from Washing
ton is regarded as favorable TO the
staple as showing that the movement
is still progressing, and that the fig-
ures are not so far behind last year
as the recent tieing up OF the export
| movement had led many to expect
1t Is said. however, that this report
/ refers especially to the old crop cot
| ton and that that grown this year
has not yet commenced to move In
I volume from the plantations, How
! ever. the figures are encouraging as
| showing that the demand, both domes-
tic and foreign, Is by no means idle.
{ The report shows that in October
there was consumed 451.sA running
Males of cotton, against 5ll,923 in oc-
tober 1913
I stock OF cotton held in manufac-
turing establishments October 81 were
/ 71s,4o7 hales. against 1,0c3.015 bales
In 1913, anu IN tHbtPchu1ht W o.
37S003s bales. against 2.toe,s5S bales
I'm 1918. Exports in october were 49,
$50 bales. against 1,5l7s3s bales in
/ October. 1918.
( The number of cotton splndles ac-
tive during October was 3o,65l.s PAS,
against 3o.s55,3s0 in October, 1913.
Consumption OF linters during Oc-
tober were 29,10t bales. against 81
I 855 In October, 912-- Amount of linters
+ fa IN n q OC-
tober 81 were s5,2s2 bales, against
494S3 bales in October. 1a13. and In
tndependent warehouses 4S,087 bales.
against 3s,o57 bales on the correspond
| ing date last year
/ Exports Small This Year.
The greatest discrepancy between
the figures of this year and those OF
last is very naturally in the matter
OF exports 1t Is this lack of the ex-
mort movement and tho fear that 1T Will
continue when this years crop comes
on the market In quantity which has
led 10 the feeling of unrest in the cot
ton situation. 1t was the moving FAC
tor in creating the 1885,, 100000 cotton
Z mol which has been started and to
I which Richmond subscribed over one
/ millions The purpose OF this fund
1 is 10 provide the planters with the
means OF paying his living expenses
nv borrowing on his cotton at six
( cents n pound Until the market Is
again worldwide and open,