The Washington times., 1914-11-15

Events moved swiftly during the past
ment of normal conditions in finance.
The principal step in this direction was
the. completion by the Federal Reserve
Board of arrangements for the opening.
Monday of the twelve regional banks.
Having secured expressions Of opin-
ion from the governors of each of these
institutions on the subject of discounts.
the board yesterday established flat
rate Of 6 per cent on all maturities for
Richmond, Boston. Cleveland, Chicago.
and st. Louis. By Monday morning 1t
is expected that practically every minor
detail will have been cared for. and
the new banking system, the Inaugural
ton Of which has been heralded by
financiers as the most powerful in
fluence for a restoration Of stable con-
ditions in the American money world,
will be in operation.
Scarcely less significant, viewed from
traders angle, was the announce
ment Friday afternoon of the resump-
ton on Monday morning Of unrestricted
operations on both the New York and
New Orleans Cotton Exchanges. These
boards closed on July 81 with the dec
laration by the German Emperor OF
martial law in the German empire. FIJI
teen dull weeks have passed while the
leading cotton operators were endeav-
oring to straighten out the tangles aris-
ing over contracts and orders for fu-
ture deliveries. Now the brokers are
predicting that. with the stock ex-
changes still closed, cotton will enjoy
a wider trading market than has ever
before been known in the countrys s
history.
Money Rates Recede.
There are still other signs which
point to the betterment of conditions.
In New York the savings banks have
dropped entirely the requirement of the
sixty-day notice. Money rates have
receded sharply, until at present call
money is at 5a per cent in that city,
and time money is attainable at
reasonable rates. Throughout the
country the clearing house certificates,
which were put out In various cities,
and the emergency currency which the
Government placed with the banks are
steadily and rapidly being retired:
becoming more optimistic concerning
| the opening of the New York Stock
Exchange. An evidence Of the better
| feeling on the part of those interested
! in the activity of the great exchange Is
found in the fact that during the past
| $3S 900. or for $4,000 more than one
| commanded three weeks ago.
Exports are continuing to even up the
| balance of foreign trade, the unfaVor-
| able aspect of which several weeks age
called into existence the gold pool.
Whereas, in September exports only
| exceeded imports by SIG. 100000. and in
August were $40 00000 900 less than the i'm
ports. the estimated figures for Octo'
Der place the export balance at $60OOO.-
partment of Commerce. has not yet
| completed its tabulations for october
but the estimates are $500, ,000,0 600 worth
| of exports. and s14o0o0,0OO worth OF
imports.
! Rumors Of peace negotiations during
the past week sent grain prices of
| several cents. Wheat declined 41.
cents. and there is said to have beer
| comparatively heavy liquidation on the
part of the larger "bulI' operators In
Chicago. Higher Atlantic freight
rates contributed to the decline.
Wheat Exports Grow.
| During the past seven days the ex'
! ports of wheat and flour from the
?, United States and Canada, however
totaled S.259,641 bushels. as compared
with 7.3l2,2S4 the previous week, ano
1883, 1874 the same week a year ago.
Despite the efforts Of the agents o1
the Agricultural Department to CHECK
the foot and mouth" disease, which
/ has caused the closing Of many of th'
stock markets of the country and the
uuarantinng of States, the malady ta'
continued to spread, until at the clos'
Of the week. fourteen States had beel
placed under the Government ban. Th'
| Federal authorities. however. continue
to contend that the cattle plague shoult
not materially advance food prices:
For several weeks the bankers or tn
country have concerned themselves Will
the proposed cotton pool which wa
designed to relieve the stringency In tn
South resulting from the lack of
market for the cotton crop. Notwlth
standing that the proposition has me
considerable opposition. 1t Is now prac
tically assured that the suggestion viii
be carried to successful end: 1t nov
appears, nevertheless. that there VII
net be need for the l35,OOGO that wa
first determined upon. With the excep
tion of a single small institution whicl
has not yet been heard from, all OF tn
banks of Washington have announces
their Willingness to subscribe to tn
pool and the 100000 contribution