The Birmingham age-herald., 1914-04-16
MIDDLE OF MAY
 MAY SEE ACTION
Trade Reports Show There Is Not the Slightest Depression in Women's Wear Business-SOme Have
 Enormous Business
Fly HOLLAND

the organization of the new national banking system, at least so far as the routine of the new organization is con cerned The national banks in other parts of the country have been eagerly await ing blanks containing the printed form for application for stock in the federal reserve bank of their respective districts. Until about the middle of May suhscrip- tions for stock must be made, so that II is probable that this routine work al though it involves many million doilars' will be completed by June 1. From thls time on the applications will flow stead ily from all parts of the country to Wash ington.
 In all probability, all of the national banks in the reserve district of which New York city Is the regional center will have made their applications TOT stock in the federal reserve bank which is to be established in this city. Ger tainly these applications will be made as soon as the directors of the membership banks have had opportunity to meet ana to sign the applications. There are al this time several important financlai propositions under consideration. Not the least of them is the subscription to the loan issued to New York city on April 15 for se5.oooooo, represented by longtime bonds bearing A per cent interest. The payment made by the successful bidders will therefore entail large amount or money.
 The membership banks, however, have been for some weeks preparing to meet i the obligations for the payment for stock l In the new federal reserve bank. Ihe amount will ultimately be large one. When 1t is remembered that in the fed | eral reserve district of which New York | is to be the regional city the total capital and surplus of the banks is $34S,6eS, 43l there will be some understanding of the
 magnitude of the stock subscription in
 the federal reserve banks which must
 be made by the individual banks. It will
 aggregate nearly s21. .oooOo0, of which the share of the New York city banks should
 be a little under sl5,00o,ooo. Not all of this money is to be paid in at once in stock. Probably about from IS to 20 per cent of the total subscriptions will be called for by the organization committee by the middle of May. and very likely not more than one-half of the total subscriptions will be demanded unless unforeseen emer- gencies should arise which would make that demand expedient.
 The Perfected Organization
 Just after the organization committee returned from it's tour of investigation in midwinter the common opinion was
 that the new organization might not be
 thoroughly established until late in the
 summer. In fact, the committee itself
 seemed to be fin some doubt respecting the
 date when the perfected organization
 would be announced, for the Secretary of
 the Treasury MT. McAdoo, intmated
 upon his return to Washington that even
 though the new organization were not in operation at the time of the movement of the crops from the fields to the markets
 there need be no apprehension of tight or
 disturbed money market since the treas
 ury department would see to 1t that abun-
 dant funds would be supplied in case
 there were need of them. Today the be-
 lief is strong that the new system may
 be in operation by midsummer, possibly
 at the beginning of the next fiscal year.
 There have been many inquiries from those who are anxious to know whether they may look for some revival of busi ness activity as soon as the new nationa banking organization Is in operation. The answer to these questions has not always
 been satisfactory. Many of those wht are occupied in the steel industry are ap. prehensive lest present depression be con tinued and even increased, at least unti
 after the crops of the summer are har- vested.
 In the circular letter issued on Apri
 l by the National City bank, there seems ] to be faint, careful intmation that tht throughout the year. That there is de pression is frankly admitted, although the reference to it does not appear te
 be especially alarming. What is encour
 aging in the statement is the assertion
 that there do appear to be some indica tions. slight though they are, of change | for the better.
 The managers of this banking institution are in close touch with business condi | tions not only in the United States, bu throughout the world. There is probabl, not any man associated with the execu | tive management of an important nationa bank who keeps in closer touch with tn, business conditions of all kinds especial l. ly financial, than does Frank A. Wander | lip, president of the National City bank | He has in the past spoken words o | mention, and his warnings have beer | justified. He has later spoken words O. encouragement, and the event proved thu accuracy of his forecast. Therefore it fl | regarded as encouraging that the insti | tuition of which he Is president does no look upon this situation with the appre | | hension that has characterized many O | the business men of the United States. One Prosperous Business Whatever may be the case in other de | partments of trade there seems to be m Aggression in the woman's wear trade, a least in the east. From all over the eas | come reports of very active business. Tn | merchants who carry on the large depart | ment stores speak with enthusiasm of tn | spring trade of this year. In these shop | there are no evidences of business de | pression. Some of the managers repor | enormous business this spring. There ar no enforced economies apparently anon those who are customers of stores whic deal in women's wear. In this city al most every mercantile house of this char vl acter reports that the volume of trad 1 this spring has been far ahead of tha | of a year ago. One of the greatest 0 M American merchants, in speaking of bus | ness conditions few days ago. state | that he could not understand where a this talk about business depression orig
 mated. His experience justified him ! saying that he had never known 2 nor