The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-11-16
November Sixteenth Should
Mark New American Era.
CONSPICUOUS Developments
Twenty Reasons Why Business
Should Pick Up Immediately.
Opening of Federal Reserve
Banks q Big Feature.
(By B. c. Forbes. }

New York, Nov. 16.-Notable
progress financially; brighter pros
poets agriculturally; some recovery in
dustrially; marked Improvement in
sentiment. from apprehension to con-
fidence.
These are the conspicuous develop
ments to be recorded today.
So encouraging is the position that
reopening of the stock exchange for
trading In all bonds and limited
number of non-interDational stocks
should be feasible before December.
although Unrestricted speculation may
not be sanctioned for quite some time.
1t has now been ascertained def1n-
tiely that European orders to sell
American securities on the reOpeDing
here are far from being as light and
to good example as has been repre-
scented by certain parties having axes
to grind.
Helpful Happenings.
Helpful happenings have been so
numerous that they can merely be
enumerated. not fully discussed. These
arA the things that have been con-
tributed to the revival Of character
istic American optimism:
First-The twelve federal reserve
banks open this morning under favor
able auspices. The banking commun-
tiles are to cooperate cordially with
the governments officials and every
thing promises to work satisfactorily.
enough to aid business, yet high
enough to discourage harmful infla-
ton.
Second-Money rates in Wall street
have fallen below per cent and the
supply of funds for all legitimate pur-
poses is now ample Emergency cur
rency is rapidly being cancelled.
Third-CoEfidence has been SO COM
pletely restored aDong depositors that
savings banks are withdrawing the
sixty days notice clause.
FOurth-ExpCrtS from New York
last month were the greatest for any
other in the ports history and the
balance Of exports over imports for
the whole country is now estimated at
more than 100000 daily-the No
vember figures nav be nearer $4,000
900 daily.
Fifth-Foreign exchange rates. re-
flecting the more favorable status
here, have fallen well below the gold
mitted to rise abnormally.
Sixth-The made in America
movement is bearing genuine fruit and
IL doing much to restore our over -sea
trade equilibrium and to keep Amer
lean wOrkingmen employed.
The Years Harvests.
Seventh-The yecr's harvests have
proved excellent. the total value of
what are called the principal farm
crops being put at comfortably over
$5,0O0,OOO,00O, or fully 100000, 900
above last years. despite a 100000
900 shrinkage in cotton's contribution.
Eighth-The price of cotton has al
ready recovered two cents per pound
and is expected to go distinctly higher,
as consumers, both abroad and at
home, have been restricting their pur-
chases.
Ninth-The cotton exchanges in
England and America are to reopen
this morning.
Tenth-The New York Metal Ex-
change reopened uneventfully last
week.
Eleventh-The Stock Exchange au-
thOrities removed all restrictions they
had imposed On unlisted securities and
markets except the Stock Exchange it.
self are now active. Short term stocks
have been particularly buoyant.
Twelfth-Some sixteen securities
have recovered to the July 80 level or
higher. the advances in several indus
trial issues having ranged from 5 to 10
points. srr-
Thirteenth-Powerfu1 bankers now
advocate the immediate resumption Of
dealing in bonds on the Stock Exchange
and they are likely to have their
wishes gratified in the very near flu
ture. Stock trading for cash in issues
not held to any large extent abroad is
also contemplated.