New-York tribune., 1914-11-23
Rank Surplus of More
than S176,OOO,OO0 from
New Reserve Act.
credit FACILITIES
GREATLY ENLARGED
ooen Trading In Bonds Expect
ed-Security Dealings Grow,
with Prices Better.

proe7ess toward financial recovery
80. week was on a broader scale.
,Io,ev rates relaxed as reserve require
SDts were lowered with opening OF
.se Federal Reserve banks. Sterling
change remained az reasonable levels
~ showed no sign OF advancing tow
81 The abnormal heights of a few
Us back. in spite of active buying
- s;cht drafts and cables. Investment
S..,e~d exnandcd. Bonds were bought
y. Vel as short-torm notes and IA fair
Srs;ncss ,n q moderately broad list Of
.,c,gs was reported from the Stock
Exchange clearing house.
The Cotton Exchange was opened
,.tbout causing any undue disturb
ere and Che price Of the staple was
Ss,riv steady Export of cotton seemed
,Sou; 10 be enlarged and business con-
s,tions in the South improved as a
IsVs on which 20 value cotton was
frrnished. General business improved
slowly. Better buying orders were re-
lived from The cotton belt and indus
t-isl districts continued 20 benefit by
evport orders from the warning powers.
Clearinc House institutions, which
rnder Old reserve requirements had a
surrus o. some Sl.5OO,OOO the week
before. reported an excess Of more
,ban Sl-6.OuJ,oO0. With all due con
ss-vstism. such immense expansion OF
creSit facilities will aid greatly in
meeting legitimate demands Of trade.
Oreninc of the Federal Reserve
banking system marked definite step
forward in .he advance IN financial con-
Sition o. which so many proofs had
bsen furnished the last few weeks. In
ereasing exports resulted IN an excess
of sLipments of moro than S5l 100000
In October and a favorable daily bal
srce amounting 20 some S2.OOO,OOO this
month. other items that enter into the
Invisible debit charge against this
country have also changed iu our favor,
as tourists expenditures abroad les
sered and foreigners here made smaller
remi,.auccs 90 the home countries. In
consequence sterling drafts on Lon
ton which e month ago ruled around
tQ6 for a pound, reached normal quo
tstiors 40 some cents lower.
Open Bond Trading Considered.
The banks here after wipinc out the
deficit that had appeared IN The Clear
nr House statement have been can
ceiling Clearing House certificates
taken out TO aId them 20 meet the nee
essary demands of business. Emer-
rercv currency has been steadily re-
tired. Formal opening OF trading IN
unlisted stocks on the Curb has been
accoup he'd with perfect ease. Inc
Stocs Exchange, however, renamed
closed and proposition 20 re-establsh
business ou the floor IN listed bonds
with minimum prices had to be unex-
pecteL.r postponed. Early this week
the 40 e-uors OF the exchange Will con-
gder l.W soon such "a step may be
taken.
There was no lack Of buying orders
lad threatened foreign selling has not
a1Dearel in sufficient volume 70 disturb
sry o. the channels for trading now
open. Offers for listed stocks have
improved until over fifty active issues
we're dealt in through the Stock tx
change clearing house a. prices equal
% or better .hau the close of the ina!
cay Of trading The total Of TINS busi-
ress was uu0fcially estimated at l2,-
900 % $1,000 shares q day.
All this recover, aCcentuated by the
voters expression of disapproval OF
corporation batting. made u possible
70 open The regional banks Of the Fed
eral Reserve system with no strain on
existing banking arrangements. That
fnanciers Of this city would lend their
hearty support was 10 be expected. Il
had been feared. however, that when
it came time 20 deposit reserves IN the
regional Institutions member banks
out o. town would draw heavily on
their balances in this city. Improved
financial conditions throughout the
country and the growth of the spurt
o. cooperation which the new act was
planned t0 further resulted in pracu-
cally no outside demand on the gold OF
local Institutions
The new reserve institution here