The Washington herald., 1914-09-17

new issue. il may be said the recent
ban on gold exports has been removed.
II NAV be expected that Nfrom now on
further enEaEements Of gold exports 70
Canada win be announced on tnis ac-
count.
The New York banks. therefore. are
entering into another stage, looking 70
the rehabilitation Of the financial sit
uation, which VIII tax their resources
The nrst shock OF the crisis compelled
them to draw heavily upon their re-
serves. so much 50 that they showed q
defcit OF sg.Ooo0o0 They have since
reduced the dehcit to $s5.ooo,ooo but 1t
is to be feared that on account Of the
heavy gold Withdrawals that are now
likely to be made 70 Canada during the
next few weeks there will be little OPP
portunity to further restore the bank
reserves II the dencit Is not actually
Increased again.
Now Is the time for the interior banks
to come to the assistance Of their New
York friends Now is the time when
gold Is needed, and the interior bank
ers should see to It, IL they really want
to help the situation. that they remit
currency to New York in the shape OF
gold certificates, and keep their bank
notes for their local requirements. This
is a good opportunity for testing their
patriotic motives. Panicky feelings are
all passed, and in the calm deliberation
Of the circumstances the country banker
can demonstrate that he is not always
guilty of boarding.
Cooperation on the part Of the inte-
rior bankers, when New York is coming
forward to uphold the country's credit,
is of infinite importance. But 1t Is a
very dlmcult matter TO reach the country
banker and get him to appreciate the
circumstances
The Federal Reserve Board recently
has decided that II would be unneees-
sary to take any action with regard TO
the suggested s15o.0oo.0 900 gold pool since
the New York bankers were undertak-
ing to satisfy the city's requirements
abroad at the present time Reviewed
of this responsibility, therefore. the
board might lend the weight OF its sup
port to the success OF the local opera
tons by urging the cooperation OF the
country banks.
Members of Washington banks have
sent to New York recently no incon-
siderable amount OF gold.
southerR Railway NeetinE.
Annual stockholders meeting Of South
ern Railway viii be held in Richmond.
October Is, at 10 a. m This will be
the flrst meeting at which the 1900
stockholders will have the opportunity to
vote directly, the voting trust which has
been in existence since the organization
of the company in 1884 now being in pro-
gress Of dissolution
President Fairfax Harrison, In . let
ter addressed to stockholders, says: An
effort will be made to make Of this meet
ing more than the conventional routine.
which current criticism finds to be char
acteristic Of the meetings of the stock
holders Of American railway companies,
and the cooperation OF the stockholders
is necessary to that end. The principal
officers will be in attendance to answer
questions directed to the management
or to any detail OF its business, and the
report Of operations during the past year
will be before stockholders for discus
sion"
The principal business to be transacted
will be the election of five directors. four
to I'LL vacancies due to the expiration Of
terms Of directors Of the 1914 class,
among them Messrs Finley and Fahne-