Evening star., 1914-11-20
Return Part Of Gold Pool.

pool received today checks for $1s,75o.
in the aggregate. being the second 10
per cent return on the first and only
call that has been made on the sub
scribers. Washington's share Of the
pool was S750,000, but only $1s7.500
was called for.
The gold pool had the effect OF re-
lieving the foreign exchange market.
and this was further accomplished by
the heavy exports OF the last few
weeks, so that it is not likely further
assistance will be needed.
1t is believed that the cotton pool.
having been successfully formed. Will
largely fulfill its purposes without very
heavy calls on the subscribers. 1t was
expected to have some effect In giving
backbone to the cotton market. ana
has probably served this purpose. but
the fact that the pool is ready will
lessen the necessity for it.
C.. & o. Dividend.
Chesapeake and Ohio directors de-
clared a dividend Of l per cent payable
December 81 to stock Of record De-
cember 5. The statement announcing
the declaration did not designate the
payment as a quarterly or semi
annual dividend. but simply dividend.
1t was said by an official of the COM
pany that the dividend could not be re-
garded as a quarterly or semi,an
nual payment, but just as olvloeho
paid out of surplus earnings.
The last dividend was declared IN
May, when the regular quarterly rate
| of per cent was ordered. At the mex
meeting, in August, action on the divi-
dend was deferred, it was stated. until
| the November meeting. the directors
having in mind tho feasibility Of semi
annual payments.
October Trade Records.
The foreign trade movement in Octo-
Der increased the trade balance against
the United States by $S1,607.000. The
exports. decreased $76.57S.00o, largely
due to stagnation in cotton export
movement, and the imports increased
peculiar feature. by $5.029.000.
The balance of trade for the three
months of the federal fiscal year end
ing with October. 1913, the balance OF
trade in our favor was $236.416.00O:
for the same period In 1914, $44,%9l,O0O.
a loss Of $191. 1000. very large part
in Europe.
Not a Serious Loss.
Twenty-Five representative issues Of
railroad bonds have lost an average Of
three and one-half points between the
prices current on the breaking out of
hostilities and prices now current. This
is not a very serious loss, and it is
a fact that there has been g material
advance from the low point reached in
the interim. But coupled with the
decline sustained in the few weeks pre-
ceding the closure Of the exchange. the
decline Is severe.
There are some issues in which there
has been comparatively little doing and
they have not improved the average.
while in some others the gains have
been above the average.
Baltimore and Ohto-joint As are better
than on July go, 95 as against 94$4 (;
ST. Paul general As are off 6is points.
while the general average loss on the
best bonds seems to be about points.
Cotton Exchange Seats.
The quotations on New York Cotton
Exchange seats are $4,000 bid and
$4,000 asked.
Five applications for membership
are posted on the exchange bulletin
board.
Dr.. Willis Lecture.
Dr. Willis next lecture on the federal
reserve system will be given at the New
Willard, the chapter quarters having
proved inadequate to accommodate the
attendance. Last evening many of the
leading bank presidents and cashiers were
in attendance.