Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-10
SATURDAY OF THE WEEKS EVENTS HERE lHEF
IN COMMERCE
AND FINANCE
Events Significant of Present and
Future Conditions in the BUSH
ness World.

ness World.
This week the Federal Reserve Board
announced that Glass c directors had
been appointed for all OF the II Federal re-
serve banks Actual work Of organiza-
ton has already begun in several cities.
all the directors OF the IL new institutions
will confer with the federal Reserve
Board in Washington on October 20 on
plans to place the banks In operation
1t is felt that with the Inauguration of
the new banking system, which, as be-
lieved, will be placed In actual opera
ton the early part OF November, bank
credit will be restored by bringing the
leading banks within their full legal re-
serve. Under the new currency system
reserves Of banks will be cut down con-
siderably, and this will be a very favora-
BILE influence, especially at the present
time.
Steps were taken by banks In all cities
in response to the call of the Gold Fund
Committee for % per cent Of the allotted
contribution to the 800, ,0OOO 600 gold pool
for the relief of the foreign exchange
situation Philadelphia's first subscrlp-
ton, 81, 000, CO., was deposited at the Clear
ing House in four hours, where 1t now is,
at the disposal of the committee. That
seem to indicate that conditions are be-
coming better, or else that the subscrip-
tions of other cities are sufficient for the
moment. The quick action of the Phia-
delphia bankers shows more conclusively
than it has probably ever before been
demonstrated that the banking methods
of the Quaker City bankers are good and
that the banks are In sound condition.
A delegation of bankers from the cot
ton-Erowing States met in ST Louis on
Monday and ratified the plan for raising
a cotton loan fund of $50 900 000 The
plan now awaits the approval of the
Secretary of the Treasury and the Fed
eral Reserve Board 1t has the approval
of President Wilson.
The bill creating the Bank of Texas,
with proposed capital stock OF S25, 900. 900,
for relief of the cotton situation, was
defeated by the Texas Legislature. Dur
ing the week the New York Cotton Ex-
change completed a tentative plan for
taking care Of outstanding contracts in
futures. The plan, If it is ratified by the
members of the Exchange. is expected to
permit reopeninE by November 1. Two
syndicates will be formed to underwrite
the cotton represented by long con-
tracts and to work in preventing heavy
losses by firms with many obligations
outstanding.
A statement issued by Secretary Nc
Adoo on Tuesday showed that the pre-
vailing rate of interest on loans of ma
tional banks to correspondent banks in
most of che financial centres was per
cent. Philadelphia was given a clean bill
of health. 1t was stated that no case
had been reported where bank in this
city had charged more than this rate
The New York, New Haven and Hart
ford Railroad started suit against John
l.. Billiard and five other officers of the
Billiard Company to recover S3S24,1 ,147 in
connection with the sale of the Boston
and Maine Railroad. Within a week II
is expected that the decree providing for
the dissolution of the New Haven will be
filed in New York.
Stockholders of the Canadian Pacific
Railway voted to increase the capital
stock $75, 900 to 1895, 900 900.
The fortnghtly bulletin of the Ameri-
can Railway Association showed that on
October l there was a net surplus of idle
freight cars on the sidinSs and in yards
of railroads in the United States and
Canada of 131O27, compared with 1876. O49
on September Is. decrease of 5O22. AL
though this decrease is not large yet 1t
shows that little more freight Is NOV
ing and the freight business is the MAIN
stay of the railroads.
The Government crop report, which was
issued on Wednesday, showed up we'll.
We are now virtually assured Of a bump
or wheat crop, the greatest in the coun-
try's history. This crop comes at a very
opportune time. OF course. We will have
very large surplus that will not be
needed. and will be wanted by Europe
This should 90 a long way toward help
ing our foreign credit The indicated
yield of wheat, spring and winter, Is
SH2, 600 000 bushels. against the final of
Tt2,3S00 010 bushels in 1918; corn. 2676. .0O0 600
bushels against a final last year OF
2,ii6,9SS,0O0 bushels.