The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-03
WAR ORDERS SMALL ITEM
IN BIG BUSINESS BOOM
Reserve Bank Reports Show Renewed Confidence In
spires All Trades-New York Leads Country With
October Clearings Greatest on Record.

January 1910. New York cay building
permits number sixty-six for structures
to cost s2.420.7j0. This is an Increase of
t~wenty-eight In number hut a decrease
or sl,l30.3.o in amount. New York
stats failures aggregate 2@5. with la
bilities of s3.597.I7o. decrease of sixty
two In number and ~sl.229.li2 IL iiabili-
ties. New interpretations In the Eastern
states hav. "A capitalization VI S20s, Gss,.
o0o, an Increase OF Sl73.2o7 300. The
total for ten months Is $l.l72.l67. 400,
against s775.5i7.0o0 for the same period
last year. Exports of merchandise from
the port OF New York total SlT2,Gso, 402,
an increase OF SsS.5ss.43I. Imports Of
merchandise at New York were ST.
1:l.iss. a decrease of $35.2s7 The latest
figures Of he foreign trade Of the port
of Nc~ York show exports for the year
to da;c s1.3l6.5i6.s21. against 1851 $685.
$40 for the same period last year and
imports Of ss11.2so.1l9. against ss27.-
45l .9l3.
~ recent compilation shows that the
foreign loans and credits arranged here
sine. the European war began amount
to sstS.2Ao.""o. A further credit Of si5,-
0co. "oo 70 French banker has been ar
rsnge and negotiations ar. under way
for "a credit reported Us $5o.ooo.oo0 TO
English banks.
between october . ard November 10
Imports OF gold received at the Assay
Office amounted to s.5,sl6.TOO. From
January 1 imports aggregated s33s,-
s50."o".
Foreign exchange wa fairly steady
az low levels from about the 1st until
the 10Th OF October. when further weak.
ness resulted from the great export
movement. Til" range OF quotations al
closing rates was Sterling. Airy
. D. e.. o ~. ava 81 "a L. tH.rES
s4i.-siis rubles. S5-33 lire, t22-
6.41.'
The Federal Reserve Board mad,
public to-day regulations which govern
: the purchase Of domestic acceptances bs
Federal reserve banks and member
banks OF tn" new currency system. Tn,
Issuance Of these regulations Is re-
saricd ss "a distinctly progressive sieI
on the part of tn. board inaSmuch a. 1
permits extension ~ tho PURCHASING
operations If member banks to the do
nestle acceptance. market A. welt as th,
for acccptHuc.s based on III" expectation
and Importation Of goods.
H. g circular which accompanies tn
regulations tine board -ays:
THE Federal Reserve Board has de
. ( tenuined that bankers domestic accept
ancr~. As defined and restricted in I'll,
appended regulations. ar. u very usefi
Typ uI PAPER, ana the boarl has not Tel
justified. when admitting state bank
and trust companies into III. FEEDER
res-ry. system. t. stipulatc that sud-
acc-pthnc.s should not ne continued I'm
der reasonable. limitations a. "A part %
their business.
"Inasmuch as IN. making Of 'hes
Z a cceptanccs has beef recognized by tn
board .s Ia. exercise Of IA l.giiimat
banking function when authorized b.
law. Il IL though. that They ar" .; tn
character 70 max. d.sirabl" investment
for Federal reserve banks
III. eligibility Limitation % a banker
acceptance - sct forth In the fcllpwin
language
"a bankers domestic acceptance mus
BE- based on "a transaction covering H.
shipment Of goods, sue transaction :
/. he evidenced az Z" tine ~ acc-pta!c
by accompanying shipping documents, G
. must b. secured by "a a%archuIs" rec-ip
covering readily gIark"' able St.trl.s an
issued by "a warehouse independent q
the borrower. or 10y The pledge Of good
actually sold"