Evening star., 1915-01-21
CUNO 4. RUDOLPH HEADS
LOCAL CLEARING HOUSE
President of Second National Bank
Chosen as Chairman of
Association.
Trade Balance Against England Be-
ing Accumulated-Stee Business
Better-Financial News.
By I. A. FLEMING.


Second National Bank, was elected
chairman Of the Washington Clearing
House Association. at a meeting yes
terday afternoon. Mr.. Rudolph sue
ceeds William ]. F1ather. who for sew
eral years has served the association
as it's executive, and in this capacity
has represented the national banks IN
negotiations with the Treasury De-
partment and In connectition with the
gold pool and also the cotton pool.
George W. White. president OF the
National Metropolitan Bank. and John
Poole. president of the Federal Ma
tional Bank, were chosen members Oh
the standing committee. which now
consists of Cuno H. Rudolph. f. n.
Harper. H. H. Mckee. George W. White
and John Poole.
J. Gales Moore, who has served the
association for many years as secre-
,ary and manager of the clearing
house, was again reelected.
Situation Improving.
In August it was stated that the debt
of this nation to England was about
s40O, 100000. The general impression
in financial circles in New York city
is that this obligation has been fully
wiped out in the export Of high-priced
commodities. the establishment of mill
lions of credit on this side of the At
lantic and the filling of orders for
munitions and other necessities.
Wall street no longer breads the re-
turn of American securities. but be-
lieves that an exchange of high-priced
commodities for low-priced securities
would be decidedly favorable to this
country.
The bankers agreement with Eng
lands financial representatives to pro-
tect the sterling exchange situation
was not SO much precautionary
measure from the standpoint of pre-
venting the exports of gold from this
side as to check exports from London.
which are threatened by the formation
of credit balance on this side.
Steel markets are showing consider
able improvement. the forerunner of
ing to the Iron Age. moved up sharply
In London. and a furry followed In our
market Great Northern Ore rose 3
points yesterday and other indications
point to betterment generally.
May Act as Executors.
Regulations are now being prepared
which member banks of the system
tors and executors of estates. This
provision is provided for under the fed
eral reserve act, but until such time as
the regulations and rules under which
banks may so act are adopted no trusts
OF this character will be accepted.
The spirit of the board is that banks
should be given the right to exercise
provided always that the business is
kept within reasonable bounds. Re-
cent meetings of the board have given
much attention to preparing regula-
tons in this matter and announcement
thereof is expected in the Immediate
future. Gov. Hamlin is drafting the
rules. and he has subscribed to the
intent of the board to allow bankers
much latitude.
Pools Called OF.
Practically the much-talked-of cotton
pool has been called of, and the gold
poor' organized to save the foreign ex-
change situation. is actually thing Of
the past. with never more than 20 per
cent called for. Mr.. Harding of the
federal reserve board is authority for the
statement that but $4,000 Of the
s135. 100000 cotton pool money sub
scribed had been applied for to date: that
the price Of the commodity was steadily
rising. and that the cotton crisis is finally
and definitely passed.
This means that but little aid from
the pool will be .lsked before Febru-
ary. the date on which the books Of the
cotton poor' close to applicants, SO that
the vast amount of money held in re-
serve by banks to pay subscriptions will
practically be released.
Bank Directors Dine.
The officers OF the Commercial Ma
tional Bank held their annual dinner
in the gold room OF the Shoreham Hotel
last night.
Those present were: Ashton C, Clap
ham. president: James A. CahiD and
Arthur Lee. vice presidents; Tucker S.
Sands. vice president and cashier; F. K.
Ghiselli and H. v. Hunt. assistant cash
iers. and the following directors: King
Cornwell. Charles d. Cugle. H. Bradley
Davidson, r. Golden Donaldson, Wade
N. Ellis, Charles F. Faulkner Frank P.
Harman. $. J. Henry. Frederick f.
Noting. Arthur L. Randle, Hollis
Rinehart. Guy T. Scott. James Sharp,
o. G. Staples, John p. Story, jr., and