The Washington herald., 1920-11-02
TRADERESUMES.
NORMAL BASIS
Fears Of Panics and Violent Busi-
ness Deranssment Unfounded, De-
clares Federal Reserve Board.
SUBTREASURY DISCONTINUED
Secretary of the Interior Asks for
Huge Increase in New Appro-
priation Estimate.

Fears Of panics and violent de-
rsngement of business and financial
conditions, as a result of the proc
ess OF economic readjustment, are
unfounded. According to reports to
the Federal Reserve Board from all
sactions of the country, it is indi-
Gated that the return of conditions
to a more normal basis will be
marked by an orderly transition
rather than a violent collapse of
wartime conditions.
In a national survey of condi-
tions," declared ths board in sum-
ming up its observations of busi-
ness conditions in all sections, 1T
| may fairly be said that the eco
nomic and business situation in the
United States is showing much in
herent strength and an ability to
attain position of relative stabil-
ity through an orderly transition"
Furthermore, said the board,
considering the industrial dislO-
cations, the commercial disorgan-
ization, and the financial derange-
ments OcCasioned by the great war
everywhere throughout the world,
on one degree or another, recovery
and restoration are proceeding
apace in the United States and the
natural forces in evidence which
make for stabilization carry assur-
ance for the future"
Some genuine fears have been
held that the dehatiOn Of values
and the general collapse Of war
time conditions would inevitably re-
suit in more or less business fail
ures throughout the country. To
what extent havoc would be
wrought by the settling Of COndi-
tions has been a question to which
no authoritative answer had been
given, according to Treasury Off
Gals. The statement of the Federal
Reserve Board predicting an or
derly return of more normal condi-
tions, it was said, serves to aIlay
much Of the fear that the general
reduction OF prices, lessened de-
mand and other conditions would
have serious results.
Secretary of the Treasury Houston
issued orders yesterday discOntinu-
ing the government subtreasury a,
Chicago. When the order becomes
effective November 3. the position
of assistant treasurer and all other
Offices of the Chicago subtreasury
shall terminate, it was announced.
The duties of the assistant treas.
urer at Chicago shall be transferred
to the Treasurer of the United
States and the mints and assay Of
fees. The Secretary will utilize the
Federal Reserve Bank of Chicago tC
act as deDOsitary or fiscal agent oil
the United States. The Chicago
bank will be prepared after EOvem.
Der to handle exchanges of United
states paper currency and United
states coin and perform other func
ttons Of the subtreasury
Upon the discontinuance Of the
subtreasury. all outstanding Eolc
= certificates payable to order. ISSUED
by the assistant treasurer at Chi
caEo. will be received for payment
either by the Federal Reserve BanL
at chicago. or the Treasurer Of tn,
United states at Washington.
Secretary Of the Interior Pawn.
has completed his estimates for tn,
hscal year l921-l922. asking of Con.
gress a total of S226.OOO, 900. or ar
increase Of $4,000. 600 over the an
propriations for the current wear.
The following are the increase,
asked: Bureau Of Mines, s.. 0On 600
the Geological Survey, SS13. 600
Reclamation Service. $1,000 OOn
Alaskan Engineering Commission
S5.OOO'OoO; Patent Office. 81 600 OOO
. Indian Affairs $1,000 600: and Tnter
national Parks. s1.5OO.OOO.
Washington Chapter. American In
stitute Of Banking. has postponEd il
tuesday elementary meeting Unti
Wednesday, November 3 on accom-
Of election.
Harry V. Haynes. president n
Farmers & Mechanics National Ranl
Of Georgetown. will lecture OIL
Drafts and Acceptances."
The United States Shipping Boar
yesterday accepted the bid Of tn
Texas Company to supply grades o
lubricating oil for the wear. Price
as filed by the Texas Company. rang
from Al to rs a gallon dependinl
on the grade OF oil. The amount t
be supplied totals 2,77O.S7O gallons
The White Star liner OIympi
which is due in New York on Wed
nesday has on board S14.3fO.OOO EolC
of which probably $500 600 is 70
the Federal Reserve Bank of NeV
York