Evening star., 1921-10-01
EXCHANGE HOLDS
SATURDAY CALLS
First Fall Session Marked by
DuI,ness-Reserve Board
Is Optimistic.
BY I. A. FLEMING.

The Washington Stock Exchange
resumed it's Saturday sessions today
after three months adjournment
Probably very few people remembered
that the adjournment resolution flxee
October 1 as the date of resumption OF
Saturday sessions. for there was bu'
a light attendance of brokers ane
fewer orders for securities.
The only transactions in the bono
section were in Railway As at 6l anc
Capital Traction 5s at 97k.
Stocks were practically nominal
with bid and asked prices practically
unchanged.
Still Have the Millions.
So far the Treasury has permitted
the banks to hold the entire proceeds
arising from the September 15 sale ol
Treasury certificates and notes.
1t Is likely that the Treasury IS IN
such good shape that there Will De nc
call for funds until near the middle
of the month.
Reserve Board Comments.
American business conditions improved
decidedly during September in the view
of the Federal Reserve Board, which
made public last night distinctly op-
timistic review of conditions for the
month Important changes for the bet
ter were seen in the credit situation
distinct encouragement in many basic
business lines and strong liquidation, in
dicating increased ability OF business to
settle its accounts.
The ..wholesome Improvement which
the boards correspondents found in al
most every section appeared to nave
been based largely on the advance In
cotton prices. AS a result OF the higher
cotton values liquidation has taken place
and wholesale and retail trade has been
buoyed up, the reports said.
Marked improvement in the credit SIT
uat;on was cited by the review as the
noteworthy feature of business during
the month, the board declaring that
taken all in all. from financial stand
point, the month has been in the main
period of distinct encouragement
The board noted only slight IN
crease in employment in the thirty days,
but added that while the end of the
harvesting and crop movement season
might tend to increase the number OF
unemployed. this was likely to be OFFSET
by a growth in demand for labor on the
part of manufacturing industries.
Railroads have begun to increase
the number of their employees to some
extent, especially in the far west" the
review continued, land the fact that
building contracts have reached
record figure Tor this year promises
partial employment in that service
during the autumn"
There has been a steady and rea-
sonably heavy movement Of agricul-
tural products to distributing and ex-
port centers. the board reported.
Prices of most of these have advanced
to an extent, although the drop in
live stock quotations was attributed
to local marketing conditions.
Textile manufacturing has been
we'll sustained during the month, the
boards agents said. adding that the
boot and shoe industry had been
notably active"
Some hesitancy still was noted on
the part of distributors to place large
orders, but, to offset this. large sea-
sonal increases in certain lines of
wholesale trades were reported, cou-
pied with orders for stock replace
ment.
Improvement also was seen in the
amount of cargo offered for shipment
to foreign ports. The available ton
mage was said to remain, however.
greatly in excess OF requirement, with
the result that ocean freight rates
continued substantially unchanged.