BSfsjBsesspBfSBBssss '
xt
r'
..V"
EVENING LEDGEB-PHILADiDLPHIA, J3ATUBDAY, NOVEMBER 21, 19i-
5 V-
SATURDAY EVENING REVIEW OF THE WEEK'S EVENTS HERE. THERE AND EVERYWHERE
THE WEEK IN
WASHINGTON
It ! ... TT-.-rtl -!-l i.' 1.1-.
vmiciai nnu unoiuciai ,jvuiiviiico
and Concerns of tlio National
Capital.
Upon receipt of advices from Cnptntn
C. 0. Decker U. S. N., commanding tho
' fcrmored cruiser Tennessee, announcing
that a launch of that battleship had been
flred at In tho harbor of Smyrna by th
.Turkish land forces, the Administration
called upon Ambansador Morgcnlhnu, at
Constantinople, to make n thorough In
quiry and report to tho State Department.
At tho rams, tlmo Captain Decker was
cautioned not to take any action which
might cause tills Government embarrass
ment In sending a message of. warning
to Captain Decker, Secretary Danlets hail
In mind the Mexican crisis which followed
Admiral Mayo'a demand on uenerai
Huerta, last April, to firo a saluto of 21
ininn In lh American flair. Tho Ten
nessee Is how anchored In the harbor of
Bclo, which Is controlled by Greece.
t Notwithstanding tho announcement that
the American troops would be withdrawn
from Vera Cruz on next Monday, inn
Xfvirnn nlttint Inn continued to assume a
mare serious aspect during tho week.
Bencral Carrnnxa notineu mo Miaie ue
partment that ho had agreed to yield tho
Prnvlnlhnnl Presidency to General GUtler-
fitt, who was designated for the post by
the Aguas Callontes convention of mil
itary commanders on condition that Gen
( ernl Francisco Villa would agreo to meet
thtm In Havana. Consul Slttlman's reports
Ito the Stato Department were far from
fencouraglng. Ho made It clear that con-
rdltlons nro becoming serious, anu gave as
llhlo nnlnlnh that actual hostilities between
nhe Villa and Carranza factions could not
fee averted.
K Tho most Important financial aovciop
Rnent of tho week was the Inauguration nr
Itho Federal Itoservo Banit system on
Monday. The 13 banks were opened unuor
tthe most auspicious circumstances, nc-
Icordlng to messages received by Secretary
EBIcAdOo. President Wilson, In responding
to a letter from Secretary McAdoo an
nouncing the formal opening of tho
banks, took occasion to review tho out
look for business In ' this country. He
took an optimistic view of tho economic
nnd social future or tne unuca oiaics.
Tho PrcBldont said that ho was In sym
pathy with the railroads In their effort
to obtain permission for a general ad
vance In freight rates. Tho President
aid' '
"No doubt, In tho light of tho now day,
iwlth Its new undertakings, tho problems
of tho railroads will also bo met and
dealt with In a spirit of candor and
Justice."
Much discussion is heard in Washing
ton of tho unprcparedncss of tho United
etatcs Army in llio event of war with a
i1rAr1nsfl fnrnlirn Power. Advocates of a
2' bigger army and navy were much elated
over tho report of tho retiring Chlor or
Staff, Major General W. W. Wothor
spoon, who Urged that steps bo taken to
Improvo the efficiency of the army. Ho
said that It would be Impossible for the
United States to defend the Panama
Canal and the territorial possessions
against attack unless the present mili
tary garrisons aro strengthened. General
"Wotherspoon offered a plan for Increas
ing tho strength o ftho army within the
next Ave years to 500,000 men.. His plan
provides for a strong force of reserves
composed of inon who would be given a
thorough training In tho regular army.
Secretary of State Bryan announced
that Great Britain and France had di
rected the attontlon of this Government
to the alleged violation of neutrality by
Ecuador and Colombia, but he denied
that tho diplomatic representatives of
the United States In the two South Amor
lean republics had been instructed to
take any drastic action In the matter.
The Secretary of State failed to make
clear Just what attftudo will be assumed
by this Government. He did mako It
plain, hovvovor, that there would be no
Interference by Washington to compel
tho two South American nations to live
up to their obligations as neutral na
tions. Tho campaign against the live stock
foot and mouth epidemic was continued
by the Department of Agriculture In co
operation with the officials of the quaran
tined States. Nearly (1,000,000 already has
been expended by tho Government In re
imbursing: farmers and stockmen for cat
tle condemned and slaughtered by the in
spectors of tho Department of Agricul
ture. Secretary of the Treasury McAdoo an
nounced tho completion of tho cotton loan
pool, which has been criticised in many
quarters, especially In the New England
States, as unnecessary. Subscriptions of
S2.00O.60O from Kuhn, Loeb & Co., New
Tork bankers, and $1,000,000 from Bernard
II. Baruch, n New York financier, made
possible the success of tho plan which
had originally been suggested by Festus
J. Wade, of St. Louis, and approved by
the Federol Reserve Board. Philadelphia
bankers subscribed 14,610,000 to the pool. v
'Announcement was made by Secretary
Jtedfleld, of the Department of Commerce,
of an Inoreass of Imports for October of
15,023,470, and an Increase of exports of
J78,57T,. In view of the conditions cre
ated by the European war, trade experts
dsclara the figures of the Department of
Commerce are most encouraging.
Labor leaders urged President Wilson
to take over the Colorado mines,
MUNICIPAL PROBLEMS
The meeting of mayors of 4S American
cities In Philadelphia lost week was wide
ly commented on, In various ways and
for various reasons. But when the report
was Issued that the mayors had voted
favorably on the question of public own
ership of utilities, the comment of edito
rial writers was dlrocted almost solely to
this aspect of their activity. Pro and con
iwera many nt tho opinions. Some papers,
the St Louis Fost-DUpatch among them,
consider that the expression of men In
Luoh political power as the mayors have,
justifies a reconsideration of tho prqblem
"Publlo ownership of publlo utilities."
says Mayor Baker, of Cleveland, ''has
been proven efficient and economlo In our
city, but the large corporations have
twisted the figures and facts In such a
way as to prove their own arguments."
Oh. tut, tutl Ijow can Mayor Baker
say anything so harsh as thatT Doesn't
he know that the publlo1 utilities live
only to prevent the people from going
broke by attempting foolishly to own
their own utilities?-Kansas City Times.
The action of the 43 mayors In votlur
unanimously for a resolution approving
fty ownership of publlo utilities calls for
a, new Una of adverse argument. These
men aw not visionary. They are prac.
tleaL Tnty are up against the Inareajslpf ly
diffloult task of financing city govern
ments. They look longingly upon tb fat
profits of tho public utility companies.
toy want tneao pivuw ur puiMifi use.
Kr. unlike the unofficial reformers who
fclgan the fight, possess political author
Jty.St. LouU Post-Dispatch.
There was oertalnty enough strong
oatalon expressed at the Maors' meeting
to, Ijulli"t6 that the public utilities ques
tion wU. constitute one of the great Usues
at tfee f attire. PrwnUlag this dleutun,
wo Vtoutd sugsjaat that be fume the reform
kaaasaaa roacatAM. w ought t uUt our
rafcjttv.aei
fHi1lg VMMiMai mi aits wsqr - ' s
52-
MOVE
OPENING OF
RESERVE BANKS
Varied Commcnton the Signifi
cance of n Great Event in
Financial History.
Satisfaction Is expressed throughout the
country at tho successful opening of the
Federal rcservo banks at tho beginning of
this week. Tho Springfield Republican
declares that tho new system, "whatever
faults It may develop In actual opera
tion, Is sure to stand out In tho course
of tlmo as one of the great landmarks
of American finance," and the Cincinnati
Enquirer says It "ends all danger of tight
money In tho United States, and sound
enterprises can go on- with confidence that
they will not bo held up hereafter through
lack of necessary funds." Comment
throughout tho country l.s in tho same
confident tone, only slight reservations
being made, and tho highest praise being
given to the mon who framed and put
Into action tho provisions of tho bill.
If tho estimate of $400,000,000 In released
reserves Is correct n powerful stimulus
to credit will be supplied. Not only this,
but It will bo posslblo to pay off the
foreign debt In gold, If Europe demands
such payment, without disturbance to
present reserves. The favorablo reaction
of tho new law on International money
markets will be much greater even than
was assumed when tho measuro was in
troduced, for Its operation coincides with
n growth of dollar exchange throughout
tho foreign field of trade, and fhe de
velopment of agencies that evontually will
glvo tho United States high rank among
the lending nations of tho world. New
York Evening Mall.
It Is difficult to exaggerato the Import
ance of the Institution of the new Fed
eral reserve system, which took place
yesterday, with slightly more commotion
than tho oponlng of a new subway nnd
with very much less popular Interest, But
thU Is an achievement which may be
described In no perfunctory sense as
"epoch-moking." Wo have had tho least
scientific currency of any civilized nation
on thofcIobe. It has been .for generations
a disgrace for us. Efforts to change It
have been ceaseless. Committees and
commissions have studied It, and reported,
and recommended, and urged and all to
no avail. Boston Herald.
There can be no doubt as to the cor
rectness or President Wilson's Judgment
when he holds that the banking system
now superseded was a fundamental
wrong. It was nt tho basis of nearly every
other wrong. Tariffs, high op low, might
be hcathenlshly Idolized, our laws might
appear to apply equally, opportunity might
seem to be free and enterprise might hope
for Just rewards, but there could be no
certainty of anything If the power of
financial life and death were lodged In
the hands of a few men responsible to
nobody, New York World.
For tho first time In the nation's his
tory our currency Is placed on a sclen
ting basis. Chicago Journal.
VARIOUS TOPICS
In great agricultural States like Illinois
and Iowa fees land is under cultivation
today than 14 years ago; many Important
counties In States like Ohio are pro
ducing less food than they did before
the Civil War. During the last census
period population In the United States
Increased 21 per cent.) but agricultural
production Increased 10 per cent only.
mmm smomhSHi aw
w$yarf rmtk a Gam
tUW
From the New York Sun.
ON!
To meet nn Increase of 21 per cent. In
the 'number of mouths to be fed, the
production of wheat Increased only 3.S
per cent, of orchard fruits l.S por cent,
whllo the production of corn actually fell
off by 4.3 per cent Harper's Magazine.
Who can deny, In tho presence of any
Chlcagoan, the Incalculable excellences
of that city, Its hustlo and tussle and
fresh water breeze; Its stockyards; its
"World's Greatest Newspapers," and par
ticularly that quintessence of "pure Amer
icanism" upon which tho grent Interior
metropolis so adequately prides Itself?
Those things wo havo come to accept
with an Implicitness which quite belles
tho accusation that Manhattan is but the
den of tho unbeliever. New York Evening
Sun.
Missouri has done the railroads of that
State, and we believe of the country as
well, a service by tho reversal of the
"full crew" law at the polls, a law that
compelled these corporations to carry on
every train nnd pay for htm a man who
wbb not needed. The result was sympto
matic, or at least wo so hope nnd believe.
The roads represented, and seemed able
to establish tholr position, that the money
paid to these superfluous men would go
a long way toward providing new tracks
and other Improvements that the publlo
desired and needed Boston Transcript.
' PROSPEROUS AMERICA
That there Is ample ground for the bet
ter feeling throughout the country no
man who keeps his eyes open would think
of denying. It Is not wholly a manu
factured optimism that Is flooding the
newspapers. Signs of brightening skies
are visible at many points of the hoVlzon.
The war dealt this country a heavy blow,
as it was Inevitable that It should, but
It did not shatter the foundations of
American prosperity. The year Is one
of great crops. But for the uncertainties
and dislocations caused by the war, there
Is every Indication that we should have
been by now In the midst of boom times.
New York Evening Post
Secretary Redfleld did not put the case
for American prosperity a whit too
strong. The country Is recovering In re
markable fashion from the shock and dis
organization caused by the frightful war
abroad. Northern farm crops are mov
ing rapidly and at good prices. Cotton Is
beginning to -rally, and the cotton ex
changes are opening. Men are being put
back to work 6000 steel workers, who
have been Idle for months, went to the
mills In one town this week. Every
where there are signs of better business
and better times. Chicago Journal,
The people have had enough of the
business-baiting which makes it harder
for every citizen, whether In business or
out of It, to make a living. They want
to see the present era of destruction
ended and have It followed by an era of
reconstruction. Give business a chance.
Allow the railroads to earn enough to
pay their way and sustain their credit.
Then we shall have again a prosperity
of which all may enjoy the fruits. New
York Tribune.
Inauguration of the Federal reserve
banking law and of the regional reserve
banks for which It provides Is hailed by
the press of the country as a step of
far-reaching importance In the restoration
of prosperity, Richmond Times Dispatch.
Prow ta Outlook.
you nvr s&ib you
m& w you, w9BRowr
COURSE OF THE
EUROPEAN WAR
. t
Battles on Land and Sea, and the
Week's Effect on the General
Situation.
Russian reverses wcro the Important
feature this week of operations In tho
world war. Physical conditions brought
a lull In the campaign In France and
Belgium, but the Germans renewed a
powerful offensive In Poland, while the
Turks drovo the Russian invaders from
Armenia. It again may be the Russian
strategy to draw tho Germans on Into
Poland as before ond then deliver h
telling blow. Nevertheless, the Kaiser's
forces havo struck the Russians effec
tively. About 0,000 prisoners are roported
taken by the Germans. It was doubtless
merely the advance gunrd of Cossacks
whom the Turks have driven back from
Transcaucasia. Tho Czar, It appears, has
omple troops to send against the Turks,
who obviously are fighting under Ger
man army lendcrs-they have been sur-prising!.'-
successful, even for Turks.
Back nnd forth tho battle lino In
Tiancp nnd Belgium shifts, now by
yards Instead of miles. The armies aro
so stronif, the resburces so great, the de
fenses so powerful, that nn thing ap
proaching decision Is Impossible. Tho vast
battle niray wriggles unceasingly as
thousands nio crushed In tho movement
It Is a Imttlo of endurance.
With tho low lands so flooded thnt
Inrso moenicnlH of troops arc mnde dim
cult, tho compnlRii In West Flanders has
beer, pressed with less vigor In tho lasl
week than nt any tlmo beforo slnco tho
two armies came In contact along tho
lsor. Iclthor sldo has mado Importnnt
gains, as there havo been relatively few
nfuntry engagements. The artillery,
however, has kept Up a. ceaseless fire,
mid the losses In tho trenches havo been
heav whllo terrific storms driving In
from the North Sea have caused great
suffcilng.
Scattered I engagements along the Alsne
hao resulted In no decided advantage,
in the Argonna region and along tho
Mcuso tho Allies attempted a forward
movement St. Mlhlel, held by tho Ger
mans for six weeks, was attacked and a
footing there was secured, but apparently
wmi nva"ta,eo was only temporary.
Whllo Paris hso been silent as to later
developments, Berlin reported thnt the
French advance at that point had broken
down.
J?mVi7i forward -n n- new offensive
th wm Pin.' ot cncontratlon along
ft. wi"l ,nlVer' tho Germans have
turned their former retreat into a fresh
advance which has swept the Czar's
fn7h- T,"Ck '?, ,P,oolc on th0 Vlstu'n onl
n, t-?BsUra nlver and hed the main
?nin mo,'lemen- awliuit Poscn nnd
Silesia. Berlin acclaims the new nd
vanco as a triumph both of action nnd
strategy and Petrograd's ndmlsslon of
Gorman ndvantago Is mixed with fear
that a new dash on Warsaw Is Imminent.
vi-f,.i.,r3it betwecn th Wartho and
Istula Rivers and the week ends with
tho outcome in doubt. Apparently the
Kaiser has regained a third of the ground
lost during the flight from W'arsaw. Bus-
SfrontIer0T 1?" ""1! V6r tho M
frontler at Posen, but no advance has
decision In fh .,, i-i...,'' rc""
- , .... vioiuia oaitle
Russians havo been pushed back over
of a terrific four dv n. -. "ci.c"u"
5. J i t, capturo f which a new entry
had been mado into East Prussia. This
Urn ,?"".," Ve.r8lon; sra also
claims the advantago at Soldau. Farther
east the Russian ndvance has been un
checked, the army from Suwalki having
gained the strategic ground of the Ma
surian Lakes, with Allensteln and Koe
nigsberg as objectives.
Cracow was Invested by tho Russlnn
column from Poland, but assault waits
the arrival of the other column moving
through Gallcla. Unofficial sources re
ported the city In flamed on the north.
Servla has sent an envoy to Russia to
seek help for Its armies, reduced from
800.000 to 100,000. Austrlans have pushed
forward to Valjevo, south of Belgrade,
which now Is subject to a rear nttack
as well as bombardment across the Dan
ube. Loyalist troops have defeated the Boer
rebels In several engagements.
Turkish successes In tho Armenian cam
paign surprised the world. The Russian
advance guard after a terrific sweep into
Transcaucasia was suddenly halted and
then driven back across the border. Thou
sands were taken prisoners and 10,000
rifles were seized In two days.
The Russians apparently recovered
somewhat from the repulse In Armenia
and pressed toward Erzerum. They cap
tured Tutach Thursday and, probably re
inforced, moved against the Turkish
stronghold. The Sultan's forces In great
number are about Batum, the strong
Russian Black Sea port, and a bloody
conflict Is expected.
Invasion ot Egypt, at first ridiculed,
already has begun. The Turks have
captured Kalatalnaht, 72 miles across the
frontier, British forces have repulsed the
Turks at Fao on the Persian Gulf. Tre
blzond on the Black Sea has been bom
barded. The United States cruiser Tennessee at
Smyrna reported that the Turkish forts
there fired upon United States marines
In the cruiser's launch about to land.
Lucking full details, the State Department
requested an Immediate explanation,
meanwhile holding to the belief that the
shots were fired as a friendly warning
against mines In the harbor. President
Wilson is positive In his stand that the
Incident shall not Involve the United
States In war against Turkey.
One of the seneatlons of tne week was
news of the sinking of the great British
dreadnought Audacious off the Irish
coast The leviathan struck a mine, ac
cording to tho story, unconfirmed by th
British Admiralty, and her crow of W0
were rescued by the liner Olympic. It Is
said the Admiralty concealed the loss of
the a.OOO-ton warship, built last year, hop
ing she might be raised before the dis
aster became known. Hints that a sub
marine sank the Audacious were not gen
erally accepted.
Naval operations were maneuvers large
lj', but probably significant. The Rus
sian fleet was reportsd leaving- Its Baltic
base at Hellngsfors, and rumors were that
already it had met and engaged the Ger
man squadron.
FOOT AND MOUTH DISEASE
It was not to be expected that the out
break of the foot and mouth disease
would find the authorities helpless or the
crltios without suggestions. Much sar
castic comment on the handling of the
situation l-s been made, but the helpful
comment l rather oonstruotlve and Indi
cates possible advantages to come from
the outbreak and also some methods of
preventing further ravages of this sort
Dr. Simon Flexner will confer a boon
on the world If ha succeeds In his effort
to Isolate the germ which causes the
foot and mouth disease, and then pre
pare a serum that will Immunise cattle
In advance as tbe anti-cholera serum
praetlcally immunizes hogs. The world
has lost taUiloss of, dollars through the
dUeaseySAd is sure to lose millions mere
if medical science dees not step la to
prevent Doctor Flexner has woo some
bis aueeatse In the field of medical iUs
cavMr. some of tbeat against apparently
baMfaMr odds. The whole world wUi owe
14m a Ws debt U be solve thu Rfsktem
A 4S ! MW-avaUA HVHS,
TROUBLES OF
SIDELIGHTS
ON THE WAR
Views on Other Aspects Than
Governmental Acts and Military
Tactics.
Whcnovor the armies have a chance to
get acquainted, from trench to trench or
In adjoining cots In hospital, human nn
turo gets uppermost nnd friendly rela
tions result. That Is tho same situation
observed In our Civil War. Ynnkco and
Johnny Reb wcro friendly enough on the
Hold whore they were killing each other;
It was the people at homo who devel
oped the unforgiving rancor. It looks
as If the growing III feeling between
Briton and German was following much
the same lines. New York Tribune.
Some of tho Southern States aro making
preparations to encourngo the Bol'S'lan
farmers, who are now refugees In Eng
land, Scotland, Holland and Franco, to
come to the United States. Tho Belgians
are among the most thrifty and Indus
trious people of Europe. As citizens of
this country they would bo of genuine
value. Albany Knickerbocker Press
"We have to bring a whole continent of war-struck lunatics
to reason li we can. . . . I Invite Mr. Bennett to pay me
some more nice compliments and to reserve his fine old
Staffordshire loathing for my intellectual nlmblehess until the
war is over." .
From Shaw's defense to Arnold Bennett's criticism of "Common .Sense '
About the War" the stirring article about the conflict in which Shaw pre- .
sented his views to Public Ledger readers last Sunday. . ,'
In his second article, which
will appear in Tomorrow's
Public Ledger, Shaw discusses
"Recruiting and Terms
of Peace"
It is the same frank, clear-visioned Shaw who writes. Whether
or not you agree with him, you know he is telling the truth as 1 ees
it. Every word breathes the Shavian spirit of independent thought,
fearless of criticism. Even his harshest critics, aroused to a fury
of indignation by his first article, admit that
George Bernard Shaw
has contributed a noteworthy point of view on this great international
subject. What Shaw writes is always good reading and good liter
ature. Tomorrow's article vigorously demands consideration for
the British recruit and his family and is a clarion call to labor to
assert its political prestige in this crisis. ,
PUBLIC
.
' -u a ajt. ,. .,.', jsjwiiiiiHwia,jw''ww-a ,Lj, Ll1.'ii;iilllii""lSlJiJJl"l"?iL .jjjjjsi.siisliiiyft'il1 Tn'siiwwwn mpI J
From the Ltn Anftlei Kxprer.
A DIPLOMAT
IN PHILADELPHIA
The opening of the Federal Reserve
Bank tn this city excited general in
terest this week, and hundreds of persons
saw $2,000,000 in notes transferred through
the streets to the bank without any spe
cial guard.
The American Federation of Labor con
tinued its convention sessions. Another
convention came to the city during the
week, that of tho American Specialty
Manufacturers' Association.
Thousands of commuters and tn faot all
persons using tho railroads to and from
this city were Interested by the action
of the railroads In announcing passen
ger faro Increases. Meetings of protest
have been arranged and the case will
doubtless be taken to tho Public Utili
ties Commission.
Opposition developed among tenement
owners. It was learned, to tho establish
ment of a housing division of the Depart
ment of Public Health after another more
was made to get It started.
The charge was made at Harrlsburg
that the Philadelphia Electrlo Company
Is operating obsolete plants at several
points In this city.
About 100 workmen here were laid off
during the week by the BaJtlmoVe and
Ohio Railroad under a general retrench
ment plan.
In
y t
Sunday's
nSAAa LEDGER'
IN COMMERCE
AND FINANCIikl
ttrents anu icncicncics ot tne :-Hi
"1 ire ej A . r
Week in tho World of Stocks and -Bonds.
The pronounced betterment of last week
In the financial nnd commercial markets
was carried still further forward this
week, i
The most Important event was the ,
opening of the 13 new Federal reserve
banks, which are located In various parts
")t tho country, on Monday. Under the
new banking law member banks of the
regional banks are permitted ta reduce
their reserves, and this released an esti
mated sum of $580,000,000 from the vaults
which Is now available for tho transac
tion of the country's business. The be
ginning of these new banks did more
than anything else to strengthen confi
dence and generally aid the financial
situation.
Other events of Import In the week
were tho ofllclal oponlng of the New
York Curb Association for trading on ..
Monday, tho decision of the Special Com
mltteo of Seven of the New York Stock
Exchange to permit transactions In un
listed municipal and State bonds with
out rcslrictlon and without reporting
transactions to the committee, the action
of tho directors of the Los Angeles
Stock Exchange In deciding to reopen
for unrestricted business on December
7, the plan for resumption of business
on tho Cleveland Stock Exchange on '
Monday of next week for restricted
trading In stockB other than local stocks
there, and on the Chicago Stock Ex
ohnngo on Monday for trading In listed
and unlisted issues, the closing price Of
July 30 on the New York Stock Ex- J
chango to be tho minimum price, and tho
onnpunccmont oC the opening of tho
Now Orleans Stock Exchango for trad
ing In bonds on Thursday.
Secretary of tho Treasury McAdoo an
nounced during the week that the J12S,
000,000 cotton pool for the relief of tho
situation tn the South had been success
ful and had been oversubscribed. '
Samuel T. Freeman & Co., auctioneer,
announced that they would resume their
weekly auction sales ot securities on .
November 21, the sales made to be under
the 'Jurisdiction of the Special Commit
tee of Five of the Philadelphia Stock
Exchange.
A great deal of Interest was caused
during the week by the report from
New York, that trading In bonds at
minimum prices would be resumed on
the floor of tho New York Stock Ex
change today. Later It was announced
that certain obstacles had arisen which
would mako It Impossible to begin busi
ness. The Governing Committee of tho
exchange will .meet on next Tuesday, and
It Is expected that It will take BOmo "
definite action on the matter.
Dealings In Btocks and bonds through
out tho weak In this city. Now York and
other cities wero reported to be larger
than they had been for some time. Tho
majority of the sales and Inquiries ap- ,
peared to be for short-term notes, rail
road and municipal bonds. Prices, to'
were as a general rulo slightly above tho
closing prices of July 30, and In soma
cases as much as 4 arid 6 per cent,
higher.
Banks nil over the country retired largo
amounts of Clearing House loan certifi
cates and emergency currency. Tho
total amount of emergency currency still
outstanding in nil sections of the United
States, according; to figures given out In
Washington, is 'VjEH.OOO.OOO. Less than
one-sixth of the Clearing House loan cer
tificates Issued In this city since the first
port of August that are still outstand
m n
m
11
Hisl
mm
f
I A
&
if
ft,
Vii
I.''
i
m
a
0
5.
'?
3
1
KwMd MP ilm3BBBflitsisrBli