The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-10-21
MOST OF FEARS
Of WAR REMOVED
General European Outlook Re-
garded in an Optimistic
Manner.
AMERICAN BUYING HELPS
Change for the Better in
Anglo-German Rela-
tons.

London. October 20.-With the open
ing OF the Balkan war have disap'
peared many Of thu tremors that pre-
ceded II.
The general European outlook is
row regarded almost as optimisticaiiy
as little over week ago IL was re-
Earded pessim:stically. While the
great political powers OF Europe have
been unable to prevent hosti!it!es, the
great financial powers of the world
have succeeded in removing most OF
the fears with which the outbreak was
associated.
Finance mas made diplomacy its
handmahien in one important particu-
Ear. Aided 'oy the declarations from
the European chancelieries, the leading
fnancia! institutions OF the continent
were able TO check the huge sales OF
securities brought about by fear that
the Balkan flames might cause a Eu-
ropean contiagration-
Another prominent factor has been
the situation in America and the read
iness which the United states has
shown TO buy up American shares Of
fsred by t!mid European investors.
The good crops are expected to real
ize so much that the amount OF Amer
lean money available for investment is
estimated at a figure greater than any
previous total In fact. as the Statist
says. This sum will probably ex-
coed any figure that has hitherto been
considered possible, and the strength
Of the financial situation in the CnfIed
States and the certainty that Ameri-
can investors viii Guy great quantities
OF securities in the next few months
are a factor in the situation the i'm
porrance Of which it is not easy to
eXaggerate.'
The political aspects OF the situa-
ton have undergone equal improve
ment. The inheren, dangers, of course,
are not tisregarded, but at the worst
they are unlikely to crystalline until
the Balkan war is 0ser and Ques-
tons Of the settlement come up for
discussion.
For the present. the prevailing view
Is that the war Will be localized, and
while opinion is fairly divided as TO
the probable vic.ors. there Is an al
most unanimous belief that the re-
same. whichever party Is successful.
powers will not permit Turkey to deal
any serious blow at the welfare OF the
allies. and. on the other hand. it is
taken for granted that the great pow
ers will prevent the allies from max
ing any apprec!abie rectifcation Of
their frontiers after the admonition
they received before the war.
It IL a noteworthy fact that the
more confident spirit which has
grown up this week in regard to in
ternational relations. as affected by
the Balkan war. has extended to
Anglo-German relations.
Prince Lichnowsky. the newly ap-
pointed German ambassador to Great
Britain, has been giving the English
correspondents in Berlin a series of
interviews. which are Indicative Of
strong beiier that .Anglo-German re-
1ations are entering upon a period OF
Improvement
From another quarter II is under
stood that considerable progress has
been made toward an Anglo-GerH,an
understanding over the Bagdad Rail-
way, IN which question England's OPP
position has always been regarded in
Berlin as one o: the most significant
evidences Of the British determination
in the sun which she desires.
In England. too. there has been OF
late q marked aHelioration OF senti-
inert toward the TeUton. This is EVIL
Genced BY the reception given TO a
letter published by Sir John Drummer.
which is in effect an appeal 10 the
government to follow UP the entente
with France by similar entente
with Germany and take certain prac-
teal measures for removing the fr!c-
ton between the two countries, which
has endangered the peace and pro-
gress OF Europe for the last few
years.
II IL thought certain tina, Sir Johns
proposition VIII be iudorsed by. ta'
National Liberal Federation. and Pre-
raier Asquith ana his colleagues ar;
Rot likely TO ignore such manifesto
tIon o: opinion. Indeed, as the no
nornist points out:
The desire for ar Anglo-Gerfila.
entente has been strengthened stead
fly ever since the Morocco crisis las
autumn. Business opinion is practi
eaIly unanimous on the subject, and Si
Swire Smith. one o: thc foremost AL
thori,ies or the wooden and worstc'
trades, has been pointing out what H.