The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-09-04
FURTHER PROGRESS
In SOLUTION Of
MONEY PROBLEMS
FINANCIAL AFFAIRS BEING
SKILFTILY HANDLED AND
RELIEF IN SIGHT.

Sew YORK. Sept. 3.--In- the slow
way In which unprecedented Difficult
ties have at the present time to be
overt ONE by finance and business. IL
In gong to he hard TO trace from day
10 day the evidences OF betterment in
the situation. AZ the same time, to-
day furnished further indications that
financial affairs were being skilfniiy
handled and that progress was being
made toward relieving the strain on
the international money market
which has had so untoward reficc-
ton on domestic finances.
Individual banking interests here,
working after their own fashion, and
sometimes as result OF much con-
sultatson among bankers, have helped
to contribute towards iessening or
money market tension. Whatever
has been done has had to be done
hv Arrangements with foreign. and
more particularly with London bank
ers British finance. with the CO.
operation Of the British government,
has In a months time shown remark
ably well toward the restoration OF
the equilibrium of the London money
market. 10 which the whole world is
10 debt.
Naturally enough, British financial
ertleavor Is directed in the first place
10 the re-esta hlishment Of financial
ccmmunica tiopS with the British
colonies and with This country. which,
Of all nations, is in the best position
to Noilidate its foreign obligations and
provide resources for the resumption
81 the principal International moneS
market operations on which domestic
money markets have I'm modern times
become n greatly dependent. he
.4~sx4 hot hG
ginning had definitely been made in
The Improvement of financial dealings
between London and New York.
british leadership has had TO, be
fsflowed and II fs probable that
London will continue to point the way
for cur own financial recovery; hut q
good deal If assistance seems 10 be
p-nuis ed by the banking conference
II he held in Washington tomorrow
under the auspices of the federal re-
serve board 4 variety of matters
will he caf,vassed by this conference.
but Wall streets interest Is keenest
In the conclusion which may be
reached respecting the provision of
facilities to broaden the dealings in
international exchange. II ways can
be devised 70 pat government gold al
the service IF international bankers
together with some provision of gold
from general banking resources there
can be no doubt that London efforts
to right tho situation will be greatly
encouraged with consequent benefit
10 ourselves
The foregoing remarks are more or
less inspired by the fairly distinct
tokens ri foreign exchange that the
International money market Is get
ting into IN easier position. There
was today NOT only 81 more liberia.
offerings Of bills. bat offerings were
for larger amounts and included not
only export hills, but bankers paper,
a supply Of which was promoted by
London advices that ninety-day ac-
ccptance would be granted nj "a
per cent Demand sterling c'Hsed at
b.aA and cables at SOS, and there
was said 10 have been some business
in continental exchange. although the
signs tint Paris would COON he In a
state III eiece seemed to Kill the mark =
ct for exchange.
The agricultural markets we're all
strong but wheat WAS tn" feature OF
interest with q rise of four cents
hushel. Nav selling above sl.25.