The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-10-26
REIMBURSEMENT M
Weeks IN FUTURE
DIFFICULT QUESTIONS or FINANCE
AND BUSINESS TO BE
SETTLED.
VIEW is OPTIMISTIC
EXCEPT IN MATTER OF RATE Casa
DECISION DIFFICULTIES ARE
GRADUALLY DISAPPEARING.
WALL STREET THINKS.
VIEW is OPTIMISTIC

New York. Oct 25.--The SUMS
weekly review of the financial situa-
ton tomorrow will say:
In the European war. which In, OF
course, the dominant economic in-
fiuence now, there continues TO be no
developments pointing to any deter
mination of the two principal factora
Of outcome and duration. At this
moment there is nothing on which To
base hopes that the cnfiict will be
anything but protracted. and the vast
uncertainties OF the conflict necessa-
riy hamper the solution of the many
problems which have yet to be solved
In order to permit business to be
done. and values to be dealt in sat
isfa ct orily under the circumstances
of war.
Thera still remain difficult questions
to be settled before the readjustmens
of finance and business toward nor
NAL conditions can be regarded a.
approximately completed.
or Concern To Us.
Those which concern US most aro
represented by the coming termfnA-
ton of British moratorium, the con-
tinued suspension Of the regular mar
kets for cotton and securities, tho
abnormally high level OF foreign ex-
change. the Interstate CommercA
Commissions decision in the reopened
Eastern rate case, and the inaugura-
tion of the Federal Reserve Banking
System.
Ii may he said enat in respect to
all these matter except. perhaps. tho
rate case, Wall Street has In the last
few days seen reason to believe diff
ficulties are gradually disappearing.
There is everywhere an abundance
of resolute. practical effort, charac-
teriZed by an increasingly effective
cooperation of all interests to Te-
move obstacles in the way Of re-
sumption of business and banking ac-
t1vities one OF the most encouraging
signs of the times Is ehe general
state OF the popular mind toward the
economic crisis precipltated by the
war.
1t begins TO look as though the ex-
piration OF the British moratorium
may not have a sequel of unpleasant
disturbance Some doubts are enter
tanned on this score in British finan-
cial circles, largely because OF the
novel expedients resorted to by the
British treasury, and these doubts
will probably suffice to limit banking
and business endeavor until the con-
sequence of ending the moratorium
has been witnessed. When this hur-
die has been passed over we, TOO, will
s
ness in various directions.
The Paish Conference.
! II Is too early to tell what Is going
/ to be the outcome OF the International
conferences in which Sir George
Paish and Mr. Blackett are partici-i
pattnE here. There seems no question
that Great Britain would like to have
us part with more gold than we can
easily spare, without some under
standing that gold will return to ua
IL we need 1t when the foreign ex-.
changes move in our favor, but the
British disposition seems to be to ac-
cept such terms of payment OF our
outstanding Indebtedness as will b.
most conducive to a business recovery
here.
The comfortable appearance OF the
London money market and the steady
strengthening of the condition OF the
Bank of England have contributed
toward the easier foreign exchange
market lately, and they suggest that
London can probably AFFORD to extend
soma of our obligations temporarily.
1t is inferential, too. that II base
Of trading can be reached London
will be able to finance such .. larger
transfer OF cotton as was talked OF az
Washington last week. to extinguish
part OF our current debt abroad.
In the last few days sterling exc
change underwent another sharp re-
action, fallinK over Ave cents during
the week to new low levels, and tho
actual Improvement In foreign ex-5
change conditions Is measured by the
diminished ratio Of the export OF gold
to the provisions made to transfer -
to Ottawa