The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-24

WASHINGTON, Oct 2s.-JThe conferences
here day OF the Federal Reserve Board
with prominent American bankers and
representatives of tho British Treasury
resulted in a considerable clearing OF
the air in regard 10 problems of inter
national finance now confronting the
United states
Marked optimism was expressed and the
meeting adjourned with the feeling that
tho United States after all may not have
TO resort to any further extraordinary
measures In caring for its present in
debtedness to Great Britain.
a committee OF the bankers was APP
pointed to cooperate with committee
from the Federal Reserve Board in con-
ferring further with Sir George Paish
and Bash b. Blackett. representatives or
the British Treasury. with view OF
formulating definite plan for clearing up
the problems.
further result undoubtedly will be
the appointment Of committees to repre-
sent the New York Cotton Exchange and
the New York Stock Exchange to confer
with committees from the English ex-
changes with "A view of the heartiest
cooperation in the matter Of the reopening
OF these MARKETS. Most OF those who
attended the conference believed that such
cooperation was desirable, and there was
little doubt in Washington that this course
will he followed by the exchange au-
thorities in this country before any real
attempt Is made to resume business
No definite plan was suggested for deal
| ing with the present indebtedness OF the
| United States TO Great Britain and the
British representatives had no proposals
| TO offer.
Englishmen Here for suggestions.
| They made IL plain that they had come
! to this country on the invitation Of Sec
| Rotary McAdoo to listen to any sugges e
| tons that American bankers might make
| and to cooperate in every possible way 10
! bring about a resumption OF international
trade conditions on a basis as nearly nor
NAL as possible
! The British representatives made 4,
plain that they did not have the power
TO accept proposals. but that any sug.
| gestionS that might he made would be
transmitted by them 70 London. The at
/ tempt to work out the details OF plan
for dealing both with the foreign exchange
! problem and the cotton situation will b,
made tomorrow by the British represen-
| tatives and the American committees APP
pointed to-day.
Those who attended to-days confer.
ence besides the members OF the Fedora
| Reserve Board and Sir George Paish ant
| Basil Il. Blackett were Albert II. Wiggir
OF the Chase National Bank, benjamin
Strong. Jr., II. T. Dawson OF J. p Morgan
x Co. Theodore II. Price. Samuel Nc
| Roberts f. @ Brown of Redmond 4
Co. Charles Starek. vice-chairman of tn,
Federal Reserve Bank OF New York
! William Woodward James Brown. J. II
Alexander and Jacob II Schiff all Of
New York city. John Perrin. chairman
OF the Federal Reserve Bank OF Sar
Francisco. f j Wade OF St Louis anC
d. L. Wing OF Boston.
The bankers reported that the 500
900 900 gold pool raised for the clearini
of the foreign exchange situation woulC
go much further than they had antci
pated at first. They had found that man,
individuals whose obligations had beer
included in The earlier estimates had beer
able 10 take care of their own debt
without any aid from the pool.
obligations to he Cared For.
The bankers in fact reported that al
maturing Obligations would certainly b,
cared for by this gold pool up to Jan
uary l. BY that time they expected tina
the now rapidly increasing flow of ex
ports would have greatly reduced the in
debtedness OF the United States and tina
further extraordinary measures may b,
unnecessary.
Several American bankers expressed III
lopnon that there has been undue anxet,
in the United States with respect 10 tn
international situation, and that with tn
Federal reserve banks about TO open anC
a gradual improvement of the export sit
uatop II would not be necessary 20 taxi
any definite steps for the control of con
Editions
Sir George paish estimated the amour
of American Indebtedness 20 England a
about S250.000. 900 and expressed al
optimistic view OF tho situation. He sat
that tho balance due on merchandise an
currency account was not SO heavy n
has been estimated in some quarters.
II was learned tonight, however, tina
IN the conferences Great Britain will prob
ably not he content to rest merely o.
the assumption that the flow OF export
il likely to wipe off tho balance agains
the United States within a comparativel
short time She will want some under
\ letandinR in regard TO the settlement q
: tho balance that may remain after TN
10 $500, 900. 900 gold pool has been exhausted
= Great Britain IS likely to suggest n
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