The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-26

s,tua tom will he made distinctly worse.
on other accounts there IL occasion for
optimism. II begins to look az though
tho expiration of the British moratorium
may not have n sequel Of unpleasant ais
turbance. Some doubts are entertained
on this score in British financial circles
largely because OF the novel cXpedients
resortcd 60 by tho British treasury
and these doubts will probably suffice
to limit banking and business endeavor
until the consequence of ending the mora
torium has been witnessed. When THIS
hurdle has been passed over we too Will
he better able 10 try TO do more ousl-
ness I'm various directions.
Ii is too early to tell what In goins
10 he the outcome OF tho International
conferences in which Sir George Iaish
and Mr. BlaCkett are participating here
There seems no question that Great Brit
ain would like TO have us part with more
gold than we can easily spare without
some understanding that gold VIII return
TO us If we need Il when the foreign eN-
changes move in our favor. but the Brit
Ssh disposition seems to be 10 accept
s,,rh terms OF payment OF our outstand-
ing indebtedness ms will be most con-
ducive TO q business recovery mere
The comfortable appearance of the
Jordou money market and the steady
strengthening OF the condition or the Bank
n, England have contributed toward tho
they suggest that London can proDably
AFFORD to extend some OF our obligations
temporarily II is inferenial. too. that
if n bass Of trading can he reached
London will be able to finance sucn
large transfer of cotton a. was talked
Of at Washington last week TO exungulsh
mart OF our current debt abroad.
Great Britain IL anxious to assist its
cumming Industry and It's anxiety In this
regard IL auspicious OF Some agreement
which will bc well timed for the pros
pc,tiye reopening Of the cotton exchanges
iu the near future ard for operations IN
connection with tho scheme which our
bankers are piittiug through TO make loans
n, cotton. The South has not set recon-
,,lcd l,scl, To the inevitably low prices
FOR this wears cotton crop, hut persuasion
Of the cotton grower IL not of so much
,,pportance Hs the restoration or tho
COMPLIMENT Tor future trading md the pro-
vision OF bank credit by which cotton Is
custona-ilv moved into consumption or
stored FOR future delivery
Cotton in any event Is likely 20 be added
before long IN moro considerable quantity
to the coun.rys export trade. Possibly
shipments OF tho staple this season may
no, amount 90 half the normal proper
lions, and they will bo made at prices
which will coun. less heavily than usual
in the international books, hut an increase
" cotton exports from tho recent stag
nation viii he so much more gain IN the
direction OF general business recovery.
The evidence which bankers have 90 the
large purchases which arc being made OF
our goods and commodities FOR foreign
con sumption and tine port statis'ics which
show steadily rising volumes or exports
serve To explain good deal of the con-
vlct!on which Is spreading I'm financial cir
Giles that II Will not be very long before
orr debit balance abroad = cancelled and
foreign exchange instead OF selling az an
abnormal premium will be quoted a. quite
ne much 81 discount,
This outlook can be affected by tho IN
clnation which European holders exhibit
toward our securities hut the solution 81
tho problem OF rcopcung the stock eN-
changes would he rendered easier ~ IN
advance OF "a resumption 90 more or less
regular DEALINGS IN securities the inter
national money market were no longer
adverse 20 u There are those foreign
eNchany, bankers, indeed. who are hcFin-
ming 20 believe that 20 great snift IN
| foreign exchange Is impending that the
most Europe may do IN the way or re-
turning securities 10 Ne will only serve Ia
nay sor our general merchandise and COM
modify exports.