The Washington herald., 1914-10-24
Optimism Marks
BANKING PARLEY
Committee VIII Help Evolve
Plan to Clear Up Affairs
with Britain.
MAY REOPEN EXCHANGE
Reserve Board and Conferees viii
Name Commission to Discuss
Means of Cooperation.

The conference here yesterday OF the
Federal Reserve Board with prominent
American bankers and representatives Of
the British treasury resulted in clearing
the air considerably in regard to prob
lens of international finance confronting
the United States.
Marked optimism was expressed by the
bankers, and the meeting adjourned with
the feeling that the United States, after
all, may not have to resort to any fur
ther extraordinary measures in caring
for its present Indebtedness to Great
Britain.
AS the result Of the meeting, a COM
mittee of bankers was appointed to CO.
operate with a committee from the Fed
eral Reserve Board in comforting fur
ther with Sir George Paish and Basil
B. BIackett. representatives of the Brit
ish treasury. with a view to formulat-
ing q definite plan of action for clearing
up the problems now existing between
Great Britain and the United States.
May Reopen Exchanges.
further result of yesterdays i'm
portant conference undoubtedly will be
the appointment Of a comittee to rep
resent the New York Cotton Exchange,
and another committee to represent the
New York Stock Exchange, to confer
with committees from the English eX
changes, with view to the heartiest CO.
operation in the matter of the reopen
ing of these markets. Most of the bank
ers and the British representatives, who
attended the conference, believed that
such action is desirable, and there is
little doubt in Washington that this
course will be followed by the exchange
authorities in this country before any real
attempt is made to resume business.
No definite plan was suggested at the
conference for dealing with the present
Indebtedness of the United States to
Great Britain. and the British repre-
sentatives themselves had no proposals
to offer.
The British representatives made ii
plain that they did not have the power
to accept proposals, but that any sug
geStiOn that might be made would be
transmitted by them to London. The at
tempt to work out the details of a plan
for dealing both with the foreign ex-
change problem and the cotton situation
will be made today by the British rep
tees appointed yesterday.
Those who attended the conference be-
side the members of the Federal Reserve
Board and Sir George Paish and Basil
B. Blackett, were Albert E. Wiggin, of
the Chase National Bank; Benjamin
strong, jr., H. P. Dawson, of J. p. Nor
gan & Co.; G. H. Price, Samuel Nc
Roberts F. Brown, of Redmond & Co
Charles Starek, vice chairman of rhe
Federal Reserve Bank, of New York: |
William Woodward. James Brown and J.
s. Alexander, all of New York City. and |
John Perrin, chairman of the Federal |
Reserve Bank. of San Francisco, and F. |
J. Wade, of ST. Louis, and d. l.. Wing, |
of Boston.
The bankers reported that the sl0o,-
0Oe 600 gold pool that had been raised for |
the clearing Of the foreign exchange sit |
uation would go further than they had /
anticipated at first. The bankers, in !
fact. reported that all maturing obliga- |
tiOns certainly would be cared for by /
this gold pool up to January l. BY that |
time, they expected that the now rap |
idly increasing flow OF exports would |
have greatly reduced the Indebtedness |
of the United States. and that further |
extraordinary measures may be unnec- |
essary.
1t was generally agreed at the confer /
ence that the cotton situation was the |
present weak spot, and that every effort |
must be made now to meet it. An init |
nation was conveyed by some of the |
bankers that there was an agreement in |
Europe to keep down purchase Of the |
been to limit the power of the United |
States to pay is international indebed-
ness.
In reply to this Mr.. Blackett said that
in his opinion no such agreement existed;
that the restriction was due to natural
causes.