The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-10-24
READY TO PAY
OBLIGATIONS
BELIEVED AMERICA CAN AND
WILL MEET OBLIGATIONS
IN GOLD.
COTTON LOAN PLAN
Discussed by Members of Reserve
Board and VIII Be Taken Up
Today. j
COTTON LOAN PLAN
(By Associated Preaa.l J

WASHINGTON, Oct. 23.--FinanciaI
forces OF the federal government,
aided by the friendly counsel OF
American bankers and representa-
tives of Great Britain. were turned
today toward readjustment OF the for.
eign exchange market, disturbed By
the European war
For more than three hours the fed.
eral reserve beard. Sir George Paish
and Basil B. Blacksts, representing
the English treasury. and come OF the
best known bankers in New York; dis
cussed the situation In all its aspects.
According to those present NO notsfo2
pessimism was sounded and toniaht
there was every reason to believe ell
financial problems will be solved
without great difficulty.
Read to Pay 0bllgations. .,l
The salient ccaSlusions. reached by
the conference are: ssFts .,.ii. -
American bankers stand ready To
pay their obligations to Hlglead In
cash! The 100000, 900 gold pcoi ai-
Teedy formed and 4 $50, 900 GOO raised
by q New York ashaicatA o. aaeak
REV ye-k c!fy's oeliRaticas i5rgDably
will be enough, however, to & sEhefy
English creditors. S3&
The New York ana Lbfidon stccly
Exchanges will not ne opened soon.
possibly not before the Beginning OF
1915. A joint committees OF the two
exchanges will consider this matter.
The federal resefxe board Is ex-
pected to hasten consideration OF the
proposed cotton loan fund plan, de-
signed In part to give support TO the
cotton market. ~. 3a s s
Cotton Exchanges yflll Open.
The cotton exchanges Ia New Ynrk.
New Orleans and Liyefpuol probably
will be open as soon ts possible. The
New York exchange pfobAhIy viii
confer through committee with the
liverpool exchange before such ac-
ton is. taken. (
A committee consistihE or Benja.
min Strong, Jr.. A. II. WigEin, James
Brown OF New York, and Governor
HamIin and Paul M. Warbnrg, OF the
reserve board, will hold further con-
ferences with Sir George Paish ana
Mr.. Blackett about details or tho fea
adjustment plan. d
America yYIll Meet Obilgatioaas
According to some OF those ct the
conference the optiIntnm was surpris-
ing. Sir George, It was said, did not
indicate that he had come to, demand
payment Of American debts; ne had
no concrete plan 10 lay hssore tha
Americans. but listened 70 what they
had to say. The American bankers
made IT clear there wab every reason
to believe America could And would
meet ali obligations In kcld.
although there wac no expression
as to how much gold ketnaliy must
a fr Erner a
ion OF many OF those present tnat but
little more than that airelivy hrranr.
ed for Will be necessary. - /
Cotton Plays Prominent Part.
A prominent part { In the calcuIa4
tions, all agreed, must be piayed hy
cotton and for this reason the destra.
bilfty OF finding bottom for the mer.
ket and making arr anger1eiits for rs-
opening cotton exGhankss were din.
cnssed at length. Sir C6or&e voiced
again the opinion that English man.
ufacturers would buy cotton when
they knew bottom had BEEN reached.
and that competitors conld. not under
buy them. Just how much Enginnd;a
buyers would take was not Indicated.
but the steadyin geffccg buyipk. there
viii have on foreign Sx6hange was
generally admitted. Mr.. B1soacst de.
MED there was an agreelafnt in fcu.
rope to keep down cotton purchases.,
thereby limiting the pow Or OF the
United statas TO pay tts N nternatiorat
Indebtedness. IS s,l 4 B 9, ys
Fighting Was on E6sSaEs.
Sir George felt confident EnRIisH
holders OF American securities would
not throw them on the market fl tie
London exchange opened. s ENGLAND.
ne explained, was tighttng the war
nm her savings and on her carrans
receipts a selling OF Anieriean IN
vestinents Edgir come. NE aaid, but
that would be accounted TOR 81 the
large expectations OF cotton, grain
and other commodities iii the NEXT
few mouths. He added thsst ali ee.
lcnrities haa been taken care % MP
IContinued on pafa ~ 4