The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-24
U.s. Bankers and PatSh See
End of Financial Problem
Federal Reserve Committee Named at Washington Con-
ference to Help in Forming Plan for Settling
Debt to Great Britain.


agreement for tho Issuing ~ short time
securities or notes by some OF the banks
TO cover this balance II there should be
any after as many maturing obligations
as possible have been met from the gold
pool The British representatives made
1t apparent to-day that Great Britain was
willing to extend these obligations *
necessary and wanted 20 do nothing that
would seriously embarrass tho United
States.
II 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 Il. An intma-
ton was conveyed by some of the bankers
that there was an agreement In Europe to
keep down purchases of cotton and that
the effect OF this had been TO limit the
power of the United States 90 pay its
International debt.
In reply to this Mr.. Blackett said that
in his opinion no such agreement existed 4.
that tho restriction was due 20 natural
causes The Manchester exchange he
said. was closed because members could
not trade in futures yet considerable
purchases OF spot cotton we're being made.
Before the conference was over Festus
J. Wade OF st. Louis. who has organized
the l35000.000 cotton pool. was called
| in. II was said sfterward that some
| changes would be made in fhe Wade cot
ton pool plan. but that II was certain 10
go through. and that 1t would materially
aid in relieving the situation.
II was learned also that tho Treasury
Department will make an announcement
| within a few days of further remedia
steps in behalf OF the South II Ia un-
derstood they include tho depositing o,
| Government funds in the South for the
relief OF the cotton situation.
| Several bankers expressed the view thai
| while tho reopening of the exchanges In
! this country would be desirable II woult
not he wise to attempt this until II wa
absolutely certain that such actions wout
not result in aggravating the situation
| Privately, some of the bankers said they
doubted whether or not anything could b'
done in this direction before the first o.
| the year
Want U. $. Securities Protected.
The bankers were solicitous as to th'
| attitude that England will adopt In pro
| tecting American securities one thinl
they seemed to fear was that sale o
| American securities might pile up the bal
ance against the United States after larg
| payments I'm gold They suggested tina
the contingencies OF war might necessitat
the sale of American securities.
In answer TO this suggestion Sir Georg'
Paish expressed the opinion that Englant
| would he able to carry on the war on he
current receipts without breaking into IN
invested capital owned by her citizens
This meant. in his opinion. that large sale
" securities probably would not be at
tempted. and when It was necessary TO sci
securities II would be in order to bu
American products. In Sir Georges op'n
ION England has already financed all he
war requirements for at least cightee
months
The conference ended with the ex
preston Of opinions Of members OF tn
Federal Reserve Board and tho Sec
rotary of the Treasury that the con
ference has greatly promoted the devel
opmeP Of n better understanding OF IN
entire situation and the advancing Of mu
tual accommodation. He added that no
where In the United States was there an
disposition 70 avoid full payment o
American Indebtedness.
The special committee of bankers m
pointed To confer with committee fIor
the Federal Reserve Board and the Eng
llsh delegates consisted OF Beniani
Strong. Jr. Albert H. Wiggin and jaime
Brown Of New York.
After the conferences IN WashinRto
the British representatives will go (
New York TO confer with New Nor
bankers and the exchange authorities.