The Birmingham age-herald., 1917-09-24

New York, September 23.-(Speciai') IT is annarent that earnest discussions, possibly negotiations, preparations and various efforts are now in prog ress in Washington and New York, all having to do with the simple Ques- ton of money or credit or both. Inere are some visible evidences of tnis peaceful but important agitation put no one, excepting those who have the right to be informed. can tell exactly what Is in progress.
 The visit of Lord Reading ot Eng land to the United States and his ap- narently intimate association with the treasury department at Washington. and presumably with the governors oI the federal reserve system. are suiii- cient to indicate that financing pos- siblv greater than any yet undertaken is under consideration. It presumably involves both the United States and Great Britain, and possibly our other European allies.
 The visit of J. P. Morgan to Wash fneton. where he went as member of the advisory committee of the req eral reserve system, Is another inai- cation that some very important plans or methods involving great financing are under consideration. MT. Morgan has not often visited Washlnston since he was named as New York rep resentative of the advisory committee of the federal reserve system. That committee has no power, but its morai influence is presumably very great anc all tho greater because 1t Is exerteo only occasionally. Its relation to the federal reserve committee Is some- thing like that of next friend, 2 counselor and advisor. and the per sonnel,of this advisory committee rep resents the ablest banking influence of the United States.
 Then again. the Secretary or tne Treasury, MT. McAdoo. has deemed II expedient to urge the authorities Ill Great Britain that they prevent. Ii they are able to do it. the calling oi loans made by English investors se- cured by mortgages on southern farms and other real estate. The aggregate of these loans Is estimated somwhat In excess of $100. 100000. and 1t would in yolve real hardship if the borrowers who are chiefly planters of the south were compelled to pay off tho mort gages. The investment in American farm mortgages has always been a very satisfactory one with, the Eng fish investors. At the beginning of tile war in Europe 1t was estimated that
 English investment In real estate I loans in the United States. both city and farm. was considerably in excess of s200 0,o0o. 900. How much of these loans have been called. there arc nc
 means of knowing. Presumably Secre' l tary McAdoo would not have made thu appeal to England with intent to per, suade her to permit her farm foanl 4 in the south to remain unless thert were highly important financial ant money propositions under considera tion at this time.
 It may be that the best evidence tha
 justifies the belief that perhaps thu
 greatest of the financial problems ol questions which have been raised
 since the war began Is now undel
 consideration. is to be found in thu action of the bankers of New York } Some days ago. at the request D
 Benjamin Strong. governor of the fed eral reserve bank of this diktrict. tn 1 banks of New York were ask to sen,
 as often a6 possibles dailS~H t praotic