The Washington herald., 1919-03-16
BOARD
|. PLANS REVIVAL
OF COMMERCE
Victory Loan One Of the
Big Financial and Eco
nomic Problems.
MEETING THIS WEEK
When Wartime Authority
Ends Is Great General
Question Now.
MEETING THIS WEEK

/ Interests of commercial United
States will center here this week when
the Federal Reserve Board will at
tempt to clarity the entire financial
and economic situation.
Members Of the board will meet the
governors Of the twelve Federal Re-
serve Banks and the executive COM
mittee Of the boards advisory coun-
ell Thursday. Friday and Saturday.
, The situation as it now is will be
gone over thoroughly. And. officials
declare, the conclusions, If any are
reached. will be history making.
Topics to BE Discsssea.
Some Of the topics slated to be de-
cided if possible. are:
Reduction in rediscount rates of
: Federal Reserve Banks.
I Refnanclng the American railways.
, both during and after the end OF
Federal control
Means OF floating the Victory Loan
: without placing the entire burden on
. the banking interests.
, The outlook for export and domes-
T, tic trade.
How far has the normal demand
/, OF the buying public been resumed.
, Wartime Authority Duration.
Besides these, the great general
Z question Of when wartime authority
ends and peace laws become oper-
, alive will be much before the con-
Z ference, officials said. II was pointed
, out that upon this question depends
directly whether immediate resump-
ton of normal activities in many
lines Is possible.
Queries have been frequent, it was
stated. whether such wartime laws as
the trading with the enemy act be-
come imperative with the signing of
'the preliminary peace treaty or proto-
col. II the second stage Of the nego-
tiations eliminates an enemy, then,
according to the official view, Ameri-
can commerce faces a free and open
gold market. In this event. officials
say. they must know what the atti-
'tude Of the British government is or
else face a steady outward drain of
gold with the decline in trade bal
'snces.
See Hard Rosd for Loan.
Secretary Glass is expected to ask
the advice OF the conference relative
Ito the interest rate on the victory
loan.
3 Officials make no secret OF the fact
that difficulties - serious character
are ahead for the victory loan. They
assert that only a high interest rate
can popularize the short-term notes.
, In discussing the railroad financial
situation. the conference will go deep
into methods of taking care Of the
roads after federal control terminates.
The Federal Reserve Board has been
made acquainted with all Of the prob
lems Of the Railroad Administration.
Z Although reserve board officials do
not plan to center their discussions
on the labor questions. ii was evident
That this phase OF the situation will
be accorded liberal study.
Much Data Gathered.
Federal Reserve Bank representa-
tives throughout the country have
been gathering data for several weeks
past, il was learned: A compilation
of this information which covers
practically all angles OF the problems
before the country now will be be-
fore the conferees when they meet,
u was announced.
Z These reports will bear also on the
basic price changes during the period
since January ]. In this connection
the general tone Of business senti-
nent, as gathered by the banking
leaders. will be brought up. Of1ciaIr
here have held steadfastly to the view
that prices must come down and that
the new levels must be reached and
stabilized before questions Of lower
wages for labor are officially consid.
bred.