Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-17

'h" ni'ed States on the one hand
ana the threatened d.bacie Of Ger
man finance SO far az this coun
Try - concerned. we have been more
Interested in the English position
than tina, OF the German. Germans
Is merely running true 20 form. Will.
Urea britain il in Il lt,tl. better
l.cve.
within tho week. ,he Ran. %.
I-nsl land has again reduced IL. dis
count rate from 3l-2 ueT cent to 2
per cent. which IL further .yld.nc.
Of The "asing OF the worlds inon.y
markets /, may not b" followed by
tn" reduction in tho Federal r.s.ry.
though IT leaves the Ban. OF Eng
land rate fun per cen, b.Iow
| New York. Our own financial Of
hcials haE" been afraid ali along
mat too rapid reduction IN tn. re-
discount rate would lead 10 rcsurnp-
I tioh In speculation and the Federal
reserve officials have again cn
pressed This fear in commenting
upon IN" British reduction. IN.
writer do"s not share that fear hov
ever, IN the sam" degree az mas been
expressed ~ the UitraConseryativc
/ banking officials
'h"np None, Lends to Speculation.
NaturnilE cheap money is am in
| ccnt'vc 10 speculation. ana 80 far az
IN" stoc" market Is concerned that
Tear may hc veil founded a. 10 :,
ais" boom in Industry. the couti-
t"ns are not analogous to those
"hlch have prevailed at other t!nc-
/ Inc ga OF speculation following III.
war "as based upon the theory OF a
| tremendous chpor, demand and the
I suolimc belief inat Europ. would
/ '''lA some way 10 pay Tor N" goods
ne theory An 10 demand wan well
'"HhdcG out the belief az 20 method
u' ia yn!ent did not tax. into con-
S!d"rat!on tn" fact tina, there Is an
emu 10 al! ihinEs-ev.n to Eurou.an
cr,dit That demand SIN. exists. and
~ Europe could get on nor fee, 50 AZ
20 max" payments fairly certain. thls
country would hay. an indus,rlal
noon Ia" Ike 81 "hicn /, has never
known before. That time however
- not yet In sight and thcr. IS moth
'hs on which 10 base wild specula-
ton IN commodities The home de
mand j. pretty we'll UNDERSTOOD and
- c"Hhh!" OF absorbing mos, nf our
industrial energy Speculation OF
IN" hubble variety il based upou cA-
rtctai'on o! Abnormal demand and
our experience with mat sort 81
,Fins mas been 100 recent and too
inter 1" encourage new expert
.
A"ait Drop in silver Rates
international speculation and in
-Stmeni In securities viii no, come
"p"-' "hNI IA" exchanges ar. 1t
. Iltt.c closer TO par. cspcCiauy stcrI.
me- However It great step forward
I VIII be made /! Great Britain under.
'hkcs I" make pa in-nt OF our loans
I'" genera expectation - tina, this
would he accomplished through a
Eiitish bond issue. "a lare. portion
/ Of which would he roated here
hearing higher rate Of interest. IL
! would form an attractive exchange
/ for our own Liberty bonds Win the
exception OF the ,An-c1-mp, issues
~ TO the soundness OF the security.
our p"opl" would be inclined I" re-
gard !, az 'econd only 10 tina, ~ The
; United States. There Is also going
on form % liquidation that il too
/ often los, sigh, OF In N" money he
/ inH carried abroad by our tourists
and the sum W. ar. paying 10 carry
[ our exports ia foreign bottoms. in
| Guiding not only the Transportation
tut the insurance In British com
panies. All this will in time make
! some impression ON exchange
Great Britain realizes the value OF
leadership thar is directing her 70
:;i;." good regardless az her ability
I 20 collect what other countries may
owe her.
Grrmnns Repent Ola cry.
I As TO Germany, their cry Tor IL
/ moratorium Is the usual wall which
accompanies all her reparations pay
/ inents II may hc necessary In some
I degree 10 modify the terms but only
/ "a the extent that viii make +, pos
/ Sihic for her TO meet them In gen
/ era! business practice j; is some
times necessary to hccp II bankrtp{
/ In business to max. IL possible TO
! collect what Is due. and II may he
! mat this same principle viii have
/ to be applied to Germany.
| As soon as the coal strike and the
/ rail strike are settled. our own do
nestle outlook VIII be- highly salts.
/ factory. The ono drawback is Con-
| GTess, which has proved a decided
disappointment to the country. The
/ Finance Committee OF the senate is
/ having hard time trying 10 get it's
amendments 10 the tariff hill passed
and II is not meeting with uniform
success The Hill is becoming in
creaslnEiy unpopular and is begin
ming 10 ho deserted by some Of its
friends, and there is possibility that
! its passage may 1" delayed until
after the fall elections. Even So
the Republican party viii have to
go before the country with Il long
record of nonaccompiishment
Th" administration Itself has
shown progressive spirit. bui II
has not had the cooperation If CON
Sress Yet. in spite Of all these
IA A Al Hoo 49,.