The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-01-18
Wall Street Confident Q. S. VIII
Enter Genoa Farley.
But Whether Active or sob
serving" BOthers Bankers.
WAR DEBTS FORCE U. S. IN
Russian Problem Affects Amer
lea Greatly Is Opinion.
Era Of Prosperity for 1922 to
Follow Farley.

New York, Jan. 1S.-Belief was eX-
pressed in Wall street banking circles
today that the United States will par
ticipate actively in the international
economic conference 10 be held at
Genoa on March and that the Amer
lean delegates will raise the question
Of payment of international war debts
owing to this country.
There is every possibility that the
Washington conference will have end
ed before the conference in March
So far, no information has been
given out thru official channels
whether or not this country would ac-
eept the invitation to the Genoa con-
ference 1t is known, however, that
bankers have advised acceptance On
the ground that this country-the most
prosperous in the world-shouid lend
its presence to any great movement
for the economic reconstruction Of the
world.
Observer of Delegation?
If the state department should ac-
cept the next question is whether this
country would send a delegation to
take active part in the proceedings, or
whether it would send merely an OBJ
server as was done at the last meet
ing of the supreme council at Cannes,
when George Harvey, American am
bassador to Great Britain, represented
America.
Bankers are keenly interested in the
proposed conference, seeing in it the
first concerted world movement for
economic rehabilitation of the nations
that have suffered severely thru the
war. And now public interest has
been focused upon the war debt ques-
tfon by the resolution introduced in
the senate by Senator Mccormick
calling upon the state department to
furnish information to the senate re-
garding the financial status of the
European countries owing money to
the United States, the condition of
their budgets and the amount they
are spending upon their military estab-
lshments.
Make New Era of 1922.
In banking circles, the opinion is
held that if the various powers Co
operate and deliberate in spirit of
unanimity, progress is possible which
will make 1922 the first year of the
new era of world prosperity.
The allies will be in a position to
make effective agreements with Rus
STA for the opening up of the vast
sources of raw materials in that coun-
try. This would help towards Eu-
ropean prosperity and it is emphasized
by financiers that the sooner Europe
begins to get upon her feet CONNER
cially and industrially the quicker the
United States will begin to receive the
funds she advanced in wartime. Few
bankers believe that any part of the
debt will be cancelled, altho arrange
ments will be made by which those
countries which are best able to do
so shall pay first.
To Restore Confidence.
The chief objects of the conference
will be towardssa restoration of inter-
national confidence, sterilization of
exchanges; strengthening deprecated
money; reducing the issues of cur
rency; reducing inflated values, resur-
rection Of industry; financial assist
ance to poverty stricken governments
thru loans so that they can in turn
aidfheir agriculturists to produce big
ger crops; opening Of closed ports; ex-
tension and improvem ent of railway
traffic; arrangement for the payment
of debts and review of the economic
situation generally in view of the
needs of the various countries.
The United States treasury depart
ment would be greatly assisted even
IF the interest were paid upon the for
eign debts. At per cent the annual
interest on the outstanding debts to
this country is $47a.O41,1s3