New-York tribune., 1918-08-19
Organize 10 Guard
Foreign oans by
American Investors
Members of National Pro-
tective Committee Are
Leading u. S. Financiers


headed by Thomas W. Lamont, Of ]. p.
Morgan & Co., has been organized upon
the recommendation Of the Investment
Bankers Association of America to act
in the interest of American holders Of
securities issued by foreign govern
ments, municipalities and corporations.
Ihis step was deemed advisable. ac-
cording to Warren S. HAYDEN, president
OF the association, because of the tre-
mendous increase since the beginning
Of the war in the amount OF foreign
issues in the hands of investors in the
United States. In statement issued
yesterday outlining the scope of the
new committee Mr.. Hayden said:
In recent years the total holding IN
the United States Of securities issued
in other countries has vastly increased.
Moreover. these foreign securities are
widely distributed and are really held
by the American public rather than by
the clients of few concerns or small
number of investing groups. 1t is
probable that some time the interests
of this public in some of these issues
would be advanced or protected by the
wise activity of a broadly representa-
tive committee or council. and it is be-
llevcd that such a committee should be
constituted in advance of any urgent
occasion.
Could Prevent Exploitation
Such body could have contact
with the American and foreign eov-
ernments. with generally similar bodies
in other countries and, in proper CIR
cumstances, with foreign agencies di-
rectly concerned with particular issues
OF securities. II there is occasion for
readJustment or for enforcement oe
obligation, such a body largely by It's
mere existence. could prevent exploita-
tion OF American investors by those
rot III position to serve them most cf-
tectively. Such body might offer to
serve directly the holders Of a given
issue. or Tor such service 10 appoint
non-members. or it might simply give
countenance TO some committee which
II had no part in choosing There
should be great latitude in order that
the essential purpose be accomplished" )"
The full membership of the committee
consists Of Thomas VI. Lamont, of
J. ?. Morgan &: Co.; N. Dc]ano, of
Brown Brothers d Co.: Allen 3.
Forbes. OF Harris, Forbes e. Co.; a. X.
hrech, president of tnc Equitable
Trust Company; Charles f. Mitchell.
president OF the National City Com
pany; Mortimer l.. SchiN. of Kuhn.
Loeb &, Co; A. II. Wigsin. chairman
Of The Chase National Bank From
other cities are II. l.. Stuart, Of Hal
sey, Stuart & Co.. Chicago; F. L. Hig-
giDson, Jr. Of Lee, Higginson & Co.
Boston,; II. C.. McEldowney, Union
Trust Co. Pittshurg; John L Evans.
international Trust Company. Denver:
Lewis H. Parsons, Graham. Parsons &
Co., Philade!phia.
Details About Loans
ENc.usive of the advances made TO
.he Allies by the United States since
its entry into the war, the European
nations. not including Germany, sold
10 American inve stors dollar securities
70 the aggregate amount of 1850
100000. In addition. as in the eases
OF Russia, Italy and France, a consid-
cradle amount of the internal war
bonds OF those countries was taken
b. American investors. A tabulation
OF the dollar loans follows: