The sun., 1918-07-16
PALMER WILL SELL
SEIZED BUSINESSES
Forms Sales Organization to
Market 40 German Owned
Corporations.
HE HEADS 1T HIMSELF
Plans to Operate Plants Only
Short Time Before Sell
ing Them.

Custodian. completed yesterday forma-
ton of a sales organization which will
undertake Immediately to dispose Of
forty German owned corporations seized
by the Government and having an as-
gregate capitalization Of 800. 100000.
Within a few weeks the same unique
Federal organization will place in tire
market the 100 other corporations and
businesses of individual enemy aliens.
| which have been seized and are being
operated under Government supervision
and control. That will bring the value
Of the properties to be sold up to APP
proximately s250,000,000.
Plan to Sell All seisures.
Where It Is possible, II g properties of
the Kaiser's subjects will be disposed OF
at public auction and every item of ex-
pense connected with their seizure and
sale will come out Of the amount real
lied from the sales. Hereafter, it was
made plain. Mr.. Palmer will not under
take to operate for any great length OF
time properties that may be seized. In
stead. as soon as they are reorganized
under tire terms Of the trading with the
enemy act, which provides the authority
for. their seizure. they will be sold to the
highest bidder
| Mr.. Palmer fimself Is at the head OF
the now sales organization. Under him
there has been formed Washington
committee, composed OF six members OF
the stan Of the present Alien Property
organization which made II e seizures.
Mr.. Palmer and the Washington CON-
mittee will be aided in their work by AT
advisory committee composed OF Otto T
Barnard. chairman Of the board Of the
New York Trust Company. president OF
the Yale Club and a member OF tie Yale
Corporation George L. Ingraham. for
merly presiding Justice OF the local APP.
pellate Division OF the Supreme Court
Cleveland II. Dodge. classmate al
| Princeton OF President Wilson: Ben.
jamin II. Griswold, Jr.. head OF the bank
ing firm OF Alexander Brown & Sons OF
Baltimore. and Ralph Stone, president
OF the Detroit Trust Company.
sales manager in this city, repre-
| sentatives of the custodian in charge o.
each property to be sold and a specia
attorney representing the custodian lr
respect to each property round out thu
| new organization.
The sales manager of the organization
will be Joseph F. Guffey of Pittsburg
He is president Of the Natural Gas AS
| ISOLATION OF America and formerly &
member Of the petroleum committee o.
the Council Of National Defence. Hi.
headquarters will be in the local offic.
| Of the custodian, ITO West Forty seconc
| street
Committee's Scope Is Wide.
Ralph J. Baker Of Harrisburg. Pa.
, and Spier Whitaker of Birmingham
| Ala. have been chosen. respectively, a.
counsel for the sales manager and tn,
Washington committee. Their head
quarters will be In Washington Mr.
Whitaker has been assistant genera
counsel to the custodian.
The advisory committee will study 70
the custodian the advisabilty or pro
priety of selling any specific property
the manner OF sale, the minimum pric,
and whether such an upset price shout,
be announced either before or at tn
time of the sale. 1t will advise the man
ner Of advertising and make recon-
mendations regarding the acceptance O
1.-THE highest bid or rejection OF all bids
The trading with the enemy act give
the custodian the right to reject all bids
but only on the order of the Presiden;
and the reasons for the rejection mus
be stated.
The only exceptions TO sales at auc
lion will be upon the recommended ton o
the advisory committee. That rule vii
apply not only to sales by the custodian
but also to sales by and IN the nam
Of corporations controlled by him, Tn
der no circumstances will any one di
rectly or indirectly connected with tn
office OF the custodian be permitted T.
buy or to be directly or indirectly inter
ested in tie purchase OF any OF the prop
critics TO be sold.
Neither the Identities of the first prop
critics to be sold nor the date upon whicl
the first auction Is to be held have bee,
made public