The Birmingham age-herald., 1919-06-25
DISCUSS PLANS TO
 FINANCE EUROPE
Rx HOLLAND.

By HOLLAND.
 New York, June 24.-tSpeciaD.-Just as Henry P. Davison was expounding his plan for the industrial recovery of Europe to group of Chicago financiers. whom he was invited to meet at Chicago, the federal reserve board at Washington was issuing for publication a statement of It's view of the amount needed to finance Europe. In his address MT. Davison said that there is at present no estimate which would set forth tentatively, the amount which is needed for this purpose. Prob ably he had, with his broad vision and profound understanding of conditions ID Europe, some idea of the amount which it may be necessary to secure in tne United States for this purpose, but not such well defined idea as to justify him in mentioning it.
 The federal reserve board at Washing ton has been much occupied for some months in gaining reliable information about the financial conditions, both Tn continental Europe and in EngAnd. rms information justifies the board in saying precisely what MT. Davison has upon several occasions said, as we'll as in more moderate, less excited way than has been claraCIeTlSLlC UI lflt ScNCi di ehN dresses of MT. Vanderlip, agreeing witn the prevailing thought in those addresses. The federal board was able to supple ment MT. Davison's address or to ser forth in specific figures fact to which he did not venture to aliude. For the board estimates that at least three oii- | lion dollars. and perhaps considerapiy more, must be secured in the uniteo States, if the European emergencies are ! to be met
 These funds or credits, or whatever form the assistance takes. must be se- cured by what the board calls private initiative. In other words, the banks \ the manufacturing industries. the com. mercial leaders and the men of capita must mobilize their resources If they oe this. without doubt the United states | will be able to furnish all the aid whicr | Europe needs. This is the opinion no only of the federal reserve board ~ ! Washington but also of MT. Dawson al well as other financial leaders.
 GREAT MINDS THINK ALIKE ! Much comment has been caused by th' simultaneous publication of MT. Dawson l address to the Chicago bankers and tn' opinion set forth by the federal reserve lboard at Washington. In many respect' his address and the federal reserV' boards statement read as though the. had been prepared by the same man. Thi lis regarded as all the more importan because it furnishes perfect evidence tha the abler minds in the United States, o at least the minds that are now occu lpied with momentous international ar fairs of a financial and commercial char acter, are in substantial agreement, no only as to the conditions in Europe, ant to the relation of the United states ' those conditions but also as to the mean
 by which our marvellous resources, fin iancial and other, can be so mobilized co-ordinated as to make it possible t furnish the aid which is needed.
 A GIGANTIC SUM
 If should be said that he estimate 0 line federal reserve board of three bil lions. and a little more, as the amount c funds or credit which Europe will neec lapplies only to the present calendar veal l. Tn other words, if the view of the boar | be correct, there must be secured
 private initiative as much money credit as is represented by the first Ar
 erty Loan.
 That first loan represents subscription l of citizens. of corporations and to som extent, not very great, the services ithe banks Therefore, the inference
 strong that if the people Of the Dnite
 States could upon first appeal or tn kind ever made, subscribe more ,hH three billions to the first Liberty Loa ana do that within three weeks, the pet
 ple will be able to provide like amour lwithin the next six months. whereby U Industrial and financial recuperaton continental Europe may be put well ui Ider way.
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