The Washington herald., 1919-12-10
Financial News---Stock Market Prices
GLASSFAv0RS
AID TO EUROPE
Holland Says Secretary of
Treasury's Report Was
Misunderstood.

One intination which is contained
In the annual report of the Secre-
tary Of the Treasury has been re-
ferred to incidentally. and perhaps
with some approval by some Of those
who have been giving earnest thought
10 the proposition that the United
states shall undertake to finance the
needs OF Europe. A hasty reading of
this paragraph in the report of SecTe-
tary Glass might lead to the impress
sion that he is opposed to our CIV
ing assistance upon a large scale to
the nations across the sea. That.
however. would be an erroneous i'm
preston.
It is known that Secretary Glass
and others OF the Administration at
Washington only await an op-
portunity to put before President Will
son the proposition that there be
nationwide organization, great
syndicate. by means Of which credit
or loans may be extended to Europe
to make it known that the Au-
mlnistration approves the plan. This
approval would not involve any guar
antee on the part of the government
that the loans will be protected or
paid. 1t involves no more than the
announcement that the plan is ap-
proved and receives the moral sup
port OF the government
Upon this knowledge OF the attitude
of Secretary Glass towards extendin
financial aid to Europe the leaders
who are giving deep thought to the
problem rest assured that the secre-
tary did not mean TO convey the i'm
~ tNTN h1N
considerable extension OF financial
aid.
Secretary Glass is in entire accord
with those who are now undertaking
to perfect national organization
whose business it will be to finance
Europe and who believe that this
should be done. not through govern
ment aid. but entirely hy individuals
or organizations. The Secretary does
believe. however. that there has been
some tendency TO make exaggerated
statements OF conditions in Europe
and OF the peril which awaits the in
dustrial and commercial world il
these conditions are not alleNiated by
the United States.
Those who read between the lines
OF this part Of tho report believe
that they detect something like i'm
piled ceEsure for those who have
made exaggerated statements. II
the secretary is disposed gently to
criticize some who came back from
Europe in the carly spring or sum
mer for their intimatiOns that con-
ditions in Europe are so awful that
unless the United States comes
speedily to the release OF the ma
tiOns of Europe bankruptcy Is in
evitable. he does not differ in that
disposition from some of the bank
ers who are now much occupied in
working out plans for the relief Of
Europe. There has been no little
criticism. gentle and kindly. aimed
at the thrilling statement made by
one who had gained great promi-
nence as an American banker and
who returned from Europe in the
early spring to speak in the most
glowing manner of the condition
which prevailed there and of the
immediate necessity for the United
States to furnish aid even though
aid involved credits and loans
amounting in the aggregate to bill
lions.
From the practical point of view
the chief danger in over state
ments respecting conditions in Eu-
rope is the impairment. possibly
even the destruction. of confidence
In the ability Of Europe to repay
loans. For il there be little or no
confidence that tho debt will be
liquidated according to the terms
of the obligation. then nobody.
whether an individual investor or a
bank or a corporation. will be will
ing to invest in any notes or other
visible evidences of the debt
HOLLAND.