New-York tribune., 1919-05-24
Amply Able, With Help of
Nentrals, to Supply the
Sinews Needed in the
Work of Rehabilitation
Back From RedCross Task
American Financiers. He As.
serts, Now Merely Await
Call After Peace Is Made

Europe's financial situation is not
alarming, according to Henry P Davi-
son, Of j. P. Morgan & Co., just back
from a five months trip abroad.
Every country in Europe" he told
reporters yesterday afternoon, "is in
need of credits, and the requirements
are heavy, but not too heavy, in my
opinion, for this country and the
neutrals to take care of them The
task will not be as large as l thought
some weeks ago We don't have to re-
build Europe. The main item in that
is labor, and payment for workers can
be arranged oy local credits. We have
to supply the bricks and the mortar"
After nearly two years in service as
head Of the American Red Cross, Mr..
Dawson returned to his desk in the
house of Morgan yesterday. America S
leading financiers visited him to extend
personal greetings and to learn from
Mr.. Dawson what plan had been form
ulated in Paris for financing peace un-
dertakings.
Contrary to the general impression,
Mr. Dawson denied having brought
back a definite plan.
1--WE don't know yet what the situa-
ton in Europe will be-" said he "The
countries there are working now un-
der the stress of peace negotiations
and have had no time to consider the
financial problems. Immediately after
peace is proclaimed they may be ex-
pected to turn to financial matters, for
the desire everywhere is to get back
to normal, to reconstruct industry and
employ labor.
Nothing can be done by American
bankers until peace is concluded. The
initiative must come from over
there"
Mr.. Dawson intimated that Ameri-
can bankers would act as a unit in
dealing with European credits, saying:
"The bankers here, acting with
proper coordination, will have to regard
the interests of America as whole
North, East, South and West Any
one who does not have that broad at
titude will be lacking in patriotism
The government seems anxious to get
out of the banking business, but the
plan for credits adopted should have
the moral support of our government.
"The league Of nations Will have
nothing to do with the building up of a
credit structure, and, although Europe
must be regarded as a single entity
financially, there will be no interna-
tional committee to supervise the ar
as far as I know"
Mr.. Dawson, in reply to question
as to whether credits would be cx-
tended to Russia, declared that Russia
must have government able to restore
order before she can get financial con-
Or. Dawson also was asked whether
any organized international attempt
was being made to correct the foreign
exchange situation, and answered that
there was none that he knew Of
The banker said that the European
neutrals were showing a fine spirit
and desire to help in the financial re-
habllltaton of the continent. He re-
marked that, compared to those of the
United States, the resources of the
neutrals were small, and that the main
share Of the load would have to be
carried IN this country. With intelli-
gonce and a spirit of unselfshness, he
exchange situation. and answered
never had failed, could do the lob.
Conferences of bankers, it is under
stood, will be held in the financial dis
trlct almost daily until the peace
treaty is signed. According to Mr..
Dawson, the chief thing that can be
accomplished by bankers here while
the peace negotiations are pending is
the clarifcation Of ideas necessary to
pace them in readiness as soon as
Europe knows her needs in precise
terms.