The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-25
LEADING BANKERS
MEET HERE APRIL 2
Arrangements Will Be Made
for Assimilating For
eign Securities.
GRAVE PROBLEM IS SEEN
Council Of Foreign Relations
Calls Gathering-Govern-
ment Issues Not on List. >
GRAVE PROBLEM IS SEEN

The Council of Foreign Rebtions,
was. learned yesterday. has caileu
meeting for April 2 in the Metropohtan
Club of the leading bankers OF TINS GU!
Chicago. Philadelphia, Boston, ST. Louis
and Detroit, for the purpose OF making
definite arrangements to assimiiate III
this country vast amounts of foreign Sc
curities. which are the only commodity
the Allies and neutrals can sell IN inc
near future.
Sixty leading bankers Of the United
States have made arrangements 10 az
tend the meeting, for which ndvanoe
preparations have taken three months
One outcome Of this important gathering
Is exper.cd to be a request that the state
Department adopt fixed and dehnite
policy regarding the status Of American
investment abroad.
Another event which Is expected 10 the
formation OF committee not only 10 90
ordinate educational and promotion cam
paiyns that will be launched here for the
sale. of foreign securities. but TO dehl
with the prorating of allotments by coun-
tries and industries regarding the devil
nation OF American Investments.
John J. Arnold Will Preside.
The meeting will bs in the nature of
dinner and evening conference WIN
John ]. Arnold. vioe-president OF the
First National Bank Of Chicago. the pre-
siding officer and one OF the principal
speakers. Others who are on the pro
gramme for addresses arc w. L. ".
Harding, governor OF the Federal He-
serve Board; John G. Lonsdale. pren-
dent of the National Bank Of Comrnesee
Of st Louis. Paul NJ. warburg, William
p. Blair of Detroit, chairman Of the trust
company section of the American Bank
ers Association. and Pierce c. WilliaYs'
commercial attache at Paris. who MAS
made "a two year study Of the problem
OF making Investments ip industriais IN
France The members OF the Foreign
securities committee OF the Investment
Bankers Association will attend.
Among the local bankers who will at
tend the meeting are j. p Morgan T.
Barton Hepburn. A. j. Heinpn,iI' ,r..s
urers and presidents of the leading IN
surance companies also have accepted IN
vitations. Out of town bankers WHO
will be guests include d. G. Wing, presi-
ton: A. A. jackson of the Girard Trust
Company Philadelphia George NJ. Key.
nolds of the Continental and Commeroial
National Bank of Chicago. and r. Ian
caster Williams of Baltimore.
Mark O. Prentiss of the Council OF
Foreign Relations, discussing the pro-
posed meeting informally said in part
IAN authorities are agreed that the
rev financing OF foreign countries must
be done here. All Of the Allies owe US
so much that they cannot buy goods
from US except with liberality OF credits.
There is only one thing that they car
sell 10 US at once in adequate amounts
and that is securities. The problem Is
how can we buy these securitiesf
To Avoid Danger of Congestion.
These foreign securities cannot be LEFT
with the banks, as the resulting conses-
ton would be serious. Hence there must
be a national market. The council will
not deal with Government issues. as our
Government will care for those. 1t will
devote its attention entirely to munich
pal, Industrial and public service com
pany bond Issues. At the meeting the
bankers will consider ways and means
by which a nationwide market can be
developed.
Among the aspects OF the foreign So
curity problem to be considered are: Its
economic necessity, imperative need, pa o.
triotic call and opportunity for profit
1t is generally agreed that some declara-
ton OF a policy OF protection must BE-
given by the State Department and a
fixed. permanent policy is a necessity,
1.-TWO important steps must be taken
One IL the coordinatinG of all the edu-
cational and promotion campaigns which
will be launched here for the sale o.
these securities. The other Is the orc
alton of a committee TO deal with pro
rating the allotments by countries and
industries TO indicate where our invest
ments shall GO"