The Cordova daily times., 1919-08-02
 TO BE SUPPLIED
 BY AMERICANS

&@ 6 4A4EGA5A AA SS4 &G NhS
 NEW YORK, Aug. (by Associated Press) To pool Europes needs of credit and commodities on the one hand and to pool Americas resources to meet them is plan suggested by James s. Alexander, president of the | National Bank of Commerce of New York for rehabilitating European coun- tries and enabling them to reconstruct their war-stricken industries.
 MT. Alexander is a member of committee recently formed here to in- vestigate methods for supplying Europe with American money and goods during the reconstruction pe- riod. This committee was formed upon the suggestion of Henry P. Da- vison and is headed by J. F. Morgan as chairman.
 "A pool of Europe's needs should be met by a pool of Americas re- sources," asserts MT. Alexander. That is, Americas resources should be applied to Europe's needs through great, centralized credit Organiza- | tion, with extensive powers of CO., ordination. This may sound like an ideal plan stated in sweeping terms, but I think it's details can be worked out in practical, concrete form.
 There seems to be no existing ma chinery adequate to do so. There fore, a special instrumentality must be set up, probably in the form of a great credit corporation, with capital enough to handle transactions of a size that would be involved, transac- tiOns representing not merely the busi- ness of individual concerns, but the combined requirements of nations.
 "A necessary step would seem to be that surveys be made of the commod- ity needs of the nations of Europe, that | is, an estimate of how much copper, steel, cotton wheat and other sup plies would be required for Belgium and also for the other needful coun- tries
 "The supplies available in America are great, but they are not so great demands. Therefore there should be a judicious rationing of our cOmmOdi- ties among the nations requiring them, in accordance with their needs.
 ''In addition to this rationing and allocation of commodities, there is the question of establishing adequate credits in this country to be consid- cred. The necessary credits will be great, so that they must be carried to the investing public of the whole coun- try in the form of bonds or debentures
 Because of the deferred maturities of these debentures, the banks are not to be expected to absorb them. There will have to be an appeal to the general public on the grounds of safe and lucrative investment and for the sake of humanity"
 MT. Alexander pointed out that this would be means of maintaining the business prosperity and integrity of America and of protecting Americans from unsound investments in Euro pean securities.
 "The security behind these deben- lures should make them almost equal to government bonds in point of safety" Mr. Alexander said. "They must be based on everything in the way of collateral that Europe is able to offer. The individual European buyer must be prepared to give a gen eral mortgage upon his entire assets. His loan should be further indOrsed by a consortium of banks in his own country, reinforced where possible by governmental guarantees. Thus every debenture sold to an American in- vestor would have behind it equal se- curity, consisting of the pool of all the collateral supplied by Europe, There would be no direct loans ] against the collateral of weak con- cerns or nations individually by the American investor; neither would the strong be allowed to monopolize the benefits"
 MT. Alexander declared that suffi- cient credits must be extended to meet the full requirements either of Europe as a whole, of the nations of Europe, or of the individual industries. The full needs of Europe must be ascer- tained and met, he said, and this would