New-York tribune., 1919-06-17
Announce Personnel of New
York Committee That Is
to Consider the Foreign
Gre dit Sit uation
]. P. Morgan, Chairman
Must Create Credits to En-
able Europe to Buy Goods
Here, Says Davis SON

More than score of New York's
most powerful financiers met yesterday
afternoon in the Offices of j. P. Morgan
& Co. and took steps to create ma
chinery by which America will be able
to assist Europe to return to work and
more normal economic life as soon as
formal peace is proclaimed Henry P.
Dawson, recently returned from Eu-
rope, presided, and shed further light
on his plan. which the bankers present
heartily approved.
Mr.. Dawson announced the appoint
ment of the following committee to rep
resent the banking resources of this
city in the great national instrument
of credit which is contemplated: J. P.
Morgan, of ]. P. Morgan & Co., chair
man; James S. Alexander, president of
the National Bank of Commerce; James
Brown, of Brown Brothers.; Allen B.
Forbes, of Harris, Forbes & Co.; Alvin
krech, president of the Equitable Trust
Company; Charles H. Sabin, president
of the Guaranty Trust Company; James
Stillman, president of the National City
Bank; Jacob II. Schiff, OF Kuhn, Loeb &
Co.; Seward Prosser, president of the
Bankers Trust Company, and Albert II.
Wiggin. chairman of the Chase Ma
tional Bank.
The personnel Of the foregoing or
ganlzation committee does not indicate
the full scope Of the proposed institu-
ton designed to coordinate Anne rican
efforts to restore Europe to healthful
business activity, Mr.. Dawson ex-
planned.
"We had another conference" the
banker told reporters after the meet
ing 1T was informal, just as the
last one was. The men got together to
discuss the general situation and the
new developments. If we could have
arranged it we would have mad every
banker in New York present. The pro-
posed activities will not be confined to
those who were present to-day or to
those who will attend the next gather
ing. The plan Is entirely inclusive.
II 1t is adopted it will include all the
banking and industrial forces of the
entire country"
Bankers Elsewhere Organizing
MIR. Dawson explained that, like the
New York bankers, the members of the
Chicago Clearing House had formed a
similar committee, and the bankers of
Boston were considering so doing.
Other cities are expected to follow.
Industrial leaders, the banker indi-
Gated, are also devsing plans for the
mobilization of the industries. Mr..
Dawson said that European tinanciers
too were beginning to organize to CO.
ordinate the needs for goods and
credit.
Nobody shall be excluded from the
proposed organization, which may take
the form of a corporation," the spokes-
man for the bankers added. "The in
dustrles will be organized by trades,
rather than by cities. We expect all
groups to come in-such as textiles,
"copper" tobacco, oil and agriculture.
We purpose to make the co0rdinating
machinery as broad as possible
IN various parts of the country, by
an overwhelming voice people have ex-
pressed their appreciation of the ne
cessity Of coordinating the demands of
Europe and Americas attempt to satisfy
them from the point OF view of the
country as whole, instead of treating
them as single transactions to the ad-
vantage Of any particular business
organization.
This plan is one which offers a
situation wherein every one seems to
benefit at no ones expense The
fundamental thing is to Great credits
to enable Europe to buy goods here to
ship over there"
Mr.. Dawson said he deemed it ad-
visable at the option of the managers
of the great reservoir Of credit pro-
posed to export capital in some in
stances, as we'll as goods, explaining
that it would be to the advantage of
the United States to have the Euro
pean nations buy goods in outside mar