New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-28
Flnanciers at
Loss on Plan
10 Aid Europe
delegates to Convention of
U. 5. Commerce Chamber
Admit They Have Found
No Beneficial Project
Favor Some Kind of Helm
Agree Old World Progress
Should Not Be Retarded
by Giving False Hone

ATLANTIC CITY. April 27,-Perhans
some obscure man in the financial hin
terland will emerge with workable
plan whereby American investors can
extend comprehensive credits to save
the Old World from economic chaos
The acknowledged leaders of finance
in the United States confessed TODAY
that they are able to suggest no mu-
tually beneficial scheme of action.
James S. Alexander, president of the
National Bank of Commerce of New
York, reporting for a committee on
which the principal bankers of the
country are represented, presented a
survey of the situation at group
meeting IN connection with the eighth
annual convention of the Chamber of
Commerce of the United States.
Although it proved disappointment
to those hopefuls who looked for pam
acea that will quickly restore Europe
to economic vigor, Mr.. Alexander's re-
port was stamped by many delegates
as the most significant non-govern-
mental financial document that has
been prepared since America became
transformed from debtor to a creditor
nation.
Glass Policies Reaffirmed
The committee was chosen to ascer-
tam proper methods for aiding Europe
financially after spokesman rom Great
Britain, France, Italy and Belgium
made eloquent pleas for credit at the
international trade conference here
last October After almost half a years
study the committee reaffrmed the
or ;o,o
former Secretary Glass, and concluded:
The matter of foreign Investment
has been referred to as .ot matter
OF sentiment. but Of arithmetic. It is
Inevitable that the United States az a
great unit in the worlds economic
affairs shouid participate largely in
foreign trade and foreign financing.
But from the standpoint of Europe the
worst possible result at this time would
be to hold out hopes Of assistance
which cannot be realized Such help
as the American people can 2roperly
offer should be rendered. But the prog
ress of Europe should not be retarded
through uncertainties as to the extent
OF Americas ability to help.
From the standpoint of America, the
worst result conse rvatively at this time
would be to attempt to set il operation
machinery for the extension Of foreign
credits which would not in fact oper-
ate. Our public confidence in Europe
would not be enhanced by the Offering
CT securities, based upon foreign trans
actions, which We're not absolutely Sc
cure
Public education in foreign invest
nlent, vital necessity to the America
Of the present and OF the future, can
only come through the most sound and
careful handling Of a great and intri-
cate problem along lines Of business
craftsmanship and vision, over a long
period Of years, whatever emergency
steps may be taken. There is no royal
road to the oermanent9resul desired
The group adopted Mr. Alexander's
report and recommended its acceptance
as the sense Of the chamber The COM
mittee consists OF 159 business men
and bankers. and the actual work OF
drafting the report was in the Hands Of
an executive committee, Of which
James A. Stillman. president of the
National City bank; Charles Fl. Sabln.
president of the Guaranty Trust Com
Morgan & Co; Mortimer Schif', of
Kuhn. Loeb & Co.; James Brown, of
Brown Brothers; Frederick ". Strauss,
OF j. & W. Seligman & Co., and A. c.
Bedford, chairman CT the Standard Oil
Company of New Jersey, were members.
Answer Plea for Loans
The report constitutes an answer
from the American banking community
to European appeals for further ire
mendous loans. 1t shuts the door to
those foreigners who regarded America
as Christmas tree from which golden
gifts could be indefinitely plucked and
yet it leaves the question Of spanning
a bridge of credit across the Atlantic
Ocean unsolved.
"There appears to be substantial
agreement among business men and
bankers that every effort should be
made to find ways and means to make
available to the countries Of Europe the
raw materials they need during their
period of reconstruction" the report
says, although offering no practlca
system for attaining the end.
Stressing the fact that the threads
of the financial problem are interlaced
with those of world politics, the bank
ers recommend that the government at
Washington take leadership. There
is widesp read opinion" says the report
that the government should be party
to the councils of bankers and bust
ness men when the large fundamental
policies of foreign financing are being
shaped
at would appear that the present
situation involves more than purels
business considerations, and that its