The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1921-06-02
HARDING Meets
BIG FINANCIERS
J. Pierpont Morgan and Others
at Notable White House
Dinner.
FOREIGN LOANS DISCUSSED
President in Full and Frank Discus
sion With Powerful Bankers on
Questions of Export Trade
and Aid for Europe.

Washington May 2S.--A number Of
the most powerful tnanciers Of the
country, headed by j. PierpOnt Nor
gan, were entertained at the White
House and there was full discussion
with President Harding concerning the
part American financial interests are
going to play in the hotation of for
eign loans in this country. It was
learned that those attending the din
ner were:
j. Pierpont Morgan of Morgan q
Company.
James A. Alexander of the National
Bank Of Commerce of New York.
Charles II. Sabin Of the Guaranty
Trust company of New York.
Charles 2. Mitchell of the National
City bank of New York
William Kent of the Bankers Trust
company of New York.
Paul Warburg of New York.
Gov Benjamin Strong of the Fed
eral Reserve bank.
H. c. McEldowney of the Union
Trust company, Pittsburgh.
Secretary of the Treasury Mellon.
Secretary of Commerce Hoover.
There was a full and frank discus
sion between the bankers present and
President Harding and his aides, Sec
retaries Mellon and Hoover. The sub
jects discussed covered a wide range,
it was said, all of which bore on the
economic situation in this country and
abroad and the need for what Presi-
dent Harding has described as "a re-
turn to normalcy."
1t is understood President Harding
took occasion to aCquaint the bankers
with the administration attitude on
flotation of foreign loans This atti-
tude, as decided upon by the cabinet
meeting last week, is that the admin
istraton views with grave concern
anything which smacks of raids" on
American financial markets by foreign
countries.
Foreign financing, according to the
administration attitude, as SO far re-
yeaed, is desirable at this time only
if the proceeds thus derived are spent
in this country--in rehabilitating
American industry, now stagnant, in
pushing American exports, and in the
liquidation of foreign obligations
amounting toS10,OOOOOOOOO which are
owed to the United States.
While those present were chary at
discussing the dinner, it is understood
some marked differences of opinion de-
veloped Some of the fnanCiers pres
ent, notably J. p. Morgan, are now en-
gagged in foreign financing. The Nor
gan interests only a few days ago an
nounced the marketing of a 100000
600 loan on behalf Of the French gov
eminent, netting investors per
cent.
It was argued by some of the inan-
ciers that in view of the worlds eco
tomic situation, this country cannot
help itself without helping Europe to
a NNlH4Nfl tliI4t htSl Nt anu 1bl lIibl ltu"
son the government cannot be too
narrow" in its views on foreign fnanc-
ing.
So far as could be learned, no def
mite program was agreed upon at the
dinner and it was the expectation of
those present that the conference vas
but the first of such talks which heads
Of the new administration will hold
with the banking heads of America
There is one thing upon which all
were agreed, il was said, and that is
the general need Of a return to nor
NAL business conditions, normal wages,
prices and a REIMBURSEMENT Of many
wartime makeshifts. The bankers as
sured the President, it was said, that
they stand willing to cooperate to
make these readiustments, although
they differed somewhat as to the
methods by which they are to be
brought about.