New-York tribune., 1921-11-30
Federal Reserve Board
to Designate Unoffi-
cial Adviser to a Par
ley i'm London or Paris
Harding Plan No
Rival of League
Expects Conference Will
Agree on Association
Idea Before Adjourning

s WASHINGTON, Nov. 90 (By The
Associated Press) Two develop
ments to-day indicated that Presi-
dent Harding's plan for throwing
the influence Of America toward the
stabilization of world affairs was
taking definite shape. The first was
the growing belief that a definite
agreement would be adopted at the
Conference for the Limitation Of Ar
mament for future meetings to dis
cuss world problems. The second
was the statement on high authority
that the Federal Reserve Beard
probably would designate an unoffi-
cial adviser to take part in confer
ence Of Allied bankers to discuss
means of preventing exchange fiuc-
tuations upon the payment of Ger
man indemnity installments. This
conference is expected to be called in
London or Paris soon.
1t was revealed to-day that. al
though the President does not pur-
pose to introduce formally the sub
ject Of future conferences into the
negotiations here until the naval
and Far Eastern discussions have
reached decision, he does expect
that before the delegates separate
they will agree on a plan by which
similar discussions will take place in
the future.
No Rival Of League Planned
At the same time 1t was made known
that In drafting the framework of his
plan the President was endeavoring to
avoid the impression that any resulting
Association of nations" might become
a rival Of the League Of Nations organ
ized at Versailles. In highest Admin
istration quarters it was declared that
Mr.. Harding had no desire to interfere
with the league and hoped only to find
brought together for consultation in
the common interest.
To what detail the Presidents pro-
posal had been reduced was not re-
vealed, nor was it made known by what
method the subject would be brought
formally before the arms conference.
On the other hand, there were indica-
tions that even the informal discus
sions now proceeding with regard to
the project would be subordinated as
much as possible at the present stage
formation regarding it would be with
held until the time is considered ripe
for its formal submission.
Center Attention on Arms
Until that time, too, Administration
officials expect to refrain from COM
ment on the widespread speculation
that the Presidents suggestion has
aroused. 1t is said to be the feeling
tion in prominence now might inter
fere with the plan to keep the atten-
tion of the conference centered wholly
on the naval and Far Eastern prob
lens until they are solved.
An invitation to participate in the
reparations conference was rendered
this government by the banks cf issue
Of England, France. italy and other
allied countries. The United States
probably would not be officially repre-
sented, they said, but the presence of
permit the presentation Of the Ameri-
can viewpoint.
Officials here indicated that it was
more than probable that Roland 4.
Boyden, observer for this government
before the Reparations Commissions,
would be asked to serve as unofficial
representative of the Reserve Board
at the exchange discussions while con-
tinuing in his present capacity
Would Avoid Upsettiag Ratios
Exchange discussion at the coming
conference, officials declared, would be
confined to devising means of avoiding
disturbance of exchange ratios by the
payments on the German indemnity in
January and later, and would not in
clude any proposals for international
the foreign debt questions or other
world economic problems.
Decision of the Reparations Commis-
sion to ask committee of bankers
from the Allied nations to study the
problem of the effect of indemnity
payments upon exchange quotations,
officials explained, was reached because
OF the violent fluctuations which had
resulted in the past after the transfer
~ go Z from Germany to the Allies.
The effect upon American exchange, it
was said, has been carefully noted by
the Administration.
While the possibility of any imme-
date discussion OF international eco-
nomic questions tending to world re-
adjustment was discounted both in of
fetal circles and among the dele1afeg
Of the limitation of arms conference,
it was indicated strongly that such an
international conference may be held
later.
Economic Conference Needed
Spokesmen for both the British ana
Italian armament delegations to-day
declared their governments had no de-
sire 70 go beyond the agsnda of the
present conference. but indicated a
favorable attitude toward later ex-
change of views on the subject of war
debts and exchange.
The attitude Of the American gov
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