Evening star., 1922-06-18
ECHOES OF THE CONVENTION;
IT WAS A COMPLETE SUCCESS
Addresses Delivered Far Above Average
From Banking Stand point-Assures
Observation-Disclosures Ideal.

distributed the securities of the
corporations among $4,000 clients,
ltS plan of operation being con-
fined largely to preferred stocks
Ihe company supervises the indus
trial corporation financed, through the
NE or a security issue. before any
new financing is undertaken. This
IN addition to deep investigation of
the merits of all propositions.
The T. l.. Dollings Compa ny claims all
: per cent dividends on all its issues
nave been paid promptly, through de
presslon and prosperity and that no
a loss.
One of its most recent financing
operations has been the Commercial
Electric Truck Company of Phila-
delphia.
Why the Failure.
The Bache Review this week has
,nls TO say on the failure to make a
big loan to Germany:
HhS one reading the report care
.uHy must be convinced that it was
5iiS great burden of the interallied
uso's. hanging over the credit mar
NJ, unadJusted. that made IL impos-
sible to even begin to ascertain how
an international loan of this char
acter could be made secure.
IT is these interaIIied debts (and
tne keynote of them all is our claim
vi sio'ooo.ooO.oOO against the allies)
winch make Reimbursement of the
separations so difficult for France
ana as we have said, their existence
hIocks the way for any bankers com
,nittee 10 arrange an international
loan. ma
me allied debts should be put in
process 10 be cancelled and the initia :
.Ne must come from America. But
70 oelitlcian darcs discuss the mat
Ter and even bankers seem to be
aWed into silence
mere enters also into the cues
non or loan to Germany the con-
ditlon of her internal affairs and of
l.er oona fide intentions. MIR Nor
gan gives this as the second of the
TWO requisites the first being the
cooperation of the allied INTEREST,"
winch are vital to the success of the
loan. He says: Through the techni
car security to he given by Germany
ana the rehabilitation of its internaI
hnanclal situation. Germany should
clearly show desire to meet its Oh
Iigaticns. in the hope that. by the
fulhllment of these obligations II
! couid re-estahlish its credit as one of
'he commercial nations of the world.
IN short. he adds that the credit
Vi 'ie borrower n,ust be established
Lean Should BE to France.
POSSIBLY these various matters
may be cleared up in three months.
nuI tnere is little proba bility that
suggested in the review last week,
ana the way to overcome the bad
erect of delays and disputes regard :
ing reparations. is for the United
states TO loan to France an amount
Su1nclent FOR reconstruction purposes.
tue loan I" be repaid by France from
her share of the German reparation
payments. as and when they are re-
ceived by France.
Whatever first mortgage against
the assets of Germany is behind the
reparation payments would become
a part of the security of this new
loan. and it would further bear the
rrench obligation to pay. with
france alert to collect of GERMANY.
but relieved of pressure from her
enormous obligations which are
beltg incurred for reconstruction.'
France. of all the nations. has
been most in need of the reparation
payments. This is because of her
necessity for repayment TO her of
the enormous outlays to repair devas-
tatlonS for which Germany is re-
Sponsible. Repayments by Germany
have not been forthcoming. except
IN fractional amounts. Because of
Frances need and her insistence
upon the payments. an endeavor was
made. through the bankers commit
Tee. 10 suggest plan for a loan to
Germany The bankers committee
reports this as impossible under the
clrcumstances. But every object
would be obtained and every point
covered by a loan to France. as out
lined
ON this subject. correspondent,
In whose judgment We have the
greatest confidence and who agrees
perfectly with the proposal for a
French loan instead of a Gerran
loan, as outlined in the review.
writes: 1T is absurd to lend to Ger
many, debtor concealing assets The
right way is to lend to France. a
creditor. and to keep alive
the reparations as a bond that Ger
many sEall keep the peace until she
proves that she deserves cancellation
of her debt to civilization No single
name paper is as good as indorsed
paper. and no national paper can be
created as good as the reparations
paper, with the Endorsement of
France and with at least the moral
Endorsement of the league of nations.
whatever it may be called"