The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-12-23

uiSlll VI 2tiiS fSlldt.litoltS DIO11cIN
to the Washington administrator.
While no official comment was made
concerning Afr; 9fsogaa.s visit to
Secretary Hughes in Washington
last Week it is understood the fin
Eancser merely gave the secretary
his views on conditions in Europe
whence he recently returned after
IA six months visit. Mr.. Morgan
was a.rnenlber of an international
committee of bankers which met
in London last June to discuss the
..uession OF financial assistance to
Germany.
Local international bankers are
said TO believe that before any loan
is made by this country 10 Ger
many there must be not. only set
alement OF the reparat5ons question.
but sincere effort made by Ger
many to balance her budget, revise
her banking system and stabilize
her currency, which has been enor-
mousiy inflated. II these condi-
tons are met small loan Of short
duration may be made through To-
cal bankers, but the possibility OF
such an undertaking. is said to be
very remote" at this time
While President Harding's cab
met is known to have had the Ger
man reparatiens question under
discussion at recent meetings. local
bankers do not believe the admin
istration VIII offer. its services as a
referee ON the reparations problem,
IN view OF its definite refusal to con-
sider such action at the request of
the German government some time
ago. The inquiry of DR.. Wiedfeldt
is believed to be the first direct
proposal made to American bank
ers for assistance by the German
government.
In his report to the internation-
al committee of bankers, Mr.. Nor
gan asserted the American inyes-
tor would be interested IN German
obligations only if it were satis-
factorilv established:
First, that such loan should
be at the request and would be for
the benefit of the allied nations.
Second, that through the tech
Eical security TO be given by Ger
many and the rehabilitation OF its
internal financial situation Ger
many should clearly show desire
TO meet its obligations III the hope
that by the fulfillment Of these
obi: cations it would reesta blish its
credit as one OF the commercial
nations of the world"
Gerlin. Dec. IS (By the Asso-
GATED Press) Beriin's financial
forecasters Went far astray when
they declared that the bourse was
bound TO see black Monday
following on the heels of Saturdays
sensational spurt by the mark IN
New York Instead OF the predict
ed panic in exchange dealings,
steadiness was the rule.
New York advlceS' that the 0oi-
lar had touched 5000 marks re-
suited in a crowding OF the bourse
chamber at its opening today and
the pessim;sts were routed when
the first rate was announced at
$3.50. AS the day proceeded the
mark gradually lost much OF the
ground gained. aud the close saw
the dollar back to 6.450, putting a
damper ON large part OF the
earlier enthu >iasm among those
who believed substantial relief
from the high prices was in sight.
Holders OF stocks and foreign
monies showed no haste to dispose
OF them; there was a general ten
dency to exercise reserve. 1t is ex-
pectea, that Wednesday. which is
the next day on which there will
le bourse trading. will reveal
whether Sundays gloomy forbodings
were justified in holding up the