The Monmouth inquirer. [volume] (Freehold, N.J.) 1865-1933, 1923-05-31
First Step, Says ]. P. Morgan,
New York FinanCier, to Re-
Mobilization of Europe.
CALLS SECURITY SOUND
Believes American Market Should
Take Part in s1so.oooooo Pro
aram-League of Nations to
Supervise Rehabilitation.

o.
nounced he had advised the loan COM
mission of Austria that his banking
house was prepared to organize a
syndicate to underwrite $25,000,000 of
the $3.50 100000 reconstruction loan.
Mr.. Morgan said. in prepared
statement, that he informed the Aus
TRAN commission his firm was ready
to act when the time was ripe for
making the issue to be divided among
the lending countries of the world.
He declared his firm stood ready to
undertake the work because it be-
lieved the loan to be well secured and
because it marked step toward i'm
proving business conditions of the
world.
1T is the first STEP the statement
said, toward the rehabilitation of
Central Europe, taken by all the ma
tons working together, and we be-
Iieve that the American market
should take its part when such con-
certed effort Is being made to better
general business conditions in the
world
I'VE have been asked by DIR. Zim-
norman of Holland, the commission
er general of Austria, and by the loan
commission of Austria, If we would
be prepared to undertake the placing
Of $25,000,000 of bonds of the Austrian
Government in this country. After
careful investigation of the present
great improvement made during the
past five months, and after consulta-
ton with leading bankers in the large
centers Of the United States, we have
advised the loan commission that
when their plan for selling this issue
of bonds in the various markets of
Europe is ready, we would undertake
to organize a syndicate to underwrite
$25,000,000 of the total issue of $780,
000, 1000, which is to be divided up
among all the possible lending coun-
tries.
There, for the moment, the gmatter
rests, and we are awaiting advices
from Europe that final arrangements
are completed with the bankers of
England, France, Holland, Denmark,
Sweden, Norway and Switzerland.
Spain, Belgium, Italy and Czecho-Slo-
vakia. 1t is expected that the details
IN these different countries will be
completed in time for simultaneous
issue we are ready to take the part
indicated above"
This will be the first European loan
GATED here this year, although an un-
successful effort was made few
months ago to raise part of German
internal loan. Subscriptions for the loan
were received by New York Stock
Exchange house, but when opposition
developed in France and other. quar-
tiers to the German financing, the To-
cal undertaking was abandoned and
the subscriptions returned.
The Austrian loan will be partici-
pated in by virtually all the large
banking houses of this city, as well as
other large centers.
League to Supervise Rehabilitation
Paris The Hungarian rehabilita-
ton plan has been approved by the
Preparations Commission, but only
after League of Nations supervision,
as Austrian relief had been eliminated
and Hungary bluntly informed that
the commissions final action on the
detailed proposition for an interna-
tional loan and governmental reform
would depend on Hungary's good be-
havior in delivering coal and cattle
and otherwise carrying out execution
OF the treaty.
The plan, in addition to eliminating
league supervision, provides that a
committee representing the Repara-
lions Commission go to Hungary to
investigate conditions there. Hun
gary must furnish guarantees that
whatever loans are raised will be de-
voted to restoration of her finances
and some reparation payments