The Birmingham age-herald., 1924-09-05

T. P. Morgan and
 ZE5.--co company, and one
 IB.C~EORBES5 who is taking an tremely active part in the momentous current events there; as well as with London and continental bankers and business men,. Every American leader emphasized the changed attitude or the European governments as contrassed M q with last year and previous years. The unanimous verdict was: Germany, France. Britain, Italy and Belgium are all now anxious to get down to brass tacks and get things going"
 That every precaution will be taken 10 insure the success of the impending : German loan, both here and abroad, can be taken for granted.i In fact, com plaint was voiced that American bank CTS were insisting upon terms regarded by Europe as unreasonably favorable to lenders. I was told that Americas banking representatives, started out by demanding that Britain guarantee the American share of the. German loan but that this demand was received with astonishment and was not entertained. Privately some very harsh things were said by Europeans about our finan- ciers.
 The $100, 100000 German loan sched- uled to be floated here is likely to prove the forerunner of many loans, governmental, municipal and corporate, to be offered American investors. l gathered that the outflow is expected to set in almost immediately and that next year will see very broad now" ment of American capital across the Atlantic.
 oh nf- tion, particularly political opposition, to the Dawes plan, but no nation relished facing conditions which rejection of the plan would have meant. Even so, the Dawes plan is acknowledged as the greatest contribution America has made to European, rehabilitation since the war ended.
 Those responsible for the Dawes plan and for it's acceptance early concluded that the best course was to "seli.' 1t 10 the most responsible financial and busl- ness interests in each country and then have those interests bring their tnfiu- ence to bear upon their political leaders.
 It may interest Americans to know that this is not only the country. where charge is often made that the poiiti- clans in power are largely under the domination of high finance and big business. One well known British business man went so far as to say to me: 'There is one officer in LUndon who could turn out the labor govern ment at any time he decided this would be for the best interests of the empire. He is the power behind the scenes. Yet he is not only little known in your country, but comparatively unknown here, so quietly does he function"
 tho A unarfran farm boy who first became a lawyer and later the chief executive of the. mann moth General Electric company, has made a unique hit in Europe by his quiet, agreeable personality, his smooth but effective diplomacy and his tran scendant acumen and business ability. One is told on all sides that Young was the principal author of the Dawes plan. Not always so, but he Is credited with having done more than any other per- son to remove obstructions to it's adop- ton.
 Before the news of his appointment came out, I asked Mir. Young to tell me frankly what he proposed to do. He replied, in effect:
 1T am prepared to undertake any of- flee offered me by those interests in putting the Dawes plan into operation, whether that office be agent-generai or messenger boy. The issues at stake are so tremendous, so important to Europe and to the world at large, that am willing to stay here for several months, if necessary, in order to assist setting up the necessary machinery. That done, must return and attend to my own busines."
 Asked what he thought would be the effect of the inauguration of the plan, { Mr. Young said:
 "There may be no great effect im- mediately. It would be a mistake to raise unreasonable expectations. But my personal opinion is that the effect will gradually become more and more important and that the benefits of the settlement will reach America.
 "After, all, the most important thing of all is to get the unemployed back to work. I believe that as Europe be- comes able to buy more from us, such unemployment as exists in the United states will be reduced. That is great consideration from the American point of view. Steady employment at good wages"-here MT. Young smiled "there is nothing in the world very much more important than that"
 Other phases of European develop ments and their bearing upon our own