Evening star., 1924-10-23
DAWES PLAN WINS
BUSINESS PRAISE
National Chamber of Com-
merce Delegates Discuss
European Financial Affairs.

Problems OF the financial rehabilita-
tion of western Europe, with particu-
lar attention to the effects of the
Dawes plan, occupied the attention of
business men from II Eastern States.
who gathered today in the new home
of tho Chamber of Commerce Of the
United States and at luncheon at
Rauscher's in connection with the
midyear meeting of the Eastern di-
vision of the national chamber.
A morning session devoted to re-
ports by managers of the several de-
partments of the chamber was fol-
lowed by the luncheon, with Willis
II. Booth of New York, president of
the American section of the Interna-
tional Chamber, under whose auspices
the luncheon was held, the principal
speaker. A. c. Bedford of New York,
as chairman of the special meeting,
also had a cablegram from owen ID.
Young, who assisted in framing the
Dawes plan, and acted as temporary
agent general of reparatiCns prior to
the permanent appointment of S. Par
der Gilbert, jr.
President Coolidge will address the
gathering of business executives to-
night at $50 o'clock, speaking on
several subjects connected with bust
ness and economics He has prepared
his address before the national cham
Der with a View to making it his last
extended pronouncement before t.
election.
COmmendS Ease of Change.
THE ease with. which the machin-
cry under the Dawes plan has been
installed and the smoothness of its
operation during the past six weeks
is the best testimony of the existence
,..,4 i
tranquility in western Europe" Mr..
6oung's cablegram read by Mr.. Bed
ford declared. In advance of any
assurance of a loan. Germany has
paid in the last six weeks more than
$50, 600. 600, most of which in one way
or another has been distributed to
the creditor countries. Now that the
loan is completed and the proceeds
put under the control of the agent
general, practically all of the funds
are in hand for the first years oper-
alton OF the Dawes plan.
Nothing could be more helpful to
the restoration of confidence and hope
TO the discouraged people of Europe
than the magnificent expression of
confidence by the American people
shown in their oversubscrtption
of the German loan"
Solve Three Major Problems.
Mr. Booth. who has just returned
from Europe expressed the opinion
that three major problems must be
solved if Europe is to be completely
rehabilitated. These are, he said:
Determinat tion of the aggregate
amount of German payments for rep
arations.
Consideration of the debts from
one European country to another IN
their rela tion to such reparation pay
ipt iph at q.
when a proper foundation is laid, the
debts of those countries to America
will have to enter.
The transfer of obligations of debt
or Germany, existing in gold marks,
to the credit of creditor nations un-
der reparations IN the currency of
the creditor nation or in the cur
rency of any nation to which the
creditor nation may desire to make
payment
only the foundation has been laid
I.y adoption OF the Dawes plan, Mr..
Booth added. The work remaining
TO be done. he said, will impose upon
business interests of the United
States continually increasing respon-
SibIiities.
Claim Partial Credit.
Mr.. Bedford characterized the prob
lem of settlement Of the interallied
debts as the problem that must be
solved before reconstruction is fun
damentally on it's way. Referring to
the formal opening of the new build
ing of the national chamber, Mr. Bed
ford called it "a building dedicated
to all that is best and most helpful
in the promotion of the prosperity
not alone of the United States, but of
all the peoples of the world" He
added that the elements of the Dawes
nj fal
International Chamber of Commerce,
which outlined them at Rome in
March, 1928
secretary Mellon, James NJ Beck,
Solicitor General of the United States,
and other high Government officials
attended the luncheon
Lewis E. Pierson of New York, vice
president of the chamber, presided at
the morning meetingN where reports
were heard from Alvin E. Dodd, w.
Du B. Brookings, E. W. McCullough,
Iohn j. O'Connor and Chauncey D.
snow, all managers of departments of
the chamber. with special reference
paid by each manager to cooperation
by the Government and with the Gov
ernment in the problems of Industry. |
Nominate New Directors.
The name of E. G. Graham of Wash
ington was placed in nomination for
a. dH IN the second election
district of the chamber, comprising
the District Of Columbia, New York,
New Jersey, Pennsylvania, Delaware
and Maryland. Z. F. Colladay placed
Mr.. Graham's name in nomination.
with the nomination seconded by
Isaac Cans and Claude w. Owens of
Washington. John H Hanna, vice
president of the Capital Traction
Company. representing the American
Electric Railway Association, placed
in nomination for the same post the
name of Philip II. Gadsden of Phila-
delphia.
The address by President Coolidge
at $50 tonight will be preceded by an
address by Richard F. Grant, presi-
dent of the Chamber of Commerce of
the United States. Mr.. Pierson will
preside while the President is speak
ing. The session this afternoon will
be. given over to committee meetings
and reports from managers of three
departments of the chamber, with an
address by He-cy Ives Cobb of New
York on the subpect, Are Taxes Re-
ducing Living Standards?" scheduled
at o'clock. Frederick H. Ecker, vice
president of the Metropolitan Life In
surance Company of New York, will
speak on Government Operation or
Government Regulation" at the morn