Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-22
MAJ. = REDERIC 5. HODGSON.
W|GG|N TO HEAD
DEBT DELEGATION
New York Banker to Lead
Committee at Berlin
Conference.
BY the Associated Press.

BY the Associated Press.
NEW YORK, November 21.-An-
nouncement that representatives OF
Germany's creditor nations are to meet
in Berlin shortly and that a commit
tee at the Bank Of International Settle
ments will investigate the German ca
pacity for PREPARATIONS payments was
viewed in financial circles today as
an encouraging light on the foreign
horizon.
Following closely on the appointment
Of Walter w. Stewart, New York
banker, as a member of the Repara-
lions Review Committee, it was an
nounced today that Albert H. Wiggin,
chairman of the governing board of
the Chase National Bank, would at
tend a meeting in Berlin of Bankers
Committee which will consider Ger
many's $1,3Oo,OOO,OOO in commercial
debts.
These debts, of which American banks
hold around 100000, 900, were included
in the so-called "still-halting" agree
ment reached last August between rep
resentatives of the creditor nations
whereby, beginning in September, a
six-Imonths' extension Of outstanding
commercial credits was granted Ger
many. This term expires on February
90, and the committee, headed by Mr.
Wiggin, will represent the banking
creditors in America, and will decide
whether it is feasible to call portion Of
the loans, grant a further extension
or convert the loans into some new
form.
Frozen Debts Considered.
A New York Bankers Committee, Of
which Mr.. Virgins is chairman, ha:
been carefully considering the ''frozer
debt" situation of Germany for the
past two weeks and, upon the receipt
of the invitation for representatives OF
the commercial creditors to meet In
Of the Chase Bank should attend.
A statement from Mr. Virgins Of
fee explains that, due to the compare
lively short time remaining before the
expiration of the "still-halting" agree.
ment, the creditor banks in New Yorl
decided to appoint committee for thu
purpose of guiding the policies anc
action Of the New York banks during
the coming negotiations with German
private banks and those Of other credi'
tor countries"
This committee, it is understood, ha;
already decided upon the general line
conference, although Mr.. Virgins viii
be given a free hand in meeting any
situation that may arise.
Virgins Served Before.
The interest of Mr.. Virgins in the
forthcoming meeting in Berlin of thu
commercial creditors is especially keer
because he headed the committee ap.
pointed at the instigation of the seven
power conference in London last Sum.
mer which was set up for the purpose
Of finding some means of rescuing OF
Staving off Germany's financial crisis.
The Wiggin Committee met at Base
in August and examined the entire
German situation. This committee re-
ported that a conference of creditor
and German bankers, meeting at It's
invitation, would recommend "a plan
of prolongation Of such credits" to the
numerous creditor banks and bankers
for their acceptance. This eventually
took the form Of the still hating agree
ment.
In other words, the banking COM
mittee found what had been apparent
db bIlc AOIiuOIl COIllcIcIlCcJs IL1hI IcA
many would not at that time meet her
commercial debts which were falling
due and that the only way she could
be saved from bankruptcy was by a
voluntary freezing of credits. Conse-
quently, six months extension on the
81 300, 600, 900 debts was granted.
Germany Seeks Understanding.
That Germany wishes to come to
another understanding about these
debts was indicated by the receipt in
New York of q cabled invitation from
DR.. Hans Luther. president of the
Reichsbank, to the New York banking
creditors asking that a representative
be sent to Berlin to negotiate with
representatives of other creditor ma
tions and the German bankers.
In addition to Mr.. Wiggin, members
of the committee are George w. Davi-
son, president Of the Central Hanover
Bank & Trust Co.; F. Abbott Goodhue,
president of the International Ac-
ceptance Bank; Charles e. Mitchell,
chairman of the National City Bank
and William G. Potter, president Of the
Guaranty Trust Co.
MEETING SET DECEMBER 7.