Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-11
QUICK TRIAL URGED
IN BANK FAILURE
New Workers Employ Counsel
After Indictment in Finan-
CiaI Collapse.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, February 11.-Now that
eight officers and directors of the Bank
of United States have been indicted for
their alleged part in the transactions
which led to this bank failure-the
largest IN American history-the. case
should be disposed of quickly.
The indicted men have as their at
torneys some of the ablest New York
lawyers. The case will be hard fought.
Among the counsel already selected are
John w. Davis, former Democratic cam
didate for President; Charles H. Tuttle,
Republican candidate for Governor at
the last election; Emory r. Buckner,
former New York district attorney, and
Martin W. Littleton, former Congress
man and famous criminal lawyer.
The case should be brought to trial
speedily. For the entire city of New
York, not to mention the 100000 Bank
of United States depositors, as well as a
great part of the Nation, is interested
to see justice done, without any techni-
cal delays so common in such expensive
trials.
Germany Seeking Loan.
Foreign Minister Curtius of Germany
reminds the world that Germany never
guaranteed she could live up to the pro-
visions of the Young plan, but adds
that while she will not renounce the
plan she will continue to urge that eco
nomic justice be reinstated to lift the
load (which war debts and ornaments
are causing"
Germany is seeking another loan. A
small one this time-only feeler-
about $32, ,000-and France is ex-
pected to take good slice of it. If it is
popular, it will be, followed by other
loans, for Germany must have several
times this amount this year to keep
going.
1t is now well known that the last
German loan Of $125,000,000 did not
receive any wide support from the
American people. 1t is not likely,
therefore. that the United States will
take any great amount of German
who knows? George Murine, partner
Of Lee, Higginson & Co., the firm
which handled the American end of
the last loan, is at present in Paris,
working out, with other bankers, the
details of the new issue, indicating, at
least, that the United States will have
an opportunity to subscribe for part
Of the new issue.
International Bank.
The Bank for International Settle
mentS was created and appointed as
trustee of Germany's creditors to
collect their claims from Germany. It
decides what Germany can pay in
cash. 1t also has been made the
debtors trustee in being called upon
to cooperate with Germany in the
task of fulfilling these obligations.
But it is also, in view of the
discretionary powers assigned to it
toward Germany and their influence
on Germany's credit, the trustee for
all other financial interests in Ger
many that are affected by the reactions
of the banks policy on Gernnany's
credit.
Now, the biggest foreign private
creditor of Germany Is the United
States. Why should not American
business be represented on the board
Of the International Bank at BaSel2
For to this board the American in
weston can turn if the bank either
neglects to safeguard against coming
crisis, or, as trustee for the repara-
ton powers, exercises a pressure on
Germany's credit to the detriment of
those private foreign interests and in
vestmentS which, heretofore, have SC
largely been financing the reparation
payments of the past.
4
American business interests are invest
ing more and more In Europe-in Ger
many. The debtor and creditor relation
ships are involved and difficult to an
alyze. Every nation is affected.
But the United States owes no one. II
she is wise, her business men will see
to it, not only from the standpoint OF
Germany's future, but from that of Eu-
ropes, that strong business representa-
tives are placed on the Bank Of Inter-
national Settlements, because in this
institution lies the best bet for the wise
adjudication of san debts.
BessbOrough's Appointment.
How times changel Look at the ap-
pointment of Earl of BeSSborough, so,
an outstanding British business leader,
as Governor General of Canada.
True, this Irish peer has been MEM
Der Of the House of Commons and the
House of Lords, but his main interest
has always been IN business. Every
morning one can reach him at his Of
fee at London, where he directs the
business Of the worlds largest diamond
mine organization-the De Beers Con-
solidated Mines (made famous by Cecil
Rhodes. The earl is also chairman of
the Sac Paulo Railways of South
America. In addition, he is a director in
80 other companies. This reads more
like an American than a British bust
ness leader.
When he reaches Ottawa, he will be
greeted by Prime Minister Bennett, one
of Canada's richest men-also q BUSH
ness man and lawyer.
More and more, the business man
seems to be coming into the political
life of Canada-much more so than is
the case so far within the United States,
Copyright, 1881, by North american News