The Bismarck tribune., 1931-07-22
HAS been
MADE STIMSON Says
AT PRESS MEETING
American Secretary Of State
Asserts Conference May
End by Thursday
MUST PLUG UP BATH TUB
U. S. Envoy Gives Graphic Illus
stration Of Situation
Germany Faces

London, July 22-(R>-Secretary OF
State Stimson said today In q press
conference that the seven-power
meeting considering Germany,s fl
nancial crisis was making progress
and he was hopeful it would end to-
morrow.
Real progress" Secretary stimson
told the American newspapermen, "is
being made by the conference toward
alleviating the German financial
crisis. am not without hope that
the meeting will finish tomorrow.
"The minds Of the delegates seem
to be uniting on successive sugges-
tions for correction Of the precartous
position and for giving aid to Ger
many.
"The situation was difficult when
we came here, but with these ele-
menrs OF progress and hope, am
hopeful Of successful conclusion to
the meeting"
Now, the situation, Mr.. stimsou
said he had told the conference, Is
something like q bathtub.
Water Running Away
"The stopper has been out and the
water has been running out rapidly"
he said. "It is necessary first to put
the plug back in the hole. Then It Is
necessary to examine what water Is
left and see II 1t Is sufficient for the
purposes at hand. II It Is. well and
good, but II 1t Is not 1t may be
necessary to put more water In It."
From the beginning the conference
has centered its efforts on how the
tub is to be plugged and tho water
level maintained.
The United States and Great
Britain he said, are united on the
plan which has been evolved-a plan
which Is the same as that which he
discussed at Paris.
/ It Is as much q product Of British
thought as American. he explained
Most Of the other nations contribut-
ed by suggestions In conference.
Stimson declined to discuss the
remedial measures other than in gen.
eral terms, but 1t was learned the
recommendations include renewal by
the central banks of the 500 900 900
credit expiring in the middle Of Au-
gust, and maintenance Of existing
credits in Germany.
Leave Future to Bankers
stimson indicated his view Is that
once the statesmen have reached an
agreement the future may be left to
the bankers.
In fact, he said, he was not sure
why the statesmen had been called
together at all unless-and here he
smiled-"the statesmen were not 50
busy as the bankers"
There has been an entire absence
Of any acrimonious issues between
the countries participating In these
conferences" he said. Feeling all
around has been very good"
He emphasized, however. that Great
Britain and the United States are Of
much Of the same viewpoint, leaving
the inference which is supported by
advices from other authoritative
sources. that the French had taken a
position somewhat opposed to that OF
the two English speaking countries.
I Two recommendation are UNDER
stood to have been adopted Wednes-
day.
The first IS that the governments
concerned should invite the Bank Of
England, the Bank Of France, the
Federal Reserve Bank OF the United
. States and the bank for iuternation-
al settlements to renew for three
months the 100000. 900 credit they
granted to Germany for one month
on July Is.
The second Is that the principal
private banking establishments Of the
countries concerned should be urged
to leave their existing credits In Ger
mans hands.
These recommendations. 1t was
said, are being presented this after
moon to the finance ministers Of the
nations participating In the conference
for determination as to whether any
technical considerations would pre-
. vent their being carried out.
The conferees also considered Z
!. statement presented by the commit
tee Of finance ministers. This VA
said to be brief. dealing entirely with
. . the question OF supporting German
credits and keeping In Germany the
short-term credits already granted BY
: the foreign countries.
French Suggestion lgnered
II The matter Of the fundamentals
) of the German crisis, supposedly
raised by the French. has been dis
lcarded g q basis for consideration
and tho delegates have decided thl
situation Is too pressing to 60 intk
1.-THE fundamental causes Of Germany
condition.
In : talk with German corrsspcnd'
ents, Dr. Cufttus, German financ'
minister, expressed himself g NJ
lpleased with the way thinoS asI
Igoing. particularly With development
at Wednesdays meeting.
The discusG10ns have gone beyoul
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