Evening star., 1942-04-04
II Finance Experts
Help Prosecute War
Without BaIlyhoo
Policy Committee Does
Spade Work for Boord
Of Economic Warfare
By the Associated Press.

~ thC AocVtAGsCd EAEcos
Eleven experts on finance and
foreign trade, including Henry S.
Morgan, 4l-year-old son Of j.. P.
Morgan, are helping Uncle Sam
prosecute the war in a big way
but without ballyhoo. e
All Government officials In various
capacities. they meet five days a
week to do the spade work and make
the recommendations for the Board
Of Economic Warfare.
They comprise the little-heard-o of
Policy Committee Of the board.
The board itself has met only a
few times since it was organized last
fall as the Economic Defense Board.
Its name was changed after the
United States entered the war. Vice
president Wallace Is chairman.
Eight cabinet officers are members,
as well as Nelson Rockefeller, CO.
ordinator of Inter-American Affairs.
Milo Perkins Is executive director.
Policy Committees Work.
The hard-working Policy Commit
tee maps plans to keep important
materials away from enemy coun-
tries through system Of rigid ex-
port licenses, blacklisting of foreign
firms that do business with the Axis,
and preclusive buying Of foreign
products. 1t also originates f1nan-
cial projects to help friendly coun-
tries produce scarce commodities
needed by the United States.
One day it may recommend aid
in rehabilitating a railroad in a
South American country in order to
facilitate the movement of a raw
material wanted here. The next
meeting may bring forth a recon-
mendation to improve dock facilities
in Africa or to buy up in advance
the entire copper output of Chile.
Col. ]. E. Butterworth, 46-year-
old Philadelphia textile machinery
manufacturer, is chairman Of the
Policy Committee. Although in the
Army, he is attached to the board
and devotes all of his time to its
work. Some of the other members
spend only part Of their time on the
committee as liaison men represent
ing other war agencies.
Morgan Represents Navy.
Mr.. Morgan, known to his banking
associates as Harry" is a lieutenant
commander and represents the Navy
on the committee. London-born,
former partner of j. p. Morgan 81
Co. and former treasurer of Morgan
Stanley & Co., he was brought here
several months ago by Artemus L.
Gates, Assistant Secretary of the
Navy for air and former president
Of the New York Trust Co.
Mr.. Morgan's advice on financial
matters is said to be frequently
sought by the committee, as is that
of Maurice Wertheim, another New
York investment banker who at
tends the meetings as a consultant
for Leon Henderson's Office of Ci-
villain Supply
j. Anthony Panuch, member of :
the board, former New York law
yer and one-time head of the Sc
Cu1 1IlCo d1lu EACtIdilSC SOillu1icc1Oll
Reorganization Division in New
York, is the committees vice chair
man, and Howard Newmark, an
other New. York attorney. is execu-
tive secretary. =
Other Members.
Other members include Edgar B.
Stern, former president of the New
Orleans Cotton Exchange, repre-
senting the War Production Board;
Kelso Peck, a Californian formerly
with the General Motors Acceptance
Corp. in Latin America, representing
Mr.. Rockefeller's agency; Charles w.
Yost, special assistant to Under
secretary Welles, representing the
State Department.
Drs. S. E. Harris, former Harvard
professor, representing the Office of
Price Administration; Harold H.
Neff, formerly with S. E. C. in Lon
don, representing the War Depart
ment, and James C. Buckley, assist
ant to the deputy lease-lend admin
istrator, representing the lease lend
Office.