Salt Lake Telegram | 1936-01-09 | Page 1 | Allies Repay All of Morgan Loans

REPAY ALL OF MORGAN LOANS Similar Advances Advances' by U. U US U.S. S. S To World War Colleagues Colleagues' Have Not B Been en Refunded Senate Trace ac Growth of Trade in Conflict 1 A Ti TiBy By United Press Pless f j nj WASHINGTON Jan 9 9 The The senate m munitions i in inquiry n q qui U i r Y r showed today that American war materials handled by J. J P. P Morgan for the allies zoomed upward 1465 per cent in a year three-year period when the United States munitions munitions' industry industry in in- in was being developed to meet the allied needs At the same time tim the committee brought out that all private loans for the tho foreign nations at war which J. J P. P Morgan Co managed were repaid with the tho exception n of f Russia Similar loans to the nations nations nations na na- na- na by the United States government government govern govern- ment have never been refunded The committee reviewing leading to American entry in inthe the the world war to provide background for new neutrality legislation laid emphasis on development of the munitions mu mu munitions exports from practically nothing before the war to hugo huge trade in 1917 Fees The Morgan firm firm han handled 84 per percent percent percent cent or worth of war warI I materials exported In addition to exports to the allies ames for a total of some The Morgan firm received about for acting as the allies allies' purchasing agent Morgan shook with laughter when a statement by Parmely Herrick Herrick Her- Her rick in 1915 that his father Myron T. T Herrick then United States ambassador ambassador am am- to France Prance would gladly glady help hep W. W P. P Bonbright Co New NewYork NewYork NewYork York obtain a French government purchasing contract was read into the record Morgan won the 1915 competition for the business a and from 1915 to 1921 placed contracts valued at for the French and received commissions of Figures were put into the record to show the great increases in ex exports exports ex- ex ports of various war materi materials Ls from America as the industry expanded to o take care of orders from bel bel- be- be Thomas W. W Lament Lamont Morgan Morgan Morgan Mor Mor- gan partner said that after a study of the tho figures he might desire to enter comparable studies from the standpoint of the Morgan firm Undoubtedly there will vilI be differences differences dif dil- Robert committee coin coin- corn com statistician said because in n any tabulation accounting for three billion dollars errors are sure to o creep in V Investigators also offered charts charts' domestic showing total exports of merchandise The The- Morgan totals were vero not separated from the others Industry The dealings in munitions naturally naturally nat nat- would show a tremendous In Increase Increase In- In crease because there was no munitions munitions munitions' munitions munitions' muni muni- industry before the war Lamont La- La Lamont Lamont mont interposed They might bevery be very cry misleading exactly the point we want to ma make e said A munitions munitions mu mu- mu-j mu industry had to be developed developed devel devol- to meet the allied needs Morgan his bulky frame slumped down In his chair smoked his pipe but took no part in the discussion Morgans Morgan's export export ex ex- In the years 1915 17 port contracts of ot all materials were shown to have totaled divided as follows France Francc Russia Great Continued on oit Page Two Column Four ALLIES REP REPAY A Y MORGAN LOANS Continued from Pegs Par One Britain There Thre were no totals for tor Canada or Italy Morgan company officials testifIed testified fied fled earlier they religiously adhered to the policy ann announced by President President President dent Wilson and his secretary of state William Jennings Bryan in 1914 that the government felt loans by American bankers to belligerent nations were inconsistent with the true spirit of neutrality This attitude of at the wartime administration ad ad- ministration changed In September 1915 when the tho then Secretary of State Stale Lansing addressed a 8 letter t to the president favoring reversal of ot the original embargo and pointing out that the policy had not lessened partisan feelings Committeemen showed keen Interest Interest Interest In In- terest Jn In a a page taken from the diary of Colonel Edward M. M House President resident Wilsons Wilson's close friend and adviser on on October 27 1916 in which a a state department official was was quoted as nS having s suggested restrIction restriction restriction re re- re- re of further lo loins loans ns and re restrictions restrictions re- re on exportation of ot gasoline as a means means' means means' of forcing Great Britain Brit Brit- sin ain to abandon its famous blacklist blacklist black list of contraband articles