Concessions?

At the Morgan-Harjes Bank in the Place Vendome, Paris, was held a meeting on "a scheme embracing the restoration of French finance."

Those present at the meeting: France, Louis Loucheur, ex-Minister for the Liberated Regions and a leading French financier; U. S. A., David Franklin Houston, Secretary of the Treasury in the Wilson Administration and now President of the Bell Telephone Securities Co.; Herman Harjes, head of the Morgan Bank in Paris; Nelson D. Jay and Nelson Perkins, bankers.

It is understood that the subject of the discussion was a French concession of railway, telegraph, telephone and industry monopolies to a group of U. S. syndicates. By this means it is hoped to enable France to reduce her reparation claims on Germany.

Said Mr. Houston after the meeting : " American opinion generally is agreed that France is entitled to demand the maximum figure that Germany can pay ; but the total must conform to Germany's ability to meet it.

"If the sum that France demands is impossible of payment I believe that an adjustment should be made, and that the allied nations should guarantee Germany's payment of that maximum within its capacity."