"Without Ostentation"

His Majesty beloved Albert I is King of the Belgians, but the most potent & picturesque Belgian is Captain Alfred Loewenstein. Last week the stocky, swarthy Captain stepped down upon Manhattan from the liner lie de France with modish but retiring Mme. Loewenstein. As a matter of course, they had occupied the liner's premier suite de luxe and had brought along as guests four titled friends, le Comte et la Comtesse de Grunnes & le Comte et la Comtesse de Montalembert. Equally as usual to the Loewensteins was their staff of 15 secretaries and personal servants. Necessarily eight suites and cabins aboard the lie de France had been occupied at a cost of $20,000. From the pier Captain Loewenstein & Party motored to the Hotel Ambassador, where they settled down in the comfortable third floor once occupied by Queen Marie of Rumania (TIME, Oct. 18, 1926, et seq.). Soon fastidious Captain Loewenstein read with pain certain ignorant, flapdoodling headlines. The Times: "LOEWENSTEIN . . . 'MYSTERY MAN'. . . POTENTATE . . . Here With Private Aviator [and] Two Cars." The Herald Tribune: "WORLD'S THIRD WEALTHIEST MAN HERE LIKE KING." The World: "LOEWENSTEIN, FREE LENDER OF $50,000,000 TO BELGIUM, HERE."

Well posted observers spotted instantly the non-truth of this last headline. They recalled that during the slump of the Belgian franc (TIME, March 29, 1926, et seq.), the Government of Belgium flatly rejected a proposal by Captain Loewenstein that he should lend $50,000,000 "without interest" to save the franc, but only upon certain all too shrewd conditions.

When Captain Loewenstein had been in Manhattan for two days, last week, he could stand the flapdoodling no longer. Calling in the gaping newshawks, he addressed them in slightly broken English as follows: "You gentlemen have been altogether too kind. ... I am reminded of a French story which portrays a well-meaning gentleman using a stone in killing a fly which had perched on the head of a friend. . . .

"The press calls me 'Potentate' and 'Mystery Man' . . . titles to which, I hasten to tell you, I have no right. . . .

"They have also very kindly and resolutely named me the second or third richest man in the world, and on this account have surrounded me with a display of luxury, with a 'carousel' of automobiles brought by me, and airplanes piloted by the captain of my air fleet.

"There are many Americans richer than I. Believe me! Believe me! And need I tell you that I have brought neither automobiles, which would have been a real aberration, your automobiles being of public notoriety, holding first place in the world's production, nor airplanes, yours, as well as your aviators, showing incessant proof of their exceptional value?

"They must have gone so far as to flatter me as being the man to have made Belgian stabilization! Need I say that I have had nothing whatever to do with Belgian stabilization, which is the work of that great statesman and great financier, Monsieur Emile Francqui? [TIME, Nov. 8, 1926.]

"We will now come down to' the real truth:

"I am here in America, as many Americans richer and undoubtedly more prominent than I am, go to Europe, notably to see your electric industries and rayon [synthetic silk] industries, in which you know that I am interested. It is as a traveler wishing to see and to learn that I am here, with very good friends who are also here to see and to learn.

"I am traveling with my family, which will not be a surprise to Americans who appreciate family life so highly and so justly. Being a worker, I have also with me a few indispensable collaborators, so as to enable me to continue to manage my business, even at a distance.

"I am Chairman of the International Holding and Investment Company, Ltd., and also Chairman of the Hydro-Electric Securities Corporation, a public utility investment trust. These two companies hold investments amounting to about $150,000,000. Their holdings are in various public utilities, mainly in this country as well as in a number of artificial silk enterprises in Europe. I expect the securities of the International Holding and Investment Company to be introduced [i. e. "listed"] in this market in the near future."

Asked to reveal the "secret of his success," Captain Loewenstein amiably replied :

"While I was still a very young man, I was enthusiastic over electricity and was a constant student of the wonderful inventions and developments. I was connected with the building of the first power station in Belgium, in 1897, and have never lost my interest in electrical things since then. In 1901 I established the first artificial silk plant in Belgium. Now you know how to make as much money as I have."

After a few days' quiet sojourn in Manhattan, the Loewensteins left for Chicago, Canada and the Pacific Coast, whence they will return to sail again for Europe. At the Manhattan office of J. Henry Schroder Banking Corp., banking associates of Captain Loewenstein, officials of the firm declared that at least $100,000 would be spent "without ostentation" on the tour.