A loan of $100,000,000 to Poland is being negotiated under conditions which may bring together the “Morgan group” and several other Wall Street interests in a joint undertaking, it is learned. The loan is expected to result in a new method of control of the finances of the Polish Government.
Jan Clechanowski, the Polish Minister, and Vice-President Mlynarski of the Bank of Poland arrived in New York recently to open conferences regarding the loan. They have talked with officials of the Guaranty Trust Company, the Bankers Trust Company and other institutions close to the house of J. P. Morgan & Co. A group headed by Blair & Co., Inc. the Chase Securities Corporation and others for some time has been discussing a loan to Poland for use in a comprehensive electric power program, while W. A. Harriman & Co., Inc., and Marshall Field. Glore, Want & Co also are interested.
In addition to the loan, it is understood that the Federal Reserve Bank of New York will advance a credit to Poland as part of a stabilization program.
One of the keys to the present negotiations is the question of financial administration. There are reports that some form of outside participation in the control of finances will be worked out, but no agreement on this point has been reached.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
