The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-12
WORLDS MONEY
TOCENTREH HERE
WITHITSTRADE
Bankers and Manufacturers
Take Steps Toward
That End.
CONFER on PLANS
FOR LONG CREDITS
s.. 900. 100000 South Ameri-
can Business to Be United
States Prize.

States Prize.
Tn. plsa FOR An American merchant
marine vas emphasized yesterday by eN-
por,ers and manufacturers. who see the
Golden opportunity Of gaining the $1,000
oio 900 foreign trade OF South and Central
america countries and the West Indies.
rpa, need was echoed also by bankers,
ard the need OF haste on the part of the
legislators IN Washington In ehactins
laws that will permit thie country TO have
a. oerchant marine was discussed on all
sdes
Ul,h the establishment of lines OF
,.ips running to South America, 1t was
p,nted out hy one well known banker,
-,.re will be set in motion a series OF
.yer,s that Will make New York the most
pooIlar centre OF International exchange
regardless Of the Bank Of England's plan
20 estAb. sh gold reserves in Ottowa ana
Other colonial capitals and arbitrarily
,nainta!n London as the premier money
vnarker IN spite Of the European war
Until The outbreak OF the war South
American countries sold their wheat
4 dies and other products to Europe and
received payment in credit on London
tvhen they ordered manufactured goods
s,Sr Germany France, England or even
-he United States they gave bills on
London. such a system was natural, in
view O, the fact that greater part or
South America exports OF more than w.
900 0oO. 900 went to Europe and that
EUROPE IN return provided South America
V'h most OF her manufactured goods.
th.s country having comparatively
email part Of the trade
Orders Must Come Here.
Tn situation now is different Il is
inpos, bic for Germany tn ship goods
70 South America Both England and
France will be hampered in the manu-
facture - finished products, for their
rer are on the battlefield and the mills
must remain idle or partly closed. Ac-
corirg.y the orders must come TO the
United states and the south Americans
Will Offer this country large quantities
O, grain. coffee and the Ike In payment.
T.. United State. does not need the
wheat. but the European countries want
:, and they will bid for II. Accordingly
80 grain can De shipped to those coun-
tries which IN turn must seek 70 es'ah-
.sh credits here. naturally in New York.
TIE credits Will be acceptable to the
manufacturers ard exporters. provided. of
c,lr.e that the foreign countries now
a. wat max. that credit good with gold
Under tho circumstances, as pointed
oIt hy tie banker referred TO above, New
York ViN bo the centre Of the lntcrna.
tioral money market This banker in
stel '.lt There could be 40 other a.
rang,men, Il the war continues for the
European countries must have food and
the South American countries must take
our fins I'd products.
Tia, is the reason exporters were
clamoriHG onlphatically Yesterday for the
developw, : Of merchant marine and
protesting over the delay in Washington.
Charles r Flint t leading exporter said
that something should be done at once
in the way Of making II possible for ships
to he purchased from foreign countries
and a. 'he American flag. Other export
.rs were wondering why Great Britain
did NO. clear tho Atlantic Of the Ger
man cruisers that make II dangerous for
English and French merchantmen 10
traye! from England and France to this
port and 70 South American countries.
Cincinnati Conference To-day.
The National City Bank continued It's
work yesterday OF preparing 20 enter the
eouth American banking and commercial
feld More letters and kilograms re-
ouestlng information were received from
formation There r. 10 be meeting
o. the Cincinnati Chamber OF Commerce
to-day and w. 9. Kies. who has active
charge O, the exploitation OF the south
American field, left on an afternoon train
for that city He will meet the Cincin-
matt business mon and outline 70 them
the plans that the National city Bank
las FOR helping American manufacturers
and exporters in the South American re-
pphl.cs
Bankers saw the necessity OF establish
iHg a merchant marine At the earliest
possible moment. t0r they realized that
v;h American ships plying the seas
and CARVING goods 10 Europe and e
TIE South American countries there could
De no doubt OF the growth OF New YORK
as great International money centre
VIII the aim OF ending the demoraliza-
ton that exists In trade between The
crere0, countries. representatives OF the
es banking Institutions held consulta'
tons
TIE nos, important thing, u was as
serted generally IS 10 get the merchant
marine The International Mercantile Ma
rne company may prove an important
'a''or 20 that work ard there will be a
meeting Of bankers, merchants, manu-
- tfe-s and shippers In Washirg ton or
friday 10 discuss the merchant marine sit.
ta'!oN with Government officials and plar
some way - breaking the international
trade blockade
W'.." '0o National city Bank Is strug
e'.g WA he problem OF South American
ra'" and ha king there IS the still
greater problem Of developing a worldwide
tale and arranging plans for dcvelopinl
NaIe To- other countries James \ Far
r'"' rs's dent OF the United States Stec
corporation and sometimes called tn
greatest ealcsman In the world" ha
betn 0n' forward az the leader Of IN
i''ustr'al forces
The work of tho different ryoups YES
'eTaay CO tr"d on three things. The h,S
Is TIE question Of am'uainl m, uayIEt
I'a laws 90 permit fo.clgn built hi t
lie reg stored unI0 the American ilap H.
Hm"r'o1n owners. Tn, second l. tn. pu"'
Won ot having Government guartutr
O. insurance at a reaso' able rat, T.
HWeH'ng ships during war time simlu
- tu7i adopted by tho british ana Bel
gan governments The third s tho ques
,"H 81 further legislation 10 enable Amer
ioNn ships 20 he operated IN, re chedply i
s1mv'uuon with ships Of othe' countries.