The Birmingham age-herald., 1914-09-04
Intention of National City Bank of New York to Els tablish Branches There
 Removes Difficulty
TRANSPORTATION IS THE ONLY PROBLEM
 YET TO BE SOLVED
Intention of Government to Establish Merchant Marine Will Provide the Necessary Facilities, It Is Be-
 lieved-Business Men
 Discuss Outlook

By determining to establish in Buenos Ayres and Rio de Janeiro branches of the National City bank of New York, Frank A. Vanderlip of that financial house has conferred upon this district an almost business is concerned. As many well in- formed men agreed in The Age-Herald during the past few days. the greatest drawback to Birmingham participating in South American commerce was lack or financial connections The other barrier they all agreed was the absence of sut- ficient number of bottoms in which to load coal cargoes.
 It was announced definitely yesterday that the National City bank of New York had been given the official sanction of the federal reserve board to establish branches in South America, which sanc- ton carries the direct backing of the United States government. Mr. Vander- lip announced that his bank would start working out the details of the South American branches.
 In addition to the solution of the finan- cial part of local troubles, as it relates tc South America, it is now accepted as foregone conclusion that the American government will establish merchant ma rine the size and power of which will be in keeping with the dignity and com mercial importance of the United States government. With these two actions taken it would appear that the only hin- drances advanced for this district not gathering harvest in South America have been successfully eliminated.
 Problems Now Solved
 Our only trouble in getting to South America as I have been able to see was the absence of financial facilities and transportation, said Erskine Ramsay, vice president of. the Pratt Consolidated Coal company. From what the National City bank has determined to do in South America it would appear that the finan- cal part of the proposition has. been set tied. It cannot be denied that when let ters on expert business to South America from Birmingham must first of all go to England and then to their destination in South America, before answers are avail able, that we could not hope to transact satisfactory business. Now the action of the National City bank. I am con vinced, will take care of that problem for us The only remaining feature is boats. We have assurances that a merchant ma rine will be established under the spon- sorship of the federal government. If this Is done I see no good reason wN Alabama coal should not be sold to South America and I see no good reason why we cannot reap great harvest there from. I am very glad to hear that the financial interests of New York have taken this step. as nothing is so highly impor- tant to this district as the extension of our fields of operations.
 Biggest Difficulty Overcome
 q was very much pleased to learn of the plan of the National City bank to said Morris w. Bush, who is widely in formed on local conditions. This district cannot hope to sell a great volume or goods to South America,' he continued, until the banks of this country establish branches in that section. We feel that If this is done there will be found boats with which to load our prod ucts, and that there will be corre- spending amount of business transacted
 
 to sell to that country, and the only reason this has not been done in the past has been on account of the lack of finan- cial accommodations and the ships. It would appear that the situation Is clear ing, which this district am sure will ap- preciate and take advantage of"
 Should Reap Great Harvest
 with our power of shipping coal and other Birmingham products to the gulf by water and thence to South America as re- turn cargoes and with financial arrange ments there enabling us to handle ac- counts properly we should reap great harvest,' said w. E. Leake. T cannot imagine any situation breaking so won derfully for this district. We have the Panama canal. the water routes to the gulf and we have the National City bank arranging to establish financial houses in South America, all of which is of prime importance to this district. am greatly impressed with the steps about to be taken by the National City bank, and be- lieve we will gather a tremendous harvest in Latin countries, z
 Great Thing For Birmingham
 B. R.. Smith of the Roden Coal conn pany said: "I believe that the solution of the financial proposition Is one of the greatest things for Birmingham that could have been done. It will enable us to transact business direct. and we will have solid assurances of properly handled ac- counts. This was impossible as between England and this country for many req sons. With boats Birmingham will be in the fight to a finish. and believe this district will profit immeasurably from this new condition"
 Bonny man Here Yesterday
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