Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-29
PREDICTS TRANSFER
OF WORLDS MONEY
MART TO NEW YORK
Fiinancier of That City Tells
Hardware Men Branch
Banks in South America
Will Be Opening Wedge.

ATLANTIC CITY, Oct. 20-Transfer-
ing the money capital of the world from
London to New York is contemplated in
the movement back of the opening of
American branch banks in South
America, w T. Kies. of the National
City Bank OF New York, declared be-
fore the American Hardware Manufac-
turers' Association here today. In dis
cussing plans Of his institution 10 open
in Buenos Aires during the coming
month the first American branch bank
outside the country. the New Yorker
said:
Branch banks will perform the func-
tions of regular bank in this country
50 far as permitted by the regulations
OF the Federal Reserve Board. New
York will be made the money market for
South America American bills will be
paid in dollars in New York instead Of in
pounds sterling on London.
London has been the money market
of the world for ages, and business in
tGrests of the country must help i'm this
movement. New York cannot become a
financial city Of world Importance until
the dollar becomes known in all the
markets of the world. The building up
of a discount market will help TO solve
the problem Of long credits. The work
we have undertaken will of necessity de-
velop slowly. The bank is doing pioneer
work American manufacturers seeking
to enter the South American field must
approach it in the same conservative
manner. Profits must not be expected
the first year,
ITO develop successfully this new
arlya OF N,yf1 "a If
tion and coordination heretofore un-
known" Mr.. l[ies continued, deploring
the refusal of Americans in Buenos Aires
TO organize a board of trade for fear it
might help competition.
"If trade opportunities are developed
peTsistently and dramatically" he said
"this year, marked in history by the
greatest tragedy OF civilization, will be
fixed in our own history ms the year in
which the foundations for the future
commercial supremacy OF the United
States were firmly laid"
In the future the major part OF the
money for the development OF Latin
States" said John Barrett, director gem
eral of the Pau-Americau Union. THE
hogey that the Latin-Americau coun-
tries are necessarily lands of revolution
and instability has been, / hope, smashed
forever In due time there will be a de-
win astonish the world
Felix II, Levy, New York. a former
special counsel for the Department of
Justice I'm tracing the history of anti
trust legislation from the time when
Standard OH stood up the Pennsylvania
Railroad and eXacted secret rebates like
a footpad," said il was gratifying TO
know that legitimate business had nothing
to fear from the new legislation enacted
at the instance of the Wilson Adminlstra-
tiOn and modified to meet the views of
business men.
III is clear" he said. that the Trade
Commission will furnish a prompt and
readily accessible method for ascertain
ing whether or not particular acts are
lawful or unlawful. The final result of the
Clayton antitrust act is clearly 10 dis
tinguish the general business community
from trusts"
The New York expert on business legis-
latlUn regretted that Congress had not
seen ht TO mitigate the severity OF the
Sherman law.