Arizona republican., 1915-05-25
Some Obstacles Which War Across Atlantic Has Thrown Into Paths of Prosperity Outlined at Opening of Conference.
THE PRESIDENT
 IS FOR UNION
Incidentally Secretary Me Adoo Promises to Take
 Up Question of Steamship Lines to Operate with the Southern Republics.
ASSOCIATED PRESS D1spArcHI

WASHINGTON. May 24.-Some ob- stacles which the war across the At lantic has thrown into the paths of in . tiustrial and commercial prosperity and the march of trade in the western hemisphere were outlined at the first session of the Pan-American financial conference. The outstanding thought of the conference as expressed .by many speakers was the crying need of inn proVement of transportation for the re- adjustment of the methods of financial exchange and for uniformity of laws north and south of the equator with relation to subjects which vitally effect international relations The president welcomed the delegates and talked of the need of the development of transportation.
 Secretaries Bryan, Redfieid and Me Auoo and Postmaster General Burleson later added their recommendations for steamship lines independent of Europe ro ply between all the principal ports of the two Americas. The expression of this idea eliminated tonight in the promise of Secretary McAdoo to select go committee of representatives of the United States and the South American countries. including Argentina. Brazil ah-At --AAAf anu lbOSSlDiN others. 10 take mp tomorrow the question of steam ship lines. either cooperative under these governments or under private control.
 Besides the delegates from the IS I.atIn-Ame merican countries participating the conference which is to continue throughout the week. are members of the presidnt's cabinet. the federal re- serve board, the federal trade commits sion, treasury officials and more than one hundred representatives of great American banks. industrial corpora lions and commercial houses
 The opening day was devoted chiefly to speech making. The president be- gan with the unequivocal declaration that the conference is not for the ex- ploitatiOn of the invited nations but for a union of the interests in which the United States would not try to make use of the others but to labor to the advantages of all
 Tt would be very great thing" said the president. If Americans could add to the distinction which they aI- ready wear of showing the way to peace io permanent peace. The way to peace for us. at any rate. is manifest It is the kind of rivalry that does not in Nolve aggression. It is the Knowledge that men can be of the greatest service to one another and nations of the greatest service to one another when the jealousy between them is merely a jealousy of excellence and when the basis of their intercourse is friendship"
 The only private American represen- tatiVe who spoke was Frank Vanderlip of the National City Bank of New York NIT. Vanderlip declared that at the present time the national banks of the United States as shown by last re- ports tO comptroller of the currency. have a total surplus over the legal re- serve requirements Of more than s700.- "o0.0oo and that the state banks prob ably have similar plethora"
 That means" he said. that we have a perfectly enormous capital for the expansion of loans. probably enough to expand loans of two or three billion dollars so if we are in state of un- preparedness for war we are prepared to extend our financial relations abroad for the development of banking credits at home.