The Washington herald., 1915-05-27
TRADE ARBITRATION
MOVE GAINS IMPETUS
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MOVE GAINS IMPETUS
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| from the United States and other coun-
| tries expressed the opinion that many OF
! the governments already have enough
money.
Those governments which have not. '
| said an American delegate, could be
financed with United States capital very
likely, if they so desired. To arrange
| matters of finance is one of the purposes
of the conference.
! A plan to have the United States and
| the east coast countries of South and
Central America guarantee AN issue of
| bonds for the development of fast
steamship service TO east coast countries
| was proposed by A. Barton Hepburn.
! chairman OF the board of directors of
/ the Chase National Bank of New York.
who is meeting with the Paraguay con-
| ference group.
| Hepburn Is Hopeful.
| Mr. Hepburn Is understood to have told
| the Paraguayan and other delegations
| from the east coast that II the latter
countries will join in such plan he is
| satisfied such a bond issue can be
| financed in the United States at low
| rate of interest.
Samuel Hale Pearson. head of the
Argentine delegation. has a proposal
for joint Pan-American shipping
| company under the auspices of gov
| ernments. ii is understood Whatever
the Argentine delegation decides to
present to the conference through the
medium of Mr.. Pearson will carry
great weight by reason of the very
| fact that he is a director in and other
wise connected with companies havins
total capital of 500, 600
One of the plans for an international
steamship line between South and Gem
tral American ports under the contro,
OF the Pan-American governments now
is being considered by the Brazilian
delegation. The plan is for the gov
eminent of Brazil TO form a combi-
nation with steamship companies OF
the United States which send their
ships to Brazilian ports in such man
ner as to subsidize the United States
steamship lines with Brazilian money.
Brazil has large merchant marine
of its own. but because of the dim
culties imposed upon commerce by the
| shipping accommodations for her
| products and exports.
One of the subjects which developed
discussion during the day was the
esta blishment of United States bank
by national banks in this country
which should act as the parent corpora
ton for number of branch banks in
South America. This idea was advanc-
ed some time ago by Vice President
John J. Arnold. of the First National
Bank of Chicago. and it has been rep
resented in some quarters as a scheme
for contrasting the South American field
with the National City Bank of New
York. which already has established
three branch banks on that continent.
There was disposition in many
quarters to discount the importance of
this suggestion and for various rea-
sons. Doubt was expressed as to its
practicability and it was pointed out in
addition that the Federal reserve act
would have to be amended in several
important provisions in order to legal
iZe such scheme. 1t was learned
authoritatively that the Federal Re-
serve Board has not given its approval
to Mr.. Arnold's suggestion 1t NAV be
stated. however. that the National City
Bank will not contest such a movement
should 1t find real support among the
bankers Of this country The idea is
supposed to have resulted from the
realization on the part of the banks of
the country that the operation Of
branch banks Is. very Improbable
and risky venture, to Judge by the ex-
perience of the National City Bank.
One Of the concrete accomplishments
OF the conference to make its appear
ance yesterday was the formulation of
a plan for the entire reorganization of
the finances of Uruguay. 1t is under
stood that definite announcement OF
the plan will be made before the con-
ference adjourns.
The committee on transportation met
for an hour yesterday. A definite pro-
posal for the handling of the transpor-
tation problems will be formulated and
will be transmitted to the full trans
portation committee when it recon-
venes tomorrow morning at 8 o'clock
in room 80 at the Shoreham,
Local business Of Panama suffers be-
cause OF the presence of a United States
commissary in connection with the
Panama Canal, and the commerce of the
republic is hurt by the different rules
established by the Panama Railroad Com.
pany. which Is owned by the United
states government. according to COM
plants voiced yesterday by the delegates
from Panama. who met In conference
with business zen and bankers of this
country. The commissary imports goods
without paying duties, it was declared.
and 10 able to eliminate competition of
the merchants Of Panama.
Urges Standard Measures,
The Uruguay delegation yesterday dwe,t
upon the necessity for q standard sys.
tenn Of weights and measures in interna-
tional trade. The members also had con.
siderable to say about the lack of cheap
cable facilities with tho United States.
The adhesion Of the United States to the
South American postal union was advo-
Gated. A committee was appointed to
consider the Uruguay proposal that the
monetary system Of the country be
changed to gold standard. The Uruguy-
ans are much interested in sfYecting an
exchange OF students Of higher business
acheols estvssn their country and the
UAafnA aEs&aa. 40 alas IL establish.