The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-03-08
McAdoo Calls Upon Interests
Responsible For Measure s
Defeat For RIeief
f an-American Bank
Conference Called
President Wilson Fixes May 10
AS Date For Bringing Bus
mess interests OF | he Amer
icas together

Washington. March 1.--President
Wilson today fixed May 10 as the date
for the Paa-American financial con-
ence for which an appropriation was
made al the last session of Congress.
The conference will be held at Wash
ington, and Is designed to furnish an
opportunity tor a full interchange of
ideas between American bankers and
officials and financial and diplomatic
representatives of the Central and
South American republics with re-
gard to the promotion of better trade
relations between those countries and
the United States.
Secretary McAdoo. in a statement
issued today, said that the President
will extend invitations to the govern
ments OF all the countries in this
TO send representatives In
this statement the secretary calls upon
the interests responsible for the de-
feat OF the ship purchase bill to ac-
cept responsibility and provide ade-
quate transportation facilities for the
South American I<atin-American
trade The secretary in his state
ment sad:
I'm the closing days Of the last ses-
sion, Congress granted authority To
the President to invite the govern =
ments of Central and South America
TO send their ministers of finance ana
leading bankers to a conference with
the secretary OF the treasury with a
view of ests hlishing closer and more
sattssa Glory financial relations be-
tween their countries and the United
States.
Washington was deemed the most
appropriate and convenient place for
thee difference. The representa- tives
g. tnfa puytH N la
here, be the guests of the nation. An
appropriation Of $50, GOO. has been
made by Congress for their entertain
ment.
Invite American Bankers.
The secretary of he treasury Is
given authority TO invite In his dis
erection representative American bank
ers TO participate In the conference,
This discretion will be exercised SO az
to secure the attendance of as largs
"A number as practicable OF our repre-
sentative finAnciers. In order that
thoroug.i and comprehensive discus
sion may be had of existing financial
conditions throughout the western
hemisphere, and of the measures thai
should be adopted to strength imam
ciai and trade relations between tins
United States and our Central and
program will be carefully studied, and
announced in due time.
The commercial relations between
the United States and South and Cen
trail America will also be considered
al an essential part of the financial
discussion. The Secretary Of Commerce
will be asked to attend the conference
and also the members Of the Federal
Reserve Board, 1t goes without say
ing that the Secretary OF state ano
all other members of the cabinet will
be asked to participate in the deiibera-
tions. A similar invitation will b
extended to the diplomatic representa-
tives of the various Central and South
American countries accredited to Wash
ington. and to Mr.. John Barrett. d.
rector of the Pan-American Union.
Failure Of sAtppinx Bill.
THE only disappointment in con
pcction with this conference arises ou'
Of the failure of the shipping bill. a
measure which had particularly in view
the establishment of suitable steam
ship facilities to leading South Amer
lean countries. This was especially
disa ppointing in view of the fact tha
the bill would have passed IL roi
call could have had In the Senate
Our merchants and manufacturers have
In most extraordinary opportunity fo'
the sale Of their surplus products and
the enlargement OF their trade with
Central and South America. but they
cannot take advantage of II In full
measure unless they have adequate and
reliable sea transportation lines with
reasonable rates Of freight to Central
and South American ports.
The shipping bill would have as
sured the prompt establishment oil
these sea transportation lines, and oul
business men would have been put
upon an equality with. any probably
given an advantage over. their Euro
pean commercial rivals. This measure
was conceived In the interest Of Amer
Iican trade and industry. and for the