Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-05-02
CHANCE TO EXPAND
/, AMERICAN TRADE
Opportunity in Coming Confer
ence With South American
FinanCiers.
WILL SHOW CONDITIONS
IN SISTER REPUBLICS
Stock Market Indicates Readjust-
ments to Higher Levels-Steel
Dealings Disappointing.


tho greatest opportunities that has
ever been presented to American bust
ness men to become familiar with the
financial resources and the commercial
necessities of the great sister repuh-
lies of South America will be afforded
when the Pan-American financial con-
ference convenes in Washington the
eath of this month. While a great
amount of publicity has been given to
she preparations for this unique inter-
national gathering. 1t is doubtful if it's
significance has Yet been appreciated
by the financial and commercial inter-
ests of the United States In fact,
though the call for the conference goes
out from the office of the United States
Treasury Department, and though
there has been a gratifying response
from American banking leaders, it is
significant that the South American
and Central American nations have
showed greater enthusiasm and have
entered into the spirit of the confer
ence with zeal born of great expec-
fancy for the results to be obtained for
their respective countries.
We have. heretofore. been under the
impression that South America has
been so closely welded to Europe in
the matter of commercial supplies that
a rigid system of cut-throat compete
tlon would need to be lnaugurated be-
fore We could hope to gain any consid-
cradle portion of this important trade
We were supposed to be required to
overcome the prejudices against and
break down the opposition to. Amer
1can-made goods fostered by many
years of CLOSED markets to any but
European commodities.
Ready for Cooperation.
On the contrary. we find among the
representatives of the South American
countries a great desire to come into
closer personal contact with the bank
ing and commercial leaders of this ma
ton They have admired the wonder
full ability displayed by our bankers in
handling the very intricate problems
growing out of the outbreak of the
european conflagration last August.
ihey nave marveled at the ease with
Wnich our commercial and industrial
leaders have been able to produce MANY
commodities for which thew had here
tofore been dependent upon Euronean
manufactures. They see in this conn
r rrS an unusual opportunity for the de-
which will be most unlikely to he ins
'eFfupted by war with any hostile
bower They are our friends. orr
neie nors, our relations. and will open
up ,helr markets to US in preference TO
the European countries SO long az We
can furnish what they need. Their dis
tinguished representatives will soon r.
among US: let US bid them a royal wei
Though no definite program bas ys+
oeeh announced. it Is probable that the
discussion will run along the follow
ing iInes: The proper place of the Pana-
ma canal in relation to commerce. he
tween North and South America. the
development of an adequate merchant
marine: the establishment of Ameri-
can branch banks and commercial
ssd ,.ie IN south and Central America,
ana vice versa. 1t Is to be noted that
many OF the delegates who will come
from South America are men Of ma
.ionai and even International reputa-
uoh. and are clothed with important
powers by their respective govern.
ments, SO that when the conference ia
concluded and these representatives re-
TURN nome what has been done in
Vas ashinston viii bear fruit in legisla-
ron. 1t is the belief of some Of the
delegates that, with the banking ar
ransements and shipping facilities pro-
vided for. the credit situation will take
ca!e OF itseir From what has been
said 1t Will be obvious that the coming
conference will have a more or less
oncial character, and that the purpose
OF the convention will be to accom-
piish what might be called a practical
pah-Amerlcan financial and business
arrangement to be put In effect at the
earliest possible moment
Stock Market Indications.
The stock market indicates a read
Justment. In accordance with the high
or level OF prices and a Considerable
chanse IN ownership. In some stocks
which have advanced very RAPIDLY
tnere Is considerable realizing Other
stocks in which speculative transac-
tons have not been SO large show con
tinued frmness. with an Indication Of
higher prices later on There is a
large speculative contingent still hop
ing for an important reaction which
may permit participation in an ad-
vance In due time. The recent advance
was go rapid that many failed utterly
10 gain any advantage from it, The
most prominent feature In the marker
at present is probably the fact that
notwithstanding the great activity of
recent weeks and the unusual advance
IN prices and sales from Europe Of
more or less Importance the money
market has not been affected In the
slightest degree
The accumulation of idle funds is as
large as It has been at any time since
mo accumulation commenced. and as
We are about to enter upon the sum-
mer months 1t seems likely that this
surplus of funds will become even
much larger than 1t is at present This
being the case it would be dfffculf to
hnd any strong reasons for any i'm
portant decline in prices There is no
doubt that considerable stock. esne
clAiiy tnat carried on margin during
the recent period of depression. has
been sold, that the relief long sought
might be obtained But, on the other
hand, stock is being constantly bought
and retired from the market, and II In
an unusual fact that after a period OF
such great activity and after such an
important advance IN prices there has
been no great accumulation of stocks
in brokers' offices in Wall street At
tention Is called to the very large
business that is being transacted
daily in fractional lots representing
less than 100 shares. These fractional
lots are bought and sold on margin.
out not TO the same extent as hundred
share lots They are often paid for in
full and very frequently taken from
the market as permanent investments
Reflects Passing Shadows.
Wall street reflects every shadow
which moves across its path At the
present moment some attention is given
10 what is alleged as the unfriendly
attitude Of the warning nations TO the
United States. and this refers especially
10 Germany. There is no difference of
opinion between this country and for
eign nations which goes SO deep as to
represent principle. Those nations
constantly realize that this country is
gaining large profits by reason of the
war between foreign nations, but they
must realize also that everything is
being done in accordance with inter-
national law. And while they may be
Ions NJ orr 1uporfupifieS and Of our