The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-26
BUSINESS COURT
FOR PAN-AMERICA

SUITS can De accomplished ana Inc oe9S
market secured.
with countries still in course Of de-
velopment and dependent on foreign
financial assistance the investor seems
to feel that he has the right 70 expect
that some definite security be given"
The speech Of Paul n. warburg on
the lessons OF the European war and
the steps which should be taken to
realize the opportunities for the financial
independence of the Western Hemis-
phsrs 10 regarded as one OF the utmost
Importance.
He dweit especially on the develop
ment of the use of American accept
ances or dollar exchanges u TOY au-
thorized by the Federal reserve act AZ
a means Of establishing the financial
independence Of this country and those
who depend largely upon Us for credit.
Importsnt Announcement.
Mr.. warburg made the important an
nouncement for the reserve board that
the law as It has been construed au-
thorizes reserve banks to issue accept
ances on exports and imports between
two foreign countries as well as etwee
the United States md a foreign coun-
try.
Gov. Hamlin OF the reserve board de-
clared that the United States never be-
fore has been In such a position as Il
now occupies to extend Its trade BY
granting credit to those nations who
wish to be its customers.
He declared that the great powers
vested in the Federal Reserve Board
will be used in such a manner as 10
encourage and assist In every way the
growth of trade between the United
States and Latin American countries.
Thu dn IVA sAaAtAr nT tho NnnfAranNA
was not without its fireworks. DR.. Tri-
ana Of Colombia delivered an impas-
stoned speech In which he declared that
Americans must be PREPARED to main
tain the i~nviolabiiity Of this continent
more vigorously.
America for Americas.
The speaker drew Q picture Of m at
tempt on the part Of some monarchy In
The Eastern Hemisphere to seize terri
tory In the Americas and no pleaded
with his colleagues to preserve Amer
lea for the Americans" n to resent
any attempt at invasion
After declaring the willingness Of his
country to let bygones be bygones-sup-
posed to be a reference to the contro-
versies between the United States and
Colombia-Dr. Triana said:
Let US a X the shadow OF distrust
away. Let the nations Of this continent
consider that every mans home II
sacred and every mans country Ia
sacred and that the borders OF the re-
spective nations shall be considered as
sacred and never be conquered by force
Of arms"
This speech was greeted by the live
Hest outburst of applause hat has yet
occurred at the conference.
A. Barton Hepburn OF New York, who
followed DR.. Triana. said
II would like to express my graft
tude for the privilege Of listening to
Senior Triana. His speech was able and
eloquent throughout. but to hear n man
from another one OF the Americas de-
clarinE the Monroe Doctrine, amplified
and enlarged. to mean America for
Americans. Ia very delightful and graft
flying indeed.
1T means hands Off to the rest OF
the world. so far as the establishment
Of any form OF government here Ia con
cerned. 1t meant the getting together
Of our own people along one line OF
cleavage. with common sympathy ana
with common purpose"
Summary Of Conferences.
A summary OF what took place at the
group conferences during the afternoon
was given out by the press bureau OF
the Pan-American conference tonight.
According to this summary the delegates
from Honduras tool up the need for
shaking OF English control of their rail-
roads.
Cuba and Salvador discussed the posi-
sib'lity OF reciprocity treaties with the
United States. The Salvador delegates
asked for the establishment Of a branch
bank with a capital OF SOC o 900 and
recommended improvements in the bust
ness customs of the American exporters.
The Bolivian delegation described the
opportunities for foreign investment In
Bolivia. now that European capital is
cut OFT by the war.
Nicaraguan delegates declared that II
American firms desire to increase their
trade they must grant the same long
terms that European exporters have
granted In the past.
Al the ~Paraguayan conference II was
declared to he Indispensable that Para
quay obtain a loan for the purpose OF
establishing a sound monetary system.
Peru asked for a branch bank.
The conference to-day sent a telegram
Of congratulations TO the President Of
Argentina ON the celebration OF the l05th
anniversary of Argentine independence.
In the afternoon the delegates were
entertained at tea by the Federal Re-
serve Board and tonight they attended
a reception at the Argentine Embassy
In celebration OF the anniversary Of Ar
gentine independence