New-York tribune., 1915-03-08
TO SEEK MEANS
FOR NEW TRADE
BELOW ISTHMUS
Financial Conference with
Latin America Set
for May 10.
LEADING BANKERS
WILL TAKE PART
In Announcing Date Mr.. McAdoo
Deplores Failure of Ship
Purchase Bill.
lrrom N. Tribune Rurosu. I

From The Tribune Bureau J.
Washington, March THE Presi-
dent, according TO an announcement
made by the Secretary Of the Treasury,
has selected May 10 as the date for the
Pan-American financial conference sug-
gested by Mr.. McAdoo several months
ago. The conference will be held in
Washington and will pe made up Of
the Ministers OF Finance of the South
and Central American republics and
leading bankers of those countries and
of the United States. Its purpose will
be TO discuss financial conditions in
the Western Hemisphere and measures
TO strengthen the financial and trade
relations Of the United States with
Latin-AmerIca.
Secretary McAdoo suggested to-day
the possibility Of the establishment by
the Federal Reserve banks Of branches
in foreign countries as authorized by
the Federal Reserve act. This and
other methods of extending the opera
tions Of American bankers TO South
American countries will be discussed
AZ the conference.
Expecting q great improvement IN
trade with South and Central America,
Secretary McAdoo deplored the defeat
Of the ship purchase bill and asserted
that trade was being hampered for lack
of ships to carry the products or the
United States.
To Study Commercial Relations.
"The commercial relations between
the United States and Central and
ho
essential part of the financial discus,
sion." Mr.. McAdoO said. The Secre-
,n1x o. Commerce will be asked to at
tend the conference and also the mem
bers of the Federal Reserve Board. 1t
goes without saying that the Secre-
cary OF State and all other members Of
the Cabinet will be asked to participate
4 the deliberations. A similar invi-
tation will be extended 10 the dlplo-
matte representatives OF the various
Central and South American countries
accredited to Washington, and to John
Barrett, Director Of the Pan-American
Union.
"The only disappointment in connec-
ton with this conference arises out Of
the failure of the shipping bill, a
measure which had particularly in
7icw the establishment OF suitable
steamship facilities to leading South
American countries. This is especially
disappointing in view of the fact that
the bill would have passed if q roll
call could have been had in the Sen
ate Our merchants and manufacturers
have most extraordinary opportunity
for the sale of their surplus products
and the enlargement of their trade with
Central America and South America
but they cannot take advantage OF II IN
fY.l1 mi lga qdpnM1fp
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 Of
these sea transportation lines and our
business men would have been put
upon an equality with, and grobably
given an advantage over, their Euro
pean commercial rivals. This meas
ure was conceived in the interest Of
American trade and industry, and for
the advantage of our business men
and producers.
The full benefit Of the forthcoming
financial conference cannot be real
lied until the necessary ocean trans
portation facilities are provided, but
the conference will do a vast amount
of good, anyway, and will doubtless
demonstrate more clearly than ever
the necessity for the creation OF q
merchant marine under the American
flag.
Extension of Banking Facilities.
zone Of the things which the Fed
eral Reserve act seeks TO accompl sh
is the extension Of American bank
ing facilities to foreign countries. Not
only are national banks authorized by
that act, to open branches in other
countries, but the Federal Reserve
banks themselves are permitted to es-
tablish agencies outside of the United
States. At the coming financial con
ference these features will be dis
cussed and an effort will be made 10
discover the best means Of enabling
our bankers to extend their operations
in Central and South American coun-
tries.
at is significant fact that our eX-
ports 70 South America reached the
lowest point for the year 1914 in the
months of October. November and De-
cember. when they were redrced 10 less
than half of those for the same months
of 1918. This decline in great measure
is due to the scarcity Of ships and the
cxorbitant rates Of freight now being
charged. This happened in the face OF
an increased demand for coal and other
American products from Central and
South American countries.
at is Of the utmost Importance,
therefore. that the efforts Of the gov
ernment 10 assist having been defeated,
those who opposed it should act at once
and upon an adequate scale TO provide
shipping facilities to South America,
i'm order that the present restrictions
upon our trade may be removed and
full opportunity given for its expan-
sion. The financial conference ought
10 have a stimulating effect upon the
situation in every direction
"Here is the immediate opportunity
for private capital to demonstrate its
ability to serve the country in this
great matter"
POSES AS HUSBAND;