The Birmingham age-herald., 1915-05-02
GERMANY HAS NOT|
 PROTESTED AGAINST RIGHT OF THE U. s. TO' SELL WAR SUPPLIES.
BERNHARD BERNBURG
Noted German Appears Be fore Academy of Political and Social Science to Re flute observation-disclosures Speak

FhiiHoeIphia. May I-Dr bernnaru Dernburg, former colonial secretary of Germany, entered a protest at today 's session of tae American Academy of Political and Social Science against n declaration said to have been made at last nights meeting that Germany had protested against the right of tz<' United states to sell and distllb ,,rms to beIligercnt countries.
 Dr. Sternburg came here as a listener to the discussions on the effect of the Eu- ropean pageant on American industrial in- terests, but at the close of today's session many had only complained of inequality of treatment in that foodstuffs are shut out of Germany. whereas there is free transit of arms to Great Britain.
 A paper prepared by James A. Farrell, president of the United States Steel cor poration, was read in which MT. Farrell wrote that the investment of capital in Central and South American republics is necessary to increase the export trade lines of this country. He warned against
 
 commerce.
 Frank A. Vanderlip, president of the National City bank. New York. in address ing the session declared the United States had not yet felt the full financial ef- feet of the European war He said the Initiation of note issue and the imitation of credit in the European countries at war had acted as a cushion against the shock. He thought the effect on the field situation would eventually be felt more seriously than it is al present.
 The present easy money situation in the United States. according to T. w. Lamont of the Morgan banking firm of New York, was not due to excessive in flation in Europe. Mr. Lamont speaking of the future of finance after the war, said:
 We shall see the spectacle of the busi- ness men of all nations paying to one another their just debts. We shall see the German merchant keeping his word sacred to the English and the French to the Turk. We shall see finance standing ready to develop new enterprises, to find money to till new fields. to help rebuild a broken and wreck k-strewn world
 Time Only Can Tell
 MT. Lamont said that only time could tell whether New York would supercede London as the worlds money center.
  said. it would probably be many years before America could become the financial center. To become so, he added, the Uni ted States must build up new markets
 The effect of the war on financial con- ditons was discussed in many phases. Dr. Joseph French Johnson of New York university said he believed the United States will have to furnish money and foodstuffs after the war to help Europe make a quick recovery. Dr. Edwin $. Mead of the University of Pennsylvania. did not expect a great inflow of imml- grants after the war as the ablebodled men would be needed at home. The meeting closed tonight with dis cusson of Americas possible contribu- ton to a constructive peace. A paper by G. Loves Dickinson of Kings college, Eng land, was read in which he suggested that peace be established through the in- tervention of President Wilson. A Dr. Luis r.. Corea, former minister Of Nicaragua to the United States, declared that if the United States were to be in volved in a foreign war. it would not oe alone in the singular, for the Latin-Amer- ican republics would, in his opinion, demonstrate that the territory of this continent cannot be attacked with inn punity'' in the plural.
 'These republics he said. would man. Hest in no uncertain fashion their inter- pretation of the Monroe doctrine. Other speakers included Dr. E. F. Pratt, chief of the bureau of foreign and domes- tic commerce. who said the time is ripe for American manufacturers to extend their trade in South America and w. F. c. Harding, member of the federal reserve board
 (Mr Harding's address will be found Tn full elsewhere in the columns of The Age Herald).