New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-27
A. Barton Hepburn Pro-
poses Bond Issue by
Governments.
VANDERBILT TELLS
OF BRANCH BANKS
Development Handicapped by
Difficulty of Getting Com
petent Men.

IS a-hliG' on, May -. nat no pr
yatc capital Will be invested in any
big shipping venture which does not
have substantial government aid wa
the opinion freely expressed by several
o. tlr American delegates 20 the Pan
American Fiaaucial Conference her,
to-day. following the meeting of the
committee on transportation and its
Adjournment after a bricf discussion
and the appointment Of suD-commlt-
tee.
The old proposition Of the Boston
Chamber Of Commerce that the gov
eminent should guarantee the interest
and principal of bonds for Il big steam
ship corporation. instead of outright
government ownership, has beer rc-
yived. 1t is said. by President Fahey
OF the United States Chamber OF
Commerce and others who are attend
inC the conference.
One of the propositions mentioned,
growing out Of the suggestion Of sam
mel II. Pearson. delegate from Ar
Cen'iua, was a gigantic shipping COM
binatiOu with a capital OF hundreds Of
millions. In which all the governments
of South and Central America as well
as the United States would have a
snare Of control.
A. Barton Hepburn. chairman OF the
board Of directors of the Chase Ma
tional Bank Of New York, at the Para
quay group conference, proposed that
the United States and the east coast
countries Of South and Central Amer
lea guarantee an issue Of bonds for
the development OF a fast steamship
service between the respective coun-
tries.
Mr.. HEPBURN told the Paraguayan
and other delegations that II then
countries would Join in he was salts
fed such a bond issue could be
financed in the United States At low
rate Of interest without difficulty.
Another plan for an international
steamship line which Brazilian dele
gates are discussing IS for the govern
ment Of Brazil 10 subsIdZe American
steamship companies and thus secure
the establishment OF direct lines with
Brazilian ports.
Frank A. Vanderlip. president Of the
National City Bank of New York; Johr
II. Fahev, president of the Chamber OF
Commerce OF the United states. anc
Richard {. Aldao, of the Argentln;
delegation. were appointed "A specia
committee TO arrange for the establish
ment of a system Of international ar
bitration Of commercial disputes be
tween merchants Of the United States
and those Of South American countries
What probably will result is that the
Chamber of Commerce of the United
States will get into communication
with the Chamber of Commerce o.
Bueuos Ayres. and the arbitration vii
take place between the two. This .
one Of the first definite results of thu
conference so far. II II succeeds 1t i
proposed to extend il to include cham
beers Of commerce through all Soutl
America.
The group conference on Argentina
I decided that il would facilitate anC
assist IN developing sales Of American
manufactured goods in Argentina d
American manufacturers would estab
F. Hsh ADEQUATE wholesale or jObbinl
houses or proper exhibition and show
rooms in which the manufactured
goods could be shown 20 prospective
users, and from which quick deliveries
could be made"
The group also decided that "to ia
cilitatc and expedite the distribution
of their goods. American manufactur
ers should have legal authority TO co
operate IN export business, either b.
Joint selling arrangements or subscrlb
iug TO securities Of wholesale or Job
hing companies which might establish
and operate adequate warehouses ant
ehowrooms or in such other practlca
commercial cooperative effort a
might be effective in developing eXpor
trade
The story Of how the National Git
Bank OF New York is looking into tn
future of South America and Is laylnl
the groundwork for its organization
there. was told to-day By Mr.. Wander
lip.
I'VE are making a beginning IN tn
countries TO the south of US said Nh
Nanderlip, Through our foreign de
partment. which already has nv
branch Offices in operation. We main
tain our own consular CORDS the per
sonnet OF which is scattered Throughout
the principal countries and which re
ports commercial conditions thorough
is. This organization is constantly be
ing added to. but We are handicappe
To a great extent by lack of the prope
Kind Of young men 10 take up thl
work. We have found that u Is diff
cult 20 get the right type of youn
American men who are willing to prac
tically expatriate themselves and 20 T.
the Latin-American countries for in
definite periods, and, of course. TO rem
der the service this is what must b
done"
There was discussion to-day anon
delegates ana representatives, Of tn
United States IS to the feasibility o
incorporating q bank under the Fed
oral Reserve law in which nationa
banks should be stockholders and whIcI
would be able TO establish branches IL
Central and South American countrie.
The discussion TO-DAY is not expecte
20 develop any concrete plan at pres