New-York tribune., 1918-12-07

foreign trade for young men and the
development of better relations with
South America.
Only Division On Railroads
Every resolution was passed unani-
rously ard without debate except that
affecting the railroads. Ralph s.
Il. wer department store man and
counsellor Of the Lynn. Mass, Chamber
OF commerce, opposed TIE resolution
as adopted: and spoke with rhctorlal
flourish about the needs Of the
"humblest citizen" When The vote
showed that only one other delegate
agreed with him, Mr.. Bower said: "The
American people still have to pass on
the question
The delegates voted to continue the
war service organization of the indus
tries during the reconstruction period
and to appoint u central executive com
mlttee which will be able to peak
with authority for 420 industries. This
VIII represent the first attempt of the
industries of the nation to unite for
concerted action in peace time.
10 enable the United States to take
us part as a foremost power in the
commercial and financial world, full v
equipped, Mr.. Warburg urged that the
capital Issues Committee and the War
flnance Corporation, which were Gre
ated as war bodies. be continued
Government responsibility and in
Huence in industry, the growth of
which has been accelerated and accentu-
ated by the war, will tend to elevate
business, but will at the same time pre-
sent the danger unless carefully safe
guarded in both form and scope. of
corrupting and debauching the govern
ment itse {. he added.
All To Be Partners
There is in this call no challenge to
England" he continued. "She will, I
am certain, retain her logical and &ra-
dltlonal position of a world Gentle of
commerce and finance If read Alright
the SIGNS Of the times, England and the
nited States, soon to be Joined bv
France, allies Of the past, will be part
ners rather than competitors in the
future partners not of a close cor
poratlon to the exclusion of others:
IL Will be a partnership wide open for
any respectable new associate wishing
to enter" g
Germany's place as an international
banker. Mr.. Warburg asserted, will
nave to be considered, hownvor. "as
vacated for some time to come"
United States as Financial Giant
NJ WdrUufG pictured the United
states as financial giant among the
nations, and New York as world ex-
change centre on par with London.
AS | look through the telescope into
the period following that of transition.
ne said. 81 see a United States to which,
the world at large will be heavily in.
debted, and to which annually hundred
OF millions of dollars will be due as
interest on loans extended. in addition
to the hundreds of millions due in paw
ment OF raw materials we shall be able
to spare for other countries
Il much misread the future if it does
not have in store for New York the DO
sltlon of a world exchanging centre.
vleng with London as a free gold and
discount market AS | see it. our
future economic position will be of
such strength that it will be difficult
Tor many countries to keep their ex-
changes at par with u.s."
One of the first measures to be made
necessary by postwar financial con-
dltlons, he declared, will be the extern
SION by American banks of their facili-
ties for granting foreign credits.
III can we'll foresee the time" he
said, when American dollar accept
ances will be outstanding to the extent
of more than $1,0O0.00O 600 in credits
granted all over the globe. This will.
OF course, necessitate continued lib
eral policy on the part of the Federal
Reserve Board"