The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-25
BEDFORD SEES
BIG CHANGES IN
POLICIES OF U. S.
Trade Conference Proposals,
If Carried Out, to Affect
Old Traditions.
MUST FINANCE EUROPE
Delegates Unanimous in Urg-
ing Passage of Edge Bill
for Loan Corporation.
By o star Correspondent. OF Tn. Sun.

ATLANTIC CITY, Oct. 24.--The dec
sions taken at the close OF the session
Of the International Trade Conferenc
here tonight, as summed up by Al
fred C. Bedford, chairman Of the exec
utive committee, are already bein
commented upon as having an effec
reaching far into every phase Q
American life, first of all into policie,
The men who nave attended the con
ference believe that the best minds O
Europe and America have been set t
work along definite lines to bring tn
world back to peace basis of bust
ness and prosperity.
How widely these lines diverge from
The traditional policies of American
7iness may be gagged by Mr.. Bed
W summary Of the steps here de
Aorus upon by representatives o.
terminee ,portant banking and bust.
INC inoe' Ma. from all parts Of the
ness interests
country. nc,nr nil q, En-.
They involve: FinA ,g,um and the
rope except England. be- -timstsd No
Central Powers TO a sum O. % ., ,d.
upward of five billions of dollar owed
dition to the ten billions already
IN war loans here.
Creation Of an international trade Or
ganization and Business League Of Ma
tons like tho labor body set up in
the peace treaty.
Creation OF a system of corporations
In the United States through which these
new securities may be sold to the sort Of
small investor whose purchases made
possible the Liberty bonds.
The first step to be taken In the
United States Is to secure the passage of
the Edge bill. which authorizes such cor
I porations under Government super
vision.
The second step will have to be the
revamping of the tariff and the creation
here of a market OF hitherto undreamed
OF proportions for European goods.
May Change G. o. p. Policy.
The .clinching of these things as the
| programme of the type of men repre-
scented by Mr.. Bedford. chairman of the
board of the Standard Oil of Dwight
| Morrow of ]. P. Morgan & Co. and of
their business and banking prototypes
| IrOul iii over tne country, a cross sec
| ton of our whole financial and CONNER
cial life," Mr.. Bedford called them, has
accentuated the gossip which commenced
| when Mr.. Morrow Endorsed the low tariff
| policy, enunciated first by Secretary
Redfeld OF the Wilson Administration.
Not among these men. despite the
programme, Is there any fondness for
the Wilson Administration. Nearly all
of them are predicting, however that
this CnnfaranHa will frsf Of nj in
revolutionary change in the policies
and doctrines of the Republican party.
with whom so many of them are init
mately and powerfully associated.
Tomorrow the foreign delegates to
the conference will go to Philadelphia
Thence they will proceed to Washing
ton, attended by many of their i'm
/ portant hosts. While 1t could not be
learned here tonight what arrangements
had been made for the presentation O.
the delegates and the ideas of the con-
| ference to Congress- and other sources of
| political power in the capital one OF
4 the resolutions adopted to loud applause
4 this afternoon demands quick action on
the Edge bill. authorizing the creation
4 Of foreign loan corporations in the
United States.
1t is understood that the conference
will avail itself of every opportunity in
I washington 10 present arguments Tor
the passage Of this bill. Some of the
delegates here tonight were willing to
predict that such an action might have
an immediate effect on the Senate for
Instance. In the course of the fight over
the things involved in the peace treaty
and directly analogous to the things the
conference has put at stake here.
And when the conference Is through
In Washington It will spend three weeks
falling its Mr.
4 gtrenuously that II be told in a dozen of
the biggest business centres OF the Mid
die West, New York and New England
Including Pittsburg. Cincinnati. St
Louis. Kansas City. Chicago. Mime
kpolis, st. Paul. Detroit, Buffalo, Roches-
/ ter and Boston.
Bedford Sees Opportunity.
In his closing address this afternoon
hdr. Bedford stressed the fact that the
basis of all credit Is not cash but char
4 ecter, and he declared that the delegates
bad proved to the convention what those
Jvho had seen them at war already
| knew, that the character of the Euro
bean nations seeking to become our
debtors Is sound.
Europe" he said. has not come to
hs as a suppl!ant. but has come to US
II Offering America the most brilliant op-
portunity In history. and that Europe
Will arise from the war a greater Eurcpe
hnd stronger Europe than ever before
no man who has heard what has been
/ tAid here this week can question for a
moment The problem which faces
Il America is whether we shall avail our
belves OF the opportunity Europe offers
70 contribute not only TO the welfare OF
/ Europe but TO the prosperity and hap
j piness OF the United States for all time
Il 10 come"
Mr.. Bedford then summed up the re-
4 suits of the conference. He said: 1--WE
have, first, laid here the foundations for
the establishment OF a permanent inter-
national commercial organization and
1 permanent medium through which the
business men Of the countries gathered
here may exchange information and ad-
| vice, may communicate their views on
problems OF mutual concern and may
cooperate in promoting intelligent and
proadminded commercial DEVELOPMENTS
In behalf OF the prosperity of the whole
world. This Is a great achievement and
one or the foundations of which we shall
nope TO build great structure OF inter
national good will
Second, We have greatly clarified the
problem OF international credit and
methods by which the people OF the
United states may cooperate with those
IN Europe In Fastening the reconstryc-
tion OF the world. II hos been ,nado
clear that II future credits of a l.roa
scale are to be extended 10 EIrona ~,
must be, not through government 49,.
ON private lnitiative and yet ali such