The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-30
FOREIGN TRADE
WILL Be AIDED
BY VALLEY BANK
Organization of Mississippi
Valley Association Will Be
Great Factor in Develop
ment of South's Resources.

The organization of the Mississippi
Valley association, along the lines laid
dow at the preliminary meeting held
early in the year in New Orleans, and
at the convention held early in April
in Chicago, probably will prove the
most important step taken within the
past 30 years In the development of the
resources Of the Central Mississippi val
ley, In the opinion of Hugh Humphreys,
who attended both meetings.
Inc association, when its plans are
perfected, will become the agency for
carrying out the foreign trade and
transportation ideas advocated by the
Chamber OF Commerce of the United
states, as outlined at the sessions oil
that body now in session in st. Louis.
The plans which are now being
worked out by committees appointed al
Chicago, include besides the broad
work Of the association itself, the or
ganization of a great central bank, tc
be known as the Mississippi VALLEY
bank, which will have an ample capita
to be a factor in the trade with South
and Central America and other roreigr
countries. 1t is planned that the banl
shall not accept deposits, but it is tC
deal in foreign exchange, trade accept.
ances and discounts, and to establish
branches in many foreign countries.
Bank Without Deposits.
THE plan under which the bank will
operate" said Mr.. Humphreys Wednes,
day, lis different from that Of othe,
banks which have established branche.
In foreign countries. The branch bank,
of the Mississippi Valley bank will MOI
solicit deposits or local business in thu
countries in which they are established
They will have boards OF advisers from
among the bankers and business men ii
each foreign city in which they operate
This should secure the cooperation o
the banking and commercial interest!
OF those countries as nothing els,
would.
THE stock in the Mississippi Vale,
bank will probably be taken largely b,
bankers Of the central valley, but mer
chants n others will also be inter
ested n VIII nave some representation
probably on Its directorate.
1.-THE vast territory included In tn,
scope Of the Mississippi Valley associa
ton, extends from the Rockies to tn
Alleghanies, and from the lakes to tn
gulf, Probably in that territory rs pc
cent of the wealth OF the United State
is produced, and the association will
through its proposed foreign trade rela
lions enable exporters to secure in
formation and to make connection
which will be of the utmost value {
the exporting interests,
Foreign Doors Open.
II have just learned that an invita-
ton from President Carranza, OF Mex
leo, has been received by the officer
Of the association to send a delegatio
from the association to investigat
trade relations with his country.
"An invitation has also been receive
from China asking for a delegation I
be sent to investigate business condi
tions and the foreign trade outloo
there. Several delegations are to b
sent TO Central and South America
countries"
Mr.. Humphreys is one of the vice
presidents of the a~aaociatton. TIL
directors were chosen from every stat
in the central valley, and include be
sides bankers and men in commerce.
life representatives OF organized labt
and of agriculture.
II. II. Merritt, a Chicago banker,
president Of the association and Waite
Parker, of New Orleans, secretary.
While the association is intereste
In the opening OF through river trait
and Improvement Of the Mississipl
river from a transportation standpoin
the Chicago convention took no specl;
action regarding the future Of the rive
which Is being looked after by 9th,
organizations. 1t will do specific worl
however, toward having more recogn
ton given the great Southern por
both by the government and by a
other TRANSPORTATION agencies,