Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-12-14
GIANT CORPORATION
INSURES FUTURE Of
! j. s. EXPORT TRADE
s1oo,ooo,ooo Organization
Formed to Extend Long
Time Credits to Foreign
Nations


ture of American export trade is
assured.
This view was shared tonight by
Six hundred of the financiers, in
dustrial chieftains and agricultural
leaders of the United States who
brought into being a S100,000,00C
corporation which will extend long
time credits to foreign countries
staggering under the burden OF
paralyzed industrialism and help
less to buy needed raw materials in
America, because of unfavorable ex-
change rates.
The formation of this corpora
tion, the Foreign Trade Financing
corporation, authorized under the
Edge act, was accomplished when
leading bankers, meeting here, de-
cided that unless some such acton
was taken, not only Europe would
face possible bankruptcy, but that
American domestic trade would suf-
fer and a period of severe indus
trial depression would be seen in
the immediate future.
TO Offer Stock
Resolutions calling for the imme-
date formation of this corporation
were unanimously adopted.
A committee of thirty banking,
business and farm leaders was
named as a permanent committee on
organization. This committee went
Ito work at once to float the cor
poration. A 100000 subscription to
Of
snapped up by bankers and business
men in five minutes.
Within a few weeks at the out
side, stock of this corporation will
be offered to the public, it was
stated. The entire sum could be
underwritten by great financial in
terests they believed. The confer
ence took the stand that industry,
labor and the public should be
asked to purchase the stock to make
the corporation an all-American
project.
To Extend Long Credits
The corporation will extend long
time credits, not only to allied pow
ers, but to all countries of stable
soon as peace is declared, it was
asserted by the leading speakers
AS the Edge act provides that
this. corporation can commence as
soon as Is per cent of the capital
I. under way can commerce as soon
as S25,000,000 is subscribed.
:, With the privilege of doing bill
lton-dollar business, ten times the
Edge act. this will be the greatest
financial corporation in the country
IL worked out as planned.
Formed in "the Open
that it Was forR@ 0a 1 t fee op fac
without any inside group" with
out founders, stock or bonus shares.
They declare that it is the first
e slme In history that
public conference and that its under
writing is to be done without any
discount commissions or, private
profits.
cepted the. chairmanship of the
hoard of directors only on the STU
ulation that no compensa ton be
attached to the position.
Representatives of great middle
western manufacturers pledged to
underwrite and to buy great blocks.
Edward N. Hurley, on behalf of the
Illinois Manufacturers association,
p>edged 100000.
Founders Jubi1ant
Union labor will be asked to sub
scribe largely, as the founders feel
that the working man will share in
the benefits.
Ali parties to formation of the
corporation were jubilant in .ex-
pressing their qualification over the
rapid manner in which the project
vas brought about.
This is the most momentous and
most progressive step ever taken by
American business men to insure the
future of our industrial life" said
Charles H. Sabin, president of the
Guaranty Trust Company of New
York. I'VE are going to be depend
ept in the future on our foreign mar
kets and the organization of this cor
poTation should place us in a posi-
ton to take our proper position in
world trade"
"Excsllent Start"
sit is an excellent start" said John
II. Fahey, Boston, chairman of the
committee that formed the permanent
organization. with Il powerful COM
mittee in charge, success is now pos
sible. 1t is no cure-al, but this
CORPORATION is a wonderful inStru-
mentality and should have nation
wide support"
.It is a remarkable achievement"
Mr.. John McHugh, who is to be
chairman of the board of directors,
said. ut is the nrSt time IndL IL
nance, business and the farmers have
pulled together for common end In
the interests of the country's well
fare. 1t is the Endorsement of a
= project to stabilize American foreign
trade and at the same time assist
the markets of the world urgently in
need of goods"
TT is the greatest step ever TAX
en- to put America where she be
Iongs-in the van of world trade, "
said William C. Redfield, former sec
rotary of commerce. Il wish 1t had
been done fifty years ago"
For America
ssThe fact that this corporation
was formed in the open without any
inside group, founders stock or any
of the other corporation methods
gives the new corporation moral
start of the highest kind" said Will
lis H. Booth, New York, chairman
of the conference.
"It is as unusual as it is inspir--
ing. 1t Is formed for America AND
America will get the profits"
When the stock is placed on the
market it probably will be issued at
S1O5 a share, it was declared. as the
committee on organization took ur
its work OF this 500 Will be CAPT
tai and SIS surplus.
Horses, Cows and Bulls