The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-12-11
BEST BRAINS OF
BUSINESS WORLD
i BEING combined
New Foreign Trade Cor
poration Will Have Adj
vantage of Nations 8
Foremost Financiers
and Builders.

CHICAGO. Dec. f1.--wlth the OBJ
ject OF financing longtime foreign
loans 10 build up the export trade Of
tho United States. the Forolgn Trade
Financing corporation was launched
here today and q committee OF 30
WA named TO perfect the 0rRnniza-
tion Immediately. John McHunh.
vice president OF the Mechanics &
Metals National Bank OF New YORK,
was named TO head the committeo
and has consented to serve as per-
manent chairman OF the board OF a.
rectora.
Following addresses by leading
American bankers Industrial and ar
ricultural heads, n committee on plan
and scope this morning presented ltH
conclusions to the conference, which
was called by the American BankerH
association. The committee named a
permanent organization COMMITTEES OF
30 prominent business men. recon =
mendcd organization OF a corporatioN
capitalized at 100000 with
potential capacity OF one billion dol
lars and asked for an Immediate
100000 subscription 20 underWriiq
the corporation's organization nctivIN|
ties. The 100000 was subscrihof
within ten minutes. IL Is planned lb'
| perfect organization and have tie
I
/ 1, 1871.
I'm presenting any message from
\ the conference to the country, the
! first thing to be emphasized In thn
| fine spirit OF corporation and CO.
ordination manifested ON every side.r
Mr.. McIiugh told the Associated
Press, and the universal desire cx-|
pressed at the meeting TO take action.
which would result IN benefit to the
country. For the first time IN (h1|
history OF finance, commerce, indus
try and agriculture, REPRESENTATIVES,
OF all four gathered for a con1m0n
purpose, ana as II proved. 10 DEF
mite end. The proceedings were ab-
solutely open and infornial and tho
freest possible opportunity was Offer
ed for discussion.
1T Is this spirit Of real national
service for the public welfare that.
from the first, animated and char
acterized the proceedings and Il Is
In this spirit that the organization
committee takes up It's significnsitly'
important task.
'That committee will cndeavor in
the working out OF this great under
taking TO discharge Its duty with an
ever-lncreasing sense OF It's respgnaI-
bil,ties and the service Il can rcnder.''
The committee win meet later to-
day 70 begin work.
The resolutions OF the COMMITTEES
on plan and rcope declared that the
extension OF credit by the corporation
should be confined to countries whore
there is a staLie government, and
whero there Is an assurance OF M
tegrlty OF purpose, and the Operations
OF this corporation should be con
fined TO financing for the benefit ol
future foreign trade" III.
The conference unanlmoutn
adopted a report OF the COMMITTEES
on plan and scope. The board of a.
rectors OF the corporation win b
chosen az representative OF com
merce. finance, agriculture and IN
! dustry, with due regard to geograph
Q ical representation. Tho director
will nominate the principal executive
r officers.
Q The committee recommended rails
ing OF 100000 for underwriting pur
Q poses, the money to be returned later
J. The committee named 10 supcrvas
: the formation OF the corporation In
4 cludes:
I John McHugh. chairman OF thl
n committee on commerce and marin
= Of the American Bankers aseocin
y ton, chairmRn; Herbert Hoover
Paul Warburg and A. T. BedfQrd
Q New York; John s. Drum. san Frnn
\ cisco; James b. Forgitn, Thomas j
4 Wilson and Arthur Reynolds. all o
4 Chicago; II. o. Watts. 81. Louis;
: r. Howard, Clinton. Iowa: J. y, Cul
9 berson. Wichita Fails, Texas; Phil
stockton, Boston: Oscar Wells, Biz
mingham, Ala; Julius II. Barne'
a Duluth. Mimi; Roy u. Chaplin. ID
y troit; Peter w. Goebel. Kansas citi
Kan.