New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-28

numerous political and social ramifica
tons are Of deep significance to our
people and to the whole world In
matter of such tremendous scope it
does not appear to us sound policy to
proceed on an extensive scale until
definite governmental sanction and CO.
operation is assured, and this commit
tee believes 1t would be impossible to
stimulate popular support for foreign
financing until such official sanction and
cooperation is afforded"
A telegram from Pinehurst. where the
American Bankers Association is in
session, brought the delegates the as
surance that bankers throughout the
country are in favor of the establish
ment OF financing corpora ton under the
Edge act to help finance trade with
Europe. nose at the finance meeting
expressed approval of the proposal. but
members of the committee EMPHASIZED
the fact that such q corporatjon' VIII
YOU'D pronably issue its own bonds Sc.
cured by European collateral to Amer
ican investors, would be confronted
with the difficulties inherent in the
situation.
Modification of Taxes
In connection with the difficulty in
attracting investible funds to new en-
terprlses, the banking committee re-
comm tended that 1T is the duty of the
chamber to advocate such modiica+io,
and reduction in the excess nrofi rs
and income tax as will enable those
with large incomes to invest at Least
part OF their surplus in the securities
Oh corporations organized for internal
oeVelopment or to promote foreign
trade, and thus Increase the supply Of
Tree funds in America for Investment
purposes.
The high rates of interest obtain
anle from American investments are
III large part due to the great demand
lor the comparatively limited amount
81 81 available capital. 1t is imperative
II the state Of affairs is to be remedied
mat consumption both here and abroad
be reduced. va
I'm the United States it is unite
clear that at least two thing must han-
pen to improve our domestic situation
before we can safely grant further
iarge credits abroad The first is d.
mlnlshed acme consumption and the
saving resulting therefrom and if pos
sinle increased production. Second.
mere must be revision of our svs
tenn of income tax"
In an address on trade with Euro-..
particularly Russia, former Secretary
OF Commerce Redheld, who IS presi-
dept OF the American R'.sslan Cham
per OF Commerce, urge5 the removal of
the commercial blockade on the Slav
country
At tie failroad group meeting
a.eleeate3 expressed the hope that
tie Interstate Commerce Committee
would raise rates and re-establish the
kA Il
OF the increased cost of living was
attributed to bad TRANSFORMATION.
which, it was said, was due largely to
me shortage OF cars and equipment.
ne railroads. according to the re-
port OF the transportation committee,
when was presented by George A.
cost, chairman, who is president Of
The Standard Coupler Company. ARE
entitled to receive from shippers and
passengers rates that will pay them a
wing wage for services performed.
and that 1T is the duty OF the public
- INSIST that Its representatives in
-lty councils, III state legislatures and
~ the national Congress establish by
legal enactment national transported
ION policy that is sound from bust
ness viewpoint"
Informally, there is much comment
among the delegates regarding the pro-
posal TO give a bonus to veterans of
ne great war. The board of directors
OF the chamber has asked the resolu-
tons committee TO submit a resolu-
ton on the subject on Thursday, and it
IS predicted the convention will place
itself on record as opposed to the idea
Homer L. Ferguson, president of the
chamber, in his opening address this
morning touched on the subject in re-
ferring to those who were hardest hit
BY the high cost Of living
When Nh. Ferguson formally opened
the convention more than 5000 dele
gates from every state in the Union
were in attendance