Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-12-11
BILLION TO AID BUSINESS
Corporation Formed to Aid Eurone
to Purchase Surplus Food

chicago, Dec. 11.-Ffrst steps, to-
ward revivins Americas foreign
trace, now almost stasnant because
CT fcreign buyers lack of credit and
me adverse exchange rate, we're
ta en- here yesterday with tha tan
tatfye formation of the so-eaIIed
Sioe 100000 foreign trade coruarbfion
Inc meeting at the Congress- Ho-
,oi was characterized as the most
important economic conference since
the armistice. From it is to spring a
corporation with credit of s1.1O0.-
eoo.00o, which will enable farmers
pnd manufacturers to send their pro-
ouee and wares to, many foreign
PORTS. IA Il
Leaders of the country,s finance.
industry and commerce gathered
here for the permanent organization-
or the corporation, which Is, being
iooKed upon as the only immediate
solution of our present condition.
Wnicn has brought unemployment,
closed shops and surplus manufact-
ured goods and produce without mar
kets or bidders
1t was pointed out that this conn
try's natural resources and produc-
lVeness have far outgrown our
needs.
Yesterdays meeting, attended bv
several hundred, was called TO or
der by John S. Drum, of San Fran.
cisco, president of the American
banRers Association, which, after
two years study of the possibilities
ana Its urgent need called the meet
ing.
The corporation would be formed
lnder the Edge law. an amendment
to the federal reserve act, With a
capital Of s100.00O,000, it would be
empowered to isue debtedness up to
$l100,000.0O0 against securities which
would be put up by our foreign Gus.
toners.
1t would be under the supervision
OF the Federal Reserve Board and
the capital stock is to be sbscribed
to by banks and Industrial corpora-
tions.
Former Secretary of Commerce
William G. Redfield is considered a
strong possibility for the presidency
OF the corporation, altho friends of
Herbert Hoover say he will be chos-
en-. The applause given Hoover after
MS address yesterday indicated the
gathering was with him heart and
soul.
Willis III. Booth. of the Guaranty
Trust Company of New York, was
chosen temporary chairman, with G.
II. Ranney Of the International Har-
Vester Company vice chairman. Will
liam f. Collins, secretary Of the COM
merce and marine commission of the
American Bankers Association was
| made secretary.
Mr.. Hoover began his address by
stating that the meeting was the
most important economic session
since the armistice. He spoke against
our government loaning money di-
rectly to foreign powers, saying dur
ing the war when this was done those
nations did not show the economy
that private individuals would have
exercised
THE only loans direct from this
government should be for humanita-
rian reasons, to prevent starvation" I"
he said.
TO correct the present situation he
suggested:
Invest surplus funds from our ex-
port business in productive enter
prises abroad.
Immediate peace between all war
ring nations.
Fix Germany's indemnity as quick
ly as possible so statistics can be
had as to her possibilities
Stop the orgy Of expenditures on
armies.
European countries must cease
printing paper money If the exchange
is 10 be righted.
Our welfare is no longer isolated
from the welfare of the world" he
said IF we are to have full time
employment here we must invest
funds in foreign enterprises Europe
must have credits with which to pur-
chase food and raw materials, so that
she can rebuild.
The foreign trade conference in
session here voted today to proceed