Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1920-12-11
ARRANGEMENTsTO
FINANCE FOREIGN
TRADE ARE MADE.
BANKERS or NATION TO PORN
ANOTHER sioo.ooo.0 600
CORPORATION.
FARMERS NOT PROSPEROUS
No Material Aid Can he Expected
From Either State or M.
iional Ifsislations,
Says barnes.
~ Associated Pr~s.

CHICAGO. Dec. i0.--Orgnization a.
O corporation 10 finance foreign trade
% be backed by bankers. manufactuf.
as and meschants over the entl' "a
country wan endorsed today by pro \.
Ti,ent speakers before 'onfefe ace
meeting under the auspices of ths
American bankers assofnlon. The
proposed corporation would be- formed
under the E,ge law with cIpiiIi On
500, ,00O.O available 60 American
producers nH cash payment for their
goods on which foreign buyers would
bc unable 20 pay cash. This foreign
trade. speakers said. was necessary 10
tho commercial progress of the United
States and some method OF financing
foreign trade must be- worked out 20
enable American manufacturers to
take their place In world trade.
Hoover's Statement.
Herbert Hoover. speaking before the
afternoon session. declared that, II the
project was successful. today's confer.
ence would have been the most mo-
mentous since the armistice.
You are gathering here for the fun.
damentai purpose of doing something
practical IN the solution of a flnan
cial situation by everyday means."
Mr.. Hoover said. You have great
problem. for our farmers today are
suffering great losses and our work.
men great unemployment This II
due. TO n Considerable degree. 20 the
Etasnation In orders for our export
surplus. From this stagnation the
consuming power of our own home
market In reduced and the effects arc
accumuiating upon w.
I'VE must face the issue that these
economic ills arise from the vicious
economic circle that can bc broken In
one way only. and that by the estah.
iishment of credits abroad mot the
DANGEROUS short time credits in which
we have already become over.extended.
but the long investment In reproduc
tiyr enterprise"
Mr.. Hoover declared that present
problems should he solved by the pro.
cess OF business and the individual
initiative resources of business men
rather than the government. Govern.
mefit promotion. he said. would lead
20 vicious ends and would be subjec,
10 every pressure that desperate foI.
clRn statesmen can invent"
Declaring that u America wants
Europe's trade she must help that Goa.
tinent now. A. G.. Bedford. vIce.prcsl'
dent OF the International Chamber ~
Commerce painted an encouraging pic.
ture OF Europe In tho reconstruction
period.
William Redfleld. former secretary Of
commerce, urged a worldwide export
trade. He asserted that the 'tremen.
dous pull Of English capital In oper.
ating abroad In favor of English In
dustry."
Would Market Products.
The farmers viewpoint was ex'
&. .plained by J. II. Howard. president
Of the American Farm Bureau FEEDER.
alton. who said that II the proposed
corporation would provide a market
for farmers products II would hav'
their backing. julius n. Barnes. for.
mer head Of the United States grain
corporation. and Eugene Meyer ia.
who headed the war finance corpora.
tlon. presented their views gained from
expert, nee In government work during
tho war.
Mr.. Howard maintained that Tor the
nasi folr or five years the American
farmer. despite common opinion. had
MT r;nspcred IN his business. The
prosperity of this county. which II
not row NO very promising. will 10,
a,'aIr h. In full swing VI u, the buy
Ir.s power Of the 4 'ru In restored. ,
he said.
No material aid can bc expected from
national W s.pte lcglslntion. Mr.
BarneS told the conference. and pres
ent conditions must he relieved ty
other means
A committee on plan and scope was
appointed at the afternoon session.
and It's recommendation for organlza
ton and definite procedure will hs
heard tomorrow. a national commit;
tee Ia expected 90 be appointed ne a
result Of the meetings 90 evolve ths
necessary steps for incorporation oi
the financing organization. Win G
Redfleld's name was prominently men
toned by confereca NJ the probable
president of the new corporation.