The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1920-12-16
MHUGH APPEALS
0Rs100,000,O0O
TO ORGANIZE BANK
Heading Foreign Trade FL
nancing Plan, Former S. G..
Banker Asks Business Men
and Farmers to Subscribe.

the 100000, 900 necessary to float the
foreign trade financing corporation.
Instant response to the appeals for
his amount by the business interests
of the country is expected by the
leaders who formed the corporation
at a momentous conference here.
AS 500 as it is procured, it will be
used as a hypodermic to stimulate the
paralyzed arm of foreign industry,
and, co-incidentally, secure the future
Of American export trade.
Ntzhugh, to Announce Committee.
"On my return to New York 1 will
the names Of the executive
committee of nine members who are
TO work sui the Organization details
of the corporation said John Nc
Hugh, former Sioux City banker,
chairman of the committee on perma-
nent organization, who is to be chair
man of the board Of directors, here
Sunday.
"As soon the the officers are
named. and the corporation is for
mally launched, we will bring into
being a nation wide campaign for the
500, 600, 900 needed to start our work.
He urged business men and farmers
to subscribe.
.- Iou Sthl VIC dSSuieu tlldl llGI0 Will
be no delay through any fault of the
organization committee"
Ntzhugh, Points Out Feature.
Mr.. McHugh declared the most in
spring feature of the decision of the
great group Of financial, farm and
business leaders who decided to
launch the corporation. was the "un-
animity of purpose Of every branch Of
our business life"
Western manufacturers, who have
done extensive export business, were
Of one mind in declaring that extern
sion Of long time credits to Europe
through the corporation was the one
step needed tc< avert Industry par
aiysis in this country.
1--WE have great faith in the future
Of the new corporation" said Edward
N. Hurley, former chairman Of the
shipping board, and one of the most
influential manufacturers in the west.
I'VE, the manufacturers, have COM
planned in the past that we al no
banks in foreign countries. Now we
have the banks. Then we complained
that we had no merchant marine. Now
we hay the merchant marine. Then
we complained that we had no Gus
toners Now we have the customers.
Then we insisted that they pay US in
in gold. They AVE no gold. Our tx
port business is, therefore, practi-
cdiiy paralyzed.
Where Corporation Comes In.
is where this corporation
comes in. Through it we will be able
to extend long credits, on gilt edged
debentures. These d~ebentures will
be secured by the foreign govern
ments.
"This corporation is going to be
profitable for the investor, but pri-
marily it is going to benefit the entire
country. Every manufacturer who
makes goods for foreign sale, every
man who works for him, and, indi-
rectly. every other line of bushes.
'"There are $50 manufacturers
making goods here for export. Ev-
cry one of them should take stock in
this corporation, and, 7 bo,iva, will &c
when the American farmer stops
to think that one-third of his produce
is raised for foreign consumption, and
that low prices today are partly due
to cessation of foreign buying, he too
will be interested in this corporation"
Leaders here Sunday pointed out
that this is the first time in American
history when a corporation of this
size has been organized Gin the OPEN"
Booth Emphasizes Point.
Willis H. Booth, vice president of
the Guarantee Trust Company, en-
phasized this point:
Here is a great corporation organ
ized in the open and in the presence
of the representatives of the press,
without any inside group, without
n founders stock. or bonus shares"
he said. Here also is an underwent
ing done in the open without discount
commissions, or private profits. This
is all as inspiring as it is unusual. 1t
gives the corporation a moral start of
the highest kind"
This point was also stressed by
leaders Of every group present at the
conference. There was no skepticism
as to motives or purpose. The only
"cold water" thrown, was in the form
of kilograms from certain New York
and New Jersey financial interests.
who, leaders declared privately, had
a personal X to grind"
Who'll Head Corporation?
Considerable speculation is going
the rounds as to who will head the
new corporation. 1t was declared
after an informal conference Sunday
that julius Barnes, former head of
the United States Grain Corporation,
had been offered the place. but had
declined. 1t is known that Paul M.
Warburg, New York financier, also
declined the place. Herbert Hoover is
also said to have been unable to
| rye. Hoover is q memhe of the
| permanent committee on organization
and is expected to be a member OF
the board of directors.