Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-20

the First National Bank Of st. Louis
strongly urged upon the association
the ACCESSIBILITY of extending its cam
paign of publicity and ADVERTISING he
suggested that a fund of $10O.000 De
set aside to be used for such work.
, Urge $lOa.o0e.e0o for Trade.
The proposal for the organization OF
S100,000.000 corporation for foreign
trade financing under auspices of the
American Bankers Association was
put before the convention today oS
It's committee on commerce and ma
rine. By cooperating with mer.
chants. manufacturers. exporters and
producers. the report said. and taking
advantage of the Edge law, the cor
poration could issue billion dollars
in debenture bonds for sale In the
United States and the extension OF
credits abroad.
John McHugh. chairman of the
committee. was unable to be present
and Willis H. Booth, vice president OF
the Guaranty Trust Company OF New
York presented the report. which
recommended steps to put the cor
poration into business operation by
January l. and solicitation of sub
scriptions to its capital stock from
the public.
I'VE recommend the organization
under a plan of large corporation
as preferable to a smaller one, the
report said because it will attract
the best expert talent; Will have the
efficiency attaching to large organi-
cation; will give the utmost protec-
ton to the investor, and VIII tne
more readily create market 1or lts
debentures by it's avowed purpose OF
creating thrift.
Future Depends on Trade Relations.
The report said the economic flu
ture of the United States was pound
up in the future of our tEade rela-
10 Ia
listing conditions. it added, manu-
facturers unable to grant foreign
customers credit necessary 10 con-
tinuing foreign purchase. have been
forced to restrict their activities III
the foreign field"
'JJnder the Edge law. such cor
poration as contemplated wouio De
permitted to issue debentures AGAINST
foreign securities carefully purchased
by IL. to the amount of ten times It's
capital. so that it,wouid nave a maxi
mum ability financially OF ABOUT
billion dollars" the report said
1t was further suggested that the
CORPORATION directorate be made up
from similar geographical areas 10
those of the federal reserve bank dis
tricts. The committee said 1t was
satisfied such a corporation would De
successful from financial STANDPOINT
and would be a potent influence IN
promoting thrift and production In
the United States.
Kent Explains Needs Of Hour.
Annihilation of bolshevism in every
country. the fxation of the German
indemnities to the allies and the re-
construction of devastated districts
are the great needs of the hour Tor
the complete restoration OF europe
Fred /. Kent, vice president of the
Bankers Trust Company o1 New
was director of foreign exchange for
the Federal Reserve Board during the
war and has just returned from Eu-
rope, where he assisted the repara-
tions commission as financial ADVISER.
with bolshevism destroyed. Mr..
Kent said, production will increase,
currency expansion will decrease.
governmental budgets can be MADE TO
balance, and ultimately taxation can
be reduced.
with the German indemnity fixed,
that nation can get down to work
without fear that successful operation
may increase her liability. and her
burden will begin to grow less. At
the same time the payments that she
must make Will serve to oetIer IN the
conditions in the countries Of the Eu-
ropean allies. Such help as Germany
may fairly ask from the rest of the
world can then be extended without
fear.
with the reconstruction of the dew
can be given to many men who are
at present drawing funds from gov
ernments for unnecessary purposes.
The production from the reconstruc-
ted mills will also help to relieve the
pressure of want to a large degree.
How Wars CAM Be Stopped.
with these three problems solved.
and the tremendous tax that is being
put upon the people for military pur-
poses. including the loss Of the use OF
the time of men, would pass.
'-The great part of the United States
at the moment lies in using every
force possible to, uphold the Ameri-
can workman. who has successfully
withstood the fa1lacious argument OF
the false agitator, and help him edu-
cate the foreign workers in our midst
must also further trade with all of
the nations Of the world in every safe
and judicious manner that opens up
to u.s."
Characterizing bolshevism as "the
underworld force" MI: Kent said its
could not relax their fight against it
for one ,minute If they would not be
overwhelmed.
Defines the Real Struggle.
TT is not a struggle between cap
ital and labor, as the agitator would
have LABOR believe, Mr. kent de-
clared; .fnstead. it -. = struggle be-
tween labor and capital on the one
hand and those who would make
slaves of the people on the other.
by stealing the wealth of the world
and using it to bind labor to false
promises. the Russian propagandists
hope to obtain the autocratic power
of their desires"
Mr.. Kent attacked the "so-cailed
intellectuais." who. he said, are add
ing the weight of their prestige to
the false rnouthings of the vicious
He declared that ministers, consci-
entiously but thoughtlessly, invited
men and women without integrity or
responsibility Ito explain their per-
verted theories totheir congregations
on the plea. of broadening their edu-
cation"
The nominating committee has an
nounced the following selection for
officers:
AssociatiOn's Next Officers.
President, John S. Drum, president
of the Mercantile Trust Company. San
Francisco; first vice president, Thorn
as B. McAdams. vice president of the
Merchants National Bank. Richmond,
Va: second vice president, John H.
PueIicher, vice president of the Mar
shall G. Illsley Bank. Milwaukee.
Nomination is equivalent to cleo
ton and the selections will be con-
firmed tomorrow by the association,
the committee said.
Mr.. Drum, as president of the asso-