New-York tribune., 1920-10-24
Export Trade
Will Be Aided
By Congress
Calder Promises Action at
December Session: Senate
Committee Informed of
Dull Business Conditions
Eugene Meyer Jr. Testifies
Makes Plea for Resumption
Of Activity by the War
Finance Corporatio

One Of the first acts OF CONGRESS-
when il reAssemblcs in December will
he 70 pass legislation to meet the
export trade situation Of the country.
Senator Calder, Of New York. declared
Yesterday. a. the conclusion of the
hearing dealing With the question held
ty the Senate committee on reconstruc-
tior production, OF which he is
charm O.
Sera calder made this statement
follows the testimony of Eugene
Never r former managing director OF
the War finsnce Corporation. who
urged ,he resumption CT The War III
nance Corporations activities as
necessary means Of stimulating export
trade and revlvinr bus ness activity.
which ae characterized as being seri-
ousIy tempered by the inability Of ex-
porters 10 do business with foreign
countries because Of lack financial
supper, from the government.
Nh Meyer criticized Secretary Of
the Treasury Houston for suspending
the oreration Of the War Finance Cor
po-s en last spring and utilizing its
funds for the purposes Of his own of
flee.
Demands Made by Business
The witness declared that chambers
or commerce and other business or
CARNATIONS throughout the country
had petltloned repeatedly for the re-
vival of the War Finance Corporations
activities. but TO no avail As an in
stance he cited the action Of a con
vention Of bankers in Washington on
October % a. which resolution Wa
adopted petition.ng the President to
order Secretary Houston TO remove his
ban or the War Finance Corporation
in orcor trat goods now lying idle
especially cotton IN the South. might
b. moved 10 Europe and other parts
O. the world
The War nance Corporation, MI
Never said, had q capital stock OF
S50V09Q1 600. Of which $4,000 600 was
put on deposit with the United States
Ire ary. During the war the cor
po~- ou loaned 2 total OF between
s350ooo.oo0 and 100000 600. OF this.
as9ut ut 9H40oe has ueen paid back
tls oa'staa ng obligations being about
Slpl,tlj iUf. .VerN cent Cf this. Mr.
Meyer SAID. win be collected br the
governments. The corporation made
profit ~ $50 100000 on its transac-
tons and, in addition. by its activity
.tirr.atec pGs ness to the extent Of
nlaf reas o- millions of dollars with
Of, 'Ae cost G. = cent to the govern
Ie9t.
SAYS business Is Poor
Mr. Meyer asserted that contrary to
TIE statement Of Secretary Houston
business conditions are poor. due to
.Taoi.tr 10 move exports and TO the
.recpi-a-e fall in prices. He declared
that both Of these problems could be
solved with the aid OF the War Finance
CORPORATION by loans to promote for
e'aa trade and thus stimulate produc-
ton. le cited as an instance the
,@ct tha, there were large quantities
q cotton Of low grade lying idle in
fee South at the present time. and
wien Germany could use to good ad
vantage = only the government helpea
70 -r4nce It's oxportation
At the conclusion Of the hearine
Senator Calder promised TO take ~.
matter up w.-h the entire Senate Com
mittee on Reoonstruction and Produc-
ton and have the committee present
i 10 Congress for appropriate action.