The Washington herald., 1921-06-26


ferenees held last week The bankers Of America
are bankers of the world and the opportunity should
be embraced and the premiership retained was the
sentiment expressed by speakers before the convention
Of the New York State Bankers Association at Atlantic
Z City. Americas world banking position should be
strengthened. they declared
j. N Babcoek vice president of the Equitable
Trust and president of the New York City Association
of Banks and Trust Companies in Their Fiduciary
Capacities. declared that the surplus wealth of the
ton must seek outlet in foreign Investments, and be-
Of this future field for American capital, the
banks and companies should make closer study
of securities and opportunities in international financial
operations. He pointed out in what ways the banks
could profit by such Investments and the worldwide
opportunities for placing surplus wealth abroad and
hereby helping at the time international trading
Middle Western bankers. at dinner given by
President Harding last Thursday at the White House.
took position variance with that of the New York
international bankers with respect export trade and
the financing of Europe.
George NJ Reynolds, chairman of the board of the
Continental and Commercial National Bank of Chicago
declared that improvement in Europe is not worth
buying at the price of Americas impoverishment"
Mr. Reynolds declared that the first duty of the United
States is to look out for 9, per cent of American
business which is domestic He said that the per
cent win take of itself
Cotton Conference Ends.
The world cotton conference held in Manchester Eng
land closed last week with sessions which the various
groups passed resolutions aimed in way another
the improvement of the industry and afterward submitted
them the conference Some of the resolutions followed
closely the lines of papers and discussions. -
One resolution. recognizing the great importance of
research work. urged the necessity Of free discussion of
scientific research done in different countries and proposed
the formation of national cotton research association like
that established by the British industry Also with view
to the welfare the resolution suggested that all
should give early information the Inerna-
tona Institute Of Agriculture about the details of acreage
crops forecasts and estimates such information would
be for the benefit of ali countries ~,
Another resolution urged that institute or society of
cotton of the world should be formed improve
the cotton pant and the preparation and handling of the
Suggestions also made for methods by which
mixture of different types of cotton might be avoided,
such that the governments of cotton growing countries
should help maintain purity of type by controlling the sup
plies Of seed and insuring pure seed.
Decrease in Foreign Trade
Large decreases in various classes of exports in May
compared with the month of the previous year
shown in the monthly summary issued last week by the
Bureau of Foreign and Domestic Copmerce There
similar decreases in various classes of imports
Exports of crude materials for in manufacturing
valued at S44I63Is in May, 1921, against $I32
so2o48 in May 1890 Exports Of manufactures for fur
ther use in manufacturing amounted to $oo45Io in May
1921. compared with $o58S347o in May 1890 Exports
of manufactures ready for consumption amounted $oo
5so82o in May, 1921 against $3oo3s443o in May 1870
Exports of oodstus in crude condition and food animals
totaed $so3o27 IN May 1921, against $678 goo in
May Io2o Exports of foodstus partly wholly
facred totaed $47oo223 in May 1921, against $Ieo
s27,3I3 in May, Io7o. g,
Imports of food materials for in manufacturing
valued at $6s867,s4o in May, Ioz against $I4o
6S3s in May 1890 Imports of manufactures for further
in manufacturing totaled S24oos67I in May, 1921
against $68s6o484 IN May Imports of manufactures
ready for consumption amounted to $sIaro267 in May,
Iosr against 434s oS in May, Imports of food
stufs in crude condition of food animals amounted
$,67i7azz in May 1921 asiagainst $3S3Iso4S in May
1920 Imports of foodstus partly wholly manufactured
valued at $3s64So62 against $ooo843Io in May,