New-York tribune., 1921-01-20
W.P.C..Hardino
Chosen to Head
Trade Company
slO0,O0O,O00 Corporation
Formed Under Edge Act
Tenders Presidency to
Federal Reserve Governor
Kent Picked as Adviser
John McHugh Chairman of
the Board; Jerome Thrall
Executive Vice-President

~ Vs~A "a JCAO1uC KIrdll
Executive Vice-President
The proposed $1O0,0OO,oo0 FOREIGN
Trade Financing Corporation began to
take definite form yesterday with the
announcement by John McHugh, chair
man OF the organization committee and
vlce-president Of the Mechanics and
Metals Bank, that W. P. G. Harding,
would be offered the presidency.
Mr.. McHugh announced the selection
OF Mr.. harding at luncheon of the
members council of the New York Citv
merchants Association, in the Hotel
Astor. ''e'
Fred !. Kent, vice-president of the
Bankers Trust Company and a member
OF the committee on organization, has
agreed to serve in an advisory capacity.
Mr.. McHugh said, and the executive
vlce-presidency will be offered to
jerome Thralls, secretary-treasurer of Of
the Discount Corporation of New York.
AT the same time it was announced
from the Offices of the committee on
organization, at Sc Broadway, that Mr..
McHugh's designation as chairman of
the board of directors of the corpora
tion, decided upon at the Chicago con-
ference, had been formally confirmed
by the committee.
Explains Choice of Harding
In announcing the offer of the presi-
dency to Mr.. Harding, Mr.. McHugh
said
We believe that no better selection
could possibly be made, and while it is
true that he can be i'll spared from the
position he now occupies, still we be-
neve that the maximum of pressure on
the system has passed and that he will
see an opportunity for still greater
service to the country in this under
taking"
The corporation will itself be under
the supervision of the Federal Reserve
Board, Mr.. McHugh said, and it is pro-
posed that the management shall be
representative of the entire country
and that its affairs will be operated
In prudent and careful way"
ihe committee on organization,
which, Mr.. McHugh said, would pro-
ceed at once to the task of organizing
the enterprise, represents business,
financial and agricultural interests
throughout the country which met sew
eral weeks ago at Chicago and again in
this city Tuesday. The corporation is
designed to promote foreign trade by
supplying credits under the Edge act,
an amendment to the Federal Reserve
act.
No Interference With Banks
Instead of interfering with the busi-
ness of this country's commercial
banks, Mr.. McHugh explained, the cor
poration will aid and supplement them.
While it may under the law purchase
bills from exporters, manufacturers
and others, he said, cts chief func-
tion will be to make longtime loans,
which the commercial banks should
| not undertake to do. By making these
longtime loans it will render invalu-
able assistance to the exporter, manu-
facturer and producer by relieving the
commercial banks Of the necessity of
| carrying for them what are in fact
longtime credits in short-time form.
ut IS confidently believed that it will
prove as helpful in financing our
customers abroad as the Federal Re-
serve system has proved helpful in CO.
ordinating our banking system and
financing our domestic commerce. 1t
is believed that it will prove a great
instrumentality of international well
fare and exert a greater compelling
by reason of the fact that it is bust
ness organization than can be hoped
for from political sources"
Personnel of Committee
The committee on organization is
composed of the following men: John
McHugh, chairman; Herbert Hoover
president American Bankers Asso.
ciation, San Francisco; James B
ForgaO, chairman Of the board of the
First National Bank, Chicago; F. o
Watts, president First National Bank
Of St. Louis; Lewis E. Pierson, chair.
man of the board of the Irving Ma
tional Bank, this city; Charles H
Sabin, president Guaranty Trust Com
pany, this city; Arthur Reynolds, presi.
dent Continental and Commercial Ma
tional Bank, Chicago; Thomas E. Will
Fred I. Kent, vice-president Bankers
bertson, president Wichita Falls Motor
Company, Wichita Falls Texas; Philip
Stockton, president Old Colony Trust
Company, Boston; Oscar Wells, presi-
dent First National Bank, Birmingham
Ala; Julius Barnes, president Barnes
Ames Company, Duluth, Mimi; A. &
Bedford, chairman of the board of the
Standard Oil Company Of New Jersey
New York City.
Herbert Myrick, editor Farm and
Home, Springfield, Mass, and of the
American Agriculturist. of this city;
Alexander Legge, vice-president and
general manager international Har.
vester Company, Chicago; Joseph II
Defrees, president Chamber of Com
merce Of the United States, Washing
ton; Joseph s. Lawrence, Lawrence &
Co., Boston; E. M. Herr, president
Westinghouse Electric and Manufac.
turing Company, East Pittsburgh, Pa;
Roy .. Chaplin, president Hudson Motto,
Car Company, Detroit; John j. Raskob