Evening star., 1921-04-24
SOME SLIGHT BETTERMENT
IS NOTICED IN CONDITIONS
Factors That Have Caused More Hopeful
Feeling-Modest Results in Solving
Few Hard Problems.

ers covering shorts put out many
points higher.
Local Securities.
All local securities are strong. Merg-
er negotiations are going on. but
not at a promising speed Some day
there may be a merger, but the
chances are not good for the imme-
diate future.
Lanston. which dropped Off consid-
erably when the announcement was
made that there would not be an
extra or increased dividend. has come
back again and closed yesterday with
none offered under 70.
Mergenthaler is a little better un-
der better dividends and might sell
higher in ordinary times on its 10
per cent dividend. but not now. not
very much.
Capital Traction holds firm.
All bonds show good tone and are
comfortably strong. the Washington
Gas notes scoring some advance dur
ing the week.
Conventions Arc Useful.
T. Conventions of the District Bankers
Association, held at Deer Park and
; on the steamer Midland of the Wash
in"tor and Norfolk line. have proved
very beneficial to the banking fra
ternity. aside from the pleasure it
has given those who have attended.
Direct results have been obtained
Fleming for direct clearings settle
ments with the federal reserve bank
OF IiIchmond. and the readiness with
which funds with the Richmond bank
may be increased or drawn down
through the Treasury Department
without cost is in full operation. as
advocated at the Deer Park conven-
ton. A great result has been
achieved.
At the last convention two matters
N he
front and one was sidetracked. Early
closing was enacted and repealed.
The blue sky" measure proposed
at the convention has been intro
duced in the Senate and will probably
become a law. 1t was sadly needed.
Uniform accounting is nearly real
izeds sufficient results promised from
the second convention.
In addition. it gave the members,
their wives and friends who attended
White Sulphur. the place selected
for the 1891 convention, is one Of the
show places of America. One may
rely on Victor B. Deyber chairman,
to present an instructive program.
Foreign Finance Corporation.
"In discussion of the formation of
the Foreign Trade Financing Cor
heard that the motive of the organ
izers has been to form a corporation
that would 'thaw out what have
come to be termed the frozen cred
it's of certain large banking institu-
tions in New York. Boston. Chicago
Chairman McHugh. This suggestion
is without the slightest foundation in
fact.
THE outstanding facts are. first.
that the movement leading to the for
nation of the corporation had its in
the so-called frozen credits were
factor in the foreign trade situation.
and, second. that it is not the large
financial institutions of the country
that are embarrassed by these
credits.
'.As to the first point. it is a matter
of record that the recommendations.
later indorsed by the American Bank
ers' Association, leading to the for
nation of the oFreign Trade Finan-
cling Corporation had their begin
ming in 1919. in the committee on
commerce and marine of the American
Bankers Association before the for
eign commercial loans, now carried
by our commercial banks. were large
enough TO indicate that they were in
danger of becoming frozen
"At the nationwide conference OF
500 producers. manufacturers, ex-
porters and bankers. held December
10 and II, 1920, at Chicago. at the
call of the president Of the American
Bankers Association, definite steps
were taken TO form the corporation.
As proof of the purposes animating
tho conference the report of its COM
mittee on resolutions, unanimously
adopted. contained the distinct dec
laration that the operations Of the
corporation shall be confined TO
financing for the benedt Of future for
eign trade The so-called frozen
credits are a consequence OF past
operations in foreign trade.
1T is pertinent to reiterate that
the motive of the organizers has
been and is TO form corporation
that will be thoroughly representa-
tive of all the industrial. producing
and financial elements of the country,
and that will be sufficiently large to
offer practical assistance In distrio-
ting Americas commodities among
the various markets of the world.
The corporation from its inception
has registered the intention of bring
ing effective machinery into active
being to provide for the proper
financing of long-term credits to
cover future foreign trade opera
tions.
The financial institutions Of the
country are not themselves directly
embarrassed by the $4.000.00o,000 es.
timated as the present amount OF
open credits that have accumulated
as a consequence Of our unbalanced
foreign trade. Hence it is dimcuit
TO understand precisely what Is IN
extension of relief to those who. hav-
ing financed the export of American
commodities. are now carrying the
2 mounts on omen credit.