New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-05-13
/ .1.,ohia Meeting Ia.
transfer Of Regional
~, U...r,e Bank Funds to
sdse Law Corporations
- Policy Is Discussed
Ill Predicts All U. 5.
cs;ns Will Be in Demand
T;,hin Mex, Two Years
Stanley Rukeyser

.,;,e tonight 1909 pursuefS OF
Il, ..' BUSINESS. who attended the M. NINTH
~ ~, ,snyeation OF the Nati'nai
,,.'sn Trade Council merged : s. their
s., IDEAS into series Of deelafa
'I rs... observations, which re-
- y. thinking Of the collective
= American exporters, set forth
E .ss $, remedies for curing trade
Tho delegates, Eso have been
.h.-.d b costly dedation since 1922
:. .;,ruIsrIy suspicious Of psnscess
= e,sg formulas for keeping open
!, eateways to the worlds buying
.,.- The recommendations. dealing
IA credits, shipping policies and
ID. opportunities, are designed to
!. essentially practical In their char
~, and are therefore devoid OF
setacular interest.
y the consensus of opinions voiced
,Aree days deliberations can be
snnsrizcd IN single paragraph, this
..I,ration tells the story:
With extensive unemployment TINS
,,,.ry never stood more in need of
,,;en trade. Unemployment will not
: redrced to its minimum until our
s,,r. trade absorbs the last 10 or 20
=, cent OF normal production. The
ssn,ry has passed from q debtor to q
,rdi.or, position. The volume Of
;n,riear foreign trade to-day is less,
sFeser. than would have resulted
rem maintenance OF the average rate
4 rowth Of the decade before the w@r.
|T,t value and distribution Of our over
cas- commerce to-day is entirely iAadc-
sq,.e for the service of foreign indebt-
.bts,s TO Us and for the employment
Il sm american merchant marine"
Urges Use Of L. S. Ships
I. declarations of principle were
,srssd by the whole body Of delegates
IA banquet at the Bellevue-Stratford
EeM tonight, at which Governor
s,tcul and James A. Farrell, chairman
Of The Council and President of the
Tilted States Steel Corporation. re-
paed the interrelation between pros
Nrity at home and commerce abroad
III Farrell predicted that in two years
iasre would be demand for every
srslable unit Of American shipping.
lie urged that American traders use
american ships whenever possible
sithout sacrificing their own interests.
On the question OF the ship subsidy
bill the convention was purposely
'aeue, merely urging careful analysis
and full consideration" Traders in
.erests are not Identical with those of
ship owners, and there is some fear that
iubsidies would lead to rcprisals from
'ther countries, which would add TO the
difficulties OF trade. A change in the
'aings OF the Internal Revenue Blu
cav which would permit ship owners
% write off depreciation at a greater
is'' 'han > per cent a year was ad-
''ea'ea as a means Of reducing the
tspasi cost OF ships and recognizine
-, I a'temt'ns what has already taken
j aIuc '''' ''''' i NJ '9 '
!. 70 ooylate further DELAY in opera
.0'S under the Edge law. the conven-
ION to-day advocated permitting mem
cf DansS of Tho Ea,,sst n
"a 10 withdraw the capital which
..s originally placed in regional Re
.. i've ,snks and place it instead in
w fdge law corporations. II was
saeu mat the Reserve banks. all but
T. o, which have all the surplus
WV" sa oy statute, now no longer need
s, "1st capital subscription. which
a.a be more profitably employed nv
,nosr banks IN the Suggested Yew
:. 10 Obtain More Funds
me OBJECT Of the chanoc ,yb;cn
aio require an amendment hy ~,
'ss to the Federal Reserve Nc, wo,,l. !,
10; 10 o9 tI,a funds for foreign fnancing
W.. 'ne edge act, which I'D 70 the
. .ls ~ could not be raised ON anv
az ~ commensurate with the need "''
"a boating foreign loans Amoric.
.Aers' according to another declara
I, ~ VI principle. ought, SO far as nos,
u.s. i ~. 70 insist the funds be spent in
a NV IS called to the fart tb,+
! I1 e hrst four months of 1909 4raS A,
= wsiot tendencies became oncra-
ar Tr ans, II continued. will wine ont
a,;, favorable trade balance un,ars e I gus
rtioa Is made for the use Of so uue
me ms" u the proceeds of fore e,,'.
Oducts" i"'N''''Se OF Anne rican
I..rsugh little attention was ,.;,.
Ms "' ore political and social e,nu"
iol dol v''e Z, declaration urged that G az 81
ould a' Oh American capital or cra AZ
n nd do ~ m NJ purposes. t AUor
are now all peace dollars, y
r.. Cancel Part of Debt .
.hsnoeeS tent to which unstabi,;uoa
crsd'. makes difficult the % ov ,so,ilIea
Fred vas u stressed in an addresa
rkors r. =; hent, Tice-presidnnt 'n oe 81 ess
Ken, rust Us, Company OF New y Van rre
aation c ssserted that the present. So n.
lied Sou soCld T. be relieved r. ;e 't ,be
i Of a. aIs'es Treasury wonl5 the Ine
.s e' Inc Allied debt 0o'" cancel
re s,, rne arnistice," Mr.. Klein sa;a
Il tho Sums were spent by the the" AID Ss!d,
a made ''t ts of loans which hsd
ing the ws o. reconstruction, and
,ants wsro war payments in ,a @aa
4 snm were made for civil n ~ aa'ge
found or ,"ould be paid. Should T.
eentar. On examination thai o'' so,,. ~
he loans su u.a as say 60 per cent
" be- a@ osr made to our allies co ovHi
having ssvnnas'oered by this conn n1ru
lice. a., gone s primarily for it oun n,,. ),
one and and If We should tbo rs own
which tb usnent With our allies mn
lglnr o "lfh this country "Of toas CO.
ths oiaer out of chaos wb ; .J"aEo
world good o. to this countrv ", ana OK,
led s {. would be inestimab,o ana NJ 70
It's com CONS :, mas tremendous forc ce
zion 'budiciously used can upp0 " !
return Ds ;. made greatly to scee,e ro..
II. VI trade and a.S