The New York herald., 1922-08-10
HITCHCOCK PLEADS
FOR HIS WORLD BANK.
Tells Retail Dry Goods
Dealers of Foreign
Trade Needs.
FAILURES INCREASING
Senator Insists Collapse OF
International Commerce
Is Cause.
ASsAILS EXCHANGE MESS
Says System of Debts and
Credits Could Stabilize
Currency Rates.
AssAILS EXCHANGE MESS

Gilbert NJ. Hitchcock, United States
Senator from Nebraska, in an adj
dress yesterday before the mdsum-
mer convention Of the National Dry
Goods Association at Grand Central
Palace, suggested the establishment OF
an international bank with a capital
of s2,400000,000 as one way OF re-
I gaining our foreign trade.
d, The Senator gaye a resume of his
titbilI, which provides for such an insti-
Detution. This bank, he declared, would
put stop to gambling in interna-
letional exchange, would have the right
sfo issue its own currency and afford
facilities for the extension Of foreign
Bcredit.
b More than 10000 buyers from all
MIparts of the country, merchants and
siothers interested in dry goods, already
have registered at the convention,
(which is being held in conjunction
With the exhibition Of the National
viz arment Retailers Association at the
th sventy-flrst Regiment Armory.
az Jesse Isidor Straus, president OF the
Dry Goods Association, presided. Among
the other speakers were Alvin e. Dodd.
organizer OF the Retail Research Asso-
ciation and manager OF the department
OF domestic distribution Of the United
States Chamber OF Commerce. and Fran
els Kelduff. formerly head OF the Ma
tional Retail Dry Goods Association.
n-~s---. rr>ay-~~~ r~M-fn~.
Senator Hitchcock said!
"Iast wear we had moro business fall
ures than ever before in our history. the
number exceeding 21.000. This year the
record will be still worse, the number OF
failures probably reaching $1,000 for the
twelve months.
"The key to the present situation in
the United States Is our foreign COM
merce, The collapse OF that commerce
has caused our trouble. Let II be re-
vived and good times will return with
rush. If not revived SEQ no reason to
expect the prosperity we are entitled to-
any bill, which feel sure would help
the situation, proposes to establish .
great international bank in the form of
corporation. It's capital is to be $2,40o,-
100000.
'.The Secretary Of the Treasury. in be-
half OF the American Government Is to
take $1,3OO,OOO,O0O or this' @1VV,VVV,VVV
of the stock is to be offered and sold to
banks and bankers, importers and ex-
porters Interested in international trade.
and the remaining $500, 100000 as capi-
tai, Is to be offered to the leading ma
tions OF the world. which, to become
stockholders, may make treaty arrange
ments through the President of the
United States.
"One-third os the capital subscribed
by each nation or stockholder is to be
paid in in gold and the remaining two
thirds may be paid in in interest bear
ing bonds Of solven. governments.
"The business of the bank is to be
the financing of international commerce
by the purchase and sale of bills of
exchange, the lending of money to ex-
porters and importers. and II may als~
include the purchase and sale of Gov
ernment securities of those nations
owning stock in the bank.
THE bank will have the power to