Evening star., 1923-10-31
FOREIGN INVESTING
URGED BY HOOVER
Says Money Should Go Into
Reproductive Channels,
However.

S SSoHoHliC pOilCy OF the united
states will gain greatest enhance
ment by steering Americas surplus
funds into proper foreign channels,
Secretary Of Commerce Hoover told
delegates attending the twelfth an
nual convention banquet of the In
Vestment Bankers Association of
America last night at the Willard
Hotel. His message. however. car
r1ed the modification that this credit
extension should be restricted to
reproductive purposes which would,
perpetually, promote our export
trade. thus increasing the produc-
tivity of foreign nations and mate
rally increasing their buying power.
Not only is the United States de-
pendent upon such policy, but the
whole world is partially relying on
sucn mode of procedure, Mr..
nooNer ~ oeclared. The maintenance
or our economic strength is most
potent at this time, and the MAIN
.cnance OF this strength lies in wise
investment in reproductive enter
prlses not only at home but abroad
as well, he said.<
New electric power lines were par
ticuiarly lauded by the Secretary as
an investment field.
Secretary Mellon Speaks.
Secretary Of the Treasury Mellon
preceded Mr.. Hoover and addressed
d few terse remarks to the assem-
biage, in which he commended their
erorts in their campaign to rid the
country of those undesirables, the
bucketShop, the fraudulent security
broker and the fake salesman. zone
or the wisest men of the country"
as Mr.. Mellon was introduced spok e
briefly on his career as a member of
the Investment Bankers Association.
The transportation act, by which,
IN substance. railroad security hold
ers are limited to a return of per
cent, and income over and above this
amount is subject to the control of
the government. either through re-
capture or through the creation of
restrictive reserve funds" came in
w. Krech. chairman OF the board Of
the Equitable Trust Company of New
York city.
VIII Dam Up Capital.
This curb upon earnings. he said. IL
unchanged, will check and eventually
prevent the flow of new capital into
railroads, except at the expense of
the existing investment in those
properties This result will be occa-
stoned in view of the hazards to
which railroad capital is subjected.
he explained.
The banquet. itself. was one Of the
most sumptuous affairs ever held in
this city. The entire big ballroom was
filed to overffowing. while emer-
gency provision was made for many
in the, adjoining small ballroom.
while the press occupied the entire
balcony. approximately $50 were in
attendance.
The evening was replete with en-
tertainment and surprises. Local tai
ent was secured from visiting shows.
and Washington's own artists. in the
persons Of George OConnor, Mrs.
Gawler and Mrs. Brylawski, were On
hand to aid.
Travesty on Khan.
Most noteworthy in the entertain
travesty on the Ku Kiux Khan. This
Syndicate sketch" was provided by
local financiers. including the I'm
pertal Grand Gizard" and the I'm
Khan "privates.r2 The costuming for
the sketch included the white robe
and hood minus the fiery cross. with
oklahoma" the password. The
sketch depicted a group of bankers
trying to get into one Of the sacred
banking syndicates, which produced
hearty laughter through it's entirety.
Eugene Z. Thompson. chairman of
the banquet committee. and local vice
president of the association, made a
SHOTl dUuTeSS Ol "elCOHlc,
the Invocation by Bishop Freeman.
H. V. Haynes, chairman OF the con-
Fvention committee, and John A Pres
cott president of the association,
spoke briefly.
Included among the many notables
among those present" were Secre-
taries Wallace, Hoover, Mellon and
New, D. r. Crissinger. governor OF the
Federal Reserve Board; Justice Bal
ley. Maj. J. f. Bell. Admiral w. S.
Benson. Edward Clark, Henry NJ.
Dawes. Admiral Edward w. Eberle,
Bishop Freeman, Elliot H. Goodwin.
Col H. Hawkins. w. s. Hayden, JUS
tice Mccoy, William Montgomery,
John J. O'Connor, Edmond Platt,
Justice Robb, DR.. L. S. Rowe, the Dis
trict Commissioners, Justice Siddons,
| Bascom Slemp, Chief Justice Smyth,
Justice Stafford. w. F. Stevenson,
Eliot Wadsworth and Garrard Win
ston.
w. w. Spaid. member of w. B.
Hibbs & Co., drew the plaudits of the
banqueters with his elaborate enter
tainment program.