Evening star. [volume] (Washington, D.C.) 1854-1972, 1947-08-24

the important role exchanges can
play in inter American economic re-
lations. Security exchanges broaden
the capital market by making pos
sible more transactions than would
be conceivable through mere over
the-counter dealings; they enable
an unknown seller and an unknown
buyer to trade through responsible
middleman at publicly proclaimed
price.
Wide Representation
Invitations to participate in the
conference have been accepted by
the following: New York Stock Ex-
change, New York Curb Exchange,
Philadelphia Stock Exchange, Bos-
ton Stock Exchange, Chicago
Stock Exchange, Los Angeles Stock
Exchange, Toronto Stock Exchange,
Montreal Stock Exchange, Bolsa de
Valores de Mexico, Bolsa de Com
ercio de Buenos Aires, Bolsa de
Valores de Rio de Janeiro, Bolsa de
Concrete de Santiago, Bolsa de
Concrete de Bogota, Bolsa de La
Habana, Camara y Bolsa de Com
ercio de Paraguay, Bolsa de Com
ercio de Caracas, Bolsa Commercial
de Lima, Camara y Bolsa de Com
ercio del Uruguay, Bolsa de Cor
redores de Valparaiso and Bolsa
Official de Valores de Sac Paulo.
The delegates will visit the New
York Stock and New York Curb Elk.
changes, where they will observe
trading operations, hear talks by
Emil Schram, Rowland S. Davis
James Adams Truslow and others
and will ask questions of the tech
nicians of these exchanges. They
will also see a motion picture
Money at Work"
Largely Exploratory
Plenary meetings and discussions
will be held at the Plaza Hotel, New
York Stock Exchange, New York
Curb Exchange and at the Chamber
of Commerce Of the State of New
York. Social activities will consist
of receptions, luncheons, dinners
and cocktail parties sponsored by
the United States section of the
Inter-American Council of COM
MERGE and Production, Toronto Stock
Exchange, Pan American Society of
the United States, Chamber of Com
merce of the State of New York and
by the governors of the New York
Stock Exchange and New York Curb
Exchange. The Chilean delegation
will sponsor dinner in celebration
of Chile's independence day, which
falls on September 10. Incidentally
the Chileans were the instigators of
the conference.
Following the closing Of official
proceedings, delegates may visit the
United Nations Organization at Lake
Success, the Federal Reserve Bank
of New York, the Security and Ex-
change Commission and Rockefeller
Center. Some of the delegates will
be guests of exchange officials at
their country estates in Westchester
and on Long Island.
Some of the Issues
The conference will be largely ex-
ploratory. Delegates are very much
in the dark about the regulation Of
exchanges and of security transac-
tons outside of their own countries.
Exchange of information will enable
them to ascertain existing obstacles
to security trading and international
transfer of capital.
Discussion will hinge around such
issues as regulations and laws gov
erning exchanges. in. the Americas
facilitating international transfer
listing and trading of public and pri-
vate securities; international agree
ments to establish a clearing system
for securities listed on the stock ex-
changes of the hemisphere, and en-
HANGING the role of security ex-
changes in stock and bond transac-
tons. The delegates also will dis
cuss the possibility of issuing public
obligations of non-American govern
ments, which might be listed on the
exchanges in the Western Henri
sphere.
Participants in the discussions will
seek to ascertain membership regu-
lations of their respective exchanges
Government regulations relating to
foreign exchange rates, whether
there is special taxation of incom-
ing capital, whether nonresidents
may engage in the securities bust
ness without local participation, and
if not, to what extent local partici-
patton is required.
Eye-Opener for DELEGATES
Other questions of interest are
these: Is income, which accrues to
nonresident investors on local secur-
tiles, subject to income tax or other
levies? Is the tax rate the same for
nonresident investors as for local
investors? May foreign exchange
be obtained freely by nonresidents
to remit income earned on security
holdings or other investments?
May resident investors obtain for
eign exchange, especially United
States dollars, for the purchase OF
foreign securities? Is income
earned by residents on foreign in:
yestment subject to any special
taxes? May the proceeds of sale Of
foreign securities be converted free
ly to local currency?
Undoubtedly, the First Henri
spheric Stock Exchange Conference
will be an eye-opener for many Of
the Latin American delegates. Ir
most of the Latin American coun-
tries, security exchanges are nc
larger than the offices OF many
Trn;+,l c&.tar brokerS. the ticker