Show BANKES f PLAN HUGE HUC T AD DOOf Meeting at Washington Consider Considers Considers Con Con- siders sider Means to Enable World Worl to Buy in U. U S. S CHICAGO Dec 10 Belief O.-Belief Belief that the present price d decline will continue In Indefinitely indefinitely indefinitely in- in definitely was Indicated by delegates attend attending In the foreign trade financing conference here today The conference was called to to discuss discuss plans providing for formation of a foreign trade corporation to maintain and stimulate stimulate stimulate Americas America's foreign trade Former Secretary of Commerce WilLiam William William Wil Wil- liam Redfield th low pries were due to the backing up of our export rt trade The result he said was an oversupply which forced prices down and caused enormous losses to I producers Redfield declared that when the proposed proposed proposed pro pro- I posed corporation starts to functioning it will eventually halt the decline and steady Americas America's foreign n trade It It will particularly benefit our Lat Lat- in-American in trade he said CONDITIONS STATED The conference was called lo 10 order b by by John S. S Drum of San Francisco president of the American Bankers' Bankers as association as- as He was followed b by John McHugh of the Metals Mechanics-Metals National National National Na Na- bank of New York who sounded the keynote speech McHugh declared an emergency had arisen which justified establishment of the proposed corporation During the war and for a year and a half after t the e armistice he lie e. e said the great eat wave J or of prosperity which swept the country sent prices higher Spending at home was generous and unstinted he said Other nations bought our goods as never before Since however McHugh said conditions conditions condi condi- have changed PROSPERITY HALTS Our extraordinary prosperity has stopped he said Factories and mills milts have shortened their hours of work many even have closed down do Goods prepared for export have backed up at all our seaports owing to lack lacle of means to furnish their shipment shipment shipment ship ship- ment and our markets are glutted in consequence Yet the irony of it all is that the outside w world could use all allI the surplus we might spare and Europe Europe Europe Eu Eu- I rope is still calling urgently for our goods and for our aid McHugh elaborated on the plan for forthe forthe forthe the establishment of the proposed cor cor- It would he said assume the foreign trade obligations to enable foreign foreign foreign for for- eign buYers to absorb this country's surplus The corporation he said would issue debentures on the foreign obliga obliga- AMERICAS AMERICA'S VAST LOSS That the backing up of Americas America's foreign trade has cost the country 5 was the statement of George GeorgeI S. S Murphy banker of Manhattan Kan Ian It has cost the state of Kansas alone approximately between July 1 and December 1 of this year ear he said Of this the loss In wheat represented alone he estimated If this corporation had been in existence existence ex ex- we would have saved at least half of this he said saili SENATORS SENATOR'S PROPOSAL Se Senator ator Walter E. E Edge of New Jersey Jersey Jer Jer- sey author of the law which authorizes the organization of the proposed corporation corporation corporation cor cor- urged revival of the war fi finance finance fl fi- nance corporation Hope that the proposition of Southern South South- ern bankers providing for the financing financing financing ing of foreign cotton trade by establishment establishment establish establish- h- h ment of a corporation at New Orleans would l be c combined with h t the y i. i teen lion tion under consideration consideration here nere was eat ex- by delegates I eX-I |