| Show INCREASED FOREIGN TRADE IS OBJECT Bankers Urge Organization for Extension of Credits Abroad ST ST. LOUIS Oct 3 Formation Formation of ot otan an organization of ot bankers business businessmen men and manufacturers of the United States for the creation and extension of foreign credits to increase foreign trade and thereby reduce the high cost of living was recommended ina Ina in ina a report presented at the concluding session of the American Bankers' Bankers association as associatIon association as- as yesterday by the associations association's associations association's associations association's tion's committee on commerce and marine Such an organization the report says would result In the maximum of production in this country In in order not only that our own people be bo kept well and profitably employed d but that they be not subjected to the payment of excess prices for their own needs Th declares that the creation and extension of credits abroad constitutes constitutes constitutes con con- an an essential basis for tho the extension and maintenance of ot our ou r foreign trade and that this basis can I be secured to a markedly important if not wholly necessary degree b by y I wisely made American Investment in foreign securities not only government government govern govern- ment issues but also municipal and I Industrial if It properly guaranteed An organization as proposed must have ample capital and be sufficiently resourceful to extend credits running into the largest figures that can b be required for the purchase of American products product the report amplified As to a merchant marine policy the report asserts that a speedy determination determination deter deter- of shipping policy is needed an and l that such a policy polley should be be based on the fact that private initiative initiative initia initia- tive and experience in shipping cannot cannot cannot can can- not be safely set aside in favor of experimentation At the election of officers Richard RichardS S S. S Hawes of this city was chosen I president John S S. Drum San Francisco Francisco Francisco Fran Fran- cisco first vice president Thomas B B. McAdams McAdam Richmond Va second vice president and Harry M M. Rubey Golden Golden Gol Gol- den Colo treasurer and F F. E. E Farnsworth Farnsworth Farnsworth Farns- Farns worth of New York secretary Next years year's meeting place will be chosen later |
