nations and as acknowledgment of his devotion to the ideals of the Pan American Union.

"I now have the honor to present to the Pan American Union itself the María Moors Cabot silver plaque in recognition of the Union's influence on the friendship. and peace of our hemisphere. The Union through its publications, more particularly its BULLETIN which is published monthly in English, Spanish and Portuguese, and through its constant communication with official and unofficial bodies in the member States, has had a determining influence in the formation of the general public sentiment, furthering peaceful relations and mutual protection among the American republics. During the more than half a century of the Union's activity, Columbia University has been in contact with its work through members of the University,

notably President Nicholas Murray Butler and Dr. James T. Shotwell. It is therefore with special pleasure, Sir, that I place the plaque in your hands."

Dr. Lleras accepted the plaque with these words:

"PRESIDENT FACKENTHAL, MR. SECRETARY OF STATE, GENTLEMEN OF THE GOVERNING BOARD, LADIES AND GENTLEMEN: "It is indeed a pleasure and an honor for the Pan American Union to have here today the journalists who have been selected for the Maria Moors Cabot awards by Columbia University. This event provides an opportunity to gather together a group of distinguished guests, all of whom have an aspiration in common, and that is to contribute in some way to better understanding among the nations of this hemisphere, in the conviction that the

New World has a high mission to perform for peace and political and social progress, a mission that cannot be wholly accomplished without the full participation of all our peoples.

"We have among those present the President of Columbia University and the Dean of the Graduate School of Journalism, two genuine representatives of the outstanding cultural work in which that influential institution is engaged. Columbia University's contribution to to Pan Americanism is very considerable, and the Pan American Union has benefited greatly from its relations with the University, which has always shown itself ready to cooperate in the cultural program of this organization. These ties are now further strengthened by the award of the silver plaque to the Union for the service its publications have rendered to the cause of friendship and mutual understanding in the Americas.

"I feel free to speak without reserve about this event, because the plaque is intended to commemorate achievements in which I have had no part. It pays just tribute to the remarkable work accomplished in the Union's fifty-seven years, particularly through its numerous publications, whose distinctive characteristic is that their every word is devoted to the sole end of promoting friendship and good neighborliness, of understanding and high regard, among twenty-one nations. In speaking of this fine accomplishment, moreover, I cannot fail to mention one who had an outstanding part in it: my predecessor, Dr. Leo Stanton Rowe, who directed this organization and contributed to its success with an enthusiasm that admitted of no indecision or discouragement throughout a long and fruitful term of service.

"On accepting the Cabot Award in the name of the Pan American Union, I wish

to say that this honor is shared by all who have worked in this institution from its inception, including all those who are gone and those who still labor here so successfully. For those of us who have not yet contributed sufficiently to the activities of the Union to feel entitled to participate in the tribute, it is nevertheless of inestimable value as an incentive to renewed effort in this field and in our other meritorious activities.

"The honor that has fallen to the Pan American Union today is shared with two notable exponents of Latin American thought, La Razón of La Paz, and El Imparcial of Guatemala. At the presentation ceremonies at Columbia University last Tuesday, many of us had the opportunity to learn of the arduous political struggle and the uncompromising defense of freedom of the press engaged in by these two continental dailies, their proprietors, editors, and contributors.

"Señor Carlos Víctor Aramayo, owner of La Razón, is a distinguished Bolivian, born in Paris and educated in England, who has managed to keep his paper free of political bias in the face of the greatest difficulties, even having on one occasion seen it closed down by a government that did not approve of its policy. The same can be said of the history of El Imparcial and its present director, the well-known. Guatemalan writer David Vela. His newspaper is one of the most illustrious of the hemisphere, and its work is eminently worthy of the distinction of a Cabot award.

"I invite you all to join me, on this auspicious occasion for our institution, in a toast to Columbia University and its eminent representatives, to the members of the Cabot family, to the distinguished journalists, Carlos Víctor Aramayo and David Vela, and to the ladies who have graced this company with their presence."

THE inter-American zeal for progress expressed itself in the First Hemispheric Stock Exchange Conference held in New York City September 15-18, 1947. This conference, sponsored by the Inter-American Council of Commerce and Production, in cooperation with the United States Inter-American Council, brought together securities leaders of 24 stock exchanges from the United States, Canada, and nine Latin American countries (Argentina, Brazil, Chile, Colombia, Cuba, Mexico, Peru, Uruguay, and Venezuela). Numerous government officials and securities and exchange observers were also in attendance.

These sessions examined national economic, financial and legislative problems affecting the operations of each country's securities markets. The conference provided an opportunity for exchange of views on common problems and created better understanding of the common objectives of stock exchanges through frank and friendly discussion.

As a result of the four-day conference, the assembly of delegates approved the following recommendations:

(1) Nations in this hemisphere should modify their monetary exchange controls in order to facilitate the free flow of capital and dividends from foreign investments.

(2) Governmental officials of all countries in the Americas should be urged to take no legislative action affecting securities exchanges in their respective nations without first consulting their exchange officials.

(3) Means should be studied whereby financial institutions, both public and private, may carry

on their operations and those which may be entrusted to them by third parties, through stock exchanges in order to impart greater weight to transactions and more stability to values.

(4) The stock exchanges should facilitate the interchange of economic information referring to their operation and to the financial position of the principal securities quoted.

(5) The Second Hemispheric Stock Exchange Conference should be held beginning October 15, 1948 at Santiago, Chile.

The conference opened with a luncheon at the Plaza Hotel at which welcoming addresses were delivered by James S. Kemper, president of the Inter-American Council of Commerce and Production, and Emil Schrani, president of the New York Stock Exchange. José P. Hernández, president of the Bolsa de Comercio de Buenos Aires, replied on behalf of the visitors.

Mr. Kemper, speaking on The Western Hemisphere in Today's World, said that "private enterprise must supply the initiative needed in the development of the resources and industries of the Hemisphere. It is a factor essential in economic expansion which will bring about a rising standard of living, maximum employment and political stability throughout the Americas."

Mr. Schram, in stressing Pan American unity and the importance of maintaining free markets, stated that he did not yet know what form the growth of reciprocal business would take among the capital markets represented at the meeting, but that it would surely come about. "It may involve mutual listings which would open

the resources of private funds of countries which have surplus capital." And he added that it might also "accelerate international arbitrage among members of different exchanges, thus contributing to the stabilization of prices and the further development of natural resources."

Señor Hernández, in his response to the conference on behalf of all the Latin American delegations, said that the nations of America, their governments, their representative institutions, and their peoples are fully aware of the magnitude of present-day problems. "We must consolidate and perfect our political and economic organization within our democratic life, which after all, is the only way of life which gives true justice to all-by offering man liberty and making him. worthy of enjoying the benefits of such liberty without restraints."

In the afternoon session of the first day, Tomás E. Rodríguez, president of the Bolsa de Comercio at Santiago, Chile, and the originator of the Hemispheric Stock Exchange Conference, was elected permanent chairman of the meetings. Francis Adams Truslow, president of the New York Curb Exchange, was chosen vicechairman. Dr. Rodríguez and Mr. Truslow spoke at the afternoon plenary session and Wilson L. Hemingway, chairman of the United States Inter-American Council, gave the keynote address.

Mr. Hemingway said the conference is "of the greatest importance if the security exchanges field is to continue to keep abreast of the international growth of investment." He said the meeting sought "means of maintaining the exchanges' position as a proper field for private investment."

Mr. Truslow, speaking on The Position of Stock Exchanges in the Economy of the United States, stated that private American capital will move abroad in the future "attracted

by the potential of greater profits in areas of new production" in a reversal of the pattern of the early 19th century, when foreign capital helped to build up this country. "We hope," he continued, "that in each of our nations men may continue to acquire, own, and transfer property freely in accordance with their individual capacities, their individual wisdom, and their individual needs."

Dr. Rodríguez, in accepting the chairmanship of the conference, stated: "The imperialist enterprise is disappearing and is giving way to the enterprise formed by capital and technicians, which results not only in a strong economy but also in confraternity and comradeship."

Following a reception accorded the delegates by the Toronto Stock Exchange of Canada, the Pan American Society of the United States was host to the visiting executives at a dinner in the Waldorf-Astoria Hotel.

Frederick E. Hasler, honorary president of the Pan American Society, told the stock exchange representatives that unless all nations of the world band together in a spirit of cooperation, set aside their personal differences, and discard nationalistic and personal ambitions and regard the problems of the world as their individual and collective responsibility, another economic blackout will result.

Ernesto Barbosa Tomanik, president of the Bolsa Oficial de Valores of São Paulo, Brazil, and James S. Kemper, president of the Inter-American Council of Commerce and Production, also addressed the dinner gathering.

Dr. Tomanik said that "it is through these stock exchanges that public and private transactions are made, which aid in the development and enrichment of nations. Today, when the needs in all countries are greater than the supply at hand, we should promote inter-American

stock exchange cooperation, so as to advance a vigorous trade in shares between the various American nations."

On the second day of the conference, the New York Stock Exchange was host to the delegates. Operations of the New York Stock Exchange were described and demonstrated. Officials outlined the organization and functions of the various controlling departments of the exchange, listing requirements and trading procedures.

Robert P. Boylan, chairman of the board of governors of the Exchange, welcomed the visitors to the Big Board, after which they discussed problems of international listing of securities. Emil Schram, presi

dent, acted as chairman at the meeting.

John Haskell, vice president of the Exchange, in a talk to the delegates advocated that United States financing of industrial expansion in Latin American countries be on a stock-share basis rather than by the sale of bonds-"share relationship is always preferable to debtorcreditor relationship." Col. Haskell added that "it would be desirable for Latin American countries to allow free exchange of currencies, as the New York Stock Exchange feels that blocked investments are not advisable."

Howland S. Davis, executive vice president of the Exchange, addressed the group on Organization of the Stock Exchange; Edward C. Gray, first vice president, spoke on Organization and Functions of the Department of Member Firms; Arthur H. Franklin, first vice president of the Exchange's Stock Clearing Corporation, discussed the work of his organization, and Sydney P. Bradshaw, governor of the Exchange, talked on floor transactions and trading procedures.

The third session of the four-day conference was held at the New York Curb Exchange, where Francis Adams Truslow, president, welcomed the visiting officials. Mr. Truslow outlined the organization and operations of the world's second largest securities market. Explaining that the basic organization of the Curb is a "voluntary association of private individuals, unlimited in its liability and operating under a self-imposed body of rules which all must obey," Mr. Truslow remarked that "our organization is within its field. a democracy."

Edward C. Werle, chairman of the board of the Curb, described procedures involved in the purchase and sale of securities for customers by brokers on the Curb's trading floor. Fred C. Moffatt, president of the Curb Exchange Securities Clearing Cor