poration, discussed the work of his organization, involving the clearance of security transactions, and centralizing the delivery of securities being transferred and also the work of comparing transaction records. Henry C. Badenberger, director of the Curb's department of outside supervision, talked on procedures for obtaining membership in the Curb and for supervising the financial standing and business transactions of Curb members and member firms. Martin J. Keena, director of the Curb's Department of Securities, outlined the rules to be followed by corporations, both foreign and domestic, desirous of listing their shares on a registered securities exchange in the United States.

In the evening, the visiting officials were guests at a supper-dance, held at the Plaza Hotel, sponsored by the Bolsa de Comercio of Santiago, Chile, and the Bolsa de Corredores of Valparaíso in observance of the Chilean Independence Day. The gala affair was featured by brief speeches, broadcast by shortwave to Latin America, by Dr. Tomás Eduardo Rodríguez and by Thomas W. Palmer, president of the Pan American Society.

In his address, Dr. Rodríguez appealed to the peoples of the Americas to "defend and support our basic democratic ideals," especially against what he termed "the malignant principles of infiltration and totalitarianism which communism represents."

Mr. Palmer said that the meeting of the Western Hemisphere financial leaders and the celebration were in keeping with the spirit and letter of the recently concluded Inter-American Conference on the Maintenance of Continental Peace and Security at Rio de Janeiro, which he said "reknit our Western Hemisphere solidarity in tighter bonds." Then he added, “May this Western Hemisphere of ours and its friendly and neighborly people continue

to blaze the way for the rest of the world on the path to permanent peace."

The final meetings were held at the Chamber of Commerce of the State of New York. Peter Grimm, president, welcomed the delegates and expressed the hope that the conference would lead to the development of a better economy and a more understanding association among the businessmen of the Americas.

The morning session was devoted to speeches descriptive of the work of Latin American and Canadian exchanges. Robert J. Breckenridge, president of the Toronto Stock Exchange, stressed the need for high standards of business efficiency and equitable principles of trade. “In the final analysis," he concluded, “a stock exchange must be dedicated to the public service and, like you of the other countries of the Western Hemisphere, we in the Dominion of Canada are doing our best to maintain that high tradition."

Harry W. Besse, president of the Boston Stock Exchange, declared that legislation fostering a "double standard" in the securities business has eroded "formerly green fields of stock exchange prestige." Mr. Besse referred to the Securities Act of 1934 which exempts companies which do not register under the act from disclosing corporate information. "Certain very sizable corporations," Mr. Besse said, “refused to register and by this refusal deprived their security holders of the protection intended both by the act and by the rules of the exchange." He concluded: "From time to time, legislation will be enacted in each of your fine republics

Cooperate sympathetically with your Congress so that legislation does not create a law for one issuer and a design for evasion for another."

Raymond Allan, chairman of the Montreal Stock Exchange, said "there is an expanding commercial trade between

Canada and Latin America and I see no reason why these mutual interests should not prevail also in the field of securities."

Henrique Güedes de Mello, vice president of the Bolsa de Valores of Rio de Janeiro, welcomed the investment of foreign capital in Brazil, further stating that protection would be provided to the investor and that skilled technicians cooperating in the development of the unlimited resources would be mutually beneficial. Martín Guillermo de Salazar, official of the Bolsa of Habana, stressed the need for closer financial collaboration as the key to political and trade stability.

At the conference's closing plenary session in the afternoon, Nelson A. Rockefeller, former Assistant Secretary of State, declared that ways must be found by financial leaders of the Americas to aid the economic development of the Western Hemisphere. Mr. Rockefeller also said that the New World can and must help the

Old World and that the Americas have the dual responsibility of maintaining their own economy and of extending aid to stricken countries.

Another speaker was Dr. Gonzalo Restrepo, manager of the Bolsa de Comercio of Bogotá, who said: "The only way of combating the spread of communism in this hemisphere is by strengthening the economies of the Latin American countries whose dollar reserves are diminishing and whose industries lack proper tariff protection." Dr. Restrepo added that "the Latin American countries will continue their process of industrial development as they do not wish to return to the colonial economy of the past century."

Edmond M. Hanrahan, member of the Securities and Exchange Commission, outlined the regulations which foreign companies must comply with in order to be registered by the Securities and Exchange Commission. He also opposed any re

laxation of the rules and regulations which apply to foreign registrants.

James H. Wright, director of the American Republics Division of the United States Department of State, told the delegates that by "unfettering trade, you can pave the way for similar easing of restrictions which hamper international stock and bond trading."

Hans A. Widenmann, partner in Carl M. Loeb, Rhoades & Co., said "the most pressing need of the day in our business. is to eliminate the foreign exchange controls and remove the limitations on movement of capital which are now making business in securities between impossible."

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Dr. Rodríguez, chairman of the Conference, closed the business sessions of the Conference by announcing the resolutions approved by the delegates.

At the final function, a dinner given for the delegates by the Governors of the New York Stock and Curb Exchanges, Willard L. Thorp, Assistant Secretary of State, declared there should be no "invidious distinctions" between domestic and

foreign capital in the economic development of any country. Constructive foreign investment cannot be a "quick-in and quick-out proposition," he added. Mr. Thorp said the "climate for international private investment is not as favorable now" as it was during the early years of this century. Foreign investments, he said, should be accorded equality of treatment in business and tax matters with local capital.

Closing words by Emil Schram and Francis Adams Truslow paid tribute to the First Hemispheric Stock Exchange Conference and its future impact on international commerce and industry.

Thanking the officials of the two Exchanges, Carlos Sanguinetti, president of the Bolsa de Comercio of Montevideo, concluded the meeting with the hope that reciprocal business will develop among hemisphere markets and that trade and industry will benefit thereby. He gave recognition to the Inter-American Council of Commerce and Production for its part in bringing closer together the economic and financial forces of the hemisphere.

EDUCATORS in the three Americas, and particularly in Argentina and the United States of America, are increasingly emphasizing the significance in inter-American relations of the visit which the Argentine school teacher, Domingo Faustino Sarmiento, made to the United States in 1847. This energetic young man was born in San Juan, Province of San Juan, Argentina, in 1811. He spent many years in exile in Chile, where he labored as a teacher and journalist. At the suggestion and with the aid of an eminent Chilean, Sarmiento was in 1845 given a commission to study the status of primary education in foreign countries. He made a voyage to Europe, visiting Spain, Africa, Italy, France, Switzerland, and England. Although funds were limited, he decided to go to the United States and embarked from Southampton in the fall of 1847, in order to acquaint himself with the newly developing popular educational movement in the State of Massachusetts under the supervision of Horace Mann.

These two great personalities, one a genuine Latin of Spanish origin, and the other American-born of Anglo-Saxon parentage, immediately hurdled language barriers. Spurred by common problems, needs, and aspirations, they found mutual inspiration in the exchange of experience in their pioneer educational efforts in two new and undeveloped countries. It must be remembered that one hundred years ago the population of the United States

was just over twenty million and that in Argentina there were then fewer than one million people. Public instruction in the modern sense was very meager indeed in both countries.

Horace Mann was captivated by Sarmiento's enthusiasm for popular education, acquainted him with all aspects of the Massachusetts schools, and gave him letters of introduction to Ralph Waldo Emerson, Henry Wadsworth Longfellow, with whom Sarmiento conversed in Spanish, and prominent government officials, who assisted in making the first visit productive. Mrs. Horace Mann translated into English Sarmiento's Facundo o Civilización y Barbarie, a sketch of a provincial leader and description of life in Argentina during a period of civil strife. The correspondence between Mrs. Mann and Sarmiento after the death of Horace Mann is also a notable example of inter-American friendship and confidence.

Sarmiento returned to the United States in 1865 as Minister Plenipotentiary from Argentina, having been given credentials addressed to President Abraham Lincoln by President Bartolomé Mitre. He was profoundly grieved on arrival to learn of Lincoln's assassination. He later published a life of Lincoln in Spanish and another book on schools in the United States with a lithograph of the statue of Horace Mann as frontispiece. Both of these books were widely read in Argentina and other Latin American countries.

During his official mission in Washington, Sarmiento flooded heads of federal and provincial governments in his country and in all the South and Central American republics with documentary evidence of the development of the United States as a democracy, emphasizing all aspects of popular education and discussing libraries, agriculture, municipal, state, and federal elections, and the westward march of the population.

During his second stay in the United. States Sarmiento traveled extensively, by stagecoach, train, and river boat, establishing numerous contacts with all types of people en route. He participated in teacher assemblies and took an active part in the discussions. On one occasion a Latin friend who accompanied him expressed great surprise at the applause which Sarmiento received upon entering

the hall where sessions were being held. Sarmiento replied, "Why, I am one of them." He never got away from his major title of "Teacher." Sarmiento prized greatly, however, an honorary doctor's degree from the University of Michigan, although it brought much ridicule from his political adversaries in Argentina. While absent in the United States, he was nominated and elected President of the Argentine Republic. He returned home immediately and was inaugurated on October 12, 1868. His administration was characterized by great progress in primary education all over the country. Immigration was encouraged; the building of railroads was promoted; new methods in agriculture were fostered; and the founding of libraries. everywhere was advocated.

Argentina is indebted to Domingo Faustino Sarmiento for the early beginnings