Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-05-28
FOREIGN TRADERS
THINK CONGRESS
HURTS BUSINESS
Captains of industry Believe
Adjournment Will Greatly
Aid Prosperity.
From stafr oorrespOnde.t.I


10 the National Foreign Trade con-
ventton started In their second days
session here today. There are about
500 of the foremost business men ana
teading capitalists and members OF
great corporations gathered at TINS
nonyention. the first OF its kind held
IL This country. 1t is Appropriated
kinsf the men present represent capl-
kal away up in the billions OF dollars.
Hrhev are gathered here to foster ana
sacoiIra pc foreign trade in every way
possible, and at the same time TO ols-
slss ways and means of lettering
business conditions in the United
Assurances by Secretaries Bryan
and Redfield that the administration
earnestly desires to increase Anerl-
car foreign commerce and TO widen
nc field of American enterprise
through cooperation with the ousi-
ness men of the country, was being
discussed by delegates. As prime es-
RENTALS in this movement Secretary
Bryan. Senator Burton, OF Onto, ano
other prominent speakers advocated
a spirit of peace and goodwin toward
ali foreign nations ana a policS VI
honest business dealing.
opportunity before this country. II
there IL one thing European manufae-
4,rers dread as regard the future OF
their own business" he declared, II
s< that America shall awake 10 ner
privilege and her power II anything
was wanted to give us commence III
orr power It is what we nave zone
IN export trade In the past year ana
IRE now doing at time When Tue
buying power of Europe Is less pc
cause OF much depression ana her
competing power Is great because u
this depression"
while the sentiment uppermost is
bne of optimism In the speeches. YET
behind it all there is a feehng OF
aread. of something intangible just
now but imminent, that threatens
nrosperity. Several of the speakers
nave openly declared that trade Woulo
IL better and money market easier
HI Congress was not in session. On
every hand you hear the luestlSn
asked. when will Congress ad-
ljourn?"
The query is not put with any de-
gree of curiosity, but emanates from |
a general belief that with the au-
lnurnment of Congress slack business |
ariil lead to liveliness, depression Will |
give way 10 general Improvement IN
business throughout the country Inc
big business men at the conVentioH
assert that capital is chary Whlle
rengress is in session, and that enter
arise and investment are kept dor
naant through the fear that Congress
may do something to jeopardize IN
vested capital
Hart Favors Adjournment.
Representative Archibald c. Hart,
1ar
~ was going to be found among the |
oan,ocratic backsliders hereafter on !
s,-erv matter that would tend to keep !
~nneress in session THE sooner we !
sdiourn the quicker business Will |
hart booming. l hear it on every
aide and l am not going to be held
ln check by any party program that
has for it's object keeping Congress III
Bession after the present bills are as.
epsed of. II they are not disposed Oh
seon I am in favor of adjourning any
80 inst to give business a chance
This is the sentiment that perrne-
afes the convention and is heard be-
tween sessions on every side.
.'rrhe Panama Canal and It's Trade
r,,nort,1nities'' was discussed this
morning by Edward NJ. Hurley, or
Chicago, vice president OF the ILLINOIS,
Manufacturers Association.
The charge that suspicion OF the
United States is fostered by our trade |
rivals in South America was proueht
forth by Mr.. Hurley.
He said: suspicion of the United
States is fostered by various OF our
trade rivals in South America. This
refers TO individuals, not to nations,
hut were 1t not for this insidious prop
uganda directed chiefly by foreign
Newspapers, the Latin view
~ the United States would be more
Favorable. American trade Is now
financed by foreign banks and Amer
lean goods are carried III foreign
ships We pay heavy toll estimated
al several million dollars year TO
European banks for handling, in Lon
dor bills of exchange, our financial
dealings with oversee customers. All
the collateral benefits derived by the
banker of any business deal, all the
prestige that comes from the handling
OF the money, and all the powerful IN
ifuence which banking can exert for
the success of an enterprise is alienat-
ed from the United States to the BEN
eft of European competitors. They
Organize foreign banking systems to
build up their own trade. They do
our banking business for the profit
that is in il, but also to prevent US
from handling our own banking bust
ness and reaping for ourselves all it's
possible benefits"
American Investment Influence.
Willard Straight Of New York,
president of the American Asiatic AS
aociation, who was a. representative
tof the American banking group in
China during the recent loan negotia-
Hons, discussed the influence OF
american Investment abroad in ex-
Tending the foreign trade.
I'VE should AIM he said, Ito de-
svelop public opinion to approve the
tsse of our national investing power
for. the extension of our trade"
ssa1Ie discussed particularly the
Fsdebtor nations of Central and South
america.
president Wilson in his Mobile
SPEECH" he said, anticipated the day
. when, through the beneficent infiu-
Ysnce of the United States these
weaker States to the South would be
!, suabled to borrow on their national
;lcredit and no longer be Obliged to
. grant concessions" This was an OBJ
yJect, Mr.. Straight argued, which could
qbe attained only by placing under for
eigl supervision the customs houses
of such financially embarrassed coun-
2 tries to assure a regular revenue to
tlneet thesservices of loans which these
yrepublics now need. Without such Sc
curity, he continued, except in the
case of railways which the lenders
tcould control, neither European nor
Il American bankers will loan money to
these countries on ordinary financial
JtermS