The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1915-12-07
Are Outlined by a New York
Banker at International
Trade Conference.
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Nsr booctArGo pRgsel
NEW YORG. Dec. TIE benefits Of
foreign investments were outlined at
the International Trade Conference,
being held here under the auspices Of
the National Association OF Manufac-
turers, by ]. Santilhano, Of the Guar
anty Trust Company of New York, who
spoke on Foreign Securities and
Tehir Influence on American Foreign
Trade"
ut is impossible" he told the con-
ference, !" to lay too much stress on
the necessity of promoting a cam
paign for the populariation OF foreign
investments throughout the United
States. Not alone will the growth and
Dermanency of our export business de-
pend on it to large extent, but the
much discussed prosperity Of today is
entirely abnormal and due to specific
causes"
Declaring the United States will not
be Immune from the i'll effects of the
European war. financial and otherwise,
Mr.. santilhano urged prompt steps to
maintain the present strategical POSI-
ton In the world of finance 1t occupies
as teh result OF the worldwide alb
normal conditions. The speaker traced
the history Of foreign investments in
railroad and other securities OF this
country; pointed out the profits made
and the losses incurred and showed
how many nations OF Europe were able
to extend their trade through invest
mcnt in many lands.
The favorable situation OF the Uni
ted States as regards natural re-
sources. the speaker said, has led TO
disadvantages and evils. among them
national. corporate and individual cx-
travagance. in the past" he declared.
the disadvantages did not come prom
inently to the front. The general pub
lie paid the bill. Today. however, the
future position of the United States
among the worlds peoples is at stake.
We can afford to take the long view
OF things and give the preference 10
permanent income and lasting outlets
for our manufactured articles over
| quick profits rs heretofore. We are de-
sirous and anxious to obtain for the
United States commercial supremacy
IN world trade. We are DESTROYS TO
become wholly creditor nation. To
OBTAIN these VIC have to set about and
teach our people the value of thrift
thrift in private life: thrift in the con-
duct of their business and that of their
government Thrift is the all-determ-
ming factor in the building up of ma
tional wealth. Henceforth we are 60
ing TO endeavor to compete more
strenuously then ever before with the
older nations in world trade. In order
TO do this successfully. we must mo-
bile all our forces. material and other
wise our brains. our energies. and all
our other resources"
To stipulatc trade and hold 1t, Mr.
santilhano said, the people of the Uni
ted States must make prudent invest
nlents in foreign sountries. OrEania-
ton TO achieve this end. he said, is
lacking and proper cooperation of all
interested parties, exporters, manufac-
turcrs and investors. is needed. Sc
curities of foreign governments should
be purchased. the speaker advised, and
bonds and stocks of foreign countries
should be made proper holdings fol-
banks and savings institutions.
The benefits Of foreign investments
the speaker said, were: "Their i'm.
munity from domestic disturbances
their broad international market and
consequent narrow Quotations in nor.
NAL times; the fact that at present
thanks TO very exceptional conditions
they are obtained on exceedingly at.
tractive terms; the benefits bestowed
upon our home industries involving
the employment of labor in standard
industries; the desirability Of geo.
graphical distribution OF investments
as common sense business proposi.