The Sunday telegram. [volume] (Clarksburg, W. Va.) 1914-1927, 1915-05-02
FIR ST PLACE IN
WORLDS FINANCE
Nav Come to the United States
as a Result Of the War in
Europe.
..r As.ee,A1ee rsrss,

PHILA DEL yPaIA. May First
Mace in the field OF international n
nance NAV come 10 the United States
as consequence of the European
war. W. P. c. Harding. member OF
the federal reserve board, today toid
the American Academy OF Ponticai
and Social Science in session mere:
To obtain that pre-eminence IN m
terna1ionaI finance, however. Mr..
H. DIG warned his hearers that the
United States must resist any ten
dency toward imitation and a Wild tenn
Dorarv boom, such as history has
shown frequently follows the con-
clusion of great wars. he deciareo
that Ihe nation now was in a com
handing position as the only great
world power not involved IN war, anu
pointed 10 the fact that the trace pal
ance has been in favor OF the Cnl.eo
State TO the amount OF SHl'.V0V.Voo IoE
the last nine months. This balance
he predicted might reach Sz,V9o'o'y
by the end of 1915.
I'VE should not forget. said Nj
Harding. that although we nave
nassed through no pronounced Doom
nerio6 since 1907. there is strong ten
dencv today towards imitation IN this
country as wei las in Europe, where
imitation is necessary result OF war
financing. Restoration OF peace VIII
necessarily bring about many reao,
i,stments Demand for war material
will cease, and in IFS place VIII spring
up a demand for the commodlties OF
ordinary trade and particularly for
those materials used in constructive
work and repairs.
Great Britain, Germany and
France viii use every effort TO recover
lost trade and will endearor 70 avail
themselves Of American markets our
n,a rcin OF exports over imports VIII
shrink. and as war debts are Freeman
entity funded. securities VIII ooub[
less be sold By citizens OF countries
lately at war 10 enable mem To- sao
scribe to their national loans ihs
volume of those sales Will be governed
ma -tly bv security prices and by trade
balances and the effect upon our
money market Will depend upon the
provision we have made IN advance 70
effect or 10 finance these purchases.
..W-hile we now have in operation
sound currency and banking system.
We must not permit ourselves to be
lulled into
or 70 fee! that We have a license 70
disregard well established principles
We must he conse rvative. We must re-
sist tendency toward imitation and
Wild temporary boom which would
certainly result in a collapse later on,
mis- country Will be in a far better
position 10 reap throughout a long
series of years 10 come the dement's
whics, would accrue TO IL as the only
r-ear world power not engaged IN the
war BY adhering TO this course. oy
resisting the not unnatural desire 70
get rick quickly. b. exercising pat
fence and self control and by adopt
in- a policy OF wise craftsmanship IN
outstanding our resources and app pr,
ing them only in directions which VIII
tend towards. bringing the best ultf-
mate results. not TO the individual but
Ia -he nation as 2 whole. our position
unon the re-establishment OF peace
will ne far stronger than il was before
ire war began We shall be able there
nv 70 hold and 10 follow up advantages
gained. and shall reach ultimate
II not second or third. bEt first place
IN the field of International finance
NIr Harding said that al the out-
break OF the war It was estimated
thai Europe held American securities
valued at not less than s6.eoo."e0.eeo
and that since that time II has dis
posed OF possibly 2-eao. Geo shares OF
american stocks and American bonds
valued ar s2oo.eeo.ooO.
summing up recent developments.
he said the entrance Of national banks
into the field % bankers acceptance.
the opening OF branches IN the Pan
ANA canal zone AMI IN South Amer
:ca and rhe forthcoming Pan-Aneri-
can financial conference all would
have influence in building up Amer
lean trade with the world and in help
ing 10 raise the financial rank of the
nation