New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-28
EXPORTERS HEAR
NEEDS OF TRADE
South American Business
Awaits United States,
Says Farquhar.
TARIFF COMMISSION
URGED AT DINNER
Seligman Declares Lack of
Banking Facilities Restrain
Foreign Dealings.

The sixth annual convention OF tha
American Manufacturers Export As
ISOLATION ended last evening with q
dinner az the Hotel Biltmore, at which
$50 members Of the society were pres
ent, representing about so per cent OF
the entire annual exports Of the United
States. The financial outlook for the
future, as affected by the war. with
especial reference to the Latin-Ameri-
can countries, was the subject of the
addresses which were made.
The delegates to the convention rep
resent many foreign countries and al
most every large industry in America
including the Westinghouse Electric
and Manufacturing Company, repre-
scented by its president, Z. NJ. Herr, Of
Pittsburgh; the American Car and
Foundry Export Company, the Baldwin
Locomotive Works. the Otis Elevator
Company, the United States Steel
Company, the Standard Oil Company
and the Du Pont Powder Company.
The speakers at the dinner, which
was presided over by L. N. Herr. were
Percival Farquhar, president OF the
Brazil Railways Company; John Cand-
Ter Cobb, of Boston, president OF the
National Tariff Commission Assocla-
ton, and Isaac y. SeligmGn, of j. & w.
Seligmsn & Co.
Mr.. Farquhar, advocating American
ownership Of foreign railroads, said:
"The control OF railroad property in
South America would bring business to
the United States in your different
lines OF trade. II you wish 10 d. any
substantial amount OF business in La
tin-American countries you will md 1t
essential TO have American capital pre-
cede you. Now that American bankers
are going abroad and may take what
they please, il is of interest to you to
see what they take Germany has had
coordination between its business
men and bankers which no other eoun-
try has shown. America will find 1t
necessary to follow along the same
lines"
The establishment of S tariff com
mission was urged by Mr.. Cobb, who
thought that in times of war we should
prepare for peace. He said: There is
a very good old saying, In times of
peace prepare for war; We are now
changing this TO read: In times Of war
prepare for war and we are demand
ing, as result of our present emo
tonal hysteria, the expenditure Of
enormous sums for a navy and an army
that cannot by any possibility be ready
in time for use in the present crisis,
with no human probability of another
war for q generation"
Referring to the tariff, Mr. Cobb con-
tinued: There were dozens Of changes
made in the last two tariff bills, which,
IL was palpably evident, could have been
used to secure from other countries
concessions and adjustments OF vast
importance 10 our export trade, and
these opportunities were absolutely
thrown away because We had no ma
chinery available 10 make use of them.
To give an example, hides were put on
the free list without any attempt TO
secure reciprocal advantages.
sour idea is that thorough and au-
thoritative knowledge is the best basis
for correction, and that the most prac-
teal way TO obtain this is by the Gre
alton OF permanent non-partisan
tariff commission, TO consist OF men OF
sound judgment and high standing,
placed in position absolutely free from
party influence or control. II the find
ings of such a board received the sup
port of the public they would be con-
sidered and accepted by Congress"
Mr.. Seligman spoke of the relation Of
American banks to foreign trade. He
said: "Our progress in foreign trade is
restrained by the lack Of banking facli-
ties. or rather by the lack of banking
system adapted to the requirements Of
foreign trade" He said that it would
be difficult to establish banks that
would be profitable and referred TO con-
ditons in Latin America. He said that
an American bank, to be successful in
South America would find it necessary to
supply a large amount of capital for
local investment purposes, and thought
il would be better to allow American
banks TO take stock in bank organized
for the purpose of doing business IN
Latin America.
At the afternoon session Of the con-
yention Professor Emory R. Johnson,
of the University of Pennsylvania, said
that the Interstate Commerce Commits
sion should take up the matter Of con-
gestion of traffic on the seaboards, and
urged q subsidized merchant marine,
with important steamship lines from
the eastern seaboard of the United
States to the east and west coasts OF
South America, and from the western
seaboard to Japan and the Philippines.
Resolutions condemning the seamen's
act and favoring the establishment OF a
tariff commission were passed at the
afternoon session.