The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1915-01-22
JAMES A. FARRELL SEES GREAT
OPPORTUNITY FOR AMERl.
CAN INDUSTRY ABROAD.
TRADE COMBINE Is NEEDED
Big Manufacturers Discuss Scope of
Antitrust Law as it Affects Com
bnations to Secure Trade in For
eign Countries.

St Louis. Jan. 21-"One week of
the European war did more than ten
years of academic discussion to con.
vince the American people that for
eign trade is a vital element il do
mestic prosperity. No doubt remains
that the nation is determined to see
its foreign commerce safeguarded
and increased. Differences Of opin-
ion relate only to method All par
ties and all elements are united n
patriotic cooperation for the com
mon end
This statement was made tonight
by James A. Farrell, president of the
United States Steel Corporation, in
an address at banquet to delegates
of the National Foreign Trade Goa.
yention
Mr. Farrell spoke of possible indus
trial changes that may result from
the European war, and said:
Diplomacy OF the future, as of the
past, will be intimately concerned
with commercial aggrandizement and
/. is of vital consequence to Amer
cas- future position that advantage
be taken Of the present opportunity
to exploit the products Of American
invention, to establish a firm foothold
in the markets of the world, which
neither political effort, tariff dis.
elimination or low prices successfully
can assail.
Under the operation Of the ship
ping registry act over 100 vessels
have been transferred to American
registry. Some of the onerous re-
strictions of the laws were suspended
by executive order. 1t should be re-
membered that this modification is
not repeal of existing navigation
laws, but merely a suspension. While
there may be differences OF opinion
as to tIhe proper policy of upbuilding
the merchant marine, 1t appears to
be generally recognized that as long
as these restrictions are not legis-
latively revealed, the possibility of an
enlarged American merchant marine
competing successfully with the ships
of other nations in time of peace will
be matter Of slow growth.
Too little weight is given 10 the
fact that the war which, of the time
being, eliminated half OF Europe as
a source Of supply likewise curtails
Europe's consumption of South
American products. South American
purchasing power eventually will inn
prove with increased exports and i'm.
ports, but American manufacturers
and merchants, embarking for the
first time in foreign trade, should be
prepared to exercise patience and
persistence in their efforts"
Secretary OF Commerce Redfield de,
parted from his prepared speech at
the convention today to impress on
his auditors the great opportunities
for foreign trade that the var has
brought American business mon. He
said:
"A manufacturer expecting to enter
the South American market recently
told that as a preliminary he in.
yestlgated the conditions of the COM
petlJors in Europe and found that it
would take them four years to re-
cover from the effects of the war, by
which time they hoped to be so en-
trenched that his product could not
be dislodged
81 wish | could print the language
of the dispatches that come to the
department of commerce. 1t is sin.
gular thing to have the foreign minis.
ter of nation wire his ambassador
at Washington that they desire US to
take the place Europe has had in
their trade and yet twice have such
messages recently come either
through ambassadors or direct"
1t became evident during today's
discussion that an effort soon would
be made to determine whether the
Sherman antitrust law prohibits com
bination by American manufacturers
and merchants for the purpose Of
sending a joint sales agent to foreign
countries. Conflicting opinions ON
the matter were attributed to former
Attorney General Wickersaam by
John ID. Ryan, president OF the Anal
eamated Copper Company and d. f.
skinner. president Of lumber COM
pany in Washington.