The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1915-09-11
WHEELING TO ENGAGE In
SOUTH AMERICAN TRADE

i, ton TO the minerals OF Chile the hides
OF Argentine and the tropical pro-
duties OF the Amazonian territory.
Would Benefit Wheeling.
With these veritable mines OF wealth
thrown open TO the commercial world.
the speaker said that Wheeling could
easily exchange her trade with that OF
the South American countries. and by
reason OF this exchange both parties
would be materially benefited. In
this respect he said that II was i'm
possible to send catalogues TO these
countries. as they wanted TO see our
products as they are. and not by Illus
tration. Mr.. Masseli concluded by ex-
pressing his appreciation OF his recep-
ton here.
In introducing Mr.. Clark. Mr.. Peter
son stated that he was working In a
place where only men OF unusual cali
bre could be employed. and men with
more than usual characteristics.
Acknowledging this tribute. Mr..
Clark Immediately delved into the
main theme of his address-the ac-
quiring Of South American trade, and
the ways to acquire results. The
speaker opened his address by saying
that for the last Ave or six years his
company had been prospecting IN
South America, they realizing fully
the importance and size of the field.
AT the time. according to the speak
er, the matter OF national banks ex-
tending their fields into other coun-
tries was prohibited by Federal char.
ter However. the bank had organized
with capital stock OF $4,000. 900 for
the purpose OF entering foreign fields.
At a time when the field was even
more promising. the Federal Reserve
act was passed allowing the establish
ment of foreign branches.
Bank In the Field Early.
Before the passage of the act. the
National City bank had established
offices, or rather factors. that al
lowed them to realize the Dement'S
from foreign exchanges. at the same
time not violating any statute. They
had placed men in the fields. w-o
worked an in intermediary between
business men there and the bank.
At the time the reserve act was
passed. other banks began copying
their methods. This, he said. was a
common practice with banking m
situations and n nestablished bank IN
y
refuse TO give the new conner any
Idea of credits Of persons with whom
they did business. and in this way
tended to handicap the results.
All of this. he said. had been sim
plified by the National government.
In entering South America. his ,rm
entered Argentine nrst. and BraztI
second. BY reason OF this caution,
k.H
achieved more than ordinary results.
Mr. Clark then read quite an extern
sive prepared article, which he had
cleaned from the operations OF MS
company.
Mr.. Clark stated that the majority
OF foreign trade relations have become
identified since the outbreak of the
, European war. What formerly was
considered luxury. is now considered
fundamental and il is time that this
country was awaking to the wide field
OF opportunity opened by the war.
Credit system Important.
In outlining the plan OF his bank.
Mr.. Clark said that Il was essential
to have men OF diplomacy. men who
have firm knowledge OF foreign mar
kets and who when they pack their
: goods, place II in a package that can
Immediately be utilized by the country
10 which they ship it, In this respect
ne emphasized the wide possibilities of
powerful merchant marine. and said
! that broader ideals must be reached bv
cultiyating sympathetic, consistent
action.
What he considers one of the
i greatest factors OF their success is
their credit system with purchasers
In South America. He stated that by
! means OF local bureaus and banks
they were soon able 10 learn a mans
assets, what time he sold his prod.
ucts, and how Icing they could safely
trust him on notes or drafts. Mr..
Clark said that six months credit was
not unusual
Mr.. Clark asked the question. rs
/ export trade worth while?" In an.
swering his own question he said
that foreign trade is a continual com.
mercial strife in which the material
end is wealth. and which end must be
reached by the most careful study
and application. To get more results
expectations should increase. but al
I the same time the conservation of
I natural resources must be considered
II permanent markets abroad could
be found and maintained year after
year. Il would mean increased returns
! lie said that one handicap to our for
eign trade expansion IL national
Z ignorance OF the countries which Il
hopes TO commercially invade. He
stated that Eve billion dollars In rail
roads was controlled in South America
/ by France. Germany and England.
Time ls Now Opportune.
The speaker said that many avenues
OF trade had been shut off from the
/ foreign waring countries to South
I America. Al this time the United
states r. sending an unusual amount
OF products 10 South America 20 take
care Of this shortage. and that now
is the time 10 build this trade for per
{ mancncy. In this respect he again
emphasized the importance OF credits
business ratings. and relations with
banks.
lie said that the National Clty
Bank established its first branch In
Buenos Aires IN the year 1914 Since
that time they have established
branches I'm other countries OF South
America. and ono In Havana. Cuba.
lie stated that "a keen competition
, had sprung up. and that the question
Z n credits was never exchanged BE-.
tween rival banks until recently. By