The Birmingham age-herald., 1915-01-22
President Steel Corporation Speaks Before Trade Con-
 vention in St. Louis
OPPORTUNITY GIVEN
 TO SECURE FOOTHOLD
American Manufacturers and Mcr- chants Must Be Prepared to Ex- ercise Patience and Persistence
 to Obtain Results, He Says

St. Louis, January 2l.-.One week of the European war did more than 10 years of academic discussion to con- vince the American people that foreign trade is vital elewr> in domestic prosperity. No doubt h.in. that tho nation is determIness : sec 1t. fore,sn commerce .afesuar e.s and s.crrssed.'
 This statena<nts " ,r.de tonight by Jsn.sseA. Farrell, E e.ident of the un,- ted states Steel poration. In nn ad- dres. at . hay t to delegates of n foreign trade ,nvention in session here.
 MT. Farrell continued
 What advantage or disadvantage the war will bring us depends large ly upon it's changes in industrial trade relations that cannot be forecast Meanwhile the interests of the United States are sufficient to warrant a prop CT respect for neutral commerce and the United States will, in maintaining its trade at as high level as just regard for belligerent interests per mits, serve the larger and permanent interests of those not engaged in hos tilities.
 Whatever may be the political out come of the European war. it is appar- ent that each of the belligerents will find it essential vigorously to pursue it's foreign trade to repair the ravages of it's domestic commerce.: to provide labor to soldiers returned to peace full pursuits, and to ameliorate the burden of taxation.
 Diplomacy Important
 Diplomacy of the future. as in the past, will be intimately concerned with commercial aggrandizement and it is of vital consequence to America's fu- ture position that advantage be taken Of the present opportunity to exploit the products of American Invention and to establish firm foothold in the markets of the world which neither political effort, tariff discrimination or low prices successfully can assail.
 "Too little weight is given the fact that the war, which for the time ,e- ing eliminated half of Europe as a source of supply, likewise curtaiTs Eu- ropes consumption of South American products. South American purchasing power eventually will improve with in- creased exports and imports but American manufacturers and mer- chants. embarking for the first time in foreign trade, should be prepared to exercise patience and persistence in their efforts"
 Prof. J. W. Jenks of Cornell univer- sity in an address at the banquet said
 "The present war has opened up op- portunities and should stimulate the imagination of the American business man as nothing else has done for years
 ''The war furnishes the American business man an opportunity and the fact that he uses this opportunity will be benefit, rather than a hindrance. to the belligerents now and in the fu- ture."
 Departs From Speech
 Secretary of Commerce Redfield de- parted from his prepared speech at the COHVtnll0n tOQdy tO lIlpTesS On HE auditors the great opportunities for foreign trade that the war has brought American business men. He said:
 "A manufacturer expecting to enter the South American market recently told me that as preliminary he in- vestigated the conditions of his com petitors In Europe and found it would take them four years to recover from the effects of the war. by which time he hoped to be so entrenched that his product could not be dislodged.
 T wish I could print the language of the dispatches that come to the de- of commerce. It Is singular thing to have the foreign minister of a nation wire his ambassador at Wash 1 ington that they desire us to take the l place Europe has held in their trade and yet twice have such messages re- gently come either through ambassa- dors or direct"
 It became evident during today's dis cussions that an effort soon would be l made to determine if the sherman law prohibits combination of American and merchants for the purpose of sending joint sales agent l to foreign countries. Conflicting opin- ions on the matter were attributed to,i former Attorney General Wickersham | by John D. Ryan. president of the Amalgamated Copper company, and D. 1 E. Skinner. president of lumber com pany in Washington.
 Employment of such agents was ad- 1 vocated by William c. Downs, United | States commercial attache for Austral- asia, and c. D. Mitchell, president of | a blow company in Chattanooga.
 Work Outlined
 The work of the national foreign | council under whose auspices the con vention Is held. was outlined by Alba | B. Johnson. president of the Baldwin {; works, who presided at the | opening session. The council, he said, | assisted in preparation of the ship registry bill. in creation of the bureau ! of war risks and in esta blishmcnt of l two American branch banks in South America. ]
 In the discussion following MT. ! Johnson's paper, all the speakers urged revision of the banking laws to per- init the establishment in the United States of banks for foreign trade. B. A. DeLima of New York recommended es of such banks in all large coast cities. while Louis S. Goldstein of New orleans aaid banks should be located ct many interior points slse.