The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-05
SAYS U.S.. SHOULD
Be WORLD BANKER
Cooperation the Only Way.
Plea of National City
Bank Official.
COTTON MEN TO AID PLAN

'AN
ATLANTA. Ga. April A.-Bcvcrly ".
Harris, vicc-prcsidcnt of the National
City Bank of New York. told the Ameri-
can Cotton Manufacturers Association
here to-day that great opportunities.
great responsibilities and possible dan
gers lie ahead of the United states at
the present time. He attributed this
condition TO the war.
Few OF us realize fully the tre-
mendous potential resources and cncr-
gies ~ this country" he said. Few OF
us fully comprehend the tremendous do
meetic and foreign to which
the United states has already attained.
The total estimated yalue of the doincs-
tic and foreign commerce OF the United
States for 1914 IL approximately forty
four billions Of dollars. This means all
merchandise sold once and at wholesale
prices. OF this total approximately
twenty billions IL represented by manu-
features. Hut while our MANUFACTURING
capacity, as the above figures indicate.
has so greatly increased. and billions of
dollars Of new capital have been m
ploycd in manufacturing lines I'm recent
years. figures on our foreign commerce
arc not proportionatc and are disap-
pointing.
Exports should Nc Larger
'Out Of a total of forty-four billions
OF dollars in the year mentioned
our imports consisted of sI.s94. 0O0. 600
end our exports s2.329. 900, 600. "A total Of
&t,2e3. 900. 900, or less than 10 per cent.
of our total OF the exports
of domestic products crude materials for
foreign manufacture form - per cent.
foodstuffs 1S.j per cent, manufactures
41.2 per cent. From this II will he seen
our exports are not as large as they
should be and that they have been In
too large proportion of crude or SEMI
crude material. with comparatively little
labor in IL, as. for instance. copper and
iron in pigs and bars. raw cotton and
the like. rather than In manufactures
representing the value Of skilled labor
and better profits in the selling price.
I'VE sell cotton at ~ cents q pound.
with hardly an labor in tive buy Il
back from the thrifty Swiss AT $40 a
pound. in fine handkerchiefs-all abor.
The large and outstanding c~onsidera-
tions at the present time are-that
our continued welfare is largely
concerned in the scientific development
of our manufacturing n industrial re-
sources. and in the extension of our for
eign ommerc and particularly the sale
Of manufactured goods. II is not sufh-
cient tina We are u bove all other nations
favored with great natural advantages
OF location and ma~terials-water power.
fuel. capital.
Must Guard New Trade.
"It was providential that the Federal
Reserve banking system came into being
when Il did, for while 1t cannot yet he
REGARDED as perfect in all respects and
IN the process of time will undoubtedly
be changed. elaborated and modified in
various aspects. the basis IL there Tor a
system suitable to our needs. and II has
so far afforded us "A degree of safety and
protection which has been invaluable
under the extraordinary conditions fol-
lowing the outbreak OF hostiiities in Eu-
rope, and II has given us a means OF ex-
tending our banking operations into for
eign lands, without which our foreign
would always have been under
the most serious handicap.
1.-The greatest advantage. as 7 see II.
that we can take of our present financial
position will he in shifting so far as pos
eible the Indebtedness of debtor natlon
from Europe 10 this country. and by in
ternational financial operations To put
all countries in our debt. so far as prac-
ticable and exped!ent. thereby safeguard
ing our gold suppiy-which is the foun-
dalton OF the credit We can extend
reatinR new with all cOun-
tries and protecting us from the loss of
which We now have. Further.
II Is by running at maNimuyl capacity
and with effective organization and co.
operation that the percentage of over
head expense is reduced and profits
through economy of production realized"
work Together.
William j. Harris, Federal Trade
Commissioners pointed out the necessity
OF cooperation.
"Germany's success as a commercial
world Power II due very largely TO the
policy Of organizing and cooperating"
he said. Her business men have
worked tocether. They have established
communities of interest among them
selves for the mutual purpose Of promot-
ing trade AT home and abroad. They
have organized in every important in
dustry trade associations. and into
these are gathered 81 per cent. of the
manufacturers engaged in the rcspec-
tive industries This has proved to he
the very backbone Of G~ermany's indus
trial and commercial achievements.
More han 800 associations of manufac-
turers, producers and merchants cXis:
In Germany to-day, and in addition to
these there are about q, 700 subsidiary
business organizations. The German
Government not only sanctions these in
dustrial organizations, but assists them
in many ways.
Acting with the Secretary of Com
merce. the Federal Trade Commission
has ecommendc to the President that
legislation To prevent unfair dumping
he enacted, II has been the practice
OF some European manufacturers. who
control in their line a large rari of
the world market, to DESTROY compoti-
ton abroad by reducing prices i'm the
markets of their competitors to "A uoiut
below the cost of production. While
not necessarily contrary to business
ethics. this practice usually il unfair.
Competition to-day is ~internatioua in
character and the American manufac-
turer ~ entitled 10 the same decree Of
protection from unfair methods. sought
to be perpctrtied by foreign rivals. AS
lie receives from unfair competition from
domestic competitors.
Some countries are already proto,i-
Ing their industries against this form
or unfair competition. England, fol-
wins their example. IL considering the
enactment of such "A law I, ,r,,oo,