New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-26
S20,0 100000 Invested
Capital Represented at
Pittsburgh Convention
AMERICAN LOANS
ABROAD DEFENDED
Warning Nations Will
Meet Their Debts, De-
clares Trust Co. Head
BY JOHN J. LEARI, Jr.

Pittsburgh, Jan. 25.-Nearly LOO
delegates, representing $4,000, 100000
of invested capital, made up the ma
tional foreign trade convention which
to-day began a three-day discussion Of
ways and means Of capturing foreign
trade.
In these delegations every phase oil
American industry, from fruit raising
in Florida and granite cutting in Maine
to farming in Illinois and numbering IN
Oregon. had ito advocate. The whole
made up what James A. Farrell, presi-
dent Of the United States Steel Cor
poration and chairman of the National
Foreign Trade Council, described as the
most representative group of American
business men ever assembled under one
roof.
An elaborate programme had peeh
arranged, all centring on the develop
ment of larger foreign trade and the
WAYS best suited to enable America TO
hold its own in world commerce once
peace is declared in Europe. Peace MI
Farrell pointed out in opening the con-
vcntiop. will bring its problems almost
as dangerous and fully as serious Dc
war had brought, creating pelP'sAIne
situation against which America Eus'
prepare.
Merchant Marine Favored
A. ,roars of preparation. speakers
advocated better banks in cooperation
in seeking information and customers
.re unbuilding of an American mer-
chant marine and legislation permit
ting merchants and manufacturers u
combine for export business.
II was on banking, however ina
r,oot of the discussion centred. LEWIS
y Pierson. chairman of the Irving Ma
tionaI Rank. led with paper, on
American Banking After the war:
He declared no legislative panacea Is
needed to cure America loIeIsu
banking ills, the finding oil the renleuy
and it's application being the uu'! ~
| American bankers and business H''''
rather than that Of the pol'lclahe Lo
Fostus j. Wade, chairman OF tne
I Mercantile Trust Company % OF ,n
/ Louis brought the convention up
| cLcorinq bv a defence of foreign loans
/ GA nlea that all state banks JON
| tbc Federal Reserve system.
oTbose of us that have studied the
valuc of these foreign loans are CON
WINGED. beyond the peradventure Oh q
donbt they will all meet thelr inter
est at maturity and are prime invest
ncnts for the people of this nation.
"Fear is in the minds of many OF us
bocansc Of the stupendous war debt
| that is daily being created IN TINS nor
| r;ble war. II is estimated somewhere
| az about $4,000. 100000.
"Tbc external debt that those ma,
/ t;ons now at war owe the Onited
| states to-day is less than three
fourths of per cent Of their wealth.
To develop foreign trade you mus
devotion credit, and you must not rear
| tbc LOYALTY. the fidelity. the faithful
ness Of those nations In meeting the'r
| ALLEGATIONS when borrowing from US
At the morning session "NorId ~ rra ,I
After the War" was discussed. W w
| Nichols. chairman Of the coHHlss!oIj
mich recently visited France, pointed
o,,t immense possibilities presented by
| tbst country after peace is declared.
Willard d. Straight, vice-presldent
NJ Tho American International Corpora
| ton. followed with q paper on /, ne
Foreion Trade Aspect Of the farm
/ The farmers part IN preparation LOT
noaco was outlined by ". Is. Harris
/ president of the First National bahk'
/ Of Champaign. H.. and a prominent
| corn beIt farmer. urging constructive
work looking toward better business
methods on the farm and in marketing
farm nroducts. which. he said, arc abso-
! lutclv necessary to success.
webb Bill Advocated
Paseaqe of the Webb bill authorizing
! coonerafion among American exporters
| in foreign trade is urged upon Con
| cross bv the council in report SUP
mittcd to-day. --.,,e
"TnabiIitv of Americans TO cooperate
| copfcrs upon our competitors praC-
/ teal subsidy declares the couhcl''
! remuneration i'm export selling IS I'M
/ ooratiye to meet the proposed post
| bollum cooperative buying not only oy
/ Grams of European Industries, put
even by governments, with the OBJECT
of controlling prices; -.
! Remuneration would enable many
! smaller manufacturers and merchants
! Jointly TO develop abroad selling power
| and resources too costly Tor them 10
develop individually. Greater stabillty
Of export business could be obtained
through cooperation and wider dis
tribution obtained of the benefits OF
ovcrsea sales as balance wheel
against recurring periods Of domestic
| depression aud unemployment. In
crease of normal export trade is essen
! tial to defend the gold reserve from
sudden drains due TO increased Euro
pean competition. Since the countries
With which 90 per cent of American eX-
mort commerce is conducted have their
own antitrust laws, the application of
/ the American laws to exporters merely
subjects them TO a double standard
and cannot reach their competitors
Property Cost of Great War
That the loss of public and private
propertv in the European theatres OF