The Washington herald., 1919-08-19
OPTIMISTIC AS
TO U. S, FUTURE
Henry Clews Says New
York Will Be Worlds
Financial Center.

NC" iOTh' Aug. h-PrObaoly the
most interesting part in the informal
statement which was made for publi-
cation by Henry Ciews on his seventy
ninth birthday was his reference to
the opportunity which now awaits
the United States with New York as
its financial center to gain the prestige
and influence which are associated
with the financial center Of the world.
Certainly his comments upon this
| point have occasioned greater discus
sion than any Of the other interesting
thing which he said.
Mr.. Clews has been identified with
the financial life of New York, and. in
some measure, with that Of the coun-
try for many years. He has gained
recognition as one New York's con-
spicuous citizens. He overcame trials
and trIbulations, which. through no
/ fault OF his own. beset him many
years ago. and did 1t in such manner
as to gain for him high credit which
has never been impaired-double credit.
, N fact. because all that he has said
has been deemed worthy of listening Z
to and Of needing, and also because
he has maintained unsurr assed credit
es a fnancier.
/ Mr.. Clews is not unlike many Of the
leaders in the financial district, and.
In fact, other parts Of the country in
I maintaining courage, faith, hope.
which are qualities that constitute
optimism. He has never been a bear
on the United States. not even in the
days Of his early manhood when he,
an EnGlishman by birth. came TO New
! York and began his career as a bank
er.
The Oil Industry.
His optimism in his recent state
ment was voiced in a few words. It
/ is based upon the fact that the United
States possesses une1ampled natural
resources. and in fact, is the only
country in the world which is able
to live upon its own resources. not
being dependent upon outside aid.
Among the resources OF which he
speaks are our cotton fields, and he
looks forward to greatly-increased pro-
duction OF cotton. that running con-
current with a large development Of
other agricultural industry in the
South.
! Apparently he regards cotton as next
. to food. steel and IRON the ,ni"I
We can depend upon the cotton fields
and the iron mines for abundance OF
raw material, and also upon our vast
reaches Of farm land for food
He also refers to oil. meaning
petroleum. as among the most i'm
portant OF the natural resource
of the United States. evidently MAX
ing mental reservation rCspectinu
hA y h.. ri.
fields t. produce year after yCaI
as nearly 500 90 barrels OF Oh
as they are now doing In Other
WORDS this is natural resource
which NAV be eXhausted while cot
iron Of which the supply Is neon
.c,ivatIy great. are in no danger
of exhaustion
with Ichn j. Rockefeller an,
IcIple Of cooperation. as dustin
EuishRd FROM drastic. cVt-throat com
petition. should he adopted and II
+ fact is likely to he adopted
thai p'lrCipie le wisely ut.Ilzc,
= he regards It inevItahlc that tn,
United S'atcs. with New York neal
III ll' Sst4ll'- II ION lt' lllf' 'lHI
try which LONDON docs TO Grea
, Erltain. may become the none.
ccnJ'r Of tn" world
Ncl crth"ic>s MI Cl'Ws Is certal'
that New York may hccoma th'
money center OF tho world If thu
tlnanCiers Of the Crrre1 Statcs a
with wisdom. skill and Cores gnt 4
present money Is handed at New
Work such r1a-Urr q make
impossible to gain rro-CnIl"nCH -u5
prestige as 4 money center. The d.f
fc,.Itv seems to lie IN the fac ths
the bankers do not appear vet t
have been 20 well educated that they
are able to act in full cooperation
as. for instance. Mr.. Clcws says w
Will never he the money center of The
world as long as call money luCtu
atcs As H has been dong recently. Il
IOrdOn where som, time the ochr
OF the German war guns was heard
nevertheless the money rate was ko3
steadtast and stable during the en-
tire war.
, Co-oleration Of this Eird l. IT,
principle which James SullIn-n te:
wears ago advocated. believing tina
its adoption is imperative II Ameri
can fin4nciers are. 20 take ailautaC
Of their opportunity. II is, ai-o n,
principe to which John i. EoCke
fellAr gave approval in the pUS'
statement which he recent, made
M Clews is certain that n" Unite
States can establish 81 N"v York tn
money center Of the word il ONLY ou
bankers and men Of finance will lear!
few lessons and thon act upor
tkGm