New-York tribune., 1919-03-03
M -Markets-Investments
Banker Calls on
Business Men TO
Broaden Viewpoint
Deplores Lack of Political
Intelligence and Says I'm
derstanding of Economic
Problems Is Necessary

Francis II. Sisson, vice president OF
the Guaranty Trust Company. ir
speaking Friday before the mem.
bers of the Bond Club at the Bankers
Club on the political aspects of finance
ana business, urged the investme mt
bankers to assess more thoroughly
the effect of general social political
ana economic movements on the fun
damental values Of securities.
Inc thought which the banker en-
phasized was that bond men in the
compleXlty of modern life cannot
"card-index' their business activity
and consider it as a thing apart from
other dynamic tendencies. The nitb
OF MS idea was expressed thus: ar
, 'S not sufficient to know that cort.;.
corporation has earning power and has
''""o"'se values and has business
prospects in the way of expanding on
portunity, unless there is behind N a.
an awakened public opinion, and =
puD''c opinion that is based upon
sound economies.
Needed-Political Intelligence
ne business opportunity" nv.
Slsson added, "mcans nothing. unlcss
we nave coupled with it political in
telllgence which makes it possible. We
look INTO our own city here, and we
o'scuss the cost Of transportation and
the economic problems that arc in
vowed in public utility problems ccn-
orally, but what good is the under
standing of the economic problems if
you have sitting in legislative and ad
mnistratlve halls a degree Of political
intelligence that absolutely nuIIics
1t, which dciics economic law. which
refuses to recognize cost~of produc
tion and cost of service as a basis of
price?
so may say that you bond men.
who buy and sell issues, have got to
consldcr' IN all OF these situations
more than the earning power or fran
chlse terms or business opportunity,
or the trade development that may
lollow IN any given field; you must
II.
sooner or later, in this form of GOV
ernment determines the value unon
which your security rests. We sec
rising up all over the world this tide
OF radlcallsm, which has affected
evcry form OF business opportunity
ana business service; and unless wc,
as business men, attempt to under
stand and interpret, and, by the grace
o, "od; guide that radlcaisminto right
cch"nno's, IT Is going to affect the
i"hda'nehtal values IN which We all
deal
"Wo talk about foreign Investment.
ana right at our elbow in this coun-
try OF Mexico we sec billions of
dollars Of American money nnd hun
,dreds OF American lives IN jeopardy.
bocauao our own government has nb.
nolutcly refused to extend ANYTHING
likc protective interest in That sit
uatlon we cannot expect to tnko our
position in tho economic world nm
Ioss we put into political halls tho
same Kind Of intelligence that enters
'h'o our business organization.
The Presidents Power
Whatever may be our attitude to-
ward our worthy President. we must
admit that he is a powerful man, and
that he is sitting in the seats of the
mighty to-day, with vast business is
sues IN his hands. And there again
the political angle is having very
future, and we as business men should
study that angle and have intelligent
opinions about it, and be able to vote.
through our duly accredited repre-
sentatlves, >lntcllge that our bust
ness may be protected and conserved
III there we're to be any one criti-
cism made Of the American people as
a people it is that though we have
organized democracy here we do
not function as a democracy in many
important instances, and we allow
economic fallacies of all sorts to
creep into legislative enactment We
allow economic fallacies to have poll
tIcal Importance, which, if we gave
them the attention they deserved
and realized the bearing that they
ultimately have on our own pocket
books, we would be quick to correct
in their inception, rather than to FIGHT
them IN their fruition; and it seems
that IS the message of this hour, if
ever in the history of the world.
we have had bright ideals of max
ing the world safe for democracy and
there has been very little said about
making democracy safe for the world:
and if democracy is to be made safe
for the world, the business men of
America have got to do an important
part in that task, and | do not know
any place in the world where such
education can be distributed to better
advantage than in New York City, and
among the men, such as you who
mingle with the community and who
have the message in your own minds
to deliver"