The Washington herald., 1921-04-06
FOREIGN MARKETS
NECESSARY TO U.S.,
DECLARES SlSSON
Noted Financier Believes
We Overemphasize Our
Importance.
NEED EUROPE'S AID
Perseverance of National Pros
perity Dependent Upon Eco
nomic Conditions Abroad.

NEW YORK, April 5.-ln an ao
dress at a joint meeting Of the MI
nois Manufacturers' Association, the
Chicago Association OF Credit Men.
and the Chicago Association OF Som-
merce. in the Hotel La Sale. Chi
cago, tonight. Francis II. Sisson,
vice president of the Guaranty
Trust Company of New York, salo
in part as follows:
"We are too prone to think In
terms of what the United states
means to the remainder of the world.
1t is high time for US to realize
fully what the rest of the world
and especially Europe. means TO this
country. We have lately put TOO
much emphasis on our help to other
nations; we need to understand that
We require their assistance.
Need Being yisualized.
Ever since the Pilgrim Fathers
landed on these shores three num-
ired years ago We have looked 10
Europe for help in developing TINS
great land. And we need Europe
aid today quite as much. il not more.
than in the past. 1t is a dHerent
kind of assistance, however, that We
REQUIRE now.
sought and obtained Europe's money
and men. Today We do not neeo
either Of them, at least in the guam
titles that we received before the
world warm fact, 1t would be to
our serious detriment to take them
in such quantities. But we do need
European markets to preserve our
national prosperity, and that fact'
clearly foreseen long ago by the
keenly observant, is just beginning
apparently, to dawn upon popular
consciousness. For the first time,
perhaps, our people as whole are
beginning to visualize, IL not COM
pletely to comprehend, that economic
conditions in Europe have their re-
actions here, and vice versa; that,
consequently. we must think of Eu-
rope in terms of American condi-
tions-
IN brief, we are just awakening
to the realization that, while we did
not annex a square foot of Europe
politically in the war. We annexed,
almost unwittingly, large part OF
that continent economically. and
find now that we cannot withdraw
from II. IL we would, except at the
sacrifice of our own prosperity-ex-
cept, indeed. at the fearful cost OF
great economic loss here.
Stupidity has always exacted tre-
mendous penalties from the human
race, but the most Grass and costly
of all stupidity would be for the
American people to fail of fun ap-
probation of that paramount fact.
Our Eeoaomic Dependence.
while il is true that the United
States is more nearly economically
independent than any other world
power and that the great markeI
for our products is our own country.
nevertheless. we are economically
dependent upon other nations to a
larger extent than has generally
been understood And not only has
that extent not been appreciated by
the mass of our people. but also its
vital significance to our welfare.
Were the fact properly understood
we would not be less selfish in our
point Of view and international poll
eies but far more selfish: and. para
doxicsl though IL seem through
greater selfishness we would be less
selfish. In other words. we would
realize that by helping others more
we would help ourselves most.
Some Reactions Here.
The reactions here of economic
disturbances in Europe are begin
ming to manifest themselves Sc
plainly that every element of our
body poiitic-the business man. the
banker. the manufacturer. the farm
er and the laborer-cannot fail to
see and feel them
The most patent and perturbing g
evidence Of those reactions is tht
present unemployment in the United
States. unquestionably due in con-
siderable degree to worldwide con-
ditions.
-As q consequence OF business de-
preston and price recessions. wages
are on a decline throughout the
United States in practically every
Industry. amounting to as much as
30 1-3 per cent in certain lines
-As q consequence of business
depression and price recesses
wages are on a decline throughout
the United States in practically
every industry. amounting to as
much as SO 1-3 per cent in certain
lines.
There are more than 400. 900 idle
freight cars In the country. and,
aespite an increase of approxi-
nately IS per cent in railroad
rates which became effective last
September. the railroads. as q
whole. show practically no net
operating income. while many OF
them have not earned even the
cost Of their maintenance and
operation.
The Industrial slump has had a
marked effect. too. on our merchant
marine, which. incidentally, has
cost US 1000 .0oe. 900.
The reactions here Of European
conditions are also rejected in the
arge aeeomVlstions OF some OF our
principal export commodities and in
Sur foreign trade statistics. With
foreign demand reduced to approx
nately one-thfnd because Of q lack
of buying power abroad. and with
domestic eonsumption greatly cur
allied, there is cotton enough In
his country now TO supply the
set1si demand for At least a year
even II no cotton at all were raised
this country during 1917