Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-06
CONTINUED From Third Page.)

scout probably will reply: they're
mighty popular here, and we disposed
of nearly $16,000,0 900 worth OF cars and
parts in Sweden last year. In fact, in
! point of value the United States Is
| supplying more than four-fifths of the
| automotive equipment that this pro-
, gressive northern kingdom buys from
! foreign countries. Europeans in gen.
eral are thoroughly sold on the beauty
and serviceability Of the American au-
tomobile." That's flne" we comment
and continue on our travels.
We leave the Scandinavian PENN
sula and go down through Germany To
| CzechoSlovakia. We are in a travel
agency in Prague, arranging our book
| ings for Vienna. We notice a Czech
girl swiftly pounding the keys OF an
American typewriter. Over in the cor
ner we see an American adding ma
chine. Other American office equip
/ ment meets our gaze.
So 1t goes all over Europe. The
! American nomad encounters, on every
hand. articles of everyday utility that
remind him vividly OF home. because
they are the products Of American fac
tories.
And there is another consideration OF
which we must not lose sight. Sup
pose the nomad has penetrated to sun
drenched Madrid and has checked in
at one OF the hotels on the Gran Via
that fine new thoroughfare that was
cut through the heart of the old Cas-
| lillian capital not so very long ago. He
looks out of the window of his room
and the first thing that catches his
| attention Is handsome, towering white
structure-as impressive a building OF
its type as you will find anywhere in
| Europe. What is that?" the nomad
asks the hotel porter. La Compania
Telefonica Nacional de Espana," is the
answer-"the Spanish Telephone Com
pany." A few inquiries develop that
out of the 10000, 900 pesetas Of com.
mon stock outstanding, shares to the
| value Of nearly 47,O00,0 900 pesetas in
| the Spanish Telephone Company are
/ owned by the International Telephone
d Telegraph Corporation, an Ameri.
can enterprise. An American invest
ment OF substantial proportions!
U. s. Investments All Over Europe.
The American traveller will find SINH.
lar tangible evidences of American in.
vestments all over Europe-and all over
the world. He may ride in fine new
street cars in Warsaw, Poland; rejoice
In the rehabilitation of Greek refugee:
IN Athens; be whisked to his Chariot.
tenburg hotel on the eficient Berlin
subway examine with admiration the
great Norwegian plant which make!
cheap fertilizers out Of the air by thu
electric-arc process; or gaze with aston.
lshment at the works of the Shannon
hydroelectric development in Ireland
which should mean mounting prosper.
lty for that entire island. And, If h,
investigates, he will discover that Their,
are large sums of American money il
all these-and many other-foreign en-
terpriSes.
Perhaps, one day in October. las
year one OF the American nomads o
10y had rolled into Paris at the Gar,
du Nord and bought an English
language newspaper, reading with
shocked amazement the story of tn,
dramatic drop in the prices of securitie
on the Stock Exchange and on the Curl
back home in New York City. Quit
possibly he was staggered by that trul!
lamentable phenomenon. In momen,
I tary panic he may have asked himsel
these questions: Was the American
economic structure threatened? Die
those dark days portend far-reachinI
injury to American business disorgani
zation, q drastic let-down, or q perioS
Of hard times?
If he sized up the situation soberly
on the basis OF full knowledge, h.
could not but conclude that the phe
nomenon did not of necessity NEAR
any of those things. And why wa
this so?
He could have found encouragement
in the fact that Wall Street, though
potent financial factor, is not a ma 10
gauge OF our American well-being. Fo
one thing this tourist would have beer
treasured merely by calling UP in hi
memory some Of the things he hat
seen abroad, the endless commoditie
that represent American export trade
the many concrete objects that embod
the result Of American investments.
liberalization Essential.
Diversification, we are always told.
one Of the foremost secrets of securit
In the purchase of stocks and bonds TO
the purpose of obtaining income. Ant
we md, in the ever-growing diversified
ton of American economic interest
throughout the world, one of our mai
assurances of domestic business sta
bility. Economically, America ha
spread out asurably-develope,
sustaining, strengthening roots tina
have their source Of life in many varie,
4
"equaliZing" influence, and it acts a
massive bulwark. Merely domesti
disturbances may today be neutralize
in part by the great complex o
American interests beyond our nations
frontiers-interests which are incapabl
of being thrown out of equilibrium
simultaneously or as q whole.
, Let us consider for just q momen
our American exports, which wer
valued last year at about $3.50, 900 ,00C
What was the influence Of those export
on the preservation Of economic sound
ness in the United States?
One may readily concede that GU
sales abroad represent. perhaps, no
more than 10 per cent Of our tota
American production-but this trad
has aptly been called our ''prosperit
, balance" the margin that may spel
the difference between well-being 70
|, our country and the possible pinch Q
economic need
Exports, to be sure. cannot accom-
plish everything. Even their wsrmes
advocates do not regard them as
means of working commercial miracle
. or curing all economic ills. We ar
compelled to admit regretfully tina
, there has been in recent months a yer
, marked falling of in American sale
abroad-due chiefly to the existin
world depression in the prices of stapl
, raw materials dmpairing the buyin
. power Of numerous foreign peoples) q
well as to specific, more or less localize