in raw materials, for new markets capable of development, and for opportunities for the profitable investment of capital.[40]
These new tendencies were quickly reflected in American relations with the Near East. As early as the spring of 1920 the Government of the United States was engaged in a lengthy correspondence with His Britannic Majesty's Government regarding the right of American capital to participate in the exploitation of the oil resources of Mesopotamia.[41] About the same time the Guaranty Trust Company of New York—the second largest bank in the United States—established a branch in Constantinople and proceeded to inform American business men regarding the opportunities for commercial expansion in the Near East. In a booklet entitled Trading with the Near East—Present Conditions and Future Prospects, the bank had this to say:
"The establishing of a Constantinople branch of the Guaranty
Trust Company of New York brings forcibly to mind the growing
importance of the Near East to American foreign trade.
Up to the present time American business in Constantinople has
been seriously handicapped by the absence of American banking
facilities. Our traders were forced to rely on British, French, or
other foreign banks for their financial transactions. This was
not only inconvenient, but it was devoid of that business secrecy
which is so necessary in exploiting new fields.
"Before the war merchandise from the United States was a negligible factor in the business life of Constantinople, and a vessel flying the Stars and Stripes was a rare sight. Today one will find four or five American liners in the Golden Horn at all times. . . . Today a dozen important American corporations have permanent offices there, and many other American concerns are represented by local agents.
"The future possibilities of imports from and exports to the Eastern Mediterranean, the Sea of Marmora, and the Black Sea ports from the United States are of almost unbelievable proportions. These entire sections must be fed, clothed, and largely rehabilitated. Roads, ports, railways, and public works of all
