The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-04
AMERICAN BUSINESS.
MIR. Vanderlip's Gloomy Forecast criticised
by Another Expert.
From TIE New Orieaas States.

From TIE Nsv Orieans States
Dir. Richard II, Edmunds. editor Nonu-
facfurers' Record OF Batlmore In an inter-
| view this morning, took issue with the some
what pcssimistic views recently expressed by
the en- Assistant Secretary OF the Treasury.
Mr.. vanderlip, now vice. president OF the City
National Bank of New York. and OF some OF
| the speakers at the bankers convention. In
discussing the business outlook MIR. Ed
munds said
1T seems to Inc that Mr.. vanderlip and other
bankers VITO have lately been uttering warn
incs OF possible financial trouble by reason OF
too much aoti witty In business have overlooked
some important facts. They have based their
warnings on overs peculation. but overspeou-
ltion Is possibly not as great IA ctor In COM
pal sion with our business interests as IL gem
orally claimed. The real business interests
OF the country. the producing power Of our
farmers and our manufa oturers. are so much
vaster than the speculative operations OF Wall
Street-IsinR Wall Street as term TO indicate
the stock-speculative element OF the whole
country-that the banker In the money CEN
tire Is sometimes prone to TAX narrow view
Of the expanding trade OF the United states
and OF the real basis of our business activity.
Really, the Wall Street man knows oompars-
lively little about the true progress OF the
whole country. and therefore he jud ges things
only rs he sees them from the Eastern point
OF view.
We are tOiu tnAt our exports nave uetIHeu
and our imports increased. and that this IL a
dangerou. symptom. We fare told that. in
stead of heavy exports of steel and iron OF
rec years ago are now importing steel
and iron, and hat this indicates the culmina-
ton of our great prosperity in these interests.
II l. dificult TO understand how men OF such
supposed business acumen can for moment
express such views Three TO FIVE years ago
our iron Interests were still, by reason OF the
disastrous condit ions brought about by free
silver agitation, 20 depressed in price that our
manufacturer were forced, In self-protec-
ton. to push our pig iron and steel rails into
2ra so mnGh less than h %p % that
We exported about million tons Iear, but
sod Nc5 sS6 a. WORTH q snch at
little or no profit II, would be absurd 70 cay
nat the 5TnSv s o. sn ~ og s o
yet that is the 10 gical position OF many OF the
views expressed On the subject.
is so great that il IS impossible for our makers
To- supply " and we are G n,aks h 70 RIf
tons this H'y gear bS: that Is not Sign o. bad
times. Il simply shows that we are enjoying
tSSn tSss though caf snd s
mills and locomotive works are crowded TO
Them t Ts.t ths
sa Wsnf tons .ns o
stead OF having In stock 500. 900 TO 0O0.OW
tons Of unsold iron, a. We have usually car
ried, the entire stock in The United States is
Sny seS S00 u to foi the fac, that orssn
countries have been able to add to our own
by aeSsy 10 us and msebns
shops would have been forced TO close Tor
weeks or months for lack Of material Never
6s sIo,,O i9 our history mas su'n eono''''n
sThe steel-rsn mills are so oyersnd that 1t is
Within Within the next ten mo hs, and number
OF orders have been placed In Europe because
e Name to TO TsH. from the Gulf to tn.
Pacific. without single exception the story
comes Of the prosperity OF tsrmer ss o. b masq
at this convention. so far as have been able
to learn, without exception. are enthusiastic
prosperity of every section and of every class
We are told that hi. er: Of high prices evil VII
tions, and not speculation. nor even trust.
hys SSushsa about high STiss iG p4oa
uots Temporarily these prices are Injurious
tothe consumer. but on the whole this Is Oh,
2 farmers. p railroads and Of p,anniscturssIs
these hlsh prices must gradually bring about
%As ms- We have sss
OF last years corn shortage. We shall have
somewhat lower prices by reason Of the enor-
last
What boots the loss OF Few million COL
lars In the volume OF our exports or few
million dollars in the increase OF our imports
when our VI ole foreign trade is less than 3
per cent Of the trade OF the country, when
the decrease on the one side and increase on
the other are due to our very prosperity?
England. France and Germany import vastly
more than they export. but nobody ever
ina cines that this means poverty to either
OF these countries nor do we hear OF their
bankers becoming unduly alarmed at SUCH
temporary and comparat ively trifine changes
in foreign trade "a we have recently had
Might il not be better for our bankers. while
discoursging the speculation and overcap-
i'alization gathered around some OF them
In the great financial centres of the country.
to recognize the fact that II our prosperity
should break down when based on such con-
ditions as now prevail. II will be due TO their
inability 10 measure up to the opportunity
and responsibility which rest upon them e.
the controlling powers in financing the bust
ness interests OF the country"