The times. [volume] (Richmond, Va.) 1890-1903, 1902-11-01
CONDITIONS IN THE
WORLD OF FINANCE
Hon. Frank A.yanderIip Addresses
the Chamber Of Commerce
at wilmington, n. c.
rRv Associated Press. j

WILMINGTON, N. c.. Oct. 31.-Hon.
Frank A. vanderbilt. vice-presitient OF
the National City Bank OF New YORK,
Assistant Secretary Of the Treasury
during President aIcklnley,s first admin
istratlon and a recognized authority on
/ financial matters WAS the guest OF hon
GRAND principal speaker a an elaborate
T BANQUET here tonight under the auspices
of the Chamber of Commerce. the lead
ling trades body OF the city. There weEe
about two hundred representative bust
ness men of the community IN attend.
ance and the speech of the eminent
ftnancier was listened to with much
I pleasure. He was presented by Mr.. VIII
! liam CaIder,#a prominent business man
of Wilmington.
Mr.. yandArln's concluding paragraphs
we're as foIlowsl
THE evidences. ten. OF advancing
prices that check expectation and in
crease importation. the absorption of or
favorable trade balance in foreign in
vestments and in the repurchase of Sc
+ c,Irities. tbs uncertain totals of or
floating Indebtedness represented by
short-time finance bills. all taken in con-
/ nection with the fact that any. redue-
ton of the specie reserve held by banks
must be followed by liquidation. which
/ will again esta biish the proper relation
+ between reserve and deposit liability.
would seem at least to point to the
conclusion that this is not time fa-
| vorahle for the expansion OF bank
credits.
II wish by no means to present an
alarming view of the outlook What
I I do wish to do is to sound a corser-
| vative note OF warning. I believe there
are in the situation tendencies in which
| are emfement of possible danger. On tho
/ other hand. by no means forget the
| long list OF Favorable conditions upon
the opposte side or the account / have
the most absolute faith In our ultimate
| commercial ascendency. I believe no one
who has carefully studied industrial
I conditions in this country ard in Europe
can reach conclusion unfavorable to.
tha#prospect OF our own progress. We
have the cheapest and most nearly in
.exhaust,ble supply of raw material. the
grea test genus in the handling of ma
chinery for its conversion into manu-
featured products the broadcast single
Homogeneous market in the void ttron
which To base substantial domestic hEsi-
mess, which viii serve as 4. foundation
for foreign commercial conquest. We
have numerous advantages over oar
competitors. and IN the end the corn
blned effect OF these advantages is alb
solute'y certain to place US foremost Ia I
the worlds commercial ranks
TT IS IN no wise opposed 70 this view
OF ultimate commercial stf7reriacJ--a
view which no one more strongly holds
than do-that aa-a pointed out coa-
dftions which believe. Il nnt guarded
against. viii threaten for the time be-
ing our continued prograss toward that
goal A iudfciaus recognition OF the
restricting conditions npYr visible IN orr
financial situation may s4Ve us from
disaster and ntlrnttiation later oa--a htf-
initiation from which recovery viii be
slow and nainfn # = realization of
these dangers and an effort 70 avoid them
shall in any n1ea snra result FROM What ]
a,-e said TO YOU, I shall consider this 4
opportunity for meeting you doubly
va Iuah!e.'