New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-12
BANKERS IN CONVENTION.
.ur. Tande,}ip's Speech-President
R00serelt Cbeered.

RO0SeCPIt Jh64fed.
Washington, Oct 11-"ShouId a stock market
speculation start from the present high level of
prices in the face of the extraordinary demand
for capital and money which crops and business
alike are masking. the result might easily be tenn
porary disaster" said Frank A. Vanderlip vice
president Of the National City Bank. in his ad-
dress before the American Bankers Association
here to-day. although" he added. "there may
be many favorable features to the outlook, II is
no time for prudence to be cast to the wind; no
time for speculative commitments, which would
yield disaster if temporary reverses eansi no
time for axnsss in any of the forms of bust
ness prudence and conservatism"
Mr. Vanderlip's address was heard with keen
interest as he is regarded as the spokesman of
the powerful financial interests represented by
The National City Bank He spoke as follows:
Of viz 56a aost HesB gn1se ss the embe6s
template the progress Of financial events during
the year which has elapsed since their last meet
ssos which could be pPesensed to ' @ @
faeto1 raiG 6rosT 7 6euRd 1 re @deVs50Psn5 ena salts
and iRdpstTiaI fields. 1t is safe to assert that
Never before was the general level Of wages SO
hlggn: gg:. never & before has the aggregate volume Of
he future Of das5Tei a0tivty 1 50 f1ly STS assured
% e9s6Gai s5i afty4ty so large and never before dd
The fotsi Vsne 1s % oS he sT ,e Sgfn eer ~ rs
United States will this year exceed by $500 coo
Years s money 9ae t on 6 tie faTs ae Of tbs ' se esn
a o cIg % VII of faen fs & Sas &staggeSIg t09aI OF $3oO
The true meaning, of these hg1Tes 70 Eastern
s sfsh 5'asHfR Ra eGi Is cd to oomPf aRsF
bend their true import. Yoq who are closer TO the
who with your own eyes see the direct results Of
hend rs significance,
Under. me influence of harvests less bountifuI
following aOOTbar witt fSaOt a
regularity in the last half dozen years, you have
seen whole communities change in character. Peo-
pie whose only acquaintance with finance was their
Teo have % b into a6 to s6ift
with surplus capital and investment capacity.
that at some day distant perhaps It will be an
other New England for investments. There IS
astonishment Eastern dealers. You have seen
the farmer in these half dozen years discover the
his mortgage accumulate surplus and actually
have seen that sort OF thing multiplied and re-
and Southern States has become astounding even
70 you who have taken an active part In its growth
debts and thrifty accumulation Of surplus comes
The unprecedented figures of the value of this sea
sons crop yield Surely America is country
PROSPERITY NOT CONFINED TO FARMS.
The feature of agricultural life in these recent
ues ana the provision OF ample working capital,
with all The economies and adyantages which
have worked marvels in the way of prosperity for
not confined to the farms, These same Influences
large income, diminishing liabilities and the pro-
vision Of ample working capital have been factors
IT. Tie industrial field Wei; find great
pospeIlty Under shop roofs, TOOLS as IN the helds ! ne
= i.ofn+ of 5sstrgcfve seyerItv are iargeiy nassed
The days when narrowness OF outlook and lack OF
co-ordination LED the wasteful duplication Of
pants and vast unproductive expenditure OF
capital, have given way 10 more Intelligent man
When a nation meets d crisis men seem TO be
raised Up ready for the tasks When this country
@ To-day W" when Re crisis in the rianageen5 Of
vast industrial combinations IS upon US. We are
producing great captains of industry. These man
ayers are not all great administrators. any more
bur believe the world has never seen parallel
OF the business genius which IS coming INTO the
work Of organizing some of these great lndustIat
combinations. Economies are being brought about
tlat were not conceiEed OF Wi5en lIlese o.sa1%j
toI!s We're formed The co-oIdnatloH 81 WiLJle
field Of industry. the organization and distribution
We le3sJ pGssIpie alsadNaIlIsE@ ~ RT e,,ob en-
a 5a,loh eGafges, ,9 Cosi ] ol o ,IIade ~ effe9t
which wouid be irapossible in small plants, but
lnies-all these developments arc answering me
question 10 the wisdom Of these combinations
s rsSgits are 6egani9g TO ppf p u mprovemef gS
there fcreshsdoTed is, / believe. but an lhul'd-
tion of what may yet come "a ,
genius Tor mechanical manipulation; We developed
Il,ie lew yeaGS ago Z Sap5e@y & @ IG5 nIaa li whose
supremacy has been Of such long standing tiilt
some Of the international competitive markets
She was crowded TO second place by America and
then third place by Germany. our fNporls oi
manufactures doubled and doubled again. and we
had TO be reckoned with IN eNe.5- in'eTn2tioI-
market
GREAT TOTALS N EXPORTS OF NIANIFACT-
UREs
Then came halt Europe awoke to the situsa-
tioa. She bought samples Of our tools and dupli-
caIed them. She sent army Of investigators
10 study methods She arrested Us in our COM
!2ercizl conquest That halt Is proving 70 have
l0'=n only temporary. Again We are showing TN
s1dnlped totals in our exports q MANUFACTURERS.
Itc present figures substantially exceeding the
tltgts slicn wc made tho time Europe coined
ire phrase "a commercial invasion" The reason
for LIS late Improvement. this regaiuing Of ground
temporarily lost. this making Of new records lies
In the perfection industrial organization which
i'as been made possible by the great combinations
Relieve Just started on "A new 'col:nler-
ca Invasion. We have ne cheapest raw ma
ler.Al. the most efficient labor. = pIe-eInineut
ebAity IL adoption % ;2-@charical aids. and
~ that is confined with "5ot believe 10 be
faTscendant genius for f-coFoI2ic organization Tne
epn5i.a;on ~ these forces viii. cc1"slre. ne
Nell1igL Irresistible. Tine logic of this cnmbina-
Ion spills fo- i3s an ureNampled development of
io.elEd r-aca AL i-sd : .nleligen'ly 10 fos-
te the Tc=silfi:tes l l!U not giving rein 20 I'M
EgHaiio:i. Tfa cold hgi:res ~ government Stats