New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-07

the world w. Y
This IS inter W
esting fact, and an
important fact and means much to every citizen of
the country 1t viii affect position in the comfy
OF nations far more than any single the build
ing Of great navy any imperialistic expansion 1t
VIII mean new economic conditions new and possibly
radical legislation as compared with our present
tariff regulations. and great national problems
that will call for solution. Money is the great
social power, and to be the foremost nation fnan-
Ciallv viii bring US responsibilities much greater
than any which we have assumed 1atterly.
For centuries the worlds financial center has been
London. From the time when the LOmbardS
brought banking from Italy to London, gave
England the " { s. d." which IS still the symbol
Of her currency, and gave Lombard Street its name,
EngIand's wealth has increased steadily and ire
rueudouslv As she sent her money out to all parts
Of the world for investment, and the profits,
great food Of wealth. flowed back to London, she
gradually gained the worlds confidence financially:
all nations went to bank there and for many gen
orarons all nations have gone there to borrow money
The noney-narket IS precisely like any other
market. Where the desired commodity exists IN
the greatest quantity and IS to be had at the cheapest
rate there will the seekers go to obtain II. This
Is as true Of gold as OF fish or beef. And London
has served well her broad world clients Con-
sentative in management, eXhaustless in her re-
sources. equipped with many great banks whose
names are historic and whose credits have been
passports throughout the world for generations
china South America, the whole world, has gone
10 bank there Wherever a man might be on the
earth a banking credit in London good as
having the money in his pocket; and OF no other
CITY could this be said.
And so the change, when it comes, will be a
great one As France has furnished the language
Of diplomacy, England has established that Of
commerce. and if that language IS to become
American it will be great triumph for us indeed
But before it can come many important changes
must take place in our methods, way OF doing
things and some of these changes will be considered
here The dominant factor in the question IS
our rapidly increasing wealth. an increase 50 rapid
that It IS leaving all other nations far behind.
The few acres Of territory which comprise Wall
Street so-caed. are occupied by body OF men
with the greatest ability and largest aggregation OF
wealth of any similar space in the world. No pre-
ot,s period in the history of this country has pro-
d,ced so many forceful and brilliant financial men
as the present one The men of mark in the past
would not amount to much II they should come
hack now and enter into competition with the
present kings Of finance Who could have dreamed
that an institution like the Equitable Life Insurance
Cornr,anv would have grown up in 50 bret time
from q CAPITAL of one hundred thousand dollars
which has never been increased, to now possess
forr hundred millions Of assets. The Mutual and
New York Life companies are equally conspicuous
for their herculean growth. Take our BANKS loi
instance. the National Bank of Commerce, now
possessing twenty-five millions capital, surplus
about twelve millions, and deposits one hundred
and fortv-eight millions; the National City Bank
with capital Of twenty-five millions, surplus seven
teen millions and deposits hundred and eighty
three millions, The worlds highest credit IS now