The Cairo bulletin., 1907-04-07
NEW YORK FiNANclER SAYS
PRESENT is TIME TO PRE-
PARE FOR CRASH.
HAS FEARS FOR FUTURE
Because Of the country's Unequaed
osperity-Schwab Takes Op-
tmistc View at National
Civic Body Meeting

4
mont, presiding tonight al the NEE
ING of representatives Of capital an,
labor in the Fifth avenue maasion 0
Andrew Carnegie, at the very openinl
OF his remarks said.
There is no time more importan
than this for a gathering Of this ma
ture. 1t is very easy to remain a
peace during prosperous times bu
greatly impressed with the unparal
leled development of our country am
it's prosperity, which have been 81
extraordinary that II Is unloubtedl,
time to strike halt, and ii Is moi
wholly undesirable.
81 do not deste to he either a pro
phet or an alarmist nor viii | discuss
the causes which appear to lead to
the beginning of it, but it is unques-
toned that We should prepare our
selves through just such gatherings
as this to understand and to solve the
problems with which we are at any
time Likely to be confronted
Distinguished Men Present.
An audience Of more than 300 mil
lionaires, philanthropists, profess
sional and business men, employers
of labor and employees, had been put
in excellent humor by Mr. Carnegie's
warm welcome. when Mr.. Belmonts
warning, uttered in most solemn
tones, fell upon them like a cold, wet
blanket.
Later in the evening, while other
speakers were discussing industrial
peace, such men as Jacob H. Schiff,
Chaiies M. Schwab and others less
widely known In the industrial and
banking world, wer found discussing
Mr.. Belmont's statement in secluded
corners Of Mr.. Carnegie's house.
A reporter sent word to Mr.. Bel.
mont that In view Of the impression
which his remarks had created It
might be desirable that he amplify
his statement Mr.. Belmont sent
back his manuscript as he had writ
ten but not delivered, his speech
with word that he had not intended
to sound any note OF alarm.
stenographer's Copy Quoted
At the same time the manuscript
was sent to the official stenographers
who were transcribing addresses of
the evening with instructions to in
corporate that in the report in place
Of stenographers notes. Alleady,
however, Mr.. Belmonts speech as he
had given it had been transcribed
and the foregoing, which was all that
he had said touching upon the finan-
cial outlook. is the stenographer's
copy.
Jacob H Schff. of Kuhn, Loeb &
Co.. financial hackers of e. II. Haui
man. listened closely while a re-
porter read the transcript of Mr.. Bel
mont's remarks. Then he asked to
read the typewriter copy himself, |
after which he said: 1T is a solemn
and it expressed just what
think of the situation"
Charles NJ. Schwab took the other
ieve," said the steel man. that the
country is more than at the beginning |
Of its development. There, no doubt, |
will be falling off in business. due |
o the fright which capital has taken, |
'ut do not believe we are facing
my such situation as that which con-
ronted the country in 1893 for in. |
tance."
The original manuscript which Mr.. |
Belmont had prepared set forth very |
mbiguously what he did say when he !
from the text 10 which he !
i'd not refer so far as could be seen
While he was talking.
All Welcome Alike.
Millionaires rubbed shoulders with |
ralking delegates and vices and
daughters of capital and labor met |
on the same platform, one just as |
Welcome as the other and both |
cubly welcome" as the ironmaster
phrased his welcome And |
he host and hostess made it apparent
ghether the guest came in tomb |
tone front" or in elegant workday
ress that he was on an equal footing
D the beautiful mansion.
Mr.. and Mrs. Carnegiewere assisted
\ serving by Mrs Carnegfe's sister,
Hiss Whitfield. and among the volun-
ary assistants in welcoming the
uests and making them feet at home
II ]
few oYrk City railway Mr.. vree-
and and Mr.. Belmont came in for
ONE good natu.ed ehaf about the
straps" when the reception room be.
anne crowded. bat they took it in The
est spirit
Farley in Plain Talk.
Even when Archbishop Farley
Dlke some plain words about en-
loyeTs sometimes forgetting that