Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1907-10-03
PRESENT and
FUTURE PROSPERITY.
Great Speech Of M. E. In
gals This Morning.
He Addresses The American Bankers
Association In Convention In
Atlantic City and Reviews
Much Of the COuntFy'S
Financial History.
Especial Wire to the ARGUs1

(SDGcla1 w Ire W GH0 Ah6OSJ
Atlantic City, N. j., Sept. 27.-Be-
fore the American Bankers Associa-
tion, now holding their annual conven-
ton in this city, Mr.. E. M. ingalls, de-
livered an address this morning, that
for scope of review and concise dag
nosing of the financial policies and po-
iitical economies of American business
circles has not been surpassed.
The subject of Mr.. Ingalls, address
was "Present and Future Prosperity"
and he spoke as follows:
'We can tell OF the prosperity of to-
day, but who of US can read the signs
of the future? I feel honored by this
assignment, for it is the thought that
is in every body's mind today, whether
he be rich or poor, politician or busl-
ness man. Has this liquidation, which
has been going on in New York for a
year, reduced the volume of business
and is it going to produce such panic
and depression that we shall see again
the dull times of '73 to '78 and '93 to
'99, when the mills will be closed and
the streets filed with idle men?
''Some people affect to disregard the
liquidation in Wall Street, and say it is
only paper loss of spectators, and
that there has been no actual loss, and
that the general business OF the coun-
try and the future are not affected, and
that we may go on without reference
to what happens in that realm OF
finance known to the public as Wall
Street. AS we'll might they say the
mariner on one of those large ocean
steamers need pay no attention to his
barometer, but keep on sailing his
ship regardless of what it may show.
We know that he might soon be wreck
ed and that the prudent mariner, w hen
he sees the barometer falling, always
trims his sails and puts his ship in
condition to meet the coming disturb
ance which the variation ofthat instru
ment shows is coming. While the fall
in the price of securities in Wall Street
may not force everybody to sell, anC
as some men say it is nothing but {
loss of paper profits, the fact is, wheth
affects his financial ability to carry OF
business and help others, and there j:
no doubt but tswhata the mechanism o
business and trade of,our country is al
delicately adjusted to the conditions o
that financial center as the barometer
to the atmosphere. And the ups anC
downs of Wall Street show to the pru
dent business man whether he should
put his business in order and limit hi,
commitments, Or go ON regardless o
the signs of the times. The chance!
are that if he follows the latter course
he will soon be in trouble and fine
himself and friends crowded to The
wall by disasters which, if he had take1
heed, he might have avoided.
81 had the honor one year ago to de
liver an address to the bankers of Ohio
and when I warned them, even in sucf
good times as we were having then
that there were signs OF coming trouble
they evidently thought I was unneces
sarily alarmed. We had then the
largest crops ever known, our mer.
chants had more orders on their books
than ever before, our railroads were
earning more gross money than they
had ever done, labor as well employ
ed and getting high wages, yet it seem
ed to me the clouds in the fnaneia
sky betokened trouble. Our expenses
were too great, and it seemed that NJ
nation could very long prosper tha
was as extravagant in its daily life al
were the people of this country-no
the expenses of a few multi-million
aires, but the ordinary people. men
toned as an illustration the fact tina
there had been in the last one or two
years four hundred .. million dollar!
spent tor automobiles, and right now
add that the expense has gone on an6
increased andsit is only one of the as
tonishing extravagances of our people
At that time I said there was a politi
cal hysteria which was taking the form
of legislation against business interest,"
and it meant trouble. We were tot
anxious to eradicate in a day or yea