New-York tribune., 1913-05-25
A PROFL|GATE NATION
Habit of ignoring Conditions a
Bad One.
INHERITED OPTIMISM
Vice President Talbert of Ma
tional City Bank in Address
Gives Facts and Figures.

Detroit, May 24-One Of the most
thoughtful expressions on the worlds
economic position and the evils which
have been responsible for the money
strain both here and abroad was given
tonight in an address delivered by Joseph
T. Talbert, president of the National
City Bank Of New York, before the Bank
ers' Club of this city Mr.. Talbert began
his talk Of the evening by apologizing, In
a way. for remarks he had made before
a Texas audience on the growing eXtrava-
gance and wastefulness of the American
people. citing as an instance the use Of
pleasure automobiles by so many thou
sands Of persons who cannot afford such
luxury He assured his audience that he
had no intention of rejecting on the auto
mobile industry, and paid a high tribute
TO the automobile. which. he said. has
come to stay. His remarks along that
line included the following:
Indeed, il shortly may become, If it
has not already done so, as much Of a
necessity in business and in commercial
economy as il was in the beginning lux
ury in its social uses. The amazing de-
velopment Of the automobile industry is
one Of the modern wonders of the world.
Probably the use Of no invention, except
perhaps that Of the telephone, ever grew
so rapidly or filed so completely a place
created by and for itself. The city Of
Detroit has abundant reason TO be proud
Of the position of supremacy in the auto
mobile field which her manufacturers
have earned on their merit and through
their for esight.
Il trust that no one may understand
from these commendatory but none the
less sincere remarks that | have eXpe-
rienced a reversal Of opinion respecting
the question of our national extravaganza.
certainly have not. From Whatever
sources We may seek information the evil
dence all tends to show that individually
and collectively we are nation Of spend
thrifts. II is our habit and our delight 10
souander. and no amount of preaching
will have any effect upon our prodigahty
as a national trait.
cone Of the prominent mutual life in
surance companies Of the United states
recently sent out circular letter con-
tanning the following remarkable state
ments:
"A well-known life insurance company
has been following UP all Of its death
losses Of FIVE thousand dollars or over.
The result of its investigation is that
after seven years. 30 per cent OF the oene-
fciaries have lost or spent the entire
amount paid to them.
1t is claimed the statistics show that
eighty-eight out Of every one hundred
men over So years Of age are dependent
on children or charity.
This is convincing proof OF national
prohigacy in this land of plenty where
opportunity exists for every man 10 gain
ut least a competency
1--WE have inherited this vice in the
same way, and for much the same rea-
sons that we have inherited our charac-
teristic optimism. So persistent and
buoyant is this habit of ours Of looking
always on the rosy side that we blind
ourselves often 10 real dangers and de-
cline not only 70 profit by lessons OF the
mast. hut refuse either to heed these les
sons or 10 remember their bitterness"
Getting into his subject, Mr.. Talbert re-
viewed the world conditions in part as
follows:
Years Of experience and intelligent
nractice in any business tend eventually
10 develop certain indefinable senses OF
intuition in the mind Of the most Ordinary
man respecting his own particular olsi-
moss. These senses act unconsciously ana
they operate apparently as the spon-
taneous working OF an unguided mind
might say like instinct in an animal
Thus. for instance. the grizzled and storm
tried skipper takes squint' at the SKIES
s-~t.- l.a u h1OyXs' the farm
or casts his weather eye and predicts a
hard winter: the surgeon feels the WANING
pulse and discerns the shadow or death'
The banker. in his turn, intuiuVely ieeis
that money is going to be easy or that
times are going TO be tight. lie mas
made no analysis Of the facts but ne
feels il in the air This kind OF dead
reckoning is quite sufficient usually out
thore come times when il is wise ana
wholesome plan for all men OF business
and for the banker. more than for otner
men. because OF his heavy private ana
nublic responsibilities, 10 pause and take
stock OF things; not merely TO examine
his own balance sheets and reserve per-
centages. which are the barometers OF ms
trade. nor TO consider merely the condi-
tions OF business in his own community
nor the promise Of the crops. but TO take
a broad and comprehensive view national
and international TO observe all that may
be In sight at home and abroad and 10 an
alyze what is seen. This is the especial
duty Of those Of us who hold on deposit
the reserve funds OF other banks, not only
because of our own possible necessities
but because Of our responsibilities toward
those for whom we act. Our correspond
ent banks and individual customers as
well have a right TO expect Of us clear
vision, sound advice and a free express
sion OF H. TO the end that they, too, may
rightly interpret the signs OF the times.
1--WE shall take now hurried view OF
financial conditions in other countries
and test the weight Of extraneous inhu-
ences. generally But for lack Of time il
will be necessary 10 conhne consideration
and review chiefly TO the three leading
countries Of Europe-Germany. France
and England.
German Situation.
Germany has been and still is passing
through a period OF intense industrial ac-