The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-28
VANDERBILT BLAMES
'HYSTERIA FOR EVILS
President of National City Bank Tells Cotton
Manufacturers Nation Needs Saner View
of Things for OBSERVATION-DISCLOSURES
Efficiency Inquiry on Farms.

The American Cotton Manufacturers be-
gan their eighteenth annual convention
at the Waldorf Astoria yesterday with .
searching criticiam Of conditions that
impede the way Of progress and pros
perity BY Frank A. vanderiip. president OF
the National City Rank: N. A. Cobb and
Ralph NJ. OddelL Government experts
stuart w. Cramer. president Of the assoc!.
alton. and others.
This In the hrst time the cotton manu-.
facturers have gathered in New York
They gathered hero In responAs to an In.
vitation from the Merchants Association
The convention viii end tomorrow. when
there will be an address by Arthur K
Marsh Of the New York Cotton Exchange
The most Interesting development OF the
deliberations OF the manufacturers came
after the banquet In tho evening, when
Mr.. Vanderlip spoke of the causes of the
present Industrial and commercial un-
certainty and pointed out Its remedies.
MIR. Vanderlip thought that in u period
Ut "hystcria OF criticism success had
been marked as proof OF wrongdoing and
advised saner view OF things. To IL
lustrate the unfairness OF tho attacks upon
some Of the leaders In the nations indus
trial and commercial life he said that
some men were assailed because they
failed to show 100 per cent efficiency,
although the great badly OF critics failed
TO measure up to that standard. lie ~
gested that some attenion be paid TO
farmers and planters. who are only ~
per cent. efficient.
Mr.. Vanderlip began by felic!t ating the
manufacturers upon the prospect OF the
creation of Il comprehensive warehouse
system which. he said. would give the
~ tt..,..
based on cotton In storage After referring
to the promise OF a more systematic form
OF credits and discounts through the new
banking law he said
I'VE are to-day u nation grown critical
OF business methods and resentful OF busl-
ness accomplishment BY fsr the greater
part Of Government energies. as related to
business. are directed toward destructive
rather than constructive and creative
ends. Business men have been called to
account by Congress, commissions and
courts and are being punished for past
deeds and hampered In present activities.
1.-THE managers OF railroads. although
they have given to the public AN average
freight rate much less than what similar
service costs in other countries, are bound
with ever increasing bonds OF hamperins
regulations and are held To the strictest
accountability for any failure of admin
istration which falls below 100 per cent
Of efficiency.
Points 60 Record Of Farmers.
III that Is n fair measure OF the duty
to society which the managers OF public
utilities may rightfully be expected TO
perform. and I do not wish 10 be consid
cred as denying that the public has right
to exact wise and efficient management
then why should not society demand wise
and efficient conduct OF the great agencies
OF production II Il railroad manager IS
culpable and II answerable to society for
anything less than 100 per cent. OF eff
cheney. what OF the farmer and planter
holding the great agency of production
cent. OF efficiency? That Is the indictment
agricultural community conduct Of
efficiency
1T will not do 70 say that railroad
managers and corporation heads are the
representatives OF publicly subscribed
capital and are therefore subject. In the
interests OF society. to surveillance that
applies only to the affairs OF n public
corporation. while farmers represent only
personal Investment and may Ice left to
work out with such ignorance or intelli-
gence as they choose to bring TO bear the
conduct of their own affairs.
Farmers and planters also owe some
thing to society in the way OF ntelligently
conducting their business. They hold the
public interest and the common good de-