The Birmingham age-herald., 1914-06-17
Men of Affairs Must Show More Personal Interest
 in Government
RELATIONS SHOULD
 BE MORE CORDIAL
Thinks Apparent Antagonism Between Politicians and Business Will Pass When Better Understanding
 Is Reached
By HOLLAND

By HOLLAND
 l New York, June 16.-(Special)-At a con- vention held in this city few weeks I ago by representatives of the cotton in- terests of the United States, Frank A Vanderlip, president of the National City bank of New York, spoke with special reference to the proposition that there be established a new or at least larger method of utilizing the great credit which is in cotton so that 1t might be available to manufacturers and planters and also be utilized prohtably and reasonably un- der the new national banking system for discounts and redscounts.
 Mir. Vanderlip at that time seemed to those who heard him not to have gone very deeply into this proposition There was no doubt of his warm approval of it. but there seemed to be some doubt in MT. Vanderlip's mind about the ready ac- ceptance of the plan by some of those who are identified with the cotton indus l try.
 Some part of MT. Vanderip's address was of greater interest in business circles | in this city than his reference to the cot ton financing proposition. He seemed % | speak as though he did not look for inn | mediate return of business prosperity. He | intimated that although the promise of great harvests was especially good, and if realized would serve to some extent to stimulate business activity, neverthe- 1 less he was fearful lest this improvement be no more than temporary. There were 1 underlying conditions which, in his view accounts chiefly for the business depres- l sion in the United States and this rela- | tive comparative stagnation would not be ended until these conditions were eliminated. This comment caused a great l deal of discussion. Curiosity prevailed | respecting his mean<ng. Some have 1 thought it would have been better for him if, having gone as far as he did, he had stated what these underlying con- ditions are
 l It may be that MT. vanderlip decided | to make the explanation upon the first favorable opportunity or it was possible some of his friends think proba ble-that | he was urged to make an early exposition of his understanding of the fundamental conditions which are now holding Amer ican business back.
 Vanderlip's Explanation
 In the address delivered by MT. Wander lip before the New York State Bankers association at New London last week, at its twenty-first annual convention MT. Vanderlip had excellent opportunity to ex- plain in detail what he meant when he was addressing the delegates of the cot ton industry convention fe wweeks ago. and he took advantage of it. AS he is regarded as a high authority and con stant student both of national and of international conditions, and as he has had long experience. part of which was obtained while serving as assistant secre- tary of the treasury in the first adminis- tration of President Mckinley MT. Van Iderlip is esteemed an authority worth lis- ltening to- and by many an authority who is well worth needing. In various earlier addresse, one especially made few months before the silent or rich man's' panic 12 years ago, MT Vanderip has spoken in words of monition or of warn ing which afterward were found fully jus tiled And he has occasionally spoken
 n tones of encouragement which the event also justified.
 In his New London address Mir Wander lip touched upon modern factor which few business men have fully realized or understood. Some of the ablest of tho thinkers who are also men of practical affairs realized 15 or 20 years ago that
 
 vention of perfected apparatus which could be employed with high economical results in industries of all kinds and the fine development of American railway con- structiop which made possible great econ- omies, and which explain the very low rates charged by the railroads of the United States for freight transportation were rapidly producing new and unforeseen influences.
 The great mSsters of the commercial utilization of electricity predicted that within the first 10 years of the present cen tury the utilization of electric apparatus. much of which had not been invented prior to 190O would create absolutely new commercial and industrial conditions. In one of the addresses delivered by Theo- dore N. Vail several years ago he called attention to the fact that the invention of the telephone apparatus and the expan- sion so as to cover practically the en- tire country had brought about many changes in business methods, some of them of radical character.
 The recent perfecting of hydro-electric apparatus which is causing very great de- | velopment of industry In the south is a | good illustration of this point. Dis tance has been anihiated. The banker or merchants can sit at his desk and com municate as though face to face with practically all parts of the country. Swift 
 sible instant execution of contracts involv- ing enormous amounts of commodities.
 The Influence of Invention
 The influence occasioned by the won- derful triumphs of the inventors has, in MT. Vanderlips opinion and in that of almost all of the leaders in modern America business activity made it es- sential even vital, that there be large combination of capital and that there be established new principles of coop eration the kind of cooperation which eliminates wasteful or reckless com petition.
 These achievements have made it pos sible for some Americans to accumu- late very large wealth. These accu- mutations, however, when compared with the increase in general wealth of the country, are trifling. Edison si in- ventions represent financing and the creation of new capital of an aggregate amount of little over $7.0OO, ,OOO, 900 Edison's personal wealth, although now esteemed very large, is nevertheless only small percentage of the new wealth which he has created The con- spicuous demonstration of the acouisi- : ton of great wealth by comparatively few Americans explains, in Mir Wander lips opinion, no small part of the at- titude, legislative and congressional, toward great combinations of capital. which has been characteristic of Amer ican public life for 10 or IS years.