New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-02
WAR PROSPERITY
UNSTABLE BASIS,
SAYS VANDERBILT
Advises u. S. Business To
Be Independent of Pres
emf Orders.
BENEVOLENT DESPOT
NEEDED BY NATION
No Man Need Remain Idle Here
for Years to Come, De.
clares Financier.

Frank A. Vanderlip. president Of the
National City Bank. declared yesterday
that the United States must become
independent Of war prosperity as
quickly as possible. With solid Yam
kse prosperity as base, American
business men cen build up an immense
world trade. He spoke before 300 msm-
bers OF the American Association OF
Woollen and Worsted Manufacturers
at the Waldorf-Astoris.
"a great stimulation to the INDUS
tries OF this country has been tho
war" he admitted. "The wheels have
started, the dead inertia has been over
come and to-day the business machine
is running at speed and with a power
never exceeded. but we must now be-
come independent Of war business.
az conditions can be created that
will give confidence to capital, so that
the owners Of it will be disposed TO in
vest It freely, both in internal devel-
opment and in granting external cred
its which IN turn react favorably upon
cur industries. we will become quite
independent Of war orders" he added.
II was fortunate, the City Bank head
declared. that this country was Of wide
ly diversified resources. It's products
and industries are so we'll balanced
that they are more nearly more NUT.
ually supporting than those Of any
other country, he declared.
Real Start Of Good Times.
when We are doing the ameunt- ot
construction which our national growth
requires we have good times generated
within our borders with little help
from abroad, and that Is the position
we want to get into now." said Mr.
Vanderlip.
That this country scarcely compre-
hends it's wealth and that II investors
were given such confidence In the Sc
curity and profitableness Of invest
ments offered them that they would
put their full capital resources into
active reproductive work, then the total
would meet every demand that might
be foreseen, was the speakers opinion.
He continued:
There has been q demonstration TO
the world In the last fifteen months OF
the wonderful extent Of credit when the
the people are arounsed and in earnest
We have seen unheard Of sums raised
with apparent ease. II Great Britain
and Germany can raise approximately
$4,000, 100000 in fifteen months for war
purposes, what could the United States
for its own progress and 10 support the
progress Of the world in this time OF
universal calamity raise, II a spirit OF
unity and high purposes could direct
its action ?"
To the woollen and worsted manu-
facturers Mr.. Vanderlip outlined pict-
ure of this country, II wise and
benevolent despot, who would threaten
no existing industry, who would find
way to deal with piratical acts in
the Industrial fields, who would de-
mand efficiency from but allow the
transportation interests reasonable
profits and in other ways stimulate
business, were TO direct 1t for a few
years. He admitted that the affable
idea was purely imaginary, but what
would be better, he declared. would be
the direction of our political affairs
and the conduct of our industrial and
commercial life by individuals of wis
dom and benevolence.
United We Stand"
1--WE have a motto In this country,
holding tina. United we stand; divided
we fall" the banker declared. That
4. lust as true in industrial and COM
mercial affairs as in political life. The
efforts that have been made to enforce
competition have been without any
care for the economic effect resulting
without any regard for the increased
costs. Lawmakers in seeking TO cure
unfair practices, which form but a
fraction of per cent OF the total
business, have hampered all business
in a most costly manner. We have
paid a tax to this theory OF enforced
competition that might almost be com
pared to the cost OF some of the bel
ligerent nations. and that tax has been
laid upon all of US.
Prosperity is to be found, not in
the deceptive profits Of the stock mar
ket," Mr.. Vsnderlip said, mot in high
er prices for things We buy and sell
70 each other, not In higher wages
which must in turn be Offset by higher
prices, but in a greater production OF
goods at a low cost.
"The whole world is looking expec-
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