davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-06-15
Expects No Large
Migration of Bankers

The former president of the Ma
tional City Bank was asked whether,
if London's gold position should
eventually handicap her position as
the financial centre, it was likely
that British bankers would migrate
to New York. In reply, Mr.. Van
derlip expressed doubt that any
large number Of Britishers would
desert the ship, and praised the
tenacity with which they are strug-
Cling to retain their place. He said
that possibly some might come to
America if conditions changed great
ly, but that such a solution of our
need for better trained bankers
would not be satisfactory. America,
he thought, ought to work out its
problem in it's own way.
New-York tribune., 1919-06-15
lnderllp Tells OF the Wall Street That Was

tlons, Mr.. Vanderlip, sitting leisure
ly on the portico of his residence at
Scarborough, began by saying:
when I came to New York in
1901, no bank did a security bust
ness; no bank had foreign branches.
Bankers were beginning to see the
great evil of individual holding of
reserves by each bank. Talk was
already heard of the evil of drawing
reserve money out of the banks to
move crops.
"There was no relation then to
bank currency and the needs of the
business community. Bank notes
were issued only against government
bonds and were not responsive to
the fiuctuating needs Of banking.
"When I came to the City Bank
it was regarded as improper to write
letter soliciting a bank account.
In 1901 the deposits of the City
Bank were 100000, 900, and on
January I, 1919, the deposits of the
City Bank and it's subsidiaries ex-
ceeded $1,000,OO0,OOO.
New-York tribune., 1919-06-15
Neao System Really
Ciues Central Bank

"The great thing" Mr.. Vanderlip
asserted, was the establishment of
what, on the whole, is the most scien-
tlfic banking system in the world. In
its infancy the Federal Reserve sys-
TEN stood the terrific strain of war
financing, The system, therefore, is
no longer an experiment, but thing
of proved worth. English bankers,
| found while abroad, are looking to
the plan as a model.
"It is generally admitted that
there must be important banking re-
forms in England, and it is recog-
nized that the Bank Of England is 4
rigid institution, unresponsive to the
needs of the business world. Many
Of the English bankers believe the
British banking system should be
reconstructed along the lines Of the
Federal Reserve. Sir Edward Hol-
Den is particularly clear in his view
that the English system should be
remodelled after the American plan
"The Federal Reserve plan has
worked out in such a way that my
only objection to it has disappeared.
The danger that might have lurked
i'll decentralization has been obvi~
ated, because the banks work as one
Under the direction of the Federal
Reserve Board. And there are real
political advantages in having re-
served banks in twelve cities instead
Of one. New York has benefited, as
we'll as the interior cities, from the
change"
In sketching the altered condi-
New-York tribune., 1919-06-15

faith that Americas strategic gold
position would give the nation lead
ershlp in world banking. The great
hurdle, he repeated, was to get
trained international bankers.
Asked how Great Britain got her
able banking personnel, Mr.. Van
derlp remarked the question re-
minded him of a similar inquiry to
an English lawn mower. An Amer
lean queried as to the methods by
which England got such splendid
lawns.
The lawn mower answered, as the
banker told the story, by planting
the best kind of seed at the proper
time, and moving the lawn with
precious care for a hundred years.
Mr.. Vanderlip explained that Lon
New-York tribune., 1919-06-15

preparing also to spend $1,000 ooo tbis
year IN improving Transportation .ar--
wees to the gold fields AT KjrLlora
Lake and to other points in New On
'aflo' ne ]. q y. o. Railway has
cost more than $4,000 900 to date but
many times tha value of minerals al
ready has been taken out of the Porct-
plhe aHd Cobalt mines alone. while
o'heE distrlct-. perhaps of oaual rich
me-. arc still aNaitiug dcvolopment
f'lc 80 miles have been built Of
the hudson Bay Railway from The
fas TO Port Nelson ON Hudson B,v. with
only ninety two miles Of steel stu IN
be !ald, there seems to le little pros-
pect that the road can be conp-etcd
th'S year The Federal government an
pear 10 mold the N.ew that the com
pletion of branch lines to the Canadian
National Railways system through
out the West is Of more Immediate ir-
portance. and programme providing
thIa year Tor approximately 200 mile
OF new railroads i'm Alberta and =
similar amount in Saskatchewan il dis
cIoSed III the estimates, which call for
>''7o0'oop Tor construction Of now lines
H"N Pt'VVViVVo IOr railroad bette rmensS
IN Western Canada Nevertheless. tho
likelihood of comparatively early com
pleton Of the Hudson Bav Railway has
caused young men TO see visions and
old men 20 dream dreams For one
thing, 1T IS hoped-and the future mus,
prove whether or not that hone is we'll
founded that the railway will make
Manitoba real tIdewater province.
with railway connection within ifs
own boundaries from the prairie wheg,
fields to the sea routes of the world
Certainly such development must
have an important bearing unon the
world wheat situation. But while this
outcome Is more or less speculative.
the building Of the Hudson Bay Rail
way Is duplicating in Manitoba much
/ of the experience with the T. e. y. O.
Railway in Ontario. The opening IN
of this vast new territory has stimu-
lated active prospecting in the great
belt north of The Pas and with won
derful results.
New-York tribune., 1919-06-15
Would Open Up
Northern Quebec

For the opening up of Northern Que
bee two companies, representing largely
British capital, have applied for pro-
vlnclal Incorporation. The incorpora-
tors include Right Hon. Lord lem
pleton, Sir Wesley Percival Bernard
Spring Rice, Harry Cranfuird Thorn
son, all of England, and John T. Ross,
Of Quebec, the latter a prominent
financier. One of the projected rail
ways is expected to run from Seven
Islands, some 300 miles below Quebec
City, on the north shore Of the St.
Lawrence, to Hudson Bay, near Lake
Meklkek. The second road will lie al
most at right angles to the other,
stretching from Lake. St. John, north
of Quebec City, to Lake Petitsikapau,
far in the interior. These two new
lines of communication should do much
to lay bare the heart of Quebec Prov
ince and give access to whatever re-
sources of minerals and other wealth
may be yielded by that immense tract
indicative, too, of. the present interest
in the development of new Quebec are
the activities of the recently chartered
ungava Products Company, Ltd This
concern, which is headed by pioneer
Canadian aviator, has an ambitious de-
Velopment programme, including in
gress and egress by flying boat Pre-.
llmlnary operations already have beer
started.
| Under pressure of urgent demand.
New-York tribune., 1919-06-15
How the Banks
Entered Security Business

Regarding the entry of banks into
the security business, Mr.. Vanderlio
said: when l first went to Wall
Street the banks never traded in Sc
curities-not even in United States
bonds, in which Harvey Fisk & Sons
was the great authority. Now the
whole security business is getting
into the hands Of the banks"
Asked whether there was any
danger in this development, the for
mer president Of the National City
Bank said that the banks are the
greatest debtors in the community
and their obligations are demand de-
posits. 1t is therefore necessary for
them to keep their investments
liquid. 1t would be unsafe, he in
d'cated, for banks to tie up too much
Of their funds in securities. He
therefore thought it was wise to
separate the security business of a
hank into subsidiary corporation,
such as the Chase Securities Com
pany and the National City Com
pany.
In the matter of branch banking,
in the development Of which Mr..
Nanderlip stood at the forefront, he
New-York tribune., 1919-06-15
Bringing the Bank
TO the Public

Banks in this period have become
more truly public institutions. When
| came to Wall Street, for example,
no bank was issuing regular PAM
phlets and periodicals. l started the
circular of the City Bank in 1902"
Now virtually all the large bank
ing institutions regularly publish
data on the state of trade and bus
mess. Much solid economic informa-
tion is disseminated in this way,
and the publications of several of
the banks are widely read with real
interest, not only in business and
financial circles, but also in colleges
and universities.
Turning to the Reserve Bank sys-
tenn, which Mr.. Vanderlip said the
bankers of the whole world were
coming to recognize as the best in
scientific banking, he remarked that
under the old system in the United
States money would pile up when
the banks did not need it and would
be taken away when it was needed.
The banker said that the Federal
Reserve system had made for a much
more economical use of Americas
gold reserves. Under the old bank
New-York tribune., 1919-06-15
Former Officers in
Army Find 1t Easy
TO Get Good Jobs

II know OF young man who was
a waiter in small town restaurant
in pre-war days for Sl2 a week and
tips" said Colonel Arthur Woods, as
sistant to the Secretary of War, re-
Gently. He had been in the National
Guard and managed to get an appoint
ment at IN officers training school.
They sent him to war as a second
lieutenant. He came back captain
with medal and a citation
Nothing doin,' he laughed, when
the boss offered him his old Job back
IN the restaurant with the promise of
head waiter position in few
months. 4 am $4,000 d year man
now, and so he was and is
"The other day the young captain
got his $4,000 job He is employed by
big concern which has large num-
ber of men to handle, and he fits in
admirably"
See if You can get us discharged
army officer for the job
As industrial conditions improve, this
seems to be the general run of letters
to the army employment centres from
large employers who are looking for
competent employees. The demand for
technical and professional men, or for
individuals able to handle large groups
seems to be getting keener day by
day.
Mental tests made on their en-
trance into the service and at their
discharge" said Colonel Woods, "show
that about two-thirds Of all officers
and men discharged from the army
have been mentally improved by their
service. As a very general rule they
are more alert, their judgment is bet
ter and more rapidly formed, and
their ability to handle subordinates
more precise and orderly. In fact, it
is hardly TO be denied that the average
army man is to-day more suited to
better things than before the war.
I'VE are very gratitied to find that
| fully 80 per cent of the officer ap-
plicants for employment soon obtained
satisfactory positions for themselves
without our aid, as answers to my let
ter indicate. In addition, 35 per cent
more write me that they arc employed
! but wish better positions. The fact
that a man is an honorably discharged
officer is apparently of great assist
ance to him, and in my talks with
employers they have assured me that
such a man approaches very nearly
their ideal for an employc.
CAS- demoblization continues we
daily receive fresh additions to oui
lists. The positions that could be
filled from these are numerous.
goodly number are officers of profess
sional experience and TECHNICAL train
ing, for whom there should be ne
difficulty in finding employment. The
student class, hitherto unemployed,
also offers many recruits for position.
of less Importance, where self-contro
and orderly habits OF mind are never
| theless essential"
New-York tribune., 1919-06-15
Former Head of City Bank AS
serts British Favor Reforms
on Pattern of Federal Reserve

said: "The development of branch
banking has only started. 1t strikes
at the heart of the greatest change
in banking.
1.-The United States is now the
great gold reservoir of the world.
London can no longer settle her in
ternational balances in gold"
Under Mr.. Vanderlip's direction
the City Bank began its career in
spreading network of branches
over the world in 1914. The war
retarded the development, which has
gone on rapidly since the signing
of the arnlistice. Before Mr.. Van
derlip sailed for Europe the bank
already had forty-nine branches in
twenty-five countries.
An inquiry was made regarding
the stock market situation. "a very
dangerous condition is developing"
the banker declared, "in the increas-
ing tendency of out of town banks
to lend money to our call loan mar
ket. Several hundred million dollars
are lent n This way. If time of
national distrust of the stock mar
ket situation should come, this lend
ing by out of town banks would have
very serious consequences, especially
if there were disposition on the
part of out of town bankers brutal
~ to call the money they have lent
New-York tribune., 1919-06-15
alberta The Place
Of Great Promise

Alberta, with coal and oil, in some
respects holds out promise of greater
natural riches even than the other
areas to which reference already has
been made. British interests. includ-
ing Sir john Cowans, Quartermaster-
General of the Imperial Army, and
said to be connected with the Shell
Transport and Trading Company. have
made advances to the Dominion govern
ment looking to exclusive oil explora-
uon and exploitation rights over vast
area IN Northern Alberta In RETURN
FOR such rights and certain Swa .,y7,nn-
tion and other privileges, .he company
purposes to provide the necessary
funds and to share net profits equally
with sAe government, the share holder.
being sSssitled, however, 10 8 per cent
cumnlarf~e preferential interest. Pvc4
llminary surveys are now being made.
New-York tribune., 1919-06-15
Canada Turns Energies
To Conquest of Resources
Capital and Enterprise, Freed From War Activities Plan
Tremendous Development of the Dominion's Hinter.
land - Railroad and Mining Programme Outlined

from New Ontario the provincial gov
ernment has undertaken a new survey
for extension to James Bay Of the pub
licly owned Tcmiskaming & Northern
Ontario Railway, from its present ter
minus at Cochrane, where it is met bv
the National Transcontinental Rail
way, A preliminary survey was made
before the war. but the exploration
party which Will 20 out this spring Will
make comprehensive examination Of
the whole area through which the rail
way will pass, and in particular viii
study the timber resources and the pos
sibility of water power DEVELOPMENT.
1t Is expected that Moose Factory, at
the southern end of James Bay, will
be the immediate objective Of the cx-
tension. but doubtless the road eventu-
ally viii be carried to Port Nelson or
Fort Churchill, on Hudson Bav, over
the right of way provided for in .he
readJustment of provincial boundaries
several wears nro
New-York tribune., 1919-06-15
Uncle San, Wants
Some Hen Back

now the United States wants some
% 'hese men back. The venture in ad-
'es'islng has convinced tie War De
paf'ment; it convinced employers. The
esmf men reason. why, therefore,
mould II fail 10 convince men that
want Jobs? So the army is going to
~oTef'sse for men. This time it viii
a0' depend upon the patriotism or gen
.,t'sify Of the newspaper publishers
10 30 thoroughly converted TO the
aussftising programme that it is pre-
tai'hg 10 launch one Of the largest in
.eH1iYe camDaigns ever planned. An
appropriation Of 1885, 900 has been set
a'iae Tor the purpose and it viii be
sgsn' IN forty-six recruiting centres.
tnsie VIII be no scattering Of this
.aho w 70 pay political obligations. The
y everything win be done only where
~ .es ADVICE Of experts indicates it
ssonld be done.
:. and just what will be the motif Of
sas a4gertising?
o. nofeiy, one will argue from Arst
.@y'gnt, tbc army " not going 70 rea-
~ - wiIh men that the military life
mould be chosen AZ n career, espc-
TIE ranks. ''v~' ~ ""' N
aaal IL just exactly Whit will be
ssg, and the army 10 prepared to
New-York tribune., 1919-06-15
. British Bankers Praise
Federal Reserue System

Yet Mr.. Vanderlip was prevailed
upon to tell what had happened to
Wall Street and the financial world
generally in the eighteen years since
he came to the City Bank fresh from
a short period of service at Wash
ington as Assistant Secretary Of the
Treasury and from the newspaper
cfficeS Of Chicago. 1t was insisted
that inasmuch as the roots of the
present lie deep in the past it would
be helpful to know intimately
through Mr.. Vanderlip about the
New-York tribune., 1919-06-15
Dangerous Practice
Has Rapidly Developed

Formerly the out of town banks
would place their money on deposit
in New York banks, which would
keep a reserve against it. When
the out of town banks lend their
money here themselves, there is no
such additional reserve against it.
Moreover, the out of town banks.
unlike the New York banks, feel no
responsibility toward the market.
"Although this tendency started
some years ago, it is true that it
has developed rapidly in the last two
Years, especially during the period
New-York tribune., 1919-06-15
Considers Europe
Virtually Bankrupt

Briefly summarized, Mr.. Wander
lips contention is that Europe vir.
tually is bankrupt and that Ameri-
can investors, in extending financial
assistance, ought to get receivers
certificates, secured by first lien OF
customs. He considers Europe's fu.
ture full Of potentialitics which will
make investment abroad reasonably
attractive.
America, as Mr.. Vanderlip has in
sisted in his addresses, must bear
the burden, he reiterated. The bank
er regards The opportunity of the
present Congress for constructive
economic legislation as very large,
particularly in regard to the rail
roads, disposition of the shipping
problem, development of communica-
tions with other countries, and bust
ness readjustment generally. Mr..
Nanderlip expressed the opinion
that the country wanted brilliant,
broad visioned action, and that 10
satisfy that desire is the opportun-
ity Of The Republican party, which
ne would regret to see adopt merely
the role OF critic Of the admins
tration.
New-York tribune., 1919-06-15

that the money committee was in ex.
istence. BY means OF the money
pool, the committee virtually guar
anteed the hquidity OF call loans
This development is something that
the Federal Reserve Board nigh
we'll take steps to correct"
Regarding the European situation,
Mr.. Vanderlip said that he has Civ
en- mis- proposals for financial aid in
book entitled What Happened to
Europe" which viii be published by
the Macmillan Company this month.
he wrote the 10000 word treatise
on the return voyage from Europe in
four days, he said. He did the book
on the spur of the moment, and sent
II to the publisher without revision.
New-York tribune., 1919-06-15
advertisements
That Convince

Inc advertisements are attractive
and convincing. The recruiting officers
expect little trouble in obtaining the
required number of men. But they
are taking no chances. They have in
structed that q follow-up system must
be complement of every intensive
advertising campaign, and it will be a
personally conducted folloy-up system.
The sergeants on duty in the recruit
ing stations will not be of the gruff
type that have furnished SO much fun
in fiction and SO much fear in real
life. They are trained to the minute.
They will even relax from their rigid
military bearing and bow the appl-
cants to the Offices. They will even
condescend to elaborate upon the ad-
vantages they have enjoyed in army
service The fact that this kind of
elaboration has been decreed in army
orders will have nothing to do with the
situation, Mr.. Won't be convinced
They are all eager to tell what the
government wants told. Most of them
could have had the "best reference
in the world" but they preferred a
job. The reasons they advanced are
the very reasons why others should
join the army-this line borrowed
from some "publicity' accompanying
the advertising copy.
In addition to this personal follow-up
system, booklets are being used and on
the inside cover of one of these book
lets is the statement, "Only Picked Men
Are Receiving This Booklet"-see
whether you get one!
The booklet is reprint of one of
Albert Payson Terhune's articles in
"The Saturday Evening Post" 1t is a
nretty romance ending "when he came
home" and tells how the army human
lied the hero Of the narrative.
New-York tribune., 1919-06-15
By Merryle Stanley Rukeyser

NJ
frank A. VANDERBILT, who
has frequently been described
as preeminent among Amer
;ca's forward looking bankers, was
asked by The Tribune yesterday to
turn his thoughts for a moment to
the past. He was urged to recall
tbe dominant changes in banking
end finance since he entered the
National City Bank, in 1901, as vice
president.
Instinctively, he was Jared when
requested to explore his memory of
things that have been. Recently re-
turned from five months in Europe,
Mr.. Vanderlip was never before
peering further into the future or
more insistent on action along un-
trodden paths. In his public ad-
dresses the banker has been preach
ing the gospel of new world, and
has been seeking remedies for dis
traught Europe with the zeal of an
jnnovator. This is the present tenn
1er of the man who was interro-
gated about a chapter of history
that has already been written.
81 don't think l have reached the
age of reminiscence yet" the man.
who at fifty-fve retired from the
presidency of the largest bank in the
country declared. Il am looking
forward, not Backward"
New-York tribune., 1919-06-15
Special Correspondence

Special Correspondence
MONTREAL, June 14.-Capital and
enterprise, released from war activi-
ties, are turning to the exploitation of
Canada's natural resources, and
period Of development rivalling even
that of the United States after the
Civil War appears 10 have opened
Railway extensions into new territory
are being planned and British, United
States and Canadian promoters, fnan-
ciers and business men generally are
showing a keener interest than ever
before in the potentialites of the
Canadian hinterland. The exploration
and opening up of the Dominion's re-
sources, which preliminary surveys
have shown to be vast in extent and of
incalculable value, promise to realize
the prewar prophecy that the twen-
tieth century would be prominently
Canada s.
Five great areas in particular are at
tracing prospectors and inviting capt.
tallsts-ungava and the expanse of
territory north of the St. Lawrence
N'NcA' projecting ike huge Wedge 10
form the western limit of Hudson Bay
and the southern l!ttoral of Hudson
Strait and Ungava Bay; the stretch
beyond the great clay belt lying be-
tween the National Transcontinental
Railway and Hudson Bay and James
Bay; Northern Manitoba, particularly
the lands to which comparatively easy
access will be afforded by the Hudson
Bay Railway; the hinterland of Al
berta, and northern British Columbia
Development of other areas will be
carried forward, but the five indicated
are particularly rich in promise
New-York tribune., 1919-06-15
Tribune Story
Is Quoted

From the New York Tribune there is
"a reprint of one of the little stories
entitled "a Soldier Says that ap-
peared daily for time. 1t is the
statement of Corporal William DAILY, of
the lO8th Infantry and follows:
II have been out of the army for
almost two months and | am just be-
ginning to realize why some reenlist.
There was time. just before | got
my discharge, when | thought that a
fellow who joined up again was nut.
But now | understand it thoroughly.
"The army gives you the only real
companionship in the world. You get
true pals there; fellows who stick by
you through anything. They are just
like army life; hardy and substantial.
If this is boost for recruiting, | am
not ashamed OF it. ! hope it gets a
few fellows to relieve those in the
Army of Occupation"
The soldier is typicaly a crouch.
General Organ once described n SOL
der as "a man who wants to be where
he amt"
But the crouch is often assumed.
And there are thousands millions of
Corporal Days.
Finally, word Of reinsurance is di-