The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-08
Experts Assert Individual Initiative
Should Be Substituted for Govern
ment Action in Restoring Nations
to Peace Basis-U. S. Best Fitted
of All to Abandon War Props
By WILLIAM JUSTUS BoIES.

TN the financial history Of the last I
decade no more striking address
by New York banker can be
recalled than that delivered in this
city the other evening by Frank A.
vanderlip. then president OF the Ma
tional City Bank. before one thousand
members OF the Economic Club. AS
the executive head OF the largest bank
in the United States. Mr.. Vanderlip
was sure of large following. so the
announcement that he was to discuss
the foreign situation in the light Of his
personal observations during a three
months visit to England, France.
Italy. Switzerland. Spain, Belgium
and Holland made the financial COM
munity await the disclosures with
keen interest. The address created
profound impression and has been
called highly sensational in that Mr..
Vanderlip said that conditions in Eu-
rope were appalling. that England had
been on the verge of revolution, that
European industry was paralyzed and
that 1t was possible that forces would
be let loose abroad which would be
more terribly destructive than have
been the forces Of the great war.
These expressions were published
everywhere the next day, producing
uneasiness in various quarters and
causing bankers and business men OF
other cities to ask the financial insti-
tutions Of Wall Street for specific in
formation on the subject. Informal
conferences were held and efforts
made to reassure the outside contin-
gent concerning the future Of Ameri-
can industry. Coming at the moment
when the public was engaged in the
heaviest speculation since the world
war began. when call money rates
were soaring and when the Federal
Reserve Board was warning the pub
lie against the evils OF imitation, the
address was regarded as a factor in
the heavy stock market liquidation OF
last week.
In the light of Mr.. Vanderlip's an
nounced determination on Tuesday to
retire from Wall Street banking and
TO take long vacation that he had
previously arranged for. the episode
OF this address and the sensational
events which followed II Is one of the
most picturesque in the history Of
world war finance.
Address Made With Purpose.
Those who have criticised Mr.. Van
oerlip's statements as too pessimistic
and calculated to increase the tension
OF an overwrought situation admit
that they have been OF great value in
making the public realize the urgent
need of speeding up all forms Of Euro
pean relief work. The president OF a
powerful Wall Street trust company.
man Of broad vision and splendid
courage. who recently visited most Of
the territory covered by Mr., Vanderlip
said that he thought the ex-president
OF the National City Bank had Just
that idea In mind when he addressed
The Economic Club. He added:
Mr.. Vanderlip must have been fully
aware OF the dramatic effect OF such
an address. for his Journalistic. train
Ing made him a specialist In publicity.
believe that no sought TO arouse his
hearers TO a realizing sense OF the need
Tor prompt handling Of the European
situation. II that was his intention
ne Was eminentiy successful. heard
his address and witnessed its effect
upon great assemblase. disagree
With many OF his conclusions and be-