Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-25
INDUSTRY PIONEERS
GUESTS At DINNER.
Banquet at Hotel Astor Fol-
lows Fifth Conference at
Columbia University.
BY the Associated Press.

BY the Associated Press.
y NEW YORK, october 25.-Pioneers
Of American industry were guests last
night at a dinner given jointly by Co
lun1bia University, the Institute of
American Meat Packers, the New York
state Chamber of Commerce and the
New York City Merchants Association.
The men honored included Thomas
A. Edison Henry Ford, Orville Wright,
Charles M. Schwab, Julius Rosenwald,
George Eastman and Harvey S. Fire
stone, Cyrus H. K. Curtis and Glenn H.
CurtisS mad been included in this list,
but were unable to attend
The dinner, given at the Hotel AStor.
followed upon the fifth conference of
major industries held during the day
at Columbia under the auspices of the
university and the Meat Packers In
Stitute, with the cooperation Of the
chamber of commerce and the merch-
ants association. Speakers at the con-
ference represented finance, printing
and publishing, communication, meat
packing, automobiles and iron and
steel.
Bank President Speaks.
Charles E. Mitchell, president of the
National City Bank, told the Columbia
audience that danger in the current
financial situation seemed to be largely
psychological"
81 do not think we have need at the
moment to be fearful" said Mr.
Mitchell, II cannot see what is going
to disturb the situation. I believe that
we are more likely to move out of the
troublesome times that are seen by
many at the moment into comparatively
clear waters because this country, in
its present state of prosperity is piling
up savings so fast and those savings are
flowing so rapidly into the security ac-
count that the loan account should
come down even If the price level adj
vanceS to some extent"
When security prices rise to the
height they have now attained the
country becomes nervous, the banker
remarked.
I'VE know" he continued, that at
some level or other there is always a
readtustment of prices because they
merely topple from their own weight,
and moving too rapidly they will always
Ind the necessity for readjustment.
One Dangerous Element.
Again, of course, If we had some
difficulty in large stock exchange firms
Il see nothing of the sort to Justify
we might have prices start to drop and
we might have confidence taken away.
IF either of these things does occur
we have one element in our situation
That really is dangerous element, and
that Is these So-called loans for the
accounts of others"
Mr.. Mitchell said he had no doubt
that the New York banks, whose eligible
cash reserves were larger. he asserted,
than he ever had seen them, and the
Federal Reserve Bank would gladly
in time of dificulty," help Wall Street
In the event that the outside loans were
withdrawn on signs of a serious price
decline.
Frank B. Noyes, president of The
washington Star and of the Associated
Press, represented the printing and
publishing industry at the conference.
Answering critics of newspapers, he
maintained that the press was making
steady progress in accuracy, in breadth
OF information and in ethical stand
ards.
walter S. Clifford, president of the
American Telephone e. Telegraph Co.,
described the advance OF the art OF
communication.
the communication industry" he
said, takes pride in the service it
renders the Nation. But that pride
does not prevent recognition of the
conditions that have made its rapid
growth possible. These conditions con-
Sist OF public competent and eager
to use any facility that is offered, and
a political system capable Of evolving
the purely American system of regu-