The Birmingham age-herald., 1914-03-31
SCHWAb FORESEES EARLY ADJUSTMENT TONEW CONDITIONS Gigantic Figures Involved in Arrangements to Comply . With Sherman Law EUROPE SURPRISED
 AT OUR ATTITUDE Thinks It Strange Sherman Law Should Have Been on Books so
 Many Years Without Be-
 ing Enforced
By HOLLAND

New York, March 3o.-(Special) Charles NJ. Schwab is quoted as having said recently that he has no doubt that American business life will be sooner or later adjusted to the legislative and judi cial conditions recently proclaimed The remark has been spoken of here as re- necting Mir Schwabs almost invariable cheerfulness of outlook. Although he has feen quoted within the past six months as having said some things which he would not have spoken had he not been feeling a little depressed. What Mir. Schwab is quoted as having said a few days ago undoubtedly fairly well inter- rcts the opinion of a majority of the business men of the United States. That at least is the belief which is held
 in this city. The preparations which tie bank of which Frank A. Vanderlip is president is now making to adjust it's business almost exclusively to meet com- Inercial conditions, to make of itself purely merchants bank or commercial bank, commanding very large resources for that purpose, are thought to be symp- toms of changes which will follow the readjustment of business life to new con ditions.
 Recently there has been some attempt to compile statistics which would show in dollars and cents the magnitude of the readiustment which is now under way. These statistics enumerate about four thousand million dollars as the ca D. italization which is affected by the pur- rose of the government to bring Amer;- can corporation within the letter and tt,t.c ctNf,s ,sit nf I,1 l,r~ Tl1fc make 1t imperative that the government proceed against still other corporations.
 A New Kind of Adjustment
 Because of the magnitude of the tele phone company and also the great capi- talization and obligations which represent the attempt of the New Haven railroad management to unify transportation in New England, the recent acceptance by tEese two corporations of new method of adjustment to the conditions of the rIesent time has attracted attention not orly in the United States. but in Great Britain and to some extent in France I CT it was in France that the New Ha- ven railroad placed nearly thirty mill lions of it's securities several years ago, tlese securities of themselves represent. irg some portion of the unification pur- rose of the New Haven management as 1t then was Both the telephone and the New Haven companies put them- selves practically at the disposition of the department of justice at Washington. In each case this action has been followed l'v the tearing apart of the organiza- ton.
 The wonder is why the department of justice did not go a little further with the New Haven system. For that sys- tenn, as left by the agreement entered into by the New Haven and the depart rlent. now includes several parallel and raturally competing lines, some in east cln Massachusetts. three at least partly in Connecticut and partly in western massachusetts,.
 If four billions of ca pital are in pro- cess of readiustment to new conditions either through the agreement with the department of justice or through litiga- ton in the federal courts then it is apparent that this readjustment cannot be rerfected without considerable disturb anoe. Some business men are inclined to think that some of the business de- pro ssion which is sometimes alleged 70 prevail is occasioned by the readjust- nient proceedings and by the hesitation wi,h which capital contemplates invest mcnt, excepting in good bonds.
 What Europe Thinks
 There frequently comes intimation from Great Britain and the continent of Eu- rope which tells of the wonder with which men of affairs across the sea now look upon the American establishments crates and in fact. courages, and Great Ie-.+o .foI, ,dAr lot lon,