The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1914-06-11
SAYS There IS TOO MUCH !,
POLITICS, not ENOUGH BUSINESS
Does Not Oppose Such An Arrange.
ment, However, and Advises Bank.
ers to Cooperate With Legislators
Rather Than Oppose Them-Address
Has Hopeful Tone.
(By Associated Press.)

(6y ASSOCt0teG PTcSS.J
New London, Conn.,, June 11.-In an
address today before the New York
Bankers Association in annual conven-
ton here, Frank A. Vanderlip, presi-
dent of the National City Bank of New
York, analyzed the business situation
Of the day, holding that it had become
dependent upon political rather than
economic factors.
In part he accepted President Will
sons diagnosis of the psychological
trouble in business.
81 believe" he said, that the lack
of enthusiasm about the future. the
state of pessimism that surrounds
many phases Of business, the disposi-
ton toward extreme conservatism, the
lack of new plans for capital expendi-
ture for railway improvement and ex.
tension, for new industrial conquest,
all have their roots in a state of mind,
rather than in the statistics of actual
business data; but 1 am not certain
that this state of mind is grounded in
unfounded fears, that it is caused by
Legislative ghosts, that it is engaged
by baseless apprehension concerning
legislative tendencies and the trend OF
public opinion.
"The obstacles in the way of bust
ness recovery may perhaps be truly
described as psychological, and still in
the manifestation of sound business
sense in apprehending the true mean.
ing Of the political economic situa.
tion."
He described the standards that
used to prevail in the judging Of the
business future-statistics of produc.
ton and distribution, condition Of the
money market, and of credit, crop
outlook, etc.
Too Much Politics.
"Now," he said, "the Congressional
Record is crowding out Of it's place of
Importance The Financial Chronicle.
We watch executive and congressional
actions rather than the comptroller's
abstract to gauge the status Of banking
affairs. The attitude of mind of the
Interstate Commerce Commission has
become more important than the sta
tistics of railroad traffic. We read
the totals of our foreign trade to learn
the effect of changed traffic law, rath-
er than of trade tendencies. Reports
of the attitude Of mind of the attorney
general vies in interest with the crop
predictions of the secretary of agricuL
ture. Investigations by bureaus, Com
missions or congress form a more i'm
portant feature in gauging market
outlook than do the plans for develop
ment or expansion formulated by the
executive committee of corporations.
Plans for development or expansion Of
railroads or business enterprises have
indeed been heard Of but little. The
factors that we have mostly in mind
are how new laws are going to work;
what new laws are next to be passed;
what is the prospect, not Of crops. but
of congressional action.
eff such psychological factors could
be eliminated for a moment and the
old view taken, we would see looming
large the prospect Of great agricul-
tural yield, giving promise in some d.
rections to bumper crops now almost
assured.
"we would see easy money here and
abroad, and although We might argue
that money was easy because of lack
of profitable employment, stillits pres
ent ease would promise that there
would be no interference with In
creased business activity on the score
of interest rates.
"The Industrial machine of the ma
tion, In short, might be nkened to a
great steam engine, running with a
load much lighter than its capacity,
end ready, upon the turn Of valve
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