The Washington herald., 1915-02-07
TOO MANY LAWS.
F. A. Vanderlip and ]. J. Hill Talk
of Business Conditions.

Frank A. Vanderlip. president Of thu
National City Bank, and James ]. Hill.
in speaking of business conditions. said
yesterday that the chief trouble with the
country was that it was afflicted with
too much legislation. Whey emphasized
the fact that business men and corpora
tions would be slow about making fu-
ture commitments until they were GER
tain of getting a fair return on their in
vestments without any hindrance from
Washington and from State capitals.
Mr.. Vanderlip returned yesterday
from a two months rest in Southern
California after an attack of typhoid
He said that he had completely recov-
cred from the effects of his illness and
that he felt better than he had for sew
eral years.
Speaking OF conditions in the West.
Mr. Vanderlip said that what impressed
him most favOrably on his return from
the Pacific Coast by slow stages was the
great change in public sentiment as to
big business"
THE different State legislatures he
said. ARE not passing many new laws.
They are devising ways to change
statutes which they have found to be
detrimental to the corporations and un-
popular with the public.
Throughout the West, and especially
in the Northwest, the people are greatly
dissatisfied with the tariff. In the
Northwest the lumber industry has been
severely affected by the tariff"
Speaking of political conditions, Mr..
Vanderlip said that there was a swing
ing toward Republicanlsm throughout
the West and added that he believed
that this was due to a great extent to
the hard times" There are more
men out of employment IN the West" he
said than for many years"
He said that in the West there was a
tendency to cTitisise the new banking
act. This to a great extent" he said,
Il think it unfair. for the Federal re-
serve system was only recently started
and is not receiving its test in normal
times. The main criticism Of the Fed
eral reserve banks is that they have not
brought the prosperity which it had been
boasted would come when they were set
IN operation
THE world situation" he pointed out,
sis responsible for much of the depres-
sion. The Federal reserve banks and
all the banks are like good fire engines
Idle when there is no call upon hem for
assistance, but ready to act when there
is a necessity
The Panama Exposition buildings, Mr.
Vanderlip said, were beautiful in their
architecture. He was certain that the
exposition would be a sight well worth
seeing. He said that the exhibis OF
practically all the European nations to
be represented at the exposition were
already on the grounds. He believed that
the success OF the fair would be little
marred by the war. If at all
James ]. Hill, in speaking Of condi-
| tons. said that until there was some
definite assurance given of halt in at
| tacks on business there was not much
| likelihood Of an early industrial and
commercial expansion. He added:
Throughout the West. and as 7 be-
| lieye to be the case right here in tha
East, business is not extending. Manu-
facturers and retailers alike are going
slow in new commitments and we ars
now passing through a period Of read
| justment to meet the new condition re-
sulting from the legislative acts enacted
by the last Congress.
"Any one of four important measures.
namely the banking act, the tariff, the
Clayton bill, and the industrial commits
sion acts, would have been sufficient to
have upset the routine of business gem
orally throughout the country. There
fore, it is not surprising that business is
now slowly adjusting itself to the new
condition -s-
There is one element In the situation
throughout the West which Is regarded
with disfavor by the rank and file and
that is the tendency toward overeXten-
sion on the part of municipalities. That
! is to say, the desire to dispose Of con-
| siderable amounts OF municipal issues
! for new public improvements, etc. When
some of the cities have obligations ma
turing their desire apparently Is not only
to raise sufficient funds to meet this ma
turity. but at the same time increase ths
amount of debt through the sale of addi-
| tional securities. New York Times.