The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-06
HILL AND VANDERBILT
URGE FEWER LAWS
Think Fear Of Business Men
of New Acts Should BE
Ended.
DREAD BARS PROSPERITY

Frank A. vanderlip, president Of the
National City Bank. and James J. Hill.
In speaking of business conditions, said
yesterday that the chief trouble with the
country was that Il was AFFLICTED with
100 much legislation. They emphasized
the fact that business men and corpora
lions 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 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.. Nanderllp said that what impressed
him most favorably on his return from
the Pacific coast by slow stages was the
great change in public sentiment ms 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 he
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..
Nanderlip said that there was a swing
ing toward Republcansm 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
lie said that in the West there was
tendency to critlcise the new banking
act. This to great extent" ne said.
Il think Is unfair. for the Federal Re
serve system was only recently started
and Is not receiving It's test in normal
times. The main criticism OF the Fed
eral Reserve banks II that they have not
brought the prosperity which II had been
boasted would come when they were set
ia operation.
The world situation" ne pointed out.
rs responsible for much Of the dopres-
sion The Federal reserve banks and
all the banks are like good Are engines.
idle when there IL no call upon them for
assistance. hut ready TO act when there
Is necessity"
The Panama, Exposition buildings. Mr..
Nanderlip said. were beautiful In their
architecture. He was certain that the
exposition would be sight we'll worth
seeing He said that the exhibits 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 he little
marred by the war. II at all.
James j. Hill. in speaking OF condl-
lions, said that until there was some
definite assurance given OF a 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 De
lieve 10 he the case right here IN the
East. business is not extending Manu-
facturers and retailers alike are going
slow in new commitments and we are
now passing through 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 tarirf. the
clayton bill and the Industrial commits
sion acts. would have been sufficient 20
have upset the routine OF business gen
orally throughout the country. There
fore IL is not surprising that business Is
now slowly adjusting itself to the new
condition.
There iE one element IN the situation
throughout the West which Is regarded
with disfavor by the rank and nie 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, &c When
some OF the cities have obligations ma
turing their desire apparently In not only
TO raise sufficient funds 10 meet this ma
turity but at the same time increase the
amount of debt through the sale OF addi-
tional securities"