The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-01-22
VANDE Rip Sees
No LET.UP IN
GOOD Tines
Banker. However. Says He Re-
! CARDS Europe q Tinder-Box.
y. s. Self Contained.
Financial Editor New York Evening
Journal.
BY MERRYL STANLEY
RUKEYsER,

Financial Editor New York Evening
NEW YORK, Jan. 22.--E'rank Al.
Vanderlip talks less for effect and
more effectively than almost any
other American nnancier. he
started life as newspaper man. anq
has never lost his public touch. Van.
derIip is candid. Sometimes his
frankness leads him to say ufi.
pleasant things. Superficial critics
Of late have looked upon him 20 q
professional gloom"
When asked what effect frances
forcible entry into German terri
tory was likely to have upon
American business, the former
president Of the National City Bank,
the nations reservoir OF credit, said:
am OF the same opinion re-
garding Europe as / have been
since 1919. think conditions there
are getting worse. am speaking
Of broad fundamentals. There has,
OF course. been superficial improve
ment in some directions.
II he had said no more, the OBJ
server would remark. "Ah, yesi
Vanderlip, the pessinist, speaks.
As q matter Of fact, the bankers
natural impulse Ii toward optimism.
think that we In America he
said. 'scan have b moderate degree
OF prosperity OF our own. We are
50 uniquely well situated that we
are almost se1f.contained. That
does not mean that we should IL
more Europe, because we have q
moral commitment. But we should
not be driven to action because Of
economic fears. z
The next query was whether DO.
nestle trade was likely to grow bet
ter or worse during 1928.
4 look for continuation OF
Vanderlip. what are good tinneg2
consider times good when we have
q full employment Of labor at high,
effective wages. We have such q
condition now.
Points to Labor Shortage.
Employers are complaining Of .
shortage of labor, and some are sl1g-
costing letting down the barriers
against unrestricted immigration. I
consider the present situation q
rather good one. But ! do not look
forward to q boom"
why not-because Of shrunken
exports and uncertainties In the
Old World?"
Largely that, but also because
there. is at present q lack OF ven
turesomeness In business. Enter
prises in recent years have been
pretty well curbed. Their wings
have been clipped since the re-
adjustment downward.
sFYet look Tor no recession In do
nestle trade this year. OF course,
IL the new Congress should
become unduly radical and frighten
business men, It might tend to slow
up trade. And IL labor should be-
come ttGD cocky and order an cpl
demic OF strikes, II would have an
adverse effect. Then, too, we have
a finder box in Europe which might
result in q serious situation. On
the whole, though. / am inclined TO
think that the present conditions
are likely to continue.
Capital Is Plentiful.
There is plenty Of capital. It
is not coming from the old.fashioned
rich investor, who is now interested
primarily in tax exempt securities,
but is coming from your clientele
the great mass Of small investors.
This new tendency has important
social implications. It is q good
thing for society and a good thing
for the individual. Anything which
encourages thrift IL commendabl
when carried to the point OF in-
vestment in sound securtties--sound,
said; not investments in oil wells
that have not yet been drilled"
Since retiring from active bank
ing, in 1919, Mr.. Vanderlip, devoting
only part Of his time to his private
affairs, has widened his interest In
public matters. The man who a
few years ago berated the ''econornic
illiteracy'' OF the American people
has become sort Of an elder states.
man of finance. Only. he Is not
old. In years, he IL less than
sixty, and he is receptive to new
ideas.