Evening star., 1926-12-04
MEN AND MONEY
BY M. S. Rukeyser
(Copyright. 1026.)

Oil the eve Oh the opening VI IAO
last session of the Sixty-ninth Con-
gress. next Monday. the business
| world looks for no significant stim-
| ulus or inspiration from the Nations
solons.
Business has come to favor a do
| nothing Congress, except for routine
performances. Trade leaders want
primarily to be left alone, unhampered
by the extension of the power Of
government in the economic field.
Business men are conservative in poll
tics, yet they are not set against
change. Business leaders want auton-
omy in effecting changes. They wish
to work out the new formulas of trade
policies and technique in their own
laboratories and in their own expert
ence. unhampered by politicians.
Business leaders expect no serious
interference from the forthcoming
short session Of Congress-. They be-
lieve that the pro-business policies of
Coolidge and Mellon will guide the
new deliberations OF the lawmakers.
Apprehension Over Cotton.
There Is some slight apprehension
lest the political economy of conserva-
tive Southern lawmakers may be al
tered by the recent slump in cotton,
and that as a result they may join
forces with the farm bloc from the
grain belt in demanding laws to fix
prices on agricultural commodities.
Financial opinion in the East almost
unanimously holds that such legisla-
ton would be in the nature of a quack
remedy and would do serious harm to
the economic fabric.
In conformity with the anti spirit,
the railroads Of the country are op-
posed to legislation which will seek to
abolish Pullman surcharges.
On the constructive side the legis-
lation which business would welcome
most would be that authorizing fur
ther tax reductions, particularly acts
designed to cut the rate on corporate
profits and to abolish Federal inheri-
tance taxes.
McFadden Bill Favored.
Business men and bankers, through
their accredited organizations, have
expressed approval Of most Of the Nc
Fadden-Pepper bill, which, as passed
by the Senate, provides for the re-
charter Of the Federal reserve banks
and for liberaliZing, the provisions
governing national banks in order to
enable them to compete on more equal
terms with State institutions. State
bankers and State banking associa-
ttons have opposed certain phases of
this proposed new legislation, which
apparently has fair prospects of being
enacted.
Business men and bankers inside
and outside the railroad field are in
clined to favor-although there is by
no means unanimity Of feeling-fur
ther Qualification of the provisions Of
the transportation act authorizing vol
untary mergers and consultations by
the adoption of the Parker bill, which
is likely to win support in both houses
of Congress.
There is some feeling that the act
as it now stands bars immediate con-
summation of mergers by compelling
the Interstate Commerce Commission
to develop a general plan before ap-
proving specific railroad cases. The
National Chamber of Commerce has
petitioned Congress to remove OBJ
stacles to consolidation, including
questions arising from physical valua-
tions, the status of minority share
holders and the position Of short or
weak lines, and it has expressed the
hope 'that such action will constitute
one Of the most important activities
Of the coming session of Congress"