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Show The Holland Letter Banker Criticizes Legislative Policy Which Tends to Enforce Competition. Competi-tion. Situation In New England Now York In tho nddrcss delivered deliver-ed by tho president ot tho National City bank, Frank A. Vnndorllp, a ' few days ngo to representatives of tho woolon and worsted Industry ot tho United States, ho mado ono comment com-ment which hns been spoken of ns of much more Importonco than somo 'of tho other thoughts which ho (brought to tho nttontlon of this as Bociation. That probably was uo 10 tho fact that thoro Is something about war orders nnd tho profits that nro presumed to accrue from them, ot which ho Bpoko, which appeals strongly to tho Imagination Thcro Booms nlso to bo a hint In vhnt Mr. Vanderllp said that tho tlmo may como when tho Allied nations will hnvo so exhausted tholr financial resources re-sources that they will bo unnblo to mako any moro purchases. Yet somo of thoso who heard Mr. Vanderllp and others who read tho published joport of his nddrcss say that too much attention was given to this statomont becauso It Is self evident It is said that although Englnnd, France nnd Russia cannot go on buying buy-ing for an indofinlto time, yet tho day is distant when thoso nations will 1 havo exhausted tholr financial strength nnd tho presumption Is very strong that tholr opponents, Germany Ger-many and Austria, will havo como I to tho ond of tholr resources of this kind long beforo England, Franco nnd Russia do. Forcing Competition by Law Tho comment mado by Mr. Van- ; dorllp which ini gradually but stead- 1 lly fitp ""''Km upon his address 1 was this: "Tho efforts that havo been made to enforce compotlUon havo been without any caro for tho econ omic offoct resulting and without ony j rogard to tho increased cost. Lawmakers Law-makers ln Woking to cure unfair practices which form but n fraction of a per cent of tho total business havo hampered all business in n most costly manner. Tho people of tho United States havo paid an Indirect lax to this theory of enforced competition com-petition that may bo compared to tho cost to somo of tho bel'lgeront nations na-tions of tho war as-l that tnx has been mado upon .1". Jf " Mr. Vanderllp Is not nlono In thl3 viow. It is observed tlint ot lato some of tho honornblo leaders ln American Am-erican Industries havo ventured to say that If wo arc to bo thoroughly prepared to meet tho Intonso nnd world encircling trado competition which Is suro to follow tho c!osoof tho war, wo must abandon tho ciro-ncous ciro-ncous view of thoso who try to en-forco en-forco competition by means of login-lotion. login-lotion. Tho chief problem to bo solved solv-ed by thoso who aro now earnestly endwuoring to propnro tho United States to maintain its shnro ln tho opportunities for world trado Is how wo can sccuro tho maximum of production pro-duction at the minimum of cost. And thcso men all bollovo this cannot bo dono If tho laws cntorco competition. In New England ' If thcro had como from tho federal feder-al resorvo district In which tho Pacific Pa-cific const states are Included 0. Jo-port Jo-port which was not In lino with tho reports rocelvod from nil mo ouiui districts oxcopt Now England and which was similar to tho Now England Eng-land report, that fact would not hnvo occasioned much comment In tho financial fi-nancial district. For during tho summer and early fall roporta wcro received in this city which intimated that tho Pacific elopo states nnd thoso of tho Itocky mountain section had not begun to feel tho Impulses occasioned by tho European war which had bo greatly stimulated industry in-dustry and commerce in tho east, rteccntly, howover, encouraging ro-ports ro-ports havo como from tho Pacific slope. Tho reports from tho federal reserve districts, with the exception of the ono from Now Englnnd, havo been rend with much gratification In this city. Thoy nro spoken of as confirming tho opinion that prosperity prosper-ity has begun In all other parts of tho country than Now Emland. This is notably truo ot the northwest nnd strikingly truo of tho south. New-England, New-England, howover, docs not appear to respond ns yet to theso now Impulses. Im-pulses. A Now England banker was naked this morning If thero Is any reason why Now England should bo lagging behind. In reply, ho, said that with the exception ot tho Now England Eng-land Industries engaged ln manufacturing manufac-turing munitions of war thero is a . i....ln.. atnr-nnHnn in gOOU Ileal OI uiiDiiicoa uv..n" that section. This Is especially truo of tho lumber and of tho paper Industries. In-dustries. Tho textile Industry Is beginning be-ginning to feel thoso impulses and thcro aro somo signs in northern New England ns also tho caso with tho Pacific slope; of somo rcsponso by tho lumber Industry to thcso now Impulses. James J. Hill who has been lor two weeks In New York returned to St. Paul on Friday of last week. While hero, he communicated to thoso whom ho met somo of tho enthusiasm en-thusiasm which ho feels respecting general business condition nnd particularly par-ticularly prosperity ln tho northwest. north-west. In ono of his conversations, Mr. H1U alluded to tho bountiful hnrvosts of Montana and to tho relation re-lation thoso harvests will havo not only to rnllway earnings, but to general gen-eral prosperity. Ho was understood to sny that already Montana had passed Iowa as an agricultural state IJut probably tho chief fcaturo of tho farming industry of Montana Which gavo him especial gratification Is the fnct that tho farmers thoro have moro quickly learned and moro thor oughly tho lesson which Mr. Hill ami 1.nn nnnnnlntml wIMl tlllTI llflVft l)(f!l for years trying to tench than havo tho farmers ln other states. It hns cost a good deal ot raonoy to furnlBh theso free schools, bo to call thorn with competent tenchers who aro ablo to sot forth to tho farmers tho way In which grain should bo so'ect-cd, so'ect-cd, planted, tho soil nourished, climatic cli-matic conditions observed, so that tho Boll will bo conxed to yield moro bushels of grain per aero than under tho old mothod. Mr. Hill has said that thcro was no reason why tho American wheat belts should not yield as grently as do tho English wheat fields. If thoy did wo should almost doublo our wheat production. Tho Montana farmors havo this past season harvested nn unusually largo number of bushels per aero, and reports re-ports from Montana Intlmato that this greater yield will bo maintained nnd Increased. HOLIjAND. |
