Vanderlip Sees Reich in Grip of ‘ice Age’

“The situation in Germany is as grave as it has ever been since the World War,” said Frank W. Vanderlip, financier, arriving on the White Star liner Majestic yesterday. He said he had a long conversation with Hjalmar Schacht, German Economies Minister.

“Hitler seems strongly entrenched,” Mr. Vanderlip told reporters. “Things will probably get worse before they get better.”

Vanderlip said there is an acute shortage of cotton and metal in Germany. “In all the textile industries,” he said, “there has been a widespread laying off of employees. The German people are working feverishly with substitutes. Yet they must know as any thoughtful men must know that there is no substitute for foreign trade.

“An ice age has descended upon Germany, preceded by tariff walls and quotas and restrictions.

“As I see it, the future of foreign trade is more and more a matter of relations between governments. The individual in the program which seems to stretch ahead seems to be one of hopelessness.

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