The  New  York  statute  not  only  removes  the  anachronism  in  the
law  of  nearly  three  centuries'  standing,  namely,  that  agreements
to  arbitrate  are  revocable  at  the  pleasure  of  either  party,  but
also  provides  a  speedy  and  effective  method  for  performance  of
the  arbitration  agreement.  The  testimony  received  by  your
committee  at  the  public  sessions  in  New  York,  March  29,  30,  and
31,  1922,  confirms  the  testimony  received  by  the  committee  in
1921,  namely,  that  there  is  a  great  satisfaction  on  the  part  of
business  men  with  the  principles  and  procedure  of  the  New  York
Law  and  that  it  is  deeired  that  these  principles  should  be  made
effective  in  interstate  commerce,  intrastate  commerce  and  foreign
commerce.    During  the  year  Secretary  of  Commerce,  Hoover,


294  REPOBT  OF   COHMITTBE  ON

requested  permisaion  to  introduce  the  proposed  Federal  Arbitra-
tion Statute  in  Congress.  Copies  of  the  draft  of  the  federal
statute  were  furnished*  to  him,  and  your  committee  has  had  the
benefit  of  his  advice^  as  well  as  that  of  his  assistant^  Mr.  James  B.
Stafford,  and  the  solicitor  of  his  department,  Mr.  William  E,
Lamb.  At  the  public  hearings  held  by  the  committee,  various
suggestions  for  the  improvement  of  the  statutes  were  made.
Your  committee  acknowledges  specially  the  assistance  of  Mr.
