The Washington times., 1923-10-27
MEN
ARE RICHEST
IN WEST
Forbes Quotes James Simpson,
Marshal Field Head, as
Example of Ability.
By b. c. FORBES.

western town or city, and you will
find that nearly all, If not all the
men who are today the foremost
and wealthiest citizens, had nothing
but health and determination when
they started the battle of life. The
older men in Seattle, for example,
can remember when the town didn't
have one wealthy inhabitant.
What about this city of Chicago?
Half dozen of the largest enter
prises of their kind in the world,
located here, have elected new presi-
dents within the last year or so.
Yesterdays column quoted f. Ed
son White, the self-made Trojan who
was made president Of Armour and
Company few months ago-also
the self-made head of Wilson and
Company.
Today is quoted James Simpson,
who very recently was moved up
to be president of Marshall Field
and Company, the largest dry goods
house In the United States. Like
his predecessor, John G. Shedd, Mr..
Simpson won his way up from the
ranks by sheer ability, plus cease
less diligence and vigilance.
Another enterprise more colossal
than any other in its line, the In.
ternational Harvester Company, not
long ago placed in the presidential
chair worker who came up from
the ranks. Alexander Legge.
So did another Chicago concern
OF record-breaking magnitude, the
Pullman Company. It is common
knowledge that its directors recent
ly took over a well-known car
building company for the main pur-
pose of annexing it's president, E.
+. Carry, an executive who has de-
veloped phenomenal talent for hand
ling men as well as materials.
More about this by and by.I
And didn't Montgomery Ward
not long ago infuse new blood into
its management? More than one
railroad having headquarters in
Chicago or other middle western
city has named q new president
within the recent past and in every
case the man had come up from
the bottom.
And so it goes wherever one
travels.
But this was intended to be
column of interviews. Let's to
our knitting.
Said James Simpson: Business
conditions are satisfactory at this
time. Retail distribution proceeds
in excellent volume. while stocks
on hand are generally low. Labor
is fully employed and the purchas-
ing power in agricultural as well
as industrial sections insure ex-
cellent business throughout the
year.
Political agitation against our
business institutions must cease,
however, IL prosperity is to con-
tinue. The constant political at
tacks upon the Federal reserve
system and the membership of it's
governing body is glaring ex-
ample. This system is a result of
the most constructive exchange Of
the last quarter of a century. 1t
displaced an aatiquated and un-
workable method, unable to restrain
business excesses or depressions, by
the best banking system in the
world.
mo fiscal and banking system
could have prevented the world
wide depression which occurred dur
ing 1920, resulting from war con-
ditions and excesses; but the Re-
serve system, by courageous AMI In
telligent handling of the great einer-
gency, saved business of every
kind throughout the United States
from serious, if not permanent
impairment or destruction.
"Our great business enterprises
in this country have been sue
cessfully developed only through
the skilled management of men of
exceptional ability. Such men can
be attracted to the governing body
of this great public enterprise only
through financial rewards colnmen-
surate with their ability. Congress
has, however, assigned such in
adequate salaries to these respon-
sible positions in Washington that
the Reserve Board is s@unable always
to attract or retain men with
great experiences in its services
Men Of the highest standing in
the bus cess and financial world
would even then hesitate to sub
nit themselves to unwarrantei po-
litical attacks constantly made
upon the members of this body.
1.-The Federal Reserve system is
the strongest bulwark we have for
maintenance of our prosperity. It's
destruction or impairment would
be a worldwide calamity affect
ing every household in this coun-
try and of those countries with
which we do business"
David r. Forgan, president Of
the National City Bank of Chicago
said: II think business in this
district has again picked up. after
the summer lull With the high
price of corn the farmers in the
territory contiguous to Chicago
should make marked progress in
working into better shape and pay
ing their debts. The low price IF
wheat is, of course, still a problem
for the wheat farmer. / have 10
solution of it, but / do not think
they are being wisely led when
they are told to expect relief by
legislation.
with regard to the general out
look: The condition of Europe on
the one hand, and the low price Of
some farm products OH the other
should give the optimist pause; bat
I do not see any reason why bI5i-
ness should not continue moderate
ly prosperous for as far ahead as
we can see at the present time"
The railroad men ! have Decn
privileged to meet throughout the
West are not, strange as it may
seem, particularly exuberant des-
pite the unprecedented amount OF
traffic they are hauling.
This brief statement, from an
kl1y ~ Hon ri 49,. ~