The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1926-01-22
Foreign Trade Combinations
Mulcting Americans Out
OF Vast Fortunes
By BILL PRICE


hearty approval the nation for efforts to reduce taxes and
thereby burdens of the people, foreign trade como
nations governmentay controlled ana approved are muc
ing Americans out millions of dollars in exorbitant profits
In temperate emphatic Secretary Hoover has
laid before Committee Interstate and Foreign
Commerce condition Of affairs that demands the closest at
tention whole country should arouse the most
serious consideration because it not only involves the de-
iberate robbery exploitation of American people by
foreign monopoe but threatens profound dangers to inter
national good WILL inasmuch these monopolies
troed and their policies approved by their respective gov
ernments.
Consumers every nation being penaized by giant
combinations materials sisa coffee, potash
mercury ntrates camphor iodine and Egyptian long staple
cotton The number of these combinations steadily In
creasing The profits stimulating them 1t is
possible control Mr. Hoover, "a large
ton of the materials imported to this country There
are twenty or thirty other commodities which could be
controlled by agreement between
ernments
Organized under pretense stabing prices and OBJ
tanning fair returns combinations have boosted prices
far above considered fair by Mr. Hoover experts that
during the coming year Americans will have paid tribute
the extent of $50O0o0O0 $8OO0OooO above fair
prices.
American business men, realizing heplessness
appealing for relief for themselves and for the people Of the
nation We get for example reports Of coffee shortage in
South America is deliberate publicity Prices rise
to the importers wholesale coffee dealers and They
nothing but the increased cost to Every
of combinations grip
importers and wholesalers protest they Disseminated
against and their business existence threatened.
American importers of ustcontrolled materials
facurer wholesalers stock up with commodities to
meet trade They pay the prices exacted They
are mercy of the combinations prices should sud-
denly fall many American houses would be threatened with
financial disaster.
Hoover does not suggest retaaory methods by this
Government would enable trusts to advance the
prices of export That would inevitably
lead to international friction believe though that
has arrived when the United States must determine
national policy to protect its people. and likewise
the way safeguarding the welfare Of In
fifty more nations.
To meet this growing to international commerce
relations able Secretary of Commerce
suggests strict economies the part of American people in
the of imported materials; the development of
synthetic products substitutes and the possibilities of
alternate supplies developed in this country and in other
nations better organization of purchases and distributions
among consumers with aid and assistance to competitive
sources of supplies
These would constitute reprisals but their bringing
about will take much time In the meantime Mr. Hoover puts
up Congress additional that may bring earlier
lief Through governmental assistance and direction there
must be freedom materials Notice must be served
upon foreign governments Mr. Hoover declares that
people will resist To that people must amely submit
intoerabe' !