The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-02-03

business men accordingly are
actually bringing to pass Inn
proyements in the lot Of the
ordinary family which genera
ton ago would have been con-
sidered utopian.
Having recently commemorated
the one hundred and tWenty-fifth
anniversary Of e. /. du Point
de Nemours e Co, the Du
Pont. family was never more in
fIuentia1 III the conduct Of Ameri-
can industry than at present,
The Du Points are thoroughly com
Tmitted to the modern notion that
business prosperity can be height.
ened by raising the general stand.
ard of living.
Pierre s. du Pont, eldest Of
three brothers who hold the high
est executive posts in the Du Point
company. in discussing this sub
ject with me, said: + see no
reason why. ultimately, there
should be any distinction between
I the Wlaite-coliar class and the
laboring class. Temporary pinches
will come, but the trend of the
standard Of living should be stead
lily upward.
In this country, we should
work toward $4,000 minimum
standard. This may not be
attained in decade, but It ID
d goal to work for III the III.
ture. We are. broadly speaking.
no longer held hack BY pro-
ductiye capacity. which has been
greatly expanded. The national
problem IL to make people want
more and willing to work to
get the things they want.
Hazard 81 Extravaganza
Mr.. du Pont was asked about
the hazard Of extravagance. He
answered that the prudent pol.
icy was not to cut down on ex-
penditures, but to earn some
thing more than you spend.
In illustrating his theme that
public desire for products paves
the way for getting them, Mr..
iu Pont cited the experience OF
the automobile industry. Be
sides being chairman Of the
board OF directors OF the Du
Pont company, Mr.. du Pont also
occupies the post Of chairman
OF the board Of the General Mo.
tors Corporation, Of whose stock
the former company owns more
than 20 per cent Mr.. du POnt
pointed out that the actual plr-
chases Of cars In recent years
was far above early expecta-
tions, demonstrating that the pub
tic would work harder and pledge
future earnings to get the things
II desires. The same process.
he added. can be applied To
other products II the public
want them enough.
Mr.. du Point explained that he
did not believe that long hours
were necessary to finance the
higher standard Of living, ex-
planning that the average man re-
uuired leisure to enjoy the use Of
things II his wants are to be in
creased.
The executive expressed his be-
lief that improved business and
banking management had removed
many OF the causes Of depres-
sions, but he was not prepared to
say that future periods Of reces.
sion would not recur.
Present Outlook
Asked for his views concerning
the present business outlook, Mr..
du Point, d soft voiced, modest
man. with friendly blue eyes and
bald head, voiced distinct opti-
mism, asserting he did not believe
the presidential election would
have an adverse effect. Mr.. du
Point ii particularly hopeful for
the automobile industry, not only
because OF the pent-up demand re-
suIting from Ford's long absence
from production, but also because
he believes the time is approach
ing for replacing the cars bought
In 1928, the first Of the recent
series Of years Of virtually maxi.
mum production.
Mr.. du Pont called attention
to the road-buiIding program in
Latin America, which he inter-
preted as an indication that
the Southern Hemisphere would
take to automobiles in volume
comparable to the domestic COM
sumption. Europe, however, he
indicated, was suffering from the
comparatively small wants of its
population.
Investment In Steel
Within the last year the Du
Pont company has acquired for
investment $4,000 shares Of the
United States Steel Corporation,
which were described in the an
nual report az q temporary in
vestment Of the company's sur.
plus funds" I asked Mr.. du
Pont why his company was at.
tracted to Steel shares, and he
replied: THE Steel Corporation
has enormous assets, on which
it has not been showing an
adequate rate OF earnings. We
felt that either the corporation
would in the future increase
the rate Of earnings, or, failing
that, would cease reinvesting earn.
ings in plant and begin to dis
tribute surplus"
More recently Wall Street
learned that the Du Pont inter-
ests had purchased q block of
United States Rubber shares. At
the time, it was pointed out, the
purchase was "a private specu.
lative investment" Of individual
members of the group, and not
of the company. Mr.. du Pont
told me that the rubber company.
too, had enormous assets on
which it had not been realizing
Il