Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-09
PROSPERITY DUTY
! PUT ON BUSINESS
Schacht Says Industry and
Not Politics Has Power to
Turn World Economic Tide.
BY JOHN F. SINCLAIR.

Before distinguished group of New
DR.. Hjalmar Schacht, former president
Of the Reichsbank, told the Stable
Money Association that business men,
not the politicians, had the power to
make world business prosperous.
Among those present were such well
known men as Julius H. Barnes, DR..
w. Randolph Burgess, F. L. Carlisle,
Newcomb Carleton, Clarence Dillon, DR..
Irving Fisher, Albert H. Harris, Cor
nelius F. Kelley, F. A. Delano, Willis T.
Booth, Seward prosser, L. F. Loree,
John McHugh, Thomas M. Perkins,
Ogden M. Reid, jackson E. Reynolds,
Arthur Sachs, H. H. Porter, Francis H.
Sisson, Carl M. Snyder. Gerald Swope,
Paul M. Warburg Clarence M. Woolley,
Right Hon. Lord Barnby, Hale Holden
and Nathan L. Miller.
i. Believes in Action.
at do not subscribe to the philosophy
that If we let matters drift things will
work out alright. i am a firm believer
in action. The bankers and business
men OF all nations must inevitably CO.
operate. No one nation can continue to
live its own life, ignoring conditions ex-
listing in others. Many have tried it.
StateS-haS succeeded.
Business leaders of the various
countries must get the vision of larger
usefulness, submerge the political drive
for intense nationa11sm and work to-
gether. There's no hope for modern
civilization unless such a program is
entered into whole-heartedly.
Germany will be able to get along
and pay anything demanded of her so
c1
the outside to do it," continued DR..
Schacht. But the real test and the
only test of stability will come when
Germany finds herself unable to bor-
row any more money. Then what?
Then Wen all have to get down to brass
tacks."
The far-reaching implication of Presi-
dent Hoover's Boston speech before the
American Federation of Labor on "de-
structive competition has not been
given the attention which is deserves.
President Hoover when Secretary of
Commerce, gave close study to the work.
ings of the antitrust laws. 1t was to
be expected that ne would make a con-
structive suggestion regarding the mat
ter some time during his administration.
Does 1t mean that the administration
has decided to ask Congress tc overhaul
the antitrust laws and bring them up
The President pointed to "destruc-
tive competition" as major cause in
the troubles affecting the coal industry
now. When he said that it was not the
purpose of our competitive society to
bring about condition which destroys
stability in an industry and reduces to
poverty all those within it, he was
touching the problem from a unique
angle, for a President of the United
States.
IF our regulatory laws be at fault
they should be revised" was his COM
ment.
May Go to Congress.
Attorney General Mitchell. however.
continues his efforts to vigorously pros
ecute all violations of the Jaw without
fear or favor. $50 long as the antitrust
laws are on the statute books my Job is
TO enforce them" said the Attorney
General when we were discussing its
provisions recently
But now it looks as though the whole
problem win be thrown into Congress,
there to be discussed fully, with a view
10 modifying some Of the laws provi-
sions, In order to bring them into line
with modern national and international
business life.
1t was r. H. Bennett, Canadian prime
minister, who yesterday threw the big
bomb into the free trade plan of the
British Empire at the London Imperial
Conference
On the other hand, the Bennett plan
1or empire preference made real head
way, 1t received the support of other
dominions, especially of N. G. Havanga,
the South African finance minister.
After declaring that empire free
trade was out of the question-"neither
desirable nor poSsible"-he made this
suggestion:
It offer to the mother country and
70 all other parts Of the empire prefer
ence In the Canadian market, an ex-
change for q like preference in theirs,
based upon the addition of a 10 per
cent increase in the prevailing general
tariffs or upon tariffs yet to be created"
he said.
ering very rapidly. Manufacturers of
radio sets were about the first to feel
the decline, but they are among the
first to spring back into vigorous activ-
ity. True, the business is largely sea-
sonal and the orders pouring in now
are for the Christmas trade. But even
then the figures are impressive.
James M. Skinner of Philadelphia,
vice president and general manager of
the Philco Radio Corporation, tells me
that he is breaking production records
every week and rs new employees are
being added every day to the force.
six months ago we had 800 men
and women on the pay roll, now we
have 1000 and Well soon have 5000.
Production is at the rate of 5000
sets day. We cannot comfortably fill
the orders that are on hand and keep
streaming in every day." says S. M.
Ramsdell, another Philco manager.
fronvyt0bt 1914