Evening star., 1930-06-23
7NELLON STRESSES
). TARIFF FEATURES
Secretary Points Out Advan.
tage to Business in
''A Passage of Bill.
BY JOHN F. SINCLAIR.

industries know now Wnere Cney .StanC
and will, / am confident adjust them
selves to the new conditions"
In this succinct paragraph Secretary
Of the Treasury Mellon champions thu
Hawley-Smoot tariff. He contends thai
the definiteness of the act, plus the
flexible provisions, which give an oppor.
tunity to correct the errors and adjust
rates ito meet new and changing con-
ditions," will prove advantageous to the
general business Of the country.
The Secretary does not believe the
new tariff will tend to weaken the ex-
port trade of the United States, now
says:
TT lays a foundation for a business
like method of tariff revision free from
the pull of sectional and political m
terests that seem to make a Sc1entif1c
and well balanced revision by the legisi
lative body almost impossible"
Mr.. Melons contention is that 1t has
been the uncertainty in nxing tarln
schedules that has caused business TO
criticize the bill. This, he thinks, is
happily now out Of the way for many
years to come"
The technical side of the problem,
showing how closely interrelated our
export. investment and tariff problems
are. the Secretary leaves to others and
contents himself with a general state
nent in favor of the new tariff.
In discussing business relations with
Sir Josiah Stamp, just before he lett
for England, l was struck by the COM
Toent which this penetrating, observing
british economist made on certain
American business tendencies, He SAID !:
mo nation compares with the Unlteo
states in the zest for building up ng-
CkaksettRR PhaTfS QTannS-G4-
haustive, piled high. in all kinds OF
industrjes-are Of growing Importance
To the American business executive. l
think however, it is far more impor-
fant to be able to analyze than TO
compile figures-a new business teen
niuue of thinking. L.
not comprehend their meaning. ne
continued. They become slaves OF
fivlres. Now such facts are treacn-
erous and dangerous for those VINO 40
not understand how to contrast ana
Al another time he made this strik-
ing observation: mo civlll1aIlon con l
remain permanently in the GOLDEN age
of industrial achievement ana IN Lne
stone Age of economic thought. Eltner
one or the other must give way.
THE business Week puts 1t this way:
"With all our getting-our wealth
Of facts and things-we have not gov
ten understanding. Our power 10 pro-
duce has outStripped our power OF use
our machinery of production Is pow
erfI,l brilliant and SURE; that OF credit
SjstribIItion and consumption weak, on-
sr,,ra and uncertain. The reSponSlph-
itv for creative thinking about these
things still rests upon relatively lew,
the burden Of its lack falls upon every
one"
American wheat farmers may bemoan
kha low prices. but the Canadian wheat
pooI has the biggest Job OF all on us
IN IN this week the pool has been
-advsncinR 81 a bushel to the farmers
for wheat now worth approximately W
cents. Millions of dollars have pesn
advanced to Canadian farmers ana Cne
pool has the wheat. .o r,.
world carry-over this year is estlmateo
from oficiaI sources at 1,O31,OOO,O ,OUO
bushels. compared with l,o5l ,OOO,OOO
Canada's carryover will probably be
400. 600 900 to 110.O00,0O0 bushels: a
new Canadian crop estimated at 4OO,-
GEO 600 bushels is on the way-it may
he Ia per cent more. So Canada will
have at least $40 ,000,0 600 bushels TO sen
In the new crop year, as against 4O4'-
OO0. 900 bushels year ago.
EIropean nations are heSitatlng IN
their purchases and some nations, sucn
as Italy, have increased their import
duties on wheat. Argentina has oeen
shipping Its crop to Europe since Janu-
ary: SO has Australia. Thus selling is
pretty well over now. Their new crops
do not come in before December.
The Wall Street Journal estimates
that the total wheat supply OF the
United States and Canada, beginning
With the new crop year, July /, Is lOO,-
100000 bushels larger than year ago.
This Is the real reason back OF the
present drop in wheat prices
CYRUS s. Eaton, Cleveland nnancier,
Win represents the youngstown mi
nority interest, has won the first round
in his battle to prevent the youngstown
Sheet q Tube Bethlehem Steel merger
by=securing a court order which COM
peIs the Bethlehem to produce all books,
auditS, financial reports and other data
so that the anti-merger accountants
may have q chance to examine the situ-
alton.
IT is the Eaton contention that since
the minority interests are to receive
Bethlehem stock for their youngstown
stock, under the terms Of the merger,
they have right, as stockholders, to
In order to determine the real value OF
Sethlehem stock.
The contention of the Bethlehem at
torneys Is that the merger can be at
tackled in court only II fraud is specific
ally shown Whether the merger Is wise
or unwise is q problem for youngstown
stockholders, not the courts, to deter
mine.
But the fight has really only begun
Tk t0ka rnNFfhg wears n
bring to q definite conclusion.
The selection of Charles S. Mccain
chairman of the board of the Chase
National Bank, the worlds largest COM
mercial bank, to the board of the Rock
Island Railroad indicates the growing
inheritance Of the Chase Bank in the
railroad field.
Only recently Albert H Wiggin, chair
man of the governing board and the
reals head of this powerful New York
bank, became a member Of the board OF
directors of the New York, New Haver
g. Hartford Railroad.
The rise of Mr.. Mccain in the bank
ing and business world has been Very
rapid. After graduating from Yale il
1904, he returned to his native State o.
Arkansas and entered the banking bust
ness in Little Rock. A few years late
he was elected president of the Bank
ers' Trust Co. of that city. Five year
ago he entered big banking" as VIC
president of the National Park Bank o
New York When this bank was takeT
over by the Chase National, Mccain be
came president of the Chase.
A few months ago. when the Equitabl
Trust Co. merged with the Chase, MI
Mccain, at As, became chairman of tn
executive committee.
(CopyriRht. 1890. by North American News
paper Alliance
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