Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-26
Everybody's
Business
Resources Pooled to Bolster
Industrial DesPa,r-Con-
fdence Prime Need, Far
reN Believes.
BY DIR. MAX WINKLER.

Special Dispatch to The Star.
NEW YORK, October 26.-The re-
sources of the American Nation are
being modified in an effort to
shake of the dependency which has
hanpered enterprise and the lack CT
confidence which has curtailed consum-
ers' demands. according to James A..
Farrell. president of the United States
Steel Corporation.
Mr. Farrell also points out that there
has been a slowing down of the declin-
ing trend Of American export trade and
a reversal, last month, Of the unfavor-
able balance of trade in August. He
adds that it is of prime Importance to
strengthen the confidence of the Ameri-
can people in the future of the coun-
try and in a return to reasonable pros
perity.
A marked Improvement in the finan-
cial position of General Motors is noted
at the end of the third quarter as COM
pared with the situation at the end Of
last year or on September 80. 1880.
Al Per Cent Gain Shown.
Cash and its equivalent aggregate well
over 1894, 900, 900, a gain of about ~
per cent from the December 81 1880,
figures. and an increase of more than 81
per cent as compared with the CORE
spending figures at the end of Septem-
ber 1880. General Motors is, therefore,
in an excellent position to take advan-
tage of whatever interesting situation
may develop as a result of the hoped
for improvement in general business
conditions.
On the basis of the showing for the
first nine months of this year it is not
unlikely that the company will report
for the entire year earnings approx
mately sufficient to cover the full divi-
dend.
Paternalistic measures, such as the
DOLE have no place in American life
and care must be taken that these
vicious uneconomic practices do not
gain a foothold in America, according
to Charles M Schwab head of the
Bethlehem Steel Corporation.
Foreign Conditions Factor.
the fact that the United States can
no longer ignore economic conditions
abroad In other depressions, when
America was a debtor Nation and self
sufficient, she could forget about hard
times elsewhere. Today, however, con-
tinues the steel magnate. the United
States is a creditor Nation and the
prosperity of her neighbors is neces-
sary to her own well-being.
1neSe VIEWS SSeIn 10 De pOTne OUT
by the fact that securities prices in
variably reflect developments abroad
almost as much as they are influenced
by events of purely domestic char
acter
The position of the railroad industry
throughout the United States would be
strengthened appreciably If competi-
tion is equalized through the regula-
ton of interstate bus, truck pipe line
and waterways traffic, as the Associa
ton of Railway Executives will ask the
next Congress to do.
Carrier Regulation Suggested.
According to the proposed legisla-
ton the carriers will be allowed to
acquire existing trunk and bus lines
and all forms of transportation COM
peting with the railroads will be put
under the jurisdiction of the Inter
state Commerce Commission. subject to
the same regulations that now govern
the railroads.
The adoption of these measures should
tend to increase materially the conf
! dence Of holders Of railway securities.
Properties securing the bonds Of
American railroads are being main
tanned despite recession in earnings, &C
| cording to c. E. Denney, president of
F., the Erie Railroad. With regard to his
own company. Mr.. Denney points out
that the increase in carloadings so far
this month has been in excess Of the
seasonal gain.
Confidence Helps Copper.
| Commenting on the consolidation
| plan of the Eastern roads, he expresses
| the opinion that the fact that the rail-
! road groups have agreed on a plan
! should prove of great assistance to the
Interstate Commerce Commission in
making its decision.
Improvement in copper shares may be
attributed to the better feeling which
obtains in circles close to the copper
market. The present conference of lead
! ing copper producers is confidently ex-
| pected to result in the adoption of
measures which should help the price of
the metal.
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