Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-02
BY DIR. MAX WINKLER.

Special Dispatch to The Star.
! NEW YORK, November 2.-Albert
H. Wiggin is one of the clearest-think-
ing economists in the United States
Few men have such complete GRASP
of both national and international
finance as he has. To his skill and
diplomacy is due the arrangement re-
| garding Germany'S short-term credits
| which may be said to have saved the
world from cataclysm that would
| have been as disastrous as was the
assassination of an Austrian archduke
II years ago.
In testifying before the La Toilette
committee Of the United States Senate
| Mr.. Wiggin has called attention to the
| fact that the future of American for
eign trade to large extent depends on
resumption of lending to foreign
countries, adding that the large export
| trade of the United States which
reach its peak in 1929 was due di-
rectly to loans made by American in
vestors abroad.
Supported by Figures.
Mr.. Wiggin could have puroduced
| figures to prove his contention con-
clusively American investments abroad
during the period 1914-1929 were al
most exactly equivalent to the aggre-
gate excess of exports over imports dur
ing that period, indicating that the
| excess production was disposed OF at a
substantial profit to the American pub
lie by means of loans and credits on
, behalf of Americas foreign customers.
1t also must be admitted that the era
OF Americas pronounced prosperity ran
parallel with Americas large loans
abroad, and that the cessation OF for
eign investments synchronized with the
beginning of hard times in the United
States.
Those who maintain that America Is
sufficient and that foreign COM
merce represents only a small part Of
the country's total business are in
formed by Mr.. Wiggin that it is the
last 10 per cent which makes business
profitable or improbable.
1T is my firm conviction that before
trading in May wheat is over. 1t viii
have broken above the 85-cent price,
says Arthur Cutter, one OF the most
| astute observers. who is understood 10
spend huge sums to keep himself In
! formed regarding wheat.
| 1t is also Of interest to md very
| little talk as to the great surplus OF
wheat. about which one heard so much
| only a short while ago.
A price of IS cents for May wheat,
as compared with a current quotation
| of IS, is not unreasonable. That rise
| i'll quotations will do much to improve
| economic conditions throughout the
world is manifest.
Hope of Copper Industry.
The real hope for the future Of the
copper industry lies in the recognition
| OF the folly of attempting TO maintain
an undue margin of profit, in the opin-
ion of Arthur hoffman, director OF
United Verde Extension Mining Com
! pany.
Such attempts. continues Mr.. Not
man, always have attracted and always
will attract new capital into the in
dustry at rate faster than the growing
| needs of the world require, They also
tend to leave the industry PROSTATE
until the actual growth has again
caught up with the supply
Mr.. hoffman concludes, his obser-
vations by stating that the reluctance
| on the part of the public to put capi-
tai into the development OF new
sources of copper supply should restore
the balance Of supply and demand ana
normal margin of profit to the m
dustry
The United States can point to one
mere record. 1t possesses today the
worlds largest steamship combustion,
| controlled by the Roosevelt Interna-
| tional Mercantile Marine-Dollar -Daw-
i son interests.
| The consolidation of Americas ship
ping interests places the United states
on an equal footing with foreign opera
tors and promises to establish Tire coun-