Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-27
BUSINESS POWDERS
4 RESERVE MEETING
Continuation of "Do-Noth-
ing" Policy by Federal
Board Is Expected.
BY JOHN F. SINCLAIR.

NEW YORK, April 81 (N.A.N.A).-
The governors of the IL Federal Reserve
banks are meeting today with the Fed
eral Reserve Board in Washington tc
discuss business and banking. Nat
,,Vrally. the foremost question In the
minds of business men is, will the pres
cnt Federal Reserve policy be contin-
.ued? Some may ask-What Is that
policy? And this will be hard to an
swel To one on the outside, 1t looks
like policy Of drift"
It is understood that an important
= communication will be presented to the
governors, suggesting that the Federal
. Reserve banks enter the market more
= actively and buy more Government
bonds and acceptances, and thus pump
q little more credit into industry.
= There are many who do not believe
that this can be done successfully. The
Federal Reserve officials will be cagey
about doing anything, because up to
gate the Reserve system has been crit
i,ic!zed very little for its inaction in the
present crisis.
:. If one we're to judge from the past,
it's good guess to say that the do
:. nothing" policy will be continued.
If the invention of Toribio Bellocq,
the large Argentinian live stock pro-
ducer and engineer, now in Washington,
stands up in its future tests as well as
Il has in its initial tests, it will have a
profound and far-reaching effect upon
the oil industry.
MI. Bellocq is mathematical genius.
His family Is one of the most distin-
guiShed in the Argentine. The live
/ stock ranch of the Bellocqs is one of
:. the largest in South America.
/ After years of patient and costly ex
! Fermentation. this studious Argentinian
hae xyiI
TEN which applies the most daring re-
cent theories Of physics to the practical
problem of sending water, oil and other
liquids to any distance. 1t is expected
/ that when it is applied to the pipeline
| industry it will revolutionize It,
| AS is often the case with such dis
=! eoveries, the initial stage resolves itself
cal formula. Then the practical step
e1s next. That stage has now been
J! reached.
i",. The Austro-German economic union
Is beginning to have the effect dreaded
in France. The little entente, made
up Of Poland, Rumania, Jugoslavia and
-GzechoSlovakia, heretofore bound close
~ to France both politically and eco
l-homically, is falling apart.
:, Attracted by the opportunities offered
4 by the Austro-German union, these
FSOu11e ACo dAS 1Cduy 10 QlCkeT W1L1 LneIn
Tor trade agreements. Thus the Euro
pean union, sponsored by Aristide
s BRAND. in which France was to play
the leading part Is working the other
p way round. From the looks Of things
I the union is likely to have everybody in
I, II except France.
I'd Should that happen France would
Z nave to Join as q matter of economic
{ self preservation, but France could not
enter as the controlling power.
1t Is felt that the Austro- German
: union may adversely affect American
trade. Should the union be extended
I TO include other nations it might be-
come OF great importance in American
Z foreign trade. 1t calls for close CO.
operation and understanding on the
part OF American business men and the
Goye1nment. Such a union should do
much TO demonstrate the stupidity and
utility of tariff barriers and the adj
Vantages that result from their removal
The recent agitation for an embargo
on Soviet manganese, of which large
quantities are used by steel COMPANIES
mere, has apparently been scotched, but
now asbestos Is on the spot.
The Bear Canyon Asbestos Co. and
the Regal asbestos mines are the COM
plalnants. They demand that Russian
asbestos be excluded under the "unfair
methods Of competition" provision in
1.-The tariff act. These companies charge
that Soviet asbestos is being dumped
mere at less than cost. This is fatty
Menied by the Soviet agent in New York.
the Amtorg Trading Co.
- 1t is unfortunate that the men who
control the economic systems of the
world cannot get together and work
out some plan for mutual trading that
would do away with petty frictions Ike
these. --e
To have American firms insist that
RUSSIAN products are being sold below
cost ana the Soviet Republic insist that
dney are not Is all beside the point. The
cost OF production in the systems of the
Two countries cannot be found by using
eacn others present standards in an
arbitrary manner. What is needed liz a
common unit and scale of comparison.
Al would, in effect, be a compromise.
But IL would remove growing and in
creasingly menacing irritant from inter-
national trade and good will.
The fishes of the sea furnish the
1lSn1ng industry with an income of over
1 $5OO,O00.000 year! A full third Of the
meat" consumed in the United States
{ every year has no feet whatever but
i ms. No doubt, dieticians will point
! with pride to this fact, when they find
4 II In thenew 200 page yearbook Of stat
tlstlcS and information Of the fishing
e industry, recently issued by the Bureau
Of Fisheries for the first time.
. Henry OMalley, commissioner of the
bureau, explains that the striking
growth Of the fishing industry In the
/ last decade was forced by the develop
ment Of technology during that time,
} as well as the wide demand for more
r! protein foods during the war itself. The
! perfection of the technique of handling
! fish as food has resulted in shipments
! all over the United States in cans, tins,
/: Jars. and special freezing equipment
/! enabling interior points to enjoy "fresh"
{ fish. On the other hand, they have
initiated other industries in utilizing
! the byproducts as a means Of curtailing
! waste.
! Diet-conscious people will probably be
edited by this news. for fish Is an i'm
portant vitannin food.
A distinguished researcher said. after
an investigation of the Far East health
problem, that the only thing that has
prevented the japanese race from van
1shing Is their fondneSS for fish. They
eat hulled rice almost exclusively and
j fish supplies the needed vitamins
Copyright, 1881, by the North American
Newspaper Alliance
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