Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-28
IMPROVED FOREIGN
TRADE ISFORECAST
Farrell Discusses Barriers"
b to Early Resumption of
Business Activity.
BY JOHN F. SINCLAIR.

special Dispatch to The Star.
NEW YORK, May 28.-Two thousand
delegates to the Foreign Trade Conven-
ton In this city listened to the spirited
words of Chairman James A. Farrell,
Thomas W. Lamont, Wallace r. Far
rington and Willis Booth as these
internationally known business leaders
attempted to sound an optimistic note
on the future of American trade abroad.
But while Mr.. Farrell was engaged IN
his talk the stock market experienced
another sharp decline, one OF the
hardest hit issues being United States
Steel Corporation stock, which noseo
down to 92A.
Chairman Farrell opened the con-
venticn with speech of some length,
In which he pointed out the evils that
with an expression of confidence in the
future ana the opinion that even now
things are not quite as black as they
are painted. He spoke particularly OF
the relationship of commodity prices to
general business conditions and OF the
effect of these prices on foreign TRACE,
declaring himself as opposed to the
movement to stabilize commodity prices
at their present or even lower levels,
saving that a period Of rising prices Is
always q period Of prosperity
In fact, Mr.. Farrell attacked the
foreign trade problem from all sides
state barriers, uncontrolled production,
price fixation-and emphasized the
human equation.
1--WE cannot, even If we would" said
Mr.. Farrell, eliminate the human
equation from industry. The happi-
ness and contentment of 100, 900 600
Ioecnle Is the end toward which the
wheels of industry turn. ;" The more
successful we are In making industry
serve the interests Of the American
people, the greater the opportunity that
awaits LIS of serving the interests OF
people with whom we trade"
IAmOnt's View Different.
Thomas w. Lamont, sometimes re-
ferred to as "Morgan's foreign ambas.
sador.v differed from the president OF
fine United States Steel Co. on the mat
tar of tariffs. Mr.. Farrell had told the
delegates that the influence OF tariffs on
world trade had been talked about en-
tirely too much and that they were not
The barriers many said they were. Mr..
lamont. on the other hand, was quite
certain that tariffs are barriers alto
getller too high for international trade
to. hurdle. The delegates applauded MI.
Lamont when he said:
ssIet us discourage any attempts 70
raise artificial and false barriers against
our foreign trade. We must realize
that we can't do all the selling and
make the other fellow do all the buying.
It can't be done
This difference Of opinion. Of course,
wildly shows the widening rift between
n certain section of American industry
and American banking on this subject.
Each feels It stands 70 lose, where the
other gains. Bankers believe that IN
ternational trade, in which they have
an immense stake. viii profit from the
abolition Of tariffs. Many domestic
manufacturers fear they viii suffer by
having this protection" removed. The
bankers retort that tariffs are not pro-
lection" but, in effect, tax on con-
sumers. And so it goes!
Raps Exclusion Policy.
wallace r. harrington, former Gov
ernor of Hawaii, thought that the
exclusion; policy against Orientals is
flamstrfuginR Americas trade with Far
FaEtern Countries. He advised putting
the OrientaIs on quota basis, the same
IS other nationalities and races. The
present exclusion laws he characterized
as "a mustard plaster applied to en-
pl,asize and exaggerate every possible
point Of irritation that may arise with
our neighbors in the East"
Robert Dollar is good example OF
the man Of action when others in the
Pacific area were afraid or disguised"
said Gov. Harrington. He came into
the picture Just after the retirement
of the single American steamship line
TO the Orient"
For the rest Of the week merchants,
shippers, bankers, exporters, importers
ard industrialists viii meet daily to
weigh every suggestion for trade revival.
Rules Suit Industry.
George w. Alger, who won his way up
IN the practice Of law in traditional
SAlRer" fashion, has now become
judicial overload Of the $3.50, OOO, 600
cloak and suit industry. HIS job VIII
be to rule on the disputes between the
labor unions and employers IN that
industry
Mr. Alger has slways been distin-
Qutshed by a profound sense OF social
Justice. His, manner is not stern. He
impresses one more as q genial con-
ctliatoF Such a quality, OF course, nts
him Ideally for dealing with 1nf1am-
mabie labor disputes.
. New Tobacco Chief.
Samuel Clay williams, the new pres
i6ent of the r. j. Reynolds Tobacco
Co. Is 46. In taking his new office he
replaces Bowman Gray, who started at
SIS week with the company after
first working as bank clerk. Mr.. Gray
becomes chairman Of the board Of d.
Yectors, every member Of which is also
the active head Of department In the
organization.
A typical Southerner, Mr.. Williams
charms his hearers with his easy drawl
and fIne humor. But he also possesses
great reserve Of energy. and has more
than once exhibited high executive
skill.
(Copyright, 1881. by North American News
paper Alliance, 1nc.D