Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-26
BUSINESS LEADERS
TO. HEAR FARRELL
Head of U. S. Steel Appear.
Ing in New Role by Break
ing Usual Silence.
BY JOHN r. SINCLAIR.

United States steel Corporation, is
showing himself in a new role. Here
tofore silent, he usually let's others
speak for the steel trade. Lately. how
ever, he has been denouncing price cuts
: in the industry, telling his associates
warranted and tnexcusable" and that 1t
is useless to "cut wages at one end and
make price cuts at the other"
Tomorrow the National Foreign Trade
Convention opens in New York, with
hundreds of delegates coming in from
various parts of the country. To these
1000 or more business leaders Mr.. Far
rell will elaborate his view He prob
ably will repeat that If American pros
perity Is to be maintained they must
find markets overseas "for at least 10
per cent of the total production OF
American farms and industries"
Today American exports of manufac-
lures represents more than so per cent
Of the total exports, and this percent
ages increasing yearly.
II am convinced that our worst ex-
periences are behind U.S." said Mr.. Far
rell, and that We are gradually enter
ing upon a period of increasing trade
activity"
Tomorow'S Foreign Trade Conven-
tion-the eighteenth to be held-should
crystalline sentiment among business
men in favor of certain definite meas
urements necessary to the reyitalizing
of American foreign trade.
John M. Pratt of the Association of
Real Estate Taxpayers of Illinois.
which is leading the fight against the
1929 Chicago tax levies on the theory
that it is both discriminatory and con-
flscatory, says that the Chicago tax
payers are not ION strike" because
they do not want to pay taxes and
that, in fact, it is not a tax strike"
movement by one class of property
holders, representing one-fourth of the
wealth of Chicago, against paying IS
per cent Of the total taxes.
when the Chicago situation is
cleared up" says Mr.. Pratt, 'in such
way that personal property, which now
contains three-fourths of all the wealth
of the city, pays its just proportion
of the taxes, the real estate men will
pay their taxes gladly. Until then
we'll continue to protest"
Mr.. Pratt and his associates contend
that Chicago must face three facts:
/. A deficit of $50000,000 from the
1928 tax collection.
2. A deficit in excess Of $50, 000, 900
on the 1929 tax collection.
g. That it is not within the realm
of possibility to collect this approx
mate 5000. 900 900, or even a fair por-
ton Of it, from devitalized real es-
tate"
News that Portugal is ready to sta
Billie her currency on gold basis is
likely to affect the Bank for Interna-
tional Settlements. The connection
seems vague at first glance, but there
are still nine vacancies on the board Of
that institution to be filled by a ma
iority vote of the present membership.
France is anxious, If not determined,
to have most of these seats occupied by
her allies or sympathizers.
To this end, France has made the
$42, 900 900 loan to Jugoslavia for cur
rency sterilization, with some military
expenses thrown in. It was taken for
granted that Portugal would also re-
ceive one of the nine seats when she
Strengthened out her money question.
France, however, has q British-Ital-
ian-German combination to fight. She
may therefore use PortugaPs candidacy
as pawn to put across her other NOM
inees.
Such things as this make us realize
how the struggle for political power
goes hand in hand with the race for
economic supremacy In Europe. 1t Is
absolutely impossible to weigh one
without the other. That is where many
OF our lf-appointed business advisers
get themselves tangled up.
The force Of economics and politics
are moving swifter abroad. The old
patterns are changing overnight A
newly organized Europe will have ire
mendous repercussions the world over,
including the United States. American
citizens and business men are coming
out of their shells and informing them
selves more fully Of these vital facts.
Frank L. Dame, president Of the North
American Co., has told his stockholders
that the assets of the company declined
100000 in the last year, but still
total $3.50, 100000.
Harrison williams of New York,
through his holdings in Central States
Electric Corporation, is believed to be
the largest individual stockholder In the
North American Co.
Mr.. Williams was born in Avon, Ohio,
6s years ago. He has always been in
terested in public utilities. In the boom
days Of 1925 to 1929 he became asso-
ciated with Waddell Catchings In the
formation of the Shenandoah Corpora
ton. At SIS he decided that he had
had enough OF active business life. He
already had vast fortune; was a
member of many clubs in New York,
London and Paris, and possessed one
Of the finest yachts afloat.
The depression caused substantial
Shrinkage in his great fortune, but 1t
did not change Mr.. Williams himself.
He is carrying on much the same way
as he always has, going where he
pleases, keeping such hours as he wants
10 and generally letting the other fell
lows work and worry. Nevertheless he
finds time TO be president Of the new
Empire Corporation and a director of
the American Gas g. Electric Co. and
of the Shenandoah Corporation.
Thomas D. Campbell Of Hardin.
Mont, the largest American wheat
farmer, has taken the lead In reducing
his wheat acreage He has announced
that he does not expect TO raise a
bushel of wheat on his 95.000-acre
farm this year. Apparently ne sees no
chance for the wheat situation TO i'm
prove until the acreage in the United
States Is greatly reduced.
The wheat king has decided 10 raise
fax instead during 1881. There's not
enough fax produced in the United
States TO meet the domestic demand.
Where fax raising Is impracticable this
bonanza farmer suggests raising beans.
Mr.. Campbell who is listed In Who S
Who" rs an agricultural engineer, was
born IN Red Valley, N. Oak. 40 years
ago He is a graduate Of the University
Of North Dakota and has always been
q farmer
In 1929 he was asked to become a
special adviser To the Russian govern
ment TO assist it in forming plans
covering wheat production on tract OF
10000 900 acres. He has visited Rus
STA several times i'm the last two years
Mr. Campbell believes Russia will be
the biggest factor in the world export
wheat situation within five years and
that the United States. If IT is wise, will
produce only as much wheat as It can
consume. leaving none for export.
(Copyr!eht, 1881. by North American News.
paper Alliance