Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-12
Orlando F. Weber Has Built
Up an Organization of Huge
Proportions.
USES RESEARCH TO GET
REDUCTIONS IN COSTS
Cuts in Prices of Nitrates Due to
His Perfection of Produc-
ton Methods.
BY John Z. SINCLAIR.

L-dSi' buJ IIOW Iedu OF LTe Allled
Chemical e. Dye Co.. efficiently fills thu
role Of generaliSsimo of one of the
worlds largest chemical combines. AS
Stunning direction Of the young corpora
tlon In 1920, he successfully pulled 1t
through the bad days of 1921 and con-
tinued to improve the condition Of the
corporation until in 1929 1t had liauid
assets OF s92.000000 and a net income
CT 100000. 900 in 1880.
Mr.. Weber has hewed close to the
original policy of this vast organiza-
tion-it has u plants scattered over
the country. He never permits any
additions to or splitting of the stock,
thus avoiding the manifold perils of
reflnancing and its attendant tempta-
tons. The most interesting unit IS
the Hopewell Undergraduates plant
which cost millions, in the town of that
name IN Virginia. Yet Mr.. Weber has
never seen it.
All his business activities are char
acterized by the same unusual manner
and mystery. He has never once
granted an interview or made speech
His personality is reflected in the policy
Of the corporation. For 1t never seeks
the attention of the public. 1t has
nothing to sell to the public. 1t pro-
duces only for the use of industries
which do make consumer goods and
iiCCO llIC 6OOO Will anu pdLEOIldBe %
the people
In building up this organization Mr..
Weber has keen competition in CONT
mental chemical combines. such as the
I. G. FarbeninduStrie in Germany and
the British imperial chemical indus
tries. The battle with them and the
resulting cheaper production Of nitrates
through rival research has finally
smashed the Chilean nitrate monopoly
government has reduced the export tax
on mined nitrates to Q point where
the national budget balance is threat
ened.
SO, sitting In his ONCE at 81 Broad
way, New York City. this man quickly
spikes the guns OF competitors abroad,
upsets national budgets. and fosters
imposing industrial nachanisIns. I've
told just about all that's known about
him the's not mentioned in Who's
Who, except that his family, which
includes two daughters. Is his first
love. He makes a genial friend and
puts himself through intellectual gym
nasticS by reading the works Of James
and Emerson.
Treasury Bond Issues.
Recent reports indicate that Sec
rotary of the Treasury Mellon intends
soon to place q stable bond issue
on the market. have commented
before on the swelling floating debt
Of the G"ernnent, made up of short
term obligations, and that conversion
into long-term commitments would
tend to ease that burden considerably.
This seems to be exactly what Sec
rotary Mellon contemplates in floating
this bond issue. Not only would this
be desirable for the reason Just given,
but it would be more economical 1t
would be offered at a time when the
money market is glutted with cheap
money. thus enabling the Government
too btain low interest rates
The American Government ia not
the only one to use this advantage,
as is proven by the cheerfulness with
which at least 10 other countries have
initiated refunding programs These
programs involve the conversion OF
both long and short-term paper at
high interest rates into new issues with
decidedly lower rates.
If general business in the United
States improves in the near future, this
same money market may be expected
to perform a like good service to leeit-
innate business in making funds avail
able and cheap
The American wheat farmer is forced
With another hard year The latest
estimates Of the Department Of Agricul-
ture find that failure to reduce acreage
and good weather will combine to
produce a harvest exceeding last wears
by 100000 bushels-the total crop
probably being in the neighborhood Of
865, 100000 bushels. Since the most the
American appetite can get away with is
about OO,O0O0 900 bushels, there will be
around l65,000,000 bushels still on the
table TO be disposed of somewhere
somehow. some time
This crop hasn't a chance on the
world market. which, despite some re-
duction in European acreage, will have
hundreds of millions of bushels surplus
and carryover from last season. Added
to that is the Russian crop, an unknown
quantity, but expected to reach over
10000 ,O00,O 900 bushels this season.
instead OF improving, then, the wheat
problem has merely taken on larger
dimensions. It would seem to call for
more determined international action
and willingness on the part Of wheat
growers to reduce the sowed areas.
Whatever opinion che may hold about
Alexander Legges wheat policy, one
must admit he had tougn nut to
crack in trying to make the American
farmer limit his acreage.
The Money Theory.
John Maynard Keynes new work "A
Treatise on Money" is the first attempt
in q substantial way to bring the money
theory up to date.
The first volume is given over to a
study of the pure theory Of money. He
discusses money proper and bank
money, the value of money, the fIInda-
mental equation of money, and the
dynamicS Of the price level. This last
subject, Prof. Keynes thinks, Is one Of
vast Importance.
Prof. Keynes second volume takes up
the applied theory of money, dealing
with the more technical phases of the
question, including such interesting
questions as monetary factors and their
the rate Of investment and
it's fluctuations and the management Of
This latest Keynes contribution is
right up to date, including a discussion
of the slump of 1880. All the way
through, Prof. Keynes pleads for facts,
more facts still more facts-so that
may not be cratic but fun
damental.
It's an interesting work. which no
student of money and banking can af-
ford to be without.
(CopyTiEht. 1891, hy the North American