Evening star., 1938-06-23
4CHAT' MAY GIVE
M0NOPOLYV|EWS
Reports Indicate Finding of
Facts Will Be First Aim
of Inquiry.
~ the Associated Press.

~ the Associated Press.
The pen of the economist may re-
place the big stick of the traditional
trust-buster in the Government S
Forthcoming monopoly inquiry.
Reports from conferences now in
progress between Federal officials and
%ome OF the Nations biggest indus
Srtalists indicated today that the in
vestigation would be designed to
produce facts first and laws second.
For clue to the exact direction
the study may take, many persons look
to President Roosevelt's "fireside chat"
tomorrow night. The President, ex-
pected to discuss the work of the
last congressional session. also may
outline the immediate problems before
his administration.
Among these is the revision
possibly the complete rewriting-of
the antitrust laws, suggested by Mr..
Roosevelt when he asked Congress to
authorize the broad inquiry to be
undertaken this summer.
Roper Predicts Upturn.
With this long-range attack on the
Nations economic ills in mind, ad-
ministration leaders looked anxiously
for signs of business improvement in
the near future.
Secretary of Commerce Roper an
nounced that stocks of goods on hand
for wholesale distribution were 14.5
per cent lower than a year ago. That
fact, he said, indicated "excess in
ventories as one cause of the present
depression have been largely re-
moved" He predicted decided i'm
provement this summer or fall.
Charles w. Mclaughlin, Acting Sec
setary of Labor, reported, on the other
hand. that factory employment and
pay rolls for May showed continual
tion of the sharp downward move
ment" which started last August.
He estimated that about 100000
workers lost jobs and that weekly
wage payments declined $2.700,000.
Seasonal increases in employment in
building construction and quarries
we're smaller than usual he said. New
England textile centers were listed as
the exceptions to general employment
reduction
Hope to Check Decline.
Administration officials were hopeful
MAT the start of the $3,753 ,000,0 900
spending lending program would check
the decline
The Public Works Administration
announced yesterday grants and loans
Of $77,814,620 to States and munich
pelities for $50 projects. They esti-
mated that State and community pay
ments also to be made on these prof.
scts would raise the total expenditures
to $14s. 5.895.
Other millions were going directly
into business channels. The Recon-
struction Finance Corp. announced
that in May it had made 290 indus
trial loans totaling s24,959.6l0.
What effect the antitrust inveSti-
cation may have on the campaign to
improve business remained to be seen,
sdt there we're evidences that admin
;stration leaders we're seeking to avoid
adverse reaction.
The current conferences between in
austrialists and administration econo-
naists and legal authorities have pro-
duced assurances from the two latter
groups that the inquiry would not be-
come . witch hunt" with business
playing the role of the witch.
Industrialists Attend.
toft ft1,na ~ h. -
don point Of view have included Thur
man W. Arnold, Assistant Attorney
General in charge of antitrust prose-
buttons; Jerome Frank, a member of
the Securities Commission. and Thomas
q. Corcoran, R. F. c. attorney and
White House adviser.
More than dozen industrialists have
attended the informal gatherings.
They included Edward R. Stettinius,
chairman of United States Steel; w.
Averell Hartman, chairman of the
Commerce Departments Business Ad-
visQry Council; Clarence Francis,
president of General Foods Corp, and
Sohn Biggers, president of Libbey-
Cwens-Ford Glass Co.
The meetings were arranged by
Srentiss J. Coonley, assistant to Mr..
Hartman. He came here several
months ago especially to seek closer
cooperation between Government and
business
Participants in the conferences re-
ported that to date they have pro-
cuced not only the mo witch hunting"
promises, but also pledges of business
cooperation with the investigation.
This cooperation, it was said. means
Ahat the business men will furnish the
inquiry Committee voluntarily with re-
Quested statistical information on
monopoly, competitive conditions.
price control, problems of eficient
mass production and distribution and
related subjects.
One idea brought up by the indus
t-ialists was that the committee should
not seek general legislative panacea
for economic ills, but should diagnose
Afst what the ills are and then treat
each separately.