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Seward Daily Gateway
Seward, Seward County, Alaska
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In Chicago on Jan. 21, James Farrell, U.S. Steel president, announces the Depression's peak has passed, advocates business expansion and against wage cuts, and criticizes foreign farm product dumping into surplus U.S. market.
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BACK TO NORMAL
SAYS STEEL HEAD
FOREIGN COUNTRIES CONDEMNED FOR FLOODING U. S. FARM PRODUCTS
CHICAGO, Jan. 21, (P)—James Farrell, president of the United States Steel Co., says the country is swinging back to normal.
In an address here he said the peak of the depression passed 30 days ago and the time has come for greater enterprises in trade for loosening of business.
"We are quite capable of doing more than was done in 1930," he said, and advised against reduction in wages saying that would reduce the purchasing power of earners and would restrict consumption.
He condemned those countries seeking to flood the United States with farm products when this country had a surplus of its own.
He said foreign fighting against the tariff is useless; that such countries should strive for a market where there is no surplus.
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Location
Chicago
Event Date
Jan. 21
Story Details
James Farrell, president of United States Steel Co., declares in a Chicago address that the depression's peak passed 30 days ago, the country is returning to normal, urges greater trade enterprises, opposes wage reductions to maintain purchasing power, condemns foreign countries for flooding U.S. with farm products amid domestic surplus, and states opposition to tariffs is futile as such countries should seek markets without surplus.