Prophets

"30 Days Ago." Because at the end of 1929 James Augustine Farrell was bullish, and because at the end of 1930 he was silent, many a person thought that perhaps the president of United States Steel Corp. nursed dark, not-to-be-spoken views. Last week all such ideas were quickly shattered. In Chicago blocky, white-haired Mr. Farrell arose to address a convention of the National Canners and National Wholesale Grocers Association. He was far more bullish than those who predict a turning-point in the "not distant future." Said he: "The peak of the Depression passed 30 days ago."

He said he saw "ample evidence of a considerable increase not only in the business of the steel industry but in collateral and unrelated lines."

Steelman Farrell also showed he has not changed his attitude of: "Oh, no.

Wages in the steel industry are not coming down." He argued against any wage-reductions: "It is my deliberate judgment that a general reduction of wages in this country would set back the impending recovery by at least two years." Alert listeners realized that this viewpoint directly opposed that expressed by Albert Henry Wiggin when he spoke to Chase National Bank's stockholders last fort night (TIME, Jan. 19). "Dead Centre." Owen D. Young, chairman of General Electric Co. and Radio Corp. of America, also had a brief word to say last week. Members of New York State Bankers Association felt like cheering when he said "dead centre" has been reached, impending buying will remove surpluses, whip production into line. The U. S. Chamber of Commerce last week also expressed "hope that the 'dead centre' of the Depression is past." Basing its opinion on reports from nationwide member organizations, the Chamber found "a slight increase in business activity and an improvement in the employment situation."

"Sound Lines." George Fisher Baker, 91-year-old banking, telephone and steel tycoon, insists that bankers "talk too much," yet last week he was quoted as uttering bullish things. What actually happened:

Reporters (to Mr. Baker, being photographed before taking a train to Florida): Please give us an interview.

Mr. Baker: Can't talk while my picture is being taken.

Reporters: (After picture) Won't you give us just a word on business conditions?

Mr. Baker: Yes. I'm going South. I go there every winter.

Mr. Loomis, president of Lehigh Valley Railroad: I think Mr. Baker will agree that there is some slight indication of improvement along sound lines.

Mr. Baker gives no indication whatsoever of having heard.

Reporters: Can we use that as coming from Mr. Baker?

Mr. Loomis: Oh, yes. You can use it as said by him.

In Brunswick, Ga. Mr. Baker again would say nothing but Mr. Loomis spoke for him, said: "Anybody selling short now is using poor judgment.''

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