Small Politicians Yersus Big Business

(The following ore excerpts from an address delivered by Benjamin F. Fairless,'president of the United States Steel Corporation.)

"Some day I hope to get back to Pittsburg long enough to find out tvhat's happened to the steel business.

"But the past few months I have been specializing in Washington investigations of 'Big Business,' and Washington has certainly been specializing in me. From the time the United States Steel Corporation was organized 50 years ago it has lleen subjected to almost constant investigation by various agencies of the Government, and for the past ten years I, myself, have been on the business end of most of these investigations. I have been through so many Congressional investigations that no self-respecting skeleton would hide in my closet on a bet.

"I am not an alarmist, yet I am gravely disturbed by what I have seen. In my opinion our American economic system is in deadly peril today from self-styled 'friends'in Washington who would literally hack it to death on the pretext of saving its immortal soul. If these misguided planners and politically ambitious officeholders have their way, three of our most precious liberties-freedom of op-

'Pacilic Hqrdwood Scles Co. Completes Europecn Shipments

Pacific Hardwood Sales C6., 2O2OLivingston'Street, Oakland, has completed shipment of large quantities of genuine mahogany under the ECA program to Western Europe, according to Fred R. Branch, manager.

Mr. Branch states that his company is also importing large amounts of Philippine mahogany for distribution to the local trade.

portunity, freedom of initiative, and freedom of enterprise -will vanish from this earth.

"These self-appointed saviors of our national welfare seem always to miss the point: that our system of free enterprise is the only one left in the world that is not controlled by power-hungry politicians; and that once the dead hand of politics gets its convulsive grip on American industry, free competition will be strangled and our economic system will be no different from those which are crumbling in Europe.

"f wonder if it isn't time to have a new Congressional investigation that will hale before it all the Government agencies and Congressional investigating committees which seem to be trying t'o destroy the finest and the only successful economic system in the world today, and fini out just what public interest THEY are serving !

"In short, I wonder if it isn't time to get back on our highway to progress and growth and production, before we get mired and lost forever on a detour to lJtopia !,,

Ios Angeles Building Permits For

September

Los Angeles building permits issued in September by the city of Los Angeles totaled 4,974 with an estimated valuation of $D,486,341, compared with 5,321 valued at 926,791,415 issued in the like month a year ago. In the first nine months of 1950, 5l,l2l permits valued at $290,389,001 had been issued as against 42,995 at 9215,069,016 in the like 1949 period.