Farrell & Schwab

Driving sharply eastward over the North Atlantic last week but kept apart by the watery curve of the days were two great U. S. steelmakers. The first was James Augustine Farrell, 65, since 1911 president of the U. S. Steel Corp. The second was Charles Michael Schwab, 66, the first (1901-04) president of the U. S. Steel, now chairman of Bethlehem Steel.* Mr. Schwab was going to England to receive the Bessemer Medal; Mr. Farrell was going to Italy for health & pleasure. He had worked 18 years without surcease and now he needed recuperation.

Unfortunately, he felt, the voyage kept him away from the 15th annual convention of the National Foreign Trade Council at Houston last week. He had founded the organization and never before had failed its meetings. And this one was especially important because it dealt with U. S.-Latin America trade relations. Fourteen hundred delegates were at Houston. Don Carlos G. Davila, Ambassador from Chile to the U. S. flew by airplane from Montgomery, Ala., to Houston to impress on the U. S. businessmen there the wisdom of investing in Latin American companies, and leaving the Latin Americans in control.

However, Mr. Farrell had written out some quid pro quo arguments of the mutual benefits in U. S.-Latin America trade, which in his absence were read to the convention. The Latins present understood his links of thought; and approved them.

* William Ellis Corey, 62, the intervening (1903-11) U. S. Steel president, heads no concern; directs several of the most potent of their kind--American Banknote, Baldwin Locomotive, Bethlehem Steel, International Nickel, Mack Trucks, Montana Power. . . . When in the U. S. he lives on Fifth Avenue, close to Manhattan's Metropolitan Art Museum.