Evening star., 1929-06-25
Washington Ticker
Ry the Associated Press.

From the careful study just COM
pleted by the Commerce Department
into the years international payment
accounts 1t appears that foreign money
and foreign financing played more
important role in American economies
in 1928 than has yet been estimated.
For one thing, foreign owners as
class seem to have picked out that year
to sell back on American markets large
quantities of securities of American en-
terprises, some Of which had been held
for many years.
Taking the actual movement traced,
the Government estimators concluded
that such return home of American Sc
curities in 1928 amounted IN money 10
81 l53, 10000 nearly twice the $751;
600. 900 total of such reSaleS in 1877.
At the same time, in an exactly reverse
movement, foreigners bought on Amerl-
can markets 81 ,634, ,OO0, 900 worth of
American securities to take home, and
the world thus ended the year with
more American financial paper than 1t
had at the start. In view of the fact
that stated loans of American capital
abroad amounted to 81 ,483 ,000, 900 for
the year, while American purchases
of foreign securities issued abroad
amounted to about 5000, 900 more,
1t can be said that in rough way the
foreign borrowings Of American money
were almost Immediately reinvested in
the United States.
This was particularly true Of the
Canadian account" said DR.. Ray o.
Hall. chief author of the study. THE
trend clearly seems to be for foreigners
to take the earnings of their American
investments in new security purchases.
However, the income from American
investment abroad is being brought
home, and American foreign invest
ments are, in fact, not growing as much
as supposed. The new. annual invest
ment OF American money abroad does
not equal the interest and dividend
earnings. Of the country's capital that
is now abroad"
incidentally, the calculations cited
are pretty complete pictures of the ac-
tual investment and money movement.
There were 1877 of the largest inter-
national banking concerns reporting to
the department on their 1928 transac-
tions, while so New York Stock Ex-
change brokers handling international
business responded to the question
naires. In general, 1t is believed that
all but 10 per cent Of the international
security exchanges were traced out.
One small item that has been off,
cially censored out of the international
balance accounting is the cost of smug-
gled liquors coming into the United
States. The Commerce Department re-
fuses to calculate on that subject, because
of objections other government agencies
hold to the advertising of the bootleg
ging trade. Notwithstanding, from
study of discrepancies in the portion Of
the balance statement affecting the
matter 1t seems possible to say that
foreign operators gained last year
somewhere between $75,000,000 and
$3.50, 100000 of American money as a
credit for smuggled liquor.
Impression that the House tariff bill
is due for major rewriting in the di-
rcction Of decreased rates has been
gaining ground among observers ever
since the Senate last week by one
vote margin barely withheld a decision
to confine tariff revision to agricultural
products. 1t will take many months
yet before test votes disclose the out
look, but it is possible now that even
the changes the Senate committee will
make in the House measure will have
to run the gantlet of floor majority
critically inclined toward the revision.
1T looks a pretty doubtful situ-
ation." said Senator Jones of Washing
ton. who, though Westerner, has sup
ported the advance of tariff rates in
previous sessions. 1.-The sentiment ex-
posed by the Senate votes is pretty
strong. There is no question but that
we shall have difficulty in holding the
rates on shingles and logs, in which my
own State is closely interested, and
throughout schedules I look for close
votes when the time comes"
Anthracite production so far in 1929
Is 400, 900 tons less than 1t was In the
same period of 1928 The calculations,
made by the Bureau of Mines, disclose
the difficulty the Pennsylvania industry,
once almost dominant in control of the
Nations household fuel supply, Is hav-
ing to maintain operations. Largely
ton of fuel oil with hard coal. and the
people interested see no prospect for
the removal of that factor in their
market for many years, II ever.
In the face of decreasing demand
and decreasing output. number of the
big concerns are now reported to be
reorganizing their operating manage
Iilent, in an endeavor to get lower costs
and satisfactory margin of profit
Wage cuts for the rank and file Of min
ers are not yet in prospect, and are
unlikely to come into the situation in
view of the fact that anthracite work.
ers are solidly organized and have an
established plan OF arbitrattng scales
with employers.
There are more people in the country
who can fly than there are airplanes
for them to operate, 1t appears from
Commerce Department statistics on the
industry. The number of licensed pilots
by the last count was 6,585, while the
number of licensed planes was 4,3l7.
The excess of pilots over planes is
probably somewhat less than indicated,
since good many planes still fly with
out the Federal tags, remaining within
the borders of their home State.
Scheduled air transport operations
exhibit the fastest-growing phase OF the
industry at present. The Government
figures say that transport machines in
scheduled service are now, flying 10000
miles per day, against 26,606 airplane
miles that were being flown daily In
transport service on January /.
The country that buys the most
American overalls at the present time
is Japan. On the latest monthly fig-
ures of the Customs Service overalls
shipped to Japan numbered 487 dozen,
more than went to all of Europe. The
working garment is also popular in
Central America and the West Indies.
Collars and cuffs, probably that por-
ton of attire offering the greatest con-
trast to overails, seem to be most desired
In Cuba. The customs reports assign
that country $500 dozen as a months
export. Japan failed to balance its
overall imports with collars at all.
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