Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-29

ignored.
Not since the
war has a more ~
vigorous a t ack
been made upon "a
the machinery and Rem. L. T. McFadden.
methods of inter-
national finance than that launched by
Chairman McFadden this week.
II am told" he said, that the
signature of France to the Young pact
was secured by the promise that that
country would receive $200,000,000 out
of the first flotation of reparation
bonds"
Then Mr. McFadden intimates that
the major portion of this sum is to be
used to refund loans France made
through J. P Morgan g. Co.
The chairman of the banking and
currency committee of the House OF
Representatives does not think well OF
the Bank of International Settlements,
which, he says, is a deliberate attempt
ito entangle the United States in Eu-
ropean affairs"
will absorb five or six billion dollars
worth of German reparation bonds dur
ing the next five or six years, and he
asks this question:
why should the people of the United
States assume the debt that Is now
owed by Germany to the European al
lied countries, particularly when the
legality of these bonds is seriously ques-
tioned?"
Germany is clearing the decks for ac-
ton. The 50-year working arrange
ment between the Hamburg American
and the German Lloyd Lines for the
Joint operation of their two meets, IS
far-reaching. Ninety per cent OF the
V1norphanf marine Will
be under one management, overheads
will be cut and waste and duplication
will be eliminated although both cor
porations will keep their corporate lden-
titles.
Is Germany again attempting to
Wrestle the mercantile supremacy OF the
seas from Great Britain? Her recent
Bremen and the Europa, the two fastest
passenger ships af1oat today, is severe
challenge at least.
I'm Germany our national prosperity
is greatly dependent on our trace Wilt
the rest of the world" said Ernest
Glaessel, director general OF the North
German Lloyd Line, in discussing the
merger. 1.-THE merger was not born OF
any antagonism between the ports OF
Bremen and Hamburg. 1t was an Ell
fort to reduce overheadS and to elm
trade means much to Germany. She
cannot live without 1t"
Germany has started again her drive
for her share in world trade.
It's not many years ago since Thomas
H. McInnerney of Chicago bought
ticket to New York and tried to per-
suade Wall Street to loan him $1,000
600 for the development of the dairy
industry.
He cooled his feet in many Wall
Street private offices before one of them
offered him a million dollars Ito get
rid of him" But Tom refused the offer
as too small, returned to Chicago and
started over again. He was determined.
He insisted that there was big BUSH
ness in milk and butter and ice cream,
that the bankers of New York would
eventually see it. They did-in time.
Now comes the announcement that
the National Dairy Products Corpora
ton, of which McInnerney is the presi-
dent, is planning to increase its capital
stock from 6 900 900 to 10000 900 shares.
With net sales of over $500, 000,0 900 for
1929, gross profits of $24,000.000 and
with total income above $26 900 900 and
net profits about $21 100000, no one,
not even Wall Street, smiles at Nc
Innerney now.
Ills safes IIle IlISI Two VI
1880 are ahead of the corresponding
period of 1929, and he is expanding his
company almost to twice its present
size to provide for the growth that is
taking place every month.
The company today has 81 ,074 stock
holders as against 1929 stockholders at
the end Of 1928.
Last year the company entered the
cities of Washington. Wilmington, Hart
fnV DUE nIn al
Cincinnati Peoria and Louisville.
And the foreign field will receive at
tention as soon as the American Situa-
ton is covered adequately.
The report Of the Pennroad Corpora
ton, a holding company associated with
the Pennsylvania system, just issued,
shows that the Pennsylvania Railroad
has a working or majority control of
1889 miles of railroad outside of the
10,466 miles of its own system.
These include the Wabash, with
1924 miles; the Lehigh Valley, 2,242
miles; the New Haven, 2,130 miles; the
Boston g. Maine, 2,11l miles; the Nor
folk & Western, 1854 miles; the De-
troit, Toledo & Ironton, 495 miles; the
Pittsburgh & West Virginia, SO miles,
and the Long Island, 404 miles.
But this does not include the Sea-
board Air Line, which has $500 miles,
in which the Pennroad Corporation
has recently bought a considerable
holding.
The Pennroad Corporation was or
gained a year ago with 100000 no.
par capital shares. The directors in
clude w. w. Atterbury, president OF
the Pennsylvania; E. B. Morris, C. E.
Ingersoll L. L. Rue, Jay Cooke, r. B.
Mellon, A. J. County and H. H. Lee
all directors of the PENNSYLVANIA Rail-
road. In addition, another director
was elected this week, James S. Alex
ander, former chairman of the boarc
OF the Guaranty Trust, and before then
head of the National Bank of Com.
merce.
The year 1880 is expected to clarity
the Pennsylvania system plans very
materially.
Copyright 1880 by North American News