Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-27

they will hold back EIlEza =
any artificial eff Gov. Roy Young.
forts to ad ice
the mark5t
The Fedora Reserve itself has its
own investment problem on its hands.
The last report shows member banks
now have bills discounted at the re-
serve banks totaling only $2O5,OOO,0OO
as compared TO $942, 100000 year ago.
Pretty small business that.
Just how much reserve credit should
be poured into the market by pur-
chasing Government securities Is sun
an undetermined question. Federal Re
serve authorities are going SLOW Wnne
they study the question.
information from Washington ir1di-
Gates that a thorough investigation OF
the general credit situation, with spe-
cial emphasis on the Federal Reserve
credit policy during the last two years,
may still be undertaken at this ses-
sion of Congress, which hopes 10
adjourn by the middle of June.
That any definite legislation dealing
with the subject will be enacted or even
introduced at the present session no
one now believes.
It looks as though the Canadian Pa
cific Railroad will be authorized by the
I Canadian Parliament to exchange its
par value from 500 to SIS.
The growth of the Canadian PACING
parallels the growth of Canada. From
1880 to 1885, when its line from
Montreal to the Pacific was being COM
pleted, its common stock was increased
from $25,000,O00 to $65,000,000. BY
1908, the stock outstanding totaled
$15o,0oo.o0o; in 1912. S2S 0 0,OOO'oOo-
Today it stands at $685., 100000.
This property, one OF the richest IN
the world. has total assets of 1889, :
600 900, with 81 per cent OF these assets
in Canada.
who owns its common stock? Ac-
cording to President e. w. Beatty, 1897
per cent is held in Canada, 42.09 pei
cent in England. 32.06 per cent IN the
United States, and small amount else
where.
Last year was an unfavorable trans
purtaClon year in the Dominion. The
Canadian Pacifics gross receipts were
$4,000, 900 less than in 1928. The less
ened wheat movement abroad Is respon-
sible. The wheat pool, with over 2OO,-,
600 900 bushels on hand, refuses to sell
at sacrifice prices" to Europe. SO ran
road earnings temporarily suffer.
This years receipts should be larger
The second largest steel plant in the
world Is about to begin construction In
the Ural Mountains of Russia, where q
.>1LIsract for the expenditure OF 1882
: 100000 has been given to Arthur G.
Mckee & Co. of Cleveland, Ohio, by
the Soviet government.
When the Mckee organiza tion which
has been in the steel plant construction
business for IS years, completes its job
the plant, which will employ 10000
workers, will have finished steel capac-
ity Of 2,l00, 900 tons.
Cnxyiok will cgyf1F11xy al
labor and materials in the construction
while the American firm will supply the
machinery-mostly from the United
States-and train the RussianS how Il
handle it.
A rich body of magnetic ore lie'
nearby. Coking coal, miles away, vii
be tapped by the new Southern Siberian
Railroad now under construction.
And. while this is going on, new
$55,000,o00 power plant to adjoin thu
steel works Is to be built This contract
however, has so far not been let.
Greece is expected to borrow SAC, 000,
600 from American and allied banker:
soon. An American firm, Uren & Co.,
helping to modernize Greece.
Few citizens Of the United States havt
made a more enviable name OUTSIDE
than Henry c. Ulen, the head of Ule1
d Co., whose construction and engineer
ing activities are now worldwide.
This American firm Is building a rail
road 1000 miles long in Persia and an
other across the Andes. It is carryin,
on extensive railroad construction worl
in Colombia and parts of Contra
America, and 1t is Just now building
modern system of water works ii
ancient Athens, Greece.
Henry C. Ulen, the head Of the or
ganization, was born in Lebanon, Ind
but became world traveller early IL
life. He saw the need Of better typ'
Of construction in various parts Of thu
world.
He returned to Lebanon and from
this little city started the work which
has brought him both fame and for
tune.
Edward Howe, Kansas philosophe
and writer, also born in Indiana, make
this statement about Mr.. Ulen:
II regard such man as more notabl
and useful than Shakespeare, Demos
themes, Peter the Great and many othe
tiresome favorites of history.
love the story of the poor boy VIII
makes good, and I hear Henry
Ulen was not only poor when a boy
but noisy and lazy; he hated schoo
and mothers in Lebanon said to thei
sons: Don't play with that Ulen boy
Which proves again that there are n
ouNICGo 4uACo Al 4AAC.
There is a we'll founded belief tina
the cheapening of credit throughout tn
: world will do much toward revivin
international trade. All nations are re
porting a drop over the preceding yea
The total export of merchandise froI
the United States in February wa
1851 900 600 compared to SAL Isl 900
the corresponding month last year. BIZ
imports for February were 1921 900, 0C
as against $369,440,000 in the SAN
month last year.
Great Britain reports the same Sitl
alton. So do France, Germany an
Italy-a contraction both in expor
and imports.
Canada's business outside her borde
was a million dollars a day less tn
February than in February, 1929; n
exports were down 1865, 900 and n
imports OF $l6,120,000.
The Dominion, however, shows an y
crease of $4,997 900 in imports for Il
II elapsed months Of the present flsc
year, while her exports dropped $21t
10000, largely wheat and -four.
No wonder Canada'S exchange n
been weak during the period.
(CopyriEht. 1880. by North American New
paper Allianee.)
-0----------