Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-02
AMERICAN INCOME
HIGHEST IN WORLD
Total of $4,000, 900, 900
Estimated for 1880
by Economist.
BY JOHN r. SINCLAIR.

National Industrial Conference BOARD
and Walter r. ingalls,. All OF tneSe
sources are recognized authorizes IN
this field, although they all employ
different methods in arriving at their
conclusions.
In the years 1926, 1927 and 1928, the
figures of the National Bureau OF ECO
non1ic Research we're the highest, those
of the National Industrial conference
Board were second, and those OF waiter
r. ingalls, were thlro. For eAaIhPie
The National Bureau of Economic Re
search estimated the 1928 national IN
come at S84 ,000, 100000, the National
Industrial Conference Board as
$4,000, 100000 and Walter r. ingalls,
as about SIG 900 100000.
Mr.. ingalls, has Just given his report
for 1929, showing the total as 1884
100000, of which the industrial income
of the United States was nearly three
fourths.
The 1880 figures are not available,
but Mr.. ingalls, says that the index OF
general production and trade, as COM
puted by the Federal Reserve Bank,
points to an income of around $75,OOO,-
100000 for 1880.
How much is this amount? BY COM
parison. it is more than the income OF
all the European nations combined
And Europe has four times the popula-
ton of the United States.
Sees Parallel to 1893.
c. A. Stone, chairman OF the board
of Stone g. Webster Inc, told Theo-
dore M. Knappen. associate editor OF
fhe Magazine of Wall Street, that the
United States would have to go back
to 1893 for a parallel to the present de-
preston. While it may be some years
before America again attainS new peaks
of industry and trade, Mr.. Stone Goes
- co TalIHh nr0f1GleSS
prosperity as was experienced III the
last few years.
For the Young man of today, he sees
in the present depression vast OPP
portunity that never would nave deem
his otherwise. AZ
"The adversely of today says MI;
stone 'shufies the cards anew ana
Gives the young privates in the pusi-
ness ranks chances, according 10 IneH
talents and character. that they Woulo
never have had in dead level OF con-
Emerson's law of compensation stu
holds true.
Extra Session.
will a special session Of Congress,
which appears now to be 1alry GEL
tain. hurt business? Senator watson,
Republican leader, thinks II WILL civ,
ssys that the Democratic party must
Sasr the responsibility for 'sucn
thing at such a time, when 1t cannoC
S,eiy1 hut greatly delay and retaro Ine
return of prosperity and mcreaSeo e'
ployment. +ha cbaroes and
saw tlfat the issue is not wnetner SS s,,+
cress meets in special seSS, bas
g,hether the work which congress no a9
40 40 viii be completed by the enc Oh
fbe Tresent session. If it Is not, tneh
thera is inst one thing certaln-a spe-
cisI session of Congress TO pass inc
Bot IN a generation has so strained
relation existed between tne 49,
House and Congress. IL eO - a.
comnlexing, difficult SITUATION 10 "A
alyze. ....,.,,, .,i,e in WASH
,orton for a quarter of century anu
7 never saw a more chaotic conoi.i o,1
+ban EXISTS today said one statesman an
-, the Hill. discussing this sltuatloH
last week with this writer.
CORPORATION Reports.
corooration reports for the year 1851
en- for snnounced-about $50 have oeen
nade-show that earnings are on an
ayerape almost 40 per cent below tne
1000 figures Some are down much
lower sears, Roebuck & Co. ior e1-
ample. with total sales OF S390,OVV,CVo'
as against s443, 000, 900 in 1879, nae 10
drop in net earnings from s5o'UVo'OVo
in 1929 to S14,333,0o0 in 1880. -,
From a combined net income OF
s77o FOG 600 in 1929, the incomes OF
these 200 companies dropped to S47o'-
2SS 900 in 1880.
Public utilities companies reports are
slow in coming in. But their record Is
much better The first 10 so lar re-
ported reveal a much better condltlon
for they show decline OF only per
cent under the figures OF 1923.
Most business executives are hopeful
of a better showing this year than last
Wants Loan OF Billion.
David Lloyd George. GO. Britains war
premier and present Leader OF tne LlD-
eral party. wants a billion dollar loan
to be ioated by Great Britain Tor pup
lie construction work to relieve the
acute unemployment situation. ALREADY
the government Is paying out IN un-
employment doles at the rate OF 81 ,OOO,-
600 a day to nearly 100000 people.
The Labor government, always sym
pathetic to suggestions dealing with
unemployment relief, have their hands
full at the present time with India and
probably will not risk the attempt OF
nutting through any such legislation at
present. Then, too, the Labor party
has in Philip Snowden, its ''testy'' chan
cellor of the exchequer. the strongest
watchdog which the British treasury
has had in many years.
In fact, the British government today
centers around two strong personalities,
Premier Macdonald and Chancellor
Snowden. without these two the Labor
government would be just another ordi-
nary cabinet.
Public Utilities.
Al. Hockenbeamer president Of the
Pacific Gas &. Electric Co., father OF
the customer ownership of public utility
securities started that plan TO get away
from the high charges of Eastern bank
ing interests, which up to that time
had practical control Of the public
utilities. Mr.. Hockenbeamer did not
have in mind that such support from
the public utility customers woulo
strengthen the political position OF the
utility companies.
But this is exactly what has hap
pened To-day the customers OF the
Various electric and gas companies owr
$4,000 600 900 worth of securities, about
- to 10 per cent of the total invested
capital of these enterprises.
How many individual owners are
there? Somewhere between lO,OoO,OOt
and Sl5.000,0 600, one out Of every II
people in America.
.John Nickerson. New York banker
brings out the point that the capitaliza
ton of holding companies has no bear
ing or influence on the rates allowed
the operating companies:
Public utility development" MT
Nickerson says, should not be politi
cal issue, but common sense business
problem. worked out by practical bust
ness men, and supervised by competent
regulatory authorities"
Still the public utility issue, center
ing around valuations and rates. is be
coming more and more major politica
question in most States.
Ya2t h., Morfh Apaar{rau News