AMERICAN CABLE NEWS

Hokitika Guardian, 15 March 1927, Page 2

AMERICAN CABLE NEWS

fAustralian & N.Z. Cable Association.] INDUSTRIAL MISSION. NEAY YORK. March 13. The Australian Industrial Commission met at Chicago, Pardon (Secretary of the Australian Commissioner) Representations were made for revision of the itinerary to enable more time to study the industrial side of large industries, a hi ex ot co-ordination causing some members to make individual inquiries. The mission divided several parties in Milwaukee, investigating different industries. Engineering members of the mission were greatly impressed by Allis Chalmers machinery works, Milwaukee, employing six thousand. Here no labour restrictions were experienced, the workmen earning upwards ot Lou sterling monthly in busy periods. A remarkable time saving hydraulic casting cleaner, costing sixteen thousand sterling eliminating sixl.v-live workmen, paid for itself in a year. Ah the employees were on _ piece "oi k. The cheapness of power in industries surprised the mission.

K EIIENSKY B UFEETED. NEAY YORK, March 13

There was a celebration of the tenth anniversary of the Russian Revolution hens to-dav. It was marked by the first public appearance of M. Kerensky since his arrival here, and it resulted in a riot, which demanded the use of nolice reserves to quiet it. Indeed, for* a moment, it seemed likely to bo attended by a tragedy.

M. Kerensky was entering the Century Theatre to address a great ciowd. He as heckled, jeered, and cheered in turn bv Aloiiarcliixts and Communists, and his own partisans.

A voting woman, pushing her way through the crowd, ostensibly for the purpose of presenting him with a bouquet slapped AL Kerensky on the face instead, and it was feared that an attempt would he made to assassinate him. The crowd pulled him about, and the greatest confusion resulted. One woman blamed AI. Kerensky for the death of her fiancee, who was a Czarist officer. AT. Kerensky refused to hear her.

AYhile the police tried to restore order, to keep out the ten thousand persons who were outside trying to enter the theatre, AL Kerensky ineffectually attempted to deliver an address The meeting finally broke up in disorder.

U.S.A. PROFITS. NEAY YORK. March lo

Reflection of the sustained prosperity of American industry is contained in the financial reports of the so-called

“Class One” railways, comprising the major lines of the country, and of the United States Steel Corporation. The railway reports for 1926 showed the operating revenues to he 6199 million dollars, representing an increase of 2C2 millions of dollars over 1926. land the net revenues were 1232 millions, representing a five point thirteen per cent return upon the investment. The U.S. Steel Corporation’s gross earnings during 1926 totalled 1508 millions of dollars representing in increase of 102 millions over 1926, and the net earnings were 199 millions, representing earnings of approximately eighteen dollars per share on 6083 thousand outstanding shares in the common stock, after all the dividends on the preferred shares have been paid. THE FLORIDA SLUAIP. NEW YORK, March 14. It- is announced from Palm Beach (Florida) that the Farmers’ Bank and Trust Cov. with deposits amounting to 600,000 dollars, one of the largest financial institutions in the State of Florida, will not re-opon to-morrow, following upon the closing of the three other banks, cabled on March Bth. It is alleged that this will result in yet other banks failing, due to tlie interdependence of the various financial organisations of Florida State, and it is feared that a panic of serious proportions innv result. This was all basically due to the deflation of the Florida land boom, the vast damage done by the recent tornado, and the bad winter resort season. A strenuous effort- was made by vacationing New York financiers to raise sufficient funds from private sources, to save various threatened banks, and, for a time, hv the hurried subscriptions of several million dollars, they prevented the complete collapse of the banking syst 9111 , Similar efforts were made to sustain the Farmers’ Bank, lint, while 2.300.090 dollars were to-day subscribed, it is pointed out that four million dollars will he needed immediately, and that the transfer of this total from northern hanks wotild take too long to get to Florida to stave off the runs, which have been depleting the cash resources of’various banks throughout the State.