Index

Securities. Bulls rejoiced at the stock-market's unexpected spurt of strength.

Banks. In Chicago, bankers foresaw a merger of the two "biggest" institutions, forming the second largest bank in the U. S. (see p. 32).

Siam abruptly substituted, as a monetary unit, the baht for the tical. Traders wrestled, last week, with the baht; tcher-vontzi (Russian); lei (Rumanian); zloty (Polish); escudo (Portuguese); quetzal (Guatemalan).

Rails. Southern Pacific announced, last week, election of able Hale Holden, now president of the Chicago, Burlington & Quincy. to be Chairman of the Executive Committee of Southern Pacific. Railroader Holden has won bright fame as chief lieutenant of astute Arthur Curtiss James, railroad capitalist and yachtsman. In the shift of Southern Pacific executives, railroaders guessed that Mr. James was weaving an "integration" (merger is forbidden by law) of western roads with a mileage of 38,500. He owns vast amounts of stock in Great Northern; Northern Pacific; Chicago, Burlington & Quincy; Southern Pacific, Denver & Salt Lake; Western Pacific; Denver & Rio Grande Western. But first step in the "integration" must be consolidation of his Great Northern and Northern Pacific, now before the I. C. C., vigorously opposed both by minority interests and by the competing Chicago. Milwaukee. St. Paul & Pacific.

Metals. W. A. Clark interests in Montana sold out to the giant Anaconda Copper Mining Co. But Publisher W. A. Clark Jr. determined to continue 50-year-old copper war (see p. 34).

Grains. Despite low wheat prices, increased income for farmers was forecast, last week, by the Continental National Bank & Trust Co. of Chicago. The report predicted: gross income $100,000,000 to $150,000,000 larger than in 1927; 220,000,000 bushels of wheat, 75,000,000 bushels of corn, available for export.