Business: Business Notes, Nov. 1, 1926

Cotton Textile. The Cotton Textile Institute, created last summer to integrate the merchandising of cotton fabrics (TIME, Aug. 2), needs a president. Onetime (1911-17) Senator Henry Frederick Lippitt of Rhode Island has been temporary president. Last week his directors made him chairman.

Restrictions. Emphasis was given to Secretary Hoover’s fulminations against European restrictions on the export of raw materials, last week, by an announcement from the British Colonial office that their policy will be continued for another year with respect to restrictions on the rubber exports from Malaya and Ceylon. Ergo, U. S. consumers will pay a higher price for rubber.

Simultaneously the U. S. Department of Commerce announced and deplored last week that no less than seven other paramount commodities imported by the U. S. to a total volume of one billion dollars yearly are similarly being restricted in the countries of origin: coffee, potash, mercury, long staple cotton, iodine, nitrates, and sisal hemp.

Copper Consortium. Under the Webb-Pomerene act, which permits U. S. industries to cooperate against foreign trade competition provided no harm to domestic commerce results, Copper Exporters Inc. has been formed, with Cornelius F. Kelley (Anaconda Copper Mining Co.) as president. A “New York committee,” representing 18 U. S. companies, will regulate trade practices and prices abroad. It will cooperate with a “Brussels committee,” representing 15 foreign concerns, to act similarly for world copper trade.

Belgian Financing. J. P. Morgan & Co. and the Guaranty Co. of Manhattan were to offer $50,000,000 of Belgium bonds this week to fortify Belgian credits with the New York Federal Reserve Bank. Simultaneously another $50,000,000 were to be sold in London, Brussels, Amsterdam and Berlin to establish credits with English and Continental banks of issue. This is the first time since the War that one of the Allies has sold bonds publicly in Germany. Specialty Shops tradesmen of Portland, Ore., individualists catering to individualistic customers, have adopted a program of enlightened co-operation to offset the competition of department stores. Department stores are inherently consolidations of specialty shops, but, depending upon mass sales, they tend to stock only standardized products and to slight the buyer who has personal whims. Portland shopkeepers, who make a point of such individual service and thus attain the fascination of the English and French shops, have grouped as the Greater Portland Association to advertise their peculiar advantages.

Car Riding. In New York City, the Interborough Rapid Transit Co. (the I.R.T.) carried 1,130,647 passengers in its elevated and subway trains during the year ending June 30, President Frank Hedley announced last week. This represented 40,940,422 passengers more than during the previous twelve months. Elevated traffic, however, fell off 1.85%. The gross revenue was $61,708,814.

Seat. For some months now it seemed as though the price of a seat on the New York Stock Exchange had become standardized at $150,000. But last week one was sold to Richard E. Boesel for $140,000.

Railroad Wages. Consonant with the recent wage increases by the New York Central and the B.&O., the Pennsylvania last week advanced the pay of 43,000 shop craftsmen (mechanics, helpers, apprentices) 3¢ an hour to a basis of 76¢ an hour. The raise will cost the Pennsylvania $3,219,840 yearly.

At the same time representatives of the conductors and trainmen of Eastern lines were preparing to convene in Manhattan with their operators to discuss their wage increases. These trades want 20% increase, which will mean, if applied throughout the nation, $90,000,000 more in pay. The matter will probably not be decided before late December.

Phillips Petroleum. Some directors of the Phillips Petroleum Co. might have been worried as they gathered for their meeting last week. Demand for oil is falling off with the approach of winter and the consequent lessening of motor driving. But oil production is now averaging about 2,250,000 barrels daily, due chiefly to a newly developed Oklahoma field (the Seminole). President Frank Phillips soothed their worries with his operating report. In July, August and September his earnings (before depletion and depreciation were deducted, were $10,626,579, a company record. His clear earnings for the first nine months of the year, with all deductions made, were $15,760,992—$6.55 for each of the 2,407,082 shares. “We do not contemplate any necessity for borrowing or financing,” he said.