M29 MONDAY, MARCH 28, 1027 MIAMI DAILY NEWS AND METROPOLIS DAILY NEWS MARKE TRADE SURVEY - SHOWS GROWTH OF OPERATIONS National Conference Board Finds Business Gain During 1927 By 8. 8. FONTAINE (New York World News Service) NEW YORK, March 28.— Big business men with big vis- ion have found that the true path of prosperity lies along the highway bordered by high wages and contented homes. They have learned ihe lesson that the high- est efficiency can be obtained only from operators who are well treated and well paid and, therefore, able to maintain a high standard of living, and this is one of the explanations of what years ago would have been con- sidered an economic anomaly. Wages are rising, while the prices of com- modities are falling. The explanation is high efficiency and mass produc | tion, which make possible the build- ference board ing up of great profits on a narrow margin between cost and market price, Some of our academic business ap- praisers have been professing to see causes for alarm in the steady de- cline in commodity prices, but we are told by no less an authority than the National Conference board that there is nothing to worry about, for despite the tendeuey of commodity prices,| wage levels and plant activity in the manufacturing industries of the United States, in contrast to the feel- ing of uncertainty which prevailed in many’ quarters at the beginning of the year, shdwed a firm and percepti- bly rising tendency during January. Evidence of the soundness of un- derlying conditions is seen by the con- in the. unprecedented stability of wage and employment trends during the entire past two years, in the very gradual increase in purchasing value of the dollar as measured by living costs and in the increasing industrial activity during a period which on the whole has been one of declining commodity prices. Changes in wage earnings and em- ployment. from December of last year to January, as computed by the board for more than 2,000 manufacturing establishments in 25 industries, were slight, but afforded no basis for pessi- mistic forecasts. Average weekly earnings per worker showed a slight increase, indicating increased plant activity, while average hourly earn- _ ings, quickly reflecting changes in wage rates, remained stable at 45.5 cents. ~ Pmployment remained practi- cally unchanged at 81 per cent of the peak figures of June, 1920, and still was above the level of January the Average hours of per wage earner, the most sensi- dex of plant activity, increased from 47.9 in December to 48.2 in Especially gignificant is the increase of the average number of hours worked per wage earner in the auto- mobile industry, which increased from 42.8 hours in December to 48.5 hours per worker in January, while employ- ment in this industry increased more than 8 per cent. These gains, while partly seasonal in character, are con- sidered as satisfactory. Increases in employment were noted also in 10 other industries out of the 25 repre- sented in the board's computations. The extraordinary stability of em- ployment conditions is manifested in the board’s monthly records of wage earnings for the past two years, aver- age hourly earnings having changed less than 3 per cent and average weekly earnings less than 5 per cent since January, 1925. Both average hourly and weekly earnings per worker at the beginning of this year stood at almost exactly the same level as in January of both preceding years. Real weekly earnings, that is the pur- chasing power of the factory worker's weekly pay, at the beginning of 1027 were 30 per cent greater than they had been in July, 1914. N. & W. REPORTS 1926 BEST YEAR PHILADELPHIA, March 28 (2) ~The Norfolk & Western Railway Yo. in 1926 enjoyed one of the most prosperous years of its history, ac- cording to the annual report, made . public last night. a ke market Operating revenues were $120,409,- 038.37, a ga‘n of $15190,047.38, or 14.44 per cent greater than 1925. Operating expenses increased $3,292,- 008.60, the total of 1926 having been $71,226914. Net revenue from oper- ations was $40,182,124.19, an increase of $11,807,948.89; total operating in- come $38,004,792.53 ; increase $9,439,- 630.34. Net railway operating in- come $40,922150.88 ; increase $9,411 - 198.29: gross income $42430,648.21, increased $10,039.564.85, and income $36,867,006.34, an increase of $10, 302,660.18. A statement accompanying the re- port sand the prolonged. coal strike in Great Britain was an important factor in record shipments of coal and record earnings. WEALTH OF U. S. 1S $355,300,000,000 NEW YORK, March 28.—(®)— The national wealth of the United States amounted to $355,300,000,000 jn 1926, according to the estimate of the national industrial conference board, made public yesterday. The last estimate made was the census estimate of 1922, when it was calcu- lated at’ $320,080,000,000. In 1912 the census estimate of the national | wealth was §186,080,000,000. In terms of 1918 purchasing power | of the dollar, the board estimates the ional wealth at $185,000,000,000 in 2 and at $223,000,000,000 in 1925. he hoard pointed out that the jal increase in wealth of 90.7 ‘cent during the , 13-year period becomes a real jncrease of 10.1 per cent, or almost dne-fifth. PRODUCE CHICAGO, March 28%) Potatoes: 128 gars: on track 227; total n States shipments 799 cars: sup- jes moderate demand and trading active, slightly stronger. Wisconsin round whites 1.90@ 2.10; most around pl sacked @3.00; mostly around 2.90 : 30 bulk [email protected]; Idaho sacked russets Strawberries, Sole Florida Crop to Rise State Marketing Bureau Sees Higher Prices Due to Shortage JACKSONVILLE, March 28— (®)—8rawberries were the single Florida produce erop in which the general trend of the major markets during the past week has been up- ward, according to the weekly review of the state marketing bureau, cooper- ating with the United States bureau of agricultural economics, The slight rise in strawberry values was directly traceable to shorter sup- plies. In most other cases, the weaker tendency has accompanied heavier shipments, either foreign or domestic or both. The market for peppers held surprisingly steady at most of the larger centers in face of greater vol- ume of shipments. Potatoes are moving in heavier vol- ume Both from Florida and competing states, prices in most markets falling slightly in inverse ratio to the sup- plies. ; BRITAIN'S ARMY OF UNEMPLOYED SHRINKS AGAIN Prospect of U. S. Mine Trouble Aids Welsh Coal Exports By FRANCIS W. HIRST (Special to Miami Dally News) LONDON, March 28.—An- other satisfactory reduction of 25,000 is reported for this week in the number of British un- employed. Expectation of labor troubles in United States coal mines has stimu- lated coal exports from South Wales, but in both England and Scotland the output exceeds the demand. Coal still is somewhat scarce, however, and fur- nace coke was raised to 22 shillings per ton this week, which is 50 per cent above the price before the coal stoppage. Cleveland pig iron fur- naces have bought 24,000 tons of blast furnace coke from Germany, and Cleveland No. 1, has fallen to 82 shillings six pence. The textile trades report slower business. Cotton prices are still un- settled by the ginning report. The Chinese situation is causing no great pessimism among Manchester merchants dealing with China. They are hopeful of the future, but never- theless Chinese bonds are low; with only hardy speculators venturing to traffic in them. Wool sales prices are hesitating. Bradford spinners and manufacturers are carrying light stocks in the belief that the upward tendency has been checked. : Budget speculations now form the principal topic of financial interest. Accounts for the financial year will close on the last day of March, when the exact public reserve and expendi- tures will be known. Expert fore- casts of the deficit vary from 25,000,- 000 to 35,000,000 pounds. The fail- ure of Winston Churchill, chancellor of the exchequer, is emphasized by severe newspaper criticism of Prime Minister Baldwin for not redeeming his pledges to reduce expenditures, Additions to taxation will be so un- popular that the sinking fund prob- ably will be raided. : Under these influences and contin- ned anxieties about Shanghai and Mussolini, depression prevailed in most departments of ‘the stock ex- change except South African mines, which have been actively supported by Paris buying. Oil shares were flat on reports of over-production, assisted by rumors of a possible tax on petrol in Churchill's budget. But inarkets now are more cheerful, : Â¥ Thursday's bank return technically was stronger and money is compara- tively plentiful. The discount rate is unchanged at 4 5-16 per cent. The monetary outlook is obscure, with little prospeet of relief for industry, unless the Indian government's de- mand is supplied from United States gold stocks.—Copyright, 1927. PENNSY REPORTS FREIGHT GAINS PHILADELPHIA, March 28. — (#) — The Pennsylvania railroad in 1926 handled the greatest freight traf- fic in its history, according to a compilation of the year’s business an- nounced by the company last night. “There were 28,706,042 separate in- dividual shipments of freight, embrac- ing all forms of commodities and manufactured articles,” said the statement. “The freight trains moved a total distance of 57.979.483 miles and the loaded car movement was equivalent to hauling one car a dis- tance of 1,702,403,796 miles. Ap- proximately 97 per cent of ‘the total tonnage was represented by carload traffic. ; Passenger business was slightly larger than in 1920. FLORIDA MARKETS JACKSONVILLE, March 28.— (®)— Conditions and quotations on the Jack- sonville wholesale market today as re- ported by the state marketing bureau: Supplies of all miscellaneous vegetables moderate, demand moderate, market steady. Beans: Florida Js