FINANCIAL 
13 
FINANCIAL NOTES 
Old Privilege 
The American Scandinavian Foundation on the 
phone! Old Privilege was called up in his study, 
where he had retired to catch up with his books and 
manuscripts, with an urgent and unanimous re¬ 
quest to emerge and resume, with the new year, 
the editorship of the Review’s page of Financial 
Notes. Why he should be called upon to write 
about stocks and bonds, banks and business con¬ 
ditions, he does not understand, but here he is for 
better or worse, again trying his hand at the old 
game. While the notes are intended chiefly to in¬ 
terest the business men who support the more 
literary and artistic pages of the Review by their 
subscriptions and advertising, it is hoped they may 
prove of some value to the general public. Com¬ 
plaints and corrections, as well as suggestions, 
therefore, should be addressed to Old Privilege, who 
will also be glad to answer any questions within 
his sphere of knowledge. He hopes, however, that 
he will not be called upon to give advice about that 
dangerous business of investments. He prefers to 
refer that class of questions to the Wall Street 
Magazine. 
Bank Stock as Investments 
Those who have held the stock of well established 
banks through the war and after have been grati¬ 
fied by the steadiness of their interest return. In 
many cases this return has been increased even 
during the general decline of values, and the prin¬ 
cipal investment enhanced. Of course, there are 
notable exceptions, such as the unfortunate story 
of The Scandinavian-American Bank in Seattle. In 
this connection, it is said that many Danish-Amer¬ 
icans are taking advantage of the splendid show¬ 
ing of Danish banks, as well as the depreciation in 
exchange, by investing in the stock of Landmands- 
banken, paying a dividend of 12 percent, and sell¬ 
ing around 127, or about the lowest since 1908. 
Thus this stock of one of the world’s great inter¬ 
national banks pays nearly ten per cent, on the 
investment. Dividends may be kept on deposit at 
the bank awaiting any increase in the value of 
kroner. As a pure speculation, just at this time, 
American bank stocks are hardly to be recom¬ 
mended; having had their turn of prosperity, they 
are more likely to remain static during the first 
years of the period of recuperation heralded by 
Secretary Hays. 
A Business Weather Map 
Hearst’s International (monthly magazine) be¬ 
gan in its December issue the serial publication 
of a business weather map for the entire world. 
The rising or falling conditions of each country 
are clearly indicated by shading, and compiled as a 
result of complete reports and statistics. Here 
Norway appears ominously black, with conditions 
still declining. The tranquil gray of Sweden in¬ 
dicates static conditions, while happy Denmark and 
the United States are white spots of improvement. 
The editors say: “We must help the white spots 
grow,” and a letter from the President of the New 
York Stock Exchange to the publisher of the maga¬ 
zine thanks him for educating the American public 
“to the advantage and the need for investing in 
sound internal securities of foreign countries.” 
. u h ,.. .. » 
Sanctuaries of Mammon 
Such is the title of a spirited comparison of Lom¬ 
bard Street and Wall Street in Sydsvenska Dag- 
bladet Snallposten. The author is Arthur G. 
Gohrn, a young lawyer of Lund, who recently en¬ 
joyed the opportunity of a year in a London bank, 
followed by a second year in a financial capacity in 
New York with the American Scandinavian Foun¬ 
dation. 
At Asea 
With Asea and Grangesberg quotations at rock 
bottom, a recent conference to combat industrial 
depression in Sweden was held at Vasteras under 
the presidency of Director Edstrom. Engineer 
Lars Blumme, in a much quoted address, held that 
the new eight-hour day, high taxes and freights, 
and German competition were the chief difficulties. 
He argued for the abandonment of internal poli¬ 
tics in view of the international situation, and a 
protective tariff to make up for the difference be¬ 
tween the cost of home and foreign production. 
Norway Explains 
President Dahl of Centralbanken, who recently 
came to the United States on a brief business tour, 
was asked to unravel the mystery of the headlong 
career of the Norwegian krone. In an interview in 
The Norwegian News (Brooklyn) he declares that 
the artificial export of gold does not help; the 
Norwegian krone is safe enough, but the world 
must be patient until Norway can begin again her 
normal exports of pulp and fish, when it will again 
rise to the surface. Mr. Dahl is about to move 
into his handsome new bank building in Christiania. 
Those Thrifty Danes 
A recent bulletin of the New York Trust Com¬ 
pany shows that Denmark has accomplished the 
astonishing feat of bringing her balance over to the 
credit side, with exports exceeding imports. This 
in face of the fact that a year ago the imports were 
double the exports. This result is due as much as 
anything to the thrift and saving of the entire 
Danish people, who adjust themselves quietly to 
the world depression. 
Iceland Borrows from England 
Having tried and failed to raise a loan first in 
Copenhagen and later in New York, the Govern¬ 
ment of Iceland has succeeded in negotiating for 
the loan of £500,000 in London at 7 per cent. It is 
gratifying to us to know that one of the contract¬ 
ing parties is the London representative of Lee, 
Higginson & Co. of Boston and New York. Ber- 
lingske Tidende, commenting on the loan, says that 
it is a happy evidence of Iceland’s credit and will 
bring hope to Danish firms which have uncollected 
bills in Iceland. 
The Wholesale Price Index 
By last accounts wholesale prices in Sweden had 
not yet reached rock bottom. Svensk Handels- 
tidningen computed the index number as 182 for 
September as against 198 for August, a reduction 
of about 8 per cent., the principal reductions being 
in cereals and potatoes. Old Privilege. 
