Index

Millionaires. A person who has only a million dollars in cash or property is not a genuine millionaire. In the U. S. a genuine millionaire must have an annual income of at least $1,000,000; this means the possession of $20,000,000 (figuring on the basis of a 5% yield). There were 283 U. S. millionaires in 1927, according to the Internal Revenue Bureau, last week.

Oil! Midnight. A signal, a shout. Then the sound of machinery drilling in the black earth, while lights gleamed on 92 steel derricks and cut the black sky. That was midnight, last week, when an agreement to curtail drilling in the rich Maud and Mission territory near Seminole, Okla., came to an end.

$4,492 a Mile. Each roadway mile of the Santa Fe Railroad earned a profit of $4,492 in 1927. The gross revenue per mile was $25.802, of which $19,477 came from freight (1,802,759 tons).

Real Estate. Manhattan's two organized stock & bond marts are the New York Stock Exchange and the New York Curb Exchange. Last week President Peter Grimm of the Real Estate Board announced plans for a third securities exchange. With temporary headquarters at No. 12 East 41st street, Manhattan, it will deal in real estate, stocks and bonds.

Exports. In a week of records the U. S. Department of Commerce announced October exports of $555,000,000, greatest since January, 1921.

Heirs Sell. The heirs of the late Book-publisher Henry Holt have sold their controlling interest in Henry Holt & Co. to the minority stockholders. The company will be reorganized, continue under the same name and probably under the presidency of Edward N. Bristol.