Corollaries

P: In St. Louis, as a result of the Missouri Pacific Lines going into the new type of railroad bankruptcy (TIME, April 10), Federal Judge Charles Breckenridge Paris cut the salary of Lewis Warrington Bald- win, president of the "Mop," from $85,416 to $40,000 a year. He cut the pay of Senior Vice President Edward M. Durham Jr. from $40,000 to $19,200; of Fred Page Johnson, vice president (finance de- partment) from $22,300 to $13,800. Other salaries fixed by the Court: for vice presidents $6,000 to $18,600, for secretary & treasurer $6,000, for general solicitor $4,800. President Baldwin, rated one of the ablest operating men in railroads, sent to the "Mop" by Kuhn, Loeb & Co. to help straighten out its affairs, still gets $12,750 a year as executive committee chairman of affiliated Denver and Rio Grande, $6,000 as president of Missouri Pacific Trans- portation Co. (bus line). P: In Chicago, result of disclosing that he gets $100,000 and has an option on 100,000 shares of Montgomery Ward stock at $11 (TIME, April 10), President Sewell Lee Avery was questioned by stockholders at their annual meeting, explained that he had refused an offer of $100,000 a year to take the job until the stock option was offered as an added inducement. Last week with Montgomery Ward selling at $22.25 he would have had a profit of $1,125,000 by exercising his option.P: In Detroit, result of liquidation of two closed banks, clerks day by day thumbed alphabetically through lists of depositors sending out checks for 30% of the deposits tied up since Feb. 11 bringing a cumulative wave of belated Easter buying to stores (which had to take on extra employes) until a total of $131,000,000 had again been put in circulation. P: In Manhattan, result of hard times which have come upon insurance companies (TIME, April 17). National Surety Co., big writer of surety bonds for the bank deposits of states and municipalities, guarantor of mortgage bonds and writer of many kinds of insurance, was reorganized. The banking holiday had drained its funds. Its bank depository and mortgage guarantee business (liabilities $27,000,000 frozen assets $32,000,000) will be liquidated, a new company formed to carry on its other insurance business. P: In Pittsburgh, result of President Roosevelt's announced plans to restore world trade, James Augustine Farrell, 70, retired president of U. S. Steel Corp., was able to open the 20th national meeting of the National Foreign Trade Council asserting: "Our convention opens in an atmosphere of more confident assurance re- garding the future than at any period during the past three years." P: In Vienna, result of efforts to settle the affairs of Credit-Anstalt, Great Austrian bank that closed in 1931, the Government arranged with the bank's creditors that henceforth Credit-Anstalt's president 1) must reside permanently in Vienna; 2 ) devote himself exclusively to the bank's business. Immediately the bank's president, Baron Louis Rothschild, head of the Vienna branch of his family, resigned.

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