U.S. FINANCES.
Total Debt Exceeds Total Wealth.
BUSH?ESS MAN’S ESTIMATE. United Press Assn.—By Electric Telegraph—Copyright. (Received April 8, noon.) NEW YORK, April 7. Based on a highly theoretical estimate of the cash into which the physical assets of the United States might be converted under present abnormal conditions, a statement released by Mr J. IT. Rand, jun., indicates that the total debt exceeds the total wealth. Mr Rand, who is president of Remington Rand Incorporated, presents figures prepared by the Research Department of his company showing the total debt at 141,924,000.000 dollars, and the wealth at 138,000,000.000 dollars. This debt estimate is similar to the recent figures prepared by the National Industrial Conference Board, but there are no recent estimates of the national wealth figure, for that is far below the figures which appeared two or three years ago. This evidently is due in a large measure to the difficulty of converting physical assets into cash tinder the current extraordinary conditions. Mr Rand is chairman of a group of 300 business leaders, which has recommended devaluation of the dollar.
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Bibliographic details
Star (Christchurch), Volume XLIV, Issue 732, 8 April 1933, Page 1
Word Count
179U.S. FINANCES. Star (Christchurch), Volume XLIV, Issue 732, 8 April 1933, Page 1
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