16 MAY 1931, Page 42

SOME POSSIBLE CAUSES OF DEPRESSION.

In trying to gauge the possibilities of the future from the railway stockholders' point of view, it may be well to see if it is possible to snake a fair estimate of the causes of the present slump in earnings and the conse- quent extent to which dividends,-not only on ordinary .

stocks but on some of the prior charge issues, are being endangered. I think that in considering these possible causes. it. will be simplest to refer to some for which the railroad managements themselves must be held responsible, and then to those which ate beyond their control.