Evening Star Newspaper, December 12, 1926, Page 108

“10 STEAMSHIPS. LEWIS E. PIERSON HEADS HUGE BANK MERGER IN NEW YORK CITY Exchange-Irving Trust Company. Chairman of Big American] J Bénks of Nation Expanding[ to Keep Pace With Mod- ern Business. BY M. 8. RUKEYSER. | New York's new role as world finan eial center has placed larger responsi- | bilities on the banks of America’s metropolis. In their groping for added strength with which to meet these new oppor- | tunities and obligations the New York | hanks have added to their resour through a series of mergers and ¢ solidations. In the most recent bank amalgama- tion, the wedding of the Irving and the American Exchange Pacific Bank info the American Exchange-Irving | Trust Co., which becomes the largest trust company in the world and fol- lows only the National City Bank and the Chase National Bank in agere: zate resources, Lewis E. Plerson Is chairman of the board of directors. Mr. Plerson is a tall, sturdy indi vidual of 56, with vivid blue eyes, a yuddy complexion and i In appearance he suggest He is forceful and dynamic, «qualities do not appear ou the sur face. At a casual meeting Mr. Pier son seems restrained, cautious and passionately anxious to get the data.; Expansion of Business. | “The growth of the banks,” Mr. | | | Pierson told me, as we chatted in his offices on the fourth floor of the Wool- worth Building, “is an attempt to keep up with the expansion of busi- n ew York’s world leadership in finance is resulting in increasing visits of forelgners to American banks to discuss conditions and to make con- wacts. I believe the foreigners have found of interest the policy of Ameri- can banks to limit credit instruments for financing trade to reasonably short maturities. I believe that the use of the dollar in financing world trade has | come to stay.” | The trust company which Mr. Pler- son represents is essentally a com- anercia) rather than a financial bank. 1 asked Mr. Pierson for his views con- cerning the trade outlook. “The prospects for business for the mext few months,” Mr. Pierson as- ®erted, “are distinctly good. “Credit is in abundant supply for all | Jegitimate needs. Most banks, par-| ticularly at this center, are not heavil indebted to the Federal Reserve banks. “There s a safety value In the cur- went business situation in the custom of quick turnovers. Inventories are Jow and, as a result of improved trans- portation, there is not so much mer- chandise in transit at any given time. Savings Indicate Thrift. “Despite the unprecedentedly heavy | consumption of goods by the public there are signs of thrift in the growth | of savings accounts and in the in-| crease in_the amount of insurance| written. Men take care of their ob- ligations to their families through in- surance and are thus freed to be more enterprising and to take somewhat greater chances in business. “A distinctly hopeful factor in the United States is that organized labor is favorable to means of increasing production. As a result it is possible | for American manufacturers to pay | higher wages and still keep prices on e competitive basis for export trade in foreign markets.” | Queried concerning the needs of the | business world, Mr. Plerson said: | “The simplification and stan tlon movement, inaugurated by Secre- tary Hoover, has recently gained great | ympetus, and should be pushed further. | There is a new willingness to exchange information with competitors and give | each factor access to the best knowl-| edge of the industry. | “Another need is to train bovs in | the elementary school for business. | Few go into the professions, and the | percentage of those who go heycmd{ the elementary schools to the high schools and colleges is small. - Boys should be trained into the habit of | getting the facts and thinking for| themselves. They should be discour- aged from accepting ready-made opin- | fons.” Mr. Pierson was asked whether he WHEAT GOES DOWN ON CABLE ADVICES| News of Argentine Crop Has De- pressing Effect on Value at Chicago Market. | By the Associated Press. CHICAGO, December 11.—Asser tions that 65,000,000 bushels more| wheat than last year is coming from | south of the Equator tended to pull | wheat prices downward today. Clos- | ing quotations were unsettled at the | s finish to 7c | down, with corn showing 3¢ to 3¢ gain, oats varylng from i,-cent de cline to -cent advance, provisions | unchanged to 20¢ down. Excellent harvest weather prevail- | ing in Argentina gave emphasis to | hearish aspects of crop reports from | the Southern Hemisphere. Optimistic unofficial advices were at hand that vields in central and southern Ar gentina promised to surpass expecta- tions and that a large crop would | be harvested in southern Argentina if the weather continues favorable. | Meanwhile the Argentine government | erop report indlcated 24,400,000 | hushels larger exportable surplus than last vear. ures on the Aus- tralian surplus were also much larger. Inactivity of export demand today | | trust | plied | want. is difficult to predict directorship in the bank and continu- diza- | ™ E Chairman of the board of the biggest | company in the world, T an Exchange-Irving Trust C thought the return of European na- tions to a sound currency basis was likely to result in an outflow of gold from the United States. No Inflation Here. | “If a reasonable redistribution of | the world’s monetary supply of gold will heighten world 7 Mr. Pierson, what we | t when gold will flow out The huge in flux has been well handled. The huge increment in the gold holdings in this country in recent yea not result- ed in inflation.” Mr. Pierson’s personal history been synchronized with a remarkable growth in American bank- Ing. Mr. Plerson was the pioneer in | imtroducing numerous changes in| technical banking operations, such as facilities for collecting drafts with bills of lading attached, nhew collec tions systems, the practice of mailing periodical statements of accounts to depositors, who thus knew how their accounts stood without the necessity of having their passhooks balanced. | At the age of 15 Mr. Pierson, whose | first American ancestor settled at | Southampton. Long Island. in 1639, | entered the banking world as a mes- | senger for the Hanover National Bank of New York. He worked up to be discount clerk, and in 1898 be- | came cashier of the New York Na-| tional Exchange Bank. He soon be- | came vice president, and in 1904, at | the age of 33, president of the bank. The bank grew rapidly. and in 1906 was merged with_the Irving National h Mr. Pierson hecame | ident. Six years later he re-| ned to become president of the largest wholesale grocery concern in the country, meantime retaining his pres PACKING & STORAGE. | DAVIDSON TOKAGE CcQ P SR MOVING STORAGR KRIEGS| XPRESS | THE SUXNDAY STAR. WASHINGTON. D. C. DECEMBER 12 1926—PART 6. STEAMSHTPS. ing as chairman of its executive com I mittee. In 19 bank r. Pierson returned to the irman of the board of ing National Bank. ¥ on has played an active rious trade and banking in which he has held To NEW YORK DIRECT In 8 Days i 45, 0 EN| route thru bool 4 10 Pr\ 5 tind Scandinavia, Ger tine! 2154 SWEDISHAMERICANLINE S 35% | SPECIAL Stockholm dan, 2 ROUND TRIP WINTER JRSIONS December 20 and 30 Int_class fare ;. STATEROOM Returr Modern rating. menls: berth with hot and cold running water. limit. 45 doys from ailing date. stewmers carrving Lioyd's highest Taw mtes for nutos. BALTIMORE & CAROLINAS.S.CO. 1008 15th St. N.W. B in 139 or local Tourist r . agents. WINTER CRUISES WEST INDIES 15 to 30 days BERMUDA 4 sailings each week ROUND THE WORLD And . MEDITERRANEAN CRUISES Jamacia—Cuba—Porto Rica— Nassau—South America CALIFORNIA Via Panama Canal Ask for Booklets OBER’S Steamship and Tourist Agency 1420 H Street N.W. Phone Main 3347 Official Agent All Lines “Tor Around the Worild January 19, 1927 [CLARK'S Tth CRUISE) o 4 TOUR lasting 121 glorious days, leaving New York Jun- uary 19 (and calling at Los Aa- geles, February 5, 1927) on the specially chartered, magnificent Cunard-Anchor liner *‘Califor- nia.’”’ A floating palace for the trip. Congenial people for travel- PACKING S EHIPPING | Gl Eye St NWV. _ Main 2010 Central Storage7 & Transfer Co. FIREPROOF | PRIVATE ROOMS OPEN STORAGE | Household goods, automobiles. me; dise of any Kind. Moving. Packing. Ship- and Storing ing companions. Fascinating itin- erary. Stop-over in Europe. At from $1250 to $2900, inoluding Hotels, Guides, Drives, Fees, eto! Meditegranean January 29, 1927 TLowes: Rates—Best Appointments N T Main 9295 | MOVE Without Worry or Risk. Be- sponsible Service—Low Rates. PR M NORTH ving. 705-9 Florida Ave. R 1 “N“m gFire.Pnof @ Warehouse Storage, Moving, Crating 418-20 10th N.W. M. 4229. Frank. 24 LONG DISTANCE MOVERS CRATE AND PACK BY EXPERTS | 1313 YOU STREET, N.W. PHONE NORTH 3343 | TOURS. TOUR! You can and as you please with all the details of your trip travel ideas for Winter Travelers California, Cuba, Florida Mexico, Hawaii, West Indies (CLARK'S 23rd fllfl’l} A 62-day cruise in the sunny Mediterrancan—famed i song and story—on the specially char- e Rurope. Atfrom $600 to $1700, including Hotels, Guides, Drives, Fees, sto! The Land of the Vikings Clark’s 3rd cruise to Norway and Western Mediterranean, 52 di oa the d liner ‘‘ Lan- castria’’ leaving New York July 2, 1927, at from $600 to $1300. Write for interesting itineraries! NORWAY Ober's 8.5, and_Tourist Agency, 1420 H &t. v, Frank - Clark, Times BIdg., New York. Ui travel to any of these places when worked out for you in advance by STEAMSHIPS. TI.VE LUXURY CRUISE PALESTINE -EGYPT By thefamous$.8."ROTTERDAM " 6th Cruise LeavingNew York, Feb. 3,1927 under the Holland America Line's own management 70 Days of Delightful Diversion ITINERARY includes Madewra, Cadiz, Sey (Granade) Gibrlos, Algiers Napis unis, Athens, Constantioople, Haia, Jerualen, {The Holy Laad), Alesandsia,Cairo o Egypo). ' Veaice, Napies (second call), Mon: he Riviers. Carefully planed | sions. Stopover in Europe. Number of goests limiced. American Express Co. Agentsin Charge of Shore | xcursions, For chouce sciection | ke RESERYV, SEASHORE A DELIGI-!TFL:!. SEASON EASTERN VIRGINIA Special Week End Tours to VIRGINIA BEACH Including Stateroom and Hotel ccommodations Friday to Monday. . Srtney”to Faeniy $15.60 Daily milings to Norfolk and Old Point Comfort, 6:30 P.M. New York-Boston by Sea City Tlicket Office. Woodward Bldg . 731 15th Street Norfolk and Washington Steamboat Co. WESTY INDIES | LOWEST RATES FOR FIRST CLASS STEAMERS Luxuriously appointed rooms with baths and all modern convenlences. Most attractive and leisurely Tours to the Islands in the Caribbean Sea The New Steamship“Nova Scotia” 21 to 23-Day Tours from New York Dec.14, Jan. 13, Feb.15 & Mar. 16 | Round Trip Rates $178 and up | Better rooms $250 to $350. ) Best rooms with bath $450. i The Newly Fitted S.S."Dominica” w 25 to 28-Day Tours from New Yok WAL Dec. 23, Jan. 27, Mar. 4 * Round Trip Rates $160 and up Better rooms $200 to $250. Best rooms with bath $350. Itinerary: St. Thomas, St. Croix, St. Kitts, Antigua, Guadeloupe, Dominica, Marti- nique, St. Lucia, Barbados Trinidad. Let Us Plan Your Trip NOW to sure Choice of Accommodations For Booklet and Reservations apply to FURNESS BERMUDA LINE anover Square 34 Whitehall Street, New York ork or any local tourist agent Holland America Line State Street New York or Local Agents VERY detail of perfect service provided by skilled at- tendants whose sole object is to make you conifortable and content and to meet every wish. SAILINGS EVERY TWO WEEKS Tuxurious perienced American_ Agents for illustrated Tour Booklet S “Like a Cruise on a Private Yacht” Passenger and Freight Service Berween BALTIMORE, MIAMI (via Jacksonville southbound) and HAVANA 3 Weekly sailings commencing January 7. Sriectal sa iy e RmM A B e FridRYS December 243 Comfortable, Modern Steamers MUNAMAR MUNORLEANS Visit Florida, America's winter paradise, and romantic Cuba this enjoyable way. Minimum Pirst Class Races from Balcimore: Qne Way $31.00 45.00 Munsopn BRANCH OFFICES: Keyser Building 139 N.E. Third Ave. Baltimore, Md. Miaml, Jacksonville, Fia Agent : Strachan & Co. Rownd Trip $ 55.00 800 150.00 i Jacksonville jami Havana i1 g Peula Whaert Havana, Cuba %ulflnag “OME along and be a “Pleasure Pirate” for fifteen happy d amid beautiful islands of ual summer. S the holidays in this new way enjoying rest and recreation aboard’ the fienl cruising steamer. Feb, 26 — 27 Days ML e Mar.30 — 15 Da: Make your reservations today HAMBURG-AMERICAN LINE United American Lines, Inc.. General Agents 28 Broadway, New York Or Local Steamship or Tourist Agents And again on Jan. 8—15 Days Jan. 26 — 27 Da; Sailings from Baltimore Tuesdays, Fridays. Fare $30.96. Stop made at Savannah. Via modern steel vessels including NEW steamers “Chatham” and “Fairfax.” To MIAMI—Direct 30 Day Tours—Rio de Janeiro in- ciuding Seo Paulo, Santos—moun- tain and beach resorts. Six weeks including Montevideo and Buenos ‘MUNSON STEAMSHIP LINES ©7 WALLST. NEWYORK A FOREIGN LAND but two, days from New York BERMUDA—here are the charms of the Old World amidst the comforts of the new. Only 48 hours from New York. Aver- age winter temperature 60° to 70°. Two sailings weekly on the modern transat- lantic liners, under contract with the Bermuda Government— 8.S. Fort Victoria $.S. Fort St. George Hotels The Bermudiana in Hamilton, the St. George Hote! in St. Georges—the last word in modern comfort. Indiesr Panama Canal &uil to the tropics this winter where seas are warm and delightful — on a ship of | luzunious ~omforts —for two weeks or four—each day brimfulof new pleasures. ‘Three Cruises, each offering an ideal opportunity to visit the beautiful West Indies. Leaving New York { Jan. 29—~Feb. 17—Mar. 19 (15DAYS) (37 DAYS (15 DAYS) 15 DAY CRUISES Visiting Beawupa, Jamaica, Havana, Nassav. | Rates $230 up including all shore excursions. 27DAY CRUISE Visiting Havana, Jamaica, Panama, Curacao, La Guayra, Trinidad, Bar- bados, Martinique, St. Thomas, San Juan, Bermuda. Rates $385 up including all shore excursions. | “® SS.ORIZABA §.8. Veendam 552710 NEW holiday thrill in 3 1 fmlmg Dec24 Boveye wninerl pratiye fo the unexceled luxur o | aland of Spanishstory { 7 somdor appointments, for iative cuim S by Tl fox the excrotional character of scrvice s macage | and romance. Complete Scot Gallioud Getus ecin). | maintenance afloat and Under the management of the Holland- America Line ia h = 3 operation with the Frank Tourist Company. | ashore and fascinating automobile sight-seeing trips included in rate. For choice selection of accommodations make reservations now. | HOLLAND-AMERICA LINE 9 to 12 Days $160 and up ALL EXPENSES 21-24 Seate Street, New York FRANK TOURIST CoO. 542 Fifth Ave.,N.Y. You can leave Dec. 24 if you like and get back Sunday Jan. 2nd in ample time for school or business. All tours allow time for auto- mobile trips, sightseeing and various amusements. Regular service to Havana and Mexico with all-incluswe tours throughout the year. WARD LINE ™ New York Or Any Authorised Tourist Agency Golf— Boating— Tennis— Bathing— Cycling— etc. For booklets and reservations write FURNESS BERMUDA LINE 34 Whitehall Street, New York City, or any local tourist agent R TR Tk h kR Rtk A K R % kok e e RS Go to Europe now on an American ship Enjoy all the many advan- tages of off season travel abroad, the best cuisine on the North Atlantic and the assurance of perfect hap- piness on_one of your own ct}po. Ask your local ;lefl- ship agent, or write the ad- dress below for details. Next 3 Sailings from New York Enchanting North Africa —the Holy Land —Mys- terious Egypt—Constanti- nople — The Ancient Splendor of Glorious Greek Islands —Dalmatia's Romantic Beauty— ‘Venice — Naples —The Riviera— 25 ports—70 days. Rates, including shore excursidns. $875 to $10.500. THE m NEW MEDITERRANEAN CRUISE SAILING FROM NEW YORK FEBRUARY 26 by the splendid cruising steamer —~ORCA— Write for illustrated booklets S. S. PRESIDENT ROOSEVELT December 29th 8. S. PRESIDENT HARDING January 12th §.S. REPUBLIC January 22nd , THE ROYAL MAIL STEAM PACKET COMPANY Sanderson & Son, Inc., Agents, 212 So. 16th St., Philadelphia 1N COOPERATION WITH ~ AMERICAN EXPRESS COMPANY This ;:nie cervic;, bnélt up through the operation of great ships on the Atlantic for over half a century, prevails, both aship and ashore, on our cruises to the great winter playgrounds of the world. BaLiFDmRWIA Largest, Fastest Ships in the Service sailings via Havana, Panama al, B Dl Toe Rapie B Praacioe: Check your auto as baggage. No crating. 8278 1st Cabin, meals and berth included. Lower rates in 2nd, Tourist and 3rd Cabins. water, one way rail, or both ways water. Service that does not end with the performance of the obvious courtesy but goes beyond—anti- cipates the travelers’ wants and whims- and provides a really helpful, cheerful atmosphere. § Cruises—16 to 26 days $200 {up) Havana, Canal Zone, Bermuda, Nassau, etc. Here are 5 winter cruises, varying in duration from 16 to 26 days, the shortest of which takes the passenger to four foreign lands. Ideal for experts. If you are uncertain where to go, send for the free booklet “Winter Va tions.” 32 independent tour suggestions to choose from. busy people who want a real change and rest but do not wish to be away too long. ‘The premier cruising steamer, Megantic, offers the passenger every comfort with famousWhite Sear service and cuisine. Sailing from New York: Jan. 15; Feb. 3; Mar. 5; Mar. 24; Apr. 14- 46 days $095 up ADRIATIC LAPLAND Jan. 5; Feb. 23 Jan. 15; Mar. 5 Itinerary: Madeira, Gibraltar, Algiers, Monaco, Naples, Athens, Constantinople, Holy Land Egypt. From Philadelphia every 5 days. Fare $46.48. Via NEW steamers “Berkshire” and “Dorchester.” Fares include meals, berth. Unsur- passed table; southern cooking. ALL-EXPENSE TOURS EFFECTIVE UNTIL DECEMBER 3. To Savannah, Jacksonville and St. Augus- tine; mine days; $74.90 from Baltimore, including hotel, sightsecing, etc. Send for folder describing various Florida tours. Apply Company's Travel Bureau (Main 4612) MERCHANTS & MINERS Transportation Company 1338 H St. N.W. Washington Sailings Baltimore to Boston Tuesdays and Fridaeys. Autos carried on all steamers. for wheat from North America put friends of higher prices at a further disadvantage, with talk cwmTent that Argentina and Russia were both pressing sales abroad. llowever, the late dealings here the displayed some power to strength of corn values acting Famous Standards OLYMPSC Dec. 27 Newest and Most Luxurious Steamers Comfort and quiet ele- gance throughout the new ships. Hotel and country club _features. Dancing pavillion, _or- chestra, Sun parlor. Rooms for one, two and three persons. Bedroom suites. Hot and cold running water and tele- phone, in all rooms. Private baths, tub and shower. California, Cuba, Flor: Escorted Tours. Seleet parties under experienced conductors, private autos for sightseeing. Ideal for rest- ful vacation. Frequent departures, January, Fébruary, March, April. Send for booklet, “California, Cuba, Florida, Escorted Tours.” MAJESTIC (World'sJargest ship) Jan. 1 service de luxe, to Fi and o Pacis ead Loadon a dastighe. - move or less of a stimulus. noticed also that domestic cash wheat | at the chief terminal centers was dis- playing a firm tone, especially in the Southwest, and wheat appeared to be wanted by mills. WHEAT— MEGANTIC ARABIC ‘White Star Cabio liner Red Star Cabin finer Dec. 18 Jan. 1 To Ireland and Belgium, France Farse class oaly 9" England MINNETONKA, Dec. 18 Paris and London For later sailings to all ports in all services write, phone or call on any agent or company office. Cruises—to all parts of the world—1 to South Africa, 2 to South America, 6 Around the World, 23 to West Indies, 25 to Mediterranean. Whatever your choice, you can arrange for it at the American Express. No extra expense. AMERICAN EXPRESS Travel Department return via a North European port ar- ranged if desired. WHITE STAR LINE-RED STAR LINE ATLANTIC TRANSPORT LINE PANAMA PACIFIC LINE wlinhs A'::.?I.-t!{' v, Resident :l-;;.:_re ot the INTERNATIONAL lllfiAIl‘ll»l MARINE COMPANY o ve immediate attention. R. M. Hicks, Mgr., 1208 F Street N.W., Washington, D. C., or Any Authorized Steamship Agent. Always Carry Amevican Express Travelers Choques § Film Actress Dies. NEW YORK, December 11 (®).- Mrs. George Beban, wife of the actor, who has appeared herself in stage and i vesterday. She |, was formerly ) dith McBride of New York. She played opposite her | husband in the film rsion of *“The | Rign of the Rose.” She appeared he stage wigh Lew Fields and M = 1831 G Btrest N.W. Main 1200—Ext., 108