Evening Star Newspaper, January 21, 1927, Page 13

PRICES ARE STEADY | INGENTER MARKET Vegetables and Fruit in Good Demand at Unchanged s this distinction to be reserved only | for presidents and other senior Values. Hofficers Although the colleges and the uni- ) | versities now give special training in banking, thisieducational develop ment is relatively new. Most bankers in places of power learned the esse! tials in actual experience. Many are graduate business men through the support of the American (Copyright, 19 What magtc formula transforms an ordinary mortal into a banker? Banking, like religion, has rituals and its mysterious formul Is every employe of 28,000 banks and trust companies a banker? Or its Prices of the principal commodities In the wholesale market today were practically unchanged, although a lower price for bytter was in the offing, dealers expecting a_reduction npathy with recent declines in the principal markets of tha country. |clerks and runners to get systematic Trading was in the usual volume for | training in the and science of Fridays, meat sales being cut into | bankir deenly by the beavy demand for fish, 1 The commonwealth of Nebraska is Vegetables and fruit were in good | the first to impose on the .State a demand at practically the same prices | responsibility for sifting the fit from that have prgvailed all week the unfit among aspiring bankers. jon of the Nebrask: Today’s Wholesale Prices. i Bl e ¥ Association Butter—Fancy, 1-pound prints, 56a | legislature cnacted a law requiring 3 tub, a56: store packed, 38 its bankers to be licensed as a means Bgs—Fresh, selected, 43a44; hen-|of promoting higher standards in nery, 44a4s. current receipts, 40a42; | banking. storage, 36a37 Poultry, alive—Turkeys. 42; ens, 30a32: White Leghorns, fowls, 2 18 Yyoung, 50a60; old, 45848 capons, : smaller, 40a4; chickens. ' 33a35 fowls, 20a30; keats, younz., 80a%0 old, $5a40; rabbits, No. 1, 25a30; No 2, 15a20. Meats—Beef, 1 lamb, 25a27 Novel Bankers' Law. The novel law provides xecu- tive officers of banks shall be per- voung, | $ons of good moral character, known rirkeys, | integrity, business experience and 3 responsibility. and capable of con- ducting a bank on sound banking principles. No person shall act as executive officer of any ik until such bank shall apply for and obtain veal om the department of banking a 5 hams, 24a26: | license for such person to act shoulders, 21a23: loins, 26a30: smo If the department. upon investiga- hams, 27: smoked shoulders, 18a20.|tion. shall be satisfied that any Live stock—Calves. choice. 13: me- factive executive officer of a bank is dium, 12a13; thin, 6a7: lambs, 13a |conducting its business in an unsafe 13%. unauthorized manner, or is en- Pruitisid VegetablbMeviow. dangering the interests of its de positors or stockholders. the bank Today's market report on fruits|department shall have authority to and vegotables, compiled by the Mar-|revoke such license." ket News Service, Bureau of Agricul-| Old-fashioned bankers in conomics, Says will no doubt look upon this depar Apples—Supplies liberal: demand |as another example of meddling, but moderate, market steady; barrels, | there is a special reason why Ne- Pennsylvania No. 1, Yorks, 21 inches | braska should take the initiative. for up, 3.00. Virginia, No. 1, Staymans, | it guarantees the deposits of State 215 inches up, 3.00. Boxes, Washing. banks ton, medium to large sizes, extra| Bankers generally accept the prin fan Delicious, 3.50: fine quality and |ciple of State and Federal supervision condition, high as 4.00; extra fancy,|of banks. Now Nebraska will examine Romes, 2.00; extra fancy Staymans, bankers as well as banks. 2.25; fan v 00: medium| The large number of banking fail sizes, extra fancy Jonathans, 1.7o. ures in the Central West in the la Cabbage—Supplies moderate; de-|five years led to a demand for better mand light, market slightly weaker; | Personnel in the banks. A writer on new stock, Florida, 1%-bushel ham- |the subject in the Journal of the pers, pointed type, 2.00a2. mostly American Bankers' Association re 25- old stock, too few sales report- | POFts that bankers estimate the cause ed to quote. of fallures as 95 per cent due to in- Celery—Supplies. liberal efficient management or administra light, market fairly steady i fornia, crates, medium s 6.25; Florida, 10-inch cratas, 3.50. Lettuce—Supplies moderate: mand moderate, market weaker; Arizona, crates, Iceber 4-5 dozen, 3.00a3.50; mostly 3 Onions—Supplies light demand light, market -about- steady: Mich- igan, Indiana, 100-pound sacks vel- U. 8. No. 1, large size, 3.50 100-pound sacks vellows, U. S. medium to large size, 3.00. Spinach—Supplies liberal; demand moderate, market stead Texas, bushel baskets, Savoy type, 1.00a1.25; mostly around 1.15; some poor con- dition, 50a76. Potato Market Steady. Potatoes—Supplies liberal: demand “moderate, market fairly steady: Mich- igan, 150-pound sacks Russett Rurals, U. S. No. 1, 4.35a4.50; Maine, 120- pound sacks Green Mountains, U. S. No. 1, 3,7584.00; 120-pound sacks Cob- blers, U. S. No. 1, 3.50a3. Sweet Potatges—Supplies moderate; chick- 22a23: | ducks, Dressed— fancy, heavy n17 the East *demand Cali- Extending Old Principle. Other States license certified public accountants, teachers, physicians, den- tists and lawyers. Nebraska mereiy extends an old principle. Extensions in other directions have occasionally been urged. For example, Talcott Williams, director emeritus of the Co- lumbla University School of Journal- |ism, advocates. the licensing of jour- nalists. Incidentally, the State of Nebraska claims credit for having the only workable law guaranteeing bank d posits—superior to the guaranty law in Kansas, Oklahoma and North and South Dakota, which resulted in dead- locks. In the 15 y law has bee ars that the Nebraska in operation 152 bank have suspended. Of these, 36 con- tinued to operate and 116, with de- posits totaling $28,000,000, have been liquidated, M. Harger is authority for the statement that the assets of the failed institutions paid only about one-half that sum, and that more than $12,000,000 was paid from the gyayanty demand moderate, market dull: North | fung maintained by a complsory as. Carolina, - clothtop stave barrels, | sessment of all State banks. State Porto Ricans, white varieties, consld- | banks are subject to a maximum an- erable poor condition, 2.00a3.00; East | nual assessment of 6-10 -of 1 per cent Shore, Md., bushel hampers, vellows, |of the guaranteed deposits. few sales 1.25. Peppers—Supplies light: demand moderate, market steady: Cuba, pep- per crates, fancy stock, 4.00a4.50; few fair condition low as 2.50. Eggplant—Supplies light; demand moderate, market firm for good stock; Cuba, pepper crates, fancy, 6.00a7.00. Squash—Supplies light; demand moderate, market steady: Cuba, pep- per crates, fancy, medium to large size, 5.0026.00; few slack pack. String beans—Supplies very light; demand good, market firm: Florida, “s-bushel hampers, green, 10.00; wax, few sales, 7.00. # Strawberries—Supplies light; de- mand moderate, market steady: Florida, pony, refrigerators, misson- arys, 90a95 per quart. NORTHWEST MERGER BASIS AGREED UPON Share-for-Share Exchange of Stock 0. K.'d at Conference of G. N. and N. P. Officials. Interest 2% 3% 4% Interest terly. Interest tificates By the Associated*Press NEW YORK, January 21.—Merger plans of the Great Northern and Northern Pacific Railroads have ad- vanced another step with agreement for an exchange of stock on an equal share for share basis The agreement was made yesterday at a conference attended by directors, officials and counsel of the two rail- roads. In a statement announcing that en- couraging progress had been made in the negotiations, Ralph Budd, presi- dent of the Great Northern, and Charles Donnelly, president of the Northern Pacific, said the exact method to be adopted for putting the wlans into execution could not be re- vealed at this time. Unification of | the two lines first must have the sanc tion of the Interstate Commerce Com- mission Mr. Donnelly departed for the West after the conference and it is ussumed that there will be further discussions, probably in St. Paul Although recent Great Northern, due to heavy ore transportation, had strengthened rumors in the financial district that the company’s stock shortly would be | Jlaced on & 6 per cent basis, vester- | day's decision was regarded as an in- | dication that neither company was | likely to change its dividends during the present negotis A prelimi nary report igsued vesterday on earn- | ings in 1926 by the Great hern | showed a net income of approximately $20,000,000, equivalent to $10.42 per <hare on the 2,490,205 shares out standing. | Arthur Curtiss James, the largest | stockholder in _each company, pre- | sided at yesterday's conference, held in the offices of J. P. Morgan & Co. WILL BUILD BIG THEATER. st. Paul, January (Special). A theater to seat 4,000 will be built here by Twin Cities business men and will be leass1 to one of the large motion picture m-oducing and distri- buting companies for operation. —1 PRICES 6N PARIS BOURSE. PARIS, January. 21 (P).—Prices were quiet on the Bourse toda; Three per cent rentes, 53 francs RESU centimes. Exchange on London, franos 43 centimes.' Five per cent loan, 83 francs 70 centimes. The dol- lar was quoted at 25 francs 22 times. Munsey Pa. Ave. Bet. 13th earnings of the | with the facilities of a Sta: The Star prints MORE from Star Al A Star B The banks | Institute of Banking are encouraging | the State | ADVERTISEMENTS Mo . NECEIVED HERE Mergan Bros. Pharmacy 30th and P Sts. N.W. Is a Star Branch Office For you who live in Georgetown it will not | be necessary to come 'way downtown to the Main Office of The Star with your Classified Ads. They may be left at the Branch Offices—one of which is in the Morgan Pharmacy. in and around Washington is similarly supplied than all the other papers here combined THE_EVENING | In 1911 Nebraska had 500 banks. |and now has 1,063. | " Other Commonwealths are likely to | watch with interest the efficacy of the Nebraska law licensing bankers. It | is more likely # take held in the West | 1 in the East, where individualism | still preyails and banking intere lare satisfied that competition will | bring the ablest men to the front ense Discloses Example. | orig { men brought similar now seriously helieve | tervention retards the practice of | medicine. The chief complaim comes | from new cults which have not wor | recognition. Giving the State the | right to certify pure milk—or capable makes for conservatism test the hanker is les caps ussess the 1l proposals to license medic | bankers difficult to make a good but it the It would be | quatities that | Knowledge is desirable | important than judgment |ity to judge men and to worth of uncompleted projects. Wil | liam C. Potter, president of the Guar anty Trust Co. of New York, in dis. ussing this subject with me, observed [ that banking is based not only on facts, but on “surmise”—opinions con cerning the future. In the free competition in ordinary | banks, the executive who has a low | batting average is automatically cat of power (unless yntrol the bank) with of revoking hi | vanked from the | he happens to out the formality license. THE BUSINESS OF GETTING AHEAD. American industry today is looking for leaders, not drivers The newer purpos is to stir : | workers; not their work fired. As Alfre 8 jr the Gene Corporation, cently said “The president of a company may have the right to fire any man out of | his organization, but if he is wise he | will sell the man rather than fire him | To attain the fullest measure of suc cess for his company an executive | must sell himself and his ideas to his associates.” |" There is art in giving orders. The real leader will give them in a manner which will stir the energies and win the loyal support of workers. The bungling foreman will offend in giving similar instruction. Cultivating “We" Spirit. Glenn L. Gardiner, personnel spe- cialist, writing in Industrial Psychol- ogy. urges the cultivation of the “we' spirit. He takes the following leaf from actual expericence and cited it as a | good example of how to handle men | Abe Miller was ioreman and Joe Crane head millwright in a factol Abe called his men together, “Boys,” Abe bezan, “the boss has piit a job up to us of pulling up and moving all the machines in the axie department, and he looked like he didn’g believe it when I told him we. could do it over the week-end. I fig- ger that if it can be done, we can do it. What'do you feilows think? “I think we can. if we all hop into it,” Joe Crane asserted. The foreman shrewdly gave every man a sense of participation. If he had merely issued ordcrs in the usual way for overtime work he would not have really interested the men in the special job. ‘Wise employment managers are per- ceiving the value of recognizing that each worker is a human being, not a mere hand. For example, New York City ductor to car: badge. Banks generally are names of tellers at cages The leading railroads inform pas. sengers in the dining cars,of the name of their waiter. Humanizing Business. Such tendencies show a gratifying disposition to humanize busime: desire to escape from the earlier trend of manageme: ative interest of to wed them to being the merely through | ’ Selling Yourself ‘to Subordinates. i | fear of president of re the company in ts each con name on his posting the We Péy Yo on your DAILY BALANCES on checking accounts on daily balances—compound.- ed monthly. on ordinary savings accounts—compounded quar- on special savings cer- — compounded semi- annually. The Munsey Trust Co. Building and 14th Sts. NW. g Every community r Branch Office. The above sign will locate it for you. The Branches charge no fees; you pay only regular rates. Classified Ads every day The ds will be GREATER also. “Around the cormer” is ranch Office STAR, WASHINGTON, D. €., FRIDAY, | whereby the individual became only a | cog in the machine. “If a supervisor, s Mr. Gardi- ner, who has had considerable experi- ¢nce in the field of training foremen, | | “can give his men proud of. he ling. If he car iSUSpension of Activities Has Cut Revenues Seriously. Other Ficlds Aided. something to be | stimulate the ‘we get all of his men feel to think together on one particular ubject, it easier to carry the “we’ foeling ‘over into other fields. Where department has been successful in reducing accidents, ‘and they have | worked together closely in the accom | plishment, it usually found that production has improved, that quality | has improved, and in many other vays results show evidence of co operative foreman will | take tor which af fects all and make it a peint { them in agreement on that one ictor, he has an excellent starti e from which to develop the team {spirit_in many other directions 1 On hee can make no | Neither can a supervisor | without the ‘we’ feeling of The supervisor who is always /i his men is unwittir adverse judgment on him: effor 1r a particular fae his men some BY J. €. ROYLE. NEW YORK, January 21.—The sound policy of looking ahead and of working ahead discounted most | of the disastrous effects that might obtain for the petroleum industry | through any untoward development in the Mexican situation. In fact. the | moves of the Calles administration to ce the American oil companies al- ¥ e had a back-lash, which "moved considerable financial from the Mexican treasury. soundly managed oil com- pany looks not o to immediate production and profits from territory | already developed, but to development the | of new supplies. Instead of doing né has suceeed his men riti ing $80,000,000.000 IN LIFE POLICIES iN FORCE IN U. S. NEW YORK. Junuary 21 () —New life ins ance purch; d 19 was | £900.000,000 more than in 1925, | ation of Life Insurance Presi- | new development work in Mexlco ter dents reported vesterday to the:United | ritory, many of the oil companies in te Department of Commerce. [n, sted th have gone to other | cuticle | Assoe A total of §16,100,000,000 of new in-|Latin American countries, where less surance was purchased. the report|governmental antagonism has been said. Adding to this new insurance |encountered. As a result, Mexicgn he $71,690,000.000 outstanding at the | oil production has fallen off to- & end of 1925 and making allowance for | marked degree and with it the Mexi- terminations. ghe presidents computed | can treasury-receipts, which are bol- that there is now in force in all [ stered up by the export tax on petro- United States legal reserve com- | leum. panies life insurance to the extent of | $80,000,000,000 | The report is based the ictions of 45 companies writing 80 per cent of all life insurance MONTGOMERY WARD EARNINGS ARE SMALLER CHICAGO, Januvary ®) Mont zomery Ward & eported a net profit for 1926 of $10,156.299, compared with $12.980498 for 1935, in the an nual public report made last night The net sales for 1926 were $183, 800,865, compared with § B , an increase of $13 O, cember 31 current assets were $48, and current liabilitiés, $10, 220,036, miving a credit ratio of 4.87 to 1, and the fifth consecutive year the balance sheet showed no notes payable outstanding. A dividend, of $1 per share, pavable November 15, last, was inaugurated, and preferred | stock amounting to $4,249,400 was re. B mber Venezuela Shows Gain. Veneznela has made a correspond- ing gain en Pan American Pe- | troleum, heavily interested as it is in Mexico, is devoting strenuous efforts | to developing oil supplies in the Mara- | catbo basin.” Other members of the | so-called Standard Oil group are | active there. Holdings of American concerns in the Mexican oil flelds are heavy and, their absolute loss would be a severe blow: but in the meantime the Mexican imbroglio has materially ~strengthened the tech- nical position of the American pe- troleum industr Production of erude oil jn the Unted on trans. hout OIN THE CHRISTMAS SAVINGS CLUB OF THE FEDERAL-AMERICAN “Everybody’s Doing It o Opening of the Seaboard’s New Extensions, January 7,1927 Between West Palm Beach - Palm Beachand Miami - East Coast and Fort Ogden - Fort Myers - Naples - West Coast The opening of these extensions in Florida heralds the dawn of a New Day in the rail transportation history of the State - standing as an imperishable monument to rapid railway construction - and an epoch in the development of both coasts of Florida. 8 FINE, FAST, FLORIDA TRAINS No Extra Fare - Palatial in Modern Equipment - Conservative Masimum Speed - On Time Arrivals ORANGE BLOSSOM SPECIAL, DAILY 3.65 P.M.-3:10 P.M. Leave Washington - One Night Out - Operated as Two Traina - Identical in Equip- One to the East Coast - One to the West Coast - Club - Obses on - Dining. Cats - Ladies’ Lounge - Bath - Barber - Maid - Selected Train Personnel. SEABOARD FLORIDA LIMITED . . . . DAILY 1240 AM. ) ! Wi - - S e et e S TRy servation - Cars - Bath - Barber ~Maid - Selected Train Personnel. ALL FLORIDA SPECIAL . . . . Leave Washington Daily 9.30 A.M. Qther Throwugh Trains SEABQARD FAST MAIL . . . . Leave Washington-Daily-8.45 A:M. CAROLINA-FLORIDA.SPECIAL Leave WashingtonDaily-8.40 P.M. Por-Information, Reservations, Tickets or Literature, Write, Phone ar-Call an G. W. VIERBUCHEN, District Passenger Agent 714 —14¢h Se., N. W.,.Washington, D.-C. —~Main 637 Seaboard Air Line Railway ALLAFLORIDAMROUTE DOUGLAS Jhoes forMen — A “Weather-strip” Shoe UST as weather strips seal your doors and windows against cold winds and draughts—so does Douglas use Barbour Stormwelt to protect this great Blucher Shoe against rain, snow; sleet and mud. This is a man’s shoe—designed for hard wear and storm protection. Made of high grade heavy-weight full grair. black calf; double full soles of extra-weight, viscolized oak-tanned soling, with rubber heels. Built for com- fort—plenty of toe room. America’s Best Known Shoes | Men’s $5, $6 and $7. e Boy'#$3.50 and $4." W. L. Douglas Shoe Co. Manufacturers and Retailers— Factories at Brockton, Mass. Stores in all principal cities of the United States W. L. DOUGLAS STORE IN WASHINGTON 905 PENNSYLVANIA A UE, N. W. OPEN nmlwlvm * JANUARY 21, 1927. States continues at a rate well above the 2,350,000-barrel-a-week mark, but for the first time in years at this sea- son new production has been entirely absorbed. Sharp seasonal declines in consumption no enced during the cold-weather months, and consequently stocks are not likely to pile up until they threaten to top- ple over on the price structure. Pro- duction in 1926 set a mew record, but stocks are smaller now than a year | ago. Sharp scarcely | immediate future, although drilling is | deep. It | more active tha | largest | Seminole fleld of Oklahoma and in the Huntington Beach fleld of California | Some experts expect production while no rapid g: in the southern ( Sales plpe, gas engines and other machinery, to operators Texas, Loulsiana, Arkansas and Okla- homa indicate that prospecting ac- tivity is higher than in years. But for some years the soundest engineers and geologists in the business have felt the petroleum future of this coun- try lies not only in discovering new pools, but in finding new supplies be- low ‘existing flelds through deeper drilling. "he first well ever drilled, in 1859, was only 69 feet deep. Today there is| well in California over 8,000 feet is not unreasonable to sup- | pose, engineers say, that the future | | will see wells 10,000 feet in depth In the meantime, Mexico is gaining ifornia. {none of the advantages of this kind of the "V'“”"‘l"}l'\m- ion. Exports have naturally Taie g“”'"‘ | been cut down, but the ns are anticipated | wning. properties there foruin area. | fited through the stabiliz including duction and prices which b ieo. longer are experi- NEW in production pated in the Increases ; are to be an & Co. The the n in a long time. 1926 increases were in adelph len ha to ad on of pro of oil equipment, s resulted STOCK OVERSUBSCRIBED. from the removal of this Mexican out- in Pennsylvania, Ohlo, [put from the market. The majority of these companies have large hold: ings in other flelds as well as in Mex- L} i 4 YORK, January 21 OP).— Heavy oversubscription of 415,000 shares of common Talking Machine Co., was announced by J. and W, Seligman stock of Vietor offered today, WILL REVIEW STRUCTURE. NEW YORK, January 21 UP).—Phil a dispatches say W. L. Haehn gned as a member of the companies | Lehigh Coal and Navigation commit have bene-|tee under resolution of stockholders, to review the capital structure of the company. Jack Smith _; WHISPERING BARYTONE at the Metropolitan Theater ’ using the Stieff Piano The Stieff Piano Preferred by Music Lovers Since 1842 Chas. M. Steiff, Inc., 1340 G St. N.W. ASK YOUR DEALER ‘TO MAKE THIS TEST Have him try to insert the corner of a card under the RIB of the welt; if the card goes under it is not BARBOUR STORMWELT. ‘The genuine STORMWELT is one solid piece of sole leather with NO opening at this vital point. The seam is STORMWELT V¥ BARBQL_IR STORMWELT is a great advancement in modern shoe-making. A winter shoe minus STORMWELT is antique in construction. Three hundred have adopted BARBOUR STORMWELT. and eighty leading manufacturers BARBOUR STORMWELT is a one-piece sole-leather rib that seals the inseam against dampness—retards the matural tendency to “tread over” and adds smartness to Test the next the shoe. air of shoes you buy for genuine STORMWELT. This ““ad” tells how. Your dealeris asinterested as youare. Ask him. BARBOUR STORMWELT/ BARBOUR WELTING COMPANY., BROCKTON, MASS. Sole manufacturers of BARBOURWELT Its the STORMWELT @ /I