Evening Star Newspaper, October 19, 1930, Page 75

N ews of Markets Pages 1 to 4 Part 6—12 Pueo DISTRICT BANKERS COMMITTEE CHIEF NAMES ASSISTANTS Colton Plans Busy Winter Campaign in Selecting Aides. EVERY PHASE OF TRUST SERVICE IS ON PROGRAM ‘Washington Stock Exchange Quiet and Steady at Week End Session. BY EDWARD C. STONE. Barnum L. Colton, chairman of the banks under discussion. first meeting will be held early in November. Chairman Colton, who is mm officer at the District National Bank, has enormous growth of trust departments in banks in recent years has been one m‘mg factors in the so-called new The membership of these committees and their chairmen, as announced by Mr. Colton, include the following Members of Standing Committees. tion — Kenneth Brooks, Prince Georges- & was the market leader, 100 shares 328-share lots chln‘in( hands during the ses<‘on at 30, the same price as pre- ‘n a 50-share turnover Friday. of Bethesda wwdeoxw..hmmnnmdmuu local board. ‘Washington Railway & Electric pre- ferred sold yesterday to the extent of lllhl.rul.t'l% Earlier in the week issue figured in a record turnover, but the price held firm. Some market observers refer to it as the best stock r Linot; at 9115, and Termlrml Refrigerating ‘arehousing Corporation moved at 47. ‘Traction recorded no sales, fol- Jowing the announcement of the Sep- tember earnings. It the week with 51 bid and 52% asked. ‘The unlisted stocks were called off, as usual, on Saturday. The quotation on Munsey Trust was changed to 135 bid and 160 asked. The asked price on ‘Woodridge-Langdon Savings Bank stock was lowered from 40 to 32, the bid of 22 remaining unchanged. Buying at the Bottont. American business is making the same mistake it made a year ago, in | the opinion of the Fifth District Banker. In 1929, few people really believed that there was a period of decline or depres- sion coming sooner or later. But every- body was gambling at the top and let- ting some one else hold the bag. year every one is waiting to buy at the bottom, an equally dangerous mood. Remember the old saying that one cannot try to buy at the bottom, or sell at the top, wiwmvmuylnz Buying Power Assumulating. In & special editorial this week, the nited Business Service of Boston calls to the accumulations of fu- eral in_millions of doll 'I.ul, mmp‘red with 6,825 a year ago, BARNUM L. COLTON, Chairman, fiduciary section of the Dis- trict Bankers' Association, who has announced the Standing Committees for the coming year. The section's activi- uu cover every phase of banking trust —Harris & Ewing Photo. = VESTHENT BOND MARKET IMPROVES South American Group Pro- vides Feature of Trading During Week. Special Dispatch to The Star. NEW YQRK, October 18.—American investors who proved themselves temperamentally unsuited to hold foreign securities last week, when they dumped their South American on the market for what they would bring, also proved themselves quick to pick up such bonds at bargain prices this week. South Americans made as impressive a recovery as they had made 2 preclplule decline. At the end of the ten South American issues stood at an average price of 78.05 against 65.70 a week ago, and a group of ten Bragilian issues stood at an average of 65.6 compared with 54.30 a week ago. Capse of Recovery. ‘The recovery of the Brazilian group was attributable to three things. First, the reassurance given American in- vestors by shipments of gold from tnn.leevYork. Becond.mzbtmnl of speculators convinced that the 50 Jow | Wass in aided by analyses emanating from their local .consulates, from thelr New York been most selling, were helped in this way. * Other Foreign Issues. American issues were weak on news o!-mnuvnltmomofthuzhmm’:e: e fa definite action had been taken w mm' lize the exchange rate by gol K— ments. The estimated fleflm in ti Argentine budget was a bearish factor, however. ‘ German bonds continued to waver, with Chancellor Bruening still standing uncertainly at the helm. The closing of large industrial plants like German General Electric and Siemens-Halske, heu’ u:le of strikes, was another adverse actor. Domestic Market. ‘The domestic investment market was affected by continued forced llquldlfion as stocks went into new low ground and by a total of $127,298,000 of new issues, compared with $119,739,000 last week and $44,191,000 in the same 1929 week. Secondary and tertiary issues dropped in the last three sessions, after making small recoveries earlier in the week. Prime issues were virtually un- changed. ‘The general market was little un- changed on the average as shown by the fact that standard statistics index of 30 issues stood at 99.9, compared with 100 a week BAXK CLEAEINGS NEW_YORK, October 18 (Spechl) — New York bank clearings, ‘l 168,000,000; a year ago, $1, 63'1000 Ne' York bank balances, today, $172,000,000; & year ago, $257,000,000. New York Federal Reserve Bank credits, today, $150,000,000; a‘year ago, $180,000,000. lwcn lwp !nmnz and people become bottom has been ruched, much ct this dammed-up pur- chasing power will be released, and we will see a luhlfiln'.lll rebound in stocks, commodity prices, and business activity. the review says. Notes in Banking Field. George M. Reynolds, chairman of the Executive Commmee of the Continental Illinois Bank & Trust Co. and dean of Chicago bankers, has celebrated the end of his fiftieth year in banking. The ll.muucfiuurs Record, of Balti- more, neently published a series of statements from l.hevmh.!nlg““:)‘\‘altle“' ers expressing opinion business depression has reached bottom and that definite cvidence of an upturn deposits l”:&wb lcdllsl: year These 'ms muc! m&nan::smuumnmx curram circulation of nearly 300 mil- lions. Purthermore, these savings and mmm are growing. They rep- ying power, held in by!urundplruy of opportunity for which will adequately describe the pre: ent situation. ‘Business is marking .’ Sentiment has improved and optimists may occasionally be found. The pessimists went fishing and they have come back feeling better. There »—u,mm:::.-mlmmc. bysi- it must soon the oonnll week & group o{l nqum-ucn of the | represent engagements FINANCIAL AND CLASSIFIED he Sunday Star WASHINGTON, D. SUNDAY MORNING, OCTOBER 19, 1930. DECLINE IN STOCK @ EUROPE 1S FACIN MARKET CONTINUES AT LEISURELY PACE Poor Earnings, Reduced Divi- dends and Weak Commod- ity Prices Cause Drop. DOMESTIC CONDITIONS FAVOR BEARISH ATTACK Persistence of Fear Psychology Among Business Men Is Also a Factor. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 18.—The chief difference between the stock market since Columbus day holiday and that of a week ago is the same as between ‘an acute disorder and a lingering dis- ease. Instead of heavy liquidation and abrupt declines, with hundreds of is- sues quoted at “new lows for the year,” we have had moderate selling, long periods of suspended trading and a two-day term of recuperation followed by an increase in offerings at prices be- low t.hose previously quoted and mainly h-grade shares. n is clear that the market has not been able to throw off the effects of poor earnings, reduced dividends, over- extended speculative commitments of individuals and corporations, foreign political disturbances and falling com- modity prices, all of which serve to keep the investing public in a state of fear. The only reasonable explanation of the steady flow of investment stocks into the market is that they are either being forced out to correct over-ambi- tious schemes of some of the newer Napoleons of finance or are a part of a policy to correct one of the weakest elements in the situation respecting collateral loans—namely, that of securi- tles held by the banks for the account of their customers. Bearish News Holds Sway. Relieved of ure from forced 1132‘1; dollar bonds, in which there has been a recovery almost as pronounced as last week’s decline, the stock market this week has been affected primarily by domestic condi- tions, - Those that were good were over- balanced in number and importance by those that were poor. It is a fact that whue ‘Wall Street has not been inclined to to the develcpn;;mi‘u!.hlt constructive, it has, Te- 'm to all sorts of legitimate llnd Allegi mu bearish news, gone a long o discounting their reaction on Wm attitude toward security values is distorted as it was a year selling the stocks of ions are out of debt, have piled up large sur- plus reserves, are eal comfortable margin over current dividends, return two or three times the money rate, and are off 50 per cent in mnlkzt price, than there was in buying them in Sep- tember, 1920, when iney were 100 to 200 per cent higher than in 1927 and in 192 8and gave a yield one one-tenth that on call loans. Financiers Reverse 'nunlelvu.m Yet it is -urpm\nc to know ho' many men selling short rwendy :nd vlt.h difficulty bor- rowing them—men, who, even after the first lympwml of approaching disaster appeared last omber, mn clung to the inion t.hlt they could hold any VF “equity” at 25 to 50 times earnings and make their fortunes in a few years. novices in financial matters, either. Same of the critical situations that have developed recently, and others that are noti'yyelm uv-i!edy- astute corporation agers who have been embarrassed b, t.hz capital they employed in enterp whase earning power or strategic advantage were om- estimated when the contracts made, As it is a year since stocks first broke badly and 14 months from the date when business activities began to decrease, it may be worth while to indicate the favorable and unfavorable features of the market and trade pic- ture Pirst, on the asset side of the ac- count: 1.—A st hanking position with Tespect to reserves, rediscounts, and generally in secured loans; also abundant short-term money at low ratés and increasing supplies of long-term funds. 2.—A decrease of 60 per cent in brokers’ loans from the high figure of | October, 1929, few weakly margined ac- counts among brokers; a 50 per cent de- flation in prices of common stocks and relative scarcity of stocks. income yleld on common nearly double that of a ¥ and where the possibility of a reduced dividend is not involved. 4.—A decline in commodity prices to nearly the equivalent of 1021, and frequentiy, be- low the cost of production, with evi- dence that consumption overtaken oduction in certain raw materials and inished products. 5.—A slight revival in the building trade. September per- mits 4 per cent over those in August, sithough the seasonal trend is a de- cline of 10 per cent between these months. Reduction in costs by as much as 10 to 15 per cent, stimulating resi- dential building. 6.—A gain in employ- ment and in pay rolls in September for the first time this year: 7.—A stead. gain in saving bank accounts, satisfac tory installment payments and the larg. est volqme of cash buylng of securities since last Novembe Influence of Fudxn Situation. Second, on the liability side: uncertain political and economic condi tions in Europe and South America, with their bearing on American invest- mentS abroad and as reflected in cur- rent foreign trade figures. 2.—The pros- pect of further reduction in dlvldends of American corporations, which reduc- tim tions have now reached a total of over 850. 3.—Absence of seasonal recovery in business, as illustrated in September corporation ' earn! compared with those in August, in ratios of iron and steel production And railroad car loadings. 4 —Persistent declines in agri- cultunl products and in metals. 5— “Frozen assets” in real estate and in newly created corporation stocks and bonds and bank loans on securities much above those of & year ago, thou considered to be well margined. Insufficient readjustment of Tetall prices hol prices, nu.rdfn: consumer ndu:ed rchasing l!ld lower unemploymen pay rolls.” 7—A state. of mlnd on the part of business men such as chlruur- izes the final months of & depression, destroying their lnlllltlve diltm’fln( their judgment of all values, and pre- venting them from accepting opportuni- ties that would be to vantage. ‘The first and last items on the debit list are the strong de E‘M’! in an investment and trade- - that-is" steadil: TROWBRIDGE CALLAWAY, Retiring president of the Investment Bankers’ Association of America, which has just concluded its annual conven- tion in New Orleans. Mr. Callaway, a New York financier, told the oonnntwn he believes a solid foundation is being 1aid for the return to normal prosperity. Building Industry May Be First to Register Advance Fourteen Out of 25 U. S Cities Show Gain in September Permits. Special Dispatch to The Sta: NEW YORK, October 18.—Some sig- nificant and favorable signs have been appearing in the building trade in the past month, which gives cause for the opinion that a revival may be starting in this industry. It was among the first to reflect the conditions in busi- ness that have become general in the last 12 months, Now students of building trade tend. encies are inclined to feel that it ms also be to suggest an up- turn in industry. Increases Reported. Of 25 of the largest cities reporting their building permits for September, 14 show an increase over the same month in 1929, and 11 assmaller ratio than before. The striking gains are those of Chicago, Philadelphia, Cleve- land, Jersey City, Albany, N. Y., Port- 1o ledo, San Francisco, Dallas, Houston, Minneapolis and Rich- m. Va. Los M“mbu:]‘l‘: had a over a year ago, was a moderate one. In California the total for Septem- ber was about $2,000,000 smaller than in gust, but a reduction from September, 1929. 1In Illinois the September figures for this year lnd last, were about equal, while those for the past month were nearly 30 pe’ cent ter than for August, Likewise, ding permits in Massachusetts in September were in excnn of those for the -previous month. there was a drop in the vsl\le of building permits from over $117,000,000 in September, 1929, to less $8,000,000 last month, but the lA"cr figures exceeded that for August. Other State Reports. About the same trend was shown in the New Jersey total, which was off kind lbom $5,000,000 from September, last’ to Septembet, 1930, but double Lhn nlue of August this year. same tendency on a smaller scale was indicated in New York State, where permits last month were about 17 per cent in value over August. Ohio showed a decrease both from a year ago and August, as did Pennsylvania. indicated a higher level last month than a year ago, but a drop of over 10 per cent from the August figure. In Wisconsin therel wuofnmdecuue 12 building permit values per cen wmpcudpewuh last .year, but a gain of 33 per cent over August. (Copyright, 1930.) BUILDING AWARDS STILL BELOW 1929 | Improvement in Residential Con- struetion, but Industrial Proj- ects Are Lagging. Special Dispatch to The Star. NEW YORK, October 18.—Building and engineering ,construction contract awards have not’ yet demonstrated an ability to hold up as well as at this time last year, despite the sharp down- trend 12 months ago, says a current survey of the Standard Statistics Co. ‘The survey continues in part: “A tendency toward improvement is noted, however, in the residential di- vision, which in September made the best showing since Mny Although the moderate increase residential con- tracts in recent mun'.hl has been inter- preted in some quarters as a reversal o( trend, the betterment has been so slight as to leave September achieve- ments 16.7 per cent under those of a year previous and to require October results to be 28.3 per cent above Sep- teniber in order to equal October of’ last year. “Public works and utilities construc- &m promises to be maintained this 11 at levels equal to or better than those prevailing a year earlier. The same is true of educational and other semi-public projects. Commercial and industrial construction, however, is now 80 low and conditions in those divisions are so uncertain that sizeable improve- ment cannot be anticipated for some | BRILLIANT RECORD MADE | _BY SUFFOLK, VA, BANK ‘The first cuhler of the Farmers Bank of Nansemond, Suffolk, Va. received a salary of $150 month. This was in | Cos 18 PP , says the th District Banker. He took the bank's cash and securities home each night, riding 6. miles in his nk in 1919 increased buggy. This bai 1'.lult;} from $20,000 to. $500,000 by ' banks had a stocl ividend on its golden anniver- sary, B. E. Holland is now president. NEW YORK, October 18 (Special).— Bickford's, Inc., for the nine months ended September’ 30, 1930, reports net Federal taxes ‘The'| losses is " |GRADUAL RECOVERY OVER NEXT 2 YEARS Bottom Believed Reached, but Real Causes of Anxiety Stir Trade Centers. GERMAN UNCERTAINTIES ADDING TO SHADOWS Poor British Trade, War in Brazil and Russian Dumping Mar Foreign Situation. s R Special Dispatch ta The Star. NEW YORK, October 18.—Cable dis- rcchu to the Business Week give the ollowing survey of bunneu abroad for the week ending October 18: Europe.—On top of cuuppolnt.ed ex- pectations for a seasonal recovery of business, there are some real causes for anxiety and for the thoroughgoing which is Tflrevuenc in all commercial centers. e protraction of German uncertainties nnd persistent outflow of capital along with talk of s moratprium; continued unrest in rope; further depreciation of the Spanish peseta and reports of a sharpening republican movement t the established reg‘lmz the churlfshness of France abstaini from participation in the lnwmlflon credit for Germany; Wall Street. fail- ures and the general weakness on the stock market; the lprud of civil war in Brazil; fresh alarmism, though due to no fresh evidence, of Russian dump- ing, and pernicious price anaemia on the me! markets, notwithstanding improved statistical positions — these nemthe outstanding shadows in the business gloom. Immediately the international credit of 125 millions was i:lx‘xla1|)|11:¢:¢"dim in Gn.:; many there was a pickup on the mo: ny-hock markef p General business certainty is not good but just as cer- tainly is better than business psychology at the present moment. Business will ymbably view thh Autumn as marking e beginning of a gradual recovery ex- wnumc over flu next two years. Conditions in Great Britain. Great Britain—Last week’s optimism has failed to develop and business has | dropped back into a state of stagna- tl.on.pegosl sales have not revived with the coming of Fall. Even the small in- dustrial demand is tha:-mv:md by ntnn uous foreign compe Iron steel, after a brief of :u.m.ly revived business, have returned to a state of d Tin and continue to slump on un!avmble news Hides and t on Octobe! figure since 1921. the highe: 2 176,191 it contrasted with 2,161,689 | mbtr 29 and with 1,207,200 on Ofls‘b!r 1, 1920. ‘While the Imperial Conference is de- bating empire tariff preference and a quota system for imports, news has reached London that Moscow is con- templating & N‘ dumping campaign in sepwmm mmgn trade figures are disappointing. Total exports reached only 42,740,637 pounds, which is 12,000,- 000 pounds be! tember, 1929. Imports dropped 20,000,- 000 polmd.n below last year, totaling only ’ll 651,726 pounds. A part of these due to falling prices. The Board of Trade wholesale index on all articles for September this year was | 69.5, which is 15.1 per cent below the index for September, 1929. Prices Irregular in France. France.—With foreign trade and pro- duction declining, the gap is rapidly widening between rising retail and de- clining wholesale prices. Other factors depressing business sentiment are high- er living costs, the plethora of idle capital and political uncertainties both at home and abroad. August pro- duction index dropped to 139 from 141 in July. At the end of September the wholesale index showed a further drop of 8 points, while the retail index was down 11 points. Car loadings for the last week in September were down 49,000. Gold continued to enter the country. The reserve is now nearly $2,000,000,000, while circulation has soared $58,000,000 to the unprece- dented total of nearly $3,000,000,000. Despite many justifications for pessi- mism, authorities point out ' that the slowdown in recent months has not yet reduced activity below average levels in 1929. The Franco-American Double Taxa- tion Committee has concluded a new accord, which is now before Washing- ton for approval. Situation in Germany. Germany.—Despite uncertainties, pros- pects for a business pick-up are not unduly disquieting. Hoodlum politics, which are characterizing the Fascist and Communist activities, can only be interpreted as a betrayal of weakness. Moreover, they are distinctly unrepre- sentative of the nation as a* whole. Significant development this week is the pooled working agreement between the two leading groups of German mortgage banks—Preussische Central Bodencredit Aktiengesellschaft Gemeinschaftsgruppe Deutscher Hy- pothekenbankan. This combine will be 8 decisive factor in dictating German monng: credits. Of a total of $1,- 500,000,000 German mortgage bonds, $660,000,000 have been issued by recently merged companies. RESOURCES OF VIRGINIA BANKS SHOW SLUMP A decrease in resources of more than $27,000,000 during 1929, compared with 1928, was listed by the 315 State banks and 159 National banks in Virginia, ac- cording to annual report of the bureau of banking and insurance at Richmond. ‘The report shows that $18,000,000 of the total loss in resources was due to the failure of Guarantee Title & Trust tion of Norfolk. resources of State and na- unml banks at the end of 1929 were $675,000,000, as compared with $703,- 747,000 in 1928. Of this amount State resources of $284,697,000, and national banks $391,203,000. report said. GEICAGO DAIRY MARKET. CHIC. October 18 (#)—Butter, ml'ph I,O'ID tubs; firm; creame extras, 38% mnuru- ; firsts, uconch, ueelph am ‘cases; ”% nmmml. M'l flrl". Clas51f1ed Ads Pages 5 to WOMAN BANK OFFICIAL DICTDIT RANKEDC T —————1 INEPUINE IN CTAPK | o oo o 1 IEIIRAPE IC FAPINP/WOMAN BANK OFFICIAL VISITS |PANARIANC WATPH INSTITUTIONS IN WASHINGTON Miss Grace Stoermer of Los Angeles Is Here on State Mission. Meets U. S. Officials and Shows Interest in D. C. Credit Bureau. Washington's financial district is en- tertaining a noted woman bank official from the Far West, Miss Grace Stoer- mer of Los Angeles. Miss Stoermer, who was recently elected president of the National Asso- ciation of American Bank Women, is assistant vic. resident of the Bank of Italy and formerly was ln charge of the women's department in the same thhlnthhdtylnumnecflon'flh ehz statue which California is to place in the Hall of Fame in the Capitol. But while here she has not been per- mitted to overlook the local banks or the United States Treasury. Miss Stoermer was shown about the Treasury by Miss Adele Stewart, chief of the examining division in the office of the controller of the currency. Miss Stewart is an exceptional Treasury mlde, since she has been connected th this department of the Govern- mcn'. for 38 years. She is the only woman bank examiner in the United when 'John Skelton - — was con. After tting with Controller John W. Pole and Deputy Controller F. G. Awalt, Miss Stoermer was to the office of Eugene ueyer. 1., me re- cently lmhfied governor of eral Board. Trade Trend BY FREDERICK H. ECKER, President Metropolitan Life Insurance Co. As Told to J. V. Fitz Gerald. No person who has been through pre- vious periods of our irdustrial depres. sions need be pessimistic in his outlook A T the totals for Sep- | JCAT, the riods depres. | slon, in 1903, 1907, 1914 and 1921, amd | realize that 'in each case the country |wenb on to greater business actuaily struck again. I believe that history will re- peat itself and that we have coming another era of better times—better than ever before. I have been through other times as bad or worse than those we have been experiencing during the last year and while. I would hesitate to predict just when we will have a decided turn for the better I am confident that increased prosperity is on the way. Certain re- ports already show signs that are en- couraging to many business leaders. Aftermath of Overproduction. We have been suffering from the aftermath of overproduction and gen- erally unfavorable business conditio all over the world. Now that lnven- tories have, in many cases, been greatly reduced, there should be a pick-up in sales sooner or later. Once it comes, business in general will be stimuls There is a_ disposition among many persons to look too much on the gloomy sme with the result that many whou incomes have not been reduced ha called luxuries. consumption with a corresponding drop in sales in certain industries. - Their mental outlook will likely un- dergo a change when the of com- ing improvement are evident to all. When everything is said and done, the American ple will not lower their standard of living. They have become accustomed to such service and com- forts that they will be unwilling to return to a lower standard. The condition of Americans is being constantly improved of tem- porary industrial set-backs. Every time the standard of living is bettered the people of this country reap a direct benefit. Instead of any lowering in the there will be a growth in this of capital are built up in meh times as these and a sound structure m{ created for the prosperity that 1.| mos| certain to come. Money is cheaper now than it has been in a long time. There is an abund- ance of it available for the real uuu market. Now ing a fleld for sound investment mst.eld of being so much sought after by would-be borrowers as wu the case d;l;"lnl the high prosperity period Real Estate Trend. ‘This may be helpful in the r-.l uuu market out of the slum) nnt laces. Gen mnfl o mfl::“ul'l' Lo not I:' may - vance or ?m:llne as rapidly, but it is umnneemmmmmvm-mmm eventual ‘There are now, ln N" Yolk City at le‘lt. t.hlfi cony this line are more favorable. It is interesting to note that permits for the coumry showed an in- crease of 6.5 per cent last month over August. increase in September, com| August, since 1917, accordin; ernment reports. ‘This is int and a healthy New reserves States, having received her commission | Miss Williams standards of living, I am confident that | the MISS GRACE STOERMER. evinced great interest in the work of the bank women’s national tion, as well as in the part playing in finance all over the coun Mr. Meyer casually mentioned the fact that he has a d:ulhwr in Vassar who is so much interested in finance she is majoring in this subject. idance of Miss Mary J. ercial hopes tion about it to secure its the California city. and Outlook President of Metropolmm Life Insurance Company Points to Soundness of Industrial Structure. Sees Revival. suffered in loss of business during the depression. In fact, running a shade peak | ‘This insurance purchased by the public and does not include re- vivals, increases or dividend additions. men agree that the busi- has shown many men the nluz ol md the necessity for carrying insus licy holders have been the bad spots, A'.'um”mymw flmp‘ru-mfltn{w the disturbance. Group Insurance Gains. . Group insurance, which covers em- ployes and usually is paid for jointly by the employer and the embloye, is 21 per cent ahead of last year, with ©y_insurance and industrial in- surance less than 1 per cent in advance | the of 1929. In this connection, it might henlduutmpm:umeeumm hold great & of eradicating a sore spot that vt‘ilnm bo::l th-:d individual , certainly reflected in the economic cessions and | the British m e-n-y them throug! um: declining m fact that many are eonunuin. at their jobs, with resulting loss of.-efi- ciency because of the unwillingness of the em loym' to turn them out .unpro- vided or are retired to exist on e e of the employer, not the situation. The plan of group insured annunities, :lreldy in openunn in many industrial organizations and increasing its field year by r, points a way to the so- lu'.hn of the problem. It places the burden omt Jointly on the employer and the If this program was effective inter- chnn:elbly throughout tndlu'.ry. it be possible for a worker to go lmm one job to another without sac- rificing anything in the way of pro- his old age; the annuity by him in each capacity would be insured to him by the underwriting company. ‘The problem of the superannuated worker must be met. It is in this direc- tion that the great effort of the in- surance industry must be exerted. How sensibly it is met '\l! have a consider- PROCTER MADE CHAHMAN OF BIG SOAP CONCERN Special Dispatch to The Btar. NEW YORK, October 18.—The board of directors of The Procter & Gamble Co. has elected William Cooper Procter to the office of chairman of the board. Richard R. Deupree, vice president and general manager was chosen to succeed Col. Procter as president. The change, effective at once, will have little or no effect on the manage- ment of the affairs of the company, as Col. Procter announced his intention of continuing his activities as the head of business. There will be no one ap- pointed immediately to succeed Mr. Deupree as vice president and general manager. POTATO MARKET. CHICAGO, October 18 (&) (United States Department of Agriculture).— Potatoes, receipts, 77 cars; on track, 319 cars; total U. S. shipments, 935 cars; firm trading slow; Wisconsin sacked round whites, central section, 1.5081.75; Antigo section sacked Cobblers, 1.80; few fancy hl.her. Minnesota, Nort.h Dakota sacked Red River Ohios, 1.7 1.90; ln:ked round whites, 1.40a1.50; 2, T s S aut 1.95; Idaho sacked Rus- sets, 2. lBlI?fi !cw fancy bl'he'r. NEW YORK BANK STOCKS NEW YORK, Qctober 1 - 106 13q. and Sthel pEis o os S of New York n-tionll banks and trust foll Natlonal lul-. Bank of America. Chase National Chatham & Phenix. Bld. Asked. 13 th | Pirst National Manhattan National City, hm organiza- try. that local eign trade el I 12 CANADIANS WATCH DEBATE ON TARIFF - ATBRITISH PARLEY Dominion’s Business Men Disposed to Seek Reciprocal Relations With England. PREFERENCE GRANTED SINCE 1897 IS RECALLED Complaint Heard That Premier Failed to Insist on Equal Protection. BY JOHN F. SINCLAIR. Special Dispatch to The Star. want their foreign trade to expand, not only with Great Britain, but with every other country. For foreign trade is the breath of life to Canada. Now, if a system of protective preim ential tariffs is inaugurated between Great Britain and the various domm- lons, will it spell at the same time a correspong 's business do not_know. 'llh they did. But no British imperial eon!uvn';ehm ever been fol- ent one, ool o Some Ever since 1897 Canada has given British goods a preference in her mar- . At that time Sir Wilfred Laurier, the Canadian premier, agreed to such & program at the imperial conference as a magnanimous gesture to the 1 mother country. That: preference Brite ish goods stil' enjoy in Canada. Can- ;ada_has asked- nothing in return. She couldn’t very: well ask anything, be- A leading student of Canadian-British relations believes the problem of trade beiween Grea! Britain and c-nm will never off on the right foot until preferences which Canada hss given to nml.uh goods for a generstion are considered before new arrangewents are made. by Canada and the extent of eomlolumunbedcm mynunkby extent of pn!crmthl duty to Brilish goods return for the same favors on British markets said: “The Canadian seem to us to call for sacrifices Britain out of all propomfln to tributions proposed by Canada.” comments are frequent. Most British periodicals are taking the same stand. They believe that any future tions must start from scratch and ore everythlnc that has hap- pened e past. To such a most Canadian business men ob) They feel that the great sacrifice vhk:h Canadian busi- n2ss men have made to British business men in the past eration should be Tecognized in any future negotiations. Partnership Idea. But. .there .is. even. a larg:r quéstion involved in -these relationships. ‘One o( Canada’ ludlnl ‘bankers expressed i this-way:. ... “Doubtless In your life you have had friendships - that- -you remember above others. -You - kept those friendships rather sacred in the corner of your mind. You might-not- have met such a friend for -a year -or two years, but Gruc .| when: you did- ne- excuses were offered, n right where you left off be- was more than a casual ac- iritance. It was in the larger sense, apmmu friendship. “Now, suppose that after 30 years of such a friendship you meet your friend lglin and suggest to him that you both into partnership in some business venture in order to make a lot of money. To me, that friendship would never be quite- -ths same It would be lowered -to a commercial basis. Nothing wrong with it, but it would never be jugt the same 'in_ the futu “That is the way I Xeel sbout our Canadian government going to Great Britain and telling the mother country that we 'will'give her something if sha will give us something. Otherwise, Will make otir déals with people outside.” ; Business Basis Urged. There .is another class of Canadian business men who belong to the younger group. They have been brought uj business; they recognize that any ness should be carried on in‘a business way, whether it happens to be with your brother or your mother. “Canada has goods to sell. She wants the "best price she can get. Great .Bflllln has to sell, '.oo but she - to buy. She expects to get them at the cheapest price possible. t is & business transaction—the striking of ‘a bargain. it for usl— not oy wh-nemyu—‘zh’punxymmum action?” Floyd 8. Chalmers, editor Hm.m:m Oln:‘dll most im iness weekly, puf ‘There is a general that what Canada has done hll but the rendernu of nnn dufiu. l.hnt concessions ha mmly ive remrn for what Britain hn done or doing for Canada. But British -nd Canadian relations must be on a busi- “Great , while it may have rendered certain urvlen to Canada hundred years managing or bave & of