Evening star., 1923-12-02

of Improvement are noted in various
lines. The European factor persists
in being the leading deterrent to
brighter outlook.
distinct Improvement in the securi-
ties market says the Survey. and are
an indication of greater optimism for
the future. Wages and employment
conditions are reported as eminentiy
satisfactory except in a few indus
tries. The industries which show a
reduction in earnings of employees
from July to September We're boots
and shoes. paper and woolen manu-
facture. Decreased earnings are also
noted in the New England textile
factories. where some of the plants
have shut down or are working only
part time.
Tax Move Well Received.
In consideration of the increase in
building activity during the month,
the cause is in part attributed to agi-
tation for higher wages, which has
given an incentive to completion of
projects before wage advances occur.
Permits in lGS cities for the month
of October amounted to $40, 1000 600, as
against S2lS,000,000 i'll September A
number of factors are assigned as at
work to counteract the effects of the
high costs OF labor-among those men
toned are the downward trend OF build
ing material prices; increasing lmpor-
tatiOn of brlCk ana an easy money
market.
The reception of the campaign for
a reduction of federal taxes is thus
far considered satisfactory. y policy
of government economy and reduced
revenue levies is viewed as desir-
able stimulant to industry, which has
recently been slowing down.
Entente split Put on.
With regard to the European situa-
tion, the Survey says, in part, In the
midst of the chaotic economic sltua-
tton which obtains in Germany the
crown prince is allowed to return to
Germany and rumors are circulated
that Wilhelm himself is about to
come home. Allied control commits
sionS meanwhile are notified that pro-
lection can no longer be assured. In
spite of dcnialS that these develop
ments have any sinister intent, the
European atmosphere is Surchargod
with excitement. France demands
additional sanctions, even suggesting
the siezure of Hamburg. Allied ann
baSSadors meet in conference and for
days the entente appears certain to
be dissolved. But ON November 20
once more q compromise is effected,
the net effect of which is that France
agrees to wait watChfully. For the
moment, therefore, popular hope that
the entente will be saved is again as
cendant; but close observers feel sure
that the final parting has only been
London Bank Changes Name.
A news item OF Importance to bank
ing and financial interests through
out the country is the chang" IN the
title of the largest banking corpora
tior: in the world. Hith-rt" known as
the London Joint city and Midland
Bank. Limited. il will in the future.
carry on its business as tn" Midland
Bank. Limited.
The Rt. Hon +. Mckcnna, chair
man OF the bank and an tX-chancei i
lor of the eXchequcr. is Well known in
banking circles in the United States
and was the principal speaker at the
American Bankers convention year
ago.
The Midland Bank, with its atiilia-
tions. has over 1000 branches. Tn
like the other great British banks.
il has. however. abStained from open
ing branches or establishing SubSid-
iaries in foreign countries prcferring
to conduct It's overseas business
through local banking organizations.