The Birmingham age-herald., 1924-12-28

pound, the outlook R. c. FORBES
 for cotton growers
 can be regarded as hopeful. .
 Broadly speaking, American farmer a', are in a fair way of becoming as well off as other classes.
 Most of our major industries are doing at least moderately WeIi, anu V are looking forward optimisticahy " the coming year. orc
 Our railroads and their employees aio doing we'll. ,r.,- timely happy New Year.
 Our large employers are setting a mace which smaller employers may fino difficulty in matching in the matter or generous treatment of employees.
 More rapid progress Is being maoe now than ever before in enrolling em- ployes as owners of stock in tneir concerns. The enormous resources or big concerns enable them to do tnis, whereas the shares of grest many smaller concerns are not suIIlcieht,y attractive to warrant their sale 10 "ork, CTS. Now comes the largest .Inah a;nai institution in America, the National City bank of New York, and its allied institutions, with very generous plan to permit every employe to become an owner of the banks extremely Valuapie stock. For $275 a share the empioyes can buy, by easy monthly payments shares worth in the market more than $400 each.
 The National City bank has for years devoted great deal or attention lo the wellbeing of its staff. When Frank A. vanderlip was president he insti- tuted a most elaborate plan for ex- tending educational facilities to the whole force, and in this way enaoieo many ambitious young fellows 10 iit themselves for positions Of responsioi- ity in the bank and with other finan- cial institutions. Many years ago, fund for the benefit of employees was started and the late James Stillman, the chief upbuilder of Americas foremost financial institution, donated $1oo'ooo. Later he gave more.
 Charles E. Mitchell, when he became president, also set his mind Worklng on how to make employment with the bank increasingly attractive. The stock ownership plan just announced Is one outcome. MT. Mitchell knows what 1t is to make his own way in the world Also, he learned the value of increas- ing his earning power and -of' saVihs money. He was able to launch suc- cessful business of his own at an age when most men have been able to raise their heads only little above water. What he has done with the National City bank since he took the helm has evoked the admiration of the banking world.
 You sometimes read that a certain executive is Ia human dynamo" have never known a man more dynamic than Mitchell. Eugene Grace of Bethlehem Steel, and J. H. Barringer of the Ma tionaI Cash Register company, are other shining examples which spring to mind, and so is Clarence Dillon, today one of the foremost forces in Wall street, although in him this quality is disguised by an extraordinarily quiet manner.
 Wigginton R. Creed, president of the Pacific Gas and Electric company, San Francisco, sends this brief, cheerful note:
 I've are having splendid rains in the state; and everything looks propitfous for a banner year in California"
 John S. Miller, president of the South eFu California Edison, who has been visiting New York;, is equally cheerful over the distinct turn for the better things have taken on the Pacific. MT. Miller is looking forward enthusias- tically to the opening by his company of the longest tunnel in the world, early in March. This undertaking, de- signed to harness invaluable water supplies away up towards the top Of the Sierra mountains, easily eclipses the digging of the Panama canal in magnitude.
 You can't hold California down.
 One of the keenest-minded bank pres idents in America, commenting on the suggestion made in this column that the Federal Reserve banks should regis ter commercial paper and on the decis- ion of the federal reserve board not to act, on the plea that this duty could be undertaken more properly by the Amer ican Bankers association, writes:
 q cannot agree that the Federal Re- serve banks should not be made the instrument of record.
 Some one has to start this and it is now a good time to do it. We may have imitation, for tremendous busi- ness now seems in sight, and this may tempt many concerns, through an easy money market, to spread out, resulting later on in the banks having to resort, in many cases, to revolving funds and other usual rescue measures.
 q think you are working along splen- did lines in advocating this measure and that conservative institutions will uphold you.
 "Some day there will be a big finan- cial funeral due to the laXity of lenders, but they will have only themselves to blame"
 It may not be a particularly happy NAWHrV faV utn naIr nwlrn at Aa at