The Birmingham age-herald., 1924-10-19

sources or @ooV'- FEC.FORBES 3iout of the presi- &ency into the chairmanship of the banks executive committee and has named as his successor, James A. Bac- igalupi.
 The plan Is to have MR Bagigalupi serve several years and then have the most promising among the other execu- lives step into the presidency to serve the same length of time. It is intended that in the course of time the bank will have an executive committee composed entirely of past presidents.
 Mir. Gianninis discussed this whole matter with me some time ago and ex- plained that he believed such a sys- tenn would have a-unost stimulating ef- feet upon all the executives, since each would strive to earn a record entitling him to be favorabIy, considered as the next president.
 By having it clearly understood in advance that each presidents term was to cover only few years, there would be, of course, no reflection upon the holder of the office when the time came for him to give way to a successor. MT. Giannini has held the presidency.
 existence and will continue his active association with it asPchairman of the executive committee. He will continue also aS president of the Bancitaly cor poration and the California Joint Stock Land bank and also as chairman of The banks finance committee, the body that handles loans. Mr. Giannani is
 also giving up the presidency of the stockholders auxiliary corporation to become chairman, being succeeded in. the presidency by his son, l.. M. Gian- mani. It is interesting to note that every leading executive is a native of California. Incidentally, MT. Giannani has also devised a plan which provides for the
 ultimate transfer to the banks 2.200 employees effective control of the instt- tuition. This plan makes such a notable step in bank and corporation history that it calls for whole column.
 Westerners are not welded to tra- dition, are they?
 Montgomery Ward & Co, the big mail order concern, is not now dominated by any tobacco magnate. Elliott Averett, New York City, writes: Every morn- ing I read with interest your column, because you are always hitting bulls eyes
 1T was rather surprised to see you make a bad shot. Your quotation from a responsible business man concerning the Montgomery Ward shares is entirely wrong. The Montgomery Ward com pany, or it's shares, were never domi- mated by a tobacco man. It is also a matter of public information that the Tobacco Products corporation has long since sold all of its holdings of Mont gomery Ward stock"
 Dwight W. Morrow has been the hardest worked partner of ]. P. Mor- gan Co. during the long absence in Europe of Thomas W. Lamont. Ordi- narily MT. Lamont. carries the heaviest burdens. It was Morrow who took the load in arranging the Notation of the $110,o00,000 German loan at this end. MT. Morrow is credited with having one of the keenest minds in the whole Financial world.
 Did you ever hear the story how he and Calvin Coolidge, who were class mates at college, voted on which menn- Der of the class was likely to attain the greatest success: Every member of the class picked Dwight Morrow. MT. Morrow's own selection was Calvin Coolidge. These boys proved pretty good .pickers.
 Unlike many busy business men, Mir. Morrow has taken time to dig deeply Into his territory. He can talk of the distant past as familiarly as he can talk of present day legal and financial problems,
 But he has one fault: He doesn't play enough. I started to quarrel with him on this score the other day, but he stopped me short with a state ment, Don't worry, I'm going off on a good vacation as soon as the cleo tipn is over"
 Morgan, partners earn their vaca- tions.
 Objections have been raised by the furniture trade that the figures used are misleading. The department of labor, in it's monthly price statistics. furnishings" classification to house furnishing goods. Furniture men claim -and evidently with justice-that the labor departments figures were mis- leading and that furniture is not so dear as represented.
 "The boss of Europe" as he has been called, will be initiated into his new duties in the coming week. had chat with this 32-year-old s. Parker Gilbert as he was about to sail for Germany to become agent general of separations. He remarked: SI am, tack ling what strikes me as the most in teresting job in the whole world"
 When Roosevelt was President he once declared: "I like my job" Isn't this one of the secrets of success, this being in love with your job? Isn't 1t true that any man who is constantly quarreling with his job finds his job disagreeing with him?
 COTTON SEED OIL
 NEW YORK, Oct. 18.-The cotton seed oil market was inactive today but the tone was steady with offers small ow- In lor rd nd prices were unchanged to 5 points higher. Sales, 5,400 barrels. Prime crude $9; prime summer yellow spot, e1O 50; october closed $1115; December, S1O.57 March, $1o.72; May, $1O.s1. all bid.
 CHICAGO, Oct. 18-FractionaI ad- vances in butter prices were attained on all markets during the week, due to short supplies and a fair general de- mand. Some accumulation Of medium and under grades occurred. fair out of-storage movement continued but as 1t did not equal withdrawals of year ago, a steady and sizeable actual in- crease in surplus resulted. The sur plus previously was one of the largest on record.
 Although decreases in production were reported, the market was much heavier than last year, the Minnesota Co-opera- tive Creameries reporting an increase over 1923 of 21 per cent. Production conditions were good with high prices of concentrated feed the only factor which favored any decided falling off in production.
 Foreign markets developed some firm ness but the prospect of relieving the domestic situation by export were not considered bright at current prices.
 Closing wholesale prices and range, 92 score butter, follow:
 Chfca0o Ac higher at Qec, Narsy York