San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-09-21
STOCKS IN SEA
Of QUICK
MOVES
Prices Fluctuate Up and
Down Without Unity
Of Action.
BY B. c. FORBES

lnlS Country mas grown 80 muCh
and it now has such a variety of stocks
listed on the New York stock exchange
that the stock market no longer moves
as one body. In the old days the
market went either up or down or
stood still. Now several divisions of
the market may be declining while
other divisions arc advancing. For ex-
ample, most industrial issues were
going up recently while oils We're
falling. This week motor stocks have
gone their own way regardless of ups
and downs in other groups. The
highest grade railway stocks are gen
orally regarded as on an attractive
price basis whereas many speculative
stocks are considered dangerously
high.
When the directors of the largest
bank in the United States selected,
in 1921. as president a man only Al
years old, there was considerable head
shaking. for he was then relatively
unknown.
Well, Charles Z. Mitchell certainly
has made banking history in the last
four years. The national city banks
shares have cones up under his regime
| from $500 to otcr $500: capital stock
has been increased sIO,OOO,O00: de-
posits have increased more than $780,
600 600 while total resources have cx'
banded exactly one .thi I'd of-a billion
| dollars. Meanwhile branches have been
opened at strategic points in New
York and the bank has also invaded
or developed business In such diverse
| parts OF the earth as Paris, Haiti.
Cuba (23 branchcs) Shanghai. Ant
werp, Manila, Montreal, Milan, Osaka,
| etc. . SCI. .... ..s .H
Mr.. Mitchelrs latest achievement, this
week. was the successful flOtatiOn Of
the, S25,00O,000 issue for Germany 5
Central Agricultural Bank. Mr.. Nit
| chcli arranged this deal while in Der
lin. and the cables announce, has now
moved on to Italy. where doubtless
there will be important Developments
by and by.
Talk about million ollar-a-year
executives, | know an enterprise that
would be willing TO pay Mitchell more
than that.
Should young men. anxious to climb,
| master accOuntancyf
Francis Darcy Cooper, successor 10
Lord Levcrhulme, who was often
called the foremost business man in
Britain. is an accountant, trained with
the company.
Charles r. Seger, president of the
gigantic United States Rubber Com
pany, first made such mark as an
accountant that he attracted the no
tice of +. II. Hartman, who loved
TO have the complete condition of 4
company boiled down to few figures
Scgcr later was president of the Union
Pacific.
A. r. Erskine, the forceful president
Of Studebaker. also climbed up the
accountaney ladder. Although he was
not an accountant, it was Frank 4
| Yanderlip's grnsp of figures which
gave him his carly advancement
Walter c. Teagle. now president OF
Standard Oil of New Jersey, was al
one time n travelling auditor.
/ Modern business demands that dl'
recting heads at least be able to I'M
derstand figures thoroughly. One
need, however, is still more import
ant; to understand men.
Men trained in law arc coming even
more prominently to the front than
accountants. The two ncwly-elected
directors Of the largest business enter
prise in the world, the United States
Steel Corporation, both are lawyers
Ex-Governor Nathan J.. Miller and
Myron c. Taylor. Judge Gary, hav'
ing been a lawyer, naturally leans
towards lcgally-trained minds.
Other lawyers now holding enorm
ously responsible business positions
include Owen ID. Young. head of Gen
cral Electric; Wigginton Z. Greed
president of Pacific Gns and Elec
trio; John r. Miller. president O
Southern California Edison; Rober
W. Stewart, head of Standard Oil O'
Indiana; Judge Amos l.. Beatty. heac
of the Texas Company Earl d. Babst
president of American Sugar Rein
ing; George r. Cortelyou. president
Of Consolidated Gas Of New York
Alvan Macaulcy. president of Packard
Among leading railway executives
who are lawyers, are: A. II. Harris
chairman Of the New York Central,
finance committee; Judge Robert s
Lovett, head Of Union Pacific: Hall
Holden, president of Chicago. Burling
ton and Quincy; Charles DOnnelly
president Of Northern Pacific: Fair
fax Harrison, president of Southern
Railway.
Little good it would have done thu
Department of Agriculture at thit
time of day to have found the
Armour-MOrris merger illegal. for tn
two businesses were rolled into on'
months and months ago. The lat
J. +. Morgan asked. when there wal
talk of diSsolving the United States
Steel Corporation. "hOw can you un
scramble an omelct?" As n matte
of fact, Swift and Company do more
business than even the enlarged
Armour Company. However, unde
the dynamic direction Of +. Edsol
White, the fight for supremacy j
likely to become extremely keen.
General r. c. Young Of Beldini
Brothers, the famous silk thread
manufacturers who have made q
profit every year, except one, 70
the last 80 years, says that the sill
trade. as a whole, is in infinitely bet