Evening star., 1928-11-21


7. w. MeIntosb. the unification o.
all our commercial
banks through the Federal reserve SyS.
tenn and of the mobilization of capita
! and the Strengthening of corporation
| finances through the operations of oul
greatly expanded investment banking
| system.
! Thus the speaker concluded: "Dont
be bear on America. The best invest.
ment that I know of is the United
States of America. While theorists
have been dreaming of alleged business
cycles and periodic panics and normal
reactions, America has been forging
ahead regardless. Our prosperity has
travelled right along without stopping al
| the way stations where trade reactions
we're due. 1t has ignored the depres-
! sionS called for by the business cycle
! theorists.
Americas Wealth.
Americas wealth, already totaline
| 400 billions, is increasing at the rate
| of 5 per cent annually, and this means
/ a yearly gain of 20 billions. How much
| is 20 billions? No one knows, but what
] we do know is that this annual increase
exceeds the entire wealth of the United
! States as of the day Lincoln was in
augurated. OF this, about one-half, OF
| 10 billions, represents the annual saw
ingS of the American people, while the
other half represents the unearned ap-
probation of property values.
! Our industries, respectively, are
showing this same progress. The phys
ical production of American business is
| growing by per cent per annum; rail-
way traffic expands per cent annually;
a in cfn sol - tzN,9l - sR1rv
| and construction, 16 per cent; electric
current production, II per cent, and
automobile production shows an average
I annual growth of 20 per cent. So it
| is that the pivotal principle of sound
investing is to buy progress.
Our new financial system" said Mr..
Clay, "haS tanned the bear! The old
| fashioned bear markets, like 1907 and
1921, are thing of the past Then stock
prices deprecated about A per cent,
but the bear of the future viii not be a
grizzly. We have to a large extent
stabilized investment values, eliminated
panicky selling due to frozen credits
and hereby tanned the bear"
New Controller Well Known Here.
John w. Pole, chief national bank
examiner, who has been appointed con-
.
Mcintosh, whose resignation yesterday
| came as a complete surprise to many
| in Washington'S financial district Is al
ready we'll and favorably known among
| f1nanciers in the National Capital. Mr..
Pole was special guest of the District
| Bankers Association at the dinner
| given last Spring at the Columbia
| Country Club, and met many prominent
local bankers at that time.
The resignation of Controller Nc
Intosh was frequently mentioned in the
financial district today While he has
made no statement regarding his future
plans, it is understood that he will
enter the banking field in New York
City, where he received an offer which
| he did not feel he should refuse.
Invitations are out for dinner to be
given in honor of Controller Mcintosh
| by President r. Golden Donaldson OF
| the Commercial National Bank tomor-
row evening at the Carlton Hotel. It is
| expected that about 100 guests will be
from New York.
Auditors Conference This Evening.
The District of Columbia Conference
| of Auditors and Controllers is to hole
an important open meeting this evening
at the University Club when E. H
| Cough, deputy controller Of the cur
rency, will make an address. President
j. Damn Faber sent out many Specia
invitations and large gathering is as
| Sured.
| Since its organization last March, the
] conference has been steadily enlargine
its scope until it now represents /;
banks, including the American Security
& Trust Co., j. Damn Faber and John E
I Barston; Commercial National, Rober
A. Cissel; Federal Amercian, Arthur
Linn; Munsey Trust Co., A. j. Bitterly
Lincoln National, W. N. Harris: Nc
Lachlen Banking Corporation, Laniel
P. McLachlen; Merchants Bank & Trus
Co., r. M Wolfe; w. B. HibbS g. Co., j
c. Elgin; National Savings & Trust Co.
A. T. Savage; National Bank Of Wash
ington, E. H. Parsley; Riggs Nationa
Bank, Raymond E. Marx and r. E
Haycock; Washington Loan & Trust Co
Ralph Endicott; Mount Vernon Saving
Bank, F. E. Madigan; Washington Saw
ingS Bank, r. A. Sisson, and Securit,
Savings & Commercial Bank, T. Huntol
Leith.
MergenthaIer Declares Dividend.
The directors of the MergenthaleI
Linotype Co., at meeting in New
York yesterday, declared the regular
dividend of SIPS per share and an ex
ira of so cents per share. Until recentl.
an extra has been declared regularly o