Evening star., 1929-12-14
BRILLIANT BANKING.
LEADER SUCCUMBS.
Death of C. A. Austin Is
Shock to New York Finan-
Cial District.
BY JOHN F. SINCLAIR.


BY JOHN F. SINCLAIR.
Special Dispatch to The Star
NEW YORK, December &c. A.
Austin, president of the Equitable Trust
Co. of New York. whose sudden death
yesterday shocked the New York bank
ing fraternity, declared Thursday last
before the Association Of Life Insur-
ance Presidents that Wfe insurance
companies and the banks of the coun-
try had much in common as cuStodians
Of large part of the Nations savings
There is today a greater necessity
than ever before for a fundamental
knowledge of sound principles of eco
nomicS and finance on the part of those
who hold high position and trusteeship'
said Mr.. Austin, in speaking of the
broadening policy of American bank
ing to meet the new economic respon-
sibilitieS.
messenger boy in New York brokerage
house. A year later he went with the
Erie Railroad as a clerk. At 35 he
entered the banking business with the
Columbia Trust Co. of New York, NOV
ing up to vice president before resign
ing to become president of the Mer-
camille Trust Co., which he helped
organize just IL years ago. When this
company was merged with the Sea-
Austin became its president.
Then when the Equitable Trust Co.
merged with the Seaboard National
Bank on September Is last, Mr.. Austin
became president.
His untimely death at So takes from
the Nation one of its younger, more
aggressive and brilliant banking leaders.
The committee of 20 business leaders
which julius H. Barnes, chairman of
the Chamber of Commerce of the
United States, appointed looking to
the stabilization of business in the
United States, contains members from
New York City, from Chicago. from
Los Angeles, l from San Francisco, l
from Minneapolis, l from Philadelphia,
/ from Delaware, l from Connecticut l
from Detroit, l from st. Louis and l
from North Carolina.
Putting it another way, IL are from
the Eastern part of the country, 5 from
the Middle West 3 from the Far West
and from the South.
A general committee, consisting of at
least so men from many different lines
of business from all parts of the Nation,
will be named later.
with basic facts and a strong ma
tional committee to interpret them, we
should be able to cooperate very help
fully with American business. But facts
take time to assemble These come first.
The suggestions of the committee will
naturally follow" said Julius H. Barnes,
chairman, to me in discussing the devel-
opment Of this new business Stabilizing
committee this week.
The scope of the work and the i'm
portance of it has led some business
men and bankers to hope that, while
the committee as organized is a tenn
porary one, 1t may result in being
welded into more permanent form of
organization.
Certainly it will If the results attained
are what are now anticipated.
Other industries may slacken, but the
petroleum output continues upward.
Production was larger for the week
ending December than it was for the
preceding week and also larger than for
the corresponding week of year ago.
The steel plants are down over both
periods, as Is the volume Of check pay
mentS.
In the farm sections, the receipts of
wheat and cotton were lower than for
the corresponding period of last year.
while those of cattle and hogs were
larger than year ago.
Freight car loadings are off quite ma
terially from the corresponding week OF
year ago.
How about the price level? Generally
speaking, its trend is upward, but it is
still below last years level. Iron, steel
and copper prices showed no change
from the preceding week, but those of
wheat and cotton advanced, the price
of wheat also being above that OF
year ago.
In the field of banking, loans and dis
counts continued to recede, but were
still larger than a year ago. Interest
rates on time money moved down, while
rates on call money were unchanged.
Rates on both types of money were
much lower than a year ago.
Bond prices continue to advance, but
they have not quite reached the level
of one year ago. Stock prices have
moved up, but they, too, are lower than
a year ago.
But business failures. according to the
United States Department of Com
merce for the week ending December
2 were more numerous tnan during
either the preceding week or the cor
responding week of year ago.
DR.. Henry w. Cook, medical director
of the Northwestern National Lie IN
surance Co., speaking before the IN
surance men on Pushing Back the
Death Line" made plea for an ad-
vancement or research in the field of
both mental and physical health. Re.
search is making great progress IN all
communicable diseases except two-ln-
huenza and pneumonia. ~
But in the field of degenerative dis
eases of adult life the record Is not
so good, particularly in the nelo OF
heart disease and cancer.
Dr. Cooks concluding statement Is
worth quoting:
IF philosophy, medicine and industry
sense this need for bringing order out
of our present confused civilization,
and will contribute, in a united effort
sound thinking, science and prac-
tical efficiency, may we not hope that
the result will be expressed in the en-
hancement of human health, longevity
and happiness, in an amelioratlon OF
and unjust social relationships,
and even in a. renaissance OF art ana
literature, which shall exceed the /
Golden Age of Greece?"
The tax bill, by which $16o,000: 900 is
cut from the Federal taxes, Will pass
Congress and be signed by the Presl-
dent. This much is now obvious.
There are several minor, IN TACT
many minor, objections, but they are
not Of sufficient importance to hold up
the pending bill.
One Of the objections echoed great
deal in Washington is that the tax re-
duction should apply to the 1880, and
not to the 1929 incomes.
But the die is cast. The move is on.
And the bill should be law Wltnln 81 |
days.