davidaulloa/AmericanStories huggingface dataset:
Evening star., 1929-06-24
GROUP, CHAIN AND BRANCH
BANKING SEEN INCREASING

Special Dispatch to The Star.
NEW YORK, June 24.-The predic-
ton that group, chain and branch
banking will continue to develop un-
abated and at an even more rapid
rate than 1t has In recent years,
whether such development may be
to our liking or not" was made by
Audolf S. Hecht, president of the HI
bernia Bank & Trust Co. of New Or
leans, In addressing yesterday the Illi-
nois Bankers Association convention
at Aurora, Ill. Mr.. Hecht also Is chair
man of the economic policy commission
of the American Bankers Association.
I'm several States they have recently
succeeded" said Mr.. Hecht, Gin having
new legislation enacted to prevent the
further spread of chain banking, al
though 1t Is difficult to see how laws
can well be devised that will effectively
halt the onward march Of this eco
nomic development, especially as legis-
lation aimed merely to curb chain bank
ing and holding corporations is apt to
seriously affect other forms of invest
ment."
Inasmuch as the banking system is
interviewer with the economic and
business conditions of the country. it
was inevitable the speakers said, that
the general trend toward greater con-
centration should spread to the finan-
cial world. He pointed out that the
total number of banks has decreased
from S0,812 in 1921, to 26,213 in 1925.
although In the same period the re.
sources Of all banks rose from about
SO, 600 100000 to more than 81, ,000,-
Evening star., 1929-06-24
ACTION OF STOCKS
SURPRISES STREET
Market Works Upward Despite
Heavy Subscriptions
to Rights"
Special Dispatch to The star.

Special Dispatch to The star.
NEW YORK, June 24.-In two re-
spects the predictions Of Wall Street
were upset last week.
The first had to do with money
rates, which were expected by now TO
begin to reflect the large demands
from those who are subscribing to stock
and bond rights" and also to the
preparations for the July dividend
and interest requirements. Instead OF
going UP, money rates have held to a
in all probability the coming week will
witness higher level.
The second upset of calculations has
been in the action of the stocks to
which rights" were attached. These
have been weighed down considerably
by the subscription situation. There
were many who thought this would
hold them back for some time.
As a matter Of fact nearly every
stock with rights" attached, some Of
which expired this week and others
have jumped forward instead Of back
ward. Notable in this list are Balti-
more & Ohio, Pennsylvania, American
Telephone & Telegraph, Anaconda and
United States Steel common.
1t has been felt that new stock
issues were coming out too fast, and
that Wall street would have difficulty
in absorbing all of the additional
shares in sight, involving payments Of
approximately $1,000,00 900. Appar-
emily stockholders have taken these
up, partly with borrowed money and
partly from cash resources, and with
out much strain on the money situa-
tion. The ease with which this has
been accomplished will undoubtedly en-
courage more financing of the same
sort.
Evening star., 1929-06-24
ECONOMIST SCORES
FEDERAL RESERVE
DR.. W. T. Foster Accuses U. s.
Board Of Following "vacil-
lating Policy"
By the Associated Press.

By the Associated Press.
SPOKANE, June 24.-The Federal
Reserve Bank was criticized by DR.. viii
liam T. Foster, noted economist, in an
address here for its alleged "vacil-
lating policy Of blowing first hot
and then cold" thereby keeping the
whole world Of commerce and finance in
q state Of nervous apprehension" DIR.
Foster, who is connected with the Pollak
Foundation for Economic Research at
Newton, Mass. was the principal speak
er at the Washington State bankers
convention.
There is one way, and one only,
whereby the Federal Reserve system can
succeed for more than a little while
at time in its efforts to stop the
rise in stock prices" Foster said.
THAT is by injuring business. with
out strength in, business, there is no
possibility OF sustained strength in the
market. AS long as investors have con-
findence in the growth Of business they
will buy stocks for investment at ad-
vancing prices.
During the past two years, the Fed
eral Reserve Board has shifted its posi-
ton so many times-flrst making rates
artificially low, then high; encouraging
the financing of business by well es-
tablished methods, then prescribing
those methods; insisting that price con-
troll was not its business, then trying
to control prices: issuing warnings. fol-
lowed promptly by, reassurances: first
blowing hot and then blowing cold
so that the whole, world Of commerce
and finance has been kept In q state Of
nervous apprehension"
Asserting that the board has pre-
vented the world forces of supply and
demand from operating normally, he
added:
'"The credit situation Of the past
few months has been created deliberate
ly and artif1cialIy by the board itself." "
Evening star., 1929-06-24
Guard workmen From Rock Dust.

Silicosis is the disease which Is ex-
perienced by workmen in quarries and
similar establishments where rock drill
ing is practiced or the atmosphere
otherwise dust-laden, and the lives of
these workmen are shortened by sew
eral years. In New York State there
has been appointed q commission of
medical and other men who have given
the matter some further attention with
the object Of curbing the disease by leg
islation. The commission was appoint
ed by Frances Perkins. State indus
trial commissioner. Methods Of keep
ing rock dust from the air in opera
tions where 1t is produced In great
quantities viii be studied, and plan
agreed upon. Several devices are be.
ing tried out by socially minded and
forward-looking contractors" now for
the suppression of free rock dust. Wet
drilling has also been found to be q
practicable and inexpensive method Of
keeping down the dust, It's only fault
being that 1t is somewhat slower than
dry drilling.
Evening star., 1929-06-24
MOTOR CAR CENSUS
TOTALS 80, 200, 900
BY the Associated Press.

~ the Associated Press.
DETROIT, June 24.--More than S2,-
600, 900 motor cars were moving along
the streets and highways Of the world
at the beginning Of this year.
The automoitve division Of the de-
partment Of commerce. which recently
completed the laborious task OF count
ing hoods from Iceland to Australia,
finds that 24,62e, ,921, or three-fourths
Of the worlds motor car population, Is
In the United States.
SpitzberRen and Bermuda are tied for
bottom place with only one automobile
each. The Gilbert and Ellice Islands
have two buses but nothing else. The
New Hebrides have no passenger cars
but recognize the motor age with IS
trucks and three motor cycles.
The country with the largest total,
next to the United States, Is England,
with 1,128,000 motor cars. France is
next with 1,09s, 900, and Canada next
with 1901 900.
China's huge family Of 100000, 900
manages to get along with only 1851.
Evening star., 1929-06-24
PRICES IRREGULAR
IN CURB TRADING
Profit Taking Appears in
lJtiIities-NeW High
Records Attained.
snecial pispatch to The star.

Special Dispatch to The Star.
NEW YORK, June 24.-Irregularity
characterized the movement Of secur-
ities on the Curb Exchange today. al
though a large tournover in some fav-
ored issues was combined with renewed
aggressive upbidding in few cases to
new record levels
At the same time it was evident that
operations for the rise were meeting
with more effective resistance In the ma
ture of profit-taking where the tempta"
tion proved too strong. This partic-
uiarly affected those members OF the
utility group which developed such pro-
nounced strength In the closing dealings
Saturday.
A half dozen or so utilities started the
dav with another demonstration OF
buoyancy. Among these were American
Super Power at the best price since u
was issued as a result of the split up OF
the old capital. The two United Gas
Improvement shares, Middle West Uti-
tiles. the insult Holding Co., Central
States Electric and General Public Serv-
ice, all of which went into new nign
ground, occupied the center OF the utll-
itv stage during the forenoon. There
was a revival of activity, too, in Niagara
Hudson Power and the stocks OF the
constituent concerns marked by sharp
recovery In Buffalo, Niagara 81 Eastern,
which went across 100. but later easteo
of. Mohawk Hudson and Nortneastern
Power rallied in sympathy.
Other firm spots in the group mciuo-
ed Electric Bond & Share, Penn water
q Power, Allied Power g. Light ana
American Gas & Electric, but they were
less active. Lone Star gas scared to
new peak on reports Of stock split-up.
Evening star., 1929-06-24
WHEAT CLOSES HIGHER.

CHICAGO, June "a P).-Sensation-
ally adverse crop conditions both in
winter and Spring wheat territory
hoisted the wheat market fast today,
but profit taking wiped out part Of the
gains. Houses that were conspicuous
buyers last week led the selling that
developed on todays bulges in price.
Gables from Europe indicated notable
uneasiness over the North American
crop outlook, but said purchases abroad
for import, 1000, 900 bushels, were from
Argentine, not the United States or
Canada. Wheat closed nervous, "a to
IL net higher, corn unchanged to n
down, oats haA OF to 1s up, and pro-
visions varying from decline to rise
Evening star., 1929-06-24
BANK MERGER PLANNED.

NEW YORK, June a. C49-A pro-
posal to consolidate the Chatham
Phenix National Bank and the Bank of
America was announced officially today,
confirming rumors recently current on
Wall Street.
An announcement by Louis q. Kauf-
man, president of the Chatham Phenix
Bank, said:
Negotiations which have been in
progress between Messrs. Louis G..
Kaufman, A. p. Giannini and Elisha
Walker have resulted in an agreement
upon their part to recommend to the
boards Of directors and stockholders of
the Chatham Phenix Bank 81 Trust Co.
and the Bank Of America plan Of con-
solidation Of the two institutions"
Evening star., 1929-06-24
CHICAGO LIVE STOCK MARKET.

CHICAGO, June "A R) (Unlteo
States Department of Agricultural -
Hogs-Receipts, $4,000 head, inciud-
ing 10000 head direct, market fairly
active; strong to 10c higher than Sat-
urday; top, 1l.25: bulk, ITO to $50
pounds, 10.95a11.20; few 270 to $40
pounds, 10.65a1o.85; bulk, packing sows,
9.50a10.00; strong weight pigs, 10.50a
HOO; butchers, medium to choice, ESQ
pounds, 10.65a11.25; 10000 pounds,
lO.5Oa1l.25; 13O-l60 pounds, 10.30a
ll.20; packing sows, 9.25al0.25; pigs,
medium to choice, 90-l30 pounds, 10.00a
lilo.
Cattle-Receipts, $4,000 head, calves,
receipts, 800 head; steer trade, 25c
lower; steer run with light kind at
yearlings predominating, inbetween
grades of most; early top, 1880: very
little doing in butcher stock; under
tone weak; slaughter classes, steers,
l4.00a15.50; 1,100-l 800 pounds, 140oa
common and medium, $50 pounds up,
11.00a13.75; fed yearlings, good and
choice, 750-950 pounds, 13.50a15.50;
he.fers, good and choice, $50 pounds
down, 13.25a14.75; common and me-
dttlni, 9.50a13.25; cows, good and choice,
9.0Oal2.00; common and medium, 750a
900; low cutter and cutter, 6.00a7 SO:
bulls, good and choice (beef), 10.25a
I1.50; cutter to medium, 8.o0a10.25;
vealers (milk fed), good and choice,
1s.00al5.5o; medium, 1o.5oa13.0O; Gull
and common,> 8.00a1o.50: stocker and
feeder steers, good and choice (all
weights), 12.25al3.25; common and
medium, 975a12.25.
Sheep-Receipts, 1900 head. open
slow; early indications weak to 25c
lower; native lambs held at 14.00a14.50:
best rangers above 1900; yearlings
steady, 7.75al2.OO; fat ewes, 6.00a6. so !:
lambs, good and choice, 90 pounds
down, 14.25a15.25; medium, 12.75a14.25;
Gull and common, 1o.08a12.75; ewes,
medium to choice, so pounds down,
5.50a6.75; Gull and common, 2.50a5 SO;
feeder lambs, good and choice, 12.50a
1880.
Evening star., 1929-06-24
SECOND HAND CLOTHING
is FOREIGN TRADE ITEM
ax the Associated Presa.

By the Associated Press.
International trade in second hand
clothing Is shown, in reports to the
Department Of Commerce, to be In
creasing.
The Turkish governments vigorous
efforts to introduce Western modes has
had the effect Of stimulating the i'm
portation Of all kinds of used cloth
ing. chiefly from the United States.
The French regency of Tunisia re-
mains the chief market for this type
Of imports. Nine-tenths Of the popula-
ton Of this African dependency, ap-
natives. Most Of them have limited
purchasing power but liking for West
ern garments.
Evening star., 1929-06-24

CHICAGO, June "a C9 Omitted
States Department Of Agriculture) -
Potatoes-Receipts 124 cars; new, 20:
on track, 208 new; 73 old; total United
States shipments Saturday, 834: sun.
day, 80 cars; new stock, trading slow:
Triumphs, I.5oa2.00; North Carolina.
barrel, Irish Cobblers, 3.40aA.OO; East
Shore Virginia, barrel, Irish Cobblers,
$50; old stock, trading slow: market
dull: Wisconsin, sacked Round Whites,
toas5: few fancy shade higher.
Evening star., 1929-06-24
BANK CHECKS GAIN.

By the Associated Press.
Bank checks drawn in leading cities
for the week ended June 10 registered
a big gain over the preceding week, but
were slightly below the total of the cor
responding week last year. Figures for
the totals of check payments as given
out by the Federal Reserve Board fol-
low:
Week ended June 10. -. $i7,532, ,025 900
Preceding week. mann. 1920, ,456, 900
Same week last year. 1872, ,991 900
New York checks last week were $i0,-
612. $50. 900, against $1l ,522 ,205, 900 in
the same week last year; Chicago's for
the same periods were 1924 TAI 900,
against 81 .675, ,933, 900.
Evening star., 1929-06-24
METAL MARKET.

NEW YORK, June "a LP.-Copper
steady: electrolytic spot and future, 10.
Iron steady; No. 2, fob. Eastern Penn
syivania, 2o.50a21.5 SO: Buffalo, 17.50a
1850; Alabama, 14.00a15.5o. Tin steady;
spot, 44.62: future, 45.37a45.50. Lead
steady; spot, New York, TOO; East st.
Louis, $50. Zinc steady; East st. Louis,
spot and future, 6.70a6.75. Anthony,
e.e7. Quicksilver, 121.00.
Evening star., 1929-06-24
Insures Golf Links.

NEW YORK, June "A OP).-The
Continental Insurance Co. has inaugu-
rated policies to insure golf clubs
against damage to their links through
forced landings by aviators. An oficial
of the company says smooth golf
courses offer safe havens for emergency
landings.
Evening star., 1929-06-24
Daylight-savings in Berlin.

Workers In Berlin, Germany. have
adopted their own daylight-saving plan.
In order to enjoy outdoor life this SUM-
mer many clerks are starting to work
not later than o'clock in the morn
ing and leaving the ofIice at 4 In the
afternoon. So many are following the
plan that the streets are filled with
them between 2 and Q o'clock every
week day morning.
Evening star., 1929-06-24
Farm Buying Power
Special Dispatch to The star.


NEW HAVEN, Conn, June "a
Purchasing power Of farm goods rose
last week by Ia points to 1862, about
which the index has been fiuctuatinR
since February l, last. It crossed the
line Of los five times, reaching high
and low points every four weeks since
February /. The mean level at los
was established in January and Feb
ruary. 1927, when 1t gave way to a
marked increase In March, 1927.
Average prices Of farm products
were favored last week over non-agri-
cultural prices, showing an increase Of
per cent, against an increase of three
tenths Of / per cent in the non. .agri-
CULTURAL group.
Index numbers of agricultural and
agricultural prices for various
periods are given in the following table
with the index of farm purchasing
power which Is their quotient. For each
the average for 1925 represents 100:
Evening star., 1929-06-24
Baltimore Markets

Special Dispatch to The Star
BALTIMORE, Md, June 24.-Poultry,
alive-Spring chickens, pound, S2a43;
Leghorns, 25a33; poor and thin. 2sa25:
old hens, 81; Leghorns, 24a26; OLD
roosters. 18a20; ducks, 20a25; Guinea
fowls, each. 5oal.lo; pigeons -pair'
35a4o.
Eggs-Receipts, 726 cases; native and
nearby firsts, dozen, 30a3l; current re-
ceipts, 28a29; small undersized, IS.
Butter-Good to fancy creamery.
pound. 43a46; ladies, 33a35; store
packed, 80; rolls, 3la32; process butter,
40a41.
Vegetable Prices.
Potatoes, white, 100 pounds, 75a1 as;
new potatoes, barrel, l.25a3.25: sweet
potatoes, 1.50a225; bushel. l75a2.O0;
asparagus, dozen, l.50aS.00; clills, 50a
1.25; beets, 100, 2.00a3.00: beans. bushel,
1.50a2.25; cabbage. hamper, 40a50; car
400: corn, bushel, i.25al so; cucumbers,
bushel, 1.25a3.00; eggplants, crate, 1.50a
2.25; lettuce, bushel, 50al.25; lima
beans, bushel, 2.50a3.50; onions, crate,
1.75a2.10; peas, bushel, 50a2.25; Spring
onions, 100, 1.0oaf.25; radishes, 100,
l.5Oa2 90: squash, hamper, 75aS5; pep
pers. crate, 2.0Oa4.00; spinach, bushel,
60a75; tomatoes, crate, 1.50a2.50; ap-
pies. bushel, 1.25a3.OO; blackberries,
quart, sails; cantaloupes. 2.00a6 90;
cherries, pound, Gals; grapefruit. box,
2.25a4.50; huckleberries, quart, 15a2o;
oranges, box. 2,00as.51; peaches. bushel.
3ooa4.00; strawberries, quart 6als;
watermelons. 20a65.
HAY and Grain Markets.
wheat-No. Q red Winter, garlicky
SPOT 1.l2; June delivery, liz.
Corn-No. 2 export, June delivery. no
quotations; No. yellow. domestic, spot,
local 10: cob corn, old, $50.
Oats-No. white, domestic. spot, 50;
No. 3 white, domestic. spot, 53a54.
Rye-Nearby, 95a1.00.
Hay-ReceiptS, none. While hay Is
arriving here in limited quantities only,
1t Is more than enough for demand.
which Is being supplied mostly by trucks
from nearby points, q few carloads be-
ing received. There is not enough buSi-
ness passing to establish prices on the
various kinds on merit at Q range OF
14.00a16.O0 per ton for timothy or clover
hay.
ton; No. l oat, 12.50al3.00.
Live Stock Market.
Cattle-Receipts, 500 head; fair sup
ply, market steady on steers; cows dull,
poor demand. Steers, choice, 13.50a
l4.25; good, 1300al3.50; medium, 12.00
al2.75; common. 10.00a11.50. Heifers,
choice, 11.50a12.25; good. 10.25a11 90;
medium, 9.00a10.00; common, 7.75a8.75
Bulls, good to choice, 10.00a10.50; fair
to good, 9.25a10!o0; common to medium
8.00a9.00. Cows. good to choice. 9.50a
1000; fair to good. 6.25a9.25; common
to medium, 5.00a8.00.
Sheep and lambs-Receipts, 300 head;
light supply, market lower. Sheep, 2.0C
a6.50; lambs, 800a13.50.
Hogs-Receipts, 1,100 head: fair sup
ply, market steady. Lights, 1900;
heavies, 11.75a12.00; rough, 7.50a10.35;
light pigs, 10.75; pigs, 11.90. Trucked
hogs. Is to 80 lower than quotations.
Calves-Receipts, 500 head; light
supply, market higher. Calves, S00a
1880; no extras.
Evening star., 1929-06-24
u. S. Buys Firecrackers.

SAN FRANCISCO, June a .Op.-
The United States buys firecrackers in
Asia and fireworks in Europe Reflect
ing the approach Of July 4, Government
figures show 455.046 pounds of fire.
crackers arrived from China and Japan
in March. Germany and Austria are
the chief sources of fireworks.
Evening star., 1929-06-24
Heads Motor Cycle Co.

NEW YORK, June "a CP).-J. Rus
sell Waite has been elected president of
field, Mass, succeeding Louis Z. Bauer,
who had resigned.
Evening star., 1929-06-24
COTTON PRICES STEADY.

NEW YORK, June "a (Special) -
With July positions awaiting notice day
tomorrow, very large volume Of busi-
ness was transacted in cotton today,
with o dull range of quotations.
Spots were about unchanged at 1880.
Evening star., 1929-06-24

A STREAM of fast trains-in
IA either direction at many con-
venient hours throughout the day.
These trains speed without
change-from the center of one
city to the center of the other.
From the Union Station i'm Wash.
ington-to Pennsylvania Station
in the heart of midtown New York,
most convenient to business,
hotels, theatres.
Faster now than ever these
Pennsylvania Flyers! With sched-
ules newly improved and quick
ened. The Congressional Limited
nOtO makes the daily run in
~ hours!
pennsylvania trains offer CON.
venient connections to Hudson
Terminal-four minutes walk
from Wall Street.)
Evening star., 1929-06-24
Farm Agricul- Non.Agri-
purchasing tural cultural
power. prices. prices.
POTATO MARKET STEADY.

1879, BY Irving Fisher syndicsi
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
CLAYTON ENDORSED
FOR UTILITIES POST
BurIeith Citizens Group Plans
UninStruCted Body for
Council Election.

William Nick Clayton was Endorsed
by the Burleith Citizens Association
meeting at Western High School last
night, for appointment to the Public
Utilities Commission.
The associations delegates to the
Federation Of Citizens Associations
were authorized to go "uninstructed' to
the election for members Of the citizens
advisory council. Appeals from other
associations for support Of their own
candidates for the council were turned
over to the delegates. With the instruc-
ton that the delegates use their own
judgment in voting for the council
members.
The traffic department was asked to
direct contractors working on the sewer
construction on Thirty-seventh street
TO route their trucks by streets instead
Of alleys
The parks and gardens committee of
the association was authorized to CO.
operate with the Burleith Garden Club
in developing the Burleith playground,
and the executive committee OF the as
ISOLATION will recommend to the aSSo-
citation at the next meeting an estimat-
ed appropriation toward the support of
the playground.
The public service corporations COM
n1ittee reported that Potomac Electric
Power Co. officials would resist any
move to force them to place under
ground any "lead-in" wires which
are above ground in territory beyond
the fire limits, bounded on the west by
Thirty-seventh street. Present regula-
tions, it was said, Go not call for
placing the wires underground.
The Washington Railway & Electric
Co was reported by the same commit
tee to be unwilling to issue universal
transfers between street cars and buses
from the Burleith bus line The aSso-
citation thoreupon voted that the Public
Utilities Commission be asked TO au-
thcrize such transfers.
The railway company was said by
the committee TO have reported there
was not sufficient traffic to put on
special Brylcith bus at the Washington
Auditoriurt FRIDAY evening, but that
Potomac Pm. bus connections with the
Burleith line at Seventeenth and K and
the new Commute service at night to
Burieith had cut down delay.
j. S. Gorrell, president, presided.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13

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continues Mrs. Skinner. when inter-
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