Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-09
AGE OF INDUSTRY
IN NATION HAILED
Golden Era of Advance If
Science and Invention
Mark Present Day.
BY JOHN F. SINCLAIR.

NEW YORK, August 9 (F1.-R. w.
McNeel, financial writer, believes the
United States Is in the Golden Age of
stock value. For the last five years the
Nation has been in the Golden Age of
industry. because as much has been
accomplished during that period as in
centuries before.
There have been Golden Ages in the
past-those of Art, Territorial Adventure
and Letters-Michelange Columbus
and Shakespeare all made their i'm
mortal contributions to these three
periods.
Who stands out in this Golden Age of
economic, industrial and commercial
progress? There is the Rockefeller of
OF today. No other country has eX-
panded and developed the Golden Age
Of business as has the United States.
1t may be Edison who will be recog-
niZed in future ages in the same way
Michelangelo was in the Age of Art.
aMrvels on Science.
Progress along these lines eclipses
anything recorded in bygone, centuries.
We have the telephone, the radio, the
automobile, the airplane and now tele-
vision. A man in Australia can both
hear and see what his brother on the
other side of the world is doing at the
moment the action occurs. With light
ming speed the events of the world are
recorded in the press few minutes
after they occur.
How long this period of tremendous
expansion will last no one knows. The
activity Of General Electric and the
American Telephone g. Telegraph Co.
on the stock exchange in recent weeks
reflects the part these concerns have
had in the Electrical Age. Chemistry,
too, has played large part, and
chemical stocks are showing 1t in their
feverish gyrations on the market.
The end is not yet.
Swope's New Post.
Gerard Swope, president Of General
Electric, has been added to the board
Of directors of the powerful National
City Bank of New York.
Both Charles E. Mitchell, president
of the National City Bank, and Mr.
Swope began their careers with Western
Electric in Chicago.
When Mr.. Mitchell became assistant
manager in Chicago, Mr.. Swope was In
charge Of the st. Louis Office. When
Mr.. Mitchell decided to reorganize the
handling of the company's products,
Mr.. Swope gave him every support, and
1t was a real success. They became
personal as well as business friends.
So they join hands again on the board
Of directors of Americas largest bank
Mr.. Swope was born in st. Louis, is
a graduate of the Massachusetts, Insti-
tute of Technology, chairman Of the
international General Electric Co., and
a director Of the italian Superpower
Corporation. the Radio Corporation of
America and the National Broadcast
ing Co.
InsoIvencies and Trade.
The erduced number of mercantile
insolyencieS during the first half of
1929 proves definitely the improved
trade situation within this period.
The number of such defaults for the
second quarter is not only less than in
the preceding three months, but is less
than for the corresponding period of
last year. Liabilities also show reduc-
ton for important sections Of the
country.
In three full months of the second
quarter there were $685. mercantile
failures in the United States, with liza
bilities of $107 1850, 1923, as against CAST
similar defaults during the first quar-
ter, involving Indebtedness Of 1924
268, sos.
There were 1910 insolvencies Of man
ufacturing concerns in the second
quarter, as against 1910 curing the
same period of the preceding year.
The best showing for the country is
in the West. including the Pacific Coast
States. The South Central States also
make satisfactory showing; there is
likewise a small reduction in the num-
Der Of failures in the New England d.
vision and in the section embracing
the five North Central States.
The New England States, the Middle
Atlantic and the mountain division all
show substantial increase in indebted
ness for the second quarter of this year
Four-f1fths of the banking failures
during the second quarter of the year
were in the South and in the six
Central Western States. Nearly two
thirds of the liabilities were confined
to these sections also. =.
The situation in Nebraska, Georgia
and Florida is acute just now, due to
numerous bank failures.