Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-17
GROWTH or BRANCH
BANKING IS SEEN
Florida Financial Expert Com
ments on Trend to Com
bine Resources.
BY JOHN F. SINCLAIR.
Ipecial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July 17.-Arthur F.
Perry, president of the Florida National
Bank of Jacksonville, one of the lead
ing bankers of the State, when asked
his opinion of the growth of the larger
banking units as they are now taking
. form in the United States, he saiG
Il would not be surprised II num-
Der of States during the next few years
passed laws permitting branch banking.
The tendency is to consolidate, into
larger units to control the banks
throughout the various States. Hold
ing companies may then be formed to
control the stock OF the large banks.
There has been a marked change OF
opinion In favor OF larger and stronger
banks controlling the banking business
Of the country, particularly during the
last year."
The recent afiliation Of the United
States National Bank of Omaha, Nebr..
with the Northwestern National Bank
Group of Minneapolis, institutions in
cities 38l miles apart, is fair indica-
ton of what is happening throughout
the country as a whole.
Nothing shows the oil situation bet
ter than the condition in the Turner
Valley and Wainwright fields of Al
berta.
In Turner Valley the daily produc-
ton averages 1900 barrels, selling at
1895 a barrel because Of the high grade
of naphtha. and 648 barrels of light
crude oil, which sells at $40 barrel.
So the money value Of these products is
S106e8 daily
But the gas released in getting this
oil to the surface Is i58 900, 900 feet
day. Only very small part OF this
is used for fuel and light. About 20
600 900 feet is commercially used The
rest is wasted, and this wasted gas Is
valued at $53.700 day.
In other words. to produce $l0,698
worth Of oil the country really Is losing
$50, 100 worth OF gas. A scandalous
condition!
The situation is quite general
Throughout the world. It's nothing
short of criminal to waste natural re-
sources in such manner.
The Federal Farm Board begins un-
der particularly suspicious conditions.
For years the wheat farmer has been
one of the worst hit of any class in the
industry. Prices have been consistently
low, and crops have been only fair.
Now prices are moving up even be-
fore the board gets under way.
What is the wheat situation today?
July the world carryover Of wheat
was 10000, 900 to 125.000,0 900 bushels
in excess of the average annual carry
over Under ordinary conditions this
would be bad. but the world wheat
crop for 1929. according to the United
States Department of Agriculture.
points to a drop of about 325 5000 900
bushels this year.
II we allow for an increase Of about
100000 bushels annually In the
hat
wheat prices will be above those Of last
year and that the wheat situation to
those lucky enough to have wheat to
sell, should be much better than last
year.
Canada is not likely to have more
than so to so per cent crop. The dry
weather has done irreparable damage
in Saskatchewan, Manitoba and AL
berta. the big wheat sections In West
wheat fields have been plowed down as
total loss.
The crop in North Dakota. South
Dakota and Montana is lighter than
last year, while in Kansas a yield of
about 1913 bushels an acre as against
an average OF II bushels last year is
expected.
The Federal Form Board can consider
itself fortunate in this first stroke of
luck. and its study of farm relief can
proceed in a more orderly and careful
way as a result.
Think OF Sill 400 100000 being invest
ed in public utility securities during the
last six years. There we're 2577 issues
offered to the public, averaging $4,000
900 each.
During the last two years, 979 issues
totaling more than 25o00o,o00 were
offered to the public. The amount
offered per issue was $5,400.000, slightly
more than the average during the six
year period.
Stone g. Webster 81 Blodgett. Inc,
say the new capital provided by invest
ors for public utilities within the last
six years exceed the 100000 900
annual output Of all the country's
factories and is nearly double the cur
rent value Of brokers loans reported
by New York banks.
And then consider this: The gross
revenue from the sale of electrical
energy rose from 1912 1000, 600 in 1918
to 1873 100000 in 1928
But intense expansion in the cleo
trical field has hardly started.
Speaking of big figures. the first six
months of this year A companies
m