Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-26
HUGE BANK MERGER
|S-EFFECT|v!E TODAY.
Chase National and National
Park of New York Join
Hands.
BY JOHN F. SINCLAIR.
pecial Dispatch to The star.


in the United States.
Albert H. Wiggin, 81. who becomes
chairman of the board of directors. has
been in banking ever since he was grad
uated from the English High School in
Boston in 1885. He remained at Boston
IA years and then moved to New York,
where, in 1899, he became vice president
of the National Park Bank:
Five years later Mr.. W1ggin trans
ferred to the Chase National Bank to
become its vice president, and seven
years later. in 1911, he became its presi-
dent. So he should feel at home IN this
merger. for he has been an executive
in each of the merged banks.
The chairman Is q director OF many
large corporations. These include the
American Surety Co.. the American
Cola, Mack Trucks. Montana Power,
Otis Elevator, Observation-Disclosures
Transit, American Railway Express,
American International, Inspiration
Copper, Westinghouse Electric and
Western Union, of which he Is chairman
Of the executive committee. And yet
Mr. wiggln finds t time so 70 c 9elons TO 10
Charles S. Mccain, up to now presi-.
dent of the National Park Bank. will
carry a large part of the executive nur-
den in the merger OF the INSTITUTIONS.
Mr., Mccain was born at Pine BUT
Ark, As years ago. After he was grad
ilated from Yale he entered banking IN
Little Rock. In 1925 he went to New
York as vice president of the National
PARK Bank. Three years ago he was
The new bank will continue to be
called the Chase National for the Sec
rotary of the Treasury In President
Lincoln's cabinet, Salmon P. Chase
author Of the present national bank
New York bankers have spent . busy
Summer with mergers. So have bank
ers in other parts Of the country.
And the mergers have only begun.
Homer L. Ferguson, president Of the
NEWPORT News Ship6uilding Co, one
time president of the United states
Chamber of Commerce, Is one OF the
LARGEST employers OF labor in the South
The company employs about 1000 non
Recently there has been much talk
of poor pay and long hours IN Southern
I'm the south you are dealing with
a people who have had to learn inous-
try from the ground up" says MI; Fer
suson. when they talk about $lz .
week. they do not tell you about tine
free homes. the good country food. wa
ter and light for nothing and the pal.
aces they live in compared with the
mountain homes from which many OF
them came. The condition OF the
southern cotton mill worker Is very
much better than it was generation
ago when he had no work at all
Bruce Crawford, Virginia neWspapeI
man. takes issue with Mr.. Ferguson: :,
"Southern industrial leaders are still
clinging to the discarded and discred-
tied wage theories and working condi::
tions of the pre-war period. ne toio
the Virginia Institute of Public Affairs.
ut is still believed and practiced tnat
low rates of pay are SYNONYMOUS WIN
low labor costs. Inc iaoA
union has not been accepted as Q per
manent and inevitable 1nstltuVton M
modern industrial life"
Replies Mr.. Ferguson: "Unionization
a not the universal and complete pan
acea. " II the Southern textne
owners and operators tie up WIN tne
labor unions. they will see the textlie
industry move elsewhere, as IL ALREADY
moved once"
So the fight Is on.
Francis H. Sisson, vice president OF
the Guaranty Trust Co. OF New 1o,k,
believes the amazing growth IN tns
wealth of the United States is nounC
In have its reactions In the field OF
cultural advancement.
"Just as Florentine silk merchants
and Venetian traders have acquired ana
spread culture throughout the worio,
the United States may be expected 10
present a similar phenomenon 10 MS
torians," said the banker.
The civilized world Is becoming more
sensitive. Any disaster in one part OF
the world is reported in thousands OF
newspapers the next day in every other
mart. Any new discovery OF wealth Is
likewise reported. Cultural develop
ment, therefore, in any part OF tne
world likewise should be available 10
any people who seek It. -.a,,... n
per cent of the worlds wealth. although
It has only 6 per cent Of the worlds
area and population.
Great wealth is . challenge, too. Bus
mess man and bankers assume the
added responsibility Of bringing the cui-
tural side of life within the reach OF all.
Otto H. Kahn, New York banker:
once said to me that ne was mteresteo
in the cultural side Of things because
cultural development in music and the
arts was the one factor in information
alism which appealed to all.
A sound method Of fostering tnterna-
tional good will and friendly co-opera-
ton.
r. " Soong, scion of the great
"Soone dynasty" of Shanghai bankers.
is a graduate Of Harvard. While there
he specialized In finance and economics,
especially in relation to international al
fairs.
Returning to China he became inter-
ested in the Nationalist movement. He
dreamed Of China-unif1ed, independent,
prosperous He forsook business for
politics; In 1924 ne became ar eh the Ma
When he took over the work the in
come Of the Chinese government from
local taxes was 81, 900 900 month. He
increased it to $l0,000.000 a month.
The largest part was absorbed Tor mill
tary expenses. Little was left for more
important work.
Finally, Soong agreed to give the
army $6,500,000 "A month. This Is
deemed not enough. So he has resigned.
military power is put under the DONNA
ton of the civil.
1.-THE Chinese people have borne
heavy burdens in the hope that mill
tary expenditures would be greatly re-
duced and a budget enforced" says this
Harvard graduate. Even now there Is
no assurance that these primary prin-
ciples will be made effective. If after
disbandment no limit Is set on military
expenditures, the national credit will
be ruined and 1t will be: impossible to
raise more funds"
So Chinas frail ship Of Nationalism
may be sunk in the stormy sea OF mill
tarism. -
downright, 1929. By North American News
paper Alliance.)
Stock Privately Acquired.