Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-29
YOUNGF FOLLOWING
F. HARD|NG'S CAREER
Reserve Bank Official Has
Resigned to Accept More
Lucrative Position.
BY JOHN r. SINCLAIR.


NEW YORK, August 29.-Roy A,
Young, in resigning as governor of the
Federal Reserve Board to accept the
more lucrative position Of governor OF
the Federal Reserve Bank Of Boston, Is
following In the footsteps of his i'm
mediate predecessor in Boston-W. p.
c. Harding.
Gov. Harding became governor OF
the Federal Reserve Board on August
6, 1915, and resigned that post on
January /, 1928, TO becoEie governor
of the Federal Reserve Bank OF Boston;
while Gov. Young, now 48, was appoint
ed governor of the Federal Reserve
Bank of Minneapolis in 1919, resign
ing that post three years ago TO become
governor of the Federal Reserve Board
at Washington.
Now Mr.. Young leaves job paying
$4,000 a year for one that VIII pay
nearly three times ss much.
Gov. Young is a comparatively poor
man. After graduating from the high
school at Marquette, Mich, 50 years
ago he began his banking career as 9
messenger in the First National BANK Oh
Marquette. When appointed deputy
governor of the Federal Reserve Bank
Of Minneapolis In 1917 he was vice
president of the Citizens National Bank
Of Houghton, Mich.
The retirement of Gov. Young from
the Federal Reserve Board was not I'M
expected. It was known that hall q
dozen large commercial banks had mace
him attractive offers, but ne refused
them all. Trained In the macn na.er
an : practices of Federal Reserve bank
ing. he will continue in the field ne
knows best. Besides, the Federal Re.
serve act does not permit q member OF
the Federal Reserve Board to accept an
executive position with q member panK'
within Eve years Of his retirement from
So the Boston governorship, which
has been untitled since the deatn OF
Mr.. Harding some months ago. seenlS
an ideal way out for Mr.. YOUNG
Sees Better Business.
The number of business executives
who have been travelling abroad TINS
Summer probably makes new record.
Quiet business at home has given many
q business man chance TO traVel
and reflect. -,
woolworth & Co., has just returned
from a visit to Europe, where ne mas
been studying business conditions
Asked for his opinion as to when
business in the United States would
pick up, Mr.. Parson replied:
"It Is difficult to look into the future
and form any idea of what we are TO
expect, but I think every one 1eeis
that the worst is over and that we
can look forward to better business
The Woolworth organization, In adj
dition to its wide-fung store system
in the United States and Canada. has
been expanding for years in Europe,
especially In the British Isles ana Ger
many.
Accident Losses.
The Index, published by the New York
Trust Co., estimates that losses due 10
industrial accidents IN the UniIe ,s
n this sum is added to the losses due
to industrial sickness, amounting 70
$1,000 900 600 more, the total reaches mes
the astounding sum Of $e,0OO,OOO,OOo
SThat industrial accidents are con-
trollable and. with their attendant losses
can be materially reduced, provided the
proper steps are taken, has been dem
nitely proven in the case OF many large
manufacturing concerns" says the
index. "The Bethlehem Steel Co., en-
blowing 10 900 men, cut its accident rate
In half during the first eight years that
accident work was in progress.
It also tells of the work OF the Inter
national Harvester Co, which in IA
years has reduced its accident rate ny
but the gold medal for efficient service
without accident probably should oe
given to the Clark Thread Co., winch
employs nearly 5000 persons. some
years ago it established a record OF
to- n
out a single accident.
still there is plenty Of room yet fol
accident Improvement IN industry as 9
whole.
EatOn's Salary.
CYRUS 8. Eatons testimony in thu
Bethlehem youngstown fight to tn'
effect that he never received single
cent in bonuses paid by any OF his com
panies; that his salary was S23, 900
wear of which he received $1B, 1000 as |
partner In Otis g. Co. and $1,000 as
member of the Executive Committee o
the Youngstown Sheet g. Tube Co., doe
not, of course, include the profits o
81 500, 900 which Otis g. Co. received II
the Republic Steel merger.
Otis 81 Co. in that merger secures
the right to purchase $4,000 shares o
the new Republic stock at SIS shAr
within two years and $4,000 share
of the same stock within three years a
the same price.
The common procedure among bank
ers is to take a round fee for merge
work and in addition secure an optiol
TO purchase large blocks OF the stocl
IN the future at a favorable price.
Within the next few days, w. c
Mather and S. Livingston Mather, tn
former a half brother and the latter
son of Samuel Mather the secon
largest stakeholder in the youngstown
Sheet g. Tube Co., will be heard at u
merger hearing. Their testimony wi
be most interesting.
The consensus among steel men
that Mr.. Eaton, after five days on tn
witness stand, has made a strong cas-
for his side.
New Roads.
Hundreds of miles of new pave
road are being completed every weel
Right behind the completed pavemer
come the motor trucks carrying hur
cireds Of thousands of tons OF freigf
of one kind or another. The bushes
Is growing rapidly so rapidly IN fac
that the railroads are beginning to tai
oficial cognizance Of the growing trac
being taken away from them.
THE trucking companies do not pa
taxes comparable to those paid by II
railroads." says C. w. Galloway, viz
president of the Baltimore & Ohio Raj
road. Nor are their rates subject
review by the Interstate Commer'
Commission. The railroads are heaN
tax payers, and their freight tariffs a.
approved by the commission in detail
It's not the short haul that the raj
roads are Directing to. In this ne
most railroad men believe the mot
truck Is performing useful and mut
needed function. The truck Is CALI
to the door of the shipper and in tv
or three hours transports the goods d
rectly.