Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-25
new BANK merger
PLANS ANNOUNCED.
Assets Of More Than Billion
Dollars Involved in
Latest Combine.
BY JOHN F. SINCLAIR.

BY JOHN r. SINCLAIR.
Special Dispatch to The Star.
NEW YORK, November .25.-Another
great New York bank will rise as a
result Of the announced merger on or
before January Of the Manufacturers
Trust Co., the Bank of the United
States, the Public National Bank g.
Trust Co. and the International Trust
Co. Based on the last published state
n1ents this merger will combine re-
sources Of 1898 .000. 900 and deposits OF
more than $700.000,000.
J. Herbert Case, now chairman OF
the New York Federal Reserve Bank,
win head 1t. Only recently did he be-
come chairman of the board OF the
Federal Reserve Bank Of New. York.
when Gates w. McGarrah resigned the
post to become chairman of the Bank
for International Settlements.
Mr.. Case, So, was born at Elizabeth,
N. j.. and entered the banking busi-
ness Immediately after graduating from
high school. For 10 years he was q
New Jersey banker with the Plainfelo
Trust Co. The next five years he was
vice president OF the Farmers Loan o.
Trust Co. of New York, resign1ng that
most in 1917 to become the deputy
governor of the Federal Reserve Bank
Of New York City, which he held until
his election to the chairmanshlp OF the
board this year.
Three important officers in other
New York banks will be added to the
board of directors-Mortimer Q. Buck
ner. chairman of the New York Trust
Co: walter g. Frew, chairman of the
Corn Exchange Bank g. Trust Co.. ana
George w, Dawson, chairman OF the
Central Hanover Bank e. Trust Co.
THE merger will create the largest
branch banking organization IN New
York City It will have nearly l5O
ofices and will be member OF tne
clearing house.
heen decided upon, but the Bank OF
the United States has been suggested.
Cases Successor. =.
Who will succeed J. Herbert Case Is
chairman Of the New York Federal ne
serve Bankp w. Randolph Burgess,
now deputy governor of the Federal
reserve Bank of New York is the most
prominently mentioned;
DIR Burgess is q statiStician ana an
economist, Just Al, and a graduate OF
Brown University, 1912. He received
his doctors degree from Columbia IN
1917. Ten years ago he entered the
Federal Reserve Bank Of New York as
editor of the Monthly Review OF Credit
and Business Conditions. Three years
later ne became assistant Federal Re-
During the war he was assistant and
acting chief OF statistics for the Board
Of the General Stan.
His recent book, Reserve Bank ana
the Money Market" is considered an
authority on the subject.
Should DR.. Burgess be appointed the
New York Federal Reserve-the largest
of all the Federal Reserve BankS-w1ll
have the distinction of having the two
Youngest executive officers. For George
Harrison, the governor, is 43, graduate
of both Yale and Harvard, and one
time secretary to Justice Oliver Wen
dell Holmes.
Razor Firm Merger.
Henry J. GaiSman of New York, 81,
bachelor, head of the Autostrop Safety
Razor Co., appears as the real victor In
the Gillette-Autostrop merger, which
has joined together the worlds two
largest safety razor companies.
It was In 1914 that this resourceful
inventor sold his autographic patent to
George Eastman for $500, 900. This de-
vice, now used on the kodak, enables
one to write on each film what the
taker Of the picture desires.
This windfall gave GaiSman enough
money to carry on his work In other
just before Gillette announced its new
razor last Fall, the Autostrop Co.
brought out the Probak blade-one
which was designed to At the new Gil
lette perfectly.
The fight was on. It spread to the
trade. The Gillette suffered the most.
Then Gillette, with total assets of over
$4,000, 900, decided to buy out" Auto
strop and its $1,000, 900 assets.
When the clouds cleared away Gil
lette had paid around S16,O00,O 900 for
AutostTop. Too much? Well, AutoStrop
viii earn nearly 100000 this year,
while Gillette will earn $1,000 900. Per-
haps Gillette paid too much-perhaps
Il DID not. But from $4,000, 900 to S.
100000 In overhead savings are ex-
pected to result from the tie-up.
These two companies probably handle
30 per cent Of the safety razor trade Of
the United States. Is such q combi-
nation in danger Of the Sherman anti
trust laws? No-because both businesses
Iand they win be kept as separate
drms) are based on exclusive patents.
And Business Week Is an authority for
the statement that complete monopo-
lies under patents are permissible
Adds Advice.
Calvin Coolidge tells the world to
heed the words of Sir Charles Adds.
chairman Of the Bank for International
settlements and director Of the Bank of
England, who does not believe In any
magic remedy, but expects the world to
Be restored by hard work and saving. /"
True, there Is no magic wand that
viii pull America and the rest of the
world out Of her present difficulties.
But there are some things that man
can do. Sir Charles Adds. in HIS ADJ
dress last week before the Academy of
Political Science in New York, made
this definite statement:
The problem Of stabilizing the pur-
brooks no delay"
That is a significant statement for
the chairman Of the Bank for Interna-
tional Settlement and the director of
the Bank OF England to make. It shows
o deep appreciation Of the values back
OF the money and credit systems Of the
world
stabilizing the purchasing power of
money, so that the monetary yardstick
doesn't vary year by year, is being con-
sidered more and more by bankers and
business men as Of fundamental and
4ar-reaching Importance.
The attention which Sir Charles Ad-
dis Is directing to this problem is q very
valuable public service.
Wheat Exports.
The prediction that Russia will be
the biggest exporter of wheat in the
world within the next two years will be
the subject Of much discussion in
Western Canada and in the western
part Of the United States this Winter
j. viii also interest the Argentine
Australia, Brazil and India
II this forecast proves to be correct
then modern machine methods Of pro-
ducing wheat will be forced upon the
wheat farmers of the United States and
Canada. II large farms can be so or
CANNED as TO produce wheat at from