Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-24

| enCS Jnree SuDJecJS
IA FLAMING for their consider
| alton: One, the
trend in banking; two, the trend of
| legislative thought as it relates to bank
| ing, and three, the American Bankers
Association meeting in Cleveland and
what that convention may mean to
your own business.
Never before has the banking bust
| ness of the United States been con-
| fronted by similar conditions" says Mr..
Lonsdale, adding, "the banking business
is fundamentally sound; the achieve
| mentS of the business as whole in the
last decade have been Incompatible; it
has been the handspring in season of
unparalleled prosperity, and it has
held firm, sound and unmoved during
the recent period of stock market liq-
uidation. Lying before 1t are greater OPP
portunitieS for service than have ever
before been possible in banking and it is
our privilege and duty to develop these
opportunities"
Referring to legislative hearings and
the efforts now being made to better
the reserve law, Mr.. Lonsdale SAYS:
Earnest men in official and in private
life are conscientiously trying to find
the correct answer to strange and per-
picking problems. 1t is the duty of all
of us in the profession to help so the
| public opinion may be clear and not
confused, so that our business and all
business may pursue course during the
coming years that will retain the pros
| perity our Nation possesses and that
will multiply that prosperity"
The convention program Is being pre-
pared to make the convention a place
Of opportunity and Of profit to the
man who is confronted with special
as well as with general problems of
business.
A Matter Of Seven FOlIies.
The Fletcher Savings 81 Trust Co.
Of Indianapolis has as its president
Evans Wollen, who is said to be noted
for his business acumen and his staI1eh
support Of the Democratic party. He
has just promulgated group of seven
follieS. that are interesting and that
have, perhaps, lesson in wisdom.
Here they are:
i. The folly of having thought and
acted as If the rate Of business activity
in the early part Of 30 could be con-
tinued indefinitely.
2. The folly Of regarding the depres-
sion as caused by the stock market
crash, which came four months after
the depression had started, inexorably.
8. The folly of thinking that the
depression was only psychological" and
could be shooed away by big talk.
4. The folly of the provincial view that
1--WE have nothing to do with abroad"
that business here can get well while
business abroad is sick and that We can
shut out imports without impairing the
markets abroad, which are essential for
our surplus products.
5. The folly of mortgaging future
income for luxuries and of thinking
that business can be permanently
stimulated by a practice which antici-
pates but does not enlarge purchasing
power.
6. The folly Of expanding business
by advertising and salesmanship that
absorb all the profits.
7. The folly Of not now organizing
each his own affairs to meet condi-
lions as they are, instead of relying on
predictions that activity like that of
early '29 is around the corner. To be
sure, the predictions may turn out to
be true-if they do, so much the better
but again they may not.
Prosperity in One Line.
There is one line of activity wherein
there is no complaint as regards the
volume of buying, but where there is
some talk of directing effort to get
more profit out Of the enormous trans
actions, reference being made to the
manufacture and sale of cigarettes.
If the profits have been cut in this
line of trade, the average layman would
credit the matter to excessive and costly
advertising.
Reaching for Luckies in July alone
resulted in $4,000 900 more being sold
than in July, 1929. At the same time
the sales Of cigars dropped heavily.
Mercy Dividend.
Directors of the Mergenthaler Co.
have declared the regular dividend OF
10 per cent for the third quarter OF
the year, payable September 80, to
shareholders Of record September 2.
Business with the company is said to
be Door, but the large cash resources
of the corporation assure payment OF
dividends without interruption.
Few Thoughts.
Wonder If the l0-share buyer Is well
come in the stock brokers' Offices these
days2
Bonusesl Things of the past, reck-
lessly dispensed in repayment for heavy
| work long after usual closing time.
Many q Christmas gift may be credited
| to the bonus.
President Green, A. +. L., wants nigh
wages for labor to bring back pros
perity. so does every one else.
Industrial dizziness for once also ex-
tends to the white collar" brigade.
The ticker has slowed down some.
| It is certainly tempting, even to one
who does not believe that prosperity is
right around the corner, to keep from
adding a few shares of Anaconda and
Kennicott to the stocks in the vaults
waiting for the belated advance.
Great days for municipalities desiring
to issue bonds. Rates are low.