Notes

Radio. Close after Congress' passage of the White-Dill Radio Bill which will stabilize broadcasting (TIME, Feb. 21) came, last week, an agreement between Radio Corp. of America (largest in its field) and Zenith Radio Corp. (one of the largest independents). Zenith admitted that R. C. A., with Westinghouse and General Electric, owned practically all basic patents in radio and agreed to pay royalties, under a licensing system, for R. C. A. devices.

Ownership. General Motors President Sloan reported to stock-holders last week: ". . . .There is a point beyond which the diffusion of stock ownership must enfeeble the corporation by depriving it of that virile interest in management upon the part of a group of men to whom its success is a matter of personal and vital interest; and the public becomes involved when the public can no longer locate some tangible personality, or group within the business which can be held responsible for the corporation's welfare." General Motors' stock, although diffused among 50,000 holders, is owned by interested executives and employes. Cash dividends last year were $111,576,280.

Harriman's in Vienna. Harriman Co., Manhattan investment bankers, last week organized a $4,000,000 investment company in Vienna to place loans in Central Europe and to buy securities there for marketing in the U. S.

Failures. In 1926, computed the Federal Reserve Board last week, 956 banks failed with deposits of $284,287,000 (612 failures in 1925 with deposits $172,900,000). Suspensions were chiefly in small towns of agricultural states. Usually .there were too many banks in the community.