Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-04
Washington Ticker


New types of Government securities
the Treasury bills prescribed by legisla-
ton pending before the special Congress
SeSSion-will now be placed on security
markets within matter of few weeks.
Ogden Mills, UnderSecretary of the
Treasury, announced, after discussing
the proposals with House and Senate
members, that there was no sign of OPP
position or delay TO the measures au-
thorizing the issues, and that admins
trative steps for their sale could be in
Stantly taken.
Since the scheme has only one OBJ
ject, that of saving the Government in
terest money, there is no hostility to it,"
he said. We shall try the experiment
of issuing them the instant the bills
pass, and some of them will be out by
Summer. The sale will be made through
the Federal Reserve Banks, just as are
the sales of the present forms of short
securities"
Buyers will set the interest rates on
the new Government obligations. The
Treasury will give public notice of in
tent to market bills, with amounts and
length of maturity, and these will be
allotted to the bidder willing to accept
the lowest interest rate. The Govern
ment short-te debt now in the form
of certificates, maturing every quarter,
amounts to $1.8l5 100000. while there
are notes. running for one, two and
three years. to the further total OF
81 ,94l 600, 900.
1T isn't likely that the bills will SUI
persede the older forms entirely" Mr..
Mills added. Both classes of issue will
be out until the experiment with the
new form proves or diSapproVeS their
advantage on the American markets"
- nfh
forms of energy-producing agents hard
in all fields The latest monthly list Of
exports from the United States shows
but IS steam locomotives shipped
abroad, against SO gasoline and IA cleo
trio
Mozambique, Persia and Peru each
got one American locomotive during the
month.
Charles F.. Kettering. head Of Cen
eraI Motors research and a Washing
ton visitor just now, has little patience
with the fears that advance in auto
matte machine use will bring unem-
ployment by diSplacing workers. He is
sure that increased output from such
applications will create more jobs in
the end than it destroys.
There has always been that fear
since the days, which I can remem-
first harvesting machines in the rural
countryside where I was born" he de-
clared, yet we know that properly
utilized methods can find practically
unlimited demand for any industrial
product. That has been the develop
ment in America. Why, We in Ameri-
can industry are getting from to IA
times as many units OF production per
man hour as are being obtained in Eu-
rope from the same labor effort. That
is the source Of our prosperity"
He was asked If there was any bar to
establishment in Europe of American
production standards in the next few
years.
None at all, except in mental out
look" he exclaimed. 1T is all a qucs-
ton Of headwork."
Current annual production of chem
icals and allied products in the United
States is estimated by A. H. Swift of
the Commerce Department at total
value of $2278, 100000, while foreign
trade in such commodities, export and
import, amounts to $4,000, 100000 an
nually. Though the figures have in
creased 500 per cent in the last 25
years, the study which produced the
calculation advanced the conclusion
that the industry would reach into
bigger figures in the next few years,
because of the trend toward utilization
Of highly proceSSed chemicals, in pig
mentS, textiles, medicinal and toilet
preparations.
Mines Bureau figures Just released
show that electrolytic smelling now &C
counts for twice as much production
of zinc as it did four years ago. Elec-
trolytic zinc turned out in 1925 from
American ores amounted to 79004 tons,
while in 1928 the electrolytic output
was 100, 100 tons. The older fire
processes of zinc reduction. however. in
1928 still accounted for $4,000 tons of
the 1928 output of the metal in the
United States.
Running coal mine has come down
now almost to continuous business
OF maintaining freight rate contests,
i'll the opinion of Col. w. M. Wiley,
who heads the Boone County Coal Co.,
one OF the larger West Virginia pro-
ducerS, in addition to operating as a
director of the United States Chamber
of Commerce
I'VE have two or three rate fights
on all the time" he said. land the
rates are getting to be the chief trouble
we. have, now that labor questions
aren't so much to the 'front.'"
March exports of industrial ma
chinery from the United States, placed
at $25 ,050,762, were declared today by
l.. j. Cochran of the Commerce Depart
ment industrial machinery division to
be the largest for any month since
1Q00 TTha uJnrIA Hannand maS tNartIc,,