Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-15
Washington Ticker
BY the Associated Press.

SN&NSSO va q dOpACSoAOL ia GliC AllAAC-
date offlng, in the view of the Federal
Reserve Board, Secretary Lamont o.
the Commerce Department and high
Treasury ofhcial.
The report of the Federal Reserve
Board showed that the banks of the
United States occupied the enviablG
condition of being major financiers Of
world trade through the purchase Of
81 200, 100000 worth of acceptances, g
quarter of billion dollars greater than
those held in the beginning of Fall last
year and nearly half billian more than
in 1927 at that time. The greater por-
ton Of the increase, according to the
board, occurred in dollar acceptances
to finance goods stored in or shipped
between foreign countries and reflected
a growing demand for dollar exchange
by such nations, particularly in South
America.
At the same time the boards survey
represented American agriculture as IN
a stable position of promise, with slight
ly higher prices counterbalancing the
decrease in the size of crops as COM
pared to last year. ION the basis of
production figures and prevailing prices
for the principal crops" the board
stated 'it would appear that the cash
income of farmers from crops for the
than last year."
Secretary Lamont in his views on the
business situation pictured high level
of industrial and commercial activity
for the first nine months Of this year.
He cited in particular that 1.-THE output
of pig iron and steel ingots, usually re-
garded as an accurate reflector of in
duStrial conditions, was more than II
per cent greater than in the CORE
spending period of 1928" He added that
a further indication of the Nations
business health was found in the de-
cline of IL per cent from 1928 in the
amount of defaulted liabilities Of de-
funct business firms.
The business outlook is good and no
serious slump is in sight, in the opinion
of the other high official, who keeps his
finger closely on the Nations economic
pulse. While some industries have
slowed down during the Fall, his view
was that other lines have continued
at high activity and are counterbalanc-
ing the slackening. He cited that, while
automobile manufacturing has become
less active according to usual seasonal
conditions, railroads are keeping up a
high rate of activity.
Where the demand Of the automobile
industry for iron and steel products
has lessened, it has been counter
balanced by the increased purchases OF
the railways over the last year and thus
the iron and steel industry, q "key" bust
ness of the Nation, has experienced
little slowing up. The coal business, too,
has improved over last year, although
there is still room for betterment Of its
condition In the officials opinion. The
buying power of the Nations popula-
ton was characterized as keeping up
well and the agricultural situation, with
increased prices, was not untavoranie.
In regard to the agricultural situa-
ton, the Federal Rerserve Board, which
devoted In its October survey more than
usual attention to that industry, tndt-
Gated that the farm credit supply-an
alarming factor q few months ago TO
economic analysts-had made material
steps toward improvement and sufficient
funds were on hand for the crop move
ment. The bank loans for commercial
and agricultural purposes were de-
scribed as greater than in the two pre-
ceding years, with the increase largely
reflected in the advances for the mar
keting Of wheat and cotton crops, which
were moved for sale earlier than in the
past. The total value of stocks OF IA
farm commodities was fixed, according
to Department Of Agriculture estimates,
at $500, 900, 900 at the end Of August,
which was 170,000,000 more than last
year and higher than any previous
August in the past six years.
The specter of danger to the petro-
leum and gasoline industries in the
form of gasoline substitutes"-at any
rate, for some time to come-is dis
sipated in the opinion of Secretary La
mont. The Commerce Department head
has disclosed that the Bureau Of
Standards, one Of the Government
agencies under his jurisdiction, was not
engaged in any comprehensive study
Of such substitutes.
The Secretary believes that the gaso-
line and oil supply for years to come
win be furnished by the rich deposits
Of petroleum in the United States and
other parts of the world, although he
Is stanch advocate of conservation
Of the present supply in the United
States. But Mr.. Lamont feels another
source Of supply, rich in promise of
furnishing the gasoline needs, Is ex-
istent in the United States in the huge
oil shale deposits, particularly in the
Rocky Mountain region.
Although the oil Shale industry in
the United States Is practically in the
experimental stage, the Secretary cited
that In Scotland and Estonia 1t was
fairly profitable and established busi-
ness, except during the past year or
two, when it was adversely affected by
the low price of petroleum. The Amer
lean industry has borrowed to large
extent the Scottish method of manu-
facture Of oil from shale, using the
vertical retort and distilling the oil
from the shale. The process is greatly
similar to the extraction of gas from
coal.
An estimate of recoverable oil from
the shale deposits in the United States
servation Board at $4,000, 900 900 bar
rels or nearly 10 times the total guam
tity of well oil produced in this Ma
ton to date. The richest and most
extensive deposits are in Western Colo
RADIO, Eastern Utah and Southern
wyoming, and this presents a transpor-
tation problem. In the meantime, with
low petroleum prices. production from
shale has not been active and the
main insight into the future Of the
industry has beer. furnished through
the experiments Of the Bureau of Mines.
In the minds OF Government officials
cognizant of the oil situation, the shale
deposits remain an important reserve
for the future.
An outstanding increase of 80 per
cent greater than August, 1928, in The
United States trade with China was
recorded during that month this year
Despite the threat of Russian Chinese
| war in Manchuria, the Commerce De-
partment reported the exports from
America to that nation aggregated
$14, 100000, compared to SIC, 480, 900 for
July, also a gain-of 35 per cent. Iron
and steel, raw cotton, machinery, to-
hacco, -four and lumber formed the
major items reelected in the increased
trade.
The tagging Of salmon by the Bureau
Of Fisheries is bringing about the
sterilization Of that $50, OOO, 900 industry
through the promotion Of permanent