Evening star., 1929-12-18

dent Of the Royal Bank Of Canada, Sir
Herbert Holt, made reference to Senator
Nelson w. Aldrich in his conversation
with the writer, when he said:
"The ground work of the Federal
Reserve Bank of the United States was
laid by Senator Aldrich and his COM
mittee. The Rhode Island Senator has
not been given enough credit for the
| work which he did in creating pubic
sentiment in favor of a central banking
organization, without which the United
States could neither have survived the
Great War, nor it's aftermath"
This new Equitable Trust Co. presi-
| dent is A and a graduate of Harvard,
both in arts and law. He was admitted
to the New York bar in 1912 and has
practiced there since. He is director
ing and railroads. Among his director
ships are the Bankers Trust Co.. West
ern Maryland Railroad, Western Pacific.
Delaware and Rio Grande Railroad.
The Aldrich family has been for gen.
erationS one of the most distinguished
in the business life Of Rhode Island.
With the dealth of Horace s. Oakley
aboard a steamship this week bound
for Naples, the investment banking
world loses an important figure. The
law firm of Wood & Oakley of Chicago
passed upon the legality of as many is
sues of municipal bonds. especially
those created in the Middle and Far
West, as any other Arm Of legal experts
in the country.
The Arm of Wood & Oakley (the
senior partner being Charles B. Wood
two years ago. after 40 years practice.
announced its retirement from this
field in which 1t had occupied so large
place.
Mr.. Oakley, who had been spending
the Winters of the last few years at his
estate near Florence, Italy. was born in
Prescott, Wis. SO years ago. He spent
two years at the University of Michi-
gan and graduated from the Law School
Of the National UNIVERSITY Of Washing
ton, D. G.
This expert on municipal bonds also
was a famous classical scholar. He
was a trustee of many civic enterprises
In Chicago. and also Of the American
School of Classical Studies at Athens,
Greece.
His interest in Greece grew out OF
his residence of one year there while
deputy commissioners Of the American
Red Cross relief expedition, and for
which services he was decorated By
the Government.
Two basic factors enter into the pro-
duction Of rubber tires-crude rubber
and cotton fabric.
During the month Of October the
manufacturers in the United States
produced 5,el8,el2 pneumatic castings,
while the number of inner tubes was
estimated at 5.309,710.
Inventories, according to the recent
report issued by the Rubber Manufac-
| turers' Association. as of october 81,
were estimated at 12,S44537 for all
pneumatic castings. 1865. 1865 for inner
tubes and 1863 for solid and cushion
tires. During this month of October
the tire industry consumed $500 ,924
pounds of crude rubber and 1929, ,557
pounds Of cotton fabric.
While there is considerable unem-
ployment at this time at Akron and
other rubber centers, the prospects are
much more optimistic in this fleld than
they are IN the automobile field at
present The 25,000,000 automobiles
now moving up and down the highways
Of the United States have to replace
their tires, and that applies to second
hand cars as we'll as to new ones.
The tire industry is in good condi-
| ton, but several substantial consolidA-
| tions should take place In this field
before the close of 1890.
| (Copyrtght, 1929. by North American News.
| paper Alliance.)