Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-09
Washington Ticker
BY CHAS r. SHAEFFER,
Associated Press Financial Writer.

Strict adherence to what they claim
is the true intent of the White amend
ment to the Jones-White shipping act
of 1928, the creation of an inducement
to aid in selling the remainder Of the
Shipping Board lines, will be the basis
of arguments by sponsors Of the
measure when it reaches the floor of
the Senate.
The amending bill, as originally
drafted, provides preference for pur-
chasers of Shipping Board lines In
award of mail contracts to aid success
full private operators, even making II
possible to award contracts to such
companies without competitive bidding
Since, 1t has been amended by Senator
Jones to provide that not more than
one contract shall be awarded for car
rying mail on any one trade route, I'M
less, in the opinion of the Postmaster
General, such additional contract Is
deemed to be in the public interest.
The pending measure is of vital con-
Germ to the Mississippi Shipping Co.
and the Munson Steamship Co., both
of whom have submitted bids for a
mail contract on an essential Gulf
trade route.
All arguments on the measure, which
is virtually assured of passage, both
pro and con, will be reiteration OF
testimony heard before the committee
drafting the measure. Claims of stifled
export trade and monopolies made by
Munson interests in the event the bill
is passed will be combated by pro-
ponents of the measure, who will point
out the Mississippi Shipping Co. has
equipping it with costly acquisitions
from the Governments surplus war
time fleet; organizing their connections
abroad, and should be given, not only
preference, but eXcluSiveneSS, In the
matter of mail subsidy.
Then, too, the matter of community
interest, which played an important
part in the committees hearings, will
be reiterated in Senate discussions by
sponsors. They will declare the terri
tory served has gone ahead and sup
trade which is too valuable a con-
sideration to be cast aside.
Although figures for the first quarter
of 1880 show decline, the Associated
General Contractors of America find
legitimate" contract construction is
now greater in every branch of the In
dustry than in comparable periods of
1928 and 1929.
The decrease is attributed wholly to
the elimination of speculative building,
which, in turn, is squirting legitimate
construction to greater activity. While
definite figures are as yet unavailable,
the net decrease in the grand total en-
braces decline of approximately 20
per cent in commercial building, and a
larger loss in residential construction,
which comprise the two fields in which
speculative operations have been par
. 81 nj IN Va
field of public works and utilities, and
other divisions a substantial gain Is
indicated.
Total awards of surface pavement
contracts reached a new all-t1n1e peak
during the quarter. approximating SO
per cent over the corresponding three
months of 1929. This total, which was
accelerated by public works construc-
ton. reached the imposing figure of
q, 100000 square yards, as against only
16,700,000 in 1929.
The associations study also reveals
that long-term State and municipal
bond issues for the first quarter ran
we'll ahead of the same period in 1929,
averaging 500, TOO 900 monthly. as COM
pared with $50, 200, 900 last year.
Some interesting facts concerning
branch banking is this country were
who are appearing before congressional
committee conducting stury of the
subject.
The officials declared approximately
20 States now have branch banking.
The largest organization is in California,
where their own institution maintains a
Statewide system with 292 branches.
Also the Bank of California, national
bank with its head Office is San Franz
cisco, operates the only Interstate bank,
with branches in three States-namely,
California, Oregon and Washington.
This institution, however, established its
extra Offices in the period following the
Civil War, before legislative action in
terfered with such growth.
New York, Georgia, Louisiana, Ari-
iona. Michigan and Ohio are other
States in which branch banking has de-
veloped to major proportions, while in
about IL other States there is limited
development in certain sections.