Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-12
GERMAN OIL FIELD
TO Be DEVELOPED
District Near Hanover Has
Given Promise of Great
Fuel Supply.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, April 12.-"Yes, there
Is very general belief that Germany
has no oil fields and never has had
any-at least. not enough to brag about
Yet, would you believe that the Wietze
field, consisting of 1,400 acres, close to
the town of Celle. 80 miles north of
Hanover, has drilled 1000 producing
wells and has taken out of that field in
30 years, without foot of pipe line to
aid, more than 100000 barrels of oil!
Not a we'll is over 800 feet deep"
T. M. Pettigrew of New York, an i'm
portant factor in the North European
Oil Corporation. made the above state
ment as he was leaving last night on
the Bremen for further study of the
German Oil fields.
Since the announcement that this
corporation has leased 100000 acres
in the North German plain-in the tri
angle formed by the cities of Hamburg,
Bremen and Hanover-to the Cities
Service Co. European newspapers have
been filled with the discussion of what
is in store for Germany.
I'VE are satisfied that Germany will
have the next big oil development of
the world" continued Mr.. Pettigrew.
f1eE opportunities III Oh nave peeIl neg"
lected, but now there is plenty of money
for exploration and development. This
is the next big step"
A conservative attitude in the de-
velopment of these oil fields is needed
now plus a scientific study of the
whole structure" Mr.. Pettigrew said.
German reparations may yet come
out of oil. Who knows?
After the second largest day of the
year, with a turnover of more than
100000 shares, the New York stock
market yesterday turned lower at the
close, with considerable prof1t-taking,
Earlier in the day the closing of the
Toxic Stock Exchange, Japan'S financial
center, made Wall street anxious. The
closing was precipitated by the walk
out of 10000 employees OF the Kanaga-
fuchi spinning mills.
Old traders remembered that four
times. since 1914 the Toxic Stock Elk
change has closed. Three times it sig
nailed a general weakness on the New
York stock market.
While 5000 ,000-share days are again
in vogue, the increase of only 26,O0O,-
600 in brokers loans for the week end
ing Wednesday last was pleasant sur
prise. 1t probably shows that stocks
are not being bought on heavy margins
"a good sign just now.
The ratio of brokers' loans to the
value of all listed stocks on the ex-
change rose slightly to 6.12 per cent In
March, but the market is not cons1d-
cred technically dangerous at such
point. It is only when the ratio runs
up or 10 per cent that the danger
signal must be needed.
Public utilities, oils and rails have
been the market leaders this week.
Will the establishment of the branch
banking system within well defined
trade area" be followed by dropping
Of interest rates to borrowers?
Gov. Roy A. Young of the Federal
Reserve Board answers in the aflrnla-
tive. Naturally people are interested IN
securing money from the banks at the
lowest rates possible, but more lmpor-
tant than cheaper rates In the prancn
banking field is the question OF Whether
6Anosits are better protected ana locaI
communities are as well proVlded WIN
credit to build up local enterprises.
Certain critics believe lower rates for
borrowers can be secured in other ana
more direct ways.
H. Parker Willis. New York Journal
of Commerce editor. comments thus:
IF Gov. Young wants to give the ousl.
ness man cheaper interest rates he Will
stop worrying about branch banking
and will do what the Federal Reserve
act authorizes-provide for direct buy
ing and selling of satisfactory. two
named paper from the individuals and
firms that make it and own it"
But the New York editor does not
stop there. He adds: Gov. Young
should discourage the development of
excited stock market dealings on Fed
eral bank funds and he should bring to
q close the various factors in the pres
ent situation which tend to transfer too
much money to the financial centers."
Being governor of the Federal Re-
serve Board is no sinecure.
(Copyrisht, 1880. by North American News
paper Alliance.)