Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-29
AUTOMOBILE TRADE
!. IS TURNING CORNER
Industry Now Going Forward
at Steady Pace on Solid
Basis.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, October 29.-"The mo-
tor industry has seen its best days"
said an investment banker who had
Just returned from a visit to the auto
mobile centers of the country.
Has it? Col. Leonard P. Ayers, vice
president of the Cleveland Trust Co.,
stated recently that in his opinion 1.-The
peak of production reached in the auto
motive industry in the first half of
1929 will be exceeded within the decade
which we are about to enter, and
probably before half of the decade has
elapsed
Nothing pesSimistic in this. The col
onel elaborated his position:
Il believe that citizens of Canada and
the United States are going to continue
to use automobiles, at least as much as
they are using them now. If this proves
true, 1t follows that the production
figures of the last two years, less ex-
ports, will become the replacement fig
ureS of the next two years."
The automotive industry is having a
sub-normal year. But the saturation
point, either in the United States or in
the rest of the world Is long way off.
The industry right now Is walking up
the hill, instead of running. So many
people think something awful hap
pened to it. Well. something Is hap
pening. It's at work laying the ground
work for its next epochal expansion.
New Bank Merger Rumored.
Should the Manufacturers Trust Co.,
the Bank of the United States, the
Public National Bank & Trust Co. and
the International Trust Co.-all of New
York-merge, 1t would bring together
the largest branch banking organization
In the United States outside of Cali
fornia.
While the Bank Of Manhattan Trust
Co.. with over 70 branches within New
York City, has now the largest branch
system, the merger of these four would
give 1t branches totaling lab offices
inside the city.
For the Manufacturers Trust Co. has
48 offices, the Bank of United States
So, the Public National Bank & Trust
Co. IS and the International Trust Co.
Z. The combined assets of such a
merger would have deposits totaling
0,000,0 900 and capital in excess OF
100000 900, with the most strategic To-
cations in New York City in which to
expand.
II this merger is accomplished. 1t
should be announced in q few days.
Publishers "reminiscences.
"They Told Barron" is the name of
an absorbing new book out today on
financial "reminiscences taken from the
diary Of the late Clarence w. Barron,
one-time proprietor Of the Boston News
Bureau and the Wall Street Journal.
Probably no editor in the United
States had such wide personal contacts
as this Wall street publisher. Fortu-
nately, he kept a diary and jotted
down incidents and conversations with
famous financial men throughout his
long and successful career.
The pick of these stories have been
edited and arranged by Arthur Pound
and Samuel Taylor Moore. and they are
all full of human interest.
Here's a sample:
Charles M. Schwab said that after
getting a 100000, 900 order from the
Club and Carnegie offered to make him
q life member of the club to induce him
to play more golf The bill came in to
Carnegie for $1,100. Carnegie said: I
don't understand this. It might be
81, 900 to 81 900 and would pay 1t, but
$1,100 / don't understand. Send the
bill to Charlie; he don't know the diff
ference between $1,100 and 81 ,000.'
Charlie then said: Mr.. Carnegie, I
IlouSnt YOU were BOlHB 10 MAKE ulc
life member Carnegie replied, I went
the limit when proposed you"
In the foreword Of the book, this ap-
pears:
It is not learning, grace nor gear,
Nor easy meat nor drink,
But bitter pinch Of pain and fear .
That makes creation think.
It's one Of the best financial books
Of the year.
World Sugar Restriction.
Thomas L. Chadbourne sails this week
for Holland to confer with Javanese
interests on further world sugar restric-
ton. He is accompanied by DR.. Viriato
Gutierrez president of the Cuban Sem
ate. Mr.. Chadbourne Is optimistic on
the sugar outlook.
Cuba has already placed in the hands
Of the Carryover Association of Cuba,
Of which Mr.. Chadbourne is chairman
and DR.. Gutierrez Is a member, the full
control Of the disposition of the $780,
600 tons OF surplus raw sugar now on
hand. Cuba has agreed to restrict its
export to the United States to 2,800, 900
tons annually. Sugar control Is becom-
ing unified.
Two cents a pound is what it costs
to produce sugar in Cuba, not making
allowances for interest on money in
vested. Last month sugar was sold for
1.3 cents a pound plus freight to New
York. How much will sugar have to
be sold for to enable Cuban planters to
make a profit? Mr.. Chadbourne an
swers between 40 and Ais cents a
pound, +. o. b. New York, including
tariff and freight.
This world sugar program is being
watched closely by American business
leaders in the hope that something
may come Of 1t, and prove to be a guide
to future action in other surplus in
dustries.
LOgan's Career.
James A. Logan, jr., whose untimely
death at 81 was announced in Phila-
delphia yesterday, was one of the CEN
trail figures which moved across the
world stage after the war.
AS chief of the American Military
Mission with the Allies from 1914 to