Evening star., 1935-11-06
A. B. A. TO DISCUSS
COTTON SITUATION
Soil Erosion Problem Also
Placed on Program at
Annual Session.
BY EDWARD C. STONE.

leans cONVenClOn Oh the AHtilCdH
Bankers Association, it was an
nounced today The Agricultural
Commission will also devote special
session to soil erosion. a problem
which has jumped to the forefront In
10 many farming areas.
During the convention. Oscar
Johnson, manager of the cotton pool
Of the Agricultural Adjustment Ad-
ministration, will speak on The Cot
ton Situation as 1t Affects National
Life" Remedies to counteract unfa-
vorable factors in the present cotton
situation will be very fully discussed.
1t is announced that the Agricul-
hlral Commission has been giving par
ticular attention to cotton and has
recently issued the results OF study
Of present trends, including the heavy
carry-over of American cotton. the
depressing effect on prices, reduced
consumption of cotton in America, the
decline in cotton exports and such re-
lated subjects as decreased buying
power in foreign countries. price dif-
ferentials. embargoes. quotas, nation
alistic tendencies. deprecated curren-
cies, governmental restrictions in ex-
change and trade restrictions here and
elsewhere.
In the field of soil conservation the
commission declares that American
Indifference to natural resources has
resulted in deforestation, exploitation,
erosion and abandonment" 1t points
out that 100 million acres OF farm
land already have been abandoned
and "another 100 million acres are
headed in the same direction" These
conditions, it declares. are rapidly
producing a national emergency.
Building Permits Up Sharply.
IN his monthly review of conditions
IN the fifth Federal Reserve distrlcf,
details of which were received here tc-
day. Chairman w. w. Hoxton OF the
Richmond Bank says that building
permits issued in 81 cities in the tlftn
Reserve district in September totaled
1896. with estimated valuation
amounting to S5.65479l. an increase
Of 303 per cent in number OF permits
IN comparison with 1892 permits is
sued in September. 1884. and gain of
900 per cent over September. 1884,
valuation figures totaling s282S,696.
Twenty Of the thirty -one cities report
ed higher valuation figures for the
1895 month. but Of the five largest
cities only Washington Norfolk ana
Charlotte gained Baltimore and Rich
mond reported lower totals for Sep
tember. 1895. than for September.
1884. OF the total increase ot s2.se6,-
Oe5 in estimated valuation. Washing
ton accounted for 81 ea1.7!o. but some
of the smaller cities showed muoh
higher percentage increases.
Home Loan Directors Named.
The fourth Federal Home Loan
Bank district, which includes the Dis
trict Of Columbia, the Carolinas, Viz
ginia. Maryland. Georgia. Alabama
and Florida, has nominated P. w.
Spencer. Rock Hill. S. c., and T. H.
welsh OF Hyattsville Md. to serve as
directors at large to compete in elections
for both one and two year terms. The
nominations were announced today by
the Federal Home Loan Bank Board
Mr.. Welsh is widely known in Mary
land and has been connected with a
building association in HyattSville Tor
many years.
Board rooms were crowded at the
opening Of the New York Stock Ex-
change today following yesterdays
holiday and elections. There was a
lot Of optimism expressed by a good
many traders over the election returns.
Volume was very heavy, the most in
tsresting transaction being an opening
sale OF $4,000 shares Of General Motors
st 5617. up from 543a In this case
the regular 50-cent dividend and the
50-cent extra had more to do with the
price than election results Any one
buying the stock now will get both
dividends, the equivalent of a full
point gain.
The long list of committee chair
men recently appointed by ]. E. Nc
Combs Of the District of Columbia
Life Underwriters Association to keep
the insurance wheels rolling during
the coming year includes George B.
&Farquhar. advisory: Loren H. Cluster,
advertising; A. L. Baldwin. banks and
9trust companies: H. Lawrence Choate.
5Better Business Bureau; r. Earle
kGawthrop. bulletins; Ben A. Harlan.
.pronotion; Paul w. Hammack. con-
''Servation; Carl Smith Dow. educa-
tional; Col. L. c. Crawford. field prac-
tice: Roger M. Mccullough greeters;
l.. H. Hannah. industrial insurance:
John L. McElfresh, legislative: John
II. Snyder, haison; Bernard L. Wilmer
managers section: Winthrop G. Batch
elder, membership: John P. Lynch,
publicity; Paul H. Primm Sales Con-
gress: David S. Bethune. speakers. and
May Belle Raymond, Women's Com
anittee.
w. r. 4 E. Bid Stays at $3.50.
The bid on Washington Railway &
Electric common stock remained at
$3.50 per share on the Washington
Stock Exchange today. 1t advanced
to that figure from $500 in yester-
days market.
The market closed without any
sales In the stock and no stock offered
at that price, or even higher. While
the bid on the board was 5000, there
was some talk among brokers that
the bid might be raised to s675. The
$3.50 bid stood, however
Holders of the stock seem unwill-
ing to part with it at any price
While 1t was offered at $500 share
last Saturday. this figure has not
appeared on the exchange stock sheet
since. II Is participating shares are
put out for each old share of common
stock. at $50 a share. this would make
the present stock figure at $3.50 a
share. This Is said to be the chief
reason why the bid price jumped
20 quickly to $3.50 a share.
On the Exchange today Capital
Traction IS sold at 96, Washington
Railway g. Electric As at l055s and
Anacostia & Potomac River r. r. SIS
at 81. Fifty shares of Riggs National
Bank common moved at 210. Capital
FrapSit stock closed at 49,