Evening Star Newspaper, May 11, 1924, Page 89

FINANCIAL, FAIRLY FIRM MARKET "IN WHEAT FOR WEEK Rather Unsettled Situation, How- ever, in Other Grains Shown by Federal Bureau, CORN AND OATS DEPRESSED Export Business Shows No Change, ] Is Indicated in Review. A rather wnsettled grain market Situation during the week ending May 10 is reported by the United States Department of Agriculture in its weekly grain market review. While a fairly firm tone was main- tained in most of the wheat markets, the corn .and oats markets were weaker. Wheat prices, both cash and future, Were but Iittle changed at any of the « markets during the week. Recelpts were not large and there was a fur- ther reduction in terminal stocks. The best milling grades of spring wheat continued to sell at premiums from 2 cents to 21 cents over the May future price. but premiums on Durum wheat declined materially be- cause of a falling off in the demand. . _The high protein grades of hard winter wheat sold at slight! premiums, as mills were forced buy the cheaper grades becaus. the decline In flour and food prices. There was some improvement in the demand for soft winter wheat. par- ticularly in those markets supplying the southern milling trade. While there was no improvement in the flour demand, southern mills were re- Plenishing their depleted stocks. Foreign Situation Unchanged. There was no materfal change in the foreign market situation. The movement of wheat from . Argentina and Austrafia con- tinved heavy, but there was very lit- tle wheat exported from the United States, because export bids were still ‘below current prices. There were hard winter wheat mar- op wheat for August o gulf at 7l cents September future were reported r large operators to be curtailing their op- pending the outcome of pro- +gislation amd more definite knowledge of crop developments. The government's estimate of the winter wheat crop indicated a pro- duction of about 553,000.000 bushels. compared with 572,000,000 bushels last This includes both the hard and soft winter wheats, and while crop prospects wers good in the hard winter wheat area. particularly Kan- ' sas and Nebraska, there was an in- dicated 4 ¢ about 30 per cent in the soft winter wheat production. Demand for Corn Drops. There was a further falling off in the demand for corn at practically all the markets during the week. Indus- tries were only fairly active and southern buyers took only sufficient eorn for their immediate needs. The premiums which have prevailed in during the past few llow corn were almast ed and white and vere quoted on practl- 1e basis at the principal roads and farm work restrict- to sell at current there was a feeliug in the it _corn prices should not uch below the present basis, buyers were not inclined to contract for more than their presenpt needs. The oold and wet weather in the central west has delayed planting in many sections. A great deal of the seed corn shows low vitality and farmers hesitate to plant this corn except under favorable weather con- ditions ©Oats Practieally at Same Level. Oats prices remained practically unchanged during the week, although thern was a siightly weaker tone in the market, caused principally by the weakness in the corn market The movement of oats continues of small volume and stocks are rapidly diminishing. There was a good de- mand in most markets for the choioe country run offerings, but the de- mand was slow for the lower grades and for grain from elevator stocles. The rye market was rather feature- less during the week. Therevw-s very little trading in this grain in the future markets and the cash basis at Minneapolis was switched to the July future on account of the very light trade in May ; WEEK OF DEL]. TRADING ON NEW YORK EXCHANGE Firm Tone at Opening, But Unset- tled Conditions Follow Reflecting Unfavorable Trade News. By the Asworsatsd Press NEW YORK, May 10.—Extreme dull- ness characterized this week's irregu- lar stock market. Prices developed a firm tone at the beginning of the week in response te the President's veto of the Bursum pension bill, but because unsettied later n reflection of unfavor- able trade news and the Senate's in- Gertion into the tax bill of a gradu- ated surtax on undistributed corpora- tion earnings. 3 Steel shares were inclined to ease on reports of a further contraction in Steel output and increasing price com- Dpetition. Reports of a proposed gen- oral decrease in wages in the steel {ndustry lacked confirmation. - 0Oil stocks turned heavy on publica- tion of the weekly report of the Ameri- can Petroleum Institution showing an- other increase in_crude production for “he week ended May 3. Sinclair was ' singled out for attack and hammered down to a new low record for the year on reports that the company was plan- Ping a new issue of securities, but it developed later that bank credits had been sect which of its financial Tequirements until next v year. . 3 buying was noted in the rail- oo on, particularty the investment fosues, despite another sharp drop in car ledings as compared with last year. Northwester carriers were in Zood dema: ere Marquette rising to ;°:2‘w nz{'d'mn in the face of official Zenials that any increase in the divi- dend was comtemplated, rumors of Swhich pre; had been held respon- gible for the e buying of the steck. BANK CLEARINGS REVIEWED. VEW YORK, May 1G.—Bank clear- la; at leading cities of the United Statos for the week onding May 8. Ss reported to Bradstreet's Journal, SgEregated $8,449.540,000, & loss of 3.7 per cent from of 13 per cemt over this week last vear. utside of New York the total was ,,ga:mm. an increase of 3.6 per Sent over last week and of 3.3 per Sent over this week last year, New York showed & galn of 211 per cent over last year. Twenty-eight cities feported increases over last year, while twenty exhibited losses. Bank debits at forty-three leading cities for the week ending May 7, as reported to Bradstreet's, totaled $8,- 994,072,000, a gain of 6.1 per cent over last week and of 111 per cent over the like week a year ago. g NEW YORK GRAIN MARKET. NEW YORK, May 10.—Wheat— Spot emsy; No. 1 dark northern ring, & I. f. New York, lake and TR A T BT NG T Mranitova; an ; No. nitol Lers? % mixed durum, . o, i1, 96%, and No. % mixed e i L track New York, domes- tie, wit By xall, 8%, o ts—Stear white, 1% last week, but a gain | 1073 1% 19% 46% 43% 22% 5 16 & American Bosch ‘Am Brake § & Foundry. Ametican Car & Foundry. Am Chain Class A American Chicle. American Express. Am & Forsign Power 25 Am Locomotive (new) .. ee American Metal. - . Am Ship & Commerce. American Smelting & Ref. .. Am Smelt & Refining pf. . American Steel Foundry — American Sugar Refining. \.,'u..:-'..-m| ]..I I""l” - BRoon — Am Water Works & Elec - ]ll-aqls| I..I-ozu.qu.:..qa a © - s o] || [s2oe == 2 10 [«=1 1] 104% 14% 133 6T% 110% 20% I l.m.;i»mmmau| wa 7 Am Telephone American Tobacco. American Tobaceo B. Am Tobacco pf (new) . % 146 11391 142%1138% 108 102% A Am Water W & El par pf.. Am Water W. Elec 1st pf.. American Woolen. ... Atchison Topeka & S Fe pt Atlanta, Birmingham & At. Atlantic Coast Line. Barnsdall, Class B Bayuk Bros. ... Beechnut Packing. Bethleher Steel. Brookiyn Edison Electric. Brooklyn-Man Transit Brooklyn-Man Transit Butte & Superior. . Butterick Company . Caddo Central Oil Ref.. California Packing. ... . California Petroleum (new). Callahan Zino & Lead.. Calumet & Arisona..... Calumet & Hecla Cunadian Pacific Case (J 1) Thres] Case Threshing Mach pf. Central Leather C Central Leather Co pf.... Cerro de Pasco Copper. Chandler Motor.. .. Chesapeake & Ohlo Chicago & Alton. Chicago & Alton pf. Chicago & East Illinois. Chi & Eastern Illinois pf Chicago & Great Western pf. Chi, Milwaukee & St Paul. Chi, Milwaukee & St P pf. Chicago & Northwestern Chicago Pneumatic Tool Chicago, R1 & Pacific. Chi, R1 & Pacific 6% Chicago R I & Pacifie 7% Chicago, St Paul Min & O Chicago Yellow Cab. Chile Copper. Chino Copper Clev., Cin., Ch! Columbia Gas (new). . Columbia Carbon. . . Commercial Solvents, A. .e.. Congoleum Company Consolidated Cigar. . Consolidated Cigar pf. Consolidated Gas new. Consolidated Textile. Continental Can. Continental Motors. Corn Products Refining. Cuba Can Sugar. . . Cuba Cane Sugar pf. Cuyamel Pruit. . Danfel Boone Mi! Davison Chemical. Du Pont de Nemours. Du Pont de Nem 6% deb. Duquesne Light 1st pf. Players-1 Famous Play-Laskey pf. Federal Mining & Smelt pt 64c Fifth Avenue Bus 10 3 5 2 5 6% — 26% —— B 4y —— 73 4 6 3 4 — Fisher Body... .. . Fisk Rubber 1st pf. Fleishmann Company ... ... Goodyear Tire & Rubber pt oodyear Tire & Rub pr pf. Gulf, Moblle & Northern. Gulf, flobflefl? Northern Household Products.. Houston Oil...... ‘Hudson Motor Car. Hupmobile Motor Car. Tilinols Central. . Internat’l Bus Machines. International Cement. . . Internat’l Comb Engtne. International Har, new. . Inter Mercantile Marine. Int Mercantile Marine pf. International Nickel. International Paper. . International Shoe. . . Inter 'relegrone & Teleg... Jordan Motors. Kansas City Southern. . . igfield Tires. - Kell.v-ss,frtnmld Tire pf.. BRELAEIRNE SN A AR RN RN S Y] (E2INESRER ANE B ANUE S AR AR LR AR +1 & FLAF RpFEF S 1++141 14+ ++1| TIHT++ 1410 i +++ 41444+ +410 +lLhi++i1 01 2 52 2 PEELR 40 i+r+00 000t + H | ¥ 35 1 [\ o » E89858 & EE I 2 ® + =35 +1 * E 1+ =§==§E ez "R §2¥a8 u. s S5 Z=NEREaRRE Ll+t+b+1 bbb E LI+ sReasesis - ¥ “Frefresr sEs - SREEER sPFraad - - i & Frrss o ReseadcsPerrireias FE" sFe"seaRe® - EEER (™ - FREFLEFE £= - EEFER & F Ses = # CERer"" e paras" ey = 30% 3% Lehigh Valley... 50 3 57 4 184 2 5% — lard, P..... . Loulsville & Nashville. M Mallinson & Co pf.... Manhattan Elevated. Manhattan Manhattan Shirt. Marncaibo Ofl.......... Market Strest Railway. ... Market St Railway prpt. Mariand Oil & Refining. Martin-Rockwell . Pl e 140 [RE SN} Miami Copper. . Middle States Oll. . Minneapolts, St P& S8 M. Mo Kan & Texas new. . Mo Kan & Texas pf new. {5 O U O 0 +++111 National Acme. National Biscuit. National Cloak & Suit. National Cloak & Suit pf. Nat Dairy Products. ... .. Nat Ename! & Stamping.. National Lead. National Lead pt, National Supply. New Orleans, Tex & Mex IT+++10 10100 Ftdll N Y, Ontario & Western Northfolk & Western. North American. . . ... North American pf. Northern Pacific. Nunnally & Co Orpheum Circuit. eeeemeemes Otis Elevator. —venoe Otis Steel . Owens Bottl — Pacific Gas & ElectriC. cevee I+ 44+ * EFe2y I++14++1 B FREEE Pan-Am P Trans Clasa B.. . Pennsylvania Railroad Penn Seaboard Steel. . People’s Gas, Chicago. .. Pere Marquette. . Pere Marquette pf. Philadelphia Company. Philadelphia Copf.....eu Phila & Reading C& 1. Philip Morris& Co....oe.. Phillips Petroleum. Plerce-Arrow. . S Pierce-Arrow pf. .. eee.. Plerce Oil. . Pierce Oil pf Pittsburgh Coal Pittsburgh Utilities pf. ER R R 4 [REES Public Service 8% pf. . «vv-. Punta Alegro SUEar. - oo Railway Steel Springs. solidated I L LR R CL RS Royal Dutch ctfs Rutland pf. Pl +4 44+ |+ ) Simmons COMPANY eees aee. Simms Petroleum. .. ceeee.s Sinclair Coh Ofl. .. ... Sinclair Con Ofl pf. Skelly Oil. % Sloss-Sheffic . South Porto “-'Iaeo Sugar. ... FE FREEF .‘F*-fii}" FEEEF - .. LEpns 38 sgae Southern Railway pf. e . Spicer Manufacturing. 88 ¥ T i idt Vil +L04 10000 %00 - TS FEFREES FEEF RRERR FFEEFEFE L) o ERpy U 8 Cast Iron Pipe & Fdy U 8 Cast Ir Pipe & Fdry pf. 8 Distrib oo [SET Y Virginia Railway V Vivadou InC..ccevness. ‘abash I+++ +1+ 14+ ++1 LT IF+0F1 0104100 | ++4+ & ;fimaz.:us. + 2 - RpaEe iy - # 3¢ Youngstown Sheet & T...... idend rates as given in the above table are the annual cash payments the latest quarterly or half yearly declarations. Unless otherwiss extre or special dividens are not included. ¢ Partly extra. il,: 83 FINANCIAL. B.?.llD SUMMARY FOR THE WEEK Last. Yield 99-27 351 100-10 423 100-7 423 100-21 4 07 100-11 422 10i-28 414 Low, Last 100% 101% 90 ©0% Low. U. 8. BONDS. High. Low. 98-22 Liberty 3%s 1933-47.... 99+30 9925 98-8 Liberty 1st 4% 1932-47. 100-15 100-6 Liberty 2d 4%s 1927-42. 100-11 100-2 Liberty 3a 4is 1933.... 100-23 100-17 Liberty 4th 43%s 1933-38. 100-17 100-8 Treasury 4%s 1947-52.. 101-30 101-24 Prev. week's REIGN. Close. by renevemeenees 1014 85% Austria s £ 7s, 1943 96% Belgium 7%s 1945. 96% Belgium 65 1925... 97" Belgium 85 1941 71% Bordeaux 6s 1924 92% Brazil $s 1941 98-4 99-8 98-8 99-8 102 Chile 8s 1941. ———— 39% Chinese Govt Ry 58 1951.cceeves 87% Copenhagen 5%s 1944. 93% Czechoslo 107 Denmark 8 83 Dutch East Indies 6s 1947, 82% Dutch East Indles 6s 1962 - 84 Framerican Ind Dev 7%s 1942.. 923 French Govt 85 1945....... 89% French Govt 7%s 1941, ceecanen 78 Japanese 4s 1931. 90 Japanese 6%s, 1954 78% Jergens Utd Margari: 724 Lyons 65 1934 T2% M 65 Paris-Lyons-Med 65 1958, caaasa: 104% Queensland 7s 1941 99% Queensland 6s 1947 87% Rio de Janeiro 8s 1946 98 Sao Paulo, State of, 85 1936 79 Seine, Dept of. 101% Sweden 6s 1939 111% Swiss Confed s f 85 1940. 106% United Kingdom 5146 1929... 98% United Kingdom b5l4s 1937 INDUSTRIAL AND MISCELLANEOUS. 82 Amer Agri Chemical 7%s 1941. 84% 92 Amer Smelt & Ref 1st 5s 1947 96% Amer Sugar Refining 6s 19: 971 Amer Tel & Tel cl tr bs 19 92% Amer Tel & Tel cl tr 4s 1929.. 95% Anaconda Copper cv deb 7s, "38 95% Anaconda Copper 6s, 1953, . $3% Armour & Co 4%s 193 3 96% Atlantic Refining deb 5s 1937.. 97% Bell Tel (Pa) ref 5s 1948.. 87% Bethlehem Steel p m 5s 1936 96 Bethlehem Steel s f 6 1043 107% Brooklyn Edison 7s D 1940 % 924 Central Leather 5s 1925 125% Cerro de Pasco 8s 1931. . 99 Chile Copper 63 1932..... - 86 Cons Coal (Md) 1st ref 58 1950. 87% Cuba Cane Sug cv deb 8s 1930. 104 Detroit Edison ref 6s 1940 106% Du Pont de 89 2 100 G E o 92145 Goodrich (B F) 6%s 1947 100% Goodyear Tire 8s 1931 114% Goodyear Tire Ss 1341 96% Humble Oil & Ref 5%s 99% Indiana Steel 5s 1952... 79% Inter Mer Marine 6s 1941. 82% Inter Paper 53 B 1947.... 94% Kelly-Springfield §s 1931. 88 Lackawanna Steel 5s 1950 95% Liggett & Myers 58 1951. 98% Manati Sugar s f T%s 1942. 85% Midvale Steel 5s 1836... 7% New England Tel 5s 1952 109% New York Edison st 6ls 1941 98% N Y Gas E L H & P 5s 1945... % 104 New York Tel 6s 1941.. 93% New York Tel 4%s 1939. . North American Edison 6s 1852 90% Pacific Tel & Tel bs 1952 99% Philadelphia Co ref 6s 1 77 Public Service 5s 1959 884 Sinclair Oll 7s 1937. 4 97 Sinclair Crude Oil 58 100% South Porto Rico Sugar s 931 Union Bag & Paper 6s D 111% United Drug cv 8s 1941. 79% U S Rubber 1st & ref 5s 1947 4 100% U S Rubber 7i4s 1820. 102% U S Steel s f 55 1963 Utah Power & Light Gs 1944. Va-Carolina Chem s f 7s 1947.. Va-Carolina Chem 7l4s 37 war. ‘Western Union Tel 61s 1836... Wilson & Co 1st 6s 1941. Wilson & Co cv 7%s 1381. RAILROAD. Atchison gen 45 1896.......... Atlantic Coast Line 1st 4s 1952, Balto & Ohio pr In 3%s 1925 Balto & Ohio gold 4s 1943 Balto & Ohio 6s 1929 Balto & Ohio cv 4%s . Balto & Ohio ref 5s 1996 B&OPitts LE & W Va 4s 1941 B & O Southwn div 3%s 1925.. Brooklyn-Manhat s f 6s A, 1968 Canadian Northern 6%s 1946.... Canadian Pacific deb 4s... Carolina Clinch & Ohio 58 1938 Central Pacific 4s 1949. Chesapeake & Ohio cv 58 1946. . Chesapeake & Ohio cv 4%s 1930 Chesapeake & Ohio gn 4348 1992 Chicago & Alton 3s 1949 . Chicago & Alton 3%s 1950. B & Quincy 1st re: 1971, & Eastern Ill gen §s 1951, Great Western 4s 1959.... M & St Paul ref 4%s 2014. M & St Paul cv 6s 2014.... M & St Paul cv 4125 1932.. % Chi M & St Paul gen 4%s 1989, Chi & Northwestern €%s 1936 Chicago Railways 5s 1927. Chi R I & Pacific ref 4s 1934. Chi Union Station 4%s 1964¢. Chi Unjon Station 6%s 196 Chi & Western Ind con 4s 1953, CCC & St L ref 6s A 1929 Cleveland Term 5%s 1972 Colorado & Southern 4% Cuba R R Gs 1953.... Delaware & Hudson 5%s 19 Den & Rio Grande con 4s 1936 Den & Rio Grande 1st ref 551955 Detroit United 43s 1932... Erie 1st con 4s 1996.... Erie gen lien 4s 1996. Grand Trunk 7s 1940. Great Northern gen Northern gen 5% 2. n & Manhattan ref 5s 1957 Hudson & Manhattan adj 6s 1957 1llinois Central 53%s 1934...... 8% Inter Rapid Transit 58 1966 Inter Rapid Transit cv 7s 1932, Inter & Great Nor adj 6s 1952, Kan C Ft Scott & M 4s 1936... Kansas City Southern 3s 1950. . Kansas City Southern 5s 1950. ., Lake Shore 4s 1925.. o % Lake Shore 4s 1931. Lehigh Valley 6s 1928 Louis & Nash unified 4s 1940.. Louis & Nash 1st ref 5%s 2003.. MStP &S S M 6%s 1331 Mo Kan & Tex 1st 4s 1890....., Mo Kan & Tex pr In bs A 1962. Mo Kan & Tex adj 6s 1967. Missouri Pacific 65 1949. Missouri Pacific gen 48 N O Tex & Mex inc 5s 1935 New York Central deb s 1935. New York Cent deb 4s 1934... New York Cent ref imp 5s 2013 NY NH&H cv deb 65 1948... N Y West & Boston 4%s 1946 Norfolk & Western con 4s 1996, Norfolk & Western cv 6s 192 s Northern Pacific 38 1947 - Northern Pacific 4s 199 3 Northern Pacific ref imp 8s 2047 Ore Short Line gtd bs 1946. Ore Short Line ref 4s 1929. Ore-Wash 1st ref 4s 1961. Pennsylvania gen 5s 1968, Pennsylvania gen 4%s 1965. Pennsylvania 6%s 1936 . Peoria & Eastern inc 4s 1990 5 L & San Fran pr In 4s A 1950 St L & San Fran pr In 5s 1950, L & San Fran inc 6s 1960. L & San Fran 5%s B 1942, St L & San Fran adj 6s 1956. Seaboard Air Line ref 4s 1959 Seaboard Air Line adj bs 1949. . Seaboard Air Line con 6s 1945, Southern Pacific cv 4s 1929. Southern Pacific ref 4s 1955. Southern Pacific col 4s 1949. Southern Ry 1st Gs 1994. Southern Ry gen 45 1956 Southern Ry dev 6%s 1 Third Ave adj 5s 1960 Union Pacific 1st 45 19 Union Pacific cv 4s 1927 Virginian Ry 1st 5s 1962. ‘Wabash 1st 5s 1939 Western Maryland 4 Western Pacific 5s 194 West Shore 1st 4s 2361 72 04% 42% 90% 97 95% 99% 623 84% 80% 8% | advances oocourring BANK ASSOCIATION DATES BACK T0 1901 John B. Yarmer Gives Historif Data Relating to D. C. Organi- zation of Financiers. FRATERNAL AIMS DEFINET( Meetings Held Annually for Busi ness and Pleasure. Interesting data on the lifé of t District Bankers' Assoclation waj given last night by John B. Larney president of the Washington Loag and Trust Company and, two year§ ago, president of the association. Organized in 1901 with Thomaf Hyde as its first president, the objec| of the association was defined in thy constitution to be “to improve banks ing methods in the District of Colum¢ bia, protect the business and promot( the welfare of its members, and fos« ter fraternal relations among thosq engaged in the banking business of the community.” Prior to the adoption of the con- vention plan in 1819, the meetings of the association were held in Wash ington, but at no particular place in the city, because the assocliation had no permanent home of any kind. In 1923, by action of the association, permanent offices and a meeting place were secured in the New Masonic Temple. Firnt Coavention in Deer Park. The first convention was held aut Deer Park, Md., June 25 and 26, 1919, The plan of having an annual con- vention was suggested by M. D. Ro- senberg, who, as president, presided over the first convention. This con- vention, which was very well attend- ed by District bankers, was exceed- ingly interesting and helpful. Thera were at that time those who doubted the expediency of the convention idea, but the results of the first meet- ing ' removed those doubts, and it was the universal opinion that the convention should be held each year thereafter. “It has been my good fortune to attend those meetings,” said Mr. Lar« mer, “and to take an active part in the work which has been mapped out from year to year by the convention committees. “It is the custom to provide ad- dresses by prominent bankers or economists, who discuss scientifically questions which, at the time, are up- permost in the minds of the banking fraternity, and these addresses lead to discussions which have been fruit- ful of results. “I believe that the conventions have been particularly useful to the junior members of “the banking fraternity and to the banks with which they are connected. I refer chiefly to the symposiums, which are led by the young men, with discussions that are well prepared and thought out. Of Educational Valae. “As a result of these, I am quite sure there have been practical dem- onstrations {n our banks along edu- cational lines. This work is prepar- ing a strong body of men who will be capable of filling the executive positions of our banks when occa- sions ariSe. I have cndeavored, wherever it was possible for me to do so, to urge upon the young men the value of this opportunity, and I am glad to say they have, to & grow- ing extent, taken advantage of it “In addition to all this, there is the feature of entertainment and good fellowship, which bhas done so much in the past to cement the relations of the banking fraternity. “I sincerely hope,” Mr. Larner con- cluded, “that there may be in attend- ance at the convention of 1524 a large number of bank executives. Mr. Haynes deserves the support of evers banker at this convention. He has done much, by his devotion to his profession and in the work of the several offices >hich he has held, to e him to the thanks banking fraternity.” e EUROPE SEES UPLIFT. Industries Active and TUnemploy- ment Less, Reports Show. Cable advices to the Department of Commerce note signs in Great Britain of renewed confidence and better bus- iness. British industry generally is active and unemployment figures are the lowest since 1 Italy also re- ports industrial activity and reduced unemployment. Italian foreign trade figures show a very large reduction in the unfavorable trade balance com- pared with last year, owing entirely to_increased exports. Sweden shows a 14 per cent reduction in her unfa- vorable trade balance. French pig iron and steel production continues to increase. Business in South Africa is £ood but expansion is prevented by the prospect of & possible early gene eral election. Increase in both im- POTts and exports is reported from India, where business generally shows some improvement in spite of the ap- proaching summer season, during which many trading houses are ac- customed to close, PRICE DECLINES LESSEN. Dun’s Report Shows of 82 Changes Only 51 Downward. NEW YORK, May 10.—There was a narrowing of the excess of price de- oclines this week, only fifty-one of the eighty-two changes recorded in Dun's list being downward. The margin of reduction last week was nearly four to one. A feature during the current week was the recovery in hide prices, in most items, and there were only a few further declines in iron and steel markets. measured by Dun's index number, wholesale prices on May 1 were but a small fraction more than 1 per cent below those of April 1, and the neg decline this year has been a littie less than 3 per cent. Prices for most commodities, however, are under theq levels of a year ago. and the index number figure is lower by 4.3 per cent. —_— NEW YORK BANK STATEMENT NEW YORK, May 10.—Tho actual condition of clearing house banks and trust companies for the weelf Show an excess in reserve of 390. This is an increase of 3§18, The statement follows: Loans, diss counts, ete., $4,720,898.000; decrease $53,401,000. Cash in own vaults, meme bers Federal Reserve Bank, $48,011.- 000: increase, $3,939.000. Reserve in Federal Reserve Bank of membef banks, $542,869.000; fncrease, $13,« 847,000. rve in own vaults, statq banks and trust companies, $8,469.« 000; increase, $249,000. Reserve in depositaries, ‘state banks and trusq companies. $10,766.000; decrease, $116,. 000. " Net demand deposits, $3,919,822.« 000; deorease, $36,751,000. United States deposits deducted, $42,050.000. Time deposits, $508,908,000; increase, 5“.241.000."'l;izg\;lntl:n. $32,204,000; ecrease, ,000. £ te re- serve. $562.104.000. Excess in red serve, $356,315,390; increase, $18,300, an 0. Summary of state banks and trus{ companies in Greater New York, nof included in clearing house statement; Loans, discounts, etc.. $847,202,8007 increase, $14,210,300. Gold, $3,926.3007 decrease, $4,300. Currency and bani notes, $21,769,800; increase, $797.200. Deposits with Federal Reserve Bani{ of New York, $72.819,000; decrease, $2,436,200. Total deposits, $888.724,600; increase, $7,815,600. Eliminating amounts due from reserve depositar- ies and other banks and trust come panies in New York and United States: $835,041,200: in« Banks, cash in Tri "s(t companies 0.