Evening Star Newspaper, June 14, 1930, Page 15

rl CURB SHARES EASE - INDRAGGY TRADING Numerous Declines Noted at _Short Session—Utilities Featured. BY JOHN A. CRONE. Special Dispatch to The Star NEW YORK. June 14.—Slackened ¥sales and slowly slipping quotations marked_trading on the Curb Exchange today. Persistent pressure pushed pivotal FO"H’ and petroleum issues toward ower levels Electric Bond & Share opened up a half point, but lost three times that amount as a result of continuous frac- tional declines. American Superpower moved in like manner. American Gas & Electric fell nearly three points in &8 many sales Cities Service opened fractionally lower, recovered its early loss in the next sale and then cased. This was true also of Standard Oil of Indiana. Pennroad Corporation held fairly firm around the 13 level. Citles Service rights featured the # epening when a block of 250,000 ap- peared at_three-sixteenths, up one-six- enth. These rights, traded in on a ash besis Friday, piled up the largest volume of units in any single security on any exchange when 1,564,000 changed hands. Adding these to the 36,700 common shares, Cities Service securities made up 73 per cent of all trading on the curb Priday. Ohio Ofl turned active and at times higher, following official _admission that & merger between it and Trans- continental Oil would be announced Monday. It is believed the terms will be one Ohio Oil for each three and one- half Transcontinental shares. Vacuum Oil, which proposes tc merge with Standard Oil of New York if permitted, responded to the announce- ment setting June 30 as the tentative date for the merger hearing. Imperial O], the Canadian subsidiary of Stand- “ard Oil of New Jersey, opened higher 1n response to several favorable analyses on_the outlook for that company. Newmont Mining opened off a half point and other copper shares dipped as further price cuts in the red metal were announced. Roan Antelope ad- vanced in response to the success of its debenture sale in London. International Utilities B, among the * lower-priced utilities, displayed strength and activity. The warrants of this company have enjoyed an active over- the-counter market and prices out of line with their subscription worth ever since groups, in Chicago, Mon- treal and Toronto, were reported to be seeking control. United Founders was a trifle firmer than in recent sessions. The floor heard %3t would reveal its complete holdings soon and may apply for stock exchange listing. Shenandoah and Blue Ridge ~Temained weak, though floor rumors that they would become dissociated 'from Goldman Sachs Trading were offi- elally denied by the latter company. URGES SUPPLY DEPOTS. BALTIMORE, June 14 (Special).— American manufacturing concerns ex- porting to many European countries should establish general supply depots in different sections of the continent, according to Charles E. Lyon, American Wrcm attache at Berne, Switzer- ‘This opinion was expressed this week - @t & meeting of the Baltimore export managers’ club. Mr. Lyon said many European merchants, particularly Swiss Y m ts, were unwilling to stock merchandise in quantity. Because of not having supplies on hand, Swiss dealers sometimes are delayed in filling orders, the speaker said, and this could be v.medied if the Cepots were established. TREASURY CERTIFICATES. & Co) 1009133 100 A !»—l—g s uaSSSstloution! 185 s '56 10231 38 wiilosia o oS! EECER it L 722z 3 Falls Pow 85 50 10612 10 Pow 4125 D '36, 954 S 7, i g D! Ky e 0w iR siae LU nEHaNE SN & Fow e 30 108 Tex Ut 5 A 15 92 FOREIGN BONDS. ¢r Mig Bank 7s '46 90 Uenos Aires 6'as '61 901 52 85 weSa Y aRicar i sia e e Ruhr 23 Russ { 5 Bydney N 3 Bl Tndunt ), p—New. | wi—When issued 1w warrant zw—Without ANCIAL Notice—All stocks are sold those designated by in one hundred-share lots ucefll:g the letter s (65s) which shows those stocks to be sold in odd lots only. 1930.~ Stock ana Sales— Low. _ Dividend Rate. Add 00, Open. High. All Am Gen Corp.... Allled Miils (60c). ... ) Am Colortype (2.40). Am Com I'(A) b10% Am Co'with Pwr war Am Cynam B (1.60). Am Equities ... ..o Am For Pwr(war). . Eles (31). t, Ino (B).. 2 2 Am Superpwr (1). 4.n Super 18t pf (8). Am Superpwr pf (6). Am U&Gen B vte 400 Am Yvette (n) w. Appalachian Gas Arkansas Nat Gas. .. Ark Nat Gas (A) Ark P &Lt pf (1) Asso Elec 1nd (3ve). Ass0 G&lS (A) T2, Ass0 G&E (A) db Atlantickruit & Sug. Atlantic Secur Corp.. Auto Music A(11.05) Bl Ridge ov pf(ad) Brazil Trac & Lt (3) Brit Am Tob B 11.20. Buckeye P L (4).... Buft, N&EP pf(1.60). Bulova cv pf (3%) Bwana M Kubwa. ... Cable&Wire (B) rcts Canada Marconi. . Cent Hud G&E n(80e Cent F'8 (A) (aL76) Cent States Elec 3400 nt States k1 pt (7 L'y Chaln Stores Dev . 4 Chiem Nai A¥S0 D-V. Cities Service(3slc) Cities Srve pt (6)..e Cit Sve pt B (60¢)..a Cohn & Rosen, Inc. Colon 0il, Com'wlith Edison(8). Com'with & Sou war. v b6 % Consol Afrcraft... Cons Dairy Prod (2). Con Gas, Balto(3.60), Con Gas Util A 2.20... Consol Laundries. Cont Chi Cp ev pf(3) Cooper Bessemer (), Copeland Prod.Inc A, Corp Sec, Chi (b6% )« Corroon & Reynold: Cosden Oil. o S AR e G N IR NN e Crown C&S pf(2. Cubnn Cane pr opt w Cueno Press (2% 4 Curtiss Wright wi Dayton Air & Eng. Deere & Co (11.20) De Forest Radlo. Diesel Wem Gil,nl% Derby Ol Refining.. » JEPPPPTOTORS - AP Dubilier Cond & Rad Duquesne Gas (new), Durant Motors..... Durham Hoslery (B) Eastn G&F Asso.... Eastn Sta Pwr B(l). Eastn Utll Inv (A).. er Eelectric(1%) ond&Sh pf wi(s) El Bond & Sh (b§ Elec Pwr Asso (1) Elec Pwr Asso A (1 Empire Fire Ins. ...s Emp G&F cu bt (1).+ Empire Power (2) Fabrics Fininshin; Fagol Motor. Federal Baking She Federal Screw (3) Firemen's Fd In: Fokiker Afrcraft, Ford Mot, Can A t1% Ford Mor.Ltd. 37 %e. Fox Theater Cl (A). General Baking..... Gen Baking pf (3)... Gen Laundry Mach. Gen W W&E(A) (3). Glen Alden Coal Gold Coin Min (n Golden Center. Goldman Sach Gold Seal Elec ne GrA&PTo-v Gulf Oflof Pa(1%).: % Happiness Candy.... Houston Oll of Texas Hudson Bay M& S Humble O1l (2).. Hydro Elec Seq (2).. Hygrade Food Prod, Imp OIl, Can, n(50e). Ind Terr {llu O1l (A) Ind Fin otfs(b10%).. Insull Ut Inv(b6% ), Ins Co, No Am (13).. Insurance See(1.40). % Intercontinent Petn. Intl Petroleum (1),. Intercont Pow A (2). Intl Salt (NeW), +eee Intl Superpwr(31) Intl Utilities A(3%), Internatl Util (B)... IIntl Utilities (war) Int] Util war (new).. s S RIS I 10 5 B r B DN0) BOR R IO0N - K R A N B LA ORI A A s ® s Sea? Irving Air Chute war By the Associated Press. RENO, Nev, June 14—Successively cowboy, miner, “boom town" banker and hotel owner, George Wingfield, whose fortune grew from a $50 “grub- stake,” is now credited with being the only millionaire in the only State which has only one. Nevada's lone seven-figured capl- talist is president of 20 banks, operates a chain of hotels, owns a number of mineral properties and possesses agri- cultural interests. Wingfleld represents his State as Republican national committeeman, is a regent of the State university and maintains the only racing sub{u in the State. ‘Twenty-five years ago he was a cow- boy in Southeastern Oregon. The late Senator George P. Nixon, Winnemucca banker, put up the $50 which became the foundation of Wing- field’s wealth. It was a profitable investment for the Senator, for young Wingfleld, with a flair for business, eventually acquired control of the flourishing Goldfield Con- solidated mine. He declared Nixon in on the deal and they were reputed to have divided $30,000,000 in profits. Preferring to remain in the hack- round, Wingfield has declined a United tates senatorship. ‘When defalcations of $516,000 were discovered in the State treasury in 1027, Winfigeld dvpu{md a personal cileck for that amount in his Carson Valley Bank, a State fund depository, as a loan to avert financial embarrassment to Nevada and possible unfavorable reac~ tion on business and industry, ——————e BALTIMORE MARKET. Special Dispatch to The Star. 0 9% 20 945 109 8% 17% 49 264 1% 22 16% 52 132 10% 65 9 95% 17% 6% THE EVENING NEW YORK CURB MARKET ~ Frev 1930.~ Hish 18 3 4% 20% % 17 4T% 6914 3% 224 16% 30 (285) T2y % 3% % 3 % ividend, 1n cash or slock. b P NEVADA'S ONLY MILLIONAIRE BEGAN ON $50 “GRUBSTAKE" 91% 141% 105% 1 w. o 1% 1% 3% W 14% 2% 48 1 10% 8% 15 25 26% 1% 22 % 18 26% 2! 16% 12 50 29 8% 60 88% 66 % 15% 11% Niag Hud Pwr B war 26% 2 2% % Ohio Copper... 66% 27T% 1 5 11% 14 10 201 Bl 35 14 17% 9 6% LT 6 19% 24% 19% 6% 19% 10 6% % 66 69 3 87 24% 9 5 1 49% 8% 84 10 9% 1% bls 38 Bbaw 43% % 8% 3% 30% 6 % 4 40 7 % 17% 174 4% 42 2% 60% 10% 144 16% 22 10% B4% 24 ™% 21 45% 34 = % & 3w 3 “* " STAR, WASHINGTON, Received by Private Wire Direct to The Star Offies stock ana Basen— Dividend Rate. Add 00. Open. Hish. Low. Close. Italian Superpwr A.. 10% 10% Kirby Petroleum. .. 1% Leonard Oil Loew’s, Ino (war! Magdalena Synd. ... Man-Bowman(A)1% Marine Mid (1.30)... Mayflower Asso (32) Mavis Bottling. Memphis Nat Gas... Met & Min, Inc(1.20) Met Chain Stores. .. Mid W Sts Ut (1%) Mid Wat Util(b8%) . Mid Wst Utl] A war. 5Mllnd Ut(bl% %). 2 1 * 15 34 o - RN ANN NLNONE AL~ BBBNALD BD B O Natl Amer Co Natl Fam S Natl Fuel Ga Natl Inv Natl Rub Mach (2). Natl Sh T Sec A f50c. Natl Steel x-war(2).. Natl Sugar, NJ (2) Natl Transit (1). Natl Union Radio Nevada Cal Elec. New Eng Pwr pf (6). N J Zine (123%).. Newmont Min (34) New Quincy M (10¢). @ S e LT Nip; ing (30¢) Noranda Mines No Am Aviat A war.. Noth Euro Ofl Corp Ohio Ol (4) Pac Pub Sve (1.30) Pandem Oil. . Param't Cab(b! Pennroad Corp (20¢ Penn Industries, Inc. Pitney B P, n (20¢).. Plymouth Oil (2). «ea Prine Whitely 1., Prince & Whit pf(3), Prudential Invest... Pub Util Hold w w. Radio Products 1., . Railroad Sh Cp(38¢). Rainbow Lu Prod A Reynolds Inve: Rich Oil,Cal, p: Roan Antelope Min, Rocklans Lt&P (9 Rossia Intl Corp. St Regis Paper (1).. Salt Creek Prod (1). Seaboard Util (50¢).. Selected Industries., Sel Ind allotofs 5% . Select Ind pr(6%)... » Nowr o Beanes Wi Resvonar = " RN E AR B 1O South Penn O11(12% SoCalEdpfB(1%). Southland Roy (1).. S W Dairy Products. Spanish & Gen Reg., Stand OIL Ind (3% ) Stand OiL KY (11.80). Starrett Corp pf (3). Stetn Cosmet! Strauss Roth, Stuts Motor Car. Sunray Oil (40¢)...e Superieater (13%).. ‘Tampa Electrie (33) Technicolor, In ‘Teck Hughes (60e) Texon Oil & Land ‘Thatcher Sec Cor) Transamer (31. Tran Con Alr Tran Trans Lux DL P 8. . ‘Tri-Cont Corp (war) Tri Utilities(31.30) . Tubsize Chatel (B) Union Tobacce. - » L O e N T T T - ° - United Gas Co. United Gas Co (new) U 8 Elec Pwr (war).) U S Gypsum (1.60).+ U 8 & Intl Secur. U S&Int] Sea 1at (5). Utd Verda Ext (4). Utility PwraLt(al). Utllity & Ind, Utll & Ind pf ( Utllity Equities. . Vacuum Ofl (t634).a Venezuela Petrolm. . Vick Finaneial Corp. ‘Walgreen Co (War) .y - Caeassnnn~nRaanD LT TSR Wilson Jones (3 Winter (Benj). . Woodley Petroieu “Y” Of) & Gas... 55 5 21 32 % & kW M 33 3 M/ I I 3 & & W W & & RIGHTS, ErDIre. Hud Bay M&S, July 1§ Int Salt..oes...o.July 31 Lone Star Gas..July 3 Mo Kan Pipe. ...June3s Newport Co.....June20 1 * Dividend rates in doliars besed om Inst QuATieriy or eemi- annuai pa; GEORGE WINGFIELD. ent. el TP e Tn Brelerfed sioeks BUSINESS ACTIVITY IN FURTHER DECLINE Industrial Indicators, However, Hold Up Well Against Seasonal Decline. Special Dispritch o The Bter. NEW YORK, June 14.—The tide of business activity recedes further as the season of Summer slackness progresses, and while industrial indicators are holding up fairly well against the sea- sonal decline, the latest general trade pme“ weakened along with ity says the Business Week in its covering the week ended June 14, The business thermometer, index of the general volume of trade and ue- tion, has declined again to 90.5 qu cent, against 92.7 in the week precedin, and 108.9 per cent for the correspend- mg week last year. usiness seems to be knocking off for a long Summer vacation, letting thlnfi slide till it can formulate its prospec! and plans e little more clearly. This will be to the if it means ing some outworn formulas and doing some hard, fresh, vigorous thinking—about costs, wages, employment, commodity rices, the tariff, world de condi- ons, agricultural E:'upecu and the banking situation—Iinescapable though unpleasant problems. The stock market has been doing a little of it in its spare time and has slight headache as a result. The sooner around for more faondhetn i CR—— Sales Gain 60 Per Cent. BALTIMORE, June 14. Sales STOCKS. 130 Arundel Gorporation 138 Avpalacnian Corp.. 30 Baltimore Trust o 7C & P Telephone Baito pid. . 1 Consolidated Gas com 12 Conoli Gas 5» cum pfd A & Guar Fire Corp 95 Maryland Casualty C 0. .. 50 Mtg Bond & Tile Corp gom 17 Merchants & Miners® Tra 8 t Co o 100 United Rail E R i ) ‘og:uw 20 Western Maryland MARYLAND CANNING. BALTIMORE, June 14 Maryland plants annually from 8,000 to 10,000 acres of peas for canning pur- poses and, although few may be aware of the fact, the pea-canning industry was first started in this State, acoord- specialist in ing to L. M. crops for the University of canning Goodwin, Maryland extension service. (Special) — An indication of the trend to invest- ments of a more stable nature follow- g the stock market break is the fact that in the first four months of this year the volume of annuity investments placed by one large insurance company has amounted to more than $48,000,- 000, a gain of 6 per cent over the - pany’s annuity business during the same four months of last year. e e D. C, SATURDAY. IRREGULAR TRAD TREND CONTINUES Large Purchases of Pipe and Steel Are Noted in Week- ly Reviews. Special Dispatch to The Btar. NEW YORK, June 14.—Decisive business trends have been absent dur- ing the past week and reports are s | mainly on the quiet side, according to the trade reviews. The exception to % | the generally quiet situation is noted in the orders for pipe, oil tanks and struc- tural material in the iron and steel in- dustry. Bradstreet’s says, in part: “The weather, while beneficial to crops needing moisture, has, because of accompanying coolness, tended to re- strict retail buying of light-wear fab- rics. The advance of the season also tends to restrict reorders from jobbers and wholesalers to absolute necessities. Structural materials have been ordered heavily, much of this because of heavy 3 | construction needs in and about New York. Active road work, too, is still re- flected in buying of concrete bars, while an active canning season’s needs ald to increase an otherwise quiet buying of ate. “Automotive and agricultural imple- ment buying of steel has eased off. Ingot steel output after a reaction in' % mghu gone slightly lower this week. eports from South as well as North are of curtailment agreed on for the Summer months in the cotton goods line as still proceeding. Raw cotton and cotton goods are off in price in sym- pathy. “As regards new buying at retail best reports come from women's wear lines, especially the lighter forms of cotton and silk. “Crop reports, as & whole, are better, than for several years past at this date and a significant feature is a alight gain in the Government estimate of possible Winter wheat output. Cotton Cloth Market. Further declines in raw cotton fol- lowing last week’s recessions served to depress the New York primary market for unfinished cotton cloths. Prices of varlous descriptions were reduced, but the lower levels failed to stimulate de- mand to any appreciable extent. Buyers were inclined to hold off and await developments, confining their purchases, as a rule, to small quantities for imme- diate or nearby delivery, while some sellers virtually withdrew from the market rather, than offer at cur- rent prices, which were said to be ungro table in many instances. . G. Dun & Co.'s weekly review of business says in part: “The main point of interest, in the absence of decisive new commercial ds, has been the recurrence of con- lglcuoun unsettlement in speculative ls. Confusion and uncertainty over the general situation have led to hesitation in many instances, but a of inertia in the stock market been succeeded by comparative activity and sharply fluctuating prices. The basis for that movement was not to be found in any important c! e in the status of trade, although the continued lack of a broad and impres- sive revival has unfavorably affected sentiment in quarters where the time element in economic readjustment had not been fully allowed for. With Sum- mer near at hand, a further deferment of expansion in most lines is indicated, and receding manufacturing operations, where they appear now, are in keeping with the usual seasonal tendency. Decline in Commodity Prices. “Naturally, restrictive influences are intensified in the present era of transi- % | tion, :mh the persistent decline of com- still being one of the ining forces. Except in few cases where needs are urgent, the advantage remains dis- tinctly with the buyer, and the steady easing in wholesale quotations is begin- ning to be reflected more plainly in re- tail circles. Pressure to move goods to consumers has become more evident under the altered aspects of demand and supply, but & clear appraisal of the public purchasing power has rendered the more diffcult b{ - itious weather in many localities. “The obstacles to business recovery have been both numerous and varied in character, yet some definite gain has been made in strengthening, underlying conditions, and this is a necessary pre- liminary to subsequent advance. Thus far the barometric statistical records have falled to disclose any marked re- versal of trend, but even the recent duction in steel output left the five months’ total at a level equaled only in three other years. Comparisons witi the results in 1929 should be made with full recognition of the fact that the earlier period was one of exceptional Prl:rreu in many branches of enter- prise.” BALTIMORE BANKS JOIN IN $75,000,000 MERGER Special Dispatch to The Star. BALTIMORE, June 14.—Another large bank merger, the second within a week, was announced yesterday, afcer the boards of directors of the Union Trust Co. and the Farmers' & Mer- National Bank had agreed unanimously to consolidation. Resources of $11,000,000 held by the Farmers & Merchants’ will give the Union Trust Co. total resources of $75,000,000, with deposits totaling more than $64,000,000. Resources of the Farmers & Mer- chants’ are given as approximately $11,000,000, of which $1,100,000 con- sists of capital and surplus and undi- vided profits, and around $10,000,000 in dzgosm. he Union Trust Co. of Maryland, which recently merged with the Na- tional Bank of Baltimore, despite this merger, still ranks as only the third largest financial institution in Balti- mor ‘The Baltimore Trust stands first, with resources of about $101,000,000, and the First National Bank next, with re- sources at the end of last year of , | $87,000,000. Markets at a Glance NEW YORK, June 14 (#)—Stocks weak; International Telephone at record low. Bonds steady: legal issues higher. Curb heavy; utilities lead de- cline. Foreign exchanges steady; Span- ish peseta again heavy. Cotton weak: July liquidation and unfavorable trade dl‘)’m!'u. Sugar, holiday. Coffee, holi- ay. SHORT-TERM SECURITIES. (Reported by J. & W. ltlllmln‘r C‘o.l Allis-Ohaimers Co. 58 L Ameri Tel. & Tel. § Thread : U o S Y JUNE 14, ANTI-WHEAT RUST BATTLE 1930. FINANCIAL. MOVES TO FOREIGN FRONTS Search for strains of wheat that will resist rust shown on leaves (right) has been carried abroad by Dr. E. B. Mains (left) in effort to reduce huge losses to farmers. BY CLAUDE H. WOLFF, Associated Press Staft Writer. LAFAYETTE, Ind,, June 14.—Now in its eleventh year, the search for a good milling wheat resistant to leaf rust, a scourge which costs American farmers $16,000,000 annually in crop loss, has been rewarded by wide fleld tests abroad this year of promising varieties. Samples of strains that seemed im- mune in the laboratory have been sent to Australia, China, Holland, England, Russia, Czechoslovakia, Argentina and Bolivia to be exposed to a wide variety of ‘gowmg conditions. . E. B. Mains of Purdue University, who has been asked by the United States Department of Agriculture to devote most of his time to the devel- opment, says that if the presumably resistant strains show up well under field tests they will be subjected to »» A—15 SALES GAINS NOTE BY 52 CHAINSTOR milling tests with a view to_ selection of a varlety for commercial planting. Leaf rust of wheat is widely spread but, Dr. Mains says, usually does not May Reports Show Advénce of 4.06 Per Cent and Fivé! Months Over 5 Per Cent. Special Dispatch to The Star. NEW YORK, June 14.—Merrell, Lynch & Co. have compiled a table of 52 chain store companies reportfiig thelr results for May, showing aggre- gate sales for the month of $358,653,761, compared with $344,627,451 for May, 1929, an increase of 4.6 per cent. Aggregate sales of these companies for the first five months of 1930 totaled $1,636,793,974, against $1,554,631,507 for the corresponding period of 1929, an increase of 5.28 per cent. ——May—— 1931 [T g, Atiantc & Pac lmu.u'fl,m $07.319.075 ars, Roebuck (Apri By e o 30,688.991 F.oW. Woolwerth &o. o Montgomery Ward . Kroger Groc. & Bak Safeway Stores, Inc. §'¢ Penmey. x r;:'s'lnr:nv 10,928.765 s 7,884,118 063.720 986,047 lel Reeves W. Grand Stiver OF98 o'i- -on . Newberry C Schlte-United Childs Co. . Lerner Stores'. .. Consol. Retail ‘Stores McLellan Stores Co. Lane Bryant, Inc. G. R, Kinney.... Diamond_Shoe’ Corp. attract as much attention as many other diseases which may be less de- structive. mates show, 10 per cent of the crop, and not infrequently 30 per cent, wi be_destroyed by leaf rust. Dr. Mains and his assistants turned to the quest of resistant wheat when they found that dusting with sulphur, while effective, was too expensive. In the average year, his esti- | 5 Peoples Drug . id_Pender . C. Murphy Go Waldort System Jewel Tea (4 wi 89 AT Southern -Stores Bchiff Co. . Excl In the last 11 years nearly 4,000 varieties |3 of wheat, together with 700 varieties of barley and several hundred varieties of rye and corn, have been tested. In the the plants were subjected to much more severe exposure than would be possible in the field. Devel- opment of leaf rust, it was learned, is encouraged by damp, foggy and fairly warm weather., DROP IN CALL RATES CAUSES HEAVY WITHDRAWAL OF FUNDS Corporations Take Their Money Out of b Wall Street When to Low BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 14 —With what is known as “Wall street money” quoted between 2 and 2%, per cent, corpora- tions and institutions are more than ever disposed to withdraw their funds from the call market and place them in channels where they 1 produce a higher incor return, This was re- flected in the reduction in the loans for “others” in the latest Federal Re- serve bank statement to $1,146,000,000, or about $1,765,000,000 under the figure of a year ago. Last October the loans for the ac- count of “others,” which included cor- porations and individuals attracted into the call money market b{ the highest rates that had been rutn%oghen in years, aggregated $3,003,000,000. They were then nearly 60 per cent of all loans, which reached a high peak on October 2 of $6,804,000,000. ‘It was rec- ognized that they were a decided men- ace, both to the money market and to the stock market in the event of a serlous scare among security holders. Loans Called. ‘This proved to be ‘true, for in the week of October 30 the corporation and individual lenders called loans to the extent of $1,380,000,000 at the same time that out-of-town hbanks reduced their loans $707,000,000. This threw the burden on the New York City in- stitutions, which were compelled to take over a large part of the loans of the outside lenders and the interior banks, resulting in an expansion in their own loans that same week of nearly $1,000,000,000. The situation today is that, instead of representing neariy 60 per cent of all of the brokers' loans reported, those of “others” ar: below 29 per cent. They have been recuced since last October by $2,757,000,000, or over 70 per cent, and are the smallest since 1928, It is ex- pected that there will be further re- g:ouem in this item during the Sum- r. A large portion of the funds that preylmuly were represented in the loans of “others” has been transferred Into short-term and long-term securities. The first heavy movement out of the call money market was into Govern- ment issues. This absorbed large quan- titles of Treasury notes and certificates and discounted bills. Later it was re- flected in the buyin of the highest credit members in the State and city groups, Then it went into railroad equipment trust certifi- cates and the notes of the strongest American industrial corporations. Some of it was also placed in short-term foreign loans of a corporation character. ‘The oversubscription this week by six times of the $400,000,000 one-year ‘Treasury notes carrying a coupon of 2% per cent was one of the effects of a demand on the part of lenders of money for a medium through which they could earn better than the cur- rent call money rate. Bank Loans Paid. ‘The reduction in the loans of “others” also means that a great many bank loans have been paid off instead of be- ing renewed. Others have been can- celed before maturity. Still another phase has been the use of these funds in the purchase of commodities at the existing low level of prices. A cer- tain amount of the funds has also gone into long-term securities. It was not only domestic corporations and individuals that poured funds into of short maturities | Return Dwindles Figure. built up the high total of loans of “others” to $8,908,000,000 in October. Loans of this character were made from, practically every money cenger in the world at the same time, draining their markets of capital that ordinarily would | gUE’ have been available for domestic de- velopment. These loans have been re- duced to & minimum as it is more profitable, even at the present low average of discounts abroad, for foreign lenders to us their surplus funds in short-term home commitments than to continue balances in American banks above the normal requirements for in- ternational business operations. (Copyrisht, 1930 QUICK TIME MADE IN BANK PAYMENT Specia] Dispatch to The Star. NEW ORLEANS, June 14. — The Union Indemnity Co. paid $50,000 Tues- day to the Bank of Commerce & Trust Co. of Mansfleld, La., when proof of a $112,000 shortage was established. Discovery of the defalcation in the accounts of the bank’s former vice president, G. F. Provost, was made Sat- urday, June 7. Proof of the actual amount involved was certified June 9 and payment by the insurance company followed Tuesday, June 10. WEEKLY CLEARINGS. Owing to an increase at New York City, the report on bank clearings this week shows an improvement. Accord- ing to a compilation made by Dun's Review, clearings at leadsng cities in the United States total $10.355,516,000, and are only 3.0 per cent less than the amount a year ago. That contrasts with a loss of 13.2 per cent last week. This week's aggregate for New York City—$7,193,000,000—is 0.5 per cent above that of this period of 1929, but the $3,162,516,000 recorded at the out- side cities discloses a reduction of 10.0 per cent. The only increases, in com- parison with the returns for a year ago, occurred at Richmond, Louisville and San Francisco. Clearings for this week, and dally bank clearings for the date, are compared herewith: average year to Week June 13, 1930. $415.000,000 Total all .. 10,355,516,000 Average daily: June to date $2,025.453.000 May . 1.760,931 et 1.524.630.00 Aprit Flrst auarter | *Estimated. The Buick Motor Co. reports retail deliveries of 15603 Buick and Mar- quette cars during May, an increase of the call money market last year and STOCK AND BOND AVERAGES By the Associated Pre SATURDAY, JUNE 14, STOCKS. * New 1930 low. 10 ]lldlll‘l“.,ll.l. h (1930) . ,lli‘w (1930) . 2,120 over }({ny of last year. n _Bro inn & Lovett Gros cery Co. ... Kline Bros. Federal Bake National M. H. Fishman Kaybee Btores Morison Elec. St 334,627,451 Five Months. Companies. 1930. Gt. Atlan. 465,177,361 & Pac. 5 Roebuck 1929, 430,184,406 144,179,104 118:199.377 33,492,692 347017 . Kre: 23.888:127 W T. G 31497420 Walgreen .. . 17,123,386 McCraory_Stores . 6,107,831 15,691/048 Daniel ‘Reeves . 3, 480 478308 11,260,585 5 Newde '5sas 38 . J. Newberr 3 Eorine United, i) Cons. re: Retail Stores Lerner Stores o . R._Kinney. Lane Bryant, Inc., Peoples Drug . Walfdort Syste: ‘en, u Ul weeks, May 17) 6368431 Davia Pender 1 8,283, Nelsner Bro: 3 sinle . Murphy.... $ E tro. Chatn 8i 16 8,383 m¢ Nathan Strausi 1 X q Bchiff & Corr Exchange Buf 2,867, 2,733,082 Natl, Family 31 Bickfords, Inc. . 1187 Winn' & ‘Loveit: 2 er. Dept. Stores. 31986.081 $1,636,793,074 $1,884,631,807 BY H. N. McGILL, Bditor of McGill Commodity Service. AUBURNDALE, Mass., June 14 (#).— ‘The price trend of all commodities last week showed the greatest drop in one week that has been noted for a long time. This decline was due fo lower prices for industrial and agricultural Produch. live stock, building mater! 'uels, non-ferrous metals, ferrous metals, textiles, both fine and coarse, and vege- table oils. For the first time in many months out of 15 individual indices, not one single group increased. Eleven de- clined, and four remain un d. For the first time since last Fall there are signs that the production schedules have at last reached a level which 1s comparable with demand. Latest figures show moderate congces- sions in inventories of both raw and finished goods. Car loadings (corrected for seasonal variations). have fluctuated widely this year, but are now back near- ly to the low for the year. Building continues the season increase, but Has fallen far short of a year ago. Auto- mobile production in May was disap- pointing, the total for the year to date being 31 per cent below last year. The combination of curtailed industrial ae- tivity, declining international trade and a further increase in unemploymentt, indicates a comparatively dull Summer. All commodity prices in one week dropped 1.2 points. Since the first of 1930 the decline has amountod to %7 points or 9 per cent. While it has been generally believed that the bottom was near at hand, many groups still show no disposition to turn upward. Not until business improves in the Fall will commodity prices start an upward movement. Another low was reached by indus- trial prices with the continued falling off in production. The ratio of supply to demand is gradually becoming move equally balanced. Production will con- tinue limited until the fourth quarter, reflecting widespread unemploymen and low purchasing power, 4 Agricultural Products. ‘The downward trend was continued by agricultural products. This was due to decline in most of the grains, but most important of all to the drop in cotton, which totaled 120 points during the past week. The June 1 Govern- ment crop report shows that condi- tions have improved and a cotton ¢ is indicated which will be large enou; to bring the available world supply to a high level in terms of consumption. ‘The condition of the crops also shows improvement: Oats, 83.2, compared with 82 Jast year; barley, 86.4, against 83.7; all wheat, 85.7, against 84.8, and oats, 83.2, against 82 a year ago. Non-Ferrous Metals, ‘These were still on the toboggan. This new low point due to antimony, another 25-point decline in copper and a drop in tin to below the 30-cent level Zinc also lower now, 4.87% cents. The test period between' copper pro- ducers and consumers is certainly not over, Fuel. Prices of fuel also were sagging. This was due principally to lower prices for bituminous coal, f, 0. b. mines, now at the lowest level in many years. U. S. TREASURY BALANCE: The United States Treasury balance announced today as of close of business June 12 was $61,251,173.30. Customs :.1?3:0 _’lgr“flu_tmmh to date were ,628,074.34. Total ordinary expend- itures.$0,188,985.67, «