Evening Star Newspaper, June 13, 1931, Page 13

FINANCIAL. THE EVENIN R, WASHINGTON. CURB SHARES DULL ON LIGHT TURNOVER Utilities Group Again Is Fea- | ture of Trading—Oil Issues Active. BY JOHN A. CRONE. Dispatch to The S EW YORK, June 13—The chief s curb market larly after a there was trading and it lic interest was the only item eport of Associated in the week end- ic output was 58,873~ an increase of 7.2 per e same week of 1930. Gas doutput also showed an increase. The nce of the market was shown decline in Associated evident in the m "wof news wa ing June 6 elec #17R k! t ent over A. ommonwealths Power A g up 3 points to mped abruptly to 20 ;s were recently Electric Bond L& perpower, East- lern State Power B and Niagara Hud- ‘son Power were steady. United Light & Power A pointed upward in active American § im ormer in suppor was again the outstanding the oil group. The stoc] each dip to 39 a and Standard were both a shade higher. sagged on a small turn- hern Natural Gas was un- y active, with advance gof 5ii. United Gas continued to be F4urned over in volume without, how- i lever, much change in price. The motors were quiet. Cord was off Aelightly. Ford Motors of Canada A | was d on of In of Kentuck Cities Se ained a little, Ford, Ltd, was lower, round 11's. United Verde provided he only interest in the mine group with small gain. Pennroad moved up lightly. Industrials were quiet and eguiar. Aluminum Corporation was trong at 112. Deere & Co. and Amer- can Cyanamid B were steady. St. Regis aper was steady. Trading corporation hares moved downward, BONDS ON THE CURB MARKET. DOMESTIC BONDS Low. Close. 98%s v \ Ph S 4 L&P 55 * &P 55 B 61 1 B! 5 Pacific 1Pac Wes 10 Penn s Penn 6 17 Penn P&L 47, SPenn P & L 9 Peopi 999y s 90y ub 8 No s cwmaSmanoa =20 Ghly 94ts 100 100% 9614 FOREIGN BONL 1Agr Mty b T4ty ] 3 Chile Mt Bk 16 Com Pr Bk 5 Europ, M1 W RR 63 A 5 D) Kgm 6s'R El P 6as 11ag0 O () 57% 87 SEATEATF ria Be A 55 1043 104% 1043 c—With warrants xw—Without war- ‘h::s n—New, wi—When lssued, was | NEW YORK CURB MARKE Note—All stocks are sold in one hundred-share low excepting those designated by the letter s (80s) (2508), shows those stocks were sold in Stock ana Bales— Dividend Rate. Afiliated Prod 1.60 Agfa Ansco pf. 50s Aluminum Co of Am. 758 Alum Ltd A war. 3 tPALBDI0%. 5 7 AmCom P A (b10%) 15 Am Com PrB(b10%) 12 Am Cyanamid B, 3 Am Dept Stores. 3 Am Equities 15 Am For Pow 17 Am Founders. ‘ Am Gas & Elec (£1).. 10 Am undry Mach 2. 25s Am Maracatho. 5 Am Natural Gas..... 8 Am Superpcw (40c). 21 Am Superp 1st (6) Am Transformer. Am Utll&Gen (B)vta Am Yvette Co (25¢). Appalachian Gas. Arkans Nat Gas A. Atk P&LDPL(T). . 1o Assoc El In Ltd 30c., Asso Gas&El A (a2). Assoc G & El war Atl Fruit & Sugar. Atias Util Corp. . Beneficial IL (1%).. Bickford’s Inc (1.20) ErazTr & Lt (b8%). BrA T cou BL17T 4-je. Burco Incev ptf (3) Canada Marcont Carnegle Metals. Cent Pub SvcA b10% Cent Stat E1 (b10%). Cent Prxw (6). Chain Store Devel. Chat Ph Aln.v. (1). Citles Service (g30¢) Cities Serv pf (6) Cit Sv pf B (60¢) . Cit Sy P & L pf (6) Claude Neon Lts, Inc Colon O1l. ... Com Wat Ser gl230 Comstock Tunnel Consol Dairy Prod. Cont Roll & Steell Fy 4 Cont Shnres conv pf. 1508 COrd Corp...coeseee 11 Cresson Consol (4c). Cuneo Press (2%). Curtiss Wright war., & Cusi Mex Mining. Darby Petroleum. Deere & Co (1.20) De Forest Radio. Detrolt Afrcraft Cp. Driver Harris new. Dubllier Cond & Rad, Duquesne Gas Corp.. Durant Motors ‘whic] ~Prav. 1931 High. Low, 225 114 87 65 224 90 [ 17 FUR 17100 29% 17 128 6's s an T 34 sty 11 by 2% 9i's 4N 45 26 1% ‘a 57w 1 19 &% 99 Bla 9 " ] (O - P [ IEER IR 5 1 - 4 FenSearwal 4 -4 DN st Util Assoc ¢ Eisler Electric Cor Elec Bond & Sh (b8). '67 Elec B & Sh pf (6). .1 Elec Pow Assoe (1).; Elec Pow Asso A (1) Elec P & Lt op war Europ Elec deb rts Evans Wallow Lead. Falcon Lead Ford M Can o . Ford Mot Ltd 36 3-5¢ 23 Fox Theater Cl A 2 G ock Pkg (1.20) Gen Alloys Gen pir 15. 18 Gen G&E cv pf B (6) 100s Gen Thea Eqcv pf(3) 22 Glen Alden Coal (4).. Globe Underwr(15¢ 1. Gulf Ol of Pa (1%). Hall Lamp (40¢). Hamilton Gas ret Happiness Candy Imp Ofl of Can (50¢c) Industrial Finan ctfs Insull Inv (b6%.).... 4 Insurance Sec (10c). ST PRI Add 00. Open. High. Low. Close 2 17% 63 112 18 1% 19% 7 £ 1% 8 B85 1047 10475 1047 1047 -~ Prev. 1031~ odd lots. Ly g 1414 2914 % 1T% 63 112 18 17% 63 112 18 7 7 12 20 7% 1% 4t Met C Micl 2% 244 4 1% 194 2% 1% " 10 811y €% 4 354 and 13 124 18 1% LY n 167 1l 13 1214 13 s Dividend rat ment. in “cash 1 Plus 5% P AUTOMOBILE TRADE. QUTLOOK IMPROVES Executives Confident That Bottem of Depression'Has Been Reached. BY DAVID J. WILKIE. Written for the Associated Press. DETROIT, June 13.—Although ad- | mitting that the industry is entering a period of lessened demand customary in Midsummer, automobile cxecutives are finding cause for encouragement in the belief expressed by many of them that the bottom of the depression has been reached so far as the production and merchandising of motor cars is con- cerned. The signs by which the industry's lerders atlempt to appraise its outlook all are of the kind that justify optimism, they say, even though sales for the im- mediate future months may show a falling off. Among these sigus, as cited by a leading figure in the industry, are | the steadily increasing use of the motor | car as evidenced in increased gasoline | consumption if not in increased regis- trations; an improvement in the used- car situation; the fact that manufa turers have reduced inventories, cut production costs and have generally | strengthened their financial positions, | and finally a better condition basically in the retail division of the industry, = | Dealers’ Difficulties. 1 With the slackening of demand on ! production facilities, motor car execu- | tives are giving no little attention to further increasing the efficiency of their merchandising outlets. ‘The distributor and denler organizations always have presented the most serious problem to the industry. The problem probably has its principal cause in the used car, | whose owner places upon it a valuation | beyond its real worth and demands an excessive credit upon it if he is to be | persuaded into buying a new vehicle. In 1929, when dealer organizations were hard pressed to keep up with fac- tory production, excessive credits were | given on used cars, and in many cases the dealers, unable to resell them at a profit, were forced into involuntary | liquidation. At that time, however, the industry was operating in a selling market, and the loading up of dealers with used cars was a condition in the | industry itself created by the enormous | production of that period—5,000,000 cars in 10 months. BN Today, while the merchandising divi- sion of the industry has been rebuilt with an eve to stability and the hope that like the manufacturing division it can survive the depression, & “bu ers’ market” has appeared and automo- bile executives are making every eflort to discourage what they call “destruc- tive trade practices.” Most of the companies Wi ithholding | 1 new -models until the latter months of the year alrcady have begun blue print- | ing for the changes they plan to incor- porate in their 1932 models. So far no intimation has been given of any con- templated radical chang-s. There will be refincments all along the line, and there probably will be additions to the m; year 1ges. Low er slung bodies are looked for in some models, greater use of shatler-proof glass and probatly additions to the users of frez-wheeling and of synchro- mesh transmissions. Laboratory Tests. Because of the numerous laboratory and road tests needed on new models before they can be presented to the public, the general design of most of | the nEW typss to come out in Novernber | and December already has been decided | upon. In the laboratories a large part of the eflort has been directed toward | the use of lighte~ and yet stronger metal | combinatiohs. There is also the never- ending search for means of reducing vibration and noise | cy rumored eight-cylinder Ford' | 1.5024.00; | employ demestic raw mate ain of last | ° Specizl Dispatch to The Star. BALTIMORE, Md., June 13—Pota- toes, white, 100 pounds, 1.00a1.40; new potatoes, barrel, 1.2 ; beans, bushe 50a1.00; asparagus, per dozen, 5082 beets, per 100, 2.0023.00; cabbage, bu 140a1.80; carrots, per crate, 2.5082.7! celery, crate, 8.00a9 00; eggplants, crate, ale, bushel, 10a25; let bushel, 15a40; lima beans, bushel, 2.50a 4.00; pepper 1.50a4.50; onior per 100, peas, large pod crate, 75 ch, bushel, rhubarb, per 100, crate, 50a2.00: appl per box, 2.00a2.3 3.25; grapefruit, box, 1.50a2.50; oranges, box, 2.50a4 25; strawberries, quart, 7al5. Dairy Market. Poultry, alive—Chickens, young, 36: old hens, 20a23; Leghorns, roosters, 12al fowls, each, 50a75; pigeons, pi Eggs—Receipts, 1,026 cases; receipts, 17 Butter—Good to fan ladles, 17a18; rolls, i store packed, 14a U. S. RANKS SECOND IN POLISH FOOD EXPORTS By the Associated Press. Official Polish_statistics filed with the Commerce Department rank the United States second as _a source of supply for foodstuffs to Polal many ranks first. Trade circles assert, however, that the United States is first, for the reason that German im- porters buv large quantities of Ameri- current creamery, 22 16a17; process, 25; Btock and Dividend Rate. Intercontinent Fetn. Int Petroleum (1)... Int Utilitfes A (3%). Int Utilities B.. Kietn (D E) Co (1).. Lone Star Gas n 3%a. Long Island Lt (60c) MacMarr Stores (1). 's Mugdalena Synd anning Bow (A Mapes Con Mfg $3.75 Mass Util Ass: Mavis Bottl May Rad & Telev(l), Mead Johns ias & Oil Corp. Mid St Pet vic B. Mid W St Ut (1%) Mid West Ut (b8%). Mid Roy v pf (2). Mo-Kan Pipe L (A). Mountain Prod (1). . Nat Bd & S Corp (1) at l'uel Gas (1) at Leather.......o Nat Pow & Lt pf (8). Nat Service Co. atST Sec A ( Netsner Bros pf (7).. New Brad Oil (28¢).. Y P&Ltpf (7). Niag-Hud Pow (40c) Niag-Hud Pow A w.. or Europ Gl Corp.. W Engineer (2)..s Ohto Copper. Overseas S PacG&E1stpf1%. Pac Western Oll. Pandem Ofl. . Parker Rust Pr (3). Pennroad Corp (20¢) Peoples LI&Pwr (A) Pepperell Mg (8). Perryman Philip Morris Inc. Phoenix Pilot Rad E Plymouth Of1 (1). Producers Roy Corp.. Pub Ut Hold war Pub Util Hold Cp x Raliroad Shares(40c) RR&Util Inv A Reybarn Co. .. Rossia Intl Cp (100), St Regls Paper (60c) Saxet Co Schift (The Co (2)..s Segal L & H (a500) e Shenandoah Corp. Shen Corp pf (43).. SouthernNat Gas. \eg May Stern pf.. and Ofl of Ind (2) and Ofl of Ky 1.6 arrett Corp pf (3) Strauss Roth. . Sunray Ol (b5%). Syracuse W Mach B. Tampa Electric (32). Technicolor, Inc. Teck Hughas ( Thatcher Sec rans Lux DLP8.. Utilities (h20%). % Tublzse Cantillon (B) Unit Chem pt pt (3) Unit Corp wi Unit Foun: Unit Gas Corp. Unit Gas war . Unit Lt &Pwr A (1), Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. Low. Close. % KW 10% 10% 104 31% 31% 31% 6% 64 6% 18% 18% 18% 16% 16% 16% 30 80 30 ™ # 2 39% 4 2% 12 87 2% 81 i) 19 16% 14 t413) S SE TP ORI - T ey T L LT R T e SoIep = Seal (2), * c Power ww. 4 1 can foodstuffs for Polish consumption. | Of the value of American foodstuf imported into Poland in 1930. lard reached $3,097,300; fatbacks, $492.000; dried prune 0.450: fresh apples, ,000, and ‘miscellaneous other prod- . $1.294.200, epartment noted some Amer- ican foodstufls enjoy favorable prospects of increased purchases, but the future is not so bright for others. Up to 1930 American lard and fatbacks met pr tically no competition in the Polis markct, and annual imports were value. at apprcximately $8,900,000. The efforts made by the Polish government to es- tablish & domestic lard refinery and to S may be ed as still in thelr initial stages, duty on American lard was as of July 31, 1930, from $561 2 per 220 pounds, and the duty tatbacks was raised from $4.48 to consider on $8 doubled duties have retarded serfously American shipments to Po- and, and with price declines, have sharply affected Ameri¢an lard and fat- | backs in the Polish market. Poland, which with the Ukraine. con- stituted the granary of imperial Russia, would at first glance appear to be as- sured of approximate self-sufficiency in the matter of essential foodstuffs, but while the soil statistically classed as arable land is given as 70.668.129 acres amost 30 per cent of it returns ex- termely small yields. Of certain prod- ucts, such as cereals, fruit and fish, Po- land raises considerable *quantities, but to some extent its domestically duced food supply may be characterized as unbnlanc(‘li‘l and lacking in variety. product, which gossip had it was to have been brought out in April last and mar- keted in the lower price bracket, seem- ingly has been shelved for the time be- ing. The Ford Co. still is operating on reduced schedules, with liitle pros- | pect of a stepping up during the Sum mer months, Th-re has been some talk of a probable shutdown by the Ford plants during July or Aug but a definite statement of such plans has not been made at the company’s offices. Several departments of th> Ford Co, kept operating during last Winter de- spite a surplus on hand, still are run- ning ahead of other departments and there has been & consequent curtailment of employment in these departments. The number of men affected, however, has been relatively small, | and during the first part of that year | as subsidiary pro- | | strength shown Lines of (1). “nit Verde Exten Jtil PRLU(ATL.02% ). 't P&L B(at1.02%). Jtil & Ind...... Util & Ind pf (134).. Vacuum 01 (2). n Ex dividend. or st in dollars based on TPartly e b Payable in stock. « Pius 6% 1n stock. i 3 10% 1o stoex. m Pius 3% in P Paid last’ year—no reguiar rai URGES CHECKING SILVER'S DECLINE - Knappen Outlines Ways for Governments to Help Bet- ter Present Situation. “What can thé governments of the world do about the silver fiasco?" asks Theodore M. Knappen of Washington in the current issue of the Magazine of Wall Street—and then answers his own question. In the first place, the government of India could announce that for a period of years it would cease to sell silver from its reserves in order to increase the gold share. That would relieve the market from the menace of the possi- ble dumping of 400,000,000 ounces. After that period India could help by xing a moderate definite amount for sale each year. In the next place, all the nations that have substituted paper for coined silver token money could re- turn to silver for such purposes, and those that are using debased silver or other metals for subsidiary colnage could return to silver. All governments that sell silver could enter into an agreement not to sell under, say, 50 cents an ounce and to buy only when it is over 55. An inter- national silver bullion loan might be made to China. If the fall in the price of silver had merely been in line with the fall of the general commodity level the situation would not be so serious, but it has been about twice as great. Viewed in the light of sent supply and demand, there s little prospect of the relation being _corrected. especially as silver is so largely produced, as a by-product, without reference to demand. The situ- ation, apparently, can only be remedied by increasing the demand. “There is some hope in the extension of the industrial use of silver, through the improved alloys to which the United States tention, but the only promising outlet for more silver is its increased utiliza- tion by the governments of the world coin. Certainly, if su governmental action would stabilize ver as & commodity, it would be worth the cost if. as is generally agreed, the expansion of trade with half the popu- lation of the world depends upon the status of silver. NORTH CAROLINA STATE BANKS CALLED SOUND Special Dispatch to The Star. RALEIGH, N. C.. June 13—The State banks in North Carolina are in good condition, and the majority of them are much stronger than had been esti- mated. the survey begun recently by the new Banking Commission shows, ac- cording to Bank Commissioner G. P. Hood. The survey, not yet completed, fe “surprising because of the unusual y the banks,” Mr. Hood aid. “This applies not only to their | present condition, but to their condition ack in 1930.” AL the full meeting of the commission here, most of the lme was spent in crawing up regulations for the opera- tion of the trust companies and trust departments of State banks, which now are also under the general supervision of the banking commission. BALTIMORE STOCKS. N ST 0 Baltimore Trust Ci 200 Black_& Decker com ' 1C & P Telephone, Balio pf 16 Consolidated Gas com. .. e 5 Consolidat Gas 5% cum pfd A 1 Finance Co. of America. . 10 Maryland ' Casualt 238 New Amsterdam 110U 8 Fidelity & 22 ATLY sesses 0% Bureau of Standards is giving at- | . D C. BATURDAY, JUNE 13, 1931. FINANCI AL, » A—13 IFARM SHIPMENTS REPORTED LARGER Output to Same Date Nearly 100,000 Cars Greater Than for Last Season. The early truck crops have produced heavily, and fruit promises very well in the South and East, says the United States Department of Agriculture, Bu- reau of Agricultural Economics, Market News Service. Shipments produce have been arriving what larger quantities than son, and recent daily carlot totals have averag>d 3,000. Season's combined out- | put is nearly 100,000 cars larger than for the season before to the same date, Prices are somewhat lower than they were a yeay ago. During the second week of June, gains and losses were fairly well balanced in the fruit and vegetable markets. The recent down- ward tendency was relleved by price recoveries on potatoes and cabbage, but strawberries declined to lower levels What is left from the old cropd has been holding prices well, especially pota- toes and apples. Best variet{es of old potatoes were selling as high' in some markets as the Southern new crop and ples have been holding close to the best prices of the season. Berry Supplies Moderate. Strawberry receipts continue moderate to heavy in Eastern markets, but de- mand is slow and prices no longer make the *favorable showing afforded to the growers earlier in the year. The si ping seasdn is starting in the Northern | States along a line from New Jersey westward. Eastern Shore berries will not be very active in the markets after the middle of the month, although the Northern Shore districts wiil continue shipping until about June 20. Shore berries are prominent in Eastern mar- kets now. They made up about half the country-wide rail and truck ship- ments the second week of June, al- though the Shore crop was not so heavy as that of last season, owing to contin- ued effect of the late 1930 dry weather on_gondition of plants. Prices in oducing sections were surprisingly close to the city market level some of the time. Growers have been doing well, but some dealers are reported making little more than oper- ating expenses because of close cc petition for desirable supplies. T range varied widely from $1.50 to per 32-quart crate, but there was q a sharp ne the second w June, owing partly to poor coi and quality, and not many lots so above $3 A crate, even for the fin large late varieties like Gandy. East- ern markets quoted and other Eastern fruit at 5 to 15 cents per quart basis. A common range of quof on the large markets was 8 to 12 cents. New Jersey sold at 10 to 13 ce; Western ma showed a similar with de tendency k of June. Other fruit supplies includ and app! a oranges to $4.50 per box hold recent pri 1 bushel for best standard eties. Such kinds &s Ben Davis an Starks bring $1.50 to $1.75 Fruit crop prospects contl | ood, especially for apple ‘The June report confirm sion of heavy prod for the barr Eastern and Midweste ping States An especially heavy output is fr 1 rn ‘and Cer Oranges and grapefruit he as well as they did durd the Son, OWing to the heavy drop in' May. OId crop citrus fruits are beir shipped liberally for so late in the sea son and total output well above 100,0¢ cars has exceeded the apple shipmen from all gources by several thous: carloads. The pear crop promises to be a little better than the long-term average, with favorable conditions for a large commercial supply from the | South and Far West. Potato Supply Liberal. Potato shipments vary ] dav to day, but recent weekly av have been excceding those of las son. The prev ng rate of about 1000 cars daily. The sections is not very active in June, b a considerable supply is arriving from | Idaho and Maine. The limited quan-| tity on hand has tended to raise the| price a little, although the general level is not far from the season's lowest.| Maine potatoes brought $1.25 to $1 in Eastern markets the first half June. The Chicago poiato t ently considers that the ¢ of standard potatoes in be somewhat below §1 judging from recent potatoexchange. Meanwhile, principal supply coming from the S 3 Heavy shipments will soon arrive the Eastern Shore of Maryland and | Virginia, Small shipments from that section have already reached the ma: ket. Shippers estimate a conside number of carlots for the second week of June. Growers are not anxious to dig so long as North Carolina potatoes are selling at $2 a barrel in prod: ing section. The two sectior somewhat in the market t Weather conditiol for the Eastern Shore crop output is expected to equal that of last ! season despite a slight decrease in acreage. The damage from blight ap- pears to be much more serious than was at first expected. The large Eastern markets report| Teceipts of new potatoes light to mod- erate, but demand is only fairly good Prices are irreguiar the second week of | June, with gains of 50 cents to $1 per | | barrel in New York, Boston, Philadel-| | phia and Baltimore, but little change in Pittsburgh and a weak tone in Wash- ington and in several important West- ern cities. North Carolina Cobblers { have been selling in Northern markets | at $2.25 to $3 a barrel, compared with |around $2 at country shipping points. Southern red varieties still sell around | $1 per 100 pounds in producing section: | but tone has been a little stronger ne | the middle of the month. Crop reports show better than average condition in | 10 early potato States, also in the inter- mediate potato region. The market supply seems likely to be longer than was indicated by the rather small gain in acreage. Prospective yield per acre being good, production in 19 early and intermediate States s reckoned over 48,000,000 bushels, or a 13 per cent in- crease over last year. A few sales of sweet potatoes are re- | ported, but the season is nearly over.| ‘Tennessee Nancy Halls have been sell- ing in Eastern cities at $1.25 to $2 per | bushel. Spinach from Pennsylvania, New York and New Jersey brings around 50 cents | per bushel in New York, but prices | went as Jow as 15 to 30 cents in Phila- delphia the second week of June. ! Cabbage Prices Recover. | Southern cabbege was selling & little { better in Northern markets toward the | middle of June, owing to rather light carlot supplies, but the demand con- ! tinued slow and markets lacked vigor, | combined with price upturns in New | | wi of | and the York and Baltimore. North Carolina cubbage brought 75 cents to $1 per 1': bushel hamper. Range on Norfolk and Virginia Shore stock was 40 to 75 cents in Eastern markets, but Detroit quoted Eastern Shore Wakefleld as high as $1.15. Tennessee cabbage brought $1.25 w $1.75 per 60-pound cfutc:"“Heaviest June shipments of cabbage are coming from Tenressee. | Virginia peas are going as far west as Chicago and Detroit, but price de- clined rapidly in June and recent sales were as low as $1 per bushel in Eastern | and Midwestern cities. ‘The Metropolitan Police of London number nearly 20,000 men. be | diate past | almost on & bare order basls. | manufacturers Shippers’ Acivisory Board Hears Prospects for Third Quarter in Several Lines Are Now Much Better. By the Associated Press. ATLANTA, Ga, June 13.—Basic in- dustries of the Southeast, including all States south of the Potomac and Ohlo Rivers, reported to the Southeast Ship- pers’ Advisory Board, in session here, that & volume of business closely ap- proximating that of last year was fore- cast for the third quarter of 1931. More than 250 shippers were present at the mecting. The next session will be held at Birmingham early in Sep- | tember. ‘Thomas J. Burke, Charleston, 8. C., | Traffic Bureau commissioner and gen- eral chairman of the board, presided. Reports to the board indicated a 23 per cent decrease in the movement of fertilizer. < A net increase of 18 per cent in the movement of fresh fruits, with produc- tion and shipments of potatoes and other fresh vegetables running epproxi- mately to the 1930 figures, the board was informed. Cotton Acreage. Cotton from storage to mills contin- ues to move lightly, and a decrease of 10 per cent in shipments is forecast. | Reports to the board indicate cotton acreage this year is slightly under that of 1930. Sales and shipments of textile goods | in certain lines have considerably im- proved, and with light s‘ocks in the ands of jobbers and retailers, move- ment of textile goods should be about | 6 per cent better than' during the third | quarter of 1930, the board was told. In view of the economic situation generally, the board was advised, cotton seed and product shipments are ex pected to be about 8 per cent under last year. Indications are that the movement of | Southeast grain will be 9 per cent and grain products 5 per cent less than last year, shippers reported. I[SOUTHEASTERN BUSINESS SHOWS | SIGNS OF IMPROVED CONDITION | Highway programs under wa }showt*d. will result in an increase of 12 per cent in shipments of stone, sand, gravel and slag, while shipments of ce- ment are expected to equal the 1930 levels, Improved Prospects. slightly improved prospects reported | {by the brick. clay and products and | {iron and steel industries indicate ship- ments of those commoditics will equal last year's levels, | _The lumber and forest preducts in- | dustry looks for a decrease of 20 per | eent, due to failure of retailers to carry usual reserve stocks. Shipments of pulp, paper and products are scheduled to be about the same as fn 1930. Continued decreases of coal ship- | ments, because of increased use of nat ural gas and fuel oil, are still being ex perienced. | A5 per cent gain is forecast by the manufacturers of furniture, while ma- chinery shippers anticipate no material | change from last year, Expecting the usual seasonal increase, | the producers of petroleum and prod- | ucts anticipate consumption will do bet- ter than slightly exceed the 1930 level | _Other industries reporting through Ilhe Miscellaneous Commodity Commit- tee report scattered indications of bet- ter demand and anticipate generally a | volume of business equaling that of the third quarter of 1930. New Commission Created. The board completed a project started | at the last meeting by creating an Agri- | cultural Advisory Commissi com- posed of Extension Service directors in all States served by the board, except | North Carolina, where the assistant di- rector will be the member. The Agricultural Commission, it was explained, is not a part of the shippers’ organization, but a separate unit to co- operate with the shippers on the prob- lem of marketing farm products. NEW RADIO SALES CAMPAIGN PLANNED Production Schedules Are Stepped Up to $250,- 000,000 Mark. ALVIN RESCH. for the Associated Press. June 13.—The radio in dustry, long past financial infancy, has geared its production schedules to the 50,000,000 mark gor the next six BY wr CHICAGO. hat figure, representing the retail ue of radio sets and accessories to manufactured, is the sales goal which the industry hopes to attain be- fore Christmas. prices scaled down to 18 the salcs captains of radio pla » tap relatively untouched markets ir ner and Fall merchandising campaign. Potential Fields. Replacement of old sets, ness in metropolitan s and ler ¢ s, 1s_expected con: ute ch of this trade, but vast rural areas particularly in the South and South west, are viewed as the major fields for_potential sales. Of 14,000,000 radios n the country, not more than 8,000,000 are classed &s “modern,” and dealers look to the “an- plus new ted™” 6,000,000 for the bulk of their | replacement, sales. Even if the $250.080.000 goal is mot reached, says Bond Geddes, executive vice president of the Radio Manufac- turers’ Assoctation, the industry's over- production will not have been so great as in some “boom” years of the imme- notably '1929. The manu- facturers' association this week held its annual convention here. Manufacturers generally have cur- tailed their output to the levels of cur- rent demand, ‘while most retailers are ‘The over- stocked retailer is a rarity. Reduced unit prices on radio merchan- dise have been achieved largely by im- provements in design and manufacturing esses, About 60 per cent of all at present involve sets in_the e range from $60 to $100. Both and retailers look for the new midget sets to play an in- creasingly significant part in this year's merchandisin| Television Sales. The industry has sold comparatively ttle Television equipment so far, but manufacturers are prepared to swing into large scale production of it when- ver the entertainment is ready. Since the Fall of 1929, when radio sales showed a decided drop, strangely enaugh, three weeks before the stock crash, the' industry has ex d a noticeable mortality among | rs, but most of the failures have removed ‘“opportunist” sellers, who nght quick profits on a rapid turn- | over. 1t ‘was that sudden reduction in busi- ness during the last three months of 1929, which spoiled the industry’s hope for a billion-dollar year. If the pace of sales unit October had been main- tained, that goal would have been reached. As it was, the industy had to be content with sales approximating $840,000,000. = s NEW SECURITIES. NEW YORK, June 13 (#)—New se- ies offered today_include: of Syracuse, N. Y. $3.480.000, % and 3 per cent coupon or Teg- istered bonds, due 1932 to 1971, priced to yield from 1.75 to 3.50 per cent, by a syndicate headed by George B. Gibbons | & Co, TOCK AND BOND By the Associated Press. SATURDAY, JUNE 13. STOCKS. 50 " Industrials, Today...... o i Previous day ceee Week ago. Month ago... Year ago. .. Two years ago.... Three vears ago. High, 1331, Low, 1931.. High, 1930, Low, 1930. High, 1929. Low, 1929. BONDS. 10 . Industri Today...... 8. Previous day Week ago. Month ago Year ago.. Two years ago. Three years ago. High, 1931. Low, 1931. High, 1930.... Low, 1930, High, 1929, Low, 1929.... ials, BETTER TRADE TONE IN SOME LINES SEEN Weekly Reviews Note That Sales | Throughout U. S. Show Ir- | rogular Gains, | | By the Associated Press. | NEW YORK, June 13.—Dun’s says: | “Continued unsettlement {n com- modity prices tends to restrict business in some departments of trade. Produ tion in_many lines, however, has no ben affected. and in some of them the | | output continues to be quite large.| ssure to move goods and propitious | ather, in some sections, have held any of the large stores to exceed in e their sales totals of the first two weeks in June last year, if not in value. in sales are far from untform. | the lines most favored being wearing | Maryland Tr BANKS T0 DEBATE CUTS IN INTEREST Prince Georges Association Not Expected to Reach Uniform Agreement. By a Staff Correspondent of The Star. UPPER MARLBORO, Md, June 13. —Discusslon of the proposed reduction of the interest rate on savings accounts in the banks of Prince Georges County expected to fe r e annual con- ventlon of the Count’ Bankers' Assoe ciation at Piney Point tonight. Annual clects 1 be held Change of united action by the en tire county group is regarded ss slight, although all agree that uniform action by the banks is desirable. Interest Reduction Sought, Most of the banks are in favor of reducing the interest rate on savings accounts from 4 to 3's or even 3 per cent. This would be in line with action being taken elsewhere in the country, The banks of Washington have long paid oniy 3 per cent on savings, while those of Baltimore recently reduced the interest rate from 4 to 3'; per cent. The bar to united action on the part of the association in regard to chang- ing the interest rate is expected to be furnished by one of the Marlboro banks, which will not agree to a reduction of interest. As bank competition is more keen in Marlboro than a other place in the there being three banks et the none is willing to change e others do. Others Are Favorable. In the suburban arca the Southern st Co., at Seat Pleasant; the Prince Georges Bank & Trust Co, at Mount Rainier and Hyattsville, and the Citizens' Bank of Riverdale are all reported os favorably inclined toward the proposed interest reduction. Action of Baltimore banks in yeduc- ing their interest rate to 3% per cent removed the contention, long advanced in favor of retaining the 4 per oent interest rate, that a reduction would restlt in depositors sending thefr funds to_Baltimore. would face should they 1d now be from However, build- - been and still of interest accounts. Time Deposits Stopped. When the banks of. the country started paying 4 per on savings some of ime deposi it is said Il again be ce to Keep their “finite periods Prince Georges on savings is 1 those w funds in the bar The a not now payi the C 10 local com paid 3 per ce The Prince Georges County Bankers’ Association, i 1 in th its members. Hi rel, home furnishings and electrical | ir ppliances. The rate of stock turn- er at some points is greater than it | was a year age 2 v bank clearings, $7,902,233,000; £22.3 per cent from a year e of New York there was a 221 per cent. hout the country ted, at least tem- downward tendency to ha from branch of business held its | in some sections increased m the previous week. Reports from e Far West indicate no improvement in that section, but trade in the South | was upward. The West Central section | also showed slightly increased activity. | Continued demand for seasonal goods | and ‘sales’ were the principal factors | in keeping valume up. The wholesale | and jobbing lines continue consicerabiy quieter than retail.” genera BANK CLEARINGS. Bank clearings are again consider- ebly reduced. The total this wee leading cities in the Ur reported to Dun's Review | 000 35 223 cent, belo year ago. New ¥ | of $5,584,574,000 are ie the | centers outside of New Yor 317,759,000 is 22.1 per cent ial losses eppear at city reporting. At cities ew York they were part heavy at Pittsburgh, Chicago, land, St. Louis, Richmond, Kansas Ci Louisville, San Francisco and Seatt At important Southern centers, howe: ARETC almost outside Cleve- e in the average dai June to date, while in e weel for many months past. | " Bank clearings for the weck. as ported to R. G. Dun & Co., and & age daily bank clearings for the to date are compared herewith: P |B 94.183.000 50.918.000 86.600.000 £2.500.000 34.527.000 65332000 Cincnatl St. Louts | Kansas City | Omaha Minneapo Richmon Atla Loutsvill 3 New Orleans. . Dellas San Francisco Portland ..,.. Seattle .. Total New York Total all $7.802.333.000 | Changes are so rapid in physics that every mode of exy is liable to became antiquated in a few months. AVERAGES 20 Utilities, 100.8 100.8 100, 100.7 101.4 k, is still smaller than it has b(‘r:)l to agree rate State Senator Walter Commodity Price Trends of Week BY H. N. McGILL, Editor, McGill Commodity Servies. AUBURNDALE. Mass, June 13 (&) index of commodity ough again declining, made ving than for the previous 14 individual group indices, d and 4 increased. The s declining were e irndustrial, altural, live 1s, ferrous metals, both fine and coarse. turns were hides and Industrial Prices. tel d downward e trend Busi- now enter Summer when it is customary for a moderate slowing up in activity, an iging by devel s so_ far, this r will ba o e on. Although the business has rease since the 1as been grea be surp: t i fected. In some lines such as copper and lead, rcoments have been made of v suspension in oper= 1 effort to enable supply to approximate the demand level Agricultural Prices. A downward trend was again shown by agricuitural prices. notably in wheat, rye, potatoes, wool, butter and beans. Slight gains were noted in corn, oats, barley and flax. Live Stock. live stock prices again showed & drastic decline with all items—cattle, eep, lambs and hogs—showing ex- eme weakness. Building Materials. Due to weakness in prices of cement, glass and ber. building materials declined considerably. Mides and Leather. A substantial upturn again was shown by hides and leather due to an increase in the price of cattle hides. Non-Ferrous Metals, This group showed an increase for the first time in several weeks due to strength in tin and zinc. Antimony and quicksilver showed slight weak- ness, Paint Materials, Although there was a slight easing in the price of resin, this was more than offset by the increase in linseed oll. Important Price Changes G‘}:RMAN DEFICIT. BERLIN, June 13 (#.—The serfous state of German finances was disclosed | today with publication of the govern- ment's balance sheet for the fiscal yea rch 31. It showed an ordi- 3 adget deficit of $273,700,000 and & deficit in the extraordinary budget of $770,270,000. Revenue under the ordinary budget which had been estimated at $2,675. 96.6 805 96.0 (Copyright. 1931, Standard Statistics Co.) 360,000 yielded only $2,388.964,000. The greatest’ deficlency was revealed under the head of revenue from taxation which was estimated at 8$3,361,088,000, but which ylelded only $2,075,888,000. Fal “