Evening Star Newspaper, November 3, 1931, Page 15

FINANCIAL, BANKING CHANGES | - NOTED N REVEN | Federal Reserve Survey of i Fifth District Lists Month’s Activities. i BY EDWARD C. STONE. { ( Some most interesting changes in the banking situation In the fifth Pederal Reserve district between 15 and October 15 are [noted in the { monthly review of the FPederal Re- serve k of | Richmon just asued ! " Rediscounts for member_banks held by the Pederal Re- serve Bank of Richmond rose by $0,125,000 between the above - men- tioned dates, an unusual rise at & season when liqui- @ation of agricul- tural indebtedness normally exoeeds mercantile borrow- Ing, the reason for the borrowing member banks desire to keep more uid funds on hand ring the past month the Rich- September 3. Tyler Mesdows. mond bank also increased its portfolio | aper bty $30,428,000, | of Qovern- | These | confidence in the of open market but reduced its holdings ment securities by $10.000,000 ehanges Increased the bank's total earn- | ing assets by $20,668.000 between Sep- | ce ftember 15 and October 15. The volume of Federal Reserve notes in actual cir- culation Increases moderately at this meason in most years, but a rise during the past month totaling $20209,000 is much. jarger than is accounted for by influences. ‘The large imcrease in note circulation is due in large l’m to_the desire of banks to strengthen thielr from commercial banks. Member bank reserve deposits dropped | Russia m-{y suspend $574,000 last month. The several mentioned, says the Richmond With others of less importance, cash positiBn and to withdrawals | cline in .mymm:nf‘mm reduced the cash reserves of the Fed-| 1 Reserve Bank ot Richmond by $8,743,000 between September 15 and October 15, and lowered the ratio of eash reserves to note and deposit Habilities combined by 14.40 points. Bffective October 20, 1931, the discount Tate on all classes of paper was raised 3 to 4 per cent Marked Changes During Year, A comparison_of the figures on the statement for October 15 1931, with corresponding figures reported on Octo- ber 18, 1030, shows marked changes in most items. Rediscounts for member banks rose $14,155,000 during the year, an increase of 78.6 per cent, the rise occurring during the past two months. The bank also increased its portfolio of open-market paper by $24 664,000 dur- g the year, and its holdings of Gov- ernment securities by $4,575,000. These transactions raised the total earning as- sets of the Federal Reserve Bank of Richmond by $44,004,000 between Octo- ber 15, 1930; and October 15, 1931, most of which fred between September 15 _and Oc! r 16 this vear, The circMlatian of Federa Reserve notes at the middle of October this year ahowed an increase of $26310,000 in eomparison with the circulation on the correspondihg date a year ago; likewise most of this ficrease occurred within the month ending ‘October 15, 1931. Member bank reserve deposits decreased Dby $4,379,000 to lower de partly to a reduction in the number of member banks. The large increase in holdings of open-market paper and Government se- curities lowered the cash reserves of the Federal Reserve Bank of Richmond by $14,383,000 during the year. and the Tatio of reserves to note and deposit liabilities combined declined by 21.89 points, Fifth District Trade Pictured. During the five weeks ended October 14, 1931, aggregate debits to individual accounts showed a seasonal increase of $205,067,000, or 18 per cent, over debits during the preceding like period this n‘r ended September 9, the increase due to quarterly settlements on 1 and to the opening of early Fall trade during the later period. ‘Twenty-two of the 24 reporting cities showed higher figures for the more recent period, Charleston, 5. C. and Raleigh, N. C. being the only cities which failed to make the seasonal gain. In comparison with figures reported for five weeks last year, ended October 1B, 1930, corresponding figures for the fve weeks ended October 14, 1931, show 4 total decrease of $210,758,000, or 13.6 per cent. All of the reporting cities showed Jower figures for the 1931 period except Durham, N. C., and Portsmouth, Va,, the bank reports Meadows on Loan Committee. J. Tyler Meadows, member of the Virginia unit of the National Credit Corporation, is well known among ‘Washington bankers. He is chairman of the board of the First National Ex- change Bank of Roanoke, Va., and is considered one of the ablest financlers in the Old Dominion State. This year he is serving as president of the Stock- holders' Association of the Federal Re- serve Bank of Richmond, having been elected to this position at the last an- nual meeting, partly through the bal- Jots of local members of the association, ‘Washington Clearing House figures for today: $4,387,338.70. Heard in Financial District. The Federal-American Club, an or- | n:’unuon of employes of the Federal- | erican National Bank & Trust Co., gore o Jallowsen party at the Carlton turday night, which was attended by 180 members guests. R. Winston Elliott was chairman of the committec John M. Miller, jr. of Richmond will | address the convention of the Invest- ment Bankers' Association of America. which meets at White Sulphur Springs. ‘W. Va., November 7 to 11 talk on the Natio Credit Corpora- tion, of which he is a director Assistant Secretary of Coi Julius Klein characterizes wheat and oil prices as th eouraging indicators of ref perity that now show on the horizon The National Fertilizer Asso: wholesale price index advanced tionally last week. During Oc prices for cotton whe oattle, silver and steady upward trend Jost part of their early ad TWO BASIC INDUSTRIES REPORT IMPROVEMENT @pecial Dispatch toThe Star. NEW YORK, November 3 the most importa: improvement. An incr cent in steel operation % annownced by one of th steel reviews. Advances in the pr of crude oil in various parts of the country manifest the Detter conditions in that indus A further advance of nearly 2 cents Two of LA : ml! ] movement, also is stim- ulating the industrial pulse Yields on Stocks. NEW VORK, November 3 (Spe- elAl) —There are 210 listed stocks on ‘which the yield is in excess of 10 per . Ot 27 show a yleld af cent. One spock gives 50 per cent and another per cent. Stocks on which the 20 »_ yield “ s be or He will | prevalence of | sent are figured | rencles, which ma; Everybody’s Business German Currency Unlikely to Depreciate as Before. Wheat Rise Partly Due to Drop in Sowiet Shig- ments. | BY DR. MAX WINKLER. | Bpecial Dispateh to The Btar | 'NEW YORK, November 3-Those who fear that German currency may epreciate again as it did during th> st-war period overlook one cardinal After the conflict, Germany's was slmost exclusively payabie in marks, 8o that a deciine in the latter meant a_cotresponding saving for Ger- many. At the present time the coun- try’s obligations are payable not in | marks, but in gold. This applies to in- ternal as well as external issues | “When one realises this, he i in & position o appreciate the remarks made by Dr. Luther, head of the Reichsbank, when he pointed out that | Germany’s very existence depends upon | the maintensnce of a stable currency, | and that the large foreign debts would, | with every decline in the value of the | mark, stand at a higher value in the | books of the debtors. “A_poor country must be cheap," said ther, “If it succeeds in estab- Dr lishing its payments and prices on this he | basis, the effect will be secured on a solid ' foundation, which a depreciation af the currency will give only for a very fleeting period. No country that has had to endure, as Germany has, the ghastly experience of our post-war infiation can tolerate & fresh blow to future of her savings, | especially in times of the greatest un- Ttainty and fear “The gold and dollar parity of thy mark must be maintained in all cireunt- stances,” concludes Dr. Luther. Factors in Wheat Rise. The continued rise in wheat to 8 new high for the current movement may be l".;‘lh\lM 1o m‘ number':re l;' - tors. Chief among these are - Soviet Russia bellef that ents for the the current year and for | during October balance of | 1932, a reduction in the world m ! outside of Russia of about 300,000, bushels, a decidedly poor erop in rope, and the uncertainty as to the stabflity of the various national cur- be assumed to have led to the purc! of grain by people who prefes to place their funds into tangible commodities rather than keep them mn currencies which may soon de- | cline in value. | Barring any untoward developments, | especially in regard to Russia, the ad- vance in wheat is likely to continue. Although the amount of business done by the Westinghouse Electric Co. in recent months was much less than in previous years, A small profit has resulted through greater efficiency in operation, according to an official state- ment. Orders received during the first nine months of ¢he current year, amounting to about $106,000,000, rep- resent & decline as compared with last year of 22.5 per cent. The announcement states further that even though general curtailments have been made in all lines of expenses, the efficiency of the company and its abllity to produce work have not been hurt, but, if anything, have been im- proved. Lack of Buying Effect. Lack of buying is largely responsible for the present depression, according to Daniel Willard, president of the Bal- timore & Ohio Rallroad. Although Mr, Willard expresses the view that the present crisis cannot last in a natien the size of the United States, he refuses to venture an opin- jon on the date of a business rev.val He indorses the plan of the New York Central in seeking a voluntary wage re- 10 per cent cut in the salaries of em- loyes earning over $3,600 a year has ust been placed in effect by the Balti- The point has been reached where certain roads can scarcely meet fixed charges and are threatened with insol- vency, according to Patrick H. Joyce, chairman of the board of the Chicago Great Western Rallway. Mr. Joyce adds that the present eco- nomic trend toward lower living costs has made wage cuts inescapable, and that as far as the railroads are con- cerned there is no alternative to a gen- eral wage reduction. Regardless of the attitude which the raflway unions may take, a downward adjustment is likely to be eTected shortly. Such a move is expected to be riers than the recent decision of the Interstate Commerce Commission on freight rates. V’ithln the next two weeks the Union Pacific directors will meet for dividend action, and the regular payment of $2.50 a share is expected. Earnings for the full year probably will fall some- what short of the dividend requirements of $10. It is, however, within reason to expect that the possibllity of a larger income from the road's half interest in the Pacific Fruit Express may offset such a deficiency. New England Power. ‘The final quarter of the New England Power Assoclation should show satis- factory earnings, accol to Frank D. Comerford, president. e shrinkage in profits reported for the first nine months of the current year, as com- ared with the same riod in 1930, r. Comerford attributes to the in- crease in fixed charges on new generat- ing plants, which could not be utilized | to full capacity because of the prevail- | ing_ depression. Adoption by Congress of a joint reso- lution to suspend the restraints of the anti-t laws, particularly the Sher- man act, during the period of the present national economic emergency is urged by Wilson Compton, secretary and manager of the National Lumber Manufecturers’ Association. Mr. Compton adds that he would ad- | vocate suspension only in so far as laws relate to co-operation be- petitors for the purpose of roduction, stabilizing mar- aining employment oppor- conserving natural Australian bonds should able encourageme ) tructive hapnenings in the monwealth. The deficit for | first quarter of the current fiscal vear {is £1485000 as comoared with ficit of £6.747.000 in the correspond , due largely to ar also because interest pavment Joan arren: location { under i its Anothe | fact that the amount of wheat avail- able in Australia for export is esti- mated at 140,000,000 bushels, which, wi to the recent advance in_the of the commodity, should com- mand an additional value of well over $20.000.000 The general of conversion de recently situation in Australia healthier and more f n at any time during the past two years. Copyright American Ne ) by U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of busi- ness October 31 was $292,082.262.69. Customs receipts for the month to date were $35,175422.61. Total _ordinary expenditures were $3,267,045.83. | PARIS BOURSE PRICES. PARIS, November 3 (4 —Three per | cent rentes, 84 frencs 50 centimes. Five per_cent loan, 102 francs 5 centimes. Exchange on London, 94 francs 62'; centimes. The dollar was ,\md at 25 francs 44 centimes. duction of its employes, adding that a | more & Ohio ! of considerably greater ald to the car-} e- | t from | favorable development is the | THE EVENING FARM BOARD AIDED | BY RISE IN WHEAT v | | | | Federal Agency Enabled to | Dispose of Some Holdings of Grain Surplus. BY OWEN L. SCOTT. o The Btar vember 3.—Advancing grain prices, with wheat more than 30 per cent and 175 cents above its his toric low point of October 5, are ! tured by trade cconomists here as hav- ing more than their usual practical significance at this time. Nearly half of the 1931 wheat crop and almost all of the corn crop still is on the farm, or held in storage by the actual producer. That means that a large percentage of the $400,000,000 paper gain occurring in grain prices since the October bottom, is accruing Of this total, wheat is 00,000,000, corn,’ $250,000,- $50,000,000. If half of ited to the producer den would weigh less CHICAGO, jto the farmer chalked up 1 000 and oais this could be his financial b | heavily Buyers Ralse Bids. | At the same time, the bulge 1 values is providing a conienient “out” for the Federal Farm Board, which has been able materially to reduce its huge hold- ings of stabilization wheat. “People who did not want wheat at 45 cents have been striving to buy it at 60 cents and more,” explained ueorr, Milnor, president of the Graln abilization Corporation, Farm Board subsidiary. “A tidy sum can be sub- tracted by those who were figuring what jthe Farm Board had lost in stabilizing | operations. If the credit negotiations | with foreign governments are success- | tul, we will cut our holdings down some more.” Mr. Milnor has let it be known that the Government agency already has dis- posed of 67,600,000 bushels of its wheat, which 47,500,000 went to foreign gov- ernments. But the Farm Board heads promised farmers early in the year that they would sell no more than 5,000,000 bushels a month without replacing with new purchases. AS a conseguence, much open market buying in recent sessions has been by Farm Board brokers. Caution is characterizing the bull operations in grain at this time. The big traders, now back in commodity markets after their fling in securities, expect to see reactions from the recent upward trend, and they are setting their objectives less high than formerly. Sees 85-Cent Wheat. Arthur Cutten, well known speculator who sponsored the advance in wheat to above $2 a bushel in 1924, again is back in the trade as a leader. But he mentions 85 cents as the real worth of wheat. At first the objective was 65 cents a bushel. That mark was passed on Saturday and now the im- mediate aim is set at 75 cents. Most of the countries of Europe at present are inquiring about wheat pur- chase possibilities in this country. Rus- sia recently dropped pretty much out of the picture as an exporter, owing to the poor quality of her crop this year and to exchange difficulties. With Southern Hemisphere wheat unavailable until February, importing nations have turned to the United States and Canada. Their requirements for the next two months are set at 140,000,000 bushels. ‘While grains ar: advancing, one un- favorable turn has occurred for the farmer in live stock markets, where hogs have broken to a price under $5— the lowest since 1908. Sheep are lower than at any time in over 20 years, while only prime cattle are bringing satis- factory returns. Live stock has formed the principal sustaining income of a larger percentage of Middle Western farmers, so that the present low prices represent an off-set to any gain through enhancement of grain prices. (Copyright. 1531.) AUTOMOBILE SALES ESTIMATE REVISED Trade Authority Believes New Car Registrations for Year Will Not Reach 2,086,000. By the Assoclated Press. DETROIT, November 3.—On the basis of new car registrations totaling 452,089 units during_the first nine months of 1931, R. L. Polk & Co. esti- mates that sales for the entire year will fall short of the 2,086,000 units pre- dicted as likely several months ago ‘The total sales for the first nine months of this year are 27.8 per cent under the total for the same period last year. The Polk estimate of a falling off in the 12-month total is based on the fact that the final quarter of 1930 ylelded only 339,339 units. In some quarters, however, there is a disposi- tion to believe that new model intros duction during the last two months of 1931 may attract considerably more buyer interest than was manifest dur- ing the last quarter of 1930 A tabulation prepared by Polk & Co. of the distribution of passenger car sales in the several zones of the coun- try during the first nine months shows that while during the first quarter the Midatlantic seetion accounted for 21.80 | r cent of the total, it increased to 5.46 and 2547 per cent respectively in the second and third quarters. Some authorities, the Polk statement says, hold that an upturn in business conditions will be heralded by an in- crease in the percentage of the Middle Atlantic States OIL FIRMS HESITATE AT PRICE INCREASES Several Companies Have Railed‘ Quotations, but Others Maintain Their Present Charges. the | yester- i Ofl Co. and a ms i sed Oklahoma s crude prices 15 cents a new top of 85 cents | president of bsidiary of the Standard Ol | w Jersey, said ‘ increase 15 too high and it came too soon. But we will have no | ment of what course we in- until later.” : Gas Co. and poration officials said w schedule nt Indiana) that a statement might later in the day. Its nature was Dot disclosed, but fallure of the company to meet the increase immediately was re- garded as an ominous sign by the pro- ducers and others who were 50 joyous through the week énd at the prospect of a general booet in prices. came Surcharge Rate Changed. OTTAWA, November 3 (#.—The rate of surcharge on international freight shipments will be per eent between November 1 and November 14, according to a bulletin issued by the , Board of Rallway Commissioners. The ! passenger surcharge will be based on the rate of exchange, which for the period stated will 115 per cent premium on United States funds. | the Nation's markets are closed today | closed, did bustness. the Carter | ., I Bk (Peel WASHINGTON, Markets Closed Until Tomorrow, Due to Elections By the Associated Press. NEW YORK, November 3 —Many of because of the elections. Wall Street was closed, s were stoc! exchanges in St. Louis, Philadelphia P Boston, Cleveland, Detroit . Ky. Exchanges in Chicago, Baltimore, Kansas City and cities west of there re- mained open, while commodity markets in some citles where stock exchanges Washington Produce Butter——One-pound prints, 37; tub, 36. I(uz—u}l;émery. 3538, current re- a: try, alive—Turke young toms and hens, 23a25; old u:m’:’ 20; old hens, 22a25; chickens, 3 pounds and over, 18a20; 3 to 2'; pounds, 20a32; Spring broflers, 24; hens, large. 18a20; small, Toaiz: oo Em'w::‘ °aid, 2038; H “young, d, 25a35. ' ‘Turkeys, ing hens and toms, 31a33; old mms.’vufl: old hens, 31a33; chickens, 3 pounds and over, 21a23; 2 to 2% pounds, 23a25; g Island ducks, good, 14a15; cow, 9al10; veal, 3 15; medium, 13a14; fair, 11a1215; lamb, ), 1 ; fadr, 1215a13; pork pounds, 16; to 12 pounds, 14; 12 to 15 pounds, 1214; fresh hams, 16a17; smoked hams, 20a21; strip bacon, 22a23: lard, in bulk, 9 in 10%a11; compoun ¢ tock—Hogs, Mlight, 4.80a5.10; medium, 5.00a5.20; heavy, 4.7585.00; pigs, 4.76a5.00; calves, 5.00a8.00; lambs, 4.00a6.00. Fruits — Oranges, California, 3.50a 5.50; Florida, 2.5083.00; lemons, 4.50a 550; limes, per 100, 1.75; honeydews, 2.252.50; , Concords, 25a35; Zin- fandels, 1.10a1.25; Muscatels, 1.10a1.25; Tokays, 1.5081.75; Malagas, 1.50a2.00; apples, bushel baskets, 50a1.50; fancy, box, 2.00a2.75; pears, Anjous, 2.75a3.00; Bosc, 3.00a3 pineapples, 3.25a3.50; grapefruit, 2.50a3.00; bananas, 1.50a2.00. Vegetables — Potatoes, Maine, 100- pound sacks, 1.25; Idaho bakers, 2.25; sweets, bushel baskets, 50a75; onions, pickling, 50-pound sacks, 1.25a1.50; artichoke, 4.50; string beans, 1.5082.00; limas, 2.50a3.25; turnips, bushel baskets, 75; bunched, per 100, 4.00; beets, per 100 bunches, 4.00; carrots, per 100 bunches, 4.00; okra, 3.50; salsify, per one dozen bunches, 75; squash, 3.00a 3.50; peas, 3.75a4.25; cucumbers, 5.00; lettuce, Iceberg, 3.00a3.50; kale, 50a75; spinach, 50a75; celery, 2.00; tomatoes, California lugs, 2.50; peppers, nearby bushel baskets, 1.00; 3.50. POWER CONSUMPTION INCREASE REPORTED Gain of 6.3 Per Cent Over Last Year Noted in Midwest Territory. Special Dispateh to The Star. NEW YORK, November 3.— Con- sumption of electricity in 5,000 com- munities served by the Middle West Utilities System is running 6.3 per cent ahead of last year without in- cluding companies acquired during the year, according to_ figures announced today by Martin J. Insull, president. Output was 397,808,000 kilowatt hours (not counting new companies) in September, 1031, against 374,265,000 kilowatt hours in September, 1930. Including new companies the system's output was 404,585,000 kilowatt hours in September, an increase of 8.1 per cent over the same month last year, and _3,393,503,000 kilowatt hours for the first nine months of 1931, an in- crease of 5.7 per cent over the corre- sponding period last year. ‘The Middle West Utllities System serves parts of 31 States, almost en- tirely outside of densely populated metropolitan areas. ‘‘Analysis of these reports,” Mr. Insull said, “leads us to the belief that the first evidences of business revival are to found in the medium sized and smaller manu- facturing centers. The superior flexi- bility of the smaller industrial plants has enabled them to adapt themselves to changing conditions more idly than the larger but less flexible plants in the densely populated industrial centers.” The gain over 1930 output has been greater each month since the first of the year, Mr. Insull said, beginning with '@ 1.3 per cent increase in Janu- ary and growing to a 6.3 per cent in- crease in ' September. The Middle West Utllities System’s sales of electricity to residential cus- tomers in September totaled 44,604,000 kilowatt hours, an_increase of 16.9 per cent over September, 1930. Sales to industrial customers in September to- taled 155,966,000 kilowatt hours, an in- crease of 59 per cent over sam month last year. b COAL PRODUCTION. BY the Associated Press, Production of bituminous 06 per cent during fhe week ehaed Qciober 24, s compared with the vious period. The - Darable periods followsr T 1 Om Week ended October 24, 8,200,000 net tons; previous week, 8,148,000 net tons: same week o BIE tons last year, 10,453,000 DIVIDENDS DECLARED NEW YORK. November 3 (#).— Extra (Peekskill, N Reduced. Ld. be B s0c Ifll(“’s _Company. Westcheste k b Can Bra. ent 8 Ste Liauidating Humphreys Corp..31.20 Omitted. e Q S0c Q@ 2 Q Deferred. nited Am Ut A N%c @ Regular. 5150 Co Due Nov. 16 Due Oct O Corp e Bk of Due Dec. Am Bk (N ¥ L) o0 8y e 0 00D DOOOO 0 PPOO £ OOPLOW !;x"-;s?‘- 3! = RahSalsh Too0,B 0 Hyd Sest Can Lid A Woder & Seas 6 8p Gld . Wesichest b RI Lonbo o 22882 B C TUESDAY, 'TRADERS' PROFITS . INWHEAT ARE BIG HOPE NOVEMBER 3. 1931. 1. S. RADIO TRADE § FOR PICKUP Reaction May Follow Recent Census Shows Sets Age Not || | | | Price Gains in All Grains. BY FRANK 1. WELLER, Associated Press Farm Bditor. Unless fresh bullish news comes into the market, a reaction of sorts would seem to be in order for wheat A puzzled trade has seen the grain advance 15 cents a bushel above the season’s low point, or a galn of 37 per cent above quotations of a month ago. Some feel that the recent advance has been too rapid and look for the usuAl setbacks unless there is broader faith in the reported changing world position of wheat. Breaks are not, however, expected to go very far if the present underlying str is maintained. The market has droad and suggests Eastern interests In a big way. One prominent operator is wide He points to the advance in durums to 95 cents a bushel. Extent of Advance. Both futures and cash wheat are higher than any time this season. Winter wheat markets advanced 3 to 6 cents in the last week; Pacific Coast markets, 8 to 9 cents; California mar- kets 10 o 15 cents per 100 pounds and corn 3 to 4 cents & bushel. There has been some pretty stiff profit-taking in wheat and while that still is an important factor it is Te- called that during the numerous re- actions of 1 cent or more it has been almost impossible for those who took profits to get their wheat back again without causing a bulge to new highs | when any buying developed. Material strengthening of world mar- | potential kets, increased export demand for North American wheat as a result of smnller| offerings from Russian and the South- ern Hemisphere, together with unfavor- able growing conditions for the new crop in parts of the domestic wheat belt were the chief bull factors. Those are fundamentals, but some of the up- turn was occasioned by alarmed short covering when wheat moved into new |ing high ground and met general demand. Too, the officially denied reports that Prance was dickering with the Board for 20,000,000 to 50,000,000 bushels of wheat exerted influence, regardless of their nebulous nature. They led to reports that Farm Board sales may be much larger than the general public) believes, and that if the board gets the bulk of its holdings sold there may be a different aspect in wheat the world over. It has been suggested that there may have been an enormous feeding of wheat to live stock which might de- cidedly cut the supply for bread if the world suddenly turns to North America. Encouraging the thought was advice that Russian shipments decreased 1,952,- 000 bushels and Black Sea shipments 2,144,000 bushels for the week. Com- ment from Liverpool was to the ef- fect that Russian wheat in store there unsold is not of satisfactory milling quality, and that consumptive demand abroad may have to turn to the United States and Canada, One of the largest American exporters claims this week to have had an over- night sale of more wheat than for a single day in two years. Wheat sales in all positions for the week are estimated upward of 1,500,000 bushels of Mani- tobas and hard Winters. Argentine wheat has advanced 2 cents a bushel and Russlan wheat in store in the United Kingdom 2 to 4 cents. Credit Pool. Indication that the national credit pool for banks would get into action this week has brought confidence into the market, and the trade says there are resting orders to buy May wheat at 62 cents and below. Plans for a National Credit Corpora- tion to make loans of $1,000,000 to farmers to hold corn might send prices higher if there is any improvement in consumptive demand. 1In the latter re- spect corn is attracting more attention, since the advance in wheat may take it out of the feed grain class and put corn and other coarsq grains back into the feed boxes. Speculation on that score brought the corn market to new highs for month and gave July contracts a new season’s high level. UPTREND IN CANADIAN BUSINESS IS REPORTED By the Associated Press. OTTAWA, November 3.—A report is- sued by the Dominion Bureau of Sta- tistics showed a marked upward trend in Canadian business, with an increase in the volume of retail sales. The boot and shoe sales index rose from, 79.1 in August to 85.9 for Septem- ber,“while the clothing retail sales index jumped from 67.7 to 84. General and department store bu: ness rose from 99.9 to 112.1 and furni- ture sales increased to 84.4 for Septem- ber as compared with 67.3 for August. The general sales index for all groups swung upward from 92.1 in August to| 99.2 in September. { Exchange Seat Sells Higher. CHICAGO, November 3 (#).—Ar- rangements were completed yesterday for the sale of a membership on the glh:co;co Stock Exchange for $9,100, up Increase in Telephones. CHICAGO, November 3 ().—The Associated Telephone Utllities System now serves 520,000 telephones in more than 2,000 communities of 25 States, an increase of 66,000 since the first of the Money to Loan 1 loans secured by rst-mortgage notes or monthly pay- uthern Building National 1596 quoted as predicting | 85 cent wheat in the present crop year. | Farm | total of 13,478,600. So Widely Distributed as Was Believed. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, Novempver 3 —Although the retall radio business throughout the United States during the present o has experienced sharp shrinkage, deal- ers are hoping that coming months will | see a decided pickup in the “on the air” trade. The most prosperous year for the radio products merchants was 1929, | when a sales record for the entire coun= try of $842,548,000 was established. The 1930 earnings, however, reflected the Oc- tober, 1929, erash and sales of radios dropped to a little more than $500,000,~ 000. For 1931 estimates of a fall in business under 1930 vary from 10 to 40 | per cent. ‘Price Level Lower. ‘The 1 reason for the present year's lower total, of course, is at- | tributed to the lower price level of ra- dios_generally. Because of the grow- ing popularity of midget sets, unit sales are expected to show a much lower margin of decrease. In 1929 and 1930 the larger sets were in greater de- mand. . One of the encouraging signs, dealers say, is to be found in the 1930 census, which disclosed that radio sets were not 80 widely distributed as was at first be- leved. In 25 of the 48 States and the District of Columbia it was revealed that there was a radio receiving set in every third family. As the average life of a radlo set is about five years and two-thirds of the familles, approximately, are classed as tial costomers, manufacturers and retallers are not without hope that, with a better sentiment in business and in- dustry making its appearance, the wire- less trade may regain some of its former buoyancy. In the 25 States and the District of Coblumbia there were 2,374,287 sets re- ported, t a previously estimated total of 2,764,800. Figuring the remain- States on this basis, estimators find some 11,500,000 radio receivers in use, against a previously seemingly erroneous If the prevent fig- ures are correct, dealers say their fleld has been enlarged some 14 per cent. Reports from various parts of the country indicate that the battle for radio business ras been waged un- ceasingly during the first 10 months of 1931. Prices generally have been sliced from 25 to 50 per cent and more liberal terms of deferrcd payments given cus- tomers. With increasing competition margins of profit Nave been substan- tially reduced, while many dealers have kept thelr stociks down to about 75 per cent of normal. In one Eastern city which manufac- tures radio sets for national distribu- tion it was found that production for year was down some 20 cent, with ‘dollar volume of sales between 50 and 60 per cent below those of last year. Among dealers the opinlon was expressed that sufficient profit could not be made on low and medium priced sets and that a demand for the higher priced grades must be created if the business is to regain its former pros- perity. Expect Increased Demand. PFrom the Middle West a more cheer- ful tone was rej among dealers, of whom believe 1932 will show & greatly increased demand for radio products and that prices will reflect any encouraging symptoms in general conditions. It is the opinion in that part the country that low price levels have been reached and that, with increased Christmas buying, the trade may take on & new lease of life. In practically all districts collections are reported as low, while warehouse stocks are being kept at a minimum. Dealers everywhere apparently are agendn‘ closely to requirements with the idea of meeting any manufacturing ;hfn‘fl and improvements in the near uture. LOANS Is Your 1st, 2nd or 8rd FRIEBMAN. 416 5th St N.".. Room 707. 0000000000000 0000000 Foeestone Gum-Dipped TIRES FIRST LINE Every Tire Carries Factory’s Standard Warranty Compare Our Low PRICES Size 4.75x20. 5.00x19. 5.25x20. 5.50x19. 6.00x18 6.00x21. 6.50x20. 7.00x18 7.00x19. 7.00x20 Other Sises at Proportionately Low Prices BEN HUNDLEY 3436 14th St. N.W. Adams 8100 000000000050 06000000000 i 9000000000000 000000000000000000000000 .+ . I VVIIPIVIIVIPIIIPPPIV PR IOP F. B. KEECH & COMPANY Members of New York Stock Excl Washineton Stock Exchange New York Curb Excha verpool Cotton New York Cotton Exchas New York Produce Excl STOCKS BONDS Asgociation, it COMMODITIES DIRECT PRIVATE WIRES We are equipped to handle promptly orders on the leading exchanges of the world. M CORNER 17TH ST., N. W,, WASHINGTON NATIONAL 6245 J may further ux-r" production, New York Chicago Srookiyn Det: Philadeiphia rott Winnipeg Providence e FINANCIAL, Caltmbin: Dilliling, Atserictliie 716 11th St. N.W. 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