Evening Star Newspaper, July 5, 1932, Page 14

A—14 #x% FEDERAL RESERVE CREDIT USE GROWS Richmond Bank Reports In- | crease in Rediscounts During Past Year. BY EDWARD C. STONE. Much larger use of Federal Reserve Bank credit is being employed in the fifth district now than at the same time # year ago, according to Bank of Rich- mond's detailed report received here today. In comparison with condition figures reported for Jupe 15, 1931, those for June 15, 1932, show a materially larger use of reserve bank credit this year. Rediscounts for member banks at the Federal Reserve Bank of Richmond rose $6,264,000 during the year. There was a decline of $527,000 in holdings of open market paper, but Government securities held rose $17,150.000 between June 15 last year and Junt 15 this se changes resulted in a net in- of $22,887,000 in_total earning ascets during the year. The circulation of Federal Reserve notes continues much higher than at this time last year. the amount outstanding on June 15, 1932, being $15,241,000 larger than the amount cutstanding a year earlier. Member bank reserve deposits rose by 2,187,000 between the middle of June Jast year and this Cash reserves of the Federal Reserve Bank of Richmond declined $2,097,000 in the year between the dates given, & Yelatively small change, but because of the increased circulation of Federal Reserve notes this year the ratio ql cash reserves to mote end deposit Jiabilities combined decreased 9.8 points, & comparatively large decline. Check Payments Compared. Aggregate payments by checks drawn on clearing house banks in 24 cities of the fifth Federal Reserve district are shown for three equal periods of five Weeks ended June 15, 1932, May 11, 1932, and June 17, 1931. In compara- ing 1932 with 1931 figures, it should be Temembered that lower price levels in many lines this year affect the com- risons. Poor the five weeks ended June 15 this year, five cities Teported higher figures than for the preceding five weeks, ended May 11, but no city re- ported higher figures than for the cor- Tesponding five weeks of 1931 The citics which showed higher figures than for the preceding month were Winston- Salem, with an increase of 4.6 per cent, Greensboro with an incresse of 3.8 per cent. and Charleston, W. Va., Durham and Newport News, all with increases of 2.0 per cent. Building Permits in 32 Cities. ‘Building permits issued in 32 leading fifth district cities in May, 1932, num- bered 2,835, compared with 3,432 per- mits in May, 1931, a decrease of 17.4 per cent. Estimated valuation figures for all classes of permits issued last month totaled only $3,984,336, compared with $10,192,488 valuation for permits issued in May, 1931, a decrease this year of 60.9 per cent. A much larger Dart of this year’s permits was for small jobs, chiefly of repair work, than was the case last year. Among the larger cities, Richmond and Charleston, W. Va., reported increased valuation figures for May this year, but Baltimore, Norfolk, Charlotte, Winston-Salem and Washing- ton reported lower figures. Only 6 cf the 32 cities shower higher figures for May, 1932, than for May, 1931, these being, in addition to Richmond and Charleston, W. ' Va., previously men- tioned, Bluefield, Danville, Durham and Raleigh. (Capital Makes Contract Record. Contracts actually awarded for con- struction work in the fifth district in May, 1932, totaled $30,540,265, accord- ing to figures collected by the F. W. Dodge Corporation. This figure is the largest total repcrted for any of the’ 11- Reserve districts for which Dodge figures are collected, the twelfth, or San Francisco, district figures not being available. The large total for the Rich- mond district is due entirely to_exten- &ive Government projects in the District of Columbia. The month’s contracts in the fifth district were 45 per cent greater in amcunt than $20,971,802 in awards in May last year. Contracts for residen- tial types of construction last month totaled $3,174,805, or only 10.4 per cent of the whole, compared with about 32 per cent in May, 1931, when residential contracts totaled $6,681,837, the Rich- mond bank says. Accountants Elect New Officers. ‘The annual meeting of the District of Columbia Institute of Certified Pub- lic Accountants was held at the Racquet Club. The round table discussion on current topics of accounting and finance was held in the afternoon and was pre- sided over by Goodwin P. Graham, fel- Jow of the institute, The business session was held in the evening and the retiring president, James B. Grice during this session, re- viewed the activities of the Institute for the past year. The new cers for the year begin- | ning July 1 elected at a meeting of the | board of governors held after the _annual meeting are Oscar J. Bernstein, C. P. A., president; Wayne Kendrick, C. P. A. vice president, and Goodwin P. Gra- ham, C. P. A, secretary-treasurer. Trading Light on Exchange. Trading was light on the Washing- ton Stock Exchange today, after the three-day holiday. The market opened with two 100-share blocks of National Mortgage & Investment preferred sell- ing at 3, the same as the last previous y \ Gas Light 6s, series wo $500 sales at 98 end a large number of | paid recently declared ocks are now d. American Tele- Security & Trust Co. st Co. phone and Union Bank Has Airplane Exhibition. Much attention is_being attracted atrons of the Federal-American & Trust Co. to the ex- airplane models in the lobby of ffice. These models were recent scale-model con- sircraft building of the Museum. The planes exhibited at the bank are of all types and are the yroaucts of Washington boys and others living near the Capital. C. Harris Tay- lor of Clarendon, Va. has one of the beautiful models in the show. Special awards are to be made to the exhibitors before the show closes. Bank Stocks Slightly Lower. New York City bank stocks again re- acted slightly during the week. The aggregate value of 16 leading bank stocks at July 1 closing prices amounted 0 $1,017.966,000, against $1.054.659,000 on June 25 and & total of $929.895,000 reported on May 31, the lowest total ;;;grdbd since the decline started in CHICAGO DAIRY MAilKET. CHICAGO, July 5 (#)—Butter, re- ceipts, 15987 tubs; unsettled; cream- ery specials (93 score), 1612a17; extras, (92), 16; extra firsts (90-91), 15215V, firsts (88-89), 1334a14}; seconds, (86- 87), 12a13; standards (90 centralized carlots), 16. Eggs, receipts, 17,155 cases, steady, extra firsts, 13; fresh graded firsts, 1212 ; current receipts, 1115; stor- ege packed firsts, 13%,; extras, 13% SRR s L) B Baltimore Port Arrivals. BALTIMORE, July 5 (Special).—The ‘Maritime Exchange reports there were 212 arrivals at Baltimore during June, 12 less than in May and 5 less for the cofrespending month of 1931 The United States vessels lead with s - FINANCIAL. NEW YORK STOCK EXCHANGE FNING STAR Received by Private Wire Direct to The Star Office. Daylight Saving Time Is Used in All Market llitlu;‘l. et. ~Prev. 1932~ High. 9% 5% 70 1 Stock and Low. Dividend Rate. 114 Abitibi Pwr & Pa pf.. 1% Adams Expres: “ 22 Adams Expres: 9% Addressograph. 30% Alr Reduction (4% 1% Airway Elec Appl. ... % Alaska Juneau (50c). % Alleghany Corp 4215 Allied Chem & D (6). 4 Allis-Chalmers Mfg. 12 Amerada Corp (2)... 5§ Am Bank Note...... 1 Am Beet Sugar pf.... 6% Am Brake Sh&F (60c) 40'% Am Brake Shpf (7).. 29% Am Can Co (15). . 314 Am Car & Foundry 16 Am Car & Fdy pf (1 18 AmChicle (13).. 3 Am Colortype ¥ 2 Am & Foreign Pwr. .. 5 Am&Forgn Pw pf(7). 2% Am & For Pwr 2d pf. 25 Am Home Prod 4.20. 9 Amlce (2).... 2% Am Internationa 3% Am Locomotive. . ... 204 Am Locomot pt (7).. T4 Am Mch & Fdy 1.40.. 113 Am Metal Co . 614 Am Metal pf. 4 3 AmPwr&Lt(1).... 10% AmP & Lt pf A (5).. 314 Am Radiator. . v 3 Am Rolling Mi 5% Am Smelt & Ref..... 22 Am Sméltg & Ref pf. 17% Am Sm & Ref 6% pf. 90 Am Snuff pf (6).. 3 Am Steel Foundr: 20 'Am Stores (123 751 Am Tel & Teleg (9 40% Am Tobacco (16) . 44 AmTobacco B (16) 4 Am Type Founders. . 13 Am Type Fdrs pf 11 Am Water Wks (2).. 1% Am Woolen vtc new. 3 Anaconda Copper. 5% Anchor Cap (1.20)... 7 Archer-Danfels (1).. 24 Armour of Del pf( % Armour of 111 (A). % Armour of 111 (B) 3% Armourof 11 pf. 3 Asso Dry Goods. ... 17% Atch Topeka & S Fe 40 Atchison pf (5)... 9% Atlantic Coast Line.. 8% Atlantic Refining (1) 28% Auburn Auto (£4).... 135 Aviation Corp (Del) Baldwin Locomotive. 3% Baltimore & Ohfo. ... 6 Baltimore & Ohio pf., 3% Barnsdall Corp...... 16% Beatrice Cream (2).. 24 Belding-Hemingway 43 Bendix Aviation..... 7% Bethlehem Steel g 4% Bohn Alumn & Brass, 20 Borden Co (2).... 3% Borg Warner 2% Briggs Mfg C 11% Bklyn Manhat o 23% Bklyn&Queens pf(6). 46 Bklyn Union Gas(5). 1% Bruns Term & Rwys. 1% Bucyrus-Erie. ...... 6% Burr'ghs A M (80c).. 915 Bush Term deb stk.. 14 % Butte & Superior 7__Byers (AM) 44 California Packing. 1% Calumet & Hecla 2i4 Campbell-Wyant F 6 Canada Dry (1.20)... 7% Canadian Pacific 1% . 10% Cannon Mills (1) 16% Case (J 1) Co.. 30 Case (J 1) pf (1) 4% Caterpillar Trac 50c. 1% Celanese Corp. 2% Century Rib M 313 Cerro de Pasco 1% Checker Cab Mfgr 9% Ches & Ohio (213)... 4% Chesapeake Corp (2). % Chi Mil StP & Pac. ... 1% Chi Mil StP & Pac pf. 2 Chi & Northwestern., 11 Chi Rock I & Pacific.. 2 ChiR1&Pac6% pl. 5 Chrysler Corp (1). 147 City Ice&Fuel (3. % City Stores. . 805 Coca Cola (18) 42 Coca Cola (A) (3 11 Colgate-Pal-P (21 2% Collins & Aikman. 4% Columbia Gas (b1). 13% Columbian Carb (3). 11% Comel Cred pf (1% ).. 10% Comel Inv Trust (2). 55% Comel Inv cv pf(e6)., 3% Comel Solv (60c).... 1% Comwith & Sou(30c). 27% Comwith&Sou pf (6). 61 Congolm Nairn (1) 31% Consol Gas N Y (4).. 724 Consol Gas NY pf(5). 5 Consol Laundries(1). 4 Consol Oil Corp. % Contl Baking (B 17% Contl Can (2%). 3 Cont Diamond ¥ 6% Cont Insurance(1.20 Contl Ol (Del). . Corn Products (3). Corn Prod pf (7) Coty Inc. .. Crown Ck & S (1. Crown Cork pf Crucible Steel pf Davega Stores (60¢) . Davison Chemical. .. Deere & Co pf (40¢). . Del Lack & Western. Detroit Edison (8). .. b pt( man Kodak (5 119%; 104% Eastman Kod pt (6) 8 2% 19 28% 83 83 131% 110 24% b 16% 03 ] 48 11% 8l 1 354 3 Eaton Mfg Co... 3 Elec Auto-L (1.20). .. Slec&Musical Instru, lec Pwr & Lt . cc Storage Bat (3 dicott-Johnson (3) ¥ 3 Fed Wat Service A. . 614 Federat DeptS(60c) ., 6 Fidelity-Phoen 1.20. . 45% Firestone T&R pf(6), 37 First Natl Strs (2%)., 1% Foundation Co. . 1% Fox Film (A) 10 Freeport-Texas ( 10% Gen Baking (2). 3% Gen Cable pf. 19% Gen % Gen o 3 Gen G&E cv pf A(p6) 28 . Gen Mills (3).. 7% Gen Motors (1) 59% Gen Motors pf (5). 2'3 Gen Printing Ink. 8 Gen Steel Casting pf. 10% Gillette Saf Raz (1) 45 Gillette Saf R pt (5 % Gimbel Bros........, 5 Glidden Co pr pf (7) 2% Gobel (Adolf) . 8% Gold Dust (1.60).... 7 »odrich (B F) pf... 5'% Goodyear Tire&Rub.. 19% Goodyear 1st pt (7).. 7% Gotham Silk Hosiery 1 Graham-Paige....... 6% Granite City Steel(1) 14% Grant (W T) (1) 5's Great Northern pf... Northern Ore Guantanamo Sug pf 2% Gulf States Steel.... 28 19 Hacken Watpr A 1% % Hahn Dept Stores. . . 7% Hahn Dept Stores pf. 4 Hall(WF)Ptg(a30c). 83 ° Hanna pf (7).. 14% Hercules Powder ( 44 Hershey Choc (6). ... 57 Hershey Choc ptf 15., Homestake Min (9). 8% Houston Oil. ... 1% Houston Ofl (new). ., 5 Howe Sound (40c). .. 8 Hudson & Man (33%). 24% Hudson Man pf (5).. » Hudson Motor Car 4% INinois Central. 7% Industrial Rayon Bales— Add 00. 2 1 ® o ke 'S [ET YIS 1 P VIS P e s ST Curreo - S 3 g 2 3 R BN S e WS T L+ P4+ +00 4000 FESEES Tl+++l4+1+ + 1214 251 44% 18% 1 297 e 1% 50 70 70 sS85 a8 Stock and Dividend Rate. Ingersoll Rand (3).. Insurshares (Md). Interlake Iron A Int Bus Machine(n§). Int Cement. .. . Int Harvester (1.80). Int Harvester pf (7). Int Hydro-Elec (A). . Int Merchant Marine. Vickel of Can. . Int Nick Can pf (7) Int Paper & Pwr (A). Int Paper & Pwr pf Int Shoe (3). .. Int Tele & Teleg. 10 Johns-Manville 13 Kelly Spring Tire Kelsey-Hayes Wheel %, Kelvinator Corp. Kennecott Copper Kresge (SS) Co (1) 10 Kroger Grocery (1) Tambert Co (15) . 1% Lee Rubber & Tire Leh Port Cmt pf ( T3 Louisville & Nas 5 Ludium Steel. A 1 McCrory § : MeGraw Hill Pub. . Mclntyre Porc 1%. .. McKeesport T P (4). Mckesson & Robbins McKesson & Robs pf. McLellan Stores. ... Mack Trucks (1). Macy (H R) (n2) Madison Sq Garden Magma Copper(50¢) Manhat Elev mod gtd Manhattan Shirt. ..., Marine Midld (80c) .. Mathjeson Alk (113). M Melville & Mid Continent Petm. Mo Kan & Texas pf. Montgomery Ward. Motor Meter G & El.. ins Mfg pf. at Cash Reg (A). Nat Dairy (2.60). Nat Lead pf B (§). 6% Nat Pwr & Lt (1) 3% S y Co. ewton Steel. . Y Air Brake. N Y Central H & Hart pf. Y Ont & Western Noranda Min (a50c) . Norf & Westn pf (4). rth Am Aviation. . 13% Nor Amer (b10%stk). 27% North Amer pf (3).., 5% Northern Pacific. 5 Ohio Oil (a20c).. 9 Otis Elevator (1%) 1% Otis Steel. . 27 Outlet Co (4). 12 Owens 111 Glas 167 Pacific Gas & El (2).. Pacific Lighting (3). Pacific Tel&Teleg(7) Packard Motor Car. . Paramount Publix. Park & Tilford. 4 Park Utah. .. Penney (J C) Penna Rallroad. . Peoples Gas Chi (5) . Petrol Corp of Am. Phelps Dodge. ... Phila & Read C& 1. >etroleum Pitts F W & C pf (7). Port Ric Am Tob(A). Proct & Gamb (2.40). Producers & Refin. .. Public 8 J(3.20). Public Sve NJ pt (5) Pullman Corp (3) 4 Pure Oil. . Purity Baker Radio ¢ 4 Radio-Keith-Orph. 3 Reading Rwy (1) Remington-Rand. . 4 Revere Copper (A) Reynolds Tob A (3).. Reynolds Tob B (3).. Rio Grande Ofl. ..... Rossia Ins of Amer Royal Dtch (a8lc) Teway Stores (5).. cott Paper (1.40). eaboard Oil Del 40c. ears Roebuck Second Natl In Servel Inc......... Shell Union Of1. Shell Union Ofl pf Skelly Ol ...0 .. 000 loss Sheffield Steel., seony-Vac (80¢) outh Port Rico Sug. Southern Cal Ed(2) Southern Pacific Southern Railway Southern Raflway pf. Sparks-Withington. . Stand Oil Kansas. . Stand OIl N J (t Sterling Secur cv pf. Stone&Webster (50c) Studebaker Corp. . ... )z Third Avenue Tide Water Asso Oil. Timken Roll B1%.. Un Oil of Calif(1.40). s Unlon Pacific (6). ... Union Pacific pf (4) . Un Tank Car (1.40).. Unit Afreraft. ...... Unit Afreraft pf (3). Unit Biscuit Unit Carbon Unit Cigar Stores Unit Corp (40¢c) Unit Corp pf (3). 4 Unit Fruit (2) Unit Gas&Im (1.2 Unit Gas&Im pf (5).. U S & Forn Secur. U S & Forn Sec pf. U S Gypsum (1.60). J S Indus Alcohol . Pipe & Fdry (2) Rubber...... U S Smtg & Ref (1).. U 8 Smtg&Ref pf 3% 24 US 3 51% 55 U S Tobacco (4.40)... % United Stores (A) 23 Univ Pic1stpf (8)... 1% Util Pwr & Lt (A). 5% Vanadium Corp. . 14 Va-Car Chemical. . 7% Vulcan Detinning s Warn Bros Pictures % Warner Quinlan. Wesson O&Sn pt (4). 25 West Pa Elec A (7). West Pa Elec pt (6). West Pa Pwr pf (7). x Western Union...... Westinghouse Elec. . Sales— Add 00. 7 17 208 508 508 168 56 Westinghse 1st (33%) 1408 Westvaco Chlor (1) White Motor. White Rock M S (2). White Sew Mch pf. Woolworth (2.40) Worthington Pump Wrigiey (Wm) % & Tow 1% Yellow Truck. A2 Yellow Truck pf... * | Special Dispatch to The Star. STOCKS ARE LOWER IN SMALL MARKET Declines Mostly Fractional, With Leaders Near Record Lows. BY GEORGE T. HUGHES. NEW YORK, July 5—A somewhat | Jower level for stocks, but no increase | in activity, characterized the stock | market session today. Utilities, rails | and industrials sold off in about equal | proportion, with & partial rally just before the end. | It was difficult to trace any connec- | tion between the market and the choice | of a candidate by the Democratic con- | vention at Chicago, which was reached | after the close of business Friday. Pub- | lic utility stocks were weak in the| early trading, but that may have been in sympathy with the rest of the mar- ket. Otherwise, the decline seemed to represent more disappointment over jack of improvement in trade at the turn of the year rather than political | developments. | During the first hour United States Steel common sold down to within a | fraction of its old low. The trade maga- | zine “steel” put operations at 13 to 14| per cent of capacity during the past| week, the low of the depression. U. S. | Steel preferred was off more than three | points, although the brokerage house | most_closely connected with the cor- | poration issued an analysis emphasizing | the disparity between assets available | for the senior stock and the market price. It is generally believed that the | regular dividend will be declared at the | directors’ meeting on July 25 American Telephone reacted to its old | low, but the professional element has been bearish on telephone for a long time, dwelling on the loss of business rather than on the dividend prospect. The food stocks were heavy and corn products made a new low, down 2 points or so. Allied Chemical, American Can, Eastman Kodak and other active in- dustrials were more or less lower. Rail- road stocks were inactive and irregular. Union Pacific went into new low ground by a small fraction, but there was sup- | port for Baltimore & Ohio. Car load- ings for the week ending June 25 were down 19,610 cars from the previous week. The only place where there was any appearance of investment buying was in the oil group, and that was conducted so cautiously as to discourage any spec- ulative following. The daily average production of crude oil in the United States for the week ending July 2 was | 2,098,514 barrels, a decrease of 51,367 barrels from the preceding week. Judging from the action of German dollar bonds, Wall Street was hopeful of a favorable outcome at Lausanne. If, however, one took the movement of | stocks as an index, the foreign situation was worse instead of better. A crumb of comfort as the advance in the com- modity price index. . OIL PRODUC'I:ION GAINS IN EASTERN DISTRICT By the Associated Press. OIL CITY, Pa. July 5—The Derrick says oil well completions in the East- ern field during the first six months of 1932 showed a decline compared with the same period in 1931, but reg- istered a gain in initial output and showed a complete reversal of the 1931 conditions. The first half of 1932 showed the!' Allegany-Bradford _districts to be the only areas in the Eastern field to show a gain in completions and production, with 231 more wells and 1,200 barrels more initial production than in 1931. ‘While the upper fields were record- ing a large gain in operations the low- er districts were registering a large decline in completions and production. In Southwest Pennsylvania 1932 com- pletions and _production were barely half of the 1931 report. Markets at a Glance NEW YORK, July 5 (#).—Stocks | heavy; Eastman Kodak at rec- ord low. Bonds steady; foreign g0 ernments strong. Curb irregular; util itles easy. Forelgn exchanges heav sterling weak. Cotton lower; local se! ing; easy stock market. Sugar higher; | reports adoption Cuban restriction plan. | Coffee quiet; trade buying. | CHICAGO, July 5 (#).—Wheat barely steady; disappointing cables; absence | export buying. Corn barely steady: | bearish private estimates Illinois and | Kansas, Cattle steady to strong. HOgs | strong to higher. (o N ST P MONEY MARKET. | NEW YORK, July 5 ().—The money market continued dull and unchanged | today with practically all rates in effect on Friday holding over. The bankers' | acceptance market was quiet, with some | bills being offered, buf with demand | still good | MARYLAND TOBACCO PRICES. ‘ BALTIMORE, July 5 (Special). —The market for Maryland leaf tobacco con- tinues active, with receipts of 1,237 hogsheads last week and sales of 916 hogsheads reported. Larger percentage of lower and inferior | grades resulted in the further accumu Iation of such kinds among the unsol stocks, which now total 22,242 hogs- | heads. Quotations today per 100 pounds: | Prosted and inferior, $2.00a$4.50; sound | to good common, $5.002$15.00; medium | | good to fine, $16.00a$25.00; 1931 crop | ground leaves, $2.00a$12.00; upper coun- | try, burley, nominal. | SILVER QUOTATIONS. | NEW YORK, July 5 (#)—Noon— | silver futures easier, sales, 275,000 | ounces. July, 26.50 asked; September, | 26.50 bid; October, 26.69 T.; December, | | 2700 T.;" January, 2712 N. : PROPERTY Apartment House MANAGEMENT T 925 15th St. N.W. MORTGAGE | ordered to reduce rates by 122 per cent | file lower rate schedules under protest; | of companies by $650,000 annually. | Gage P. Wright, editor of the Digest, |a 10 per cent cut in the salaries of MANAGEMENT management of apartment houses—and to be successfully done requires not only experi- ence, but facilities. We bring our more than a third of a century’s intimate knowledge and a carefully per- fected service of our clients—and for a nominal fee. B. F. SAUL CO. WASHINGTON, D. C, TUESDAY, JULY 5, 1932. [MOTION PICTURE HEAD CORPORATION REPORTS e TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, July 5.—The following is today’s summary of important cor- poration news, prepared by Siandard | Statistics Co., Inc, New York, for the | Associated Press: Automobiles and Trucks. Ford Motor Co. daily production run- | ning between 4,500 and 5,000 units, with eight-cylinder output in excess of fours. | Willys-Overland Co. June sales were 56.2 per cent above May; ‘current un- filled orders exceed those of a year ago Automobile Parts and Tires. Murray Corporation of America ob- tains contract for production of all Studebaker fenders. Railroad and Railroad Equipment. Chicago. Indianapolis & Louisville Railway May net operating deficit, $87,931, vs. net operating income, $53 .- 957 5 months' net operating deficit, $246,852, vs. net operating income, $152,356. Retail Trade. Jewel Tea Co. sales, 4 weeks ended June 18, off 165 per cent; 24 weeks, off | 18.3 per cent; number of routes in lat- | ter period up 3.1 per cent. Loblaw Groceterias, Ltd. net income ; before Federal taxes in year ended May | 31, 1932, $1.180,840 vs. $1,084,634, after | taxes. Steel and Iron. Follansbee Bros. close mills at Fol- lansbee and Toron®o because of labor difficulties. Textiles. Phoenix Hosiery Co. prices for men's Fall hosiery reduced, ranging from 10 cents to 25 cents a pair, retail. g Utilities. Telephone & Telegraph Wisconsin _Telephone Co., American subsidiary, for a period of one year. Federal Light & Traction gross reve- nues, 12 months ended May 31, off 55 per cent; net income off 9 per cent. Pacific Gas & Electric Co.—Two sub- sidiaries, San Joaquin Light & Power and Midland Counties Public Service, it is estimated cuts will reduce revenues Unitel Light & Power Co.—Gross earnings of subsidiaries, 12 months ended May 31, off 6.7 per cent; net in- come off 40 per cent. COMMODITY UPTURN DECLARED HOPEFUL Upward Movement in Indices of Four Groups Noted for Month of June. Special Dispatch to The Star. NEW YORK, July 5.—The upturn of four well known and widely quoted indices of wholesale commodity prices in the last week of June, after a con- tinuous downward movement extending over many months, immediately became the chief subject of comment among international economists whose opinions are recorded weekly in the form of a weighted average by The Business Economic Digest. The significance of this coincidental turning, according to lies in the fact that the low point of a business depression usually coincides with the low point of commodity prices and that, over a period of 30 years, commodity prices have most often reached the nadir of their curve in the month of June. “Had commodity prices remained down for the last week of this month,” Mr. Wright explained yesterday, “we should have had to wait the early July figures to discover whether or not significance attached to the June rec- ords. Now, if the upturn recorded in the last week shall be sustained in the immediate weeks ahead of us, we shall be justified in anticipating that the June figures may be the low for the year. In this event it will be fair to assume that this greatest of all depres- | sions has run its course and that we are in the beginning of a sustained period of recovery.” EXCHANGE SALARY CUT. By the Associated Press. NEW YORK, July 5—The New York Stock Exchange yesterday put into effect officers and employes of the exchange, numbering about 1,300. A similar cut will be taken also by approximately 1,000 employes of the exchange's sub- sidiary corporations. This is the second 10 per cent reduc- tion for exchange employes. The first took effect last October. ‘It is under- stcod the new scale establishes a mini- mum wage of $15 a week for unmar- ried employes and $30 for those who are_married. We Have Prepared a List of BONDS Yielding From -9 TO 180/0_ Authorities Agree That a Rising Bond Market Will Precede Im- provement in the Stock Market. Waggaman, Brawner & Co. Ine. 1700 Eye St. N.W. Me. 3860 Without obligation, send information bove box Name Address is a business in itself—the organization to the NAtl. 2100 FINANC SEES BETTER PROSPECT}i By the Associated Press i NEW YORK, July 5.—Sam Kats, | vice president of Paramount Publix | Corp., said today that reports from the | company’s managers held promise that the motion picture industry’s financial skies were clearing. European business of the company, he said, is equal to | last year, its American business is run- | ning around the 1926-27 levels without, however, allowing for the greater num- | ber of theaters now in operation. Para- mount Publix, he added, had $6,000,000 cash on hand and a $5,000,000 line of credit, of which_about $4,000,000 has not been used. Bank loans total $10,- 000,000. Washington Produce| | Butter—One-pound prints, 93_score, 20; 92 score, 19; standards, 18. Tub, 93 score, 19; 92 score, 18; standards, 17. | Eggs — Hennery, 15a16; current re- ceipts, 13al4. | Pouitry, alive—Turkey hens, 12; toms, 10; crooked breasts, 10; Spring broil- ers, Plymouth Rocks, 2% pounds and | over, 18a20; 2 pounds and under, 16a 18; Rhode Island Reds, 15a17; mixed colors, 14a16; Leghorns, 14al6; hens, | colored, 13a15; Leghorns, 12; roosters, 8. | Poultry, dressed—Turkeys, hens, 15; | toms, 13; crooked breats, 13; Spring | broilers. Plymouth Rocks, 233 pounds | and over, 21a23; 2!, pounds and under, | 19a21; Rhode Island Reds, 18a20; mixed colors, 17a19; Leghorns. 17a19; Leg- horns, 15; roosters, 11; Long Island ducks, 14a15; hens, colored. 16a18 Meats—Beef, 13; veal, 11; lamb, 15; pork loins, 17; fresh hams, 14; smoked hams, 15; bacon, 15; lard, 7%4; com- pound, 7. Fruits—Watermelons, 25a75; canta- loupes, jumbos, 3.50; honeydews, 2.00; honeyballs, 2.75a3.50; plums, 1.50; apri- cots, 1.25a1.50; figs, 75a1.25; bananas, 50a1.50; oranges, 3.0085.00; lemons, 5.5026.00; limes, per 100, 1.50; apples, box stock, 2.00; Transparents, bushel basket, 1.00; peaches, 2.50: grapefruit, 5.00; alligator pears, 2.00. huckleber- blackberries, 2.50; raspber- | . '8.00;_black, 3.50. | Vegetables—Potatoes, new, per bar- | rel, 2.0082.25; old, 100-pound sacks 1.00; sweets, per bushel, 50a75; toma: toes, lugs, 1.00a125; homeg own, 2- peck baskets, 60a1.00; corn, 1.25a1.50; peas, 1.50; string beans, 75a1.00; limas, 1.7582.00; carrots, per 100 bunches, 3.00 24.00; beets, per 100 bunches, 3.00a4.00; lettuce, Iceberg, 4.00; homegrown, 50a 60; cucumbers, homegrown, 1.50; cab- bage, 50a75; spindeh, 1.25; kale, 50; celery, 3.50. IMPROVEMENT IN RUBBER | INDUSTRY IS HOPED FOR | By the Associated Press. Pobsibility of approaching restora- tion of a more normal balance between world supply and demand for rubber is indicated in reports to the Commerce | Department. | Preliminary reports for May by the | Rubber Growers' Association, London, | reveal a decline of 36 per cent in pro- duction of estates in Ceylon, as com- pared with the previous year: a de- | cline of 33 per cent for estates in Java; a drop of 32 per cent in Borneo and a | decline' of 93 per cent in Indla. | The reports said the decision against | g:g‘g:tmn. wuzd“blznt};: British and government arch, appears to be leading to substantial cumgmmt of estate production in these areas. On the other hand, the absorption of the commodities in countries outside the United States was said to be run- ning well ahead of consumption in past years. Should the present high rate of ab- | & sorption bs maintained for the re-| mainder of 1932, and should the tend- ency statisties toward reduction in the East continue, the report said restoration of a balance between rubber supply and | demand toward the end of this year| would seem within the range of pos- sibility. CHECK TOTAL DROPS. | Checks cashed on individual bank | accounts in leading cities of the Federal | Reserve System showed a decline of 8 per cent during the week ended June 29, as compared with the previous period. ‘The total debis for comparable weeks follow, as reported by the Reserve Board: Week ended June 29 Previous week. . $6,107,994,000 . 6,637,196,000 12,431,682,000 revealed by preliminary May - IAL. SALES OF SUMMER G00DS IN UPTURN Brisk Demand Nated in Va- rious Sections Over Week End. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, July 5—The warm weather and the brisk demand for Sum- mer goods throughout various sections of the country over the week end has caused buyers for retail stores to seek fresh Summer apparel in the wholesale markets here instead of accumulating early Autumn wear, as has been the case in former years. B ‘This determination of retail stores to obtain every possible bit of Summer business out of the present season, rather than push early Fall merchan- dise, extends to both men’s and women's wear. Sizable wholesale orders, mostly in the nature of replacements, have been placed here for two-piece tropical worsted, linen and shantung silk suits for men, as well as various men’s fur- nishings for July and August sales. These orders, according to resident buyers, have emanated, for the most part from Middle West and Southwestern States. Emphasis has been placed on medium-priced goods, with various “Olympic” motifs being pop: for youths’ wear as a result of the coming athletic games on the Pacific Coast. (Copyrights 1932.) MONEY IN CIRCULATION SHOWS SHARP INCREASE By the Assoctated Press. NEW YORK, July 5.— The rise of $144,000,000 in the total of money in circulation disclosed in the weekly bank report, naturally was distasteful to observers. It was substantially larger than the average rise for the same period in the three preceding years, and supposedly was accounted for in large part by the demands of Chlcn'fo. in connection with banking difficuities in that region. Other influences contributed, of course, such as demands contingent upon month-end and midyear settle- ments. The sharp expansion at Chi- cago was believed due in a large meas- ure to the movement of banks there to increase their supplies of till cash. Machine Tool Trade Outlook. NEW YORK, July 5 (#).—Machine tool and machinery builders manifest a strong feeling of optimism in regard to Autumn business, says the American Machinist. July and August business is expected to continue at the low levels of recent months. NEW YORK BANK STOCKS NEW YORK, July 5 (#).—Over-the- counter market: Chase (2) Manhattan (2) . National City (2} Public () ... Bankers' (3) ....... Brooklyn Trust '(ig). Gentral Hanover (*7). % Exchange (4) e (2) .. (20 Irving (1.60) . “Includes ext; IRVING TRUST CO. This great bank acts as receiver for bankruptcy cases in N. Y. and has paid dividends for over 60 years. Outright or monthly payments. Circular on Request ROBERT C. JONES & CO. Shoreham Bldg. ME. 2922-23-24 NATIONAL METROPOLITAN 1814 — BANK —1932 True Americanism LOANS —finds an acid-test in the present eriod of economic stress. The one undred and fifty-sixth natal day of our native land is a fitting. time to renew faith in things genuinely American. ..to strive harder for reconstruction. {Ever since 1814 this veteran bank has stood back of our Government and our customers. We're at your service. Fifteenth Street Opposite U. S. Treasury ABUNDANT YIELD Member Washington Real Estate Board H. 5 1001 Fifteenth Street For a conservative invest- ment . . . SAFETY because of the security . . . CON- VENIENT in the denomi- nations of $250 up. fi;si Mortgage Notes Secured on conservatively, appraised improved proper- ties in the District of Co- lumbia and adjacent Mary- land suburbs. Rust Company National 8100