New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1930-05-31
Time Funds Touch Lowest
Level of Past 10 Years,
According to Reports.

New York May 81 lp3 - The cur
rent week has contributed little or
nothing of importance or interest to
the financial markets. Security trad
ers called it a week after the close
OF business on Thursday. leaving a
stock list that was showing market
trmncss in prominent places and q
general tendency TO move upward.
The bond market was so apathetic
that Tuesdays sales established
new low for the year. Commodities
affected by speculation were irregu-
lar
Money remained easy. The holiday
and month end settlement period
brought some loan calling. but with
drawals were not sufficient 10 affect
the New York Stock Exchange rate
of per cent. Time funds. which
have been drifting slowly downward
for months. touched the lowest levels
Of the past decade. The weekly state
ment OF federal reserve member
banks in leading cities revealed a
further contraction of SIS, 100000 in
commercial borrowings, and also a
fair gain in security holdings. There
was a. rather promising expansion in
federal reserve credit.
Shift Positions
Stock market professionals shifted
position frequently. with prepon-
derance of sentiment seeming to IA
vor higher prices. Severe bear pres
sure against the farm implement
shares carly in the week and against
the rails in each session was offset by
increasing strength in utilities, the
firmness of leading industrials and
a bullish demonstration in few
specially groups, notably the foods.
Railroad earnings for April were
poor as had been expected, but the
decline in tho class one carriers.
either gross or net, was not as
large, compared with a year ago,
rs was the March decrease.
OIL stocks improved under the
favorable news Of smaller output
Of crude petroleum and the salts
factory progress made toward cur
tailment in the California field, 1t
was generally believed that an ad-
vance in prices would soon be an
nounced by companies operating in
that territory, while the approach
of the summer demand was also
taken into account by the oil share
group.
The weekly reviews Of the iron
and steel trade reported virtually no |
change in conditions, noting another |
Their price concessions. The growth |
of the natural gas industry, which |
seems to be the feature Of the news |
in the utilities, is being accompanied |
by g, rapid expansion in demands |
for steel pipe and this factor caused |
considerable optimistic comment. |
Inquiry for steel from the automo-
bile industry is expected to be main
tanned at close TO present levels into
next month.
Market Disappointing
The bond market continues to dis
appoint its supporters, although the
spread between money rates and the |
Sltlu from lilE ptSL liens is dpOIl
per cent in favor OF the latter, the |
list cannot shake off its dullness. The |
bank statement indicated improved |
buying from that important source, |
but the individual investor refuses !
to be attracted Bond men hope for |
after the German rep |
arations issue is out of the way.
Bank clearinss for the country as !
a whole showed a decline of about |
10 per cent over the previous week, |
with much larger decrease in New |
York city. Commodities failed 10 |
show a halt in their downward |
course and the department of agri- |
cultures index Of leading produce
staples was at the lowest level for |
May in nine years.
Weakness Of the far ca stern ex- !
changes was based on the slump in
bar silver, which touched several
successive new lows.
The s7,000,000 increase in brok-
crs' loans was accounted for by the
rise in New York city member bank
borrowings for their oUn account.
Loans for out Of town banks and for
-ha account of others showed