Evening star., 1930-06-23

step by authorities In their efforts to
arrest price recession and stimulate
business. Call money continued in
abundance at 212 per cent. Thirty to
30 day time money was reduced to 2l2
per cent, the lowest since 1924. Com
mercial paper, prime names, were cut
10 312 per cent. Brokers loans de-
creased S211 ,000, 900 to a total of So
787,000,0 900, some $487, ,0OO, 900 below the
years peak of April 80. OF the weeks
decline $115,000,000 represented with
drawals of loans for the account of
others. while leans for out-of-town
banks we're reduced by $147, 900, 900
New York bank loans rose $51 ,000.O
Since october 9, 1929. when the high
point was reached, other" or corpo-
ration loans, have been reduced by ST.
81 000. 600.
The weekly reports of trade and in
dustrial activity indicated some further
tapering of has taken place. Steel in
got production was reduced about per
cent to an average of 68 per cent for
the industry as whole. A year ago at
this time operations were at about go
per cent of capacity, while in the 1929
period rate was 73 per cent
Line pipe and structural steel orders
continue in good volume. but the effects
of this expansion is Offset by a sharp
decline in demand from automobile
manufacturers. Prices remain weak.
Freight LOadings.
Railroad freight car loadings for the
week ended June were below those of
any like period since 1924. Total was
935,647 cars, an increase of 8.8 per cent
over the previous week, which included
holiday, but 11.4 per cent below the
1929 period and 6 per cent less than
in An Iie1 ~
|. C. /. and miscellaneous shipments,
two excellent indexes of trade and in
dustrial activity, were less by GA per
cent and 12.l per cent, respectively,
than in 1929 week. Sharpest losses
were shown by coke, ore and forest
products.
Oil statistics were largely favorable
Domestic crude output in the week Of
June IA was reduced 1850 barrels to
2571 500 barrels daily. This total is
171,750 barrels less than daily average
in the same week last year. Gasoline
stocks of refineries representing 95.8 per
cent of the country's capacity declined
415,000 barrels to 52,842,000, but gas and
fuel oil stocks we're expanded 632, 600
barrels to 139, ,221 900.
Production data now at hand show
conclusively that the 1880 Spring re-
vival in industrial outputs has been less
marked. both in volume and in dura-
ton, than that Of early previous years.
Computed on the basis Of preliminary
statistics, and after correction for sea
trend), the Standard index stands at
I'LL for May, as compared with 1850
in April, 111.8 in March and 1878 in
May, 1929. Aggregate volume Of indus
trial production for the first f1ve months
of the year was 1877 per cent smaller
than in the corresponding 1929 period.
OF the major components, only iron
production continues to expand, as re-
suit of the demand for pipe and oil
tank materials and because Of heavy
construction needs in a few important
localities. Steel outputs failed to re-
fleet the activity in the latter field and
fell off 80 per cent. as compared with
the preceding month. The decline in
automobile production was again re-
sumed and in May was 3.5 per cent be-
low the normal seasonal trend Cotton
production responded to the very seri-
Gus diminution in consumption and Is
now at the lowest.
Bituminous coal output declined 7.8
per cent from April. With general in
dustrial output in May 1911 per cent
lower than a year ago, and, with the
two exceptions of December, 1929, and
December, 1927, at the most reduced
point since November, 1924, it is evi-
dent that considerable progress is being
effected in bringing production into line
with prospective demand. AS industry
is still burdened with abnormally large
supplies of most raw materials, how
ever, the conclusion is that further cur
tailment must be effected before indus.
trial production can be permanently
re-established at former levels.
The Companies.
Douglas Aircraft-Unflled orders May
81, about $4,000, 900. To introduce new