Evening star., 1932-08-07
Maryland Banks Note Gains.

Maryland banks reported gain in
savings deposits during the half year
OF gains reported in banks in Is states,
New York made the best record. de-
posits advancing S24 4,584,2 GOT. Aggre-
gate deposits for the country showed a
decrease Of $45,770,868. total deposits
being $9,9S4, ,243,517 Deposits for the
whole year. June 30. 1881 to June 80,
1882. increased by $7275, ,536.
The average interest rate on June 80
was 400 per cent in the 18 states, COM
pared with 4.32 per cent six months
ago. At this rate, the banks will pay
about $409, 900. 900 during the year in
the form of dividends. Every active
mutual savings bank has paid its divi-
dends Throughout the period since Mid
summer, 1929.
Local bankers agree with Mr.. Wing
that the falling of in deposits in the
frst six months of the year was a nor
NAL condition. They also feel sure that
over the lorg period gradual accumu-
1ations in savings will occur. The lesson
learned following the wall Street tum-
bic in 1929 has not yet been forgotten.
Some folks never will forget it.
POor's Index Higher in July.
Poor's Index Of General Business rose
to 69.9 in July, according to the pre-
lminary estimate in Poor's Business
and Markets Bulletin This is the
fourth successive monthly rise shown by
this index, which started its upturn in
April. The index differs from some
other indicators of general business ac-
tfvity in that it on1its freight car load
ings. an item whose significance Poors
believes has been largely impaired in
recent years by the inroads of truck
fha frl, A.,- "a
the railroads, although car loadings are
still carefully followed.
The rise in July, according to Poor's,
'is due mainly TO the fact that July is
normally low month. The declines in
production In the steel and automobile
industries were not so great as sea-
sonally expected. Mail order house
sales also declined less than their sea-
Sonal index. Electric power moved
slightly upward contrary to its seasonal
pull Crude oil production advanced
somewhat, in accordance with its sea-
Sonal trend"
Industrial Pickup Due in Fall.
During the past week, for the first
time since the beginning of the depres.
sion, several leading economists set 6
date for the expected industrial up
turn. Several agreed in saying pros
poets Of a moderate gain in sales thi'
Fail, which in turn will cause improve.
ment in industry. The editor of tht
Business Economic Digest says the con.
SensuS Of opinion shows the improve.
ment is expected to develop in thu
farming sections of the country before
it reaches the industrial sections.
A survey of the Middle Atlantic State
and the South Atlantic States reveal!
the following present conditions:
Middle Atlantic States Summer
dullness has settled over the various
industries of this section, although stee
output has rebounded sharply from thu
holiday low. Employment and pay roll
have fallen of to new lows for the de
preston. Sales are very slow at pres
ent, but the many heavy industries o
this section will experience sharp re
covery when the business curve turn
upward. The cities of Albany. Scran
ton, Washington and Wilmington offe
the best opportunities"
South Atlantic Satisfaction tex
tile mills are considerably less ACTIVE
than earlier in the year; labor disturb
ances aggravate the situation. Som
improvement is reported in retail trad
and building activity is piS1ing up IL
the southern sections Conditions ar,
very spotty: carefG- sIection of terri
tory is necessary to secure fair sale
results. Charlotte, Richmond and At
lanta are attractive"
Notes in Financial District.
Thomas McInnerney, president of tn
National Dairy Products Corporation
says the volume of sales showed a dis
tinct upturn in July after the sharl
decline in May and June. Much Of tn
companys stock is held locally.
The George A. Fuller Co. has beel
given a contract by the Bell Telephon
Co. OF Pennsylvania for the construc
ton of a new central Office building il
Philadelphia The building will cos
approximately $500, 900.
Not since early in 1919 has tn
volume of State and municipal Dor
rowing been so small as it is this Sum
mer says The Daily Bond Buyer, in an
nouncing the July total OF $28,0l0,32
bonds marketed by l55 States, countie
cities and other local governments
units.
Washington bond statesmen have bee
greatly heartened by the steady advanC
in bond prices duri:>S the past thrt
or four weeks II has been long wal
The local dealers in senior securitit
believe most of the gains will be hell
l. " Shannon, cotton statistician
Fenner, Beane g. Ungerleider, has wri
ten an article on THE Cotton Gre
Prospect and Price Outlook for 1873:
30" It is most comprehensive and
being widely distributed from the firm
washington once.