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SEES INDICATIONS BANK PAY ON OF RISING PRICES MORTGAGE BONDS
Commerce Secretary Also Notes Signs of Clearing in Foreign Situation as He Makes Annual Report
By Associated Press The Patriot Washington, Nov. Prospects for of commodity prices at the beginning of the current fiscal year escribed today by Secretary Chapin as brighter than at any time years. In his annual report to President Hoover, the Commerce Secretary caid that as of June 30 "surplus supplies in many of industry had been reduced, and more active demand being reflected in stiffening of prices.' Rises from May 30 to the end of June, 1932, in prices of meats and other domestic farm he added. Also the the old fiscal year, for the first time since 1929, Chapin said he "some signs of clearing the foreign situation while domestic troubles were being attacked on wide front in an fort to halt the decline and bring about some measure of improvement. Year of Lamont Term The report covered year of the Robert Lamont, although tendered by Mr. Chapin, licceeded in August. Some mitigation in seriousness of bank suspensions, which OCcurred in unprecedented numbers during the last six months of 1931, was held by the Secretary to have been brought about by the 'favorably psychological effect produced in October through organiza tion of the National Credit Corporation. "The situation," he added. "was further alleviated in the second half of the fiscal year by th establishment of the Finance Corporation and by other remedial measures, such as the Glass Steagall Chapin said that although foreign trade declined in value to the lowest since pre-war years, "the United States maintained its position as the world's leading export nation as well as its usual position in the import trade-next to the United Kingdom Unparalleled d withdrawals and steady of security during much of the year he attributed largely to forces of "panic fear' in motion by Central European financial disturbChapin advised the President that "in the second quarter and again in the final quarter of the fiscal year these forces concentrated on American money and security the result that movements security values in October and January and themselv and the remainder of the fiscal year markets characterized by liquidation and our money markets by steady withdrawal of short-term foreign funds, substantial part of which were taken in The net reduction in monetary stocks placed by Chapin at value of stocks listed on the exchange, he said, fell from 400,000,000 July ago to 5.600,000,000 on July 1932. "Downward" he described the trend of industrial production, prices, employment, payrolls, distribution, foreign trade construction. Crop vields returned to normal, he said, "but continued price declines reduced the gross value of the yields to amount only about half as great as that realized two years ago.
Holders of Series G and M, of Security Trust, to Get 5 Per Cent. on Wednesday
A second 5 per cent. payment to holders bond participacertificates, Series and M, be made Wednesday by the Security Trust Company, Frank M. Balsbaugh, special deputy in charge of liquidating affairs of the three closed Harrisburg banks, announced yesterday. The payment will total approximately $18,000, total of the mortgage pool covered by these two series of certificates being $360,000. Certificate holders may present their certificates at the Mechanics Trust Company, the affairs of all three closed banks are being conducted, they mail them Certificates mailed be returned bearing indorsement and a check for the payment. Palsbaugh also urged debtors of both Security and Mechanics Trust companies pay their obligations so that another payment to depositors the banks can be made before Christmas.
LONDON SECURITIES FALL
Berlin and Paris stocks pushed ahead last week with gains of 3.7 and 3.5 cent., respectively, while bonds in were steady and Berlin up by 0.4 per Security price trends in these two leading markets are satisfactory account considering the small volume of trading generally upset political condition in which these countries are involved. Apparently budget are not favorably received in France, and the statistical reports on finances and tax collections disturbing. War debt developments have been line French hopes. The political crisis in Germany from over. The Von Papen resignation enthusiastic received but the possibility of cabinet backed by the Reichstag has been destroyed subsequent ments. Hitler is now out as chancellor since he refuses to accept the conditions set down by Hindenburg. The volume of trading in both markets was small and satisfaction is shown over the absence of aggressive public selling. uncertainty is the dominating in financial circles. The further weakness in sterling has cast and though conservatism rules the security markets, the price off. No important has been present. Stocks closed by per cent. Bonds greater weakness off by 1.5 per cent. and at the low since the first part of September.
CHICAGO GRAIN Chicago grain the Board of Trade yesterday High. Low. WHEA May CORN15% May .82 BARLEY 3.95