Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-14
BUSINESS DOLLAR
+. STILL UNCERTAIN
Sluggish Week Sees Counter
Trends, With Steel Trade
/ Showing Quickening.
BY CLAUDE A. JAEGER,

ASsOClateu ETeSS ElnADcla& EDITOR.
NEW YORK, July 14.-Business has
wallowed through another dull Summer
week, with some hangover Of sluggish
ness from the Independence day week
end and with continued uncertainty as
to how much its dollar will buy.
The steel industry showed rather
more than expected quickening after
the shutdowns of the previous week, but
renewed declines in commodity prices
was counterbalancing restraint in
business generally.
Steel mill operations were estimated
by Iron Age at Sc per cent of rated ca
pacity, against so per cent 10 days pre-
viously. The report of June tngot pro-
duction showed little more than the
normal seasonal rate of decline, but
the decline started from the low level
reached by the unusually sharp down.
turn in April.
Wheat at New Low.
The further shrinking of commodity
values was less inclusive than during
some weeks in June, but it embraced
such commodities as wheat, cotton, pig
iron, rubber, raw silk, hides and tin.
July wheat fell to another new low for
the war and subsequent period, going
within a fraction of 85 cents bushel
at Chicago. Rubber established a new
low at 1915 cents. Large copper pro-
ducers fell in line with the 1ll2-cent
price instituted by the custom smelters.
The feeling that the current recess
sion may reasonably be expected to
reach its nadir this month, or early in
August, gained ground in banking and
industrial and trade circles, but esti-
mates as to when the seasonal Autumn
upswing will reach normalcy still vary
rather widely.
Although the commodity price situa-
ton remains one of the difficult sore
spots, trade reports indicate that mid
year inventories have disclosed unusu-
all low stocks of goods and. that a fair
volume of buying should appear with
the first substantial upturn in retail
buying.
Mail Order Price Cuts.
Sears Roebuck and Montgomery Ward
announced wide reductions in retail
prices of merchandise, which, together
with price establishments by other or
carnations, are expected to stimulate
public buying. Although June sales re-
ports showed substantial curtailment
in the volume of buying, the fact that
the month contained one less Saturday
than June of 1929 tended to distort COM
parsons.
Several motor plants are closing up,
for mid-year shutdowns. The Ford
RlObOI w. cuoECAANCA OENA 0tAOAAo
Friday. planning to resume July %.
Several motor manufacturers are an
nouncing model changes in the hope of
stimulating Fall buying. Nash cut its
dividend rate from Sc to 81 annually.
The weekly petroleum statistics were
favorable, showing reductions IN gaSo-
line stocks and crude output, but a
retail price cutting war on the Pacific
Coast was an unSettling factor.
OF the most favorable statistical ex-
hibits making its appearance was F. w.
Dodge Corporations report of building
contracts east of the Rockies for June,
setting 12-month peak at $500, STA, 400.
Freight car loadings again fell of and
showed no sign as yet of getting above
the levels of 1924, although carriers
generally are looking for better earnings
during the second half of the year.