The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-10-17
INDUSTRIAL STATUS
OF BUSINESS STILL
lNDEC|S|VE FACTOR
Lowering of Prices Stimulating,
Even Prompting Buying in
Advance of Needs
FOREIGN UNREST HARMFUL
Transitions Slowly Bringing
About Changes Of Per-
manent Strength

The main point OF encouragement
in a complex and uncertain situation
has been the quickening of retail
trade over a considerable area of the
country, according to r. G. Dun 81
Co.'S weekly review of trade. Not un-
the degree of stimulation
has varied in different localities, de-
pendent upon weather conditions and
power and disposition, and
the gains obviously mark g wholly sea-
sonal trend, says the review. With full
allowance for the latter fact, however.
the enlarged demands add a hopeful
note to present conditions, it adds,
continuing:
Apart from the increased mercan-
tile activity that logically accompanies
the turn from summer to autumn,
there has been this year the further
influence of offerings of goods at
rrices which have proved attractive to
consumers. Similarly, raw materials
have been lowered in cost to levels
where some buying in advance OF
actual needs has been prompted. al
though this movement has not at
tanned anything resembling wide
spread proportions.
Decisive Change Lacking
The industrial status, as dis
tinguished from the retail position, re-
fleets no clearly-defined betterment,
so that general business thus far lacks
the hoped-for recovery. Much diverg-
ence of opinion exists as to the prob
able time when decisive revival will be
witnessed, which accentuates the pre-
vailing confusion, and foreign compll-
cations also have intensified the UNI
certainty.
Continued unsettlement in impor-
tant markets has not been helpful to
sentiment. there still having been
more pressure to sell than to buy in
stocks, grains and cotton, and Dun's
list plainly shows that the decline In
wholesale commodity quotations has
not yet stopped. 1t is evident. from
developments in various quarters, that
economic adjustments have not been
completed, and the process is attended
by unsatisfactory phases which are
considered natural in the circum-
stances.
The transition, however, is bringing
about. if only slowly, changes which
eventually will strengthen the COM
mercial structure, and this Is among
the factors that support confidence In
the longer future. The immediate re-
suits are disappointing to many in
t~erests, but there is not now, as was
the case a year ago, a greatly inflated
loan account caused by extravagant
speculation, and in this respect the
current situation is more wholesome
Depression in Stock Market
The disturbed state Of the stock
market last week reached its climax
Thursday after the announcement Of
the failure OF a prominent brokerage
house. Previously prices had been de.
clining, with only minor Interruptions
and the late break carried not a few
issues to levels ever under those
touched during the speculative debaclt
last fall. At the height of the un'
settlement this week losses of a mum
Der Of points in shares of leading
railroad, industrial and other com
panies were common, and the prics
for United States Steel dropped to lac
Rejecting the recent liquidation
brokers' loans have been drasticall,
reduced. the latest reported decreas
being $158, O0O, 900. That contraction
following one of a similar amount las
year, lowered the total to $2,905, 900 ,00t
1t Is necessary to go back to aroun'
the end Of April, 1927, to find so SINAI
an aggregate, and the present figur
makes a striking contrast with tn
high record Of 5000, 0O0. 900 estah
lished at the beginning OF Octobe
last year.
Steel Output Slightly Lower
That there is 10 general upwar
trend In the steel industry is indicate
by this weeks reports. Indeed, tn
operating rate for the country 6
large. despite more activity in som
quarters. fell below last weeks leve
now being down to about So per cen
Sustained demand in the princip;
channels of consumption is lackin
Better Retail Trade in Textiles, Hid,
Since the latter part of Septemb'
tho volume OF retail dry goods trat
has increased further, being aided
favorable weather conditions. In tt
main the gains have been moderat
yet there has been the ENCOURAGE
report Of activity in several store
Offerings Of merchandise at attracti'
prices have been helpful, although Il
response has varied considerably
different sections of the country. TT
effects Of the reduced buying pow
caused by the drought Of the SUNNI
and the lower prices for agricultur
products, as well as the smaller en-
ployment in large centers of mani
facture, scarcely could have failed
restrict distribution. Meanwhile, the
has been no definite check to the d
cline in prices for textile raw mater
ais, cotton, wool and silk all beil
lower.
80 far as published quotations r
fleet the trend of the markets, the
was q better situation In hides Il
week. Similarly, the trend in foreil
quarters seemed to be improved,
that prices were maintained or sligf
~ higher.
RECORD OF Weeks Failures
In contrast with last weeks redu
ton, failures in the United States i
creased this week, totaling 473. TIL
figure Il rs in excess of last wee
AT defaults, and is los above the
tnsolyencies reported a year ago. Ash
from q small decrease on the PACT
coast, there were more failures Il
week than last week in each geograp
tcsl section, the sharpest rise being
the south.
Numbering 81. Canadian failul
this week compare with 81 last we
md - reported . year ago.