Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-30
CAUTIOUS BUSINESS
TREND CONTINUES
Weekly Trade Reviews De.
clare Situation Has Shown
Little Change.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 30.-Unseasonable
weather and the impending holiday
tended to repress business activities in
the last week, and the general situation
OF trade, industry and commodity prices
shows little change from the preceding
week, ending the month with much
the same tone and feeling as it opened
according to the weekly reviews of trade
and business.
Bradstreet's State of Trade says. in
part: Taken as a whole, the response
to early holiday offerings at retail is
not quite up to expectations. What is
said to have been ideal planting and
late weather conditions have attended
the seeding of Spring wheat in ire cid
Northwestern area. What changes are
visible from the preceding week seem
70 indicate something like a. slowing
down in the South and at north Pa
cif1c Coast points, where a further cas-
ing of in production of lumber has
followed less-than-expected demand.
'In the grain markets there have
been recorded new high prices for May
and, in fact, since mid-April in wheat,
but all of this advance has not been
held. In the industries the two most
notable features are a further slight
slowing down in steel output, with some
additional declines of prices, whereas in
the cotton manufacturing industry a
report by cotton mill authorities is that
as per cent of the country's mill ca
pacity has agreed to the curtailment
plans formulated some weeks ago.
Heavy Buying of Steel.
I'm the steel trade the buying of
pipe for gas lines is going forward in
immense volume, one contract calling
for the greatest length Of pine ever
recorded. In the automobile trade, MAY
output, in units, promises to equal April,
due to activity in the small car division
"On balance, the general situation Of
trade, industry and commodity prices
shows little change, with an increasing
disposition to wait and see what the
late Spring and early Summer growing
season has to develop in the country'S
general crop situation. This seems to
point at the moment to the correctness
OF the view that while trade is scraping
the bottom, as 1t were, definite changes
upward are not yet in sight.
In other words, the trade ship is be-
Gained, awaiting favoring breeze. with
retail lines awaiting the approach of
settled warm weather for an impulse
toward expanding sales, and crops, in
the main reporting good soil conditions,
prepared to take advantage of seasonal
growing weather."
Jun ODScFVatlOHS.
r. G. Dun 81 Co.'S review says, in
part:
1.-The state of inertia and of indie
ctsion although less pronounced in
some instances, extends to many
branches of enterprise, while f1nan-
cial movements reflect similar char
acteristicS. The securities markets are
favored by conspicuous monetary ease,
but are more sensitive now to trade
trends, there being an increased dis
position to take cognizance of actual
existing conditions.
"Appraisals made on the basis of
1uLtiAr prospects bear confident tone
and the latent economic reserve power
Is considered reassuring, but the alb
sence of a broad and decisive revival
Is the controlling factor at present
Cautious policies are being closely adj
hered to in most quarters, with strong
Discrimination to operate beyond imme-
date or early needs, and the lack of
vigorous demands serves to accentuate
the recession in commodity prices.
That the advantage remains chiefly
with the buyer is evidenced by the
unbroken excess of declines in whole
sale quotations, there being more than
twice as many reductions as advances
this week in wide range of articles.
Other statistical measurements also
reveal downward tendencies, but COM
parsons with the records of year
ago should be made only with allow
ance for the fact that the results of
the earlier period were exceptionally
satisfactory.
Encouraging Factors.
cit was not to be expected that re-
turns Of bank clearings, railroad freight
traffic, production in basic industries
and the various additional barcmeterS
of business would all show a quick up
turn from their rapid fall, yet it is en-
couraging that the margins Of decrease
are slowly narrowing in some cases. The
commercial mortality, as reflected by
the insolvency compilation, continues
above the average, although seasonal
betterment has lowered the totals APP
preciably from the unusually high levels
Of recent preceding months.
las in most other quarters, especially
significant financial developments were
lacking this week Aside from some
what increased demands for funds Tor
month-end and holiday requirements,
the course of the local money market
was without essential new feature.
Only slight indications OF flrmer tend
ency appeared in call loans, and the
change was not sufficient to affect the
rate for such accommodation"