The Washington times., 1930-07-14
LITTLE CHANGE
REPORTED IN
BUSINESS

With dem ands continuing
mainly restricted and price de-
clines still predominating, the es-
sential characteristics Of the gen.
eral business situation are un-
altered, r. G. Dun & Co. states
today in its trade review. No
significant change at the turn
Of the half year had seemed
likely, however. and the chief
interest at present centers in the
prospects for the period beyond
the summer.
The movements Of recent
months have not conformed with
the optimistic views held in some
quarters, the scope of the read
justment being wider than had
been commonly anticipated, and
there Is more of disposition now
to appraise conditions with clearer
recognition of the actual facts.
Confidence in the longer out
look is supported by the opera
ton of forces which are strength
ening the basic structure, and
prominent among these is the
. persistent trend toward q closer
alignment b tween production
and consumption. AS results Of
Semi-annual inventories are more
fully disclosed, an encouraging
j point is found in the relatively
moderate stocks Of goods in diff
ferent instances, and the more
favorable position of supplies is
regarded as foreshadowing an
ultimate resumption of buying on
q large scale.
Caution Observed
e, The existing retrenchment in
purchasing is accentuated by the
lack Of Steadiness in various COM
modify markets, yet some whole
sale quotations have reached such
a low basis that the probability Of
further concessions Is minimized,
and more firmnesS appeared this
week in some of the leading farm
staples. Similarly, trading in Sc
curities has reflected increasing
stability, with a better price un-
dertone, and these phases have
been helpful to sentiment. The
prevailing commercial status is
one in which new commitments
are being made with unusual eau.
ton, but the acute disturbance OF
the early stages of the transition
5 have passed, and in this respect
the portents are distinctly I'M
proved.
Statistical records, almost with
!. out exception, remain adverse,
although the influence Of holiday
interruption and other seasonal
restraints should be allowed for
in analyzing the additional reces-
sion in the rate of manufacture
in some of the major industries.
:, In it's broader aspects, business
8. has deviated little from its pre-
ceding course, the principal gain
being in factors which, while not
stimulating activities now in any
marked degree, have a conStruc-
tive bearing on the future.
Sentiment Improves.
A distinct betterment in stock
market sentiment developed this
week, with prices scoring advances
during several successive days.
Speculative unsettlement in peri
ods Of excited trading has been
replaced by much more stable
conditions, and the more salts
factory situation has caused an
improved feeling in the financial
district. The favorable trend was
p especially reflected in the late
sessions this week, with the fur
: ther drop in brokers loans ap-
parently being a factor in the
: continued rise Of prices at the
opening on Friday.
A much smaller decrease ap-
reared In the loan item than was
y true Of recent preceding weeks,
yet the total, at $3,203, ,0O0, 900,
reached the lowest level since the
end of August, 1927. From the
s high point attained on the nota-
ble expansion last autumn, there
has been a reduction of more than
SO per cent, and the decline has
been uninterrupted during the
last five weeks. Comparing with
the aggregate a year ago, loans
are down nearly Is per cent.
AmHuR@~ ALA