The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-09-02
DUNS EXPRESSES
BELIEF RECOVERY
MAY Be EXPECTED
More Cheerful Sentiment Has
Encouraged Activity in
Many Quarters
CONSERVATIVE VIEWS RULE
Business Revival Is Expected to
Be Slow and Sure Rather
Than Spectacular

l0Q1CaClO0S CnaC business has
touched the bottom of the current re-
cession and that a recovery has COM
menced are contained in the weekly
business review issued by Dun'S
agency, one of the great commercial
agencies of the nation.
The statement, which might be
described as cautiously optimistic,
follows:
AS August closes and with the last
holiday of the summer pending. 1t
is possible to discern a better under
tone in business. There is no DISPOSE
ton to magnify the importance of
-Sa change, yet the more cheerful
sentiment. =. Gccuraging, and it has
the support Of incre.-->, cctlyity IN
certain quarters. Any turn IN 49,
right direction at this time, however
slight and although not generally
manifest, is considered significant as
an indication of further gains to
om If precedent is to be followed,
at least some measu of trade ex-
pansion is foreshadowed now, and the
unusually low point to which opera
tons already have fallen enhances
the likelihood of q more favorable
Divergence Of opinion Is to
the probable degree and scope OF the
alcdihp uplift is natural in the pre-
sent confused situation, but conserva-
tive views predominant and expecta-
tons Of rapid revival remain the con-
spicuous exception. The f~ar-reaching
ramificationS of the economic transit
fiova ho,,o hon, ou;SopCod i,o era ,iO ,,s
forms, with problems arising out Of
the extension Of old industries and
the establishment of new enterprises.
methods of production and of dis
tribution changing in many instances,
difficulties in agriculture having de-
veloped, and other factors combining
to- lengthen the process of CONNER
cial recovery. After months Of ad-
Nstments, however, and with num-
erous weak spots eliminated, q
stronger basis exists, and some re-
Spouse to the requirements Of anoth-
er season is being counted upon as q
normal phase. Among the specifical-
ly promising portents this week, the
additional small gain in steel output
Ind the larger transactions In cotton
goods have been stressed, while the
~ilackening of the decline in whole
sale commodity prices also is a hope
full sign. The latter movement is dis
closed in Dun's comprehensive list,
the current excess Of declines being
narrower than has been witnessed for
a considerable period. Broadly ap-
praised, the outlook has frightened
and financial markets have reflected
the moderately improved prospects,
with the advancing tendency In bonds
regarded as constructive In its bear
ing On the future.
Steel Business Gains
Contributing to the better feeling
in general business circles, activity in
the steel industry has pointed up
ward. The gain is only slight and Is
~conservatively regarded, yet its eff
feet has been encouraging. Even a
check to the prolonged decline is q
promising indication, and there act
ually has been q small uplift in out
put during the last fortnight. Thus,
the rate has risen to 81 per cent,
and a further gradual rise as autumn
approaches is considered q reasonable
expectation. The trade is cautious
in appraiSing the future. but the in
Huence Of seasonal forces is counted
upon to bring some measure Of re-
covery. Continued strength in scrap
prices Is among the factors making
Tor a more hopeful feeling. yet there
is, on the other hand, additional eas-
ing IN quotations for finished pro-
ducts. Rejecting the latter trend,
the composite price compiled by The
Iron Age has receded to the lowest
point since the first half Of 1872.
More Textiles Bought
A turn toward increased activity in
primary dry goods markets came In
the closing week Of August. The
Improvement. II not particularly Inn
pressive, was distinct. and there was
more of a spirit Of cheerfulness In
different quarters. It was stated that
more confidence was felt regarding
the probability OF q quickening Of de-
mand to meet Fau needs. while re-
ports OF unusually low inventories in
many stores added to, the better tone.
In point Of actual business, sales Of
unfinished cottons were something Of
q feature. being stimulated by Q rise
in the price for the raw material. The
volume Of the turnover was In excess
Of the restricted production, and
there Is q very ~well-defined policy
among manufacturers to hold outputs
VIZ: ts1e limit Of orders. In tia