Evening star., 1930-11-30
Greater Activity in Steel and
Wool Demand Occurs
During Week.
CAPITAL MARKETS MOVE
WITHIN NARROW RANGE
Wage Problems Continue to Prove
Dominant Factor in Euro.
pean Countries.
speciaI pispatch to The Star.

0peClhl DlSpaLCn TO Inc star.
NEW YORK, November 2e.-Cabl,
dispatches to the Business week Civ,
the following survey of business :. .-oac
for the week ending November %:
Business conditions are without an,
recognizable trend for better or To-
worse. Sentiment Is cheerful, though
markets generally are listless, excep
for a distinct strengthening of wool de-
mand and somewhat better activity II
steel within the limits characteristic,
OF current volumes. The statistical DO
sition Of wheat and the prospect fol
record carry-over are cause for somt
concern. The continued irreguIarity o.
copper Is disturbing other metals. 81
far, developments run true to predic.
tionS that the bottom has passed, bu
that activity will continue to be irreglI.
larly close to the bottom for at leas
the greater part Of the Winter, with
no appreciable rise expected before
Spring.
Money Rates.
Financial conditions are similarly
unchanged. There Is some tighteninf
OF money, due to day-by-day technica
causes. 1t Is forecasted that low rate.
Will continue during the first quarter
Stock markets are weak, and there /.
little confidence in Wall street i'm.
provement. The Business Weeks Euro.
pean organization has canvassed inter.
national stock brokers in the principa
countries on reports of European buy.
ing In Wall street. It Is the consensu.
that there Is some buying at recen
lows, and this Is expected to be re.
peated on new price dips; but, so far
all these purchases have been charac.
terized as small individual orders. The
largest reported was $500,0OO. On the
other hand, there has been an avid re.
sponse, especially in England, to gilt.
edged issues, but to such issues only
Conversion operations In England ant
France still hang fire. but will almos
certainly precede any marked revival ir
capital markets, unless the plan Il
completely abandoned.
Probably the direction Of the next
important movement Of capital will bt
toward Eastern Europe. This move.
ment was imminent year ago, wher
it was arrested by the beginnings Of the
depression. There Is discussion agair
o. reviving various loans then for.
mulated, but since placed on the shell
awaiting favorable conditions. Without
exception, every Eastern European
country Is harboring one or more prof.
ects, either of reflnancing government
debts or public works construction OF
Of expansion Of agricultural mortgage
facilities. In only a few cases are in
dustrial developments awaiting these
loans. 1t is likely that it will be some
time, however, before lack Of confidence
Is sufficiently overcome to permit
money to respond to these economic
needs.
Meanwhile, the central banks are
comforting with Basle on the poSsibili-
ties Of co-ordinating policies to permit
better redistribution of gold, and eStab-
lishment at sBaSle of gold and foreign
exchange clearing house to permit book
transfers.
British Wage Situation.
The immediate major issue in Great
Britain continues to be the railway and
coal wage questions. No progress has
been made In the conferences this week
and there Is real danger in the mining
industry OF local stoppages, since miners
and operators have reached no agree
ment and the present schedule termi-
mates on December /. The French are
cheered that october trade showed
some seasonal Improvement, though 1t
is known that improvement was less
than elsewhere.
In Germany, the Upper House has
passed all but two minor measures on
the Bruening fiscal reform program OF
80 bills. The Reichstag will tackle the
program when it reconvenes December
8. Meanwhile the price-reduction cam
paign continues. october indiceS showed
further, but less marked, decline in
industrial activity, measured In terms
of the number of workmen employed in
mining, metallurgical and chemical
industries. Construction contracted.
Wood, paper and textiles remained un-
changed. Leather, leather products,
footwear, paper products and porcelain
advanced. Leather showed the largest
gain, though none was over 5 per cent.
Italian Salary Slash.
Italy has followed the German ex-
ample and made an even more radical
II per cent slash in salaries OF govern
ment employees. It Is estimated that
this will be enough to iron out the an
ticipated budget deficit for the year.
Business Is now expecting that govern
ment pressure will reduce other wages
and price levels.
Senni-political strikes In Spain are less
vigorous, but political conditions are
tense, with elections now scheduled for
March. Peseta stabilization Is likely to
AXE place at around IL cents.
The Geneva Economic Conference so
far is productive Of only an assortment
of divergent views. Accord under pres
ent world conditions is improbable.
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