The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-11-18
IN COPPER
IS HELD INDICATIVE
OF TRADE RECOVERY
Other Staples at Stage Where
Steadying Quotations Will
Halt Declines
STIMULATING EFFECT FELT
Small Stocks in Dealers Hands
Becoming Factor to Force
RepIenishing Orders

RepIenishing Orders
Half of November has passed with
out really significant change from
the business trends of earlier months,
but some of the news of the present
week had a more cheering tone. says
the weekly review of trade by r. G..
Dun and Company. It continues:
The facts of a major commercial
recession remain prominent and the
probability of only a slow recovery is
now more generally recognized. yet
even scattered indications of better
ment strike an encouraging note.
In moderate degree, certain very
recent movements, although not in
themselves representative of any broad
improvement, have had a stimulating
effect. The rise in the price for cop
per, following a drastic downward
-readjustment, has been the Outstand-
ing feature, and it's influence has
spread to other channels.
The immediate and favorable a
ton to this development, with a sud-
den hating of the %protracted stock
market weakness, has demonstrated
the prevailing sensitiveness Of senti-
ment, which is a not unnatural phe-
nomenon of economic transition.
During periods when adverse phases
are predominant, any upturn, espe-
cially in a great basic industry, Is
helpful.
It is made clear by Dun's. compre-
hensive list that stability in wholesale
quotations is yet to be attained, while
advices from the principal centers OF
manufacture and distribution supple
ment the other evidences that buyers
continue to hold a distinct advantage
in most instances. There are. how
ever, signs that prices for several i'm
pOrtant commodities in addition to
copper have reached a point of resist
ance, among these being some steel
products, rubber and sugar. A steady
ing of prices. extending over a wider
field, would have a large bearing upon
the general situation, particularly
after an almost uninterrupted decline
for more than a year. Considering
the supply and demand status, some
progress is being made in strengthen
ing the position, with the adjustments
in production, and reports Of small
stocks in dealers hands are becoming
more common. Forces are in oper-
alton which. while not plainly re-
ing a basis for ultimate revival.
Stock Market Decline Halted
An abrupt and emphatic change in
the character of stock market trading
occurred this week. After a decline
that had continued with only a few
and minor interruptions since early
in September, prices turned strongly
upward during the present week on
an increased volume Of dealings. A
sudden rise in the copper shares,
which responded to the movement
looking toward a curtailment of out
put Of this metal. was the outstanding
development and the propelling force
behind the markets advance. The
betterment in prices was practically
general, and sentiment in financial
circles was measurably improved.
AS had been anticipated, the weekly
statement Of brokers' loans, issued
after the close on Thursday, showed
the seventh consecutive reduction, the
latest decrease being $219, 900 900
That contraction, following previous
stable declines, brought the total to
a new low record since such compila-
tons were first compiled by the local
Federal Reserve bank. in 1925.
Steel Sellers Views Firmer
Without any essential change in the
general volume of business. much OF
the interest in the steel trade cen.
tered this week in price developments
! The latter were featured by a move
ment on the part Of the principa
+. producer to stabilize the markets fol
: plates, sheets and bars. Such actor
. took the form of the naming Of
minimum quotation of 1.60. Pitts
burgh, and it was regarded as being
likely to stiffen the views Of othel
sellers. There apparently is a spread
ing belief in the industry that prices
now are down around bottom, ane
+, that success may be attained in max
ing contracts for the next quarter OF
the present basis. The reported pur
chase by a radiator company OF $1,000
tons of iron was conspicuous in tn
weeks news.
Lighter Business in Textiles
Following its recent expansion, bus
mess in primary textile channels ha
slackened. Previous gains, while dis
tinct, were principally OF a seasona
character. and the subsequent let
down indicated that q policy Of eau
ton is being rigidly adhered to. ]
is stated that buyers have yet to cove
many needs for the holiday trade, bu
commitments are being made con
Seryatively and mainly as require
ments are disclosed.
A prominent phase in the reta
field is the wide publicity being give
to price concessions as a means q
q stimulating demand, but considerabl
merchandise Is not being pressed fc
sale.
s Fewer Hide Price Declines
The general hide situation, al
though lacking in strength, had
I, Steadier appearance this week. Ths
condition prevailed because of tn
fact that fewer concessions in price
were made. yet quotations were large
" nominal. With buyers chiefly OH
the volume of current business is NJ
/. regarded as being sufficient really I
test the market. Moreover, enc0ul
i aging. features in the leather trac
are scattered with purchasing cor
spicuously inactive. Operations
shoe plants continue on q restricte
+, basis.
a.
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