Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-10
BUSINESS OF WEEK
FAILS TO IMPROVE
Department of Commerce
Reviews Conditions for Pc
Rod Ending May z.
BY the Associated Press.

BY the Associated Press.
An unimproved business situation is
reported by the Department Of Com
MERGE in its weekly summary Of con-
ditions at home and abroad, covering
the period ending May 2.
Bank debts, outside New York City,
decreased from the preceding week and
were lower than during the same week
in 1880. Total loans and discounts Of
Federal Reserve member banks showed
a slight decrease from the previous week
and were considerably lower than the
corresponding week year ago.
Interest rates on call money remained
on tie same level as for the two pre-
vious weeks. but were materially under
the 1880 level Time money rates con-
tinued the decrease. which started dur
ing the previous week. but were far be-
lew the rates prevalent during the cor
responding week last year.
Price Drop Continues.
Average prices of representative stocks
continued the decline which started
during the closing week OF March
reaching the lowest point so far this
week previous, eousling the low average
price set during the opening week of
January, but remaining on a slightly
higher level than during the CORE
spending week last year. Number OF
business failures. AS reported by r. G..
Dun & Co.. decreased from the pre-
vious week, but were above the level OF
a year ago.
Wholesale prices, as measured by
Fishers composite index of 100 COM
modities. continued the decline which
has been under way since the third
week in March. reaching the lowest
point so far this year.
Prices of agricultural products de-
clined from the week previous and
prices Of non agricultural products also
declined to about the same extent. The
price of cotton middling decreased from
the week previous. while iron and steel,
as we'll as electrolytic copper prices. re-
manned the same as for the previous
week All three prices were below a
year ago.
Argentine business continues dull.
Import orders are restricted owing to
exchange fluctuations and the political
situation. but exports remain heavy,
tending to bring about an equilibrium
between imports and exports. Imports
during the first quarter of the year
amounted to 163,4o0oOo gold pesos,
End the trade balance against the coun-
try amounted to 100000 gold pesos
during the period.
Weather Is Adverse.
Adverse weather in Canada retarded
the normal seasonal advancement in
the Eastern Provinces, but British CO.
lumbia conditions improved. more favor
able temperatures giving an impetus to
sales Of Spring lines. Early Spring
turnover in the Pacific Provinces was
not up to expectations and volume Is
now enhanced by special clearance
sales. Shoe manufacturers have ad-
vanced production in certain lines.
In Great Britain trade conditions
are generally unchanged. with slight
improvements in some sections being
largely offset by further declines in
other branches. Industry and other
large business operated during the
month under the influence of fear
that the Government budget for 1881 q
would announce heavier taxation, while
retail trade showed less than the normal
seasonal increase Prominent COM
panies continue to report losses or re-
duced earnings on the last years
working.
In Japan security prices on the
Toxic Stock Exchange reflect the gen.
eral dullness in business some securi-
tie1, particularly industrial issues, con-
tinue in downward trend. A survey
OF earnings in 1880 of 1880 representa-
tive companies shows 315 reporting
deficits.
Business conditions in the Philippines
we're quiet, with imported goods less
active than in previous weeks The
textile market was very slow and stock
sales were unimportant. because Of con-
tnued lack Of confidence in the market.