The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-09-14
TRADE SHOWS
LITTLE CHANGE
IN PAST WEEK
Oil Fields Start Production
Schedule as Martial
Law Is Lifted.
BY OTTO E. STURM
United Press Financial Writer

NEW YORK, Sept. s14.-Little
change occurred in re general
business situation during the last
week. Aside from natural seasonal
activity in retail trade, conditions
in the basic industries were about
the same as before Labor day. Slight
improvement is looked for this
month and next.
Meanwhile, plans of all kinds
were put forward to alleviate suf-
fering from unemployment in the
coming winter.
Abroad. the seriousness of the
European financial situation was in
dictated by the drastic measures con-
tanned in the British chancellor of
the eXchequer's plans to balance the
budget. Together with several i'm
portant domestic dividend reduc-
tions by prominent railroads and
industrial concerns, the outlook did
not appear particularly bright, al
though in some quarters there was
a tendency to view the situation
more optimistically.
Steel In Demand
This was true of the steel indus
try, where, in the face of another
drop in output. leaders expressed
some hope of a moderate upturn
shortly. Structural steel continued
in most demand, but it was to the
automobile industry that steel peo-
pie looked for some Improvement.
With Ford expected to reach the
peak of his employment by the mid
die of the current month and in
creases taking place in workers in
other plants, there were indications
that automobile output this month
would be well in excess of the small
number of cars and trucks turned
out in August.
The situation in the petroleum
industry was somewhat confusing.
Martial law was lifted from the east
Texas fields and production went
ahead on a proration schedule.
Leaders looked for the future trend
of prices. which this week remained
firm. Oil fields in Oklahoma still
were under control of the military.
The coal industry felt some
seasonal improvement, wholesale
coal being firm and active. Among
the retail lines. clothing and shoes
were fairly active. Wholesale and
jobbing lines were fairly active as
were manufacturers of shoes and
clothing. Business failures for the
week, as reported by Bradstreet'S,
showed an increase.
Cotton at New Lows
A better tone in the grain mar
kets was in evidence, particularly in
the wheat pit, where prices moved
forward narrowly but steadily as a
result Of the change in sentiment.
Cotton dropped to new lows for the
year on the government crop report,
but subsequently rallied. Rubber
and other commodities were rela-
lively steady.
Stocks and bonds were weak,
leaQlng issues on the New York
Stock Exchange breaking through
their June bear market lows, but
there was some recovery near the
end of the week. Bonds presented
a dolorous appearance, dipping sue
ceSsively to new low ground on a
combination of circumstances.
Weakness in stocks was factor, as
was the continued absence of any
Improvement in general business.
The money market was unchanged
at the "pegged'' levels of recently.
while foreign exchange was subject
to rather wide fluctuations. Marks
dipped sharply early in the week,
but later recovered, while sterling
was steady throughout.