Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-24
BUSINESS SPOTTy
WEEK OF MAY 16.
Department of Commerce Re-
view Reports Bank
Debts Lower.

~ the Associated Press.
Business conditions continued spotty
during the week ended May 16.
In its summary of the situation at
home end abroad, the Department of
Commerce reports that bank debts out
side Ne-7 York City declined from the
preceding week, and were lower than
the same period Of 1880.
Total loans and discounts of Federal
Reserve member banks showed no
change from the level of week ended
May 9, but we're we'll below those of a
year ago. Interest rates for call and
time money showed fractional changes
from the preceding week AS compared
with the week ended May II, 1880, they
were considerably lower.
Average prices for industrial and
railroad stocks on the New York Stock
Exchange continued to decline and
were also materially below the 1880
level. Business failures were less
numerous than week ago. and showed
but slight change from the same week
last year.
Wholesale Prices Down.
Wholesale prices, as compiled by the
Irving Fisher Institute, declined slightly
from the preceding week. This decline
was distributed generally through the
agricultural and other commodity
groups. Prices for iron and steel, as
measured by the composite index
showed no change from a week ago.
The prices of middling spot cotton and
electrolytic copper at New York in
keeping with declining prices, were
lower than week ago. These last
named prices also showed declines from
the same week In 1880.
An unimproved situation is reported
for the Argentine. The flxation by the
provisional government of a definite
date for provincial and presidential cleo
tons has somewhat cleared the political
uncertainty, but the failure of several
large commercial houses has increased
the lack of confidence among the bust
ness and banking circles of the coun-
try, and this, added to the violent fluc-
tuations and weakness of the peso ex-
change, has adversely affected the
movement of imported merchandise
In Brazil the Coffee Defense Council
Is now buying coffee for destruction. It
Is reported that frosts have done dam
age in the interior of Sac Paulo. The
exchange was f1rmer and stood at IS
Snilreis 100 reis to the dollar. Imports
remain nearly paralyzed, awaiting de-
velopment in the exchange situation.
Recession in Canada.
A fairly sharp recession was noted in
trade and industry in all sections Of
Canada, the decline being most marked
in the prairie provinces, where trade
and industry are generally quiet and
the commercial tone increasingly pessi-
mistic. The sale of new and used cars
IN this section during April was below
expectations, and the anticipated sea-
sonal pickup in agricultural industrial
machinery has been very disappointing
Little or no improvement is registered
in eastern trade and manufacturing In
the maritime and Quebec sales of agri-
cultural implements are slow, although
dealers are hopeful of gains in the next
few months.
The Peruvian situation leaves much
to be desired, as business has been at a
Standstil in Lima during the last two
weeks as labor disturbances assumed
serious proportions. The chauffeurs
strike commenced May S and still con-
tinues, while that organization is pre-
senting its demands to the governmental
Arbitration Board. However. the gem
eral strike of central market and bakery
employees, steyedores and textile work.
ers, which was called in sympathy with
the chaudeurs strike, has ended.