Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-29
BRIGHTER OUTLOOK
IN TRADE IS SEEN
Wall Street Waits For Con-
Vincing Signs of Bust
ness Revival.
BY JOHN L. COOLEY,

NEW YORK. August 29.--Wall Street
still waited rather Impatiently for con-
yincing signs OF the normal Autumn up
swing in trade this week, but in the
meantime derived considerable en-
couragement from the determined eff
forts of Great Britain TO put her house
financially in order.
The bond market, after its long series
OF new lows for recent years, stiffened
appreciably late in the week, and
stocks, while diSinclined TO move far in
either direction, found it little easier
TO advance than decline.
The large american banking
credit TO the British treasury overshad-
owed all other developments in interna-
tional finance and was regarded with
considerable satisfaction in important
Wall Street banking circles, where it
was felt that all anxiety over London
IN view of its important function as a
world banker. should be fully and eff
fectively quoted.
German Situation,
Financial advices from Germany were
generally regarded as satisfactory, in
Guiding the plans to resume trading on
the Bourse next week. Several interna-
tional bankers. however, regarded the
situation as still considerably clouded
ment on the 81 zoe, 900 900 in short
term loans expires in only six months,
during which time some more perma-
nent arrangement will probably be re-
quired.
Commodity markets, in the main, dis
played a moderate degree Of stability
during the week, although wheat broke
TO a new low and failed to make full
recovery. Cotton worked moderat ely
higher, however, and crude oil and gas
0line prices continued TO gain in vari-
Gus parts of the country, as the shut
downs in East Texas and Oklahoma
were continued.
In stocks the petroleum issues had
an interval OF strength, but held station
airy during the later trading sessions Of
the week, despite palpable progress in
the long rumored merger of Standards
OF New Jersey and California, and a
furry OF merger gossip regarding other
companies. Wall Street seemed desir-
East Texas f1eld viii be resumed under
the new Texas conservation law before
drawing hasty conclusions.
The stock market as a whole was
extremely sluggish. sales failing TO
reach million shares on sny dav of
the week. The market poked up rather
briskly on both Wednesday and Friday,
drifting uncertainty on other sessions
Tobacco issues encountered considerable
ceiling for time.
Rail Bonds Stronger.
In bonds lifting Of pressure agaiSst
the rail liens was particularly encour-
aging. News from the railroads was
scarcely encouraging. July earnings
statements making a somewhat more
adverse showing than those OF June,
but an important phase of liquida ton
appeared to have been about completed
in the bond market.
The encouraging feature OF the week
~ trade news was a rather distinct
pickup in wholesale buying. Retail
trade was helped a little by cooler
weather. Such weekly reports as the
steel trade reviews, freight car loadings
and electric power consumption failed
to disclose important changes either
way.
The weekly brokers' loan statement.
showing a gain OF 100000 on top Of
the previous weeks advance Of S14,-
900 900, was somewhat surprising, since
the period covered by the figures saw
generally declining prices Not since
March had loans gained in two conseeu-
tive weeks.
The Federal Reserve statement showed
a gain OF $50 600, 900 in credit outstand-
ing, partly rejecting further buying Of
bankers acceptances in the open mar
ket. This may have been in part pur-
chases OF sterling bills. Money was
extremely easy. call loans being offered
In the outside market at per cent,
Insects do $4,000, 900 600 damage IA