Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-31
Everybody's
Business
Uneas;ness ~ Financial CIR
c1es Traced to Possibility
Of British Tariff Levy on
Imports-Some Concern
Uupdrranted.
BY DIR. MAX wINKLER

NEW YORK, October 81 (N.AN.A).
-Apprehension over the possibility that
Great Britain may levy tariff on inn
ports is said to be responsible for
feeling of uneasiness in business and
financial circles.
While it is premature to make any
predictions as to the extent Of such
measures and the effects upon world
commerce it may be of interest TO
call attention to Great Britains chief
sources of supply, as furnished official
statistics. According to these figures,
the Irish Free State heads the list,
selling over 80 per cent of its exports
to Great Britain. Denmark ranks sec
ond with about So per cent, followed
by Australia with SO, Argentine with
81 Norway with IS. Canada with IS,
Sweden with "a, Holland with 81,
Switzerland with 20, Belgium with Is.
United States with l6. France with Is
and Germany with less than 10 per
cent.
In other words, the countries which
are reported to be most concerned,
seem to have less ground for worry
than others which have not been men
toned quite so prominently.
Rail Wage Discussed.
The trading fraternity was inclined
to attribute the rally in the market to
the report that the New York Cenral
was discussing a voluntary wage re-
duction with its employees. which had
a favorable effect upon leading rails
The firmneSS soon spread to the other
divisions OF the market including in
dustrials and public utilities.
1t has long been felt that If the
carriers were successful in putting
through wage reduction Of about 10
per cent such 8 step would be OF
marked Importance in strengthening
the credit position of the various rail-
road systems The effects of such a
move certainly would be much more
favorable. from the practical point Of
cision of the Interstate Commerce Com
mission 1T regard to the request for
an increase in freight rates.
A recovery in business has begun.
SLOW in general, but quite active in
many instances" according to J. Lewis
Benton, general secretary of the
National Association Of Manufacturers.
Bottom Believed Reached.
This statement is based upon replies
10 QUESTIONABLE sent out 70 q num-
Der Of representative industries through
out the United States. They reveal 8
number of factors which would seem
TO indicate that the low point of the
depression has been passed.
Chief among these factors are the
low inventories, with some plants COM
pletely cleaned of products. giving evi-
dence that as soon as general buying
is resumed. the plants will be COM
/ PEELED to increase forces and produce
At capacity in order to hold their
markets.
A slight improvement in employment
and some improvement in business are
the other factors referred 70 by Mr..
Benton.
The world is in the final phase Of
! this unprecedented depression. accord
| ing 10 r. Howard Bland. president Of
I the United States Fidelity & Guaranty
Company of Baltimore.
Surety Profits Nil.
Mr. Bland adds that, owing to I'M
usually heavy losses caused by present
| abnormal conditions, few surety COM
panieS have made any profits in 1880
I and 1881. His own company. he con-
| tinueS, paid dividends in the last two
years out Of its surplus. If. however.
normal prosperity is restored in the
United States and in Canada, the bene-
! fits to the company should include an
/ increase in premium value. a decrease in
losses, and sharp appreciation in the
value of its securities
In the fece of fairly uniform frmneSs
In the securities market ahe recession
in Electric Power and Light, one time
fayorite in the utility group, was some