Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-17
MAY 9 REPORT HAS
PESS|M|ST|C TREND
Department of Commerce
Statement for Weekly Period
Not Encouraging.
BY the Associated Press.

BY the Associated Press
A more pessimistic trend in world
business is noted in the weekly re-
port of the situation prepared by the
Department OF Commerce covering the
period ended May 9.
Bank debts, outside of New York
City, increased materially over the pre-
ceding week, the volume being the
largest since the second week in Janu-
airy. but still under the corresponding
week last year.
Total loans and discounts of Federal
Reserve member banks were slightly
smaller than for the preceding week
and under the same week In 1880. In
terest rates for time money were the
same as for the previous week, and
call money rates remained on the same
level as recorded for the previous three
weeks. Both time and call interest
rates were materially under this time
last year.
Stock Average Higher.
Average prices for representative
stocks were slightly higher than the
week previous after a continuous down.
ward trend which started during the
last week in March. Stock quotations,
however, were materially under last
year. The number of commercial fail
ureS as reported by r. G. Dun & Co.
were more numerous than during the
previous week, and exceeded the figures
for the corresponding week last year.
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. The prices
of agricultural products declined frac-
tionally from the previous week, and
non agricultural prices declined to q
slightly greater extent. Both prices
were materially under the correspond
ing week last year. A drop was wit
messed in the price of electrolytic cop
per and iron and steel. while the price
OF cotton middling advanced slightly.
All these were materially lower than
in 1880.
For the period ending May increases
over the corresponding period in 1929,
two years ago, occurred in bond prices,
Federal Reserve ratio, net demand de-
posits, time deposits and number Of
business failures.
Trade in the Argentine continued
dull. The per cent duty recently i'm
posed on imports of pedigreed stock has
been removed. The previous DEGREES
allowing the importation free of duty
Vi hSWS print paper ueStlleQ LOT news
papers have been extended. Sales of
radios have increased, but are still be-
low the level of the corresponding
period of last year. Sales of yarns for
duck weaving were fairly good. but sales
of other carded and merceriZed yarns
continued rather dull.
Milreis Declines.
In Brazil the milreis exchange de-
clined to the record low level of 16
milreis to the dollar as compared to a
low level of IA milreis 500 refs to the
dollar during the previous week, with
a tendency toward further weakness,
this decline being chiefly attributed to
the heavy purchases by the government
of foreign bills with which to meet its
foreign debt service. All lines of bust
ness continue to be acutely depressed,
with the situation being further accen-
tuated by the political dissatisfaction of
the various states.
A slight slackening in business Is re-
ported in Eastern Canada. The posi-
ton in the prairie provinces and Brit
ish Columbia, while only fair, shows
some SEASONAL Improvement in both
wholesale and Totail trade. There has