Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-12
Continued IrreguIarity In
Commodity Prices Fails to
Shake Confident Outlook.
TRADE TREND is QUIET
AFTER EASTER HOLIDAY
Gradual but Slow Recovery Looked
for in Many Quar-
tiers. ss.
Special Dispatch to The Star.


NEW YORK, April l1.-Cable dis.
patches to the Business Week give the
following survey CT business abroad fol
the week ending April II:
Europe-Diametrically opposed fuc.
tuations of commodity prices have
marked the resumption of bushes,
after the Easter holiday. Iron and stee
are firmer. The trend CT jute ha,
strengthened on curtailed Indian pro.
duction. Wool and rayon continue &C.
tive and strong Hides again are firm
Sugar improved on world price stabili.
cation negotiations. Conversely, cotton
rubber and nonferrcus metals saggec
heavily, with tin breaking to the Feb
ruary levels.
Security markets, however, were gen.
orally sustained. Berlin was strong or
more optimistic business forecasts. Con-
tinued development Of the local depres-
sion weakened the Paris market. Lon
don was steady. The heaviness in Wall
Street and less favorable American re-
ports have occasioned anxiety. but 1t Is
felt that the continuation of gradual
but promising improvement in Europe
is doubtful unless there is parallel i'm
provement in the United States.
In the Easter hull, Europe paused
took stock of the first quarter. found
that the outstanding change over the
three months was psychological. Events
which at the year end would have &C.
Casioned pronounced setback. are nov
absorbed with little If any shuddefing
Confidence in future prospects is con-
seryative but tenacious.
Business Opinion Divided.
Beth optimists and pessimists are
f11gar ta
ments. On the one hand, a rear de-
gree of improvement unquestionably ha:
taken place. 1t can be measured in the
end OF the decline (eyen in some in
crease, in commodity prices, greater
activity in the seasonal industries =
stirring in the basic industries, and
broadening investment confidence. Or
the other hand, any expectations o.
vertical recovery are unfulflled.
Business opinion is less dianetrioally
divided. On the one hand, il is nov
freely conceded that there Is still room
for a relapse, particularly given any
adverse international developments. Or
the other hand, few now predict rspic
recovery. Progress, it seems, will bt
one of slowly accelerated momentum
over the next two years, but-barrine
untoward events-the cyclical corner
The past quarter, as probably also
the coming one, was marked by no even
development but process Of two steps
backward to every three forward. This
particularly was exemplified in conn
modify prices Wool, fer example
started with spectacular rises, closed
Waveringly. NonferTouS metals, despite
pronounced relapses from sporadic
peaks. averaged higher, and tended to
be firmer 1t is foreseen that the firsi
weeks of the new quarter VIII be
marked by further irregularity, but II
is probable there will be new upward
movement in May If not before, espe-
cially in the ferrous group which TIL
now has been tagging.
Sentiment Improves.
Similarly. security markets and IN
vestment movement are established,
after subsiding from spectacular but
wobbly peaks. Thus, January was mega
tive, followed by pronounced February
activity, and fresh retrencanment in
March, Withal. sentiment is more con-
fdent at the end than at the beginning
Of the quarter.
London.-Actiyity lapsed over Easter
Iron and steel reflect increasing de-
mand. Rayon is better. Jute is strongly
bought. Quarter end settlement caused
drastic money stringency. which has
again relaxed on normal April demands.
Stock markets are dull. Gilt-edgeds are
selling best; oils least actively
There is a trade lull pending the
budget announcement due April n.
Tobacco manufacturers are resigning
themselves to an almost inevitable duty
increase. Beer, gasoline, and tea-all
minor luxuries-are also likely to call
forth a further impost. A revenue tariff
Is still talked, but is now not expected
in this budget.
Paris.-With the exception OF some
what greater activity in textiles, con-
ditions remain depressed. Increase m
registered unemployed, which recently
has been gaining per cent to 10 pea
cent weekly, is momentarily checked.
General Strike Averted.
Labor difficulties in the coal fields
are not vet completely liquidated but
a general strike has been averted.
Miners have returned to work on
per cent lower wage scale Acceptance
of cuts by the powerfully organized
miners may mark the beginning of a
nation wide effort to reduce wages, not
withstanding the persistent rise of retail
prices and living costs in contrast with
the decline in other countries.
BerIin.-DeSpite the Easter hull, the
improved tone manifest during recent
weeks has been maintained. London's
invitation to Chancellor Brusning ard
Foreign Minister Curtius to come to
Downing Street for informal discussion
of current problems is interpreted to
augur we'll for amicable settlement of
the customs union controversy March
reports from the Chambers of Com
merce indicate better business in auto
mobiles, textiles. chemicals, and shoes.
Coal, steel. machinery and building
show no improvement. Other industries
are spotty
The status Of the Reichsbank follow
ing the quarter end IS normal.
EARNINGS PEpnPTEn