Index

As September advanced it was possible, though not cheerful, to estimate business conditions in the country for the first nine months of the year. Beyond question the first three quarters of 1931 will go down in U. S. financial history as one of the most unsettled, depressed periods ever known. During the summer months and culminating in August, U. S. trade came as close to a standstill as seems possible in that season in peace times. September has shown an increase in activity somewhat below seasonal expectations, has been extremely disappointing since everyone hoped for an increase better than seasonal. Some current indices of U. S. business:

Copper sold last week at 7-c-, spot; 7 1/4-c- future deliveries; 7 1/2-c- export price to European base ports.

Imports in August for the U. S. equalled $166,000,000 and exceeded exports by $1,000,000, gave the country its first unfavorable trade balance since 1926. In August 1930 the balance of trade was favorable by $79,348,000.

Tax Receipts, said Treasury officials, would be lower for the first half of September than for any corresponding period in the last ten years. At the same time the Treasury announced that its deficit amounted to $463,171,000 on Sept. 15.

Electric Power Production declined 4.1% for the two-week period ended September 12 against a decline of only 3% for the week ended Aug. 29 compared with like periods last year.

Stock Exchange Membership (New York) sold for $185,000, off $10,000 from the previous sale and the lowest price since 1927. At the same time, 2,600 officers and employes of the Exchange got a 10% reduction in salaries.

Carloadings showed a decrease of 4,218 for the week ended Sept. 5 compared with the preceding week. The total of 759,546 cars was 97,103 under the corresponding week last year, a decrease of 11.3%.

Steel Operations for the week ended Sept. 14 were at slightly better than 30%, compared with the Labor Day week average of 28 1/2%, but below the preholiday level of 31%. In the like period last year the average rose 2% to 58%.

Building Statistics for August, reported by Bradstreet's, showed a decrease of 26.9% in permit values in 215 cities compared with last year. The figures were 4.6% lower than July this year, against a normal seasonal increase of about 1%.

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