Show BUSINESS GH Favorable Developments Are Offset by Bad Says Review Review Reviewer Re- Re view viewer r in Analysis By OTTO E. E E STURM United Press Tress Financial Editor NEW YORK Aug 29 UP UP-Th UP The business situation was at nt about abut a n standoff during the past pat week with wih favorable developments development in some sone quarters being offset by setbacks or lack of ot improvement in others Expected slight pickup up In ill steel op- op ci aliens ertons failed to materialize and production was brought to about 30 per cent after having rl risen cn to 32 per percent percent cent in the last two weeks Some Irregularity was evident howe however er and Chicago Chico showed moderate Im Improvement Improvement Im- Im provement while from the west re reports reports re- re ports told lold of prospects prospect of better betler structural business Automobile continued continued contin contin- manufacturing slow and prospects of an early rise rie in activity were ere dampened members mem mem- memI I bers of the national automobile chamber cham chain ber br of ot commerce agreeing not to change models before November Ford however howe Is not among the maJor major major ma ma- jor com companies panics included in this thi bo body i As In the last lat few weeks there was as further strengthening in the pe petroleum petroleum petroleum pe- pe industry Prices for both crude and cold refined products gave further further further fur fur- ther response to lo the shutdowns In Inthe inthe th the Oklahoma and East Eat Texas fields Successive sl e Increases in i crude and in gasoline prices price were posted In all al sect sec see t Ion Meanwhile many of the major pe petroleum petroleum p. p pe- pe units were reported consolidating consolidating consoli consoli- dating the feature of these thes prospective prospective tive combinations being the Standard Oil 01 of New Jerse Jersey and Standard of oC California merger which would creale create cre- cre ate ale a n corporation with assets assels of ot more than two ho billion bilon dollars The Sinclair and Prairie merger made further r progress while a consolidation of or Standard Oil 01 of Ohio and Solar Refining Refining Re Re- fining company was in the process proe of negotiation A favorable index was wa contained Inthe in the weekly statement of car loadings which for the week weck ended August Augst 15 showed loadings of cars cas against cars In the preceding week but this still was a decrease of from the corresponding correspond correspond- lug ing week weck of o 1930 Electrical production was a little HUe lower the National Electric Light as association association as- as a. a reporting In output the United States Stales State during the week ended August August 22 at kilowatt hours hous a decrease of 2 28 8 per cent from the corresponding week of 1930 Retail Retal trade tade picked up somewhat in the buying of fall materials fal a process that was stimulated by cooler coeler cool cool- er weather Wool m market ket showed less les volume but manufacturers of clothing shoes shoe and other articles of apparel continued active Until UnU a rally raly late in the week grains gains failed to reflect the pessimistic crop reports from Europe and Canada and wheat prices sold off of to the lowest lowest lowest low low- est levels since 1852 Cotton Cotlon averaged averaged averaged aver aver- aged a little higher while rubber had another sinking spell Stocks stoCY showed some Improvement in an lre irregular lar manner manlIer while there was a n distinct rally In bonds late lat In the week Foreign exchange held fairly steady with sterling supported support support- England ed on Cn prospects of or a large loan to |