Salt Lake Telegram | 1932-10-29 | Page 5 | Early New Year Upturn Indicated

EARLY NEW YEAR UPTURN INDICATED By Br VICTOR EUBANK Associated Press Financial Writer NEW YORK Oct 29 W Follow Followers ers era of the commodity markets contemplating contemplating con con- the put past months month's downward downward down down- ward trend of ot prices find some e encouraging en significance in the fact that many speculative items withstood withstood withstood with with- stood rather heavy liquidation without without with with- out correspondingly sharp reactions While no sustained recovery is promised before next spring particularly in commodities under pressure of seasonal influences hopes are expressed ex ex- pressed that a closer alignment of production and consumption mB may bring an upturn some time tEens early in the new year Recent weeks witnessed a break to record low levels of ot wheat and corn dairy products were unable to acquire full seasonal strength because of the well sustained production cocoa was under pressure because of hedge selling sell sell- ing coffee was uncertain and lower because of the Brazilian outlook o metal prices eased under the slackening slacken slacken- ing of demand hides reacted seasonally seasonally season season- ally and rubber and sugar prices were were relatively well maintained In reviewing the commodity situation situa situa- tion Standard Statistics company has pointed out that except during the period of a major economic convulsion convulsion sion slon such as has hu been witnessed during dur dur- ling ing the past three years yean It is a truism that the price of at any commodity i Ja is largely largely determined determined by supply supply- and de do mand Undoubtedly marked progress has bas been made In reducing production during the past put three years the statistics sta ata- t company adds but on on the theother theother theother other hand consumption of commodities ties tics from raw materials to finished d goods h has d declined at an accelerated rate and in a majority of cases at ata a f faster pace than production In addition production still sun is being artificially arti uti- maintained in a number of ot instances ces The conclusion is that it is fI not Unlikely un Un- likely that raw material values willbe will be dilatory ii 11 responding to the initial initial ini ini- ml- ml stages stage of a broad industrial revival revival revival re re- re- re vival which on the basis of ot current evidence will be delayed until next spring at least