The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1928-11-28
KEEPING UP
With
THE NEWS
b. LUDWELL DENIM

BY LUDWEbL DENNY
Copyright. Scripps-Howard Newspapers.
1929
VXTASHINGTON, Nov. 2S.-Con-
Wv tinued business prosperity and
good holiday prospects are reported
by governmental and commercial
agencies. But there are diSquieting
factors, such as unrestrained Wall
Street speculation and tagging in
dustrles, like textiles, coal, ship
ping, petroleum, and agriculture.
Industrial production, employ
ment, and wages are at higher lev
els than year ago The farm
problem is somewhat less critical.
Wholesale commodity prices have
declined, chiefly because OF de-
creases in farm product prices.
Despite relative stability in the
employment situation, in contrast
to mounting unemployment of last
winter and spring, the mechanical
ton of industry in general and
chronic sickness of the coal and
textile industries apparently are
creating a permanent unemploy-
ment problem which may become
acute when increased by seasonal
slumps
Today the Federal Reserve board
here issued its regular monthly
survey of business and financial
conditions. It stated
Industry continued active in
October and distribution of COM
modities was in large volume.
Wholesale commodity prices de-
clined sharply, owing chiefly to de-
creases in the price of farm prod
ucts. Member bank credit in use
increased in october and November,
while reserve bank credit outstand-
ing showed little change. Conditions
in the money market were some
what easier.
Industrial production continued
in October at the high level Of
September and considerably above
the level of year ago. Output
OF mineral increased over Septem-
Der, while the production Of manu-
features declined slightly. 70.
Factory employment and pay
rolls increased to the highest level
since early in 1927. Automo-
bile production declined consider
ably in October, after exceptional
activity in September and showed
further reduction in November, as
is usual at this season.
IMPAIRMENT of agriculture
~ crop reports indicate larger
yields this year than last for cotton,
wheat, corn, oats, potatoes, and
tobacco, with decreases in hay, rye
and flaxseed.
Freight car loadings in October
and the first half of November were
larger than a year ago.
The department Of labor wholesale
commodity price index for October
was 978 Of the 1926 average, or a
2 per cent drop from September the
October employment index was 88.1,
compared with 876 a year ago.
According to the Engineering
News Recrd, building contracts
awarded this year already total more
than SAP, 100000 above last year.
Both Dun's and Bradstreet's re-
ports show general business expan-
sion, though noting exceptions such
as the steel and automobile indus
tries.
Department Of commerce figures
place merchandise exports in
october at $685., 100000, the highest
since 1921. Imports were only $751;
100000, thus increasing the favor
able visible" trade balance.
| A TYPICAL bank survey of the
L Apresent economic situation is
the report just issued by the Guar
anty Trust Company Of New York,
which says:
In the general business situation
there is ample evidence to support
the expectation of continual pros
| perity This evidence is not found
in the mere fact of great industrial
activity, for such condition, while 1t
certainly implies a large volume of
aggregate purchasing power, may be
! only contributing to an unsound po-
sition in commodity markets, if the
purchasing power is flowing into
the wrong channels
1.-The significant fact is that the
high wage scales, and the widely
distributed income of the last few
years apparently continue to OPP
crate as strongly as ever, so that
active industrial operations are ball
anced by a ready movement of goods
into hands Of consumers.
THE situation can not be con-
sidered perfectly balanced as long
as such important industries as coal.
textiles, shipping, petroleum and
others are embarrassed seriously.
There still is room for great inn
provement in agriculture. The swift
mechanical and industrial progress
of recent years has necessitated re-
adjustments which are still under
way, and which entail stagnation in
some lines and severe competition
in many more"
~ NooO~o,o14o