The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-12-24
STEEL MERGERS
AID BUSINESS
FOR NEXT YEAR
Pre- Holiday Influences Are
Reported to Affect
Business.
BY RICHARD L. GRIDLEY
United Press Financial Editor

NEW YORK, Dec. 24.-PrehOl1-
day influences are having their eff
feet on business conditions through
out the country and make an ap-
praisal of the situation difficult
Little has occurred during the last
week to shake the general feeling
of confidence, but business in gen.
eral shows some spottiness.
The retail trade situation has
been we'll up to last years levels
and Christmas buying as whole is
expected to compare very favor
ably with last years business. Steel
operations continue quiet, but give
indications of having touched their
low point, while car loadings show
further small recession from year
ago.
The stock market gained promi-
nence during the week as a result
of further reactionary tendencies.
but most interest was centered on
forecast for next years business
Motor production has been estimat-
ed at slightly under 100000 cars
by leading trade authorities and Al
fred P. Sloan Jr., president of Gen
eral Motors Corporation is opti-
mistic over next years business.
Steel Merger Reported
Probably the most constructive
development of the past week was
the merging of four large indepen-
dent steel companies of the middle
west into a $3.50 100000 unit. This
development was said to demon
strate the fundamental soundness OF
the business structure and to augur
better conditions in the steel indus
try. Another source Of satisfaction
was the report that the interstates
commerce commission would shortly
announce its railroad consolidation
program.
Conditions in the steel industry
during the past week were described
as improved, although operations
showed further seasonal decline.
One authority says that 1880 con-
tracing is moderately active and
that gradual recovery is occurring
in the industry. Considerable buy
ing is noted from makers of lower
priced automobiles.
Most lines are closing down for
inventories and remaking of ap-
praisals of next years outlook. Bust
ness leaders generally agree that
1880 will be very satisfactory, be-
lief that was not unanimous several
weeks ago.
Stock Crash Hurts Business
The inventory situation in most
lines is very satisfactory and a mod
crate decline in employment during
the last several weeks is generally
attributed to seasonal conditions
rather than to any serious let down
in trade.
AS a matter oft fact, the nation
is finishing year of its greatest
prosperity in particularly all lines
and even substantial recession in
business would be an entirely nor
NAL aftermath. Signs of a sub
stantial let-down in business, how
ever, are lacking.
Results of President Hoover'S pro-
posal for municipal and state Or
CARNATIONS to resume large con-
struction operations halted by the
stock market boom last summer are
already being felt. Several leading
cities and states are making in
quiries in Wall Street for credit and
bond offerings for municipalities
during the last week was around
the heaviest of the year.
Carrying out of these construction
programs undoubtedly will take up
any slack in unemployment that
may develop over the next few
months