New Britain herald., 1929-12-31
l.. \. Stanley, President. SaainoS Bank of \cW Britain

| During the last quarter of the closing year there was a most dis astrous slump in the stock market, causing great losses to many peo- pic. This. of course, is the most outstanding event in the financial year. What effect this will have upon general business it is yet too carly to determine. It should not 1 be overlooked, however. that, while there are large numbers of people | throughout the country who are en- gagged in speculation and who have { suffered severely from the violent decline in the value of stocks, they
 are a com paratiycly small portion of the total consumers Of the coun-
 try, from whom general business
 gets it's support. It should also be
 borne in mind that there is another
 largo class of spectators who have
 made large profits from this drastic
 drop in the price of stocks, There IS
 no reason to anticipate that the
 market for our goods in foreign
 countries will 10 any degree be af-
 fcctcd by the occurrences in the
 stock market.
 The financial situation is sound.
 During all the period of the decline
 in stock values there have been no
 failures among the leading banks of
 the country or among any of the
 prominent stockholders Nothing ap- preaching a panic has occurred. The market value of all bonds of the class that mutual saving banks in vest in was very slightly affected by the break in the stock market, and
 today such bonds are selling at high
 CT prices than they were for many months before this break came. , Money for business purposes is plentiful and at rates much lower than during last spring and sum- . mer. Labor in the main is well en- l ployed and at high wages. Agricul- ' turc is being substantially improved . through assistance of the farm
 board. While there is some season.
 al decline in the business of the rail c roads. this is thought only to be c temporary.
 V All in all. it seems 10 mo that $ while at the very beginning there : may be some halting, nevertheless c we can look forward to the year s l"30 with great confidence. and req.
 Sonably expect a continuance of the
 good business conditions that have
 existed during the greater part O.
 the year that is now closing
 I William F.. Atwood. Chairman l New Britain Trust Co. Board
 Business conditions in 1929 clos'
 with lipidated stock market whicl IS has been looked forward to by con
 scrvativc bankers and thoughtfu
 business men all through the yea
 as distinctly dangerous to business . The collapse of the bull mark c ct which ran for several years. wa to tbanks to the attitude of the Feeder d al Reserve Bank carly in the year Tt accomplished without undue unset d. tlement in finances making of it of stock market panic rather than c. financial panic. It would be foolis 0 to say that the bull market collaps co will not affect business, but Pres lS dent Hoovers prompt action in ere CT ating q sentiment in the bushes eS world that it's own safety hinge In upon the continuance of the pun as chasing power and that by doin
 business much as usual with conf m denCe in the future is advantageou he and his arguments for the Continu; in ton of the present wage scale vii as I believe, go far toward stabilizin n- business; so that while we may loo fly for some let-down in business, whic of will undoubtedly affect our factorie f's in the early months of 1880, the la oh six months ought to start on the III zee ward grade.
 he While improvement in business on. quite likely to be slow it seems to Il al that it is inevitable and with the wi
 countrywide speculative tcndcn, CT, distinctly curbed, if not stopped. fen must be that more effort will
 made to make money from busine
 ventures rather than from specul
 tive operations which ought to gra Inc ually improve business conditions. rg- George T. kimball, President rth American Hardware Corp.
 to We expect there will he Tn temporary falling off of orders f
 the first six weeks or two months.