Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-09

Tor the development and eXpanSlo
out the country. Building operati
seriously hampered by the diff1c
necessary, except at prohibitive
sharp revision downward of stock
A concrete idea of the total amount
Of money which public participation in
q steadily rising market had put into
Wall Street. according to Howard Myers,
president National Trade Journals, Inc,
and which now may be partially divert
ed to replenlsh the streams Of COM
merce, is furnished by the Federal Re-
serve Banks announcement on October
81 that brokers' loans had decreased
$l,096 900 900 in one week.
Opinions Of Leaders.
Some of the opinions expressed were
as follows:
walter S. Clifford. president American
Telephone & Telegraph Coin re-
Spouse to your inquiry, the business
prospects of the Bell telephone system
are as good as they ever have been and
we look for continued growth and ex-
panSion."
James Simpson, president Marshall
Field g. Co.-"Development during the
past week have demonstrated that the
financial structure of our country was
able to Withstand the unprecedented
shock without failures and revealed
strength that was unequaled in the his
tory Of the world. I believe the recent
recession in the stock market was in
evitable and that in the long run it viii
prove beneficial to business. Funda-
mental business conditions are sound,
production and consumption of goods In
most lines are fairly we'll balanced. I
am certain we can look forward to a
constantly improving and more sta
bilized condition of business"
Roy A. Hunt, president Aluminium Co.
of America-"Our contracts with the
building and other industries lead us TO
believe that fundamental business con-
ditions are sound. Temporary or local
setbacks may occur this Fall or in 1880.
but business as whole should move
forward"
Reaction Held Logical.
Edward j. Cornish, president National
Lead Co.-"The reaction to the extreme
Speculation rampant both in the United
States and Europe was logical and nee
essary and conforms to what any stu
dent Of economic laws anticipated. The
result should be a reduction OF credits,
with corresponding decrease in current
interest rates, which should be bene-
ficial to the building industry"
j. c. Blair, president Libbey Owens
Glass Cove look for healthy activity
in sound investments, including building
projects. Believe unstable situation in
recent past has been corrected and that
more stable conditions will develop"
z. G. Simmons, president Simmons
Co.-"My answer to your wire Is, we
have Just taken over the B. F. Huntley
Furniture Co. of winston Salem, wnlcn
we would not do If we felt there was
ANYTHING wrong with the business stu
alton in Our particular industry. we
believe that everybody VIII have 10 sleep
inst as much in 1880 as they did in 1929,
I,Ius the increased population. Money
will be much cheaper and in abundant
supply and the building industry VIII
receive q boon from the drastic hquida-
ton in the security market. rms thing
is not all one-sided, and the United
States of America is too big, too rlcn
and too prosperous to be seriously dis
tIrbed by the liquidation in the stock
markets. 1t is hard thing to say, bu,
I believe that in the long run great
benefit will come out Of this vast liqul-
dalton. I have no fears for 1880"
Growth Must Continue.
George M. Verify, president thu
American Rolling Mill Co.-The stee
Industry has enjoyed an OUTSTANDING
wear without any imitation in price
Profit has been made from good volume
and reduced cost. In this great anC
growing country, with its boundless hu
man and material resources, mdustr!
must continue to grow steadily. Future
business prospects and opportunities
were never better than today"
A. w. Hawkes., president Congoleun
Marin, Inc.-"So long as business run
damentals remain sound and genera
business is guided by scientific budgetrJ
and inventory control, as Is generally
the case in the modern business m I'M
country, 1 seriously doubt that progress:
and prosperity in the United States car
be stopped. For the long pull, the OPP
tinist In this country has always nat
the laugh on the pessimist."
Thornton Lewis, president, Yorl
Heating and Ventilating Corporation
president, American Society of Heating
and Ventilating Absoiut
soundness of basic conditions makes M
feel release of money held in market b.
previous high call loan rates Will ALLOW
buildings recurring mortgage money +
proceed and business should be as goo'
or better than in the past two years.
Lower Cost of Money.
Alexander Forward, managing direc
tor. American Gas Association-"In OIL
opinion recent events on the stoc
market will result in lower cost o
money, thereby making possible create
building activity, heretofore deferred be
cause Of high cost of financing. Bust
ness conditions unquestionably funda
mentally sound"
Murray Sargent, secretary, Sargent I
Co-"In our opinion decline in stoc
market will have a favorable result o.
business over a long-range perioc
4, Credit and funds which have been di
verted into stock speculative channel
will he available for business projects
Including building operations"
w. D. Baldwin, chairman, Otis Eleva
tor Cove view the present stu
alton with absolute confidence all
are expecting increased volume OF bus
ness in $780,"
Copper and Brass Research Associ
ation-"We feel that large volume {
building construction will be malntaine
for the remainder of this year an
through 1890 While some falling o.
NAV occur, especially in residential build
ing, which has been extremely actiy