New Britain herald., 1929-12-30
Many New High Records Created This Year Will Be Hard to Surpass, Prominent Prognosticat- ors Say.

New York, Dec. 30 Up)-Amcr- lcan prosperity in 1880 will equal and Tn some instances surpass the record year just closing, according 70 forecasts received by the United Press from business leaders, rail- Hoad executives and correspondents n all sections of the world.
 Among the leaders queried were Officials of the United States Steel corporation, General Electric com- >any, Montgomery Ward X Co.,, r. ". NoolWorth company. New York central railroad, Atchison railroad, ,anadlan Pacific railway, and other caders in the nations business.
 In commenting upon results of ,929, these same leaders minated hat records were broken despite he stock market break. In nearly very inc of business, new records were hung up and 1880 business will be considered exceedingly good f the 1929 record is only. equalled.
 Many New Records Set
 During 1929 new high records vere made in aggregate individual ncome, corporate earnings. iron md steel production, automobile production, railroad earnings, bank Hearings and various phases of re- .ail trade. Toward the latter part )f the year. some recession was felt in leading lines as a natural -fGI1lt from 11pYraaaInn+cl tctivity. This recession was partly Itimulated by the stock market break but was certainly not due to he break in stock values.
 On the contrary, the stock mar let break left American banking institutions individual investors, and business leaders in position where sound conditions could be built for the future. As result, i93O business appears to be headed or higher levels after a few months of readiustmont in the first half
 Toward the latter part of the past year. some dimunition was noted in lines like steel and auto mobile production, both of which 'ased off to their lowest levels of he year.
 Purchasing Power Shrinks
 Retail lines have suffered mostly rom the decline in public purchas- ng power coincident to the stock market break, but even this line of business has held up to the 1928 evels and promises to make new ccords in 1930.
 From various sections of the country, a feeling of confidence is pparent and the usual keynote is business as usual" Following are 'Ntracts from statements of a num- per Of business and other leaders 'orecasting next years trend:
 Farrell Sees No Imitation
 James A. Farrell, president -nited States Steel corporation - There has been no imitation in prices. inventories. nor in capacity, md there is no apparent reason why 930 should not be a good average -ear with stable prices and stable wages.
 Gerard Swope, president General Electric Co.-We look with conii- lence to a satisfactory business throughout 1880 with adequate earnings and steady employment for labor.
 A. w. Robertson. chairman West inghouse Electric and Manufactlr- ng Co.-Thc general economic situation is thoroughly sound and Inc movement to stabilize business being carried out by American in lustries under tho leadership Of President Hoover will probably end to prevent any great recession.
 Predicts Restored Confidence
 George E. Everitt president Mont gomery. Ward and Co.-We are confident that as the year pro- grcsses and particularly during the last quarter we will see q restora- ion of confidence in the fundamen- tal soundness of the nations busi- ness.
 H. T. Parson. president F. W. Woolworth Co.-We should have prosperity in the year 1880.
 p. F. Crowley. president New York Central-Thc high standards of service reached by the railroads in 1929 are assurance of prorg"ss in the art that augurs well for the future
 J. J. Pelley, president New York. New Haven and Hartford railroad We expect that 1880 will be good business year.
 BabsOn Urges Hard Work
 Roger Babson-The collapse of stock values has brought to all Of us the realization that the days of fashioned hard work are not over yet.
 Nicholas Roberts, president $. w. Straus and Co.-The processes now in progress in the building in 1ustry mean that a solid base is being prepared for strong. healthy period of increased activity to be- gin, perhaps in the early part of he year.
 w. c. Stuber president Eastman Kodak Co.-We foresee no curtail- nent In our plants and offices
 Samuel P. Arnot. president Chi ago board of trade-American finance and industry are more strongly entrenched than ever be- ore.
 Various Cities Report
 Reports to the United Press from ts various correspondents in all sections of the world contained the following comments from respec- i've districts.
 New York city-Effects of the stock market crash are being mini nized and leaders look for a satis- 'actory year in 1880.
 Chica%o-The middle west is on | sound business foundation.