The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-12-02
CONSTRUCTION
Will Be HELP
TO INDUSTRIES
Auto Production Expected
to Be Stimulated by
New Models.
BY RICHARD J.. GRIDLEY
United Press Financial Editor

NEW YORK, Dec. 2.-Expecta-
tons of new construction programs
in the United States during the
coming year approximating $4,000
000,0 900 have obscured depressing in
fluences in the business situation
during the past week, according to
reports from various federal reserve
centerS.
Remarkable stability in trade is
reported in several districts, while
slight recessions in others are de-
scribed as a natural result Of the
record breaking pace of mid sum-
mer. In most quarters, the effects
of the recent stock market break are
minimiZed.
Steel Leads Industry
Attention of the business world
during the past week has been again
centered on President Hoover's
business conferences at the White
House. Utility leaders expressed
their opinion of the sound condition
of the nations business by an
nouncement of 1880 construction
programs totaling nearly $2,000,000,-
600.
1t was pointed out that leaders in
this industry have no fear of
trade recession during the coming
year, Notwithstanding reduced &C
tivity in both the automobile and
steel industries at the present time.
A further slight decrease in loading
of revenue freight car loads in the
week of Nov. Is, holiday week, was
largely expected.
About the only sources of anxiety
at the present time are the automo-
bile and steel industries. Activity
in the former is below year ago
due to new model changes and in
ventory taking at an earlier period
than last year, while the steel in
dustry is experiencing a seasonal
slackening following record break
ing activity. Automobile production
is expected to be stimulated by the
coming winter showing Of new
models.
Retail Trade Normal
Offsetting the lower activity In
the heavy industries, retail trade in
nearly every section of the country
is reported as well up to expecta-
tons and building operations are
receiving impetus from the large
release of credit from the stock
market. About the only sections
adversely affected by the depression
in steel and automobile industries
are western Pennsylvania and east
ern Ohio.
Further evidence of a return to
normal on the Stock Exchange is
evidenced by action of the Stock
Exchange authorities in announcing
a reopening of the exchange next
week for the full five-hour session.
Trading has dwindled down to the
midsummer activity and further
unsettlement in business from this
quarter is not expected.
Most of the agricultural districts
have been unaffected by the stock
market slump in the opinion of
most observers and employment in
this industry seems destined to con-
tinue. Further aid to agriculture
may be expected in possible reduc-
tons of rediscount rates in those
districts to bring them in line with
the Az per cent rediscount rates at
New York, Chicago and Boston
Brokerage Loans Reduced
So far no noticeable firming I'D in
money rates has taken place due to
the approaching holiday demand.
Call money continues in good supply
in New York at AZ per cent and
time rates show further easement.
Brokerage loans have been reduced
to the lowest levels in nearly two
years.
Retail trade has gained remark
able stimulus from cooler weather
and development of extensive
Christmas buying. Merchants in
most sections of the country antici-
pate a record Christmas trade de-
spite possible falling off of luxury
demand.
The radio industry, which was ex-
pected to be adversely affected by
a reduction of purchasing power, is
as operating at capacity to
fill fall demand for SETS P1-icne oY,