The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1930-01-02
Prospects for 1890

Business prospects for 1880 good, in the judg-
ent of most economists and industrial leaders There
now is some depression, but it is believed that few
months should see us out of the woods and going
forward to commercial revival
This optimism is based on verified confidence in
the essential economic soundness of the country The
federal reserve system cushioned the speculative
crash. enabling the country to enter the new year
with unimpaired or even improved financial and
credit structure.
Factors which might hold down business in pro-
loneed depression are happily absent. There is no
general overproduction. Stocks are low, thanks to
hand to-mouth buying. Except in some luxury and
sen1i-uxry lines purchasing power is being sustained
and should be stimulated.
Basically, American prosperity seems TO be guar
snteed by our relative economic superiority over COM
peting nations. We have the richest natural re-
sources of any industrial nation We have the largest
home market for factory and field products We
have the most efficient production plant and sales
organization.
Therefore, there seems to be no reason for pes
smism regarding the general commercial and indus
trial wen-beng of the nation
The problem during the coming year is. rather. to
bring up to the general level the longdepressed in
dustres and those classes of workers and consumers
not now sharing in prosperity. This does not apply
so much to the temporary showdown in such indus
tries as steel and automobiles which have within
themselves the strength of revival.
Il applies to such sick industries as coal and tex
tiles in which there is world oveTprOduction. 1t ap
plies also to classes of the population close to the
poverty line In general the women workers, the
child workers. the Negro workers. the unorganized
workers the unskiled workers have not benefited
proportionatey in prosperity and have little better
prospects for $780,
Cutting under all other industrial problems is that
of machine-made unemployment, which is growing.
The Presidents plan for largescale governmental and
private construction projects should take up of
hat employment slack.
But probably before the year is very old the Presi
dent and industry will be turning a giant drive for
foreign trade to increase American production and
Jobs. This in turn may be expected to prevent pas
sage OF the pending tariff bill in its present higher
protection form lest foreign countries carry out their
hreats to retaliate by shutting out American prod
cts.
once the higher industrial tariff lobby is defeated
ne chances Of increasing our foreign markets
PROMISING.
Meanwhile farm conditions improving The
arm board is not working miracles. but its aid to
agricultural cooperative organizations through loans
and otherwise is counting.
Political prospects are exciting. The parties and
party groups ockeying for position for the
autumn congressional campaign.
Already the administration is a rough road
The Republican party is dividing among three con-
nicting groups-the disappearing old guard, the
would-be young guard and the progresSives. The
transition from a Harding Coolidge party to
Hoover party is harder than anticipated.
Within few months of overwhelming election
mandate the President lost control of his party in
congress and must maneuver skilfully during the
oning months to regain leadership.
DISCRIMINATION of the Republican party comedies
18th rising discomfort over prohibition which is be-
coming the major political issue. Therefore, the con-
hctng wings of the leaderless Democratic party
trying to break the administration this ISSUE
without at the same kline widening the split in the