The Waterbury Democrat., 1931-08-03
Business Outlook
 For New England
Dr Julius Klein Finds Depression Consequences Less
 Severe Than Elsewhere

Boston, Aug 3.--This Is a day of
 earnest economic self searchings | The prod of q universal depression | Is impellinS us to perhaps the l most careful stock taking in our
 business history. Nationally, Sec tionally, individually. we are re- viewing the past and scrutinizing the present in an effort to gain the bearings which will enable us to lay a sound course for the fu- ture.
 From such a self-examination New England may draw much of , both satisfaction and reassurance. This Is not to suggest that the con sequences of depression have not been sharply felt in this section as elsewhere, or to attempt to minimize the problems which are yet to be faced in accomplishing a return to normal. At the same time, view of the experience ot New England over the past eigh . teen months reveals q number of factors that show to New Eng lands advantage.
 Taking the record vf 1J3O as compared with 1929 there is evi- dencc that, guuged by several lni- portant induces, the general DuSl- ness decline in New england was relatively less severe than In many sections. 1t Is true that in l023 New England was already icelihS the depression pinch. but the ex- planat1On of the comparative show ing does not wholly He in this. Construction activity, for example which has been one of the hafu- est hit of the principal industries, has receded in New England oniJ about half as much as in the couh- try as q whole. Retail trade as reported by the federal reserve board was better maintained In the Boston district than in majority of the other reserve areas. taii- road earnings slumped less sharply than the general average, bank . ruptcics were relatively fewer, ana farm income was better sustained. While these form only partial list of the factors which must eh- ter into a complete appraisal or the economic situation of any sec ton, they are of primary inpor- tance and, with all allowances
 made. they indicate that for l3o0
 New England acquitted itself m the face of the universal difhcul- ties with more than ordinary credit.
 The record thus far available this year further substantiates such n view. Trade of New England
 retail stores Is holding within b Der cent of a year ago, on the
 basis of the first four months hB- ures. as against an average na- tional drop of $ per cent. Where inc country as Il whole Is building approximately 28 per cent less than last year, the decrease In the SIX New England States amounts to 1 less than 4 per cent. In Massachu- sctts. in fact, the first third or the
 year shows an increase of l4 per cent in building expenditure, whiie the city of Boston has more than doubled its outlay over the corre- spending 1890 period.
 As n more general indicator, commercial failures in the hrs' ouarter were 2 per cent fewer iil number in New England, and l2
 ner cent less in Massachusetts than a year ago, as cOntrasted with Il 1b per cent greater number or defaults this year for the country at large. ,.s ,.,,,
 Such u showing, coupled with ina evidences of renewed vigor dis-
 played by two of New Engiands
 prominent industries which nave suffered particularly sharply Tn re-
 cent years--shoes and textiles, furnishes strong vindication ot those who have held unshaken fnith in the basic soundness and vigor- ous recuperative powers or the
 northeastern states.
 It IS especially signiicant when we recall the melancholy prophe- cies of New England's decline which not so long since fiiled the air. Even in the soaring days oi l02s-2v and before. sharp-eyed critics proclaimed that New Eng