Evening star., 1932-10-10
REVIVAL ON, SAY
100 BUSINESS MEN
Findings of Canvass by New
York Banking House
Made Public.

BY the Associated Press.
NEW YORK, October 1O-Confidence
that the extreme low point of the busi-
ness depression has been passed and
that revival, although it may be slow
and irregular, is under way, was eX-
pressed by an overwhelming majority
Of more than 100 business leaders in
replies to a telegraphic QUESTIONABLE.
The canvass of business sentiment
was made last week by Lehman Bros,
private banking house, and the findings
We're made public. The bankers con-
clusions stated that in all but few in
dustries there is ample evidence OF
definite improvement and return Of
hope for a slow, but sure climb, during
the Winter and Spring months.
The opinion that the low point was
passed in the Summer was described BY
Lehman Bros. as nearly unanimous"
1t was explained that the large ma
jority were definitely of the opinion
that the bottom had been seen. while
the small number who voiced no
definite conviction. were at least hope
full that this was the case"
Range of Inventories.
Inventories were reported by nearly
all as ranging from normal to very low.
The replies indicated. however, that
there is not much likelihood of in
creased employment. except seasonal,
until there has been an increase i'll
business volume of around Is to 20
per cent the banking house found.
Following are excerpts from the re-
plies of a number of leading executives,
who were willing to be quoted:
Theodore Ahrens, president, Ameri-
can Radiator and Standard Sanitary
Corporation: I'VE believe the low point
of the business depression has been
passed"
Thomas A. Buckner. president, New
York Life Insurance Co.: Loans ap-
piled for during September are below
figures for same month last year. In
dications and outlook are for steady
but constant improvement.
John A. Bush, president, Brown Shoe
Co, Inc: We look forward to much
more active Spring business than
year ago"
Colby M. Chester. jr., president, Gen.
cral Foods Corporation: We believe the
lowest point of depression has passed
provided the political situation is not
considered"
Carle c. Conway. chairman. Conti-
mental Can Co-"The general belief is
that the prices of food commodities
have reached bottom and indications
point to somewhat advancing prices"
Low Point Seen Passed.
F. L. Dame, chairman, the North
American Co-"I believe that the low
point of the business depression has
been passed.
Edward D. Duf1eld president Pru-
dental Insurance Co. of America
Further actual improvement in our
business depends largely upon reduction
in unemployment and we believe we see
scme Improvement in this direction"
Csto H Falk. chairman, Allis Chal-
mars Manufacturing Co.-"Believe that
low point of business depression has
p2 2~sed."
4. R. Erskine, president Studebaker
orporation-"Cutlook is good for sub
stantial improvement because new mod
el5 end values will undoubtedly stlmu-
late buying and obsolete cars are OF un-
prececented number"
C. r. Gardiner, president 1nterna-
ticnal Silver Cove would advise
that we anticipate that our volume for
Cctcber. November and December will
b equal to, If not exceed, that OF 1881
fer these three months"
Clark Howell eCit-r Atlanta Const1-
tut cr: We fesl this year is undoubt-
ely lew point and that next year VIII
mark decided upturn."
K. R Kings bury. president Standard
Oil Co. of California: In my opinion.
the first step toward definite recovery
in business is to put the unemployed
back to work through the plan now
bling advocated by the Banking and
Industrial Committees of the II Federal
districts, which aim to divide the jobs
that exist among those capable of gain
full employment"
improvement Expected.
John McKinlay. president Marshall
Field & Co.: Il believe that from now
on business generally will improve.
There will be fluctuations, of course, but
the tendency will be for the better"
Arthur w. Milburn, president Borden
& Co.: Hope has displaced despair.
This must precede commercial improve
ment, as to which there seems to be
slowly accommodating evidence of exist
ence"
c. R. Palmer, president. Cluett, Pea
bcdy & Co., Inc-"We believe that the
low point of the business depression
was passed at the end of July
3. A. Rowe, president, w. T. Grant
Cove feel sure that the low point
of business has been passed and that
we can look forward to steady improve
ment"
w. B. Storey, president, Atchison, To-.
peka & Santa Fe Railway Co.-"Believe
worst probably over, but recovery will
be slow and will be determined largely
by recovery of buying power by farmer
r. E. Wood, president, Sears. RoebucS
& Cot believe that the low point Of
the business depression has been
passed, though I can see little improve
ment unless there is substantial rise
in commodity prices"