Evening star., 1932-10-11
BUSINESS LEADERS
IN HOPEFUL mood
Many Believe Low Point OF
Depression Was Passed
Last July.
RY BRADLEY w. TRENT.

Special Dispatch to The Star.
NEW YORK, october 1l.-American
business leaders believe the low point OF
the depression was passed last July.
Reasonable indications or concrete eVi-
dence point to definite business I'M
provement. The employment situation
will not show any important change
soon, although there are scattered in
dications of Improvement.
The profit volume for the Winter and
Spring months will be as good as or
better than the quarter just passed. In
ventories are in excellent position, with
future increases or even normal volume
Of business necessitating replacements
An increase In buying power, with In
creased wages Of present employees, may
cause business volume by Spring TO
grow to such proportions as will neces-
state enlarged working forces in many
industries.
Replies to Inquiry.
These views summarize answers to
six questions telegraphed by the bank
ing firm Of Lehman Bros. here to more
than 100 executives Of representative
industries in all parts Of this country.
A few of the direct replies follow:
OF the four leaders speaking for the
railroads. E. Denney, president OF
the Erie Railroad, said There has
been a checking of the downward trend,
with increases above seasonable, reflect
ing some increase in confidence and
buying. To date increases in some
classes Of traffic indicate business I'M
provement"
Frank L. Dame, chairman Of the
North American Co., one Of six public
utility leaders quoted, said: Electric
output Of the subsidiaries of the North
American Co. showed constant volume
from early in May through Labor day
and since that time has shown sub
stantially better seasonal increase than
was experienced last year"
OF agricultural implements, B. c.
Heacock president of the Caterpillar
Tractor Co, said: August sales re-
versed seasonal trend and exceeded
July, possibly indicating passing bot
tom. Low production in July, August
and September will permit increasing
employment during Fall and Winter"
Albert H. Morrill,, president, Kroger
Grocery g. Baking Co.: mo change in
sales since July except seasonal i'm
provement, which IS not materially bet
ter than last year. Commodity prices
stabilized and frmer since July. Greater
confidence in evidence everywhere"
Retail Sales Increase.
E. c. Sans. president, J. c. Penney
Co.: August was apparently the low
point for our business. September in
dicated return in customer demand,
with less reluctance to spend money"
James Wright, president, G. r.
Kinney Co., shoe and leather business:
Retail sales increa sing more than sea-
sonally, indicating postponed purchases
are finally being made. Pair volume
much better than last year and our
proportion of sales better in relation to
countrywide production"
In the wearing apparel field, G. r.
Palmer, president, Cluctt, Peabody &
Co: Cur business began to improve
in the last week in August and has in.-
recovery has been more than seasonal"
Thomas II. McInnerney, president,
National Dairy Products: There has
been a decided improvement since Au-
gust !. Conditions have steadied to the
point where they are not getting worse
and some sections show decided i'm
provement"
L. E. Wood, president, California
Packing Corporation: There has been
improved demand for cur products due
to light stocks in dealers hands, ap-
parently rejecting consumpt!ve de-
mand"
A. r. Erskine. president, Studebaker
Corporation: Both our sales to dealers
and dealers sales to consumers in Au-
gust and September were larger than in
July. The sales curve started downward
the latter part of September. and Octo-
ber prospects indicate about the same
volume as September. which will be
larger than July, but not substantially" j."
Other Lines.
The survey also quotes the opinions
OF drug, cosmetic and soap makers, and
leaders in electrical equipment, ma
chinery and equipment, oil, textiles, de-
partment stores. mail order houses, real
estate and building, aviation, general
manufacturing, printing and publishing,
and in such general fields as labor, life
Insurance and advertising.
Copyright, 1892