Evening star., 1932-07-24
H00VERLAUNCHES
MOVE IN INDUSTRY
Seeks Concerted Action of
Big Business to Boost
Employment.
Continued From First Page.)

tCOntlnueC from FlrSt Page.)
long as manufacturers are unwilling to
take risks. it seems to be felt that
concert of minds would be helpful at
this juncture to overcome the dead
center which this situation presents.
A gradual rise in commodity prices
II the last six or seven weeks is re-
garded as having furnished a good
background for bringing industrial
leaders into concerted program.
Price Line "Flattened."
This trend has been remarked for six
weeks and Federal officials point out.
has been reflected in the bond and Sc
curity markets. While prices of securi-
ties have not gone up. neither. it is
cline in that period A 'flattening" of
the price line over sustained period
is taken as hopeful sign, coupled with
more recent signs of increased activity
in the steel and textile fields
The prices of hogs, cattle, lard. hides
and beef have moved upward. The hog
prices have been particularly encour-
aging to the great live stock markets
Butter and eggs corn. rubber, sugar
and oil have had upturns. The petro-
leum price gain was marked. consider
Ing tllC COIlulllOl Ol lIle III
dustry for months, and is aScribed to
the excise tax written into the revenue
act and to the recent restrictions in
California.
The Department of Labor commodity
price index for July l6 was 65, a Slight
increase over the June l3 figure. which
was 63.7, the lowest point to which the
index dropped On January it was
68.3. In recent weeks the price level
has remained stable.
The index price of farm products on
January 2 was 54.6, and this dropped
to asa on June l8 and went UP from
that point to 48.7 by July Is.
The index price of food products on
January was 68.7. on June l8 it was
58.5 and on July 16 up to 6l2.
The index price of fuel and lighting,
which includes coal. oil and electricity.
was 67.S on January and. unlike the
other commodities. showed a steady up
ward turn to July 9 and receded O.5 TO
1928 on July Is.
The Department of Labor figures
show the low point in all prices at
June l8. with slight increases since
that time.
Bond prices gained in the same
period and stock prices remained on a
fiat line for the six weeks Municipal
and commercial bond issues of recent
weeks have been pretty Well taken up
There had been no such issues for
months previously
In the building contract line there has
been flattening tendency with the
steeI and automobile industries gaining
perceptibly.
Administration Takes Action.
The administration, meanwhile. is not
only carrying on its greatest construc-
ton program and providing work for as
many as can be employed on useful
pubic works, 1t is pointed out but the
President is credited BY administration
leaders as looking to the future in his
pressing the St Lawrence seaway treaty
to conclusion and in his influence t.
ward settling the Eastern railway con-
solldatlon project. each involving about
lO-year program. with the st. Law
renee plan projecting expenditures up
wards of half billion dcllars.
The ntergovernmental debt mora
torium and stand-still agreement and
the general reconstruction program for
american business are mentioned as
other phases of the Presidents action
which brings him to the point of look
ing to industry for consultation on the
future course
BY the end of this year, through a
building program that cost $3.50 .OOO. 900.
S350000 900, S410,OOO 900. s575 900 900,
s670000000 and s6l6, coo .0CO in the sue
ceSsive fiscal years from 1928 to 1893
inclusive, practically all the essential
functions CT the Federal Government
will be housed in its own buildings and
be saved enough in rental charges al
most to pay the interest charges on its
increased capital investment
The President is regarded as having
delayed his approach to industrial
leaders for another community of minds
until Congress had adjourned and
ended the uncertainty of the legislative
situation. He faces the usual business
uneasiness OF presidential campaign
year, but apparently has concluded that