The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-01-02
BIG BUSINESS
LEADERS ARE
MORE HOPEFUL
United Press Writer Makes
Poll; Year End Fore
casts Optimistic 49,
By RICHARD L. GRlDLEY
United Press Financial Writer
Copyright, 1892, By u. P.)

NEW YORK, Jan. 2. (UP)-,
American business has entered
into the year 1888 with a con-
siderable degree Of confidence
and hopefulness despite the cur.
rent abnormally low level OF
business activity.
Year-end forecasts of leaders
in the country's major industries
show a growing belief that the
depression has reached or short
lily will reach its low point.
/ While promising no miracul-
GUS restoration of prosperity,
business leaders are far more
hopeful than they were a year
ago. They believe Improvement
next year will depend to a large
extent upon early solution of
economic problems such as bal
ancing of governmental budgets,
settlement of the domestic and
intergovernmentaI debt questions
and restoration of the normal
flow of goods throughout the
country.
Excerpts from year-end bust
ness statements made to the Uni
ted Press by the nations finan-
cial and industrial leaders fol-
low:
L. F. Loree. president, Della
ware and Hudson railroad cor
poration-I am Of the opinion
that we have now reached the
low point and that we can look
forward with confidence to i'm
provement which, even though
slow, will be steady.
F. A. Merrick, President. West
inghouse Electric and Manufac-
turing company-The processes
of deflation have about run
their course, leaving the way
open for 2 widely felt realiza-
ton of this fact to start all the
wheels turning and to keep them
turning in an orderly, sustained
return to normal.
Alvan McCauley. Presi d e n t.,
Packard Motor Car company-lt
| is with the finest product in its
history, a sound financial struc-
ture. low inventories and an en-
ormous potential replacement
market that the (automobile) in
dustry enters 1888.
F. E. Williamson. President,
New York Central Lines-A sur
vey of the conditions facing us,
and under which we will enter
the year 1888 makes it exceed
ingly difficult to predict, with
any hope of being right. what
course business will take during
the coming year.
Gerard Swope, President. Gen.
eral Electric company-We are
hopeful that this tend in cleo
trical manufactures) will con-
tinue upward. !,
w. B. Storey, President. At
Gibson, Topeka and Santa Fe
Railway-The various difficult
ties which have beset business
seem to be working out ont by
one.
John J. Pelley, President. New
York. New Havena nd Hartford
Railroads. believe that the i'm
provement in business which
started this fall should continue
gradually.
Thomas ]. Watson, President,
International Business Machines
Corporation - More encouraging
reports continue to be received
from business offices throughout
the country. -.
C. B. Ames, President, Ameri-
can Petroleum Institute--T h e
Petroleum balance sheet for 1882
presents a more optimistic pic
ture than did that of 193A1.
H. A. Scandrett, President,
Chicago, Milwaukee, st. Paul and
Pacific Railroad comp any-1
hope for a gradual Improvement
which will be more in evidence
next spring.
Lester D. Seymour, President,
American Anyways, Int h e
coming year is bound to be
good one for air transportation.
Alfred Reeves, Vice-President,
National Automobile Chamber of
Comerce-In some respects, the
automobile industry in the Unit
ted States has never exhibited
greater internal strength on the
even of New Years sales COM
paign.
L. Seth Schnitman, Chief Sta
tistician, F.2. Dodge Corpora
tion-The most hopeful fields
for improvement are small houses
and general modernization work.
o. G.. Huffman, President,
Continental Can Company. Inc.
The can making industry is
taking advantage of depressed
business conditions to develop
new products and new markets.
J. C. Penney, Chairman, j. c.
Penney Company feel that
our experience has shown the in
herent strength of the chain
store method of mass distribu-
ton.
Earl D. Babst, Chairman,
American Sugar Refining COM
pany-The sugar industries Of
eleven countries have followed
the lead of the United States re-
finers in promoting increased
consumption.
Francis H. Sisson,. President,
American Bankers Association
and Vice President, Guaranty
Trust company, of New York
The American banking system