Milford chronicle., 1934-01-12
Economic Highlights
Happenings That Affect The Dinner
Pals, Dividend Checks And Tax
Bills OF Every individual Nation
al And International Problems
Inseparable From Local Welfare.


J rather eccentric spectacle The year
began with practically every indus
try at a low ebb. Then. directly fol-
lowing Mr.. Roosevelt's ascension TO
Office, wave of optimism caused in
created production, plant expansion,
heavier-than-average buying. During
the summer there was constant con-
traseasonal improvement, largely
due to the great enthusiasm that
greeted the NRA when il was Great
ed. Early in the fall a let-down
started and business conditions of
all kinds got steadily worse. Indus
tries which had visions of reaching
the production levels OF a few years
ago found themselves again at the
bottom.
Now, on the basis of very recent
reports, improvement is again ap-
pearing. Heavy Industries, which
have been most backward of all ,ate-
ly. are feeling it especially--an ex-
cellent sign. This is largely due to
the fact that surplus manufactured
supplies which resulted from the
great upshoot in activities last
spring. have come fairly close to be-
ing eliminated. A constantly mount
ing number Of corporations are re-
snming dividends to stockholders.
Others, which were so fortunate as
to have only reduced dividend pay
mefts, are increasing them.
A survey of current business,
mainly based on government reports
follows:
/ COMMODITY PRICES-Are con-
tinuing their upward trend. Retail
prices have advanced more rapidly
than wholesale prices in spite of
strong consumer resistance to high
er costs.
DOMESTIC TRADE-Has conlin-
ued to expand, but not as much as
usual seasonal experience would liz
dicate. Department store sales have
risen, and advertising lineage in all
manner Of periodicals has increased |
However, the sales showing is still /
unsatisfactory.
EMPLOYMENT the most I
favorable experience of all has been |
had. For a late month factory en- |
pfOyment was % per cent better and (
factory pay 81 per cent higher than !
a year before. Each month shows 4
definite increases in both fields.
Black sign is the increase in strikes
and other labor disturbances, which
have prevented still greater gains.
During September, for example, it
is estimated that strikes cost the
country 100000 working days as
compared with 100000 i'm June.
FINANCE-The bond market has
become increasingly firm. At this
writing, the stock market is like
wise strong. Public confidence was
demonstrated when the recent
$3.50. 100000 issue of new treasury
certificates was over-subscribed in
few hours, stilling the fear that
there has been a let-down in Feder-
al credit
FOREIGN Exports have
shown a greater than seasonal in
crease, imports greater than sea-
sonal decline. The chaotic money
is naturally a barrier TO
any major gain in trade at this
Time.
CONSTRUCTION-Value and vol A.
lme of contracts are rising con- =
due to a great extent to s
public works activities. Residential
activity has likewise shown &
gains, but nothing resembling a
boom has yet materialized. e
TRANSPORTATION - Carloadings
ailed to show their customary sea- Z
IOnal jump. The financial position of
he carriers, however, has substan- 8
Tally improved. For the first. eight Q
months of the year railway net Op- g
,rating income was 81 per cent z
above the same period in 1892; the e
asst quarter will be less favorable, 3
mt the years total will be encour- Q
iging. I4
AUTOMOBILES - Curtailment in 3
he industry always precedes the e
of new models each X
all. and il is yet too early to know q
low well these have gone General g
y speaking, retail sales of new cars q
AVE been firm. Labor difficulties, g
,articularly in tool shops, have 3
'een a problem. For the industry as q
! whole, employment has been well X
'ver year ago. 10
CHEMICAL INDUSTRIES -Activ- e
ty has kept a uniformly high level, 3
lespite slackening in most of the g
Industries to which chemical man x
Ifacturers sell. Prices have been y
rm. Employment and payroll gains 8
ave been sharp. q
AGRICULTURE-There have been g
mall increases in crop forecasts for b
orn. wheat and oats. Prices have q
aried to but small degree. The De q
of Agriculture forecasts q
hat the gross income of farmers y
rom sale of crops i'm 1888 will be % q
er cent above last year. and sOme- 8
hat below that .or 1881. 3
LUMBER Higher prices. fewer 81
rders has been the late experience. q
reduction has declined while X
tocks on hand have increased. 8
ince April there has been so to 3
0 per cent increase in employment, 81
nd payrolls have more than doub- b
ID. q
STEEL-This industry has had an n
most cataclysmic year II SCARED in q
lie early summer. touching the 8
ighest production point in several q
ears, then shrank back to new 81
,ws. Now executives are looking q
,rward TO 1884 with qualification. u
he first quarter of the new year is q
,pected to be exceptionally favor q
lie. 81
TEXTILES-Production has gone B
own, while employment and pay b