The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-12
BUILDING RISE
MAY BOLSTER
OTHER TRADES
Federal Housing Activity
and PWA Program Is
Being Watched.
BY ROBERT DENVER
Times Special Writer

NEW YORK. Nov. I2.-Since the
procedure Of anticipating future de-
velopments is the stock IN trade"
OF the real Spectator. Wall Street
today is still chiefly concerned with
the problem Of endeayoring to de-
termine which Of our leading indus
tries ultimately Will be found to
have contributed most substantially
TO pulling the nation out OF the de-
preston.
Though II may seem a bit para
doxical. since perhaps no other line
has been so severely nit during the
slump OF the last five years. the
tendency now is 10 look toward the
construction industry as the dark
horse" in the race.
Rapidly Taking Shape
The financial community, or at
least some Of its more conservative
observers. finds itself leaning in
creasingly 70 the theory that the
means 70 revival in that direction
are rapidly taking definite shape
In an analysis Of the situation
Joseph S. MOlloy, Of HornbloWer q
Weeks. members of the New YORK
Stock Exchange. calls attention 10
the many factors which are expect
ed to contribute 70 an early reha-
bilitation of the construction line,
and in consequence to the opera
tions under the public works admin
fstration and the federal housing
administration, since such plans are
in line with the efforts Of the gov
eminent 10 revive so-called heavy
industries"
cite Harriman's Stand
The stand taken by Henry I. Har-
riman. president Of the Chamber OF
Commerce of the United States. for
a ten-year program OF loW-cos1
housing construction TO involve
some $4,000 100000 is cited as evl-
dence Of the willingness OF Dig DuSl-
ness TO back such a project.
Moreover. title No. Of the hous-
ing act becomes operative TINS
month. providing protection ior
lone-term loans TO finance new home
building through the medium OF
mutual insurance company to De
set I'D by the federal government.
That the program may be ex-
rected TO have the backing OF
private banking facilities is evident
from the action Of the Guaranty
trust Company Of New York re-
Gently in asking approval OF It's ap-
plication to act as mortgage unoer
the foregoing title.
Laying Groundwork
These Developments. it is main
tanned, may be regarded as laying
the ground work for a revival IN the
building trades. since a number OF
the leading steel producing COM
panies have been experimenting
with construction of steel frames for
housing projects. it is believed that
a pickup in home construction
would give that industry long
needed flip.
Treating with this phase OF the
situation. Mr.. Nolloy says in part
L understand that this situation Is
beyond the development state and
ready for large-scale or mass pro-
duction."
one Of the largest mail order
firms. il is recalled, used mass pro-
duction methods in its pre-cut
houses. performing at the same time
all the functions involved. such as
providing financing. drawing plans
and making available materials,
labor and contractors. Accordingly.
il is maintained. the aim of the steel
industry Is not new except insofar
as the predominant materials in
voIved are concerned.