The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-29
STABLE TENOR
IN TRADE PACE
HELD SURPRISE
Summer Restriction Will
Not Be Drastic, Business
Week Declares.
BIZ Times Specinl

By Times Special
NEW YORK, April 29.-Instead
larly in view of the voluntary con-
of the precipitous decline in general
business activity which has been so
freely forecast for the second quar-
ter. there is evident a rather sur
prising stability, Business Week
states in its issue today. The sum-
mer slackening pace will probably
not be avoided this year, particu-
traction in textile mills, but there is
no indication that drastic restric-
ton of general trade will occur. it
is said.
"A ray of hope" the review con-
tinued, penetrated even the gloomy
corridors of financial districts as
stock prices in five weeks recovered
virtually all that had been lost
during the first quarter. Utility is
sues have Jared particularly we'll
in recent weeks. Corporation re-
funding issues in March were the
largest in months The orthodox
procedure of the Administration in
calling Liberty Bond issues has fur
Their assured the Street"
Outlook Is Surveyed
In brief, according to Business
Week, the outlook for the second
quarter is as follows: April-Motor
production at peak; steel steady, be-
low March; textiles curtailed; con-
struction, residential, improving;
electric power, coal below March;
retail trade rising. May, June
Motor, steel production declining
seasonally; construction steady; tex
tiles curtailed; tobacco using; pc
troleum rising; cement rising and
lumber rising.
Motor producers are jubiliant
over having completed the largest
production for any single quarter
since 1929" the report continued
April will break all records for the
month except that of 1929. Peak
production has probably been
reached for this year, but the May
and June tapering will be gradual.
Tire production will follow SINH
lar contraction into the late sum-
mer months, while petroleum out
put will expand as the motoring
season develops.
Steel Output Firm
"Steel production turned uneX-
pectedly firm in the last half of
April as business continued to come
in good volume from motor, tin
plate, refrigerator, farm implement
and other miscellaneous customers.
The industry remains of good
cheer, anticipates a good chunk Of
the $4,8OO,O0O,OOO work-relief fund
after the second quarter.
The spring prospect for con-
struction materials will hinge on
the strength developed by the con-
struction industry They should
feel the stimulating effect of the
federal relief program as we'll as
the budding efforts of private pro-
jectS. Expanding CCC camps will
mean business to lumber, one in
duStry in which production contin-
ues to hold below shipment require
ments and also below the steady
flow of incoming orders. Cement
like lumber, normally has a better
second quarter than first, and the
grade crossing elimination program
should help along production OF
both cement and steel this year.
"As anticipated, factory employ
ment and payrolls in March sue
ceeded in establishing new bench
marks in the climb out OF depres-
sion ruts. Employment is just a
fraction less than the May, 1884
peak, while payrolls are the highest
for any month since November
1880. Again, durable goods indus
tries scored the biggest gains over
the preceding month. Foundries
electrical machine shops, and the
machine tool industries added sew
eral thousands in the month. March
employment in electric and steam
railroad car shops exceeded Feb
ruary by 20 per cent"