The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-18
SPRING SONG TO DROWN BLUES
editorial from Business Week.

A N extraordinary number Of business men
are in Washington these days, singing
the blues. Through no concerted plan, but
through the coincidence that various meas
ures adversely affecting different industries
are up for consideration, there has been great
mobilization of sad choristers, each explaining
Just how badly off his particular line of bust
ness is. and how much worse off it soon will be
unless washington does thus and So
The gloom thus disseminated by sincere and
often well-founded protests against legislation,
past and prospective, tends to get newspaper
attention. the average news editor, by con-
trast, thinks csrloading statistics pretty dull
stuff. So the impression gets around that
things are pretty bad
Meanwhile, almost every important index
of the state of business is showing cheerful
Improvement We do not wish to draw the
inference that business is better when bust
ness men stay away from their jobs. In the
first place, we don't really believe that. And if
we did, we wouldn't say so, in the interest of
public morals
Our only object is to clear the atmosphere,
and show the business outlook in truer per-
spectve. Here, then, are some gloom dis
pellers:
Production of automobiles in the first quar-
ter of this year was the greatest since 1929.
a 48 per cent gain over 1884.
Manufacturing output of the country-all
industres-is estimated at II per cent ahead
Of last years, to date. with every promise Of
continued gains
If it be objected that statistics of a single
industry-as automobiles, or steel-are too
narrow, we cite the two broadcast indicators
conceivable, the consumption of electric power,
and check payments by banks. Use of cleo
tricty is per cent in volume ahead of 1884
Check payments outside of New York City
are up Is per cent for the first three months
of this year. with the first April report es-
tablishing new peak for 1885.
Easter influenced March retail sales last
year, and did not this year. In spite of that
important difference department stores and
chain stores show increases over last years
business. The two great mail-order houses
(now, of course, great store operators as welD
both had the biggest March in their histories
1t would be fatuous to assert that the con-
struction industry is making any good records.
But there is encouragement even here. March
residential construction was the largest for
any month since March, 1882 Residential con-
struction for the quarter was % per cent ahead
OF 1884. The building of homes is following
the industrial pickup, indicating a genuine need
OF facilities
Pay rolls are rising-were larger in Febru-
airy than for any month since the low in 1893.
and probably rose still further in March of
this year The current level of factory paw
rolls is equal to that of June 1881, and av-
erage hours Of work now exceed 81 per week.
which is better showing than for any month
IN 1884. Unemployment is not 70 be mini
mixed, but it probably is three millions less
than its worst, in early 1888
There is a new faith in the future. Once
more it seems worth while to try to save. AT
least the Americans who bought life insurance
IN the first two months of this year think so
All is not we'll in the best of all possible
worlds-not yet. But We are on the mend. and
1t is useful to remember it.