Building stocks are expected to show a shrinkage in net profits, however, despite the excellent showing throughout the industry. This was attributed to reduced demand for building materials while jobbers worked off large inventories. The business, however, is in a much more favourable position to profit in 1939, it has been pointed out, The financial community was favourably impressed last week by the large House of Representatives majority which voted to reduce the proposed Works Progress Administration appropriation. However, inflation-minded traders are worried because of fears that the present governmental spending programme may carry on for the remainder of the current fiscal year at a high rate, and whatever is subtracted from appropriations for regular agencies will be spent on armaments.
The statement by President Roosevelt that the Government does not contemplate entering the aircraft production business was accepted as a favourable sign for the aviation industry.—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.