Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-03
RECOVERY IN TRADE
HELD IMPRESSIVE
National City Bank Survey
Reveals Profit Gains Dur
ing Last Year.
Special Dispatch to The star.

Special Dispatch to The Star
NEW YORK, February "a prelimi-
nary summary of the earnings for 1928
of 789 domestic corporations, covering
q broad field, in the current bulletin OF
the National City Bank shows combined
net profits for the year of So, 1894, 900 900,
compared with 1854, 000, 900 in 1928,
or gain of more than IL per cent. For
q year that ended with sharp curtail-
ment, the banks bulletin comments, this
is a good showing.
The month of January has wit
messed an impressive comeback in in-
dustrial activity from the low point
reached in November and December"
the bullstin states in reviewing general
business conditions. THE best evidence
OF this is IN the iron and steel industry,
where operations since the end of De-
Cemoer have been stepped up rapidly
rem around DO per cent of capacity to
70 per cent, with some few companies
at the end of January ranging as high
as 100 per cent
Upturn in Other Lines.
After discussing the steel situation in
ceta1 the bulletin, turning to other
lines, says:
'Paralleling, and in many cases con-
tributing directly to, the increase in
steel mill activity has been an enlarge
1asnt of operations in other manufac-
turing lines, including notably automo-
blleS automotive accessories tire and
farm implement industries, in prepara-
ton for Spring business. Rejecting
this increase. employment figures given
out by the United States Department
of Labor showed a distinct upturn
during the first two weeks of January
from the levels of November and De-
cember, when conditions were charac-
fertzed as the worst we have had in
years. According to these reports
which are based on returns from over
5000 establishments employing nearly
100000 workers, gains amounting to
"a per cent occurred in the week ended
January 6 and to 3.3 per cent in the
week Of January Is, with the largest in
crement in the iron and steel and auto
mobile industries.
Other statistical measures of bust
ness activity thus far available for jan
uary. such as bank clearingS Excluding
those of the largest cities as influenced
too greatly by security transactions),
railroad carloadings of merchandise and
miscellaneous freight, steel mill activity
and building contracts awarded, all
show increases as compared with De-
cember low points, due partly, however,
to seasonal causes. More significant as
to the true trend are the comparisons
veal less Of a decline in January than
II December, thus suggesting that
the downswing in business may have
reached bottom.
Big CarryOver Business.
Moreover, 1880 began with a con-
siderable carryover of business and
promising outlook in number of i'm !
portant industries.
In the electrical industry, General |
Electric Co booked % per cent more |
orders in the fourth quarter of 1929 |
than in the same period a year pre- |
vious. Western Electric Co.'S untitled |
orders December 81 were the largest in |
the companyS history. AlllS-C Chalmers
Manufacturing Co. had untitled orders
on January 1, 1880, of S13, 039 900, COM
pared with 100000 on January l,
1929 and orders taken in December,
totaling $685. 900, were larger than in
December, 1928. Frigidaire Corporation
reports that its sales quotas this year
will be larger than last and states that
sales of electric refrigerators in 1929 /
were Is per cent larger than 1928, also
that there has been an upswing in jan
uary orders
A majority Of the group classical
tons showed an increase in earnings
and in some instances the gain was
very substantial. The steel industry
had its greatest peace-time year and
reports of 16 companies, which repre-
sent about 80 per cent of the industry,
show aggregate net profits in 1929 of
1929, 1888 900. as compared with S176,-
10000 in 1928, the gain being $128,-
100000, or SO per cent Annual reports
were more favorable than had been
generally expected on the basis of actual
figures covering nine months and eSti-
mates for the fourth quarter, when pro-
duction was sharply curtailed."