Evening star., 1932-06-04
CURRENT BUSINESS
TRENDS ANALyzED
Prospects in Various Lines
Are Given by Statistics
Company.
special DISPATCH to The Star.


NEW YORK. June 4.-Current indl'
cations of the trend in various divisions
of industry and trade are summarized
by the Standard Statistics Co. Of New
York from its 1st of June resume of the
outlook for important lines. as follows
Advertising Sustained improvement
for magazine advertising is not in early
prospect. 1t is probable that the pro-
gresSively wider decline in newspaper
advertising was continued last month
Agricultural machinery-An extended
period is in prospect before really salts
factory operations can be re-eStablished
Aircraft-No substantial improvement
Is expected in the manufacturing end
for prolonged period. In the field of
transportation expanded activity gen.
orally has been witnessed, but the rate
structure is not productive of returns
sufficient to place earnings on a satis-
factory basis.
Apparel-Sales of clothing should i'm
prove to some extent during the later
months of the year.
Automobiles output for the
nrst six months of the year probably
will fall some As per cent under that OF
the same period a year ago.
Automobile parts-There is little rea-
son to expect more than a small sea
sonai improvement in parts companies
earnings in the current quarter.
Automobile tires-There seems no
basis for expecting any substantial i'm
provements in earnings this year over
the unsatisfactory results of 1881.
Building Sterilization around the
prevailing low plane is about the best
that can be expected.
ChemlcalS-EarningS Of most leading
companies will not suffer to as great an
extent as those of the majority of in
duStrial enterprises.
Coal-No material improvement in
demand for anthracite can be expected
before the early Fall months. There
must be substantial increase in de-
try can be re-establiShed on a profitable
basis of operations.
Electrical equipment-The sales out
look in the trade during the next few
months remains unsatisfactory.
Food products-Earnings, in most in
stances. are running only moderately
lower than those of a year ago This
moderate downward trend. however
probably will continue until consumer
buying power is strengthened.
Leather-Total outturn of footwear
Ior the current half year probably will
1all moderately short of the levels re-
corded in the like 1881 period.
Machinery-No basis exists for ex-
pecting an early sustained reversal in
the downward trend of production and
profits of manufacturers.
medicines and drugs-Drug company
profits probably will decline moderately
during the early future. although earn
lngs still should be maintained at levels
Tar better than the average corporate
experience
Metal containers-Present indications
point to material reduction in practi-
cally all important food packs this sea-
son.
Metals non-ferrous)-The most dis
turbing feature in the near term out
look for the copper industry is the un-
certainty concerning the proposed tariff.
Current low prices for lead are un-
profitable for practically all producers.
Silver prices probably will not advance
sufficiently during the early future to
provide any material profits for pro-
ducerS.
Office equipment-There seems no
BASIS tor expecting restoration Of a
profitable level of sales within the near
term.
Paper-A lengthy period will be nee
companies can report satisfactory earn
ings.
Petroleum-Because Of improving con-
ditions, 1882 earnings of the industry
in general should be considerably more
satisfactory than those for 1881.
Radio-There is as yet no indication
of impending fundamental improve
ment in the unhealthy conditions which
affect this industry.
Railroads rail traffic and earn
tngs continue to present an unfavorable
aspect.
Railroad equipment-Operating losses
of rolling stock builders in 1882 prob
ably will exceed those reported last year.
The financial strength of the leading
companies is, however a favorable fac
tor in the situation.
Retail trade-While a definite upturn
Is not in early prospect. somewhat bet
ter sales comparisons with year earlier
are expected during the Summer
months
Shipping-Correction of present un-
remunerative operations by shipping
concerns Is not in near term prospect
The volume of tonnage under construc-
ton has dwindled to small proportions
will be delayed
Steel-It is quite definitely indicated
that the principal units in the trade
will continue to operate unprofltably
during early future months.
Sugar-Cuban and domestic pro-
ducers are faced with the prospect Of
continued severe deficits. Refiners are
expected to show considerably smaller
returns than last year.
Textiles-Most textile mills again
will report large losses for the initial
half of 1882
Theaters-It is probable that addi-
tional declines in box Office receipts will
be established during early future
months.
Tobacco-Full year earnings of the
major cigarette manufacturers proba-
bly will show no more than a 10 to Is
per cent recession. Profits Of even the
most favorably situated cigar producers
have been drastically curtailed and no
early reversal of sales trends is in pros
pect.
Utilities-Under present conditions
profits Of electric companies in general
will remain somewhat below 1881 lev
els, but in individual instances the ef-
fects of managerial ability and con-
servative capitalization will permit rela-
lively more favorable showings.
Demand for manufactured gas should
remain comparatively stable. but the
natural gas business is in more specu-
lative position.
Further shrinkage in the volume OF
telephone business is to be expected.
Sharp contraction in telegraph and
cable revenues has virtually eliminated
earning power of these companies, and
early recovery is not in prospect.
The Nanking government plans tc